February 22, 2018 / 10:59 AM / in 6 months

RPT-ICRA ratings for Indian debt instruments-Feb 22

 (Repeating to add more ratings)
    Feb 22 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of February 21, 2018.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Edelweiss Finance &                     CP Programme          ICRA A1+     10000   Outstanding
Investments Ltd
Edelweiss Finance &                     ST Principal          PP- MLD      4000    Outstanding
Investments Ltd                         Protected Market      ICRA A1+
                                        Linked Debenture Programme
Edelweiss Finvest Pvt Ltd               CP Programme          ICRA A1+     10000   Outstanding
(Efpl) (Erstwhile Arum
Investments Pvt Ltd)
Edelweiss Finvest Pvt Ltd               ST Principal          PP- MLDICRA  1500    Outstanding
(Efpl) (Erstwhile Arum                  Protected Market      A1+
Investments Pvt Ltd)                    Linked Debenture Programme
Edelweiss Housing Finance Ltd           CP Programme          ICRA A1+     10000   Outstanding
Edelweiss Retail Finance Ltd            CP Programme          ICRA A1+     5000    Outstanding
Edelweiss Retail Finance Ltd            ST Non- Convertible   ICRA A1+     1000    Outstanding
                                        Debenture Programme
Fino Finance Pvt Ltd                    MFI Grading           M2                   Assigned
(Erstwhile Intrepid Finance &
Leasing Pvt Ltd)
Karvy Stock Broking Ltd                 ST Debt               ICRA A1+     2000    Reaffirmed
Karvy Stock Broking Ltd                 ST Debt               ICRA                 Withdrawn
                                                              A1+(SO)#
#The structured Obligation (SO) rating is backed by a stand- by facility from Indusind Bank
Karvy Stock Broking Ltd                 ST Debt               ICRA                 Withdrawn
                                                              A1+(SO)*
*The structured Obligation (SO) rating is backed by a stand- by facility from HDFC Bank
Karvy Stock Broking Ltd                 ST Debt               ICRA         1250    Reaffirmed
                                                              A1+(SO)*
*The structured Obligation (SO) rating is backed by a stand- by facility from HDFC Bank
Minera Steel And Power Pvt Ltd          Non- fund based-      ICRA A3      340     Withdrawn
                                        Working Capital Fac
Mittal Ocean Trade Pvt. Ltd.            LOC                   ICRA A4      85
Issuer not cooperating
Mittal Timber Store                     LOC                   ICRA A4      90
Issuer not cooperating
Mrs. Bector’S Food                      Non- fund Based       ICRA A1+     140     Reaffirmed
Specialities Ltd                        Working Capital Fac
Shiv Om Brass Industries                Short- term Fund-     ICRA A4
                                        based – PCL/ PCFC/
                                        FDBN/ FDBP/ FDBD(5.50) # / RACB*
Reaffirmed; #used interchangeably within overall limit of Rs. 5.50 crore; *Sublimit of Cash
Credit facility
Surana Solar Ltd (Surana                Non- fund based       ICRA A4+     570
Ventures Ltd)
Umiya Wood Works Pvt Ltd.               LOC                   ICRA A4      190
Review process is underway
Weener Empire Plastics Ltd              BG                    ICRA A2+     25      Reaffirmed
placed on rating watch with developing implication
Weener Empire Plastics Ltd              LOC                   ICRA A2+     5       Reaffirmed
placed on rating watch with developing implication
Weener Empire Plastics Ltd              Forward contract      ICRA A2+     5       Reaffirmed
placed on rating watch with developing implication

