February 25, 2019 / 11:12 AM / 9 months ago

RPT-ICRA ratings for Indian debt instruments-Feb 25

 (Repeating to add more ratings.)
    Feb 25 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of February 22, 2019.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
B.D. Steels Pvt Ltd                     ST -NFBL              ICRA A4      30
Issuer Not Cooperating
Biba Apparels Pvt Ltd                   CP (CP)               ICRA A1+     600     Reaffirmed
Bikanervala Foods Pvt Ltd               Non-fund Based -      ICRA A1+     95      Reaffirmed
                                        Working Capital Fac
Dalmia Cement (Bharat) Ltd              CP                    ICRA A1+     12000   outstanding
Dalmia Cement (Bharat) Ltd              Non-fund Based        ICRA A1+     9375    outstanding
                                        Working Capital Fac
Efcee Global Ship Recycling             LOC                   ICRA A4+     950
Pvt Ltd
Upgraded from ICRA A4
Gawar Construction Ltd                  CP                    ICRA A1+     500     Reaffirmed
Hcl Technologies Ltd                    CP Programme          ICRA A1+     2000    Withdrawn
Indus Towers Ltd                        CP                    ICRA A1+     25000   Reaffirmed
Industrial Chemical Works               Packing Credit        ICRA A4      30
Issuer delayed in giving information
Industrial Chemical Works               Inland/Import LC cum  ICRA A4      20
                                        Buyer’s Credit
Issuer delayed in giving information
Joyalukkas India Pvt Ltd                ST – FB / Non-fund    ICRA A1      -       Reaffirmed
                                        -based sub limits
Jyothy Laboratories Ltd                 CP Programme          ICRA A1+     1000    Assigned
Leela Ship Recycling Pvt Ltd            LOC                   ICRA A4+     1250
Upgraded from ICRA A4
Metro Ortem Ltd                         Non-FBL               ICRA A3      93.8
Downgraded from ICRA A2
Metro Tyres Ltd                         Non-FBL               ICRA A2+     680     Reaffirmed
Narayana Hrudayalaya Surgical           ST – Non-FBL          ICRA A1+(SO) 160     Reaffirmed
Hospital Pvt Ltd
Premier Solar Systems (P) Ltd.          ST - Non-Fund Based   ICRA A3+     406.6
Upgraded to ICRA A3+ from ICRA A3
Ratedi Wind Power Pvt Ltd               ST- FB limits         ICRA A2+     250
removal of watch with negative implications
Safar Polyfibre Pvt. Ltd.               BG                    ICRA A4      47
Issuer not cooperating
Safar Polyfibre Pvt. Ltd.               CEL for Forward       ICRA A4      0.9
                                        Contract
Issuer not cooperating
Sbi Funds Management Pvt Ltd            SBI Magnum Ultra      ICRA A1+mfs  -       Reaffirmed
                                        Short Duration Fund
Sbi Funds Management Pvt Ltd            SBI Magnum Low        ICRA A1+mfs  -       Reaffirmed
                                        Duration Fund
Sbi Funds Management Pvt Ltd            SBI Liquid Fund       ICRA A1+mfs  -       Reaffirmed
Sical Iron Ore Terminals Ltd            ST – Non-fund based   ICRA A2(SO)  -       Reaffirmed
                                        (sub-limit)
Sical Multimodal And Rail               ST – Non-fund based   ICRA A2(SO)  600     Reaffirmed
Transport Ltd
Sical Saumya Mining Ltd                 ST: FB Fac            ICRA A2(SO)  250     Reaffirmed
Sree Akkamamba Textiles Ltd             Non-fund based        ICRA A3      30
                                        facility
Review process is underway
Stag International                      ST - Non-fund Based   ICRA A4+     26
outstanding/ Assigned
The Karur Vysya Bank Ltd                Certificates of       ICRA A1+     30000   Reaffirmed
                                        Deposit Programme
Veto Switchgears And Cables Ltd         Non-FBL               ICRA A2      100     Reaffirmed
Vijayalaxmi Cashew Company              ST Fund based         ICRA A4+     3480
revised from ICRA A3
Vijayalaxmi Cashew Company              ST unallocated        ICRA A4+     120
revised from ICRA A3
Zuari Agro Chemicals Ltd                ST non-FB limits      ICRA A2+     27500   Reaffirmed
Lgb Forge Ltd                           ST: NonFB Fac         ICRA A1+(SO) 100     -
Reason for delay in carrying out periodic review: Review process underway
Narayana Hrudayalaya Ltd                Non-fund based –      ICRA A1+     250     Reaffirmed
                                        Working capital limits
