January 8, 2020 / 8:19 AM / 12 days ago

RPT-ICRA ratings for Indian debt instruments-Jan 8

 (Repeating to add more ratings)
    Jan 8 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of January 7, 2020.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Adroit Structural Engineers             Non-fund Based BG     ICRA A4+     200     Reaffirmed
Pvt. Ltd.
Avt Natural Products Ltd                ST FB Bk Fac          ICRA A1      700     Reaffirmed
Bel Optronic Devices Ltd                ST – Non Fund Based   ICRA A1+     60      Reaffirmed
Cooldeck Industries Pvt Ltd             ST Non-fund Based -   ICRA A4      30      Reaffirmed
                                        LOC
Ethos Ltd                               Non-fund Based        ICRA A2      53.5    Reaffirmed
Evershine Appliances Pvt. Ltd.          ST – Interchangeable  ICRA A4      -       Reaffirmed
                                        limits
Gurpreet Galvanizing Pvt Ltd            ST- Non Fund Based    ICRA A3+     650     Reaffirmed
Jamshedpur Continuous                   CP                    ICRA A1+     1750    Reaffirmed
Annealing & Processing Co.
Pvt. Ltd.
Kddl Ltd                                Non-fund Based        ICRA A2      250     Reaffirmed
Kddl Ltd                                Fund based            ICRA A2      30      Reaffirmed
Magnam Netlink Pvt. Ltd.                Non-FB BG             ICRA A4      260     Reaffirmed
Magnam Netlink Pvt. Ltd.                Non-FB LOC^           ICRA A4      120     Reaffirmed
^Letter of credit is sublimit of Bank Guarantee
Maharashtra Seamless Ltd                ST fund based (Short- ICRA A1+     450     Reaffirmed
                                        TL/ Bill Discounting
                                        Fac)
Mangalore Ganesh Beedi Works            ST - Interchangeable  ICRA A1      -       Reaffirmed
Marine Electricals (I) Ltd              FB – EPC/EBD/PCFC     ICRA A3      -       Reaffirmed
                                        (Sublimit of CC)
Marine Electricals (I) Ltd              Non-fund Based – BG   ICRA A3      1183.8  Reaffirmed
Marine Electricals (I) Ltd              Non-fund Based – LOC  ICRA A3      -       Reaffirmed
Marine Electricals (I) Ltd              Unallocated limited   ICRA A3      36.2    Reaffirmed
Mold-Tek Packaging Ltd                  ST, Non-FBL           ICRA A1      10      Reaffirmed
Pmk Distillations Pvt Ltd               Non-FBL FB CC         ICRA A4+     30      Reaffirmed
Powertech Engineers                     ST – Non-Fund based – ICRA A4      760
                                        BG
revised from ICRA A4+
Rockman Industries Ltd                  ST fund based/ non    ICRA A1+     1000    Reaffirmed
                                        fund based
Rockman Industries Ltd                  CP                    ICRA A1+     750     Reaffirmed
Servocontrols Aerospace India           FB Fac                ICRA A4+     5
Pvt Ltd
Upgraded from ICRA A4
Servocontrols Aerospace India           Non-FB Fac            ICRA A4+     21.3
Pvt Ltd
Upgraded from ICRA A4
Shiv Corporation                        Non-fund Based LOC    ICRA A4+     900     Reaffirmed
Shiv Corporation                        Non-fund Based Credit ICRA A4+     18      Reaffirmed
                                        Exposure Limit
Shiv Ship Breaking Company              Non-fund Based LOC    ICRA A4+     490     Reaffirmed
Shiv Ship Breaking Company              Non-fund Based Credit ICRA A4+     9.8     Reaffirmed
                                        Exposure Limit
Shiva & Shiva Orthopaedic               Non-FB                ICRA A3+     10      Reaffirmed
Hospital Pvt Ltd
Silver Crest Clothing Pvt Ltd           ST: FB Fac            ICRA A1      1330    Reaffirmed
Surya Roshni Ltd                        CP                    ICRA A1+(CE) 1000    Reaffirmed
Surya Roshni Ltd                        CP                    ICRA A1+(CE) 1000    Assigned
Surya Roshni Ltd                        Rating Without        ICRA A2+     -
                                        Explicit Credit
                                        Enhancement
Toyota Financial Services               ST FB Fac             ICRA A1+     1575    Reaffirmed
India Ltd
Toyota Financial Services               CP                    ICRA A1+     15000   Reaffirmed
India Ltd

MEDIUM TERM RATINGS:
-------------------
Ethos Ltd                               Fixed deposits        MA- (Stable) 220     Reaffirmed
Kddl Ltd                                Fixed deposits        MA- (Stable) 150     Reaffirmed

LONG TERM RATINGS:
-------------------
Adroit Structural Engineers             FB TL                 ICRA         108.5   Reaffirmed
Pvt. Ltd.                                                     BB+(Stable)
Adroit Structural Engineers             FB Overdraft          ICRA         110     Reaffirmed
Pvt. Ltd.                                                     BB+(Stable)
Associated Road Carriers Ltd            LT Fund based CC      ICRA A+      450     Reaffirmed
                                                              (Stable)
Associated Road Carriers Ltd            LT Non fund based     ICRA A+      100     Reaffirmed
                                                              (Stable)
Avt Natural Products Ltd                LT FB TL              ICRA         150     Reaffirmed
                                                              A(Stable)
