July 22, 2019 / 11:15 AM / a month ago

RPT-ICRA ratings for Indian debt instruments-Jul 22

 (Repeating to add more ratings)
    Jul 22 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of July 19, 2019.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
A. K. Das Associates Ltd                Non-Fund based – LOC  ICRA A4      100     Assigned
A. K. Das Associates Ltd                Non-Fund based – BG   ICRA A4      420     Assigned
Ajax Engineering Pvt Ltd                ST Non-fund Based     ICRA A1+     70      Reaffirmed
Asiatic Colour Chem Industries          Non-FB Limits         ICRA A4+     419.5   Withdrawn
Ltd.
(Issuer not Cooperating)
Bagdebipur Swarnajayanti                MFI Grading           M4           -       Assigned
Social Welfare Society
Globe Capital Market Ltd                CP                    ICRA A1+     2000    Reaffirmed
Kent Chemicals Pvt. Ltd                 LOC                   ICRA A4      80      -
(ISSUER NOT COOPERATING)
Narayana Hrudayalaya Ltd                ST- Non-fund Based    ICRA A1+     350     Assigned
Narayana Hrudayalaya Ltd                CP Programme          ICRA A1+     500     Reaffirmed
Religare Broking Ltd                    ST Bk Lines           ICRA A4@     6000    -
@On Watch with Negative Implications; Outstanding
Religare Broking Ltd                    CP Programme          ICRA A4@     4000    -
@On Watch with Negative Implications; Outstanding
Religare Housing Development            ST Debt Programme     ICRA A4@     1000    -
Finance Corporation Ltd
@On Watch with Negative Implications; Outstanding
Vasant Chemicals Pvt Ltd                ST Non Fund based     ICRA A3      12.3    Reaffirmed
Vasant Chemicals Pvt Ltd                ST Non Fund based     ICRA A3      62.5    Reaffirmed
Waaree Energies Ltd                     Non-FBL               ICRA A3      1250    Reaffirmed
Rockwool India Pvt Ltd                  ST non-FB             -            -       -
Escorts Ltd                             Non-fund Based -      ICRA A1+     3390    Reaffirmed
                                        Working Capital Fac
Escorts Ltd                             CP                    ICRA A1+     2700    Reaffirmed
Gokaldas Exports Ltd                    ST FB working Capital ICRA A3+     5250    Upgraded
                                        Fac                                        from ICRA A3
Halonix Technologies Pvt. Ltd           ST Non-fund Based Bk  ICRA A3      180     Reaffirmed
                                        Facility (LOC)
Halonix Technologies Pvt. Ltd           ST Non-fund Based Bk  ICRA A3      60      Reaffirmed
                                        Facility (BG)
Indo Count Industries Ltd               ST Non-fund Based     ICRA A1      2300    Downgraded
                                        Previous Rated Amount                      from ICRA
                                                                                   A1+
Kei Industries Ltd                      Non-fund Based -      ICRA A1      18600   Reaffirmed
                                        Working Capital Fac
Kei Industries Ltd                      CP                    ICRA A1      -       Reaffirmed
Motilal Oswal Home Finance Ltd          CP Programme          ICRA A1+     10000   Reaffirmed
(Erstwhile Aspire Home Finance
Corporation Ltd)
Rockwool India Pvt Ltd                  ST FB                 ICRA A4+     60      Reaffirmed
Spacewood Furnishers Pvt Ltd            Non-FB Fac LT TL      ICRA A3      212.6   Withdrawn -
removed from ‘Issuer not cooperating’ Category and withdrawn
Tata Coffee Ltd                         CP                    ICRA A1+     300     Reaffirmed

MEDIUM TERM RATINGS:
-------------------
Kei Industries Ltd                      FD                    MA+          -       Reaffirmed

LONG TERM RATINGS:
-------------------
A. K. Das Associates Ltd                FB – CC               ICRA BB-     250     Assigned
Ajax Engineering Pvt Ltd                LT TL                 -            -       -
Ajax Engineering Pvt Ltd                LT Unallocated        -            -       -
Ajax Engineering Pvt Ltd                LT CC                 ICRA AA      220     Reaffirmed
Asiatic Colour Chem Industries          FBL                   ICRA BB+     0       Withdrawn
Ltd.
