January 5, 2018 / 10:00 AM / 12 days ago

RPT-ICRA ratings for Indian debt instruments-Jan 5

 (Repeating to add more ratings)
   Jan 5 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of January 4, 2018.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Aceto Chem Pvt Ltd                      Non-fund based-LOC    ICRA A4+     40      Assigned
Asap Fluids Pvt Ltd                     Non-fund based-       ICRA A3+(SO) 155.5   Reaffirmed
                                        Working Capital Fac
Bellona Paper Mill Pvt Ltd              Non-fund based – BG   ICRA A4      10      Assigned
Bhagirathi Packaging Pvt Ltd            Non FBL               ICRA A3      20      Reaffirmed
Bharat Chemicals                        Non FB limits         ICRA A4      41      Reaffirmed
Coastal Gujarat Power Ltd               CP                    ICRA A1+     3000    Assigned
                                                              (SO)
Dwarikesh Sugar Industries Ltd          CP                    ICRA A1+     3000    outstanding
Energy Efficiency Services Ltd          Fund based – ST       ICRA A1+     4000    outstanding
Glenrock Rubber Products Pvt            Short -term – FB      ICRA A4+     67.5    Reaffirmed
Ltd
Glenrock Rubber Products Pvt            Short -term –         ICRA A4+     0       Reaffirmed
Ltd                                     Interchangeable
Glenrock Rubber Products Pvt            Short -term –         ICRA A4+     5       Reaffirmed
Ltd                                     Non-fund based
Janatics India Pvt Ltd                  ST, Non-fund based    ICRA A2+     40      Upgraded
                                                                                   from ICRA A2
Katira Cube Transplaza (Bhuj)           Non-fund Based BG     Provisional  25      Assigned
Pvt Ltd                                 (Proposed)            ICRA A3+
                                                              (SO)
Katira Cube Transplaza (Patan)          Non-fund Based BG     Provisional  86.9    Assigned
Pvt Ltd                                 (Proposed)            ICRA A3+
                                                              (SO)
Lucky Exports                           FBL                   ICRA A4+     460
Issuer delayed in giving information
Lucky Exports                           Non-FBL               ICRA A4+     1200
Issuer delayed in giving information
Lucky Exports                           Unallocated limits    ICRA A4+     40
Issuer delayed in giving information
Ravji Manji Sorathia And Co.            Non-fund based – BG   ICRA A4      130     Assigned
Reliance Industries Ltd                 CP                    ICRA A1+     100000  Reaffirmed
S&P Infrastructure Developers           Non FB – BG           ICRA A4+     610     Reaffirmed
Pvt Ltd
S&P Infrastructure Developers           ST Unallocated        ICRA A4+             Reaffirmed
Pvt Ltd
Sai Surfactants Pvt Ltd                 Non-FBL               ICRA A3      30      Reaffirmed
Satin Creditcare Network Ltd            CP Name of the rated  ICRA A2      500     Reaffirmed
                                        entity
Shodhana Laboratories Ltd               Fund Based- ST        ICRA A2+     5       Reaffirmed
Shodhana Laboratories Ltd               Non- fund Based- ST   ICRA A2+     62      Reaffirmed
                                        MFI Grading
Shri Muniveer Spinning Mills            Non FB Fac            ICRA A4      10.6    Assigned
Siddhartha Construction                 Non-FBL               ICRA A4      100     reaffirmed
                                                                                   and removed
                                                                                   from the 
                                                                                  ‘Issuer Not
                                                                                   Cooperating’
                                                                                   category
Sun Enterprise                          FB – Export Packing   ICRA A4      100     Reaffirmed
                                        Credit
Sun Psyllium Industries                 FB – Export Packing   ICRA A4      100     Reaffirmed
                                        Credit
Vanita Agrochem (India) Pvt Ltd         Non FB Fac            ICRA A3+     160     Upgraded
                                                                                   from ICRA A3
Kamakhya India Ltd                      Non FBL               ICRA A3      15      Reaffirmed


LONG TERM RATINGS:
-------------------
A B Motions Pvt Ltd                     FB – LRD Loan         ICRA BB+     732.9   Reaffirmed
