January 23, 2018 / 10:40 AM / 7 months ago

RPT-ICRA ratings for Indian debt instruments-Jan 23

 (Repeating to add more ratings)
   Jan 23 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of January 22, 2018.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Capital First Ltd                       CDs Programme         ICRA A1+     30000   -
Capital First Ltd                       CP Programme          ICRA A1+     30000   -
Capital First Ltd                       CDs Programme         ICRA A1+     300000  -
Capital First Ltd                       CP Programme          ICRA A1+     30000   -
Dinodia Fashion                         ST fund based         ICRA A4      60      -
Issuer delayed in giving information 
Eastern Surgical Company                ST fundbased          ICRA A4      55
Review Process is underway
Eastern Surgical Company                ST nonfund based      ICRA A4      15
Review Process is underway
Idfc Bank Ltd                           CDs Programme         ICRA A1+     300000  -
Idfc Bank Ltd                           CDs Programme         ICRA A1+     300000  -
Idfc Bank Ltd                           CP Programme          ICRA A1+     30000   -
Idfc Bank Ltd                           CP Programme Current  ICRA A1+     30000   -
                                        Rated
Itarsi Oils And Flours Pvt Ltd          Non-fund Based        ICRA A3+     50      ISSUER NOT
                                                                                   COOPERATING*
*Issuer did not co-operate; based on best available information
Jell Pharmaceuticals Pvt Ltd            ST: Fund based –      ICRA A2      107.5   Assigned
                                        EPC/PCFC
Jell Pharmaceuticals Pvt Ltd            ST: Non-fund based –  ICRA A2      300     Assigned
                                        LOC
Kent Ro Systems Ltd                     ST non-fund based     ICRA A1+     50
Review Process is underway
Mangalore Ganesh Beedi Works            Non-FB Fac            ICRA A1+     200     Reaffirmed
Muthoot Finance Ltd                     ST fund based Bk      ICRA A1+     125630^ outstanding
                                        limits
^Long-term and short-term fund based bank limits include an interchangeable limit 
of Rs. 8,985.00 crore. The total rated bank facilities stand at Rs. 13,515.00 crore
Muthoot Finance Ltd                     CP programme          ICRA A1+     40000   outstanding
Pab Organics Pvt Ltd                    Non Fund Based-LOC    ICRA A4+     40      Withdrawn
Pab Organics Pvt Ltd                    Non Fund Based-BG     ICRA A4+     2.5     Withdrawn
Paxal Corporation                       ST-LOC                ICRA A4      110
Issuer not cooperating
Platinum Polymers Pvt Ltd               ST, nonfund based     ICRA A4      7.5     ISSUER NOT
                                                                                   COOPERATING
Religare Commodities Ltd                ST Debt Programme     ICRA A1              Withdrawn
Religare Comtrade Ltd                   ST Debt Programme     ICRA A3      4000
rating continues to be under watch with developing implications
Religare Securities Ltd                 CP programme          ICRA A3      12000
revised to ICRA A3, rating continues to be on watch with developing implications
Religare Securities Ltd                 ST Bk Lines           ICRA A3      6000
rating continues to be under watch with developing implications
Rohit Jewellers Pvt Ltd                 No Default Statement  ICRA]A4              Removed from
                                                                                   the ISSUER
                                                                                   NOT 
                                                                                   COOPERATING
The company’s rating was moved to the ‘ISSUER NOT COOPERATING’ category in November, 2017.
S.K.T Textile Mills                     ST, Fund based (sub   ICRA A4+
                                        limit)
Reason for delay in carrying out periodic review.
- Review process underway
S.K.T Textile Mills                     Non fund based        ICRA A4+     2.5
                                        facility (ST) PTC
                                        Series A1 PTC Series A2
Reason for delay in carrying out periodic review.
