March 29, 2019 / 11:38 AM / 3 months ago

RPT-ICRA ratings for Indian debt instruments-Feb 29

 (Repeating to add additional ratings as of March 28, 2019)
    Mar 29 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of March 28, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
A.M. Breweries Pvt Ltd                  ST non-fundbased Fac  ICRA A4      50
(Issuer Not Cooperating)
Agarwal Fasteners Pvt Ltd               Fund based – Packing  ICRA A4+     120
                                        Credit
(Issuer Not Cooperating)
Agarwal Fasteners Pvt Ltd               Non-fund based – LOC  ICRA A4+     40
(Issuer Not Cooperating)
Agra Products Pvt Ltd                   Fund Based - PCFC     ICRA A4      280     Reaffirmed
Agrocel Industries Pvt Ltd              Non-FBL               ICRA A1      270     Reaffirmed
Ami Riddhi Chem Pvt. Ltd.               Non-fund Based – LOC  ICRA A4      15
(Issuer Not Cooperating)
Ami Riddhi Chem Pvt. Ltd.               Non-fund Based –      ICRA A4      0.8
                                        Forward Contract
(Issuer Not Cooperating)
Ami Riddhi Chem Pvt. Ltd.               Fund Based – Buyer’s  ICRA A4      -
                                        - Credit**
Rating continues to be ‘(Issuer Not Cooperating)’ category/**Sublimit of cash credit
Ami Riddhi Chem Pvt. Ltd.               Non-fund Based – Bk   ICRA A4      -
                                        Guarantee**
Rating continues to be ‘(Issuer Not Cooperating)’ category/**Sublimit of cash credit
Bharti Realty Ltd                       CP                    ICRA A1+     4500    Assigned
Canara Robeco Asset Management          Canara Robeco Savings ICRA A1+mfs  -       Reaffirmed
Co. Ltd                                 Fund
Canara Robeco Asset Management          Canara Robeco Liquid  ICRA A1+mfs  -       Reaffirmed
Co. Ltd                                 Fund
Commtel Networks Pvt Ltd                ST, Unallocated Fac   -            0       -
Commtel Networks Pvt Ltd                ST, Non-FB Fac        ICRA A2      320     outstanding
                                                                                   /Assigned
East West Seeds India Pvt Ltd           Non-FB limits         ICRA A2      20
(Issuer Not Cooperating)
Escorts Ltd                             Non-fund Based –      ICRA A1+     4000    outstanding
                                        Working Capital Fac
Geetha Timbers                          ST- Non FB Fac        ICRA A4      95
(Issuer Not Cooperating)
Goan Fresh Marine Exports Pvt           ST - FB               ICRA A4+     300     Reaffirmed
Ltd
Intercontinental Consultants            ST: FB Limits (Sub-   ICRA A3+     0       Reaffirmed
And Technocrats Pvt. Ltd.               limit of LT FB Limits)
Intercontinental Consultants            ST Non-FBL            ICRA A3+     30      Reaffirmed
And Technocrats Pvt. Ltd.
Janatha Fish Meal And Oil               ST - Non-fund based   ICRA A3+     20      Reaffirmed
Products
Jonas Petro Products Pvt Ltd            ST – BG               ICRA D       0.5
(Issuer Not Cooperating)
Jonas Petro Products Pvt Ltd            ST – Unallocated      ICRA D       14.5
(Issuer Not Cooperating)
K-Pack Systems Pvt Ltd                  ST – Non-fund Based   ICRA A4      20
(Issuer Not Cooperating)
K-Pack Systems Pvt Ltd                  Short -term –         ICRA A4      17.5
                                        Unallocated
(Issuer Not Cooperating)
Minda Rinder Pvt. Ltd.                  ST FB                 ICRA A2+     60      Assigned
Power Finance Corporation Ltd.          ST borrowing          ICRA A1+     250000  Assigned
                                        programme FY2020
Rec Ltd                                 ST borrowing          ICRA A1+     120000  Assigned
                                        programme FY2020
S. D. Corporation Pvt Ltd               CP                    ICRA         11100   outstanding
                                                              A1+(SO) &
&: rating watch with developing implications
S. D. Corporation Pvt Ltd               CP                    Provisional  600     confirmed as
                                                              ICRA                 final
                                                              A1+(SO) &
&: rating watch with developing implications
Savex Technologies Pvt Ltd              CP                    ICRA A1+     500     Withdrawn
Sri Lakshmi Ammal Educational           ST nonFB Fac          ICRA A2      100
Trust
(Issuer Not Cooperating)
Toyota Financial Services               ST FB Fac             ICRA A1+     1575    Assigned
India Ltd
Toyota Financial Services               CP                    ICRA A1+     15000   Outstanding
India Ltd
Visakha Container Terminal              NFBL – BG             ICRA A2+     180     Reaffirmed
Pvt. Ltd.