Aceto Chem Pvt Ltd                      Fund based-TL         ICRA BB+     48.8    Assigned
Aceto Chem Pvt Ltd                      Fund based- Working   ICRA BB+     30      Assigned
                                        Capital Fac
Asap Fluids Pvt Ltd                     Fund based- Working   ICRA         50      Reaffirmed
                                        Capital Fac           BBB(SO)
Asap Fluids Pvt Ltd                     Fund based- TL        ICRA         6.5     Reaffirmed
                                                              BBB(SO)
Bellona Paper Mill Pvt Ltd              FB – CC               ICRA B+      90      Assigned
Bellona Paper Mill Pvt Ltd              FB – TL               ICRA B+      60      Assigned
Bellona Paper Mill Pvt Ltd              Unallocated           ICRA         12      Assigned
                                                              B+/ICRA A4
Belstar Investment And Finance          PTC Series A1         Provisional  219.8   Assigned
Pvt Ltd                                                       ICRA A(SO)
Belstar Investment And Finance          PTC Series A2         Provisional  19.3    Assigned
Pvt Ltd                                                       ICRA BBB(SO)
Bhagirathi Packaging Pvt Ltd            CC                    ICRA BBB-    50      Reaffirmed
Bharat Chemicals                        FB limit              ICRA BB-     140     Revised from
                                                                                   ICRA B+
D.M. Builders                           FB limit              ICRA BB      98.3    Reaffirmed
Dwarikesh Sugar Industries Ltd          Fund based-TL         ICRA A+      608.4   outstanding
Dwarikesh Sugar Industries Ltd          Fund based- Working   ICRA A+      5650    Assigned/
                                        Capital Fac                                Outstanding
Dwarikesh Sugar Industries Ltd          Non-fund              ICRA A+      50      outstanding
                                        based-Working Capital
                                        Fac
Dwarikesh Sugar Industries Ltd          Unallocated Limits CP ICRA A+      191.5   outstanding
Energy Efficiency Services Ltd          Proposed NCD ProgrammeICRA AA      5000    Assigned
Energy Efficiency Services Ltd          NCD Programme         ICRA AA      10000   outstanding
Energy Efficiency Services Ltd          TL                    ICRA AA      1000    outstanding
Energy Efficiency Services Ltd          Unallocated limits    ICRA AA /A1+ 5000    outstanding
Glenrock Rubber Products Pvt            Long -term – FB       ICRA BB+     47      Upgraded
Ltd                                                                                from ICRA
                                                                                   BB
Glenrock Rubber Products Pvt            Long -term -          ICRA BB+     29      Upgraded
Ltd                                     Unallocated                                from ICRA
                                                                                   BB
Gs Malls Pvt Ltd                        FB – TL               ICRA BB      700     Upgraded
                                                                                   from ICRA BB-
Indospace Rohan Industrial              Fund based-TL#        ICRA A+      2620    Upgraded
Park Khed Pvt Ltd                                                                  from ICRA
                                                                                   A-
# The term loan facility, in the form of lease rental discounting (LRD) loan, is availed on a
joint and several basis by consortium of four companies  i.e. Indospace Rohan Industrial Park
Private Limited, Indospace Rohan Industrial Park Mahalunge Private Limited, Indospace Rohan
Industrial Park Khed Private  Limited and Indospace Rohan Industrial Park Pune Private Limited,
collectively  referred to as Indospace Rohan Industrial Park (Indospace or the company).
Indospace Rohan Industrial              Fund based-TL#        ICRA A+      2620    Upgraded
Park Mahalunge Pvt Ltd                                                             from ICRA
                                                                                   A-
# The term loan facility, in the form of lease rental discounting (LRD) loan,  is availed on a
joint and several basis by consortium of four companies  i.e. Indospace Rohan Industrial Park
Private Limited, Indospace Rohan Industrial Park Mahalunge Private Limited, Indospace Rohan
Industrial Park Khed Private  Limited and Indospace Rohan Industrial Park Pune Private Limited,
collectively  referred to as Indospace Rohan Industrial Park (Indospace or the company).