Narayana Hrudayalaya Ltd                CP Programme          ICRA A1+     500     Reaffirmed

MEDIUM TERM RATINGS:
-------------------
Sree Akkamamba Textiles Ltd             Fixed Deposit         MA-          140
                                        Programme
Review process is underway
Titan Co. Ltd                           Fixed deposit         MAAA         15000   Reaffirmed
                                        programme

LONG TERM RATINGS:
-------------------
B.D. Steels Pvt Ltd                     LT -FBL               ICRA BB-     150
Issuer Not Cooperating
Balkrushna Ginning & Pressing           CC                    ICRA B+      50
Industries
Issuer Not Cooperating
Balkrushna Ginning & Pressing           TL                    ICRA B+      10
Industries
Issuer Not Cooperating
Bharat Financial Inclusion              PTC Series A1         ICRA AA(SO)  4040.9
Ltd- Indian Microfinance Loan
Receivables Trust November 2018 A
Provisional rating confirmed as final
Bharat Financial Inclusion              PTC Series A1         ICRA AA(SO)  1999.8
Ltd- Indian Microfinance Loan
Receivables Trust November 2018 B
Provisional rating confirmed as final
Bharat Financial Inclusion              PTC Series A1         ICRA AA(SO)  2815.3
Ltd- Indian Microfinance Loan
Receivables Trust November 2018 C
Provisional Withdrawn
Bharat Financial Inclusion              PTC Series A1         ICRA AA(SO)  2674.5
Ltd- Indian Microfinance Loan
Receivables Trust November 2018 D
Provisional rating confirmed as final
Biba Apparels Pvt Ltd                   LT FB - Working       ICRA A+      1120    Reaffirmed
                                        Capital
Biba Apparels Pvt Ltd                   LT FB - TL            ICRA A+      83.3    Reaffirmed
Biba Apparels Pvt Ltd                   LT/ST                 ICRA A+/     196.7   Reaffirmed
                                        Unallocated/Proposed  ICRA A1+
                                        Bk Fac
Bikanervala Foods Pvt Ltd               Fund Based - TL       ICRA A+      560
Rating reaffirmed; outlook revised to positive from stable
Bikanervala Foods Pvt Ltd               Fund Based - Working  ICRA A+      376
                                        Capital Fac
Rating reaffirmed; outlook revised to positive from stable
Bikanervala Foods Pvt Ltd               Unallocated Limits    ICRA A+ /    89
                                                              ICRA A1+
Rating reaffirmed; outlook revised to positive from stable
Dalmia Cement (Bharat) Ltd              FB TL                 ICRA AA      24648.5 outstanding
Dalmia Cement (Bharat) Ltd              FB Working Capital    ICRA AA      2850    outstanding
                                        Fac
Dalmia Cement (Bharat) Ltd              Unallocated – LT      ICRA AA      97.4    outstanding
Dalmia Cement (Bharat) Ltd              NCD                   ICRA AA      9870    outstanding
Ds Spiceco Pvt. Ltd.                    FB Bk Fac             ICRA A+(SO)  1000    Reaffirmed
Efcee Global Ship Recycling             CC                    ICRA BB+     150
Pvt Ltd
Upgraded from ICRA BB
Etesian Urja Ltd                        LT - TL               ICRA BBB     4010
removal of rating watch with negative implications
Globus Spirits Ltd                      Issuer Rating         ICRA A-      -       Assigned
Hcl Technologies Ltd                    LT CC Fac             ICRA AAA     600     outstanding
Hcl Technologies Ltd                    LT/ST Non-FB Fac      ICRA AAA /   11670   outstanding
                                                              ICRA A1+
Hcl Technologies Ltd                    LT/ST Fund            ICRA AAA /   17440   outstanding
                                        Based/Non-Fund Based  ICRA A1+
Indus Towers Ltd                        NCD Programme         ICRA AA+     25000   Reaffirmed
Indus Towers Ltd                        Bk Fac (includes      ICRA AA+/    115000  Reaffirmed
                                        working capital Fac,  ICRA A1+
                                        TL and unallocated Fac)
Industrial Chemical Works               CC                    ICRA BB      20
Issuer delayed in giving information
Iskcon Metals                           CC                    ICRA B+      80
Issuer delayed in giving information
Iskcon Metals                           TL                    ICRA B+      45
Issuer delayed in giving information
Jonna Steels                            LT -FBL               ICRA B+      145
