March 12, 2018 / 11:03 AM / 9 months ago

RPT-ICRA ratings for Indian debt instruments-Mar 12

 (Repeating to add additional ratings)
    Mar 12 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of March 9, 2018.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Ab Sugars Ltd                           LOC                   ICRA A3      300     Revised from
                                                                                   ICRA A4+
Airona Tiles Ltd                        BG (Proposed)         ICRA A4      22.7    -
Reason for delay in carrying out periodic review - Issuer not cooperating
Apex Constructions                      Non-fund based – BG   ICRA A4      70      ISSUER NOT
                                                                                   COOPERATING
Rating continues to remain under ‘Issuer Not Cooperating’ category
Globe Capital Market Ltd                CP                    ICRA A1+     2000    Outstanding
J.M. Financial & Investment             CP programme (IPO     ICRA A1+     -       Withdrawn
Consultancy Services Pvt Ltd            Financing)
J.M. Financial & Investment             CP programme          ICRA A1+     2000    Outstanding
Consultancy Services Pvt Ltd
Jay Laxmi Poly Plast                    LOC                   ICRA A4      5       ISSUER NOT
                                                                                   COOPERATING
Rating continues to remain under ‘Issuer Not Cooperating’ category
Jbm Auto Ltd                            Non FB Fac            ICRA A3+     645     -
Placed on rating watch with developing implications
Jbm Ogihara Automotive India            NFBL                  ICRA A3      40      Reaffirmed
Ltd
Jm Financial Capital Ltd                CP programme (IPO     ICRA A1+     3000    Assigned
                                        Financing)
Jm Financial Capital Ltd                CP programme (IPO     ICRA A1+     -       withdrawn
                                        Financing)
Jm Financial Capital Ltd                CP Programme          ICRA A1+     10000   Outstanding
Jm Financial Products Ltd               CP Programme (IPO     ICRA A1+     5000    Assigned
                                        Financing)
Jm Financial Products Ltd               CP Programme (IPO     ICRA A1+     -       Withdrawn
                                        Financing)
Jm Financial Products Ltd               CP programme          ICRA A1+     45000   Outstanding
Jm Financial Properties And             CP programme (IPO     ICRA A1+     40000   Assigned
Holdings Ltd                            Financing)
Jm Financial Properties And             CP programme (IPO     ICRA A1+     -       Withdrawn
Holdings Ltd                            Financing)
Kotak Mahindra Investments Ltd          CP Programme (IPO     ICRA A1+     -       Withdrawn
                                        Financing)
Kotak Mahindra Investments Ltd          CP Programme          ICRA A1+     55000   Outstanding
Milano Papers Pvt Ltd                   BG                    ICRA A4      12      -
Reason for delay in carrying out periodic review - Issuer not cooperating
Penguin Trading & Agencies Ltd          Non-fund              ICRA A2      15      -
                                        based-Working Capital
                                        (untied)
Removed from ‘rating watch with negative implications
Perfect Metacraft Llp                   LOC                   ICRA A4      ^       ISSUER NOT
                                                                                   COOPERATING
^ Sub limit of term loan
Range Ceramic Pvt Ltd                   BG                    ICRA A4      24      ISSUER NOT
                                                                                   COOPERATING
Reliance Nippon Life Asset              Reliance Interval     ICRA A1+mfs  -       Assigned
Management Ltd                          Fund – Quarterly
                                        Interval Fund – Series III
Reliance Nippon Life Asset              Reliance Interval     ICRA A1+mfs  -       Assigned
Management Ltd                          Fund – Monthly
                                        Interval Fund – Series I
Reliance Nippon Life Asset              Reliance Interval     ICRA A1+mfs  -       Assigned
Management Ltd                          Fund – Monthly
                                        Interval Fund – Series II
Reliance Nippon Life Asset              Reliance Fixed        ICRA A1+mfs  -       Outstanding
Management Ltd                          Horizon Fund – XXXVI
                                        – Series 4
Reliance Nippon Life Asset              Reliance Interval     ICRA A1+mfs  -       Outstanding
Management Ltd                          Fund - Quarterly
                                        Interval Fund - Series II
Reliance Nippon Life Asset              Reliance Liquidity    ICRA A1+mfs  -       Outstanding
Management Ltd                          Fund
Reliance Nippon Life Asset              Reliance Liquid Fund  ICRA A1+mfs  -       Outstanding
Management Ltd                          – Treasury Plan
Reliance Nippon Life Asset              Reliance Liquid Fund  ICRA A1+mfs  -       Outstanding
Management Ltd                          - Cash Plan
