February 28, 2019 / 11:52 AM / 4 months ago

RPT-ICRA ratings for Indian debt instruments-Feb 28

 (Repeating to add more ratings.)
   Feb 28 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of February 27, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Aksh Optifibre Ltd                      Non-fund Based -      ICRA A3      1050    Reaffirmed
                                        Working Capital Fac
Akums Drugs & Pharmaceuticals           Non-fund Based –      ICRA A1+     100     Reaffirmed
Ltd                                     Working Capital Fac TL
Christian Medical College               ST FB Fac             ICRA A1+     5       Assigned on
Vellore Association                                                                the enhanced
                                                                                   bank lines
Christian Medical College               ST non-FB Fac         ICRA A1+     280     Assigned on
Vellore Association                                                                the enhanced
                                                                                   bank lines
Coastal Gujarat Power Ltd               CP                    ICRA A1+     5000    Withdrawn
                                                              (SO)
Indian Oil Corporation Ltd              CP                    ICRA A1+     400000  Reaffirmed
K. Venkata Ramana Murthy &              Non-Fund Based        ICRA A4      10      Rating moved
Others                                                                             to the
                                                                                   ‘Issuer Not 
                                                                                   Cooperating’
                                                                                   category
Malik Lifesciences Pvt Ltd              Non-fund Based -      ICRA A2+     150     Assigned
                                        Working Capital
                                        Facilitie
Petronet Lng Ltd                        ST Limits- Non Fund   ICRA A1+     83600   Reaffirmed
                                        Based
Pmr Construction Company                ST- NonFund Based     ICRA A4      150     Rating
                                                                                   continues to
                                                                                   remain in 
                                                                                   the ‘Issuer 
                                                                                   Not
                                                                                   Cooperating
                                                                                   category
Power Finance Corporation Ltd.          ST borrowing          ICRA A1+     200000* outstanding
                                        programme FY2019
*Short-term borrowings are interchangeable with long-term borrowings, subject to
 the total borrowings in FY2019 not exceeding Rs. 82,000 crore
Pure & Cure Healthcare Pvt Ltd          FB - Working Capital  ICRA A1+     100     Reaffirmed
                                        Fac
Shankaranarayan Jewellers               ST- Fund Based        ICRA D       55      Revised from
                                                                                   ICRA A4
continues to remain under ‘Issuer Not Cooperating’ category
Shankaranarayan Jewellers               ST- Non-Fund Based    ICRA D       57.5    Revised from
                                                                                   ICRA A4
continues to remain under ‘Issuer Not Cooperating’ category
Quess Corp Ltd                          ST FBL                ICRA A1+     80      Reaffirmed
Quess Corp Ltd                          ST Non-FBL            ICRA A1+     1020    Reaffirmed
Quess Corp Ltd                          CP                    ICRA A1+     2000    Reaffirmed
Samhi Hotels (Gurgaon) Pvt Ltd          FB Bk Fac (Overdraft) ICRA A3      50      Withdrawn
Sireesh Auto Pvt Ltd                    Non-Fund based        ICRA A4+     60      Reaffirmed


MEDIUM TERM RATINGS:
-------------------
Power Finance Corporation Ltd.          Fixed deposit         MAAA&        -       -
                                        programme

LONG TERM RATINGS:
-------------------
Aksh Optifibre Ltd                      Fund based - TL       ICRA BBB-    270     Reaffirmed
Aksh Optifibre Ltd                      Fund based - Working  ICRA BBB-    600     Reaffirmed
                                        Capital Fac
Akums Drugs & Pharmaceuticals           FB – Working Capital  ICRA A+      650     Reaffirmed
Ltd                                     Fac
Balaji Rail Road Systems Pvt            FB                    ICRA BBB-    40.5    Rating moved
Ltd                                                                                to
                                                                                   ‘Issuer Not 
                                                                                   Cooperating’
                                                                                   category
Balaji Rail Road Systems Pvt            Non-FB                ICRA BBB-    77.4    Rating moved
Ltd                                                                                to
                                                                                   ‘Issuer Not 
                                                                                   Cooperating’
                                                                                   category
Balaji Rail Road Systems Pvt            Unallocated           ICRA BBB-    82.1    Rating moved
Ltd                                                                                to
                                                                                   ‘Issuer Not 
                                                                                   Cooperating’
                                                                                   category
Christian Medical College               LT FB TL              ICRA AA      8200    Assigned on
Vellore Association                                                                the enhanced
                                                                                   bank lines
Christian Medical College               LT – Proposed Fac     ICRA AA      15      outstanding
Vellore Association
Esr Pune Industrial Park Pvt            LT: Unallocated       Provisional  2000    -
Ltd                                                           ICRA BBB
Greenwood High Trust                    Unallocated Fac       ICRA A+      500     Reaffirmed
                                        Project name
Igenetic Diagnostics Pvt Ltd            Fund based-CC         ICRA BB+     60      Rating moved
                                                                                   to the
                                                                                   ‘Issuer Not 