LONG TERM RATINGS:
-------------------
7 Star Construction                     Fund- based TL        ICRA B       379
Removed from ‘Issuer Non- cooperating category’ and Withdrawn
Comstar Automotive                      Bk loan ratings       ICRA A+ /    825
Technologies Pvt Ltd                                          A1+
Review process is underway
Edelweiss Finance &                     Non- Convertible      ICRA AA              Withdrawn
Investments Ltd                         Debenture Programme
Edelweiss Finance &                     Subordinated Debt     ICRA AA              Withdrawn
Investments Ltd                         Programme
Edelweiss Finance &                     Non- Convertible      ICRA AA      11000   Outstanding
Investments Ltd                         Debenture Programme
Edelweiss Finance &                     Subordinated Debt     ICRA AA      350     Outstanding
Investments Ltd                         Programme
Edelweiss Finance &                     Bk Lines              ICRA AA      5000    Outstanding
Investments Ltd
Edelweiss Finance &                     LT Principal          PP- MLD              Withdrawn
Investments Ltd                         Protected Market      ICRA AA
                                        Linked Debenture Programme
Edelweiss Finance &                     LT Principal          PP- MLD      7000    Outstanding
Investments Ltd                         Protected Market      ICRA AA
                                        Linked Debenture Programme
Edelweiss Finvest Pvt Ltd               Subordinated Debt     ICRA AA      1000    Assigned
(Efpl) (Erstwhile Arum                  Programme
Investments Pvt Ltd)
Edelweiss Finvest Pvt Ltd               NCD Programme         ICRA AA      6000    Outstanding
(Efpl) (Erstwhile Arum
Investments Pvt Ltd)
Edelweiss Finvest Pvt Ltd               Bk Lines              ICRA AA      5000    Outstanding
(Efpl) (Erstwhile Arum
Investments Pvt Ltd)
Edelweiss Finvest Pvt Ltd               LT Principal          PP- MLDICRA  11000   Outstanding
(Efpl) (Erstwhile Arum                  Protected Market      AA
Investments Pvt Ltd)                    Linked Debenture Programme
Edelweiss Finvest Pvt Ltd               LT Principal          PP- MLDICRA  2000    Outstanding
(Efpl) (Erstwhile Arum                  Protected Market      AA
Investments Pvt Ltd)                    Linked Debenture Programme (unsecured)
Edelweiss Housing Finance Ltd           Bk Lines              ICRA AA      40000   Assigned
Edelweiss Housing Finance Ltd           Non- Convertible      ICRA AA      10000   Outstanding
                                        Debenture Programme
Edelweiss Housing Finance Ltd           Subordinated Debt     ICRA AA      3000    Outstanding
                                        Programme
Edelweiss Housing Finance Ltd           Retail Non-           ICRA AA      5000    Outstanding
                                        Convertible Debenture
                                        Programme
Edelweiss Retail Finance Ltd            Bk Lines              ICRA AA      20000   Assigned
Edelweiss Retail Finance Ltd            Retail Non-           ICRA AA      5000    Outstanding
                                        Convertible Debenture
                                        Programme
Edelweiss Retail Finance Ltd            Non- Convertible      ICRA AA      15000   Outstanding
                                        Debenture Programme
Edelweiss Retail Finance Ltd            Subordinated Debt     ICRA AA      4500    Outstanding
                                        Programme
Energon Power Resources Pvt Ltd         Fund based- TL        ICRA A-      7284.5  Reaffirmed
Energon Power Resources Pvt Ltd         Fund based- CC        ICRA A-      300     Reaffirmed
Energon Power Resources Pvt Ltd         Unallocated           ICRA A-      423.3   Reaffirmed
Karun Rice & General Mills              CC                    ICRA B       65
Issuer not cooperating
Karun Rice & General Mills              Unallocated           ICRA B       5
Issuer not cooperating
Karvy Financial Services Ltd            LT Bk lines           ICRA A+      1743.6  Reaffirmed
                                                              (SO)
Karvy Financial Services Ltd            LT Bk lines           ICRA A+              Withdrawn
                                                              (SO)
Karvy Financial Services Ltd            Subordinated Debt     ICRA A+      300
                                        Programme             (SO)
Provisional confirmed as final
Karvy Financial Services Ltd            Principle Protected   PP- MLD      29
                                        NCD Programme         ICRA A+ (SO)
Provisional confirmed as final
Kifs Financial Services Ltd             Long- term Bk lines   ICRA BBB+    250     Reaffirmed
Lemosa Tiles Llp                        Long- term Fund       ICRA B       60
                                        based- TL (Proposed)
Rating moved to the ‘Issuer Not Cooperating’ category
Lemosa Tiles Llp                        Long- term Fund       ICRA B       30
                                        based- CC (Proposed)
Rating moved to the ‘Issuer Not Cooperating’ category
Limbavali Power Pvt Ltd                 Fund based TL         ICRA         211     Withdrawn
                                                              BBB-(SO)  
Limbavali Power Pvt Ltd                 Fund based Working    ICRA         5       Withdrawn
                                        Capital Fac           BBB-(SO)
Limbavali Power Pvt Ltd                 Unallocated           ICRA         62.9    Withdrawn
                                                              BBB-(SO)