Visakha Container Terminal              LOC – Sub Limit       ICRA A2+     -       Reaffirmed
Pvt. Ltd.
Vns Finance & Capital Services          ST non-fundbased Bk   ICRA A4      150
Ltd                                     Fac
Reason for delay in carrying out periodic review: Review process is underway.
Le Marble Gallery Pvt Ltd               ST – LOC              ICRA A4      70
Issuer Not Cooperating; Rating to continue to remain in the ‘Issuer Not Cooperating’ category
Lgb Forge Ltd                           ST: Non-FB Fac        ICRA A1+     100     Reaffirmed
                                                              (SO)
Sigma Chemicals                         Non-fund based - BG   ICRA A4+     100
Review process is underway

MEDIUM TERM RATINGS:
-------------------
Power Finance Corporation Ltd.          Fixed deposit         MAAA&        -       Withdrawn
                                        programme
LONG TERM RATINGS:
-------------------
A.M. Breweries Pvt Ltd                  LT Fund based         ICRA BB-     300
(Issuer Not Cooperating)
A.M. Breweries Pvt Ltd                  LT Fund based- TL     ICRA BB-     1050
(Issuer Not Cooperating)
Agarwal Chem Products (India)           FB – CC               ICRA B       75      Reaffirmed
Pvt. Ltd.
Agarwal Chem Products (India)           FB – Unallocated      ICRA B       75      Reaffirmed
Pvt. Ltd.
Agarwal Fasteners Pvt Ltd               LT FB limits          ICRA B+      155.7
(Issuer Not Cooperating)
Agra Products Pvt Ltd                   Unallocated           ICRA BB      70      Reaffirmed
Agrocel Industries Pvt Ltd              Unallocated Limits    -            -       -
Agrocel Industries Pvt Ltd              FB - CC               ICRA A+      720     Reaffirmed
Agrocel Industries Pvt Ltd              FB - TL               ICRA A+      1450    Reaffirmed
Alapatt Fashion Jewellery,              CC                    ICRA D       135     Downgraded
Kothamangalam                                                                      from ICRA
                                                                                   BB- and
                                                                                   Withdrawn
Alapatt Fashion Jewellery,              CC                    ICRA D       70      Downgraded
Kozhikode                                                                          from ICRA BB-
Alapatt Jewellers (Alapatt              CC                    ICRA D       170     Downgraded
Heritage), Ernakulam                                                               from ICRA BB-
Alapatt Jewellers (Alapatt              Unallocated facility  ICRA D       50      Downgraded
Heritage), Ernakulam                                                               from ICRA BB-
Ami Riddhi Chem Pvt. Ltd.               Fund Based – Cash     ICRA B+      110
                                        Credit
(Issuer Not Cooperating)
Auto Hi-Tech Pvt Ltd                    TL                    ICRA BB+     20
(Issuer Not Cooperating)
Auto Hi-Tech Pvt Ltd                    FB Fac                ICRA BB+     175
(Issuer Not Cooperating)
Bata India Ltd                          Non-fund              ICRA AA+     150     Reaffirmed
                                        Based-Working Capital
                                        Fac
Bata India Ltd                          Unallocated           ICRA AA+     160     Reaffirmed
Canara Robeco Asset Management          Canara Robeco         ICRA AA+mfs  -       Reaffirmed
Co. Ltd                                 Corporate Bond Fund
Canara Robeco Asset Management          Canara Robeco Ultra   ICRA AAAmfs  -       Reaffirmed
Co. Ltd                                 ST Fund
Commtel Networks Pvt Ltd                LT, FB Fac            ICRA BBB+    480     outstanding
                                                                                   / Assigned
Commtel Networks Pvt Ltd                LT/ST                 ICRA BBB+ /  -       outstanding
                                        -Interchangeable Fac  ICRA A2              / Assigned
East West Seeds India Pvt Ltd           Fund based-CC         ICRA BBB+    222.5
(Issuer Not Cooperating)
Escorts Ltd                             TL                    ICRA AA-     259     outstanding
Escorts Ltd                             FB – Working Capital  ICRA         4250    outstanding
                                        Fac                   AA-/ICRA A1+
Escorts Ltd                             Unallocated           ICRA         151     outstanding
                                                              AA-/ICRA A1+
Ess Kay Fincorp Ltd -Northern           PTC Series A2         Provisional  146.7   Assigned
Arc 2019 Cv Ferb                                              ICRA A(SO)
Ess Kay Fincorp Ltd -Northern           PTC Series A3         Provisional  8.3     Assigned