                                                                                   Cooperating’
                                                                                   category
K. Venkata Ramana Murthy &              Fund Based - CC       ICRA B+      74.5    Rating moved
Others                                                                             to the
                                                                                   ‘Issuer Not 
                                                                                   Cooperating’
                                                                                   category
K. Venkata Ramana Murthy &              Unallocated           ICRA         55.5    Rating moved
Others                                                        B+/ICRA A4           to the
                                                                                   ‘Issuer Not 
                                                                                   Cooperating’
                                                                                   category
Kallam Agro Products Amp; Oils          Fund Based - CC       ICRA BB+     430     Rating
(P) Ltd                                                                            continue to
                                                                                   remain in 
                                                                                   ‘Issuer Not 
                                                                                   Cooperating’ 
                                                                                   category
Kallam Agro Products Amp; Oils          Fund Based -TL        ICRA BB+     65      Rating
(P) Ltd                                                                            continue to
                                                                                   remain in 
                                                                                   ‘Issuer Not 
                                                                                   Cooperating’ 
                                                                                   category
Kallam Agro Products Amp; Oils          Unallocated           ICRA BB+     5       Rating
(P) Ltd                                                                            continue to
                                                                                   remain in 
                                                                                   ‘Issuer Not 
                                                                                   Cooperating’ 
                                                                                   category
L&T South City Projects Pvt             L&T Eden Park -Peach, ICRA         -       Assigned
Ltd                                     Marigold, Jasmine,    Chennai Six
                                        Almond                Star
Lakshmi Balaji Oils Pvt Ltd             Fund Based -TL        ICRA B+      95      Rating
                                                                                   continue to
                                                                                   remain in 
                                                                                   ‘Issuer Not 
                                                                                   Cooperating’ 
                                                                                   category
Lakshmi Finance                         LT Bk Fac             ICRA BBB-    650     Withdrawn
Laxmi Memorial Education Trust          LT – Fund Based       ICRA BBB     150     Rating
                                                                                   continue to
                                                                                   remain in 
                                                                                   ‘Issuer Not 
                                                                                   Cooperating’ 
                                                                                   category
Laxmi Memorial Education Trust          LT- Non-Fund Based    ICRA BBB     80      Rating
                                                                                   continue to
                                                                                   remain in 
                                                                                   ‘Issuer Not 
                                                                                   Cooperating’ 
                                                                                   category
Leapfrog Engineering Services           LT: FB Fac            ICRA C       60      Rating
Pvt Ltd                                                                            continues to
                                                                                   remain in 
                                                                                   ‘Issuer Not 
                                                                                   Cooperating’ 
                                                                                   category
Leapfrog Engineering Services           LT: Non-FB Fac        ICRA C       40      Rating
Pvt Ltd                                                                            continues to
                                                                                   remain in 
                                                                                   ‘Issuer Not 
                                                                                   Cooperating’ 
                                                                                   category
Liners India Ltd                        Fund Based - CC       ICRA C       270     Rating
                                                                                   continue to
                                                                                   remain in 
                                                                                   ‘Issuer Not 
                                                                                   Cooperating’ 
                                                                                   category
Liners India Ltd                        Fund Based-TL         ICRA C       72      Rating
                                                                                   continue to
                                                                                   remain in 
                                                                                   ‘Issuer Not 
                                                                                   Cooperating’ 
                                                                                   category
M. K. Shah Exports Ltd                  FB -TL                ICRA A-      1150    Assigned
M. K. Shah Exports Ltd                  FB - Working Capital  ICRA A-      700     Assigned