B.H.Cotton Pvt Ltd                      FB-CC                 ICRA B       70      Reaffirmed
                                                              (Stable)
Bel Optronic Devices Ltd                LT – Fund Based / CC  ICRA AA+     400     Reaffirmed
                                                              (Stable)
Chemiloids Life Sciences Pvt.           Fund Based – CC       ICRA         60      Assigned
Ltd.                                                          BB+(Stable)
Chemiloids Life Sciences Pvt.           Unallocated Limits    ICRA         40      Assigned
Ltd.                                                          BB+(Stable)
Cooldeck Industries Pvt Ltd             LT FB - CC            ICRA         70      Reaffirmed
                                                              B+(Stable)
Cooldeck Industries Pvt Ltd             LT Non-fund Based - BGICRA         15      Reaffirmed
                                                              B+(Stable)
Cooldeck Industries Pvt Ltd             Unallocated FB CC     ICRA         39      Reaffirmed
                                                              B+(Stable)/
                                                              ICRA A4
Criss Financial Holdings Ltd            Bk lines              ICRA BBB-    500     Reaffirmed
                                                              (Stable)
Eskay Dyestuffs & Organic               FB - CC (CC)          ICRA BBB     80
Chemicals Pvt Ltd
Upgraded from ICRA BBB-, outlook revised to Stable from Positive
Ethos Ltd                               FB - CC               ICRA         560     Reaffirmed
                                                              BBB+(Stable)
Ethos Ltd                               FB - TL               ICRA         36.5    Reaffirmed
                                                              BBB+(Stable)
Evershine Appliances Pvt. Ltd.          LT FBL                ICRA         215.6   Reaffirmed
                                                              BB-(Stable)
Gurpreet Galvanizing Pvt Ltd            LT – Fund Based- CC   ICRA BBB     400     Reaffirmed
                                                              (Stable)
Gurpreet Galvanizing Pvt Ltd            LT/ST- Unallocated    ICRA BBB     200     Reaffirmed
                                                              (Stable)/
                                                              A3+
Kddl Ltd                                FB - CC               ICRA         270     Reaffirmed
                                                              BBB+(Stable)
Kddl Ltd                                FB - TL               ICRA         366.8   Reaffirmed
                                                              BBB+(Stable)
Laila Hotels And Resorts Pvt.           Fund Based – TL       ICRA         250     Assigned
Ltd.                                                          BB(Stable)
Laila Hotels And Resorts Pvt.           Unallocated Limits    ICRA         350     Assigned
Ltd.                                                          BB(Stable)
Mangalore Ganesh Beedi Works            LT - Fund Based - CC  ICRA A       600     Reaffirmed
                                                              (Stable)
Magnam Netlink Pvt. Ltd.                FB CC                 ICRA BB-     30      Reaffirmed
                                                              (Stable)
Magnam Netlink Pvt. Ltd.                Unallocated Limits    ICRA BB-     10      Reaffirmed
                                                              (Stable)/ A4
Mahadev Ship Breakers Pvt Ltd           LT interchangeable –  ICRA BB      -       Reaffirmed
                                        CC^                   (Stable)
^Sublimit of Letter of Credit
Maharashtra Seamless Ltd                LT fund based (CC)    ICRA AA-     150     Reaffirmed
                                                              (Stable)
Maharashtra Seamless Ltd                LT fund based (TL)    ICRA AA-     660     Reaffirmed
                                                              (Stable)
Maharashtra Seamless Ltd                Issuer Rating         ICRA AA-     -       Reaffirmed
                                                              (Stable)
Maharashtra Seamless Ltd                LT/ ST Non-fund Based ICRA AA-     9740    Reaffirmed
                                        (LOC/ Buyer’s Credit/ (Stable)/
                                        BG)                   A1+
Manappuram Finance Ltd-                 Series A1 PTC         Provisional  426.5   Assigned
Vivriti Minotaur 12 2019                                      ICRA AAA(SO)
Marine Electricals (I) Ltd              FB CC                 ICRA BBB-    290     Reaffirmed
                                                              (Negative)
Mold-Tek Packaging Ltd                  LT, Fund based        ICRA A       850     Reaffirmed
                                                              (Stable)
Mold-Tek Packaging Ltd                  LT, TL                ICRA A       400     Reaffirmed
                                                              (Stable)
Msrdc Sea Link Ltd                      Rating Without        ICRA A       -
                                        Explicit Credit
                                        Enhancement
Msrdc Sea Link Ltd                      Fund Based – TL       ICRA A+(CE)  16500
