June 4, 2018 / 11:00 AM / 2 months ago

RPT-ICRA ratings for Indian debt instruments-Jun 4

 (Repeating to add more ratings.)
    Jun 4 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of June 1, 2018.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Aditya Birla Capital Ltd                CP Programme          ICRA A1+     27000   Assigned
Durovalves India Pvt Ltd                FB Fac                ICRA AA-     200     Reaffirmed
                                                              and ICRA A1+
outlook revised to Positive from Stable
Durovalves India Pvt Ltd                Non-FB Fac            ICRA AA-     280     Reaffirmed
                                                              and ICRA A1+
outlook revised to Positive from Stable
Durovalves India Pvt Ltd                FB/ Non-FB Fac        ICRA AA-     120     Reaffirmed
                                                              and ICRA A1+
outlook revised to Positive from Stable
Hdfc Credila Financial                  CP programme          ICRA A1+     10000   Outstanding
Services Pvt Ltd
Muthoot Finance Ltd                     ST FB Bk limits       ICRA A1+     132130^
^Long-term and short-term fund-based bank limits include an interchangeable limit of Rs.
9,135.00 crore; the total rated bank facilities stand at Rs. 14,115.
Muthoot Finance Ltd                     CP programme          ICRA A1+     40000
Ptc India Financial Services            CP                    ICRA A1+     17500   Reaffirmed
Ltd
Ptc India Financial Services            Fund based – ST       ICRA A1+     3750    Reaffirmed
Ltd                                     Unallocated
Rahman Industries Ltd                   Non-FBL               ICRA A2      350     Reaffirmed
Punjab And Sind Bank                    CDs Programme         ICRA A1+     100000  Outstanding
Tata Petrodyne Ltd                      ST Non-FBL            ICRA A1+     650     Reaffirmed
Varroc Engineering Ltd                  CP                    ICRA A1+     1000    Reaffirmed
(Erstwhile Varroc Engineering
Pvt Ltd)
outlook revised to Positive from Stable