                                        Fac Previously Rated
Malik Lifesciences Pvt Ltd              FB - Working Capital  ICRA A-      410     Reaffirmed
                                        Fac
Mas Financial Services Ltd              LT Bk Fac             ICRA A       -       Withdrawn
Mas Financial Services Ltd              LT Bk Fac             ICRA A       75      Reaffirmed
Mas Financial Services Ltd              Subordinated debt     ICRA A       600     Reaffirmed
                                        programme
Meenar Industries Ltd                   LT-Fund Based-TL      ICRA B       222.5   Rating
                                                                                   continues to
                                                                                   remain in 
                                                                                   ‘Issuer Not 
                                                                                   Cooperating’ 
                                                                                   category
Meenar Industries Ltd                   LT – Fund Based-CC    ICRA B       75      Rating
                                                                                   continues to
                                                                                   remain in 
                                                                                   ‘Issuer Not 
                                                                                   Cooperating’ 
                                                                                   category
Meenar Polydyed Yarns Ltd               LT-Fund Based-TL      ICRA BB-     50      Rating
                                                                                   continues to
                                                                                   remain in 
                                                                                   ‘Issuer Not 
                                                                                   Cooperating’ 
                                                                                   category
Meenar Polydyed Yarns Ltd               LT – Fund Based-CC    ICRA BB-     50      Rating
                                                                                   continues to
                                                                                   remain in 
                                                                                   ‘Issuer Not 
                                                                                   Cooperating’ 
                                                                                   category
Merlin Acropolis Projects Pvt           TL                    ICRA A       150     Assigned
Ltd.
Mukesh And Co.                          LT – Fund based/Non   ICRA BB+     160     Rating
                                        Fund based                                 continues to
                                                                                   remain in 
                                                                                   ‘Issuer Not 
                                                                                   Cooperating’ 
                                                                                   category
Optics & Allied Engg Pvt. Ltd           LT: FB Fac            ICRA BB+     75      Rating moved
                                                                                   ‘Issuer Not 
                                                                                   Cooperating’
                                                                                   category
Padmashri Dr. Vitthalrao Vikhe          LT FB - CC            ICRA BB+     3000    Upgraded
Patil Sahakari Sakhar Karkhana                                                     from ICRA
Ltd                                                                                BB(Stable) 
                                                                                   and removed
                                                                                   ‘Issuer Not 
                                                                                   Cooperating’
                                                                                   category
Padmashri Dr. Vitthalrao Vikhe          LT FB - TL            ICRA BB+     1350    Upgraded
Patil Sahakari Sakhar Karkhana                                                     from ICRA
Ltd                                                                                BB(Stable) 
                                                                                   and removed
                                                                                   from Issuer 
                                                                                   Not
Cooperating
                                                                                   category
Patny Systems Pvt Ltd                   Bk loan Ratings       ICRA BBB-    100     Reason for
                                                                                   delay in
                                                                                   carrying 
                                                                                   out periodic 
                                                                                   review:
- Review process is underway
Petronet Lng Ltd                        Issuer Rating         ICRA AAA     -       Reaffirmed
Petronet Lng Ltd                        LT - Bond programme   ICRA AAA     6000    Reaffirmed
Petronet Lng Ltd                        LT Limits- FBL        ICRA AAA     2000    Reaffirmed
Petronet Lng Ltd                        LT/ST Limits- Fund    ICRA]AAA /   34400   Reaffirmed
                                        based/ Non-FBL        ICRA A1+
Pmr Construction Company                LT – Fund Based       ICRA B+      50      Rating
                                                                                   continues to
                                                                                   remain in the
                                                                                   ‘Issuer Not
                                                                                    Cooperating’
                                                                                    category
Power Finance Corporation Ltd.          Overall borrowing     -            970000* outstanding
                                        programme FY2019
*Short-term borrowings are interchangeable with long-term borrowings, subject
 to the total borrowings in FY2019 not exceeding Rs. 82,000 crore
Power Finance Corporation Ltd.          LT borrowing          ICRA AAA&    770000* Assigned
                                        programme FY2019
*Short-term borrowings are interchangeable with long-term borrowings, subject to the 
total borrowings in FY2019 not exceeding Rs. 82,000 crore.   
