February 6, 2018 / 10:52 AM / in 6 months

RPT-ICRA ratings for Indian debt instruments-Feb 6

 (Repeating to add more ratings.)
    Feb 6 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of February 5, 2018.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Bandhan Bank Ltd                        CD                    ICRA A1+     15000   Reaffirmed
Bikanervala Foods Pvt Ltd               Non-fund Based -      ICRA A1+     95      outstanding
                                        Working Capital Fac
Choice Solutions Ltd                    ST: Non-Fund Based    ICRA A4+     30      Reaffirmed
Everest Industries Ltd                  CP                    ICRA A1      400     Reaffirmed
Everest Industries Ltd                  Non-FBL               ICRA A1      3000    Reaffirmed
Fortis Healthcare Ltd                   CP/ST Debt            ICRA A1+     6000
rating watch has been changed from developing implications to negative implications
Fortis Healthcare Ltd                   Non-FB Limits         ICRA A1+     200
rating watch has been changed from developing implications to negative implications
International Cargo Terminals           Non-fund based-       ICRA A3+     300     Assigned/
& Infrastructure Pvt Ltd                Working Capital Fac                        outstanding
Jm Financial & Investment               CP programme          ICRA A1+     2000    Reaffirmed
Consultancy Services Pvt Ltd
Jm Financial & Investment               CP programme (IPO     ICRA A1+     0       Withdrawn
Consultancy Services Pvt Ltd            Financing)
Jm Financial & Investment               CP programme (IPO     ICRA A1+     8000    Assigned
Consultancy Services Pvt Ltd            Financing)
Jm Financial Properties And             CP programme (IPO     ICRA A1+     40000   Assigned
Holdings Ltd                            Financing)
Jm Financial Properties And             CP programme (IPO     ICRA A1+     0       Withdrawn
Holdings Ltd                            Financing)
Jm Financial Services Ltd               ST Bk lines           ICRA A1+     8000    Reaffirmed
Jm Financial Services Ltd               CP programme          ICRA A1+     11000   Reaffirmed
Mindarika Pvt Ltd                       ST FBL                ICRA A1+     150     Assigned
Mindarika Pvt Ltd                       ST Non-Fund based     ICRA A1+     80      Assigned
Msl Driveline Systems Ltd               ST, Non-Fund Based Bk ICRA A1+     100     Re-affirmed
(Erstwhile Mahindra Sona Ltd)           Fac
Raipur Power And Steel Ltd              Non-FBL               ICRA A4      220
Revised from ICRA A3 ISSUER NOT COOPERATING
Reliance Capital Ltd                    CP programme          ICRA A1+     40000   Reaffirmed
Reliance Commercial Finance Ltd         CP programme          ICRA A1+     30000   Reaffirmed
Reliance Commercial Finance Ltd         ST Bk lines           ICRA A1+     10000   Reaffirmed
Reliance Home Finance Ltd               CP programme          ICRA A1+     30000   Reaffirmed
Vimal Microns Ltd                       Non-fund Based – BG   ICRA A4      12.5
ISSUER NOT COOPERATING
West Pioneer Properties                 LT FB limits          ICRA A4+             Assigned
(India) Pvt Ltd
West Pioneer Properties                 ST Non-fund based     ICRA A4+     20      Assigned
(India) Pvt Ltd
J.M. Financial & Investment             CP programme          ICRA A1+     2000    Reaffirmed
Consultancy Services Pvt Ltd
J.M. Financial & Investment             CP programme (IPO     ICRA A1+     -       Withdrawn
Consultancy Services Pvt Ltd            Financing)
J.M. Financial & Investment             CP programme (IPO     ICRA A1+     8000    Assigned
Consultancy Services Pvt Ltd            Financing)
JM Financial Asset                      CP programme          ICRA A1+     7500    Reaffirmed
Reconstruction Co. Ltd
JM Financial Capital Ltd                CP Programme          ICRA A1+     10000   Reaffirmed
JM Financial Capital Ltd                CP programme (IPO     ICRA A1+     -       Withdrawn
                                        Financing)
JM Financial Capital Ltd                CP programme (IPO     ICRA A1+     15000   Assigned