(Issuer not Cooperating)
Clean Wind Power (Ratlam) Pvt           TL                    ICRA A-      5280    Reaffirmed
Ltd
Clean Wind Power (Ratlam) Pvt           Fund based – Working  ICRA A-      300     Reaffirmed
Ltd                                     capital Fac
Friends Land Developers                 Unallocated           ICRA B       1000    -
Rating revised from ICRA BB+
Globe Capital Market Ltd                LT Bk Lines           ICRA A+      15551.8 Reaffirmed
                                        (Fundbased/Non-Fund
                                        based)
Globe Fincap Ltd                        LT Bk Lines           ICRA A+ /A1+ 4940    Reaffirmed
                                        (Fundbased/Non-Fund
                                        based)
Indus Mega Food Park Pvt. Ltd           Bk loan rating        ICRA D       150     -
(ISSUER NOT COOPERATING)
Kent Chemicals Pvt. Ltd                 TL                    ICRA BB-     5       -
(ISSUER NOT COOPERATING)
Kent Chemicals Pvt. Ltd                 CC                    ICRA BB-     50      -
(ISSUER NOT COOPERATING)
Kent Chemicals Pvt. Ltd                 SLC                   ICRA BB-     19.5    -
(ISSUER NOT COOPERATING)
M/S. Ashutosh Bandyopadhayay            Fund Based –          ICRA B       90      -
                                        CC/Dropline Overdraf
Rating continues to remain under ‘(Issuer Not Cooperating)’ category
M/S. Ashutosh Bandyopadhayay            Unallocated Limits    ICRA B       110     -
                                                              /ICRA A4
Rating continues to remain under ‘(Issuer Not Cooperating)’ category
Midas Agro Foods Pvt Ltd                LT fundbased limits   ICRA B       97.6    -
(ISSUER NOT COOPERATING)
Narayana Hrudayalaya Ltd                LT- TL                ICRA AA-     5650    Assigned
Narayana Hrudayalaya Ltd                LT/ ST- Unallocated   ICRA AA-     450     Assigned
                                                              /ICRA A1+
Narayana Hrudayalaya Ltd                LT/ ST- Working       ICRA AA-     800     Assigned
                                        Capital               /ICRA A1+
Narayana Hrudayalaya Ltd                Non-Fund Based-       ICRA AA-     -       Assigned
                                        Working Capital       /ICRA A1+
                                        (sublimit)#
# Sub-limit of Long Term/ Short Term- Working Capital
Religare Finvest Ltd                    LT Debt Programme     ICRA D       2200    Outstanding
Religare Finvest Ltd                    Bk Limits             ICRA D       9000    Outstanding
Religare Housing Development            LT/ST Bk Limits       ICRA         12000   -
Finance Corporation Ltd                                       BB@/ICRA A4@
On Watch with Negative Implications; Outstanding
Stumpp Schuele & Somappa Pvt            Fund based CC         ICRA BBB     370     -
Ltd
Reason for delay in carrying out periodic review:
- Review process is underway
Stumpp Schuele & Somappa Pvt            Fund basedTL          ICRA BBB     530     -
Ltd
Reason for delay in carrying out periodic review:
- Review process is underway
Svp Builders (I) Ltd                    Fund based-TL         ICRA B       526     Rating
                                                                                   revised from
                                                                                   ICRA BB+
moved to the ‘(Issuer Not Cooperating)’ category.
Svp Builders (I) Ltd                    Unallocated           ICRA B       474     Rating
                                                                                   revised from
                                                                                   ICRA BB+
moved to the ‘(Issuer Not Cooperating)’ category.
Vasant Chemicals Pvt Ltd                LT Fund based – CC    ICRA BBB-    305     Reaffirmed
Vasant Chemicals Pvt Ltd                LT Fund based – TL    ICRA BBB-    18      Reaffirmed
Vasant Chemicals Pvt Ltd                Unallocated limits    ICRA         402.2   Reaffirmed
                                                              BBB-/ICRA A3
Waaree Energies Ltd                     Fund based working    ICRA BBB-    750     Reaffirmed
                                        capital limits
Asiatic Colour Chem Industries          Unallocated limits    ICRA BB+     230     Withdrawn
Ltd.
