January 13, 2020 / 12:09 PM / a month ago

RPT-ICRA ratings for Indian debt instruments-Jan 13

 (Repeating to add more ratings)
   Jan 13 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of January 10, 2020.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Andhra Organics Ltd                     Non-FBL               ICRA A1+     15      Reaffirmed
Centrum Financial Services Ltd          CP                    ICRA A1+(CE) 200     confirmed as
                                                                                   final
Centrum Financial Services Ltd          CP                    ICRA A1+(CE) 250     outstanding
Centrum Financial Services Ltd          CP                    Provisional  550     outstanding
                                                              ICRA A1+(CE)
Export-Import Bank Of India             ST Debt Programme     ICRA A1+     190089.5Reaffirmed
#Total limit rated for long-term/short-term certificates of deposit and short-term debt is Rs.
19,008.95 crore; the amount outstanding would not exceed the said limits 
Hindustan Petroleum                     CP                    ICRA A1+     150000  Reaffirmed
Corporation Ltd
Hindustan Petroleum                     Non-FBL               ICRA A1+;    227460  Reaffirmed
Corporation Ltd
Indian Oil Corporation Ltd              CP                    ICRA A1+     400000  Reaffirmed
Jay Shree Tea & Industries Ltd          Non-FBL               ICRA A3     451.8    Downgraded
                                                                                   from ICRA A3+
Northern Arc Capital Ltd                CP                    ICRA A1+     5000    outstanding
PV Knit Fashions                        ST – Non FB Fac       ICRA D       1.5     -
Rating downgraded from ICRA A4 ISSUER NOT COOPERATING and continues to remain under ‘Issuer Not
Cooperating’ category
Sabarmati Gas Ltd                       ST Non-fund Based     -            -       Reaffirmed
Petronet Lng Ltd                        ST Limits- Non-Fund   ICRA A1+     68480   Reaffirmed
                                        Based
Virchow Laboratories Ltd                Non-FBL               ICRA A1+     90      Reaffirmed
MEDIUM TERM RATINGS:
-------------------
Export-Import Bank Of India             Fixed Deposits        MAAA         -       -     
                                        Programme             (Stable)