                                        Financing)
JM Financial Credit Solutions           CP programme          ICRA A1+     20000   Reaffirmed
Ltd
JM Financial Institutional              CP programme          ICRA A1      -       Withdrawn
Securities Ltd
JM Financial Institutional              ST Bk lines           ICRA A1      1000    Outstanding
Securities Ltd
JM Financial Products Ltd               CP programme          ICRA A1+     45000   Reaffirmed
JM Financial Products Ltd               CP Programme (IPO     ICRA A1+     -       Withdrawn
                                        Financing)
JM Financial Products Ltd               CP Programme (IPO     ICRA A1+     15000   Assigned
                                        Financing)
Mobis India Ltd                         ST FB Fac             ICRA A1+     4603.2  Reaffirmed
Raipur Power & Steel Ltd                Non-FBL               ICRA A4      220     Revised from
                                                                                   ICRA A3
ISSUER NOT COOPERATING
S&P Infrastructure Developers           Non-fund Based – BG   ICRA A4+     670     Assigned/
Pvt Ltd                                                                            outstanding
S&P Infrastructure Developers           ST Unallocated        ICRA A4+     60      Assigned
Pvt Ltd

LONG TERM RATINGS:
-------------------
Annapurna Microfinance Pvt Ltd          PTC Series A1         ICRA A(SO)   324.7
-Vivriti Valor 012 2017
Provisional rating of ICRA A(SO) confirmed as final
Avinash Bhosale Group                   Fund based-TL         ICRA BBB-    800     Assigned
Bandhan Bank Ltd                        Subordinated Tier II  ICRA AA-     1600    Reaffirmed
                                        NCD
Bandhan Bank Ltd                        TL from Bks           ICRA AA-     800     Reaffirmed
Bandhan Bank Ltd                        Senior Secured NCD    ICRA AA-             withdrawn
Bikanervala Foods Pvt Ltd               Fund based - TL       ICRA A+      644.9   Assigned/
                                                                                   outstanding
Bikanervala Foods Pvt Ltd               Fund based - Working  ICRA A+      376     Assigned/
                                        Capital Fac                                outstanding
Bikanervala Foods Pvt Ltd               Unallocated Limits    ICRA A+ /    4.1     outstanding
                                                              ICRA A1+
Choice Solutions Ltd                    FBL                   ICRA BB+     100     Reaffirmed
Choice Solutions Ltd                    Unallocated limits    ICRA BB+     20      Reaffirmed
                                                              /A4+
Dlf Utilities Ltd                       LT FB Limits          ICRA A(SO)   5090    Withdrawn
Eastern India Powertech Ltd             TL                    ICRA A(SO)   7000    Withdrawn
Everest Building Solutions Ltd          FB Limits/Non-FBL     ICRA A+ (SO) 100
Upgraded to ICRA A+(SO) from ICRA A(SO)
Everest Industries Ltd                  FB Limits             ICRA A       1900
Upgraded to ICRA A+ from CRA A
Everest Industries Ltd                  External Commercial   ICRA A
                                        Borrowings
Upgraded to ICRA A+ from ICRA A
Everest Industries Ltd                  TL                    ICRA A       650
Upgraded to ICRA A+ from ICRA A
Everest Industries Ltd                  Unallocated Limits    ICRA A+      92
Upgraded to ICRA A+ from CRA A
Fortis Healthcare Ltd                   NCDs                  ICRA A+      2500
rating watch has been changed from developing implications to negative implications
Fortis Healthcare Ltd                   FB Limits             ICRA A+      1050
rating watch has been changed from developing implications to negative implications
Fortis Healthcare Ltd                   TL                    ICRA A+      1950
rating watch has been changed from developing implications to negative implications
Gujarat Chemical Port Terminal          TL                    ICRA AA      1795.5
Co. Ltd
Rating moved to the ‘Issuer Not Cooperating’ category
Icici Prudential Asset                  ICICI Prudential      ICRA AAAmfs          Assigned
