February 16, 2018 / 10:17 AM / 6 months ago

RPT-ICRA ratings for Indian debt instruments-Feb 16

 (Repeating to add more ratings.)
    Feb 16 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of February 15, 2018.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Alstone International                   Non-FBL               ICRA A2      100     Reaffirmed
Arihant Solvex Pvt Ltd                  NFBL                  ICRA A4      0.3     Reaffirmed
Buildmet Pvt Ltd                        Non-fund              ICRA A4+     245     Upgraded
                                        based-Working Capital                      from ICRA A4
                                        Fac
Buildmet Pvt Ltd                        Unallocated           ICRA A4+     87.8    Upgraded
                                                                                   from ICRA A4
Exide Industries Ltd                    CP                    ICRA A1+     500     Reaffirmed
Hpcl-Mittal Energy Ltd                  CP                    ICRA A1+     15000   Assigned
Ivalue Infosolutions Pvt Ltd            ST – Non-fund based   ICRA A3      280     outstanding
Ivalue Infosolutions Pvt Ltd            ST – Fund based       ICRA BBB-    350     Assigned
Mag India Industrial                    ST - Unallocated      ICRA A3      50      Assigned
Automation Systems Pvt Ltd
Mahakoshal Refractories Pvt Ltd         BG                    ICRA A3+     50      -
(ISSUER NOT COOPERATING)
Mahakoshal Refractories Pvt Ltd         Bill Discounting      ICRA A3+     110     -
(ISSUER NOT COOPERATING)
Parvathi Dyeing                         ST –Non-fund based    ICRA A4      2       Reaffirmed
Reliance Chemotex Industries            Standby Limit         ICRA A4+     30      Downgraded
Ltd                                                                                from ICRA A3
Reliance Chemotex Industries            Non-FBL               ICRA A4+     355     Downgraded
Ltd                                                                                from ICRA A3
Renite Vitrified Llp                    Non-FB ST - BG        ICRA A4      32.5    Reaffirmed
Issuer removed from non-cooperation category
Rungta Irrigation Ltd                   Non-fund based –BG    ICRA A4      140     Reaffirmed
(ISSUER NOT COOPERATING)
Rungta Irrigation Ltd                   Non-fund based – BG   ICRA A4      80      Reaffirmed
(ISSUER NOT COOPERATING)
Shri Aruna Constructions Pvt            Non-Fund based-BG     ICRA A4      110     Revised from
Ltd                                                                                ICRA A4+
(ISSUER NOT COOPERATING)
Vlcc Health Care Ltd                    ST FB Bk Fac          ICRA A2+     141.7   Downgrade
                                                                                   from ICRA A1