&Under Rating Watch with Developing Implications
Power Finance Corporation Ltd.          Rated LT/ST           ICRA         3345050 outstanding
                                        borrowings of         AAA&/ICRA
                                        previous FYs          A1+
Pure & Cure Healthcare Pvt Ltd          FB - Working Capital  ICRA A+      1070    Reaffirmed
                                        Fac
Pure & Cure Healthcare Pvt Ltd          TL                    ICRA A+      953.2   Reaffirmed
Quess Corp Ltd                          LT FBL                ICRA AA      8300    Upgraded
                                                                                   from ICRA AA-
Quess Corp Ltd                          NCDs                  ICRA AA      1500    Upgraded
                                                                                   from ICRA AA-
R.S. Ajit Singh &                       LT - Fund Based CC    ICRA B+      90      Reaffirmed
Co.(Automotives) Pvt. Ltd.
Samhi Hotels (Gurgaon) Pvt Ltd          Fund- based Bk Fac    ICRA BBB-    1250    Withdrawn
                                        (TL)
Samhi Hotels (Gurgaon) Pvt Ltd          Non-fund based Bk Fac ICRA BBB-    35      Withdrawn
                                        (BG)
Sbi Dfhi Ltd                            Issuer Rating         ICRA AAA     -       Reaffirmed
Sesha Sai Cotton Company                Fund Based - CC       ICRA B       60      Rating
                                                                                   continue to
                                                                                   ‘Issuer Not
                                                                                    Cooperating’
                                                                                    category
Sesha Sai Cotton Company                Unallocated           ICRA B       60      Rating
                                                                                   continue to
                                                                                   remain in 
                                                                                   ‘Issuer Not
                                                                                    Cooperating’
                                                                                    category
Shankaranarayan Jewellers               LT – Fund Based       ICRA D       7.5     Revised from
                                                                                   ICRA B-
continues to remain under ‘Issuer Not Cooperating’ category
Shiva Fibres Pvt Ltd                    LT-Fund Based-TL      ICRA BB+     356.1   Rating
                                                                                   continues to
                                                                                   remain in the
                                                                                   ‘Issuer Not
                                                                                    Cooperating’
                                                                                    category
Shiva Fibres Pvt Ltd                    LT – Fund Based-CC    ICRA BB+     85      Rating
                                                                                   continues to
                                                                                   remain in the
                                                                                   ‘Issuer Not
                                                                                    Cooperating’
                                                                                    category
Shriram Transport Finance Co.           Second Loss Facility  ICRA A+(SO)  70.1    Upgraded
Ltd- Sansar Trust June 2016                                                        from ICRA
                                                                                   BBB(SO)
Shriram Transport Finance Co.           PTC Series A          ICRA AAA(SO) 108.5   Reaffirmed
Ltd- Sansar Trust June 2016
Shriram Transport Finance Co.           Second Loss Facility  ICRA A(SO)   247.9   Upgraded
Ltd -Sansar Trust Sep 2016                                                         from ICRA
                                                                                   BBB(SO)
Shriram Transport Finance Co.           PTC Series A          ICRA AAA(SO) 1022.9  Reaffirmed
Ltd -Sansar Trust Sep 2016
Shriram Transport Finance Co.           Second Loss Facility  ICRA A+(SO)  298.4   Upgraded
Ltd-Sansar Trust June 2016 IV                                                      from ICRA
                                                                                   BBB(SO)
Shriram Transport Finance Co.           PTC Series A          ICRA AAA(SO) 642.6   Reaffirmed
Ltd-Sansar Trust June 2016 IV
Shriram Transport Finance Co.           PTC Series A          ICRA AAA(SO) 4038.9  Reaffirmed
Ltd-Sansar Trust June 2018 II

Shriram Transport Finance Co.           Second Loss Facility  ICRA         237     Reaffirmed
Ltd-Sansar Trust June 2018 II                                 BBB+(SO)
Shriram Transport Finance Co.           Second Loss Facility  ICRA A(SO)   540.1   Upgraded
Ltd-Sansar Trust Mar 2017                                                          from ICRA