Management Co. Ltd                      Fixed Maturity - Plan
                                        – Series 82 – 1185 Days Plan I
Icici Prudential Asset                  ICICI Prudential ST   ICRA AAAmfs          Outstanding
Management Co. Ltd                      Plan -
Icici Prudential Asset                  ICICI Prudential      ICRA AAAmfs          Outstanding
Management Co. Ltd                      Dynamic Bond - Fund
Icici Prudential Asset                  ICICI Prudential      ICRA AAmfs           Outstanding
Management Co. Ltd                      Corporate Bond - Fund
International Cargo Terminals           Fund based- TL        ICRA BBB     2710    Assigned/
& Infrastructure Pvt Ltd                                                           outstanding
Jm Financial Properties And             TL                    ICRA AA      1350    outstanding
Holdings Ltd
Mindarika Pvt Ltd                       CC                    ICRA AA-     20      Assigned
Mindarika Pvt Ltd                       TL                    ICRA AA-     325     Assigned
Mindarika Pvt Ltd                       Unallocated           ICRA AA-/A1+ 175     Assigned
Msl Driveline Systems Ltd               TL                    ICRA A+      300     Re-affirmed
(Erstwhile Mahindra Sona Ltd)
Msl Driveline Systems Ltd               LT / ST, Fund- based  ICRA A+ /    200     Re-affirmed
(Erstwhile Mahindra Sona Ltd)           Bk Fac                ICRA A1+
Msl Driveline Systems Ltd               LT / ST, Unallocated  ICRA A+ /            Re-affirmed
(Erstwhile Mahindra Sona Ltd)                                 ICRA A1+
Navkiran Techno Feeds                   Fund based-TL         ICRA BB      36
Rating upgraded from ICRA B+ and removed from the ‘Issuer Not Cooperating’ category
Navkiran Techno Feeds                   Fund based- Working   ICRA BB      64
                                        Capital Fac
Rating upgraded from ICRA B+ and removed from the ‘Issuer Not Cooperating’ category
North Eastern Karnataka Road            Rating                ICRA B+
Transport Corporation
No Default Statement
Parth Concast Ltd                       FB Limits- Cash       ICRA BB      60
Revised from ICRA BBB- (Negative) ISSUER NOT COOPERATING*
Parth Concast Ltd                       TL                    ICRA BB      200
Revised from ICRA BBB- (Negative) ISSUER NOT COOPERATING*
Phillips Carbon Black Ltd               Fund based-TL         ICRA AA-     4000    Upgraded
                                                                                   from ICRA A+
Pkm Projects Pvt Ltd                    LT Fund based – TL    ICRA D       400     Reaffirmed
Raipur Power And Steel Ltd              FB Limits             ICRA BB      975
Revised from ICRA BBB- ISSUER NOT COOPERATING
Raipur Power And Steel Ltd              TL                    ICRA BB      2427.5
Revised from ICRA BBB- ISSUER NOT COOPERATING
Raipur Power And Steel Ltd              Unallocated Limits    ICRA BB      277.5
Revised from ICRA BBB- ISSUER NOT COOPERATING
Uno Feeds                               Fund Based/CC         ICRA BBB-    250
Reaffirmed; Removed from ‘Issuer Not Co-operating category’
Uno Feeds                               Non Fund Based        ICRA BBB-
Reaffirmed; Removed from ‘Issuer Not Co-operating category’
Uno Feeds                               Unallocated           ICRA BBB-    30
Reaffirmed; Removed from ‘Issuer Not Co-operating category’
Vimal Microns Ltd                       FB – TL               ICRA B+      3.3
ISSUER NOT COOPERATING
Vimal Microns Ltd                       FB – CC               ICRA B+      256
ISSUER NOT COOPERATING
West Pioneer Properties                 Long-TL Lease Rental  ICRA BB+     1100    Assigned
(India) Pvt Ltd                         Discounting(LRD)
West Pioneer Properties                 Long-TL               ICRA BB+     1000    Assigned
(India) Pvt Ltd
Everest Building Solutions Ltd          FB Limits/Non-FBL     ICRA A+/A1   100     Upgraded
                                                                                   From ICRA A/
                                                                                   Reaffirmed