- Review process underway
Sanghamithra Rural Financial            MFI Grading           M2           0       Assigned
Services
Santosh Starch Products Ltd             Fund Based-Export     ICRA A4              ISSUER NOT
                                        Packing Credit                             COOPERATING*
*Issuer did not co-operate; based on best available information
Santosh Starch Products Ltd             Non Fund Based-LOC    ICRA A4              ISSUER NOT
                                                                                   COOPERATING*
*Issuer did not co-operate; based on best available information
Santosh Starch Products Ltd             Non Fund Based-       ICRA A4              ISSUER NOT
                                        Foreign Bill                               COOPERATING*
                                        Discounting
*Issuer did not co-operate; based on best available information
Sasken Technologies Ltd                 FB- Working Capital   ICRA A1+     500     Reaffirmed
(Erstwhile Sasken                       Fac
Communication Technologies Ltd)
Sasken Technologies Ltd                 Non-fund              ICRA A1+     400     Reaffirmed
(Erstwhile Sasken                       based-Working Capital
Communication Technologies Ltd)         Fac
Segam Tiles Pvt Ltd                     Non-fund Based – BG   ICRA A4      30      Assigned
United Breweries Ltd                    Fund based (inter-    ICRA A1+     6000#   Reaffirmed
                                        600.00# changeable)
                                        Fac – ST
# The Rs.600.00 crore fund based facilities and the Rs.150.00 crore non-fund based 
facilities may be utilized either as long-term or as short-term facilities.
Total amount rated by ICRA is Rs.1,380.00 crore 
United Breweries Ltd                    Non-fund based        ICRA A1+     1500#   Reaffirmed
                                        (inter- 150.00#
                                        changeable) Fac – ST
# The Rs.600.00 crore fund based facilities and the Rs.150.00 crore non-fund based 
facilities may be utilized either as long-term or as short-term facilities.
Total amount rated by ICRA is Rs.1,380.00 crore 
United Breweries Ltd                    CP – Short 500.00     ICRA A1+     5000    Reaffirmed
                                        Term                                       Rating Action
United Telelinks (Bangalore)            Non-fund based – LOC  ICRA A2+     3000    Assigned
Ltd
Wil Car Wheels Ltd                      ST: Unallocated       ICRA A1      600     Assigned


LONG TERM RATINGS:
-------------------
Alapatt Jewellery (House Of             Fund based- Working   ICRA BB-     55      Reaffirmed
Alapatt)                                Capital Fac
Brilliant Spaces Ltd                    LT – Fund Based – TL  ICRA D       325     ISSUER NOT
                                                                                   COOPERATING
Brilliant Spaces Ltd                    LT – Unallocated      ICRA D       25      ISSUER NOT
                                                                                   COOPERATING
Capital First Ltd                       NCD Programme         ICRA AAA     472821.2   -
Capital First Ltd                       NCD Programme Capital ICRA AAA     472821.2   -
                                        First Limited
Cyber Pearl Information                 NCD                   ICRA BBB     1750    Reaffirmed
Technology Park Pvt Ltd
Cyber Pearl Information                 Non- Convertible      ICRA BBB     750     Reaffirmed
Technology Park Pvt Ltd                 Debenture Sl.