                                                                                   BBB(SO)
Shriram Transport Finance Co.           PTC Series A          ICRA AAA(SO) 2427.7  Reaffirmed
Ltd-Sansar Trust Mar 2017
Shriram Transport Finance Co.           PTC Series A          ICRA AAA(SO) 5892    Reaffirmed
Ltd-Sansar Trust Mar 2018

Shriram Transport Finance Co.           Second Loss Facility  ICRA         360.2   Reaffirmed
Ltd-Sansar Trust Mar 2018                                     BBB+(SO)
Shriram Transport Finance Co.           PTC Series A          ICRA AAA(SO) 13441   Reaffirmed
Ltd-Sansar Trust Nov 2018
Shriram Transport Finance Co.           Second Loss Facility  ICRA         1131.6  Reaffirmed
Ltd-Sansar Trust Nov 2018                                     BBB+(SO)
Shriram Transport Finance Co.           PTC Series A          ICRA AAA(SO) 2107.1  Reaffirmed
Ltd-Sansar Trust Nov 2018 II
Shriram Transport Finance Co.           Second Loss Facility  ICRA         104.7   Reaffirmed
Ltd-Sansar Trust Nov 2018 II                                  BBB+(SO)
Shriram Transport Finance Co.           PTC Series A          ICRA AAA(SO) 8105.7  Reaffirmed
Ltd-Sansar Trust Oct 2018
Shriram Transport Finance Co.           Second Loss Facility  ICRA         446.8   Reaffirmed
Ltd-Sansar Trust Oct 2018                                     BBB+(SO)
Shriram Transport Finance Co.           Second Loss Facility  ICRA A(SO)   651.5   Upgraded
Ltd-Sansar Trust Sep 2017 III                                                      from ICRA
                                                                                   BBB(SO)
Shriram Transport Finance Co.           PTC Series A6         ICRA AAA(SO) 313.3   Reaffirmed
Ltd-Sansar Trust Sep 2017 III
Shriram Transport Finance Co.           PTC Series A7         ICRA AAA(SO) 3085.1  Reaffirmed
Ltd-Sansar Trust Sep 2017 III
Shriram Transport Finance Co.           PTC Series A          ICRA AAA(SO) 3505.7  Reaffirmed
Ltd-Sansar Trust December 2017 II
Shriram Transport Finance Co.           Second Loss Facility  ICRA         245.2   Upgraded
Ltd-Sansar Trust December 2017                                BBB+(SO)             from ICRA
II                                                                                 BBB(SO)
Shriram Transport Finance Co.           PTC Series A          ICRA AAA(SO) 4453.1  Reaffirmed
Ltd-Sansar Trust September 2018
III
Shriram Transport Finance Co.           Second Loss Facility  ICRA         197.8   Reaffirmed
Ltd-Sansar Trust September                                    BBB+(SO)
2018 III
Sireesh Auto Pvt Ltd                    Fund based            ICRA BB      300     Reaffirmed
Srinivasa Educational Society           TL                    ICRA B       36.2    -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Srinivasa Educational Society           LT- FB                ICRA B       7       -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Srinivasa Educational Society           LT unallocated        ICRA B       56.8    -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Sturdy Industries Ltd                   TL                    ICRA D       1124.8  Rating moved
                                                                                   to the
                                                                                   ‘Issuer Not 
                                                                                    Cooperating’
                                                                                    category
Sturdy Industries Ltd                   FB Limits             ICRA D       900     Rating moved
                                                                                   to the
                                                                                   ‘Issuer Not 
                                                                                    Cooperating’
                                                                                    category
Sturdy Industries Ltd                   Non- FBL              ICRA D       1334    Rating moved
                                                                                   to the
                                                                                   ‘Issuer Not 
                                                                                    Cooperating’
                                                                                    category
Sturdy Industries Ltd                   Unallocated limits    ICRA D       141.2   Rating moved
                                                                                   to the
                                                                                   ‘Issuer Not 
                                                                                    Cooperating’
                                                                                    category
Varun Finance                           LT Bk Fac             ICRA BBB-    650     Reaffirmed
Varun Leasing                           LT Bk Fac             ICRA BBB-    100     Reaffirmed
MAS Rural Housing and                   LT Bk Fac             ICRA A       1500    Reaffirmed 
Mortgage Finance Limited
--------------------------------------------------------------------------------------------
$: 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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