Reliance Nippon Life Asset              Reliance ST Fund      ICRA AAmfs   -       Outstanding
Management Ltd
S. D. Corporation Pvt Ltd               CP                    ICRA A1+     9100    Reaffirmed
Sepal Tiles Pvt Ltd                     Letter of Guarantee   ICRA A4      12.5    ISSUER NOT
                                                                                   COOPERATING
Shree Ram Lime Products Pvt Ltd         FBL-Bills Discounting ICRA A4+     50      ISSUER NOT
                                                                                   COOPERATING
Shree Ram Lime Products Pvt Ltd         NFBLBG                ICRA A4+     10      ISSUER NOT
                                                                                   COOPERATING
Tvs Logistics Services Ltd              ST – Loans            ICRA A1      500     Outstanding
Tvs Logistics Services Ltd              ST – Non Fund based   ICRA A1      250     Outstanding
Vadsola Ceramic                         Non-fund based – BG   ICRA A4      15      ISSUER NOT
                                                                                   COOPERATING

A. R. Stanchem Pvt.Ltd                  FBL                   ICRA A2+     310     Reaffirmed
Narendra Emporis Ltd                    Packing Credit        ICRA A4              Issuer not
                                                                                   cooperating
Narendra Emporis Ltd                    Inland/Foreign LOC    ICRA A4              Issuer not
                                                                                   cooperating
Siddhraj Infrabuild Pvt. Ltd.           BG                    ICRA A4      13.2    Issuer not
                                                                                   cooperating
Srl Diagnostics Pvt Ltd                 ST fund based         ICRA A3+
                                        interchangeable
Downgraded from ICRA A2 (rating continues to be on watch with negative implications)
Srl Ltd                                 ST fund based         ICRA A2
                                        interchangeable
Downgraded from ICRA A2+ (rating continues to be on watch with negative implications)
Whitefield Spintex (India)              BG                    ICRA A4      13.5    Issuer not
Pvt. Ltd.                                                                          cooperating
Whitefield Spintex (India)              Import LC             ICRA A4              Issuer not
Pvt. Ltd.                                                                          cooperating


LONG TERM RATINGS:
-------------------
Ab Sugars Ltd                           TL                    ICRA BBB-    259.7   Revised from
                                                                                   ICRA BB+
Ab Sugars Ltd                           CC Limit              ICRA BBB-    1100    Revised from
                                                                                   ICRA BB+
Ab Sugars Ltd                           Unallocated           ICRA BBB-    772.2   Revised from
                                                                                   ICRA BB+
Airona Tiles Ltd                        CC (Proposed)         ICRA BB-     94.7    -
Reason for delay in carrying out periodic review - Issuer not cooperating
Airona Tiles Ltd                        TL (Proposed)         ICRA BB-     15      -
Reason for delay in carrying out periodic review - Issuer not cooperating
Apex Constructions                      Fund based – CC       ICRA B+      60      ISSUER NOT
                                                                                   COOPERATING
Rating continues to remain under ‘Issuer Not Cooperating’ category
Esr Pune Industrial Park Pvt            Proposed NCD (NCD)    Provisional  1500    Assigned
Ltd                                     programme             ICRA BB
Ganga Developers                        LT: FB – TL           ICRA BB      125     Reaffirmed
Rating removed from ‘Issuer not co-operating’ category
Globe Capital Market Ltd                LT Bk Lines (Fund     ICRA A+      9117    Assigned
                                        based/non-fund based)
Haldiram Products Pvt Ltd               FB Fac                ICRA A-      165     Reaffirmed
Hansoge Enterprises Pvt Ltd             LT - Fund Based TL    ICRA BBB-    350     Reaffirmed
Hansoge Enterprises Pvt Ltd             LT - Fund Based TL    ICRA BBB-    500     Reaffirmed
Hansoge Enterprises Pvt Ltd             LT - Unallocated      Provisional  250     Assigned
                                                              ICRA BBB
Jay Laxmi Poly Plast                    TL                    ICRA B+      54.6    ISSUER NOT
                                                                                   COOPERATING
Rating continues to remain under ‘Issuer Not Cooperating’ category
Jay Laxmi Poly Plast                    CC                    ICRA B+      39.5    ISSUER NOT
                                                                                   COOPERATING
Rating continues to remain under ‘Issuer Not Cooperating’ category
Jay Laxmi Poly Plast                    Unallocated           ICRA B+      0.9     ISSUER NOT