Review process is underway
Jonna Steels                            LT - Unallocated      ICRA B+      5
                                        limits
Review process is underway
Joyalukkas India Pvt Ltd                LT - FB-TL            ICRA A       1240    Reaffirmed
Joyalukkas India Pvt Ltd                LT - FB- Working      ICRA A       13880   Reaffirmed
                                        Capital Fac
Joyalukkas India Pvt Ltd                NCD Programme –       ICRA A       6000    outstanding
                                        Proposed
Khandke Wind Energy Pvt Ltd             LT - TL               ICRA A       6560.9
removed from watch with negative implications
Lalpur Wind Energy Pvt Ltd              LT - TL               ICRA BBB-    9733.1
removal of rating watch with negative implications
Leela Ship Recycling Pvt Ltd            CC                    ICRA BB+     250
Upgraded from ICRA BB
Master Blenders Pvt Ltd                 Bk loans              ICRA B+/     70
                                                              ICRA A4
Issuer delayed in giving information
Meridian Medical Research And           FB – Working Capital  ICRA         50      Reaffirmed
Hospital Ltd                                                  AA-(SO)
Meridian Medical Research And           FB – TL               ICRA         650     Reaffirmed
Hospital Ltd                                                  AA-(SO)
Metro Ortem Ltd                         CC                    ICRA BBB-    56.3
Downgraded from ICRA BBB+
Metro Tyres Ltd                         Unallocated           ICRA A-      104.9   Reaffirmed
outlook revised from Positive to Stable
Metro Tyres Ltd                         TL                    ICRA A-      15.1    Reaffirmed
outlook revised from Positive to Stable
Metro Tyres Ltd                         CC                    ICRA A-      1000    Reaffirmed
outlook revised from Positive to Stable
Narayana Hrudayalaya Surgical           FB – Working Capital  ICRA         100     Reaffirmed
Hospital Pvt Ltd                                              AA-(SO)
Narayana Hrudayalaya Surgical           FB – TL               ICRA         500     Reaffirmed
Hospital Pvt Ltd                                              AA-(SO)
Norsea Offshore India Ltd               TL                    ICRA         240     Reaffirmed
                                                              BBB+(SO)
outlook revised from ‘Stable’ to ‘Negative’
Pnx Logistics Pvt. Ltd.                 TL 1                  ICRA         140     Reaffirmed
                                                              BBB+(SO)
outlook revised from ‘Stable’ to ‘Negative’
Pnx Logistics Pvt. Ltd.                 TL 2                  ICRA         50      Reaffirmed
                                                              BBB+(SO)
outlook revised from ‘Stable’ to ‘Negative’
Pnx Logistics Pvt. Ltd.                 CC                    ICRA         140     Reaffirmed
                                                              BBB+(SO)
outlook revised from ‘Stable’ to ‘Negative’
Pnx Logistics Pvt. Ltd.                 WCDL                  ICRA         -       Reaffirmed
                                                              BBB+(SO)/
                                                              ICRA A2(SO)
outlook revised from ‘Stable’ to ‘Negative’
Pnx Logistics Pvt. Ltd.                 ST Loan               ICRA         -       Reaffirmed
                                                              BBB+(SO)/
                                                              ICRA A2(SO)
outlook revised from ‘Stable’ to ‘Negative’
Pnx Logistics Pvt. Ltd.                 LOC                   ICRA         -       Reaffirmed
                                                              BBB+(SO)/
                                                              ICRA A2(SO)
outlook revised from ‘Stable’ to ‘Negative’
Pnx Logistics Pvt. Ltd.                 BG                    ICRA         -       Reaffirmed
                                                              BBB+(SO)/
                                                              ICRA A2(SO)
outlook revised from ‘Stable’ to ‘Negative’
Premier Solar Systems (P) Ltd.          LT - Fund Based/ CC   ICRA BBB     150
Upgraded to ICRA BBB from ICRA BBB-
Premier Solar Systems (P) Ltd.          LT - Non-Fund Based   ICRA BBB     667.6
Upgraded to ICRA BBB from ICRA BBB-