LONG TERM RATINGS:
-------------------
Punjab And Sind Bank                    Basel III compliant   ICRA A+      10000   Outstanding
                                        Tier –I Bonds         (hyb)
Punjab And Sind Bank                    Basel II compliant    ICRA AA      10750   Outstanding
                                        Lower Tier II Bonds
Punjab And Sind Bank                    Basel II compliant    ICRA AA              withdrawn
                                        Lower Tier II Bonds
Varroc Engineering Ltd                  FB Fac                ICRA AA-     3438.5  Reaffirmed
(Erstwhile Varroc Engineering                                 and ICRA A1+
Pvt Ltd)
outlook revised to Positive from Stable
Varroc Engineering Ltd                  Non-FB Fac            ICRA AA-     1520    Reaffirmed
(Erstwhile Varroc Engineering                                 and ICRA A1+
Pvt Ltd)
outlook revised to Positive from Stable
Varroc Engineering Ltd                  FB/ Non-FB Fac        ICRA AA-     2385    Reaffirmed
(Erstwhile Varroc Engineering                                 and ICRA A1+
Pvt Ltd)
outlook revised to Positive from Stable
Varroc Lighting Systems                 FB Fac                ICRA AA-     250     Reaffirmed
(India) Pvt Ltd                                               and ICRA A1+
outlook revised to Positive from Stable
Varroc Lighting Systems                 FB/ Non-FB Fac        ICRA AA-     70      Reaffirmed
(India) Pvt Ltd                                               and ICRA A1+
outlook revised to Positive from Stable
Varroc Polymers Pvt Ltd                 CP                    ICRA A1+     750     Reaffirmed
Varroc Polymers Pvt Ltd                 FB Fac                ICRA AA-     395     Reaffirmed
                                                              and ICRA A1+
outlook revised to Positive from Stable
Varroc Polymers Pvt Ltd                 Non-FB Fac            ICRA AA-     690     Reaffirmed
                                                              and ICRA A1+
outlook revised to Positive from Stable
Varroc Polymers Pvt Ltd                 FB/ Non-FB Fac        ICRA AA-     1400    Reaffirmed
                                                              and ICRA A1+
outlook revised to Positive from Stable
Belstar Investment And Finance          Subordinated debt     ICRA A       20      Assigned
Pvt Ltd                                 Programme
Belstar Investment And Finance          NCD Programme         ICRA A       700     Outstanding
Pvt Ltd
Belstar Investment And Finance          Subordinated debt     ICRA A       300     Outstanding
Pvt Ltd                                 Programme
Brigade Hotel Ventures Ltd              TL                    ICRA A-      4390    Assigned
Brigade Hotel Ventures Ltd              LT – Unallocated Fac  ICRA A-      610     Assigned
Dian Energy B.V.                        TL                    ICRA A+(SO)  200     Reaffirmed
Durovalves India Pvt Ltd                TL                    ICRA AA-     150     Reaffirmed
outlook revised to Positive from Stable
Hdfc Credila Financial                  Perpetual debt        ICRA AA+     750     Assigned
Services Pvt Ltd                        programme
Hdfc Credila Financial                  Perpetual debt        ICRA AA+     2000    Outstanding
Services Pvt Ltd                        programme
Hdfc Credila Financial                  Non-convertible       ICRA AAA     1000    Outstanding
Services Pvt Ltd                        subordinated
                                        debenture programme
Lendingkart Finance Ltd                 NCD programme         ICRA BBB-    2250    Assigned
Lendingkart Finance Ltd                 NCD programme         ICRA BBB-    1800    Outstanding
Lendingkart Finance Ltd                 Bk Lines              ICRA         3000    Outstanding
                                                              BBB-/ICRA A3
Muthoot Finance Ltd                     LT FB Bk limits       ICRA AA      98370^
^Long-term and short-term fund-based bank limits include an interchangeable limit of Rs.
9,135.00 crore; the total rated bank facilities stand at Rs. 14,115.
Muthoot Finance Ltd                     TL                    ICRA AA      2000
Muthoot Finance Ltd                     NCD programme (public ICRA AA      41505.4
                                        placement)
Muthoot Finance Ltd                     NCD programme (public ICRA AA      30000
                                        placement)
Muthoot Finance Ltd                     NCD programme         ICRA AA      5000
                                        (private placement) -
                                        unallocated
Muthoot Finance Ltd                     Subordinated debt     ICRA AA      5513.6
                                        programme
National Seeds Corporation Ltd          Fund based- Working   ICRA AA      750     Reaffirmed
                                        Capital Fac
Ptc India Financial Services            NCD Programme         ICRA A+      5000    Reaffirmed
Ltd
outlook revised to Stable from Positive
Ptc India Financial Services            Fund based - TL       ICRA A+      10500   Reaffirmed
Ltd
outlook revised to Stable from Positive
Rahman Industries Ltd                   FB limits             ICRA BBB+    2150    Reaffirmed
outlook revised to Negative from Stable
Rahman Industries Ltd                   TL                    ICRA BBB+    284.5   Reaffirmed
outlook revised to Negative from Stable
Rahman Industries Ltd                   Unallocated limits    ICRA BBB+/A2 215.5   Reaffirmed
outlook revised to Negative from Stable
Sambhaji Raje Cold Storage              LT, FBL – TL          ICRA B-      19.8
Rating continues to remain under ‘Issuer Not Cooperating’ category
Sambhaji Raje Cold Storage              LT, FBL – CC          ICRA B-      50
Rating continues to remain under ‘Issuer Not Cooperating’ category
Satkar Logistics Pvt Ltd                FBL                   ICRA D       153.6
Rating downgraded from ICRA C; Rating continue to remain in Issuer Not Cooperating category
Satkar Logistics Pvt Ltd                Fund based-CC         ICRA D       26.4
Rating downgraded from ICRA C; Rating continue to remain in Issuer Not Cooperating category
Spandana Sphoorty Financial             PTC Series A1         ICRA A+(SO)  1277.1  Reaffirmed
Ltd- Chetana 03 2018
Spandana Sphoorty Financial             PTC Series A1         ICRA A (SO)  917.9   Reaffirmed
Ltd- Kartikeya 03 2018
Spandana Sphoorty Financial             PTC Series A          Provisional  1957.8  Assigned
Ltd- Pragathi 05 2018                                         ICRA AA-(SO)
Spandana Sphoorty Financial             PTC Series A          ICRA AA-(SO) 1283.8
Ltd- Pragathi 12 2017
Rating upgraded from ICRA A+(SO)
Spandana Sphoorty Financial             PTC Series A          ICRA AA-(SO) 531.1
Ltd- Siri 10 2017
Rating upgraded from ICRA A+(SO)
Spandana Sphoorty Financial             PTC Series A1         ICRA A+(SO)  1527.7
Ltd- Syamantaka Ifmr Capital
2017
Rating upgraded from ICRA A(SO)
Spandana Sphoorty Financial             PTC Series A2         ICRA         115
Ltd- Syamantaka Ifmr Capital                                  BBB+(SO)
2017
Rating upgraded from ICRA BBB(SO)
Spandana Sphoorty Financial             PTC Series A1         ICRA AA-(SO) 98.9
Ltd- Vivriti Norsu 007 2017
Upgraded from ICRA A-(SO)
Spandana Sphoorty Financial             PTC Series A2         ICRA A-(SO)  21.9
Ltd- Vivriti Summus 007 2017
Rating upgraded from ICRA BBB(SO)
Spandana Sphoorty Financial             PTC Series A1         ICRA AA-(SO) 140.1
Ltd- Vivriti Summus 007 2017
Upgraded from ICRA A+(SO)
Synergy Property Development            Fund based- Working   ICRA A       180     Assigned
Services Pvt Ltd                        Capital Fac
Synergy Property Development            Non-fund              ICRA A       190     Assigned
Services Pvt Ltd                        based-Working Capital
                                        Fac
Tata Petrodyne Ltd                      LT Non-FBL            ICRA A+              Reaffirmed
                                        (Interchangeable)
Tril It4 Pvt Ltd (Erstwhile             NCD (Sub debt)        ICRA A       2000    Reaffirmed
Albrecht Builder Pvt Ltd)
Tril It4 Pvt Ltd (Erstwhile             BG/Overdraft          ICRA A+      150     Reaffirmed
Albrecht Builder Pvt Ltd)
Tril It4 Pvt Ltd (Erstwhile             NCD (NCD)             ICRA A+(SO)  4000    Reaffirmed
Albrecht Builder Pvt Ltd)
Varroc Engineering Ltd                  TL                    ICRA AA-     1706.5  Reaffirmed
(Erstwhile Varroc Engineering
Pvt Ltd)
outlook revised to Positive from Stable
Varroc Engineering Ltd                  NCD                   ICRA AA-     1000    Reaffirmed
(Erstwhile Varroc Engineering
Pvt Ltd)
outlook revised to Positive from Stable
Varroc Lighting Systems                 TL                    ICRA AA-     380     Reaffirmed
(India) Pvt Ltd
outlook revised to Positive from Stable
Varroc Polymers Pvt Ltd                 TL                    ICRA AA-     515     Reaffirmed
outlook revised to Positive from Stable
Varroc Polymers Pvt Ltd                 NCD                   ICRA AA-     500     Reaffirmed
outlook revised to Positive from 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@thomsonreuters.com)
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