Indospace Rohan Industrial              Fund based-TL#        ICRA A+      2620    Upgraded
Park Pune Pvt Ltd                                                                  from ICRA A-
# The term loan facility, in the form of lease rental discounting (LRD) loan,  is availed on a
joint and several basis by consortium of four companies  i.e. Indospace Rohan Industrial Park
Private Limited, Indospace Rohan Industrial Park Mahalunge Private Limited, Indospace Rohan
Industrial Park Khed Private Limited and Indospace Rohan Industrial Park Pune Private Limited,
collectively  referred to as Indospace Rohan Industrial Park (Indospace or the company).
Indospace Rohan Industrial              Fund based-TL#        ICRA A+      2620    Upgraded
Park Pvt Ltd                                                                       from ICRA
                                                                                   A-
# The term loan facility, in the form of lease rental discounting (LRD) loan,  is availed on a
joint and several basis by consortium of four companies  i.e. Indospace Rohan Industrial Park
Private Limited, Indospace Rohan Industrial Park Mahalunge Private Limited, Indospace Rohan
Industrial Park Khed Private  Limited and Indospace Rohan Industrial Park Pune Private Limited,
collectively referred to as Indospace Rohan Industrial Park (Indospace or the company).
Jain Agencies                           FB limit              ICRA B+      100     Reaffirmed
Janatics India Pvt Ltd                  LT, CC Fac            ICRA A-      360     upgraded
                                                                                   from ICRA
                                                                                   BBB+
Janatics India Pvt Ltd                  LT, TL                ICRA A-      156     upgraded
                                                                                   from ICRA
                                                                                   BBB+
Janatics India Pvt Ltd                  LT, Unallocated       ICRA A-      74      upgraded
                                                                                   from ICRA
                                                                                   BBB+
Katira Cube Transplaza (Bhuj)           FB TL (Proposed)      Provisional  275     Assigned
Pvt Ltd                                                       ICRA BBB
                                                              (SO)
Katira Cube Transplaza (Patan)          FB TL (Proposed)      Provisional  255     Assigned
Pvt Ltd                                                       ICRA BBB
                                                              (SO)
Kedar Metals Pvt Ltd                    BLR                   ICRA BB      147.5
                                                              (Stable) /
                                                              ICRA A4+
Issuer not cooperating
Mana Projects Pvt Ltd                   Fund based-TL         ICRA BB+     550     Upgraded
                                                                                   from  ICRA BB
Mana Projects Pvt Ltd                   Unallocated Limits    ICRA BB+     950     Upgraded
                                                                                   from  ICRA BB
Marketing Rex                           Bk Loan Rating Name   ICRA         100
                                        of the rated entity   BB/ICRA A4+
Issuer delayed in giving information
Ozone Homes Pvt Ltd                     NCD (NCD) Name of the ICRA         1800
                                        rated entity          BB+(SO)
Issuer delayed in giving information
Ravji Manji Sorathia And Co.            Fund based – CC       ICRA BB      70      Assigned
Reliance Industries Ltd                 NCD Programme         ICRA AAA     200000  Reaffirmed
Rk Babu Trading Pvt Ltd                 Bk Loan Rating Name   ICRA BB- /A4 142
                                        of the rated entity
Issuer delayed in giving information
S&P Infrastructure Developers           FB – CC               ICRA BB      40      Revised from
Pvt Ltd                                                                            ICRA BB+
Sai Surfactants Pvt Ltd                 CC                    ICRA BBB-    50      Reaffirmed
Sankalp Cotton Amp; Oil                 FB – TL II            ICRA B       12      -           
Industries                                                                               
Rating moved to the Issuer Not Cooperating category
Sankalp Cotton Amp; Oil                 FB – TL I             ICRA B       2.9     -           
Industries                                                                               
Rating moved to the Issuer Not Cooperating category
Sankalp Cotton Amp; Oil                 FB – CC               ICRA B       50      -           
Industries                                                                               
Rating moved to the Issuer Not Cooperating category
Satin Creditcare Network Ltd            Preference Share      ICRA BBB     450     -
                                        Programme             (hyb)
Satin Creditcare Network Ltd            NCD Programme         ICRA BBB+    2580    -
Satin Creditcare Network Ltd            Subordinated Debt     ICRA BBB+    1280    -
                                        Programme
Shiva Polytubes Pvt Ltd                 Bk Fac                ICRA BB+     90.6
                                                              / ICRA A4+
Review process is underway
Shodhana Laboratories Ltd               Fund Based- LT        ICRA A-      37.5    Reaffirmed
Shri Muniveer Spinning Mills            Fund based- TL Fac    ICRA BB-     62.9    Assigned
Shri Muniveer Spinning Mills            Fund based – Working  ICRA BB-     50      Assigned
                                        capital Fac
Siddhartha Construction                 FB limits             ICRA BB-     20      upgraded
                                                                                   from ICRA