Eastern Surgical Company                LT fundbased          ICRA BB      1          - 
Review Process is underway
Eastern Surgical Company                LT nonfund based LT   ICRA BB      40         -
Review Process is underway
Eastern Surgical Company                Unallocated           ICRA BB      9          -
Review Process is underway
G R Constructions                       TL                    ICRA D       260        -
Issuer delayed in giving information
Gsco Infrastructure Pvt. Ltd            Fund based-CC         ICRA BB+     64      ISSUER NOT
                                                                                   COOPERATING*
*Issuer did not co-operate; based on best available information
Gsco Infrastructure Pvt. Ltd            Non Fund basedBG      ICRA BB+     400     ISSUER NOT
                                                                                   COOPERATING*
*Issuer did not co-operate; based on best available information
Hardik Textiles Pvt Ltd                 Working-Capital Limit ICRA B+      86         -
Issuer delayed in giving information
Hardik Textiles Pvt Ltd                 Proposed LongTerm     ICRA B+      14         -
                                        Facility                                   
Issuer delayed in giving information    
Hariharan Spinners (I) Pvt Ltd          FB – CC               ICRA B       75.6    Assigned
Hariharan Spinners (I) Pvt Ltd          FB – TL               ICRA B       84.4    Assigned
Hariharan Spinners (I) Pvt Ltd          Unallocated limits    ICRA B       10      Assigned
Idfc Bank Ltd                           NCD Programme         ICRA AAA     472821.2-
Idfc Bank Ltd                           NCD Programme Capital ICRA AAA     472821.2-
                                        First Limited
Indian School Finance Company           PTC Series A1                      461.2   Provisional
Pvt Ltd                                                                            rating of
                                                                                   ICRA A(SO) 
                                                                                   confirmed 
                                                                                   as final
Indian School Finance Company           PTC Series A2                      43.4    Provisional
Pvt Ltd                                                                            rating of
                                                                                   ICRA BBB(SO)
                                                                                   confirmed 
                                                                                   as final
Itarsi Oils And Flours Pvt Ltd          TL                    ICRA BBB     40      ISSUER NOT
                                                                                   COOPERATING*
*Issuer did not co-operate; based on best available information
Itarsi Oils And Flours Pvt Ltd          Unallocated – LT      ICRA BBB     16.3    ISSUER NOT
                                                                                   COOPERATING*
*Issuer did not co-operate; based on best available information
Itarsi Oils And Flours Pvt Ltd          FBL CC                ICRA BBB     1450    ISSUER NOT
                                                              /A3+                 COOPERATING*
*Issuer did not co-operate; based on best available information
Janalakshmi Financial Services          PTC Series A1         ICRA D(SO)           Rating
Ltd                                                                                downgraded
                                                                                   from ICRA
C+(SO)
Janalakshmi Financial Services          PTC Series A2         ICRA D(SO)           Rating
Ltd                                                                                downgraded
                                                                                   from ICRA
C-(SO)
Jell Pharmaceuticals Pvt Ltd            LT: Fund based – CC   ICRA BBB+    27.5    Assigned
Kent Ro Systems Ltd                     LT FB                 ICRA AA-     100
Review Process is underway
Kent Ro Systems Ltd                     LT non-fund based     ICRA AA-     5
Review Process is underway
Klr Industries Ltd                      FBL                   ICRA D       285     ISSUER NOT
                                                                                   COOPERATING*
*Issuer did not co-operate; based on best available information
Klr Industries Ltd                      Non-FBL               ICRA D       125     ISSUER NOT
                                                                                   COOPERATING*
*Issuer did not co-operate; based on best available information
Mangalore Ganesh Beedi Works            FB Fac                ICRA A+      400     Reaffirmed
Muthoot Finance Ltd                     NCD programme (public ICRA AA      10508   outstanding
                                        placement) -
                                        unallocated
Muthoot Finance Ltd                     NCD programme         ICRA AA      2000    outstanding
                                        (private placement) -
                                        unallocated
Muthoot Finance Ltd                     NCD programme         ICRA AA      4751    Withdrawn
Muthoot Finance Ltd                     TL                    ICRA AA      2000    outstanding
Muthoot Finance Ltd                     LT fund based Bk      ICRA AA      97370^  outstanding
                                        limits
^Long-term and short-term fund based bank limits include an interchangeable limit of
 Rs. 8,985.00 crore. The total rated bank facilities stand at Rs. 13,515.00 crore
Muthoot Finance Ltd                     NCD programme (public ICRA AA      41505.4 outstanding
                                        placement)
Muthoot Finance Ltd                     Subordinated debt     ICRA AA      5513.6  outstanding
                                        programme
Muthoot Finance Ltd                     NCD programme (public ICRA AA      19492   Assigned
                                        placement)
Muthoot Finance Ltd                     NCD programme         ICRA AA      3000    Assigned
                                        (private placement)
Pab Organics Pvt Ltd                    Fund Based-TL         ICRA BB+     44.7    Withdrawn
Pab Organics Pvt Ltd                    Fund Based-CC         ICRA BB+     120     Withdrawn
Paxal Corporation                       LT-CC                 ICRA B       80
Issuer not cooperating
Phoenix Conveyor Belt India             Fund based            ICRA AA- /   100     Reaffirmed
Pvt Ltd (Pcbipl)                                              ICRA A1+
Phoenix Conveyor Belt India             Non-fund based        ICRA AA- /   1480    Reaffirmed
Pvt Ltd (Pcbipl)                                              ICRA A1+
Piramal Sunteck Realty Pvt Ltd          TL - Proposed         ICRA A-      1000    Upgraded
                                                                                   from ICRA BBB
Platinum Polymers Pvt Ltd               Unallocated Limits    ICRA B+      2.4     ISSUER NOT
                                                                                   COOPERATING
Platinum Polymers Pvt Ltd               LT, fund based: CC    ICRA B+      40      ISSUER NOT
                                                                                   COOPERATING
Platinum Polymers Pvt Ltd               LT, fund based: TL    ICRA B+      1.5     ISSUER NOT
                                                                                   COOPERATING
Religare Securities Ltd                 LT Debt Programme     ICRA A               Withdrawn
on watch with developing implications
S.K.T Textile Mills                     LT, TL                ICRA BB+     160.8
Reason for delay in carrying out periodic review.
