February 19, 2018 / 10:24 AM / 3 months ago

RPT-ICRA ratings for Indian debt instruments-Feb 19

 (Repeating to add more ratings)
    Feb 19 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of February 16, 2018.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Akp Ferrocast Pvt Ltd                   Non-FB Fac            ICRA A4+     20      -
removed from Issuer not cooperating category
Camphor And Allied Products Ltd         ST – FB/              -            -       Reaffirmed
                                        Non-fund Based
                                        Limits 
Chandi Steel Industries Ltd             Non FBL – BG          ICRA A4      15      -
Rating moved to the ‘Issuer Not Cooperating’ category
Chowgule And Company Pvt Ltd            ST FB and non-FBL     ICRA A1+@    1820.3  -
put under rating watch with negative implications
Design Classics Exports Pvt Ltd         ST –FB Fac            ICRA A4      49.5    -
ISSUER NOT COOPERATING*
Design Classics Exports Pvt Ltd         ST –non FB Fac        ICRA A4      9       -
                                                              
Rating continues to remain in the ‘Issuer Not Cooperating’ category
East End Technologies Pvt Ltd           Fund based – Standby  ICRA A4      5       -
                                        line of credit
Rating continues to remain under ‘Issuer Not Cooperating’ category
Ifmr Capital Finance Ltd                CP                    ICRA A1+     6000    Assigned/
                                                                                   outstanding
Jalaram Agriexports Pvt Ltd             Credit Exposure LimitsICRA A4      20      -
ISSUER NOT COOPERATING*
Karnataka Bank Ltd                      CDs                   ICRA A1+     15000   Reaffirmed
Marinelines Ship Breakers Pvt           LOC                   ICRA A4      300     -
Ltd
ISSUER NOT COOPERATING*
Mbc Infra Space Pvt Ltd                 BG                    ICRA A4      41.9    -
ISSUER NOT COOPERATING*
Mbc Infra Space Pvt Ltd                 Proposed Unallocated  ICRA A4      28.1    -
                                        Limits – ST
ISSUER NOT CO-OPERATING*
Neelikon Food Dyes &                    Non-fund based - LOC  ICRA A1      285     Reaffirmed
Chemicals Ltd
Neelikon Food Dyes &                    Fund based - PC,      ICRA A1      530     Reaffirmed
Chemicals Ltd                           PCFC, PSC, EBRD
Pansari Steels Pvt Ltd                  Unallocated (Proposed ICRA A4      20      Assigned
                                        Limits)
Pansari Steels Pvt Ltd                  LOC                   ICRA A4      0       Assigned
R.K. Grover & Co.                       Non fund based – BG   ICRA A4      45      -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Rkd Infrastructure Pvt Ltd              Non fund based – BG   ICRA A4      81      -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Savex Technologies Pvt Ltd              CP -                  ICRA A1+     500     Assigned
Sigma Moulds And Stampings Pvt          ST Non Fund Based     ICRA A2      14      Upgraded
Ltd                                                                                from ICRA A3
Sri Jayarama Automotives Pvt            Non Fund Based        ICRA A4      40      Reaffirmed
Ltd
Removed from ‘Issuer Not Cooperating’ category
Valvoline Cummins Pvt Ltd               ST Non-FBL -          ICRA A1+     100     Reaffirmed
Veejay International (India)            Bk Fac                ICRA A4      880
B. R. Sponge & Power Ltd                Fund based facility   ICRA A4      -       -
                                        (Sub-limit of CC)
ISSUER NOT COOPERATING
Muthoot Finance Ltd                     ST fund based Bk      ICRA A1+     132130^ Assigned/
                                        limits                                     outstanding
^Long-term and short-term fund based bank limits include an interchangeable limit of Rs.