                                                                                   COOPERATING
Rating continues to remain under ‘Issuer Not Cooperating’ category
Jbm Auto Ltd                            TL                    ICRA BBB     1021.9  -
Placed on rating watch with developing implications
Jbm Auto Ltd                            Unallocated Limits    ICRA BBB     61.8    -
Placed on rating watch with developing implications
Jbm Auto Ltd                            CC/WCDL               ICRA BBB /   1142.5  -
                                                              A3+
Placed on rating watch with developing implications
Jbm Auto Ltd                            Fund Based & NFBL     ICRA BBB /   972.5   -
                                                              A3+
Placed on rating watch with developing implications
Jbm Auto Ltd                            Fund Based & Non Fund ICRA BBB /   -       -
                                        Based SubLimits*      A3+
Placed on rating watch with developing implications / *Sub-limits of other facilities
Jbm Ma Automotive Pvt Ltd               TL                    ICRA BBB     733.3   -
Ratings placed on rating watch with developing implications
Jbm Ma Automotive Pvt Ltd               CC/WCDL               ICRA BBB /   775     -
                                                              ICRA A3+
Ratings placed on rating watch with developing implications
Jbm Ma Automotive Pvt Ltd               NFBL                  ICRA BBB /   215     -
                                                              ICRA A3+
Ratings placed on rating watch with developing implications
Jbm Ma Automotive Pvt Ltd               Unallocated           ICRA BBB /   16.7    -
                                                              ICRA A3+
Ratings placed on rating watch with developing implications
Jbm Ogihara Automotive India            CC                    ICRA BBB-    170     Reaffirmed
Ltd
Jbm Ogihara Automotive India            TL                    ICRA BBB-    42.7    Reaffirmed
Ltd
Jbm Ogihara Automotive India            Unallocated           ICRA BBB-    247.3   Reaffirmed
Ltd
Jm Financial Capital Ltd                NCD Programme         ICRA AA      2000    Outstanding
Jm Financial Capital Ltd                LT Equity Linked      PP-MLD ICRA  2000    Outstanding
                                        Debentures (Principal AA
                                        Protected)
Jm Financial Products Ltd               NCD programme         ICRA AA      25000   Outstanding
Jm Financial Products Ltd               LT Bk lines           ICRA AA      15000   Outstanding
Jm Financial Products Ltd               LT market linked      PP-MLD ICRA  5000    Outstanding
                                        debentures (Principal AA
                                        Protected)
Jm Financial Properties And             TL                    ICRA AA      1350    Outstanding
Holdings Ltd
K. K. Cotex                             Fund based-TL         ICRA B+      17      Reaffirmed
Removed from ‘issuer Non- cooperating’ category
K. K. Cotex                             Fund based-CC         ICRA B+      220     Reaffirmed
Removed from ‘issuer Non- cooperating’ category
K. K. Cotex                             Unallocate            ICRA B+      10      Reaffirmed
Removed from ‘issuer Non- cooperating’ category
Kbr Agro Industries                     Fund based-TL         ICRA B       20      -
Rating moved to the ‘Issuer Not Cooperating’ category
Kbr Agro Industries                     Fund based- CC        ICRA B       80      -
Rating moved to the ‘Issuer Not Cooperating’ category
Khedut Cotex Pvt. Ltd.                  Fund based – CC       ICRA B       60      ISSUER NOT
                                                                                   COOPERATING
Khedut Cotex Pvt. Ltd.                  Fund based – TL       ICRA B       27.7    ISSUER NOT
                                                                                   COOPERATING
Kotak Mahindra Investments Ltd          Subordinated Debt     ICRA AAA     2000    Outstanding
                                        Programme
Maza Developers Pvt Ltd                 LT: Fundbased – TL    ICRA BB+     55.4    Reaffirmed
Rating removed from ‘Issuer not co-operating’ category
Maza Developers Pvt Ltd                 LT: Fundbased – TL    ICRA BB+     19.7    Reaffirmed
Rating removed from ‘Issuer not co-operating’ category
Maza Developers Pvt Ltd                 LT: Unallocated limitsICRA BB+     24.9    Reaffirmed
Rating removed from ‘Issuer not co-operating’ category
Milano Papers Pvt Ltd                   CC                    ICRA B+      150     -
Reason for delay in carrying out periodic review - Issuer not cooperating
Milano Papers Pvt Ltd                   TL                    ICRA B+      63.1    -
Reason for delay in carrying out periodic review - Issuer not cooperating
Nomax Electrical Steel Pvt Ltd          Bk Fac                ICRA C       177.9   ISSUER NOT
                                                                                   COOPERATING*
*moved to Issuer not cooperating category due to non submission of monthly ‘No Default
Statement’ (“NDS”) by the entity.