- Review process underway
S.K.T Textile Mills                     LT, Fund based        ICRA BB+     160
                                        facility
Reason for delay in carrying out periodic review.
- Review process underway
S.K.T Textile Mills                     LT, fund based        ICRA BB+     12.9
                                        (proposed facility)
Reason for delay in carrying out periodic review.
- Review process underway
Santosh Starch Products Ltd             Fund based-CC         ICRA B+      100     ISSUER NOT
                                                                                   COOPERATING*
*Issuer did not co-operate; based on best available information
Santosh Starch Products Ltd             Fund based-TL         ICRA B+      36.6    ISSUER NOT
                                                                                   COOPERATING*
*Issuer did not co-operate; based on best available information
Segam Tiles Pvt Ltd                     FB – TL               ICRA BB-     300     Assigned
Segam Tiles Pvt Ltd                     FB – CC               ICRA BB-     100     Assigned
Shree Bhagwati Agrotech Pvt Ltd         Bk Fac Name of the    ICRA B/ICRA  120
                                        rated entity          A4
Reason for delay in carrying out periodic review:
- Review process is underway
Shubham Housing Development             Bk Fac                ICRA BBB+    10000   upgraded
Finance Company Pvt Ltd                                                            from ICRA BBB
Shubham Housing Development             NCD Programme         ICRA BBB+    1000    upgraded
Finance Company Pvt Ltd                                                            from ICRA BBB
Sms Vidhyut Pvt Ltd                     LT FB                 ICRA B+      77.6    Withdrawn
Sms Vidhyut Pvt Ltd                     LT Unallocated        ICRA B+      22.4    Withdrawn
Svp Builders (I) Ltd                    Fund based-TL         ICRA BB+     526     Reaffirmed
Svp Builders (I) Ltd                    Unallocated           ICRA BB+     474     Reaffirmed
United Breweries Ltd                    TL – LT               ICRA AA      1300    Upgraded
                                                                                   from ICRA AA-
United Breweries Ltd                    Fund based (inter-    ICRA AA      6000#   Upgraded
                                        600.00# changeable)                        from ICRA AA-
                                        Fac – LT
# The Rs.600.00 crore fund based facilities and the Rs.150.00 crore non-fund based 
facilities may be utilized either as long-term or as short-term facilities.
Total amount rated by ICRA is Rs.1,380.00 crore 
United Breweries Ltd                    Non-fund based        ICRA AA      1500#   Upgraded
                                        (inter- 150.00#                            from ICRA AA-
                                        changeable) Fac – LT
# The Rs.600.00 crore fund based facilities and the Rs.150.00 crore non-fund based 
facilities may be utilized either as long-term or as short-term facilities.
Total amount rated by ICRA is Rs.1,380.00 crore 
Wil Car Wheels Ltd                      LT: Unallocated       ICRA A-      200     Assigned
--------------------------------------------------------------------------------------------
$: 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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