Premier Solar Systems (P) Ltd.          LT / ST - Unallocated ICRA BBB/    0.8
                                                              ICRA A3+
Upgraded from ICRA BBB-/ICRA A3
Ratedi Wind Power Pvt Ltd               LT - TL               ICRA A-      5664.2
removal of watch with negative implications
Reliance Home Finance Ltd               PTC Series A          ICRA AA(SO   8684.5
-Indian Receivable Trust 2018
Series 1
Provisional rating validity extended
Safar Polyfibre Pvt. Ltd.               CC                    ICRA B       100
Issuer not cooperating
Safar Polyfibre Pvt. Ltd.               TL                    ICRA B       252.5
Issuer not cooperating
Sbi Funds Management Pvt Ltd            SBI Dynamic Bond Fund ICRA AAAmfs  -       Reaffirmed
Sical Iron Ore Terminals Ltd            LT: TL                ICRA         5000    Reaffirmed
                                                              BBB+(SO)
outlook revised from ‘Stable’ to ‘Negative’
Sical Iron Ore Terminals Ltd            LT – Fund based       ICRA         400     Reaffirmed
                                                              BBB+(SO)
outlook revised from ‘Stable’ to ‘Negative’
Sical Iron Ore Terminals Ltd            LT – Non fund based   ICRA         600     Reaffirmed
                                                              BBB+(SO)
outlook revised from ‘Stable’ to ‘Negative’
Sical Iron Ore Terminals Ltd            LT – Non fund based   ICRA         -       Reaffirmed
                                        (sub-limit)           BBB+(SO)
outlook revised from ‘Stable’ to ‘Negative’
Sical Multimodal And Rail               NCD Programme         ICRA         1000    Reaffirmed
Transport Ltd                                                 BBB+(SO)
outlook revised from ‘Stable’ to ‘Negative’
Sical Multimodal And Rail               LT – Fund based       ICRA         400     Reaffirmed
Transport Ltd                                                 BBB+(SO)
outlook revised from ‘Stable’ to ‘Negative’
Sical Multimodal And Rail               LT – TL               ICRA         607.7   Reaffirmed
Transport Ltd                                                 BBB+(SO)
outlook revised from ‘Stable’ to ‘Negative’
Sical Saumya Mining Ltd                 TL                    ICRA         418.3   Reaffirmed
                                                              BBB+(SO)
outlook revised from ‘Stable’ to ‘Negative’
Silverline Investments                  LT Fund based TL      ICRA D       52.5
Revised from ICRA C+, continues to remain in the ‘Issuer Not Cooperating’ category
Silverline Investments                  LT Unallocated        ICRA D       74
Revised from ICRA C+, continues to remain in the ‘Issuer Not Cooperating’ category
Sree Akkamamba Textiles Ltd             TL                    ICRA BBB-    120
Review process is underway
Sree Akkamamba Textiles Ltd             Fund based facility   ICRA BBB-    270
Review process is underway
Sree Akkamamba Textiles Ltd             Unallocated facility  ICRA BBB-    91
Review process is underway
Sri Vaibhav Muruga Agro Tech            LT -FBL               ICRA B+      131
Industries
Review process is underway
Sri Vaibhav Muruga Agro Tech            LT - Unallocated      ICRA B+      69
Industries                              limits
Review process is underway
Stag International                      LT - Fund Based/ CC   ICRA BB+     393.2
outstanding/ Assigned
Stag International                      Unallocated           ICRA BB+ /   0.8     outstanding
                                                              ICRA A4+
Star Security And Detective             Issuer Rating         ICRA BB-     -
Agency
Review process is underway
Stelis Biopharma Pvt. Ltd.              TL                    ICRA A+ (SO) 3800
placed on watch with developing implications
Suprabha Protective Products            Fund based – TL       ICRA BBB-    30
Pvt Ltd
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Suprabha Protective Products            Non-fund based – CC   ICRA BBB-    270
Pvt Ltd
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Suprabha Protective Products            Interchangeable       ICRA BBB- /  -
Pvt Ltd                                                       ICRA A3
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Tadas Wind Energy Pvt Ltd               LT - TL 925.00        ICRA A-      9250
removal of watch with negative implications
Tadas Wind Energy Pvt Ltd               LT- FBL 30.00         ICRA A-      300