Arc 2019 Cv Ferb                                              ICRA A-(SO)
Ess Kay Fincorp Ltd -Northern           PTC Series A1         Provisional  255.6   Assigned
Arc 2019 Cv Ferb                                              ICRA AA(SO)
Food Corporation Of India               Government of India   ICRA AAA     50000   Reaffirmed
                                        Guaranteed Bond       (SO)
                                        Programme
Geetha Timbers                          LT- FB Fac            ICRA B+      5
(Issuer Not Cooperating)
Goan Fresh Marine Exports Pvt           LT - FB - TL          ICRA BB+     75      Reaffirmed
Ltd
Hand In Hand India                      FB -TL                ICRA B+      150     Assigned
High Point Properties Pvt Ltd           NCDs                  ICRA         2250    Assigned
                                                              AA-(SO) &
&: rating watch with developing implications 
High Point Properties Pvt Ltd           NCDs                  ICRA         -       Withdrawn
                                                              AA-(SO) &
&: rating watch with developing implications 
High Point Properties Pvt Ltd           NCDs                  ICRA         2250    outstanding
                                                              AA-(SO) &
&: rating watch with developing implications 
Intercontinental Consultants            LT: Non-FBL           ICRA BBB     1050    Reaffirmed
And Technocrats Pvt. Ltd.
Intercontinental Consultants            LT: FB Limits         ICRA BBB     550     Reaffirmed
And Technocrats Pvt. Ltd.
Janatha Fish Meal And Oil               LT - FB - CC          ICRA BBB     450     Reaffirmed
Products
Janatha Fish Meal And Oil               LT - FB - TL          ICRA BBB     15      Reaffirmed
Products
Jonas Petro Products Pvt Ltd            LT – CC               ICRA D       7.5
(Issuer Not Cooperating)
Jonas Petro Products Pvt Ltd            LT – TL               ICRA D       28.4
(Issuer Not Cooperating)
Jonas Petro Products Pvt Ltd            LT – Unallocated      ICRA D       19.1
(Issuer Not Cooperating)
Kamarajar Port Ltd                      LT; TFBs              ICRA AA      5000    Reaffirmed
Kotadiya Reality                        TL                    ICRA BB-     320
(Issuer Not Cooperating)
K-Pack Systems Pvt Ltd                  LT – CC               ICRA B+      12.5
(Issuer Not Cooperating)
Lotus Overseas                          Fund Based- TL        ICRA B+      11.5
(Issuer Not Cooperating)
Lotus Overseas                          Fund Based- CC        ICRA B+      70
(Issuer Not Cooperating)
Magma Housing Finance Ltd-Mhfl          PTC A1                Provisional  558.9   Assigned
Securitisation Trust Ii                                       ICRA AA(SO)
Magma Housing Finance Ltd-Mhfl          PTC A2                Provisional  27.9    Assigned
Securitisation Trust Ii                                       ICRA AA(SO)
Magma Housing Finance Ltd-Mhfl          Second Loss Facility  Provisional  30.8    Assigned
Securitisation Trust Ii                                       ICRA
                                                              BBB-(SO)
Mahathi Software Pvt Ltd                Bk loan rating        ICRA B- /    434.7
                                                              ICRA A4
Reason for delay in carrying out periodic review – Issuer delayed in sharing information
Minda Rinder Pvt. Ltd.                  TL                    ICRA A-      520     Assigned
Minda Rinder Pvt. Ltd.                  LT/ST FB/Non-fund     ICRA         300     Assigned
                                        Based                 A-/ICRA A2+
Minda Rinder Pvt. Ltd.                  Unallocated           ICRA         120     Assigned
                                                              A-/ICRA A2+
Neo Paper Mill Pvt Ltd                  LT: FB Fac            ICRA B-      61.1
(Issuer Not Cooperating)
Neo Paper Mill Pvt Ltd                  LT: Unallocated       ICRA B-      38.9
(Issuer Not Cooperating)
Northern Arc Capital Ltd- Ifmr          PTC Series A1         ICRA A+(SO)  -       -
Capital Mosec Trappist 2017
Phillips Carbon Black Ltd               TL                    ICRA AA-     4000    Reaffirmed
Power Finance Corporation Ltd.          LT/ST borrowing       ICRA AAA     3345050
                                        programmes upto FY2018
Power Finance Corporation Ltd.          LT borrowing          ICRA AAA     560000  Assigned
                                        programme FY2020
Power Finance Corporation Ltd.          Overall borrowing     ICRA AAA     810000  Reaffirmed
                                        programme FY2020
Power Finance Corporation Ltd.          LT/ST borrowing       ICRA AAA     970000  Reaffirmed
                                        programme FY2019