9,135.00 crore; the total rated bank facilities stand at Rs. 14,115.00 crore
Muthoot Finance Ltd                     CP programme          ICRA A1+     40000   outstanding
Nice Sesame Agro Industries             BG                    ICRA A4      2       -
ISSUER NOT COOPERATING
Shri Senthur Velan Infras               Non-fund based - BGs  ICRA A4      40      -
ISSUER NOT COOPERATING
Steel & Metals                          Non FBL – LC/LG       ICRA A4      9       -
ISSUER NOT COOPERATING
T V Sundram Iyengar And Sons            Non-fund Based:       ICRA A1+     900     Reaffirmed
Pvt Ltd                                 Working Capital Fac
T V Sundram Iyengar And Sons            CP                    ICRA A1+     6400    Reaffirmed
Pvt Ltd
T V Sundram Iyengar And Sons            CP / ST debt          ICRA A1+     1600    Reaffirmed
Pvt Ltd
Tata Sons Ltd                           CP Programme          ICRA A1+     75000   Assigned
 

LONG TERM RATINGS:
-------------------
Akasva Infrastructure Pvt Ltd           CC                    ICRA D       505
Akasva Infrastructure Pvt Ltd           BG / LOC              ICRA D       475
Akp Ferrocast Pvt Ltd                   FB Fac                ICRA BB+     115     -
removed from Issuer not cooperating category
Akp Ferrocast Pvt Ltd                   TL                    ICRA BB+     50      -
removed from Issuer not cooperating category
Angre Port Pvt Ltd                      TL                    ICRA         1750    -
                                                              A-(SO)@
put under rating watch with negative implications
Arion Healthcare                        FB – CC               ICRA BB      180     Assigned
Ashritha Healthcare Pvt Ltd             TL                    ICRA D       96.5
Auro Impex & Chemicals Pvt.             Bk Fac                ICRA B/ICRA  169
Ltd.                                                          A4
Auro Industries Ltd                     Bk Fac                ICRA
                                                              B+/ICRA A4
Camphor And Allied Products Ltd         LT /                  -            -       Reaffirmed
                                        ST-UnallocatedLimits
Camphor And Allied Products Ltd         TL                    ICRA BBB+    330     Reaffirmed
Camphor And Allied Products Ltd         LT / ST – FB/         ICRA BBB+    1490    Reaffirmed
                                                              /ICRA A2
Chandi Steel Industries Ltd             Fund based – CC       ICRA B       75      -
Rating moved to the ‘Issuer Not Cooperating’ category
Chowgule And Company Pvt Ltd            TL                    ICRA A+@     1395    -
put under rating watch with negative implications
Chowgule And Company Pvt Ltd            LT non-FBL            ICRA A+@     1350    -
put under rating watch with negative implications
Design Classics Exports Pvt Ltd         LT –FB Fac            ICRA B+      30      -
ISSUER NOT COOPERATING*
Design Classics Exports Pvt Ltd         LT – unallocated      ICRA B+      1       -
ISSUER NOT COOPERATING*
Dixcy Textiles Pvt Ltd                  LT/ST: FB Fac         ICRA A+ /    500     Upgraded
                                                              ICRA A1              from ICRA A
                                                                                   / Reaffirmed
East End Technologies Pvt Ltd           Fund based – CC       ICRA B       20      -
Rating continues to remain under ‘Issuer Not Cooperating’ category
East End Technologies Pvt Ltd           Non fund based – BG   ICRA B       45      -
Rating continues to remain under ‘Issuer Not Cooperating’ category
East End Technologies Pvt Ltd           Unallocated           ICRA B       70      -
Ratings continue to remain under ‘Issuer Not Cooperating’ category
Genuine Assets Operators Pvt            Long-TL               ICRA BBB-    1750    Re-affirmed
Ltd
Ifmr Capital Finance Ltd                LT FBL                ICRA A+      20000   outstanding
Ifmr Capital Finance Ltd                NCDs                  ICRA A+      5750    outstanding
Ifmr Capital Finance Ltd                Subordinated Debt     ICRA A+      825     outstanding
Indian Furniture Products Ltd           LT: Fund based- CC    ICRA         378.2   -
                                                              BBB(SO)
                                                              ISSUER NOT COOPERATING*
Rating continues to remain in ‘Issuer Not Cooperating’ category
Indian Furniture Products Ltd           LT: Fund based – TL   ICRA         221.4   -