Om Corrugated Pack Pvt Ltd              Bk Fac                ICRA B+/A4   93.5    -
Reason for delay in carrying out periodic review: - Issuer not cooperating
Penguin Trading & Agencies Ltd          Fund based- Working   ICRA BBB+    150     -
                                        Capital (untied)
Removed from ‘rating watch with negative implications
Perfect Metacraft Llp                   CC                    ICRA B       50      ISSUER NOT
                                                                                   COOPERATING
Perfect Metacraft Llp                   TL                    ICRA B       153.5   ISSUER NOT
                                                                                   COOPERATING
Range Ceramic Pvt Ltd                   CC                    ICRA B       60      ISSUER NOT
                                                                                   COOPERATING
Range Ceramic Pvt Ltd                   TL                    ICRA B       89.5    ISSUER NOT
                                                                                   COOPERATING
Reliance Nippon Life Asset              Reliance Money        ICRA AAmfs   -       Outstanding
Management Ltd                          Manager Fund
Reliance Nippon Life Asset              Reliance Income Fund  ICRA AAmfs   -       Outstanding
Management Ltd
Reliance Nippon Life Asset              Reliance Floating     ICRA AAmfs   -       Outstanding
Management Ltd                          Rate Fund – ST Plan
Reliance Nippon Life Asset              Reliance Medium Term  ICRA AAmfs   -       Outstanding
Management Ltd                          Fund
Reliance Nippon Life Asset              Reliance Dynamic Bond ICRA AAmfs   -       Outstanding
Management Ltd                          Fund
Reliance Nippon Life Asset              Reliance Bking & PSU  ICRA AAmfs   -       Outstanding
Management Ltd                          Debt Fund
Reliance Nippon Life Asset              Reliance Corporate    ICRA AAmfs   -       Outstanding
Management Ltd                          Bond Fund
S. D. Corporation Pvt Ltd               NCD Programme         ICRA AA      4850    Reaffirmed
Sai Sulphonates Pvt Ltd                 TL                    ICRA A-      40.5    Reaffirmed
Sai Sulphonates Pvt Ltd                 CC                    ICRA A-      560     Reaffirmed
Sai Sulphonates Pvt Ltd                 LT/ST interchangeable ICRA A- /    -       Reaffirmed
                                        limits*               A2+
*sub- limits of cash credit facility
Salarpuria Simplex Dwellings            LT FB Lim             ICRA A-      150     Reaffirmed
Llp
Sepal Tiles Pvt Ltd                     CC                    ICRA B-      30      ISSUER NOT
                                                                                   COOPERATING
Sepal Tiles Pvt Ltd                     Book Debt             ICRA B-      ^       ISSUER NOT
                                                                                   COOPERATING
^ Sub limit of term loan
Sepal Tiles Pvt Ltd                     TL                    ICRA B-      40.4    ISSUER NOT
                                                                                   COOPERATING
Shree Ganesh Cotton                     Fund based-TL         ICRA B       12.7    Reaffirmed
Industries-Rajkot
Removed from ‘issuer Non- cooperating’ category
Shree Ganesh Cotton                     Fund based CC         ICRA B       100     Reaffirmed
Industries-Rajkot
Removed from ‘issuer Non- cooperating’ category
Shree Ganesh Cotton                     Unallocated           ICRA B       0.3     