                                                                                   B+(Stable) 
                                                                                   and removed 
                                                                                   from the 
                                                                                   Issuer 
                                                                                   Not 
                                                                                   Cooperating 
                                                                                   category
Siddhartha Construction                 Unallocated limits    ICRA BB-     160     upgraded
                                                                                   from ICRA
                                                                                   B+(Stable),
                                                                                   ICRA A4; 
                                                                                   reaffirmed 
                                                                                   and removed 
                                                                                   from the ‘
                                                                                   ‘Issuer 
                                                                                   Not 
                                                                                   Cooperating’ 
                                                                                   category
Sun Enterprise                          FB – CC               ICRA BB-     50      Upgraded
                                                                                   from ICRA B+
Sun Enterprise                          FB – Stand by Limit   ICRA BB-     20      Upgraded
                                                                                   from ICRA B+
Sun Psyllium Industries                 FB – CC               ICRA BB-     50      Upgraded
                                                                                   from ICRA B+
Sun Psyllium Industries                 FB – Stand by Limit   ICRA BB-     20      Upgraded
                                                                                   from ICRA B+
Susee Trucks Pvt Ltd                    CC                    ICRA B       50      Reaffirmed
Susee Trucks Pvt Ltd                    Unallocated           ICRA B       10      Reaffirmed
Talwalkars Better Value                 NCD programme         ICRA AA-&    2550    Placed on
Fitness Ltd                                                                        rating watch
                                                                                   with
                                                                                   developing
                                                                                   implicatrions
& Under rating watch with developing implications
Talwalkars Better Value                 TL                    ICRA AA-&    2980.7  Placed on
Fitness Ltd                                                                        rating watch
                                                                                   with
                                                                                   developing
                                                                                   implicatrions
& Under rating watch with developing implications
Vanita Agrochem (India) Pvt Ltd         Fund based- TL        ICRA BBB     23.9    Upgraded
                                                                                   from ICRA
                                                                                   BBB-
Vanita Agrochem (India) Pvt Ltd         Fund based – Working  ICRA BBB     250     Upgraded
                                        capital Fac                                from ICRA
                                                                                   BBB-
White-Tone Micron Pvt Ltd               FB – CC               ICRA B       15      Assigned
White-Tone Micron Pvt Ltd               FB – TL               ICRA B       62.5    Assigned
Javi Home Pvt Ltd                       LT fund based         ICRA BB-     800     -
Reason for delay in carrying out periodic review. - Issuer not cooperating
Javi Home Pvt Ltd                       Long – term/ST        ICRA BB- / A4 -       -
                                        interchangeable
Reason for delay in carrying out periodic review. - Issuer not cooperating
Kamakhya India Ltd                      CC                    ICRA BBB-    30      Reaffirmed
Kamakhya India Ltd                      TL                    ICRA BBB-    10      Reaffirmed
Kamakhya India Ltd                      Unallocated limits    ICRA BBB- /  20      Reaffirmed
                                                              A3
Marathwada Auto Cluster                 LT, fund based – TL   ICRA BB / A4  -       -
Reason for delay in carrying out periodic review - Issuer delayed in giving information
Marathwada Auto Cluster                 ST, non fund based –  ICRA BB / A4          -
                                        LOC
Reason for delay in carrying out periodic review - Issuer delayed in giving information
Rose Gems                               Bk Loans              ICRA BB /    240     -
                                                              ICRA A4+
Reason for delay in carrying out periodic review. - Issuer not cooperating
Utkarsh Micro Finance Ltd               NCD Programme         ICRA A-      1880    Withdrawn
Utkarsh Micro Finance Ltd               Fund based-TL         ICRA A-      107.1   Withdrawn
 
--------------------------------------------------------------------------------------------
$: 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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