                                                              BBB(SO)
                                                              ISSUER NOT COOPERATING*
Rating continues to remain in ‘Issuer Not Cooperating’ category
Jalaram Agriexports Pvt Ltd             FBL                   ICRA BB- /   200     -
                                                              A4
ISSUER NOT COOPERATING*
Js Estates And Projects Pvt Ltd         Fund Based UnallocatedICRA BB-     800     Reaffirmed
removed from ‘Issuer Not Cooperating’ category -
Karnataka Bank Ltd                      Lower Tier-II Bonds   ICRA A       4795    Reaffirmed
Mandava Holdings Pvt Ltd                NCD                   ICRA AAA             Reaffirmed
                                                              (SO)
Marinelines Ship Breakers Pvt           CC                    ICRA B+      50      -
Ltd
ISSUER NOT COOPERATING*
Mbc Infra Space Pvt Ltd                 Proposed Unallocated  ICRA B+      9.5     -
                                        Limits – LT           ISSUER NOT
                                                              CO- OPERATING*
Rating moved to the ‘Issuer Not Cooperating’ category
Mbc Infra Space Pvt Ltd                 CC                    ICRA B+      30.5    -
                                                              ISSUER NOT
                                                              COOPERATING*
Rating moved to the ‘Issuer Not Cooperating’ category
Neelikon Food Dyes &                    Fund based - CC       ICRA A+      50      Upgraded
Chemicals Ltd                                                                      from ICRA A
Neelikon Food Dyes &                    Proposed Limits       ICRA A+      65      Upgraded
Chemicals Ltd                                                                      from ICRA
                                                                                   A/ICRA A1
Nirankar Cottex                         Bk Loans              ICRA B+      110
P.C.S Trades                            LT –Fund based        ICRA B-      60      -
                                        facility
ISSUER NOT COOPERATING*
Pansari Steels Pvt Ltd                  CC                    ICRA B+      80      Assigned
R.K. Grover & Co.                    Fund based – CC       ICRA B-      17.5    -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Raitani Engineering Works Pvt           Fund based – CC       ICRA B+      120     -
Ltd
Rating continues to remain under ‘Issuer Not Cooperating’ category
Raitani Engineering Works Pvt           Non fund based – BG   ICRA B+      250     -
Ltd
Rating continues to remain under ‘Issuer Not Cooperating’ category
Rapid Metrorail Gurgaon Ltd             Fund based-TL         ICRA BBB-    7616    Downgraded
                                                                                   from ICRA BBB
Rapid Metrorail Gurgaon South           Fund based-TL         ICRA BBB-    15000   Downgraded
Ltd                                                                                from ICRA BBB
Rkd Infrastructure Pvt Ltd              Fund based – CC       ICRA BB      18      -
Rating continues to remain under ‘Issuer Not Cooperating’ category
S.S. Construction                       FB                    ICRA B-      59.5    Reaffirmed
S.S. Construction                       Non-fund based        ICRA B-      20.5    Reaffirmed
Savex Technologies Pvt Ltd              LT / ST – FB/         ICRA A+ /            Reaffirmed
                                        Non-FBL LT/ST         ICRA A1+
                                        Unallocated Limits
Sayaji Hotels Ltd                       LT – TL               ICRA BBB-    681.8   Reaffirmed
Sayaji Hotels Ltd                       LT – CC Fac           ICRA BBB-    67.5    Reaffirmed
Sayaji Hotels Ltd                       LT – Non-FB Fac       ICRA BBB-    39.2    Reaffirmed
Sayaji Hotels Ltd                       Unallocated Fac       ICRA BBB-    150.3   Reaffirmed
Shree Infra                             FB- CC                ICRA B+      300     Withdrawn
Shree Krishna Stevedores Pvt            BLR                   ICRA BB+     150
Ltd
Sigma Moulds And Stampings Pvt          LT Fund Based         ICRA BBB+    90      Upgraded
Ltd                                                                                from ICRA
                                                                                   BBB-
Sri Jayarama Automotives Pvt            Fund Based            ICRA BB      130     Reaffirmed
Ltd