(Issuer not Cooperating)
Avanthi Warehousing Services            LT - FB limits        ICRA BBB+    615.1   Upgraded
Pvt Ltd                                                                            from ICRA BBB
Avanthi Warehousing Services            LT - Unallocated      ICRA BBB+    34.9    Upgraded
Pvt Ltd                                 limits                                     from ICRA
                                                                                   BBB -
Avanthi Warehousing Services            LT/ST - Non-FBL       ICRA         180     Upgraded
Pvt Ltd                                                       BBB+/ICRA A2         from ICRA
                                                                                   BBB/ICRA A3+
Escorts Ltd                             TL                    -            -       -
Escorts Ltd                             FB - Working Capital  ICRA         0       Reaffirmed
                                        Fac                   AA-/ICRA A1+
Escorts Ltd                             Unallocated           ICRA         3410    Reaffirmed
                                                              AA-/ICRA A1+
Gokaldas Exports Ltd                    FB TL - Proposed      ICRA BBB     500     Upgraded
                                                                                   from ICRA
                                                                                   BBB-
Halonix Technologies Pvt. Ltd           LT FB Bk Facility (CC)ICRA BBB-    700     Reaffirmed
Indera Ethnic & Designs Pvt Ltd         FBL – CC              ICRA D       49.7    -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Indera Ethnic & Designs Pvt Ltd         FBL – TL              ICRA D       4.2     -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Indera Ethnic & Designs Pvt Ltd         Untied Limit TL       ICRA D       3.5     -
Rating continues to remain under ‘Issuer Not Cooperating’ category -
Indo Count Industries Ltd               LT - Fund Based/CC    ICRA A+      5250    Downgraded
                                                                                   from ICRA AA-
Indo Count Industries Ltd               LT - Fund Based/TL    ICRA A+      714.4   Downgraded
                                                                                   from ICRA AA-
Indo Count Industries Ltd               LT - Unallocated      ICRA A+      -       Downgraded
                                                                                   from ICRA AA-
Jai Krishan - Svp Jv                    Fund based-TL         ICRA D       300     -
Rating moved to the ‘Issuer Not Cooperating’ category
Jai Krishan - Svp Jv                    Unallocated           ICRA D       50      -
Rating moved to the ‘Issuer Not Cooperating’ category
Kei Industries Ltd                      FB -TL                ICRA A       2900.9  Reaffirmed
Kei Industries Ltd                      FB - Working Capital  ICRA A       5500    Reaffirmed
                                        Fac
Kei Industries Ltd                      Unallocated Bk limits ICRA A /A1   6999.1  Reaffirmed
Kiocl Ltd                               LT fund based         ICRA AA-     10      Assigned
Kiocl Ltd                               LT/ST non-fund based  ICRA AA-     5040    Assigned
                                                              /A1+
Kiocl Ltd                               LT/ST unallocated     ICRA AA-     5450    Assigned
                                                              /A1+
L&T Investment Management Ltd           L&T Triple Ace Bond   ICRA AAAmfs  -       Reaffirmed
                                        Fund
L&T Investment Management Ltd           L&T ST Bond Fund      ICRA AAAmfs  -       Reaffirmed
L&T Investment Management Ltd           L&T Flexi Bond Fund   ICRA AAAmfs  -       Reaffirmed
L&T Investment Management Ltd           L&T Bking and PSU     ICRA AAAmfs  -       Reaffirmed
                                        Debt Fund
L&T Investment Management Ltd           L&T Cash Fund         ICRA AAAmfs  -       Reaffirmed
L&T Investment Management Ltd           L&T Ultra ST Fund     ICRA AAAmfs  -       Reaffirmed
L&T Investment Management Ltd           L&T Liquid Fund       ICRA AAAmfs  -       Reaffirmed
Motilal Oswal Home Finance Ltd          Bk Lines Programme    ICRA A+      30000   Reaffirmed
(Erstwhile Aspire Home Finance
Corporation Ltd)
Motilal Oswal Home Finance Ltd          NCD Programme         ICRA A+      19000   Reaffirmed
(Erstwhile Aspire Home Finance
Corporation Ltd)
Motilal Oswal Home Finance Ltd          Subordinated Debt     ICRA A+      1000    Reaffirmed
(Erstwhile Aspire Home Finance          Programme
Corporation Ltd)
Motilal Oswal Home Finance Ltd          NCD Programme         ICRA AA(SO)  3000    Reaffirmed
(Erstwhile Aspire Home Finance
Corporation Ltd)
Motilal Oswal Home Finance Ltd          Market Linked         PP-MLDICRA   5000    Reaffirmed
(Erstwhile Aspire Home Finance          Debenture Programme   A+
Corporation Ltd)
Narayan Cold Storage (P) Ltd            Fund Based: Drop-     ICRA B       83.5    -
                                        line Overdraft Limit
Rating continues to remain under ‘Issuer Not Cooperating’ category
Narayan Cold Storage (P) Ltd            Untied Limit          ICRA B       6.5     -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Rockwool India Pvt Ltd                  TL                    -            -       -
Rockwool India Pvt Ltd                  Unallocated           -            85.4    -
Rockwool India Pvt Ltd                  FBL                   ICRA BB+     70      Reaffirmed
Rockwool India Pvt Ltd                  LT / ST / non-fund    ICRA BB+ /   155     Reaffirmed
                                        based                 ICRA A4+
Rsv Hospital Pvt Ltd                    FBL – TL              ICRA BB      66.8    -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Rsv Hospital Pvt Ltd                    FBL – CC              ICRA BB      7.5     -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Rsv Hospital Pvt Ltd                    FBL – Unallocated     ICRA BB      0.2     -
                                        Limit
Rating continues to remain under ‘Issuer Not Cooperating’ category
Sanghvi & Sons                          FB - Working Capital  ICRA BBB-    660     Assigned
                                        Fac                   /ICRA A3             /Reaffirmed
Skyline Foundations And                 FBL                   ICRA BBB     150     Reaffirmed
Structures Pvt Ltd
Spacewood Furnishers Pvt Ltd            FB - Working Capital  ICRA BBB-    435     Withdrawn
                                        Fac
removed from ‘Issuer not cooperating’ Category and withdrawn
Tata Coffee Ltd                         FB Bk Fac             ICRA AA/     650     Reaffirmed
                                                              ICRA A1+
--------------------------------------------------------------------------------------------
$: 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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