Outlook revised to Stable from Positive And  ICRA A1 Reaffirmed
Five-Star Business Finance Ltd          LT fund based Bk Fac  ICRA A-      1000    Upgraded
                                                                                   from ICRA
                                                                                   BBB+
Five-Star Business Finance Ltd          NCD                   ICRA A-      250     Upgraded
                                                                                   from ICRA
                                                                                   BBB+
Five-Star Business Finance Ltd          NCD                   ICRA A-      240     Upgraded
                                                                                   from ICRA
                                                                                   BBB+
JM Financial Asset                      NCD programme         ICRA AA-     10000   Reaffirmed
Reconstruction Co. Ltd
JM Financial Asset                      LT Bk lines           ICRA AA-     6500    Reaffirmed
Reconstruction Co. Ltd
JM Financial Asset                      LT market linked      PP-MLDICRA   2000    Reaffirmed
Reconstruction Co. Ltd                  debenture programme   AA-
JM Financial Capital Ltd                NCD Programme         ICRA AA      2000    Reaffirmed
JM Financial Capital Ltd                LT Equity Linked      PP-MLDICRA   2000    Reaffirmed
                                        Debentures (Principal AA
                                        Protected)
JM Financial Credit Solutions           NCD programme         ICRA AA      30000   Reaffirmed
Ltd
JM Financial Credit Solutions           LT Bk lines           ICRA AA      35000   Reaffirmed
Ltd
JM Financial Credit Solutions           LT market linked      PP-MLDICRA   3000    Reaffirmed
Ltd                                     debentures (Principal AA
                                        Protected)
JM Financial Products Ltd               NCD programme         ICRA AA      25000   Reaffirmed
JM Financial Products Ltd               LT Bk lines           ICRA AA      15000   Reaffirmed
JM Financial Products Ltd               LT market linked      PP-MLDICRA   5000    Reaffirmed
                                        debentures (Principal AA
                                        Protected)
Mobis India Ltd                         Fund Based -TL Fac    ICRA AA-     622.4   Upgraded
                                                                                   from ICRA A+
Mobis India Ltd                         Fund Based -TL Fac    ICRA AA-     -       Withdrawn
P.K.M Projects Pvt Ltd                  LT Fund based – TL    ICRA D       400     Reaffirmed
Protac Foods International Pvt          LT – FB – CC          ICRA D       40      Revised from
Ltd                                                                                ICRA B
ISSUER NOT-COOPERATING
Protac Foods International Pvt          LT – FB – TL          ICRA D       180     Revised from
Ltd                                                                                ICRA B
ISSUER NOT-COOPERATING
Raipur Power & Steel Ltd                FB Limits             ICRA BB      975     Revised from
                                                                                   ICRA BBB-
ISSUER NOT COOPERATING
Raipur Power & Steel Ltd                TL                    ICRA BB      2427.5  Revised from
                                                                                   ICRA BBB-
ISSUER NOT COOPERATING
Raipur Power & Steel Ltd                Unallocated Limits    ICRA BB      277.5   Revised from
                                                                                   ICRA BBB-
ISSUER NOT COOPERATING
S&P Infrastructure Developers           FB – CC               ICRA BB      70      Assigned/
Pvt Ltd                                                                            Outstanding

--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

ICRA may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222 , E-mail at
rru.data@thomsonreuters.com)
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