Pr Packing Service                      LT FB limit           -            -       -
Pr Packing Service                      Unallocated limit     -            -       -
Pr Packing Service                      LT/ST Non Fund and    ICRA B+      185     Reaffirmed
                                        Fund- based limits    /ICRA A4
Rec Ltd                                 Overall borrowing     -            900000
                                        programme FY2020
Rec Ltd                                 LT borrowing          ICRA AAA     780000  Assigned
                                        programme FY2020
Rec Ltd                                 GoI Fully Serviced    ICRA AAA     150000  Reaffirmed
                                        Bonds
Rec Ltd                                 LT/ST borrowing       ICRA AAA     2843060 Reaffirmed
                                        programmes upto FY2018
Rec Ltd                                 LT/ST borrowing       ICRA AAA     850000  Reaffirmed
                                        programme FY2019      /ICRA A1+
S V Creditline Ltd -Milesec             PTC Series A          Provisional  464.1   Assigned
2019                                                          ICRA A-(SO)
S. D. Corporation Pvt Ltd               NCD Programme         ICRA         4350    outstanding
                                                              AA-(SO) &
&: rating watch with developing implications
Sri Jyoti Renewable Energy              Bk loan Ratings       ICRA BB-     471.7
Pvt. Ltd.
(Issuer Not Cooperating)
Sri Lakshmi Ammal Educational           TL                    ICRA BBB+    1300
Trust
(Issuer Not Cooperating)
Sri Lakshmi Ammal Educational           LT Fund based         ICRA BBB+    125
Trust
(Issuer Not Cooperating)
Sri Lakshmi Ammal Educational           Proposed facility     ICRA         -
Trust                                   (LT/ST)               BBB+/ICRA A2
(Issuer Not Cooperating)
Toplink Motors Pvt Ltd                  FBL                   ICRA BB      126.8
(Issuer Not Cooperating)
Toplink Motors Pvt Ltd                  Untied Limits         ICRA BB      0.7
(Issuer Not Cooperating)
Toyota Financial Services               NCD Programme         ICRA AAA     7000    Outstanding
India Ltd
Toyota Financial Services               LT FB Fac             ICRA AAA     3600    Assigned
India Ltd
Visakha Container Terminal              TL                    ICRA A-      2476    Reaffirmed
Pvt. Ltd.
Visakha Container Terminal              NFBL                  ICRA A-      50      Reaffirmed
Pvt. Ltd.
Visakha Container Terminal              Unallocated           ICRA A-      294     Reaffirmed
Pvt. Ltd.
Visakha Container Terminal              Buyers’ Credit – Sub  ICRA A- /    -       Reaffirmed
Pvt. Ltd.                               Limit                 ICRA A2+
Vns Finance & Capital Services          LT fund based Bk Fac  ICRA BB-     10
Ltd
Reason for delay in carrying out periodic review: Review process is underway.
Credo Life Sciences Pvt Ltd             BLR                   ICRA BB-     220
Issuer delayed in giving information
Harmony Foods Pvt Ltd                   BLR                   ICRA BB+     200
                                                              /A4+
Issuer not cooperating
Kochar Infotech Pvt Ltd                 Fund Based-TL         ICRA BB+     5.5
Review process is underway
Kochar Infotech Pvt Ltd                 Fund Based-Working    ICRA BB+     230
                                        Capital Fac
Review process is underway
Kochar Infotech Pvt Ltd                 Unallocated Fac       ICRA BB+     54.5
                                                              /A4+
Review process is underway
Le Marble Gallery Pvt Ltd               LT – CC               ICRA BB      90
Issuer Not Cooperating; Rating to continue to remain in the ‘Issuer Not Cooperating’ category
Lgb Forge Ltd                           LT: FB Fac            ICRA AA (SO) 170
Upgraded from ICRA AA-(SO)
Lml Ltd                                 Preference Share      ICRA D       1250
                                        Capital
Issuer not cooperating
Nainital Municipal Council              Issuer rating         ICRA BB
Issuer Not Cooperating; Withdrawn
Sigma Chemicals                         Fund based - Working  ICRA BB+     97.5
                                        Capital Fac
Review process is underway
Sri Sai Shivanagere Solar               LT – Unallocated      ICRA B       56
Power Pvt Ltd
Issuer Not Cooperating; Rating to continue to remain in the ‘Issuer Not Cooperating’ category
Svsvs Projects Pvt Ltd                  BLR                   ICRA B+      505
Issuer not cooperating
--------------------------------------------------------------------------------------------
$: 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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