LONG TERM RATINGS:
-------------------
Andhra Organics Ltd                     Fund based – Working  ICRA         75      Reaffirmed
                                        capital Fac           A+(Stable)
B.V.L. Exports Pvt Ltd                  LT - Fund Based/ CC   ICRA D       1250    -
Rating downgraded from ICRA B (Negative) ISSUER NOT COOPERATING and continues to remain under
‘Issuer Not Cooperating’ category
Bisui Poultry Pvt Ltd                   TL                    ICRA D       41.6    -
Rating downgraded from ICRA B (Stable) and continues to remain under ‘Issuer Not Cooperating’
category
Bisui Poultry Pvt Ltd                   CC                    ICRA D       5.9     -
Rating downgraded from ICRA B (Stable) and continues to remain under ‘Issuer Not Cooperating’
category
Bisui Poultry Pvt Ltd                   Untied Limit          ICRA D       51.1    -
Rating downgraded from ICRA B (Stable) and continues to remain under ‘Issuer Not Cooperating’
category
Embassy Property Developments           NCD –II               ICRA BBB-    219.4   -
Pvt Ltd                                                       (Stable)
Embassy Property Developments           NCD – I               ICRA         2036    -
Pvt Ltd                                                       BBB-(CE)
                                                              (Stable)
Embassy Property Developments           TL                    ICRA         10000   -
Pvt Ltd                                                       BBB-(CE)
                                                              (Stable)
Embassy Property Developments           Non-fund based (sub   ICRA         -       -
Pvt Ltd                                 limit of TL)          BBB-(CE)
                                                              (Stable)
Export-Import Bank Of India             Basel III Compliant   ICRA         11000   Reaffirmed
                                        Additional Tier-I     AA+(hyb)
                                        Bonds                 (Stable)
Export-Import Bank Of India             LT Bonds Programme    ICRA         268179  Reaffirmed
                                                              AAA(Stable)
Export-Import Bank Of India             LT Bonds Programme    ICRA         -       Withdrawn
                                                              AAA(Stable)
Export-Import Bank Of India             Bk Lines              ICRA         30000   Reaffirmed
                                                              AAA(Stable)
Export-Import Bank Of India             Certificates of       ICRA         190089.5Reaffirmed
                                        Deposit               AAA(stable)
                                                              / ICRA A1+
#Total limit rated for long-term/short-term certificates of deposit and short-term debt is Rs.
19,008.95 crore; the amount outstanding would not exceed the said limits
Fortius Infradevelopers LLP             Fund Based- Term Loan ICRA BBB-    331.7   Reaffirmed
                                                              (Stable)
Hindustan Petroleum                     NCD Programme         ICRA AAA     75000   Reaffirmed
Corporation Ltd                                               (Stable)
Hindustan Petroleum                     Issuer Rating         ICRA AAA     -       Reaffirmed
Corporation Ltd                                               (Stable);
Hindustan Petroleum                     CC Limits             ICRA AAA     40000   Reaffirmed
Corporation Ltd                                               (Stable);
Hindustan Petroleum                     FBL                   ICRA AAA     182540  Reaffirmed
Corporation Ltd                                               (Stable);
Indian Oil Corporation Ltd              NCD Programme         ICRA         20000   Assigned
                                                              AAA(Stable)
Indinfravit Trust                       Issuer rating         ICRA         -       outstanding
                                                              AAA(Stable)
Indinfravit Trust                       NCD Programme         Provisional  21500   Assigned
                                                              ICRA
                                                              AAA(Stable)
Jay Shree Tea & Industries Ltd          FB -TL                ICRA BBB-    894.9   Downgraded
                                                              (Negative)           from ICRA
                                                              /ICRA A3             BBB(Negative)
Jay Shree Tea & Industries Ltd          FB - Working Capital  ICRA BBB-    2700    Downgraded
                                        Fac                   (Negative)/          from ICRA
                                                               A3                  BBB(Negative)
                                                                                   /ICRA A3+
Laxmi Oil & Vanaspati Pvt Ltd           Fund Based – CC       ICRA D       300     -
Downgraded from ICRA BBB- (Stable) and continues to remain under ‘Issuer Not Cooperating’
category
Majhaulia Sugar Industries Pvt          FB -TL                ICRA BBB-    500     Downgraded
Ltd                                                           (Negative)           from ICRA
                                                                                   BBB
(Negative)
Majhaulia Sugar Industries Pvt          FB - Working Capital  ICRA BBB-    300     Downgraded
Ltd                                     Fac                   (Negative)           from ICRA
                                                                                   BBB
(Negative)
Majhaulia Sugar Industries Pvt          Unallocated limits    ICRA BBB-    100     Downgraded
Ltd                                                           (Negative)           from ICRA
                                                                                   BBB
(Negative)
Namdhari Animal Genetics Pvt            LT – Fund Based – CC  ICRA D       50      Downgraded
Ltd                                                                                from ICRA
                                                                                   BB- (Stable)
Namdhari Animal Genetics Pvt            LT – Fund Based – TL  ICRA D       197.5   Downgraded
Ltd                                                                                from ICRA
                                                                                   BB- (Stable)
Namdhari Animal Genetics Pvt            LT – Unallocated      ICRA D       2.5     Downgraded
Ltd                                                                                from
North India Surgical Company            FBL                   ICRA D       110     -
Rating downgraded from ICRA B (Stable) and continues to remain under ‘Issuer Not Cooperating’
category
North India Surgical Company            Non-FBL Fixed Deposit ICRA D       10      -
                                        Programme
Rating downgraded from ICRA A4 and continues to remain under ‘Issuer Not Cooperating’ category
Northern Arc Capital Ltd                Cumulative            ICRA         200     outstanding
                                        non-convertible       A(Stable)
                                        compulsorily redeemable PS
Northern Arc Capital Ltd                NCD                   ICRA A+      250     Assigned
                                                              (Stable)
Northern Arc Capital Ltd                Subordinated debt     ICRA A+      750     outstanding
                                                              (Stable)
Northern Arc Capital Ltd                LT – unallocated      ICRA         3594    outstanding
                                                              A+(Stable)
Northern Arc Capital Ltd                LT – FB limits        ICRA         3890    outstanding
                                                              A+(Stable)
Northern Arc Capital Ltd                LT – TL               ICRA         17516   outstanding
                                                              A+(Stable)
Northern Arc Capital Ltd                NCDs (NCDs)           PP-MLDICRA   100     outstanding
                                                              A+ (Stable)
Northern Arc Capital Ltd                NCDs (NCDs)           PP-MLDICRA   9900    outstanding
                                                              A+ (Stable)
Petronet Lng Ltd                        LT Limits- FBL        ICRA AAA     2000    Reaffirmed
                                                              (Stable)
Petronet Lng Ltd                        Issuer Rating         ICRA AAA     -       Reaffirmed
                                                              (Stable)
Petronet Lng Ltd                        LT - Bond programme   ICRA AAA     0       Withdrawn
                                                              (Stable)
Petronet Lng Ltd                        LT/ST Limits- Fund    ICRA AAA     49520   Reaffirmed
                                        based/ Non-FB limits  (Stable)/
                                                              ICRA A1+
Pv Knit Fashions                        LT – TL               ICRA D       0.9     -
Rating downgraded from ICRA B+(Stable) ISSUER NOT COOPERATING and continues to remain under
‘Issuer Not Cooperating’ category
PV Knit Fashions                        LT – FB Fac           ICRA D       75      -
Rating downgraded from ICRA B+(Stable) ISSUER NOT COOPERATING and continues to remain under
‘Issuer Not Cooperating’ category
PV Knit Fashions                        LT – Proposed Fac     ICRA D       35.8    -
Rating downgraded from ICRA B+(Stable) ISSUER NOT COOPERATING and continues to remain under
‘Issuer Not Cooperating’ category
Sabarmati Gas Ltd                       TL                    ICRA         473.4   Reaffirmed
                                                              AA-(Stable)
Sabarmati Gas Ltd                       LT FB - CC            ICRA         135     Reaffirmed
                                                              AA-(Stable)
Sabarmati Gas Ltd                       LT Non-fund Based     ICRA         2515    Reaffirmed
                                                              AA-(Stable)
Sabarmati Gas Ltd                       LT/ST Unallocated     ICRA         631     Reaffirmed
                                                              AA-(Stable)
                                                              / A1+
Serendipity Buildtech Pvt Ltd           FB-TL                 ICRA         310     Reaffirmed
                                                              BBB(Stable)
Sonata Finance Pvt Ltd -                PTC Series A1         Provisional  672.2   Final Rating
Northern Arc 2019 Mfi Corleone                                ICRA A-(SO)
Sonata Finance Pvt Ltd -                PTC Series A2         Provisional  31.3    Final Rating
Northern Arc 2019 Mfi Corleone                                ICRA BBB(SO)
Stockholding Document                   NCD Programme         Provisional  450     Assigned
Management Services Ltd                                       ICRA
                                                              A+(CE)(Stable)
Virchow Laboratories Ltd                Unallocated limits    -            -       Reaffirmed
Virchow Laboratories Ltd                Fund based – Working  ICRA         500     Reaffirmed
                                        capital Fac           A+(Stable);
--------------------------------------------------------------------------------------------
$: 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@refinitiv.com)
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