Removed from ‘Issuer Not Cooperating’ category
Teestavalley Power                      Fund based-TL         ICRA D       9209.2  Reaffirmed
Transmission Ltd
Teestavalley Power                      Unallocated           ICRA D       156     Reaffirmed
Transmission Ltd
Valvoline Cummins Pvt Ltd               LT FBL/ Short         ICRA AA+     180     Upgraded
                                        Term Non-FBL                               from ICRA AA
                                                                                   /ICRA A1+
*The Long Term Fund based Limits are interchangeable with Short Term Non-Fund based Limits
Zinzuwadia Brothers Jewellers           CC                    ICRA BB-     80      -
(ISSUER NOT COOPERATING)
B. R. Sponge & Power Ltd                Fund based – CC       ICRA B+      125     -
ISSUER NOT COOPERATING
B. R. Sponge & Power Ltd                Untied Limit –        ICRA B+      25      -
                                        Proposed CC
ISSUER NOT COOPERATING
Chowgule Construction                   FBL**                 ICRA BBB-    -       Downgraded
Chemicals Pvt Ltd                                                                  from ICRA
                                                                                   BBB+
**Sub-limit of LC limits
Chowgule Construction                   Non-FBL               ICRA BBB     55      Downgraded
Chemicals Pvt Ltd                                             /A3+                 from ICRA
                                                                                   BBB+ / A2+
Muthoot Finance Ltd                     LT fund based Bk      ICRA AA      98370^  Assigned/
                                        limits                                     outstanding
^Long-term and short-term fund based bank limits include an interchangeable limit of Rs.
9,135.00 crore; the total rated bank facilities stand at Rs. 14,115.00 crore
Muthoot Finance Ltd                     TL                    ICRA AA      2000    Outstanding
Muthoot Finance Ltd                     NCD programme (public ICRA AA      41505.4 Outstanding
                                        placement)
Muthoot Finance Ltd                     NCD programme (public ICRA AA      30000   Outstanding
                                        placement) –
                                        unallocated
Muthoot Finance Ltd                     on-convertible        ICRA AA      5000    Outstanding
                                        debenture programme
                                        (private placement) - Unallocated
Muthoot Finance Ltd                     Subordinated debt     ICRA AA      5513.6  Outstanding
                                        programme
Nice Sesame Agro Industries             CC                    ICRA B+      89.6    -
ISSUER NOT COOPERATING
Nice Sesame Agro Industries             TL                    ICRA B+      8.4     -
ISSUER NOT COOPERATING
Shri Senthur Velan Infras               FB Fac                ICRA BB-     110     -
ISSUER NOT COOPERATING
Slr Metaliks Ltd                        TL                    ICRA BBB     4400    -
Placed on rating watch with negative implications
Sreenagar Cold Storage Pvt Ltd          Fund based – TL       ICRA B       16.4    -
ISSUER NOT COOPERATING
Sreenagar Cold Storage Pvt Ltd          Fund based – CC       ICRA B       40      -
ISSUER NOT COOPERATING
Sreenagar Cold Storage Pvt Ltd          Fund based – Working  ICRA B       14.8    -
                                        Capital Loan
ISSUER NOT COOPERATING
Sreenagar Cold Storage Pvt Ltd          Non fund based – BG   ICRA B       2.4     -
ISSUER NOT COOPERATING
Sreenagar Cold Storage Pvt Ltd          Unallocated           ICRA B / A4  26.4    -
ISSUER NOT COOPERATING
Steel & Metals                          Fund based – CC       ICRA BB-     55      -
ISSUER NOT COOPERATING
Steel & Metals                          Unallocated           ICRA BB- /   46      -
                                                              A4
ISSUER NOT COOPERATING
T V Sundram Iyengar And Sons            FB: TL                ICRA AA      -       Withdrawn
Pvt Ltd
T V Sundram Iyengar And Sons            FB: Working Capital   ICRA AA/A1+  5000    Reaffirmed
Pvt Ltd                                 Fac
Tata Sons Ltd                           NCD Programm          ICRA AAA     277450  Outstanding
 
--------------------------------------------------------------------------------------------
$: 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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