LONG TERM RATINGS:
-------------------
Aegis Agro Chemicals India Pvt          TL                    ICRA BB-     57.8    Assigned
Ltd
Aegis Agro Chemicals India Pvt          CC                    ICRA BB-     30      Assigned
Ltd
Aegis Agro Chemicals India Pvt          Unallocated limits    ICRA BB-     2.2     Assigned
Ltd                                                           /ICRA A4
Alstone International                   FB Limits             ICRA BBB+    80      Reaffirmed
Annapurna Microfinance Pvt Ltd          PTC Series A1         Provisional  355.5   Assigned
                                                              ICRA A-(SO)
Apg Intelli Homes Pvt Ltd               NCDs                  ICRA BBB-    3000    Upgraded
                                                              (SO)                 from ICRA
                                                                                   BB+ (SO)
(Reduced from 375.00)
Arihant Solvex Pvt Ltd                  Fund based- Working   ICRA BB-     160     Reaffirmed
                                        Capital Fac 16.00
Arihant Solvex Pvt Ltd                  Unallocated Limits    ICRA BB- /A4 7.2     Reaffirmed
Buildmet Pvt Ltd                        Fund based- Working   ICRA B+      120     outlook
                                        Capital Fac                                revised to
                                                                                   Stable from
                                                                                   Positive
Buildmet Pvt Ltd                        Fund based-TL         ICRA BB      47.2    Upgraded
                                                                                   from ICRA B+
Exide Industries Ltd                    FB Limits             ICRA AAA     3000    Reaffirmed
Exide Industries Ltd                    Non-FBL               ICRA AAA     7000    Reaffirmed
Gurukrupa Developers D N                FB-TL                 ICRA BB-     1250    Revised from
Nagar Project                                                                      ICRA B+
Hpcl-Mittal Energy Ltd                  LT Bond Programme     ICRA AA      10200   outstanding
Ivalue Infosolutions Pvt Ltd            LT – CC               ICRA BBB-    180     Assigned /
                                                                                   Outstanding
Ivalue Infosolutions Pvt Ltd            LT / ST – Unallocated              -       -
                                        (Proposed)
Lendingkart Finance Ltd                 PTC Series A1         Provisional  177.6   -
                                                              ICRA BBB(SO)
confirmed as final Amount
Mag India Industrial                    LT - Unallocated      ICRA BBB-    200     Assigned
Automation Systems Pvt Ltd
Mahakoshal Refractories Pvt Ltd         CC                    ICRA BBB     240.6   -
(ISSUER NOT COOPERATING)
Mahakoshal Refractories Pvt Ltd         TL                    ICRA BBB     1.1     -
(ISSUER NOT COOPERATING)
Mahakoshal Refractories Pvt Ltd         Unallocated Limit     ICRA BBB     18.3    -
(ISSUER NOT COOPERATING)
Midas Agro Foods Pvt Ltd                FBL                   ICRA B       97.6    Reaffirmed
Mini Construction                       CC                    ICRA BB+     10      Reaffirmed
Mini Construction                       BG                    ICRA BB+ /   110     Reaffirmed
                                                              ICRA A4+
Parvathi Dyeing                         LT – FB               ICRA BB      115     Reaffirmed
Parvathi Dyeing                         LT – Unallocated      ICRA BB      8       Reaffirmed
Reliance Chemotex Industries            TL                    ICRA BB+     300.3   Downgraded
Ltd                                                                                from ICRA
                                                                                   BBB-
Reliance Chemotex Industries            CC                    ICRA BB+     330     Downgraded
Ltd                                                                                from ICRA
                                                                                   BBB-
Reliance Chemotex Industries            Unallocated Limit     ICRA         213.9   Downgraded
Ltd                                                           BB+/ICRA A4+         from ICRA
                                                                                   BBB / ICRA A3
Renite Vitrified Llp                    FB LT - TL            ICRA B+      290     Upgraded
                                                                                   from ICRA B
Issuer removed from non-cooperation category
Renite Vitrified Llp                    FB LT - CC            ICRA B+      100     Upgraded
                                                                                   from ICRA B
Issuer removed from non-cooperation category
Renite Vitrified Llp                    Unallocated – LT/ST   ICRA B+ /    7.5     Upgraded
                                                              ICRA A4              from ICRA B
                                                                                   / Reaffirmed
Issuer removed from non-cooperation category
Rungta Irrigation Ltd                   FB – Cash             ICRA B       140     Downgrade
                                                                                   from ICRA BB-
(ISSUER NOT COOPERATING)
Rural Fairprice Wholesale Ltd           NCD Programme         ICRA BBB(SO) 3200    Upgraded
                                                                                   from ICRA
                                                                                   BBB-(SO)
Sah Polymers Ltd                        Fund based- TL        ICRA B+      40.7    Reaffirmed
Sah Polymers Ltd                        Fund based- Working   ICRA B+      65      Reaffirmed
                                        Capital Fac
Sah Polymers Ltd                        Fund based-           ICRA B+ /A4  4.3     Reaffirmed
                                        Unallocated Limits
Servocontrols Amp; Hydraulics           FB Fac                ICRA B+      65      Reaffirmed
(I) Pvt Ltd
Servocontrols Amp; Hydraulics           TL                    ICRA B+      8.3     Reaffirmed
(I) Pvt Ltd
Shree Raghuvanshi Fibers Pvt            Fund Based – TL       ICRA D       15      -
Ltd
(ISSUER NOT COOPERATING)
Shree Raghuvanshi Fibers Pvt            Fund Based – CC       ICRA D       250     -
Ltd
(ISSUER NOT COOPERATING)
Shree Raghuvanshi Fibers Pvt            Fund Based –          ICRA D       3.5     -
Ltd
(ISSUER NOT COOPERATING)
Shri Aruna Constructions Pvt            Fund based-CC         ICRA BB      30      Revised from
Ltd                                                                                ICRA BB+
(ISSUER NOT COOPERATING)
Ssbm Realty And Hospitality             LT – FB               ICRA BB      142.6   Reaffirmed
Pvt Ltd
Ssbm Realty And Hospitality             LT – Unallocated      ICRA BB      7.4     Reaffirmed
Pvt Ltd
Vlcc Health Care Ltd                    LT FB Bk Fac          ICRA A-      600     Downgrade
                                                                                   from ICRA A+
Vlcc Health Care Ltd                    LT proposed Bk Fac    ICRA A-      158.3   Downgrade
                                                                                   from ICRA A+
Vlcc Personal Care Ltd                  LT FB Bk Fac          ICRA A-      500     Downgrade
                                                                                   from ICRA A+
Zippy Edible Products Pvt Ltd           Fund based- TL        ICRA BB      140     Reaffirmed
Zippy Edible Products Pvt Ltd           Fund based- Working   ICRA BB      0       Reaffirmed
--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

ICRA may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222 , E-mail at
rru.data@thomsonreuters.com)
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