                                                              (Stable)
Provisional rating confirmed as final
Pmk Distillations Pvt Ltd               FBL                   ICRA         55      Reaffirmed
                                                              BB(Stable)
Powertech Engineers                     LT- CC                ICRA BB      50      Reaffirmed
                                                              (Stable)
Powertech Engineers                     LT/ST - Unallocated   ICRA BB      190     Reaffirmed
                                                              (Stable)/
                                                              ICRA A4
Rainbow Constructions                   LT: FB limits         ICRA         275     Withdrawn
                                                              BB+(Stable)
Rockman Industries Ltd                  CC                    ICRA         1555    Reaffirmed
                                                              AA(Stable)
outlook revised from Positive
Rockman Industries Ltd                  TL                    ICRA         3986.8  Reaffirmed
                                                              AA(Stable)
outlook revised from Positive
Rockman Industries Ltd                  Unallocated           ICRA         250     Reaffirmed
                                                              AA(Stable)/
                                                              A1+
outlook revised to Stable from Positive
Servocontrols Aerospace India           FB limits             ICRA         37
Pvt Ltd                                                       BB(Stable)
Upgraded from ICRA BB- (Stable)
Servocontrols Aerospace India           TL                    ICRA         90
Pvt Ltd                                                       BB(Stable)
Upgraded from ICRA BB- (Stable)
Servocontrols Aerospace India           Interchangeable limitsICRA         -
Pvt Ltd                                                       BB(Stable)
Upgraded from ICRA BB- (Stable)
Shiv Corporation                        LT interchangeable –  ICRA BB      -       Reaffirmed
                                        CC^                   (Stable)
^Sublimit of Letter of Credit
Shiv Ship Breaking Company              LT interchangeable –  ICRA BB      -       Reaffirmed
                                        CC^                   (Stable)
^Sublimit of Letter of Credit
Shiva & Shiva Orthopaedic               FB – TL               ICRA BBB     574.5   Reaffirmed
Hospital Pvt Ltd
outlook revised from ‘Stable’ to ‘Positive’
Shiva & Shiva Orthopaedic               FB – CC               ICRA BBB     100     Reaffirmed
Hospital Pvt Ltd
outlook revised from ‘Stable’ to ‘Positive’
Shree Datta Shetkari Sahakari           FB - Working Capital  ICRA BBB-    750     Reaffirmed
Sakhar Karkhana Ltd, Shirol             Fac
outlook revised to negative from Stable
Shree Datta Shetkari Sahakari           FB – TL               ICRA BBB-    250     Reaffirmed
Sakhar Karkhana Ltd, Shirol
outlook revised to negative from Stable
Shreeji Ceramic Industries              CC                    ICRA BB-     61      Withdrawn
                                                              (Stable)
Shreeji Ceramic Industries              TL                    ICRA BB-     20      Withdrawn
                                                              (Stable)
Shreeji Ceramic Industries              Unallocated limit     ICRA BB-     15.5    Withdrawn
                                                              (Stable)
Silver Crest Clothing Pvt Ltd           LT: FB Sub-limits     ICRA A       -       Reaffirmed
                                                              (Stable)
Spandana Sphoorty Financial Ltd         Bk lines              ICRA A-      25000   Reaffirmed
                                                              (Stable)
Spandana Sphoorty Financial Ltd         NCDs                  ICRA A-      6210    Reaffirmed
                                                              (Stable)
Spandana Sphoorty Financial Ltd         NCDs                  ICRA A-      -       Withdrawn
                                                              (Stable)
Sundaram Home Finance                   PTC Series A          Provisional  2602.1  Assigned
Ltd-Santhanam Series Ii                                       ICRA AAA(SO)
Toyota Financial Services               LT FB Fac             ICRA AAA     3600    Reaffirmed
India Ltd                                                     (Stable)
Toyota Financial Services               NCDs                  ICRA AAA     7000    Reaffirmed
India Ltd                                                     (Stable)
Vajram Holdings Pvt Ltd                 LT-TL                 ICRA BB-     200     Withdrawn
                                                              (Stable)
Vivriti Capital Pvt                     PTC Series A1         Provisional  526.3   Assigned
Ltd-Vivriti Cabsec 009 2019                                   ICRA A-(SO)
Vivriti Capital Pvt                     PTC Series A2         Provisional  39      Assigned
Ltd-Vivriti Cabsec 009 2019                                   ICRA
                                                              BBB-(SO) 
--------------------------------------------------------------------------------------------
$: 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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