Mangaldeep Cotton Industries            BLR                   ICRA B       64.4
Issuer not cooperating
Meenamani Real Venture Llp              Rating                ICRA B+
Submitted its ‘No Default Statement’ (“NDS”)
Minera Steel And Power Pvt Ltd          Fund based- TL        ICRA BBB-    1383.6  Withdrawn
Minera Steel And Power Pvt Ltd          Fund based- Working   ICRA BBB-    850     Withdrawn
                                        Capital Fac
Minera Steel And Power Pvt Ltd          Unallocated           ICRA BBB- /  626.4   Withdrawn
                                                              ICRA A3
Mittal Ocean Trade Pvt. Ltd.            CC                    ICRA B+      25
Issuer not cooperating
Mittal Timber Store                     CC                    ICRA B+      20
Issuer not cooperating
Mrs. Bector’S Food                      Fund- based TL        ICRA A+      1453    Reaffirmed
Specialities Ltd
Mrs. Bector’S Food                      Fund- based Working   ICRA A+      400     Reaffirmed
Specialities Ltd                        Capital Fac
Mrs. Bector’S Food                      Unallocated Bk Limits ICRA A+ /    7       Reaffirmed
Specialities Ltd                                              ICRA A1+
Natvar Cotex Pvt. Ltd.                  Fund- based CC        ICRA B       60      Reaffirmed
Natvar Cotex Pvt. Ltd.                  Fund- based TL        ICRA B       0.8     Reaffirmed
Natvar Cotex Pvt. Ltd.                  Unallocated Limits    ICRA B       14.6    Reaffirmed
Nitesh Fashion Pvt Ltd                  Fund- based- CC       ICRA B       135
Rating continues to remain under ‘Issuer Not Cooperating’ category
Nitesh Fashion Pvt Ltd                  Unallocated Limit     ICRA B       2.5
Rating continues to remain under ‘Issuer Not Cooperating’ category
Origo Commodities India Pvt Ltd         Sales Bills           ICRA BBB-    150
                                        Discounting
Issuer not cooperating
Origo Commodities India Pvt Ltd         CC                    ICRA BBB-
Issuer not cooperating
Origo Commodities India Pvt Ltd         Working Capital       ICRA BBB-
                                        Demand Loan
Issuer not cooperating
Origo Commodities India Pvt Ltd         Unallocated           ICRA BBB-    50
Issuer not cooperating
Origo Commodities India Pvt Ltd         BG                    ICRA BBB- /
                                                              ICRA A3
Issuer not cooperating
Sheth Developers                        Rating                ICRA BB-
Submitted its ‘No Default Statement’ (“NDS”)
Shiv Om Brass Industries                Long- term Fund-      ICRA BB      31.3
                                        based –TL
Upgraded from ICRA BB-
Shiv Om Brass Industries                Long- term Fund-      ICRA BB      55
                                        based –CC#
Upgraded from ICRA BB- ; #used interchangeably within overall limit of Rs. 5.50 crore
Shiv Om Brass Industries                Unallocated Limits    ICRA BB      8.7
Upgraded from ICRA BB- / ICRA A4; Reaffirmed
Shree Gopinath Paper Mills Pvt          BLR                   ICRA BB- /   243
Ltd                                                           ICRA A4
Issuer not cooperating
Shree Kaushalya Fibres                  Long- Term Fund       ICRA B       45
                                        Based– CC
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Shree Kaushalya Fibres                  Long- Term Fund Based ICRA B       15
                                        – TL
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Shree Kaushalya Fibres                  Long- Term –          ICRA B       30
                                        Unallocated
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Steel Infra Solutions Pvt Ltd           Long- term/ Short-    ICRA BBB- /  600     Assigned
                                        term proposed Bk Fac  ICRA A3
Surana Solar Ltd (Surana                Fund- based           ICRA BB+     90
Ventures Ltd)
Surana Solar Ltd (Surana                Unallocated Limits    ICRA BB+/    140
Ventures Ltd)                                                 ICRA A4+
Umiya Wood Works Pvt Ltd.               CC                    ICRA BB-     20
Review process is underway
Weener Empire Plastics Ltd              Working capital limitsICRA BBB+    150     Reaffirmed
placed on rating watch with developing implication
Weener Empire Plastics Ltd              TL                    ICRA BBB+    116.2   Reaffirmed
placed on rating watch with developing implication
Weener Empire Plastics Ltd              Proposed NCD          ICRA BBB+    2000    Assigned
placed on rating watch with developing implication

--------------------------------------------------------------------------------------------
$: 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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