removal of watch with negative implications
Teestavalley Power                      Fund based -TL        ICRA D       9624.9  Reaffirmed
Transmission Ltd
The Karur Vysya Bank Ltd                Lower Tier II Bonds   ICRA A       3000
                                        Programme
revised from ICRA A+
The Karur Vysya Bank Ltd                Basel III Compliant   ICRA A(hyb)  12000
                                        Tier-II Bonds1
revised from ICRA A+(hyb)
Veto Switchgears And Cables Ltd         FBL                   ICRA BBB+    431     Reaffirmed
outlook revised to ‘Negative’ from ‘Stable’
Wind Urja India Pvt Ltd                 LT - TL               ICRA BBB-    1330.9
removal of rating watch with negative implications
Zuari Agro Chemicals Ltd                LT Fund Based         ICRA BBB+    12000   Reaffirmed
outlook revised to Negative from Stable
Zuari Agro Chemicals Ltd                LT Fund Based         ICRA BBB+    -       Reaffirmed
                                        Interchangeable#
outlook revised to Negative from Stable; # Rs 75 crore of long-term limit is fully
interchangeable with short term non-fund-based limits
Zuari Agro Chemicals Ltd                LT un-allocated limitsICRA BBB+    2650    Reaffirmed
outlook revised to Negative from Stable
Associated Commercial                   LT – Fund Based (CC)  ICRA BB      60      Withdrawn
Enterprises
Associated Commercial                   LT – TL               ICRA BB      40      Withdrawn
Enterprises
Lgb Forge Ltd                           LT: FB Fac            ICRA AA-(SO) 170     -
Reason for delay in carrying out periodic review: Review process underway
Narayana Hrudayalaya Ltd                FB – TL               ICRA AA-     2850    Reaffirmed
Narayana Hrudayalaya Ltd                LT – Unallocated      ICRA AA-     -       Reaffirmed
                                        limits
Narayana Hrudayalaya Ltd                FB – CC               ICRA AA-     -       Reaffirmed
Narayana Hrudayalaya Ltd                FB/ Non-fund based –  ICRA AA-     400     Reaffirmed
                                        Working Capital       /ICRA A1+
Narayana Hrudayalaya Ltd                Non-fund based –      ICRA AA-     400#    Reaffirmed
                                        Working capital       /ICRA A1+
# Sub-limit of Fund-based – Working Capital
Real Growth Commercial                  FBL                   ICRA D       210     Downgraded
Enterprises Ltd                                                                    from ICRA B-
Issuer did not cooperate; based on best available information
Real Growth Commercial                  Non-FBL               ICRA D       40      Downgraded
Enterprises Ltd                                                                    from ICRA B-
Issuer did not cooperate; based on best available information
Rmz Azure Projects Pvt Ltd              TL                    ICRA A(SO)   1800    Revised from
                                                                                   ICRA A+(SO)
Titan Co. Ltd                           FB Working Capital FacICRA         -       Reaffirmed
                                                              AA+/ICRA A1+
Titan Co. Ltd                           Non-FB Fac            ICRA         -       Reaffirmed
                                                              AA+/ICRA A1+
Titan Co. Ltd                           FB/Non-FB Fac         ICRA         17000   Reaffirmed
                                                              AA+/ICRA A1+
Va Tech Wabag Ltd                       LT: FB Fac            ICRA A+      5000    Revised from
                                                                                   ICRA AA-
Va Tech Wabag Ltd                       LT / ST: Non FB Fac   ICRA A+ /    30585   Revised from
                                                              ICRA A1+             ICRA AA-/
                                                                                   ICRA A1+
Va Tech Wabag Ltd                       LT / ST: Proposed Fac ICRA A+ /    4415    Revised from
                                                              ICRA A1+             ICRA AA- /
                                                                                   ICRA A1+
--------------------------------------------------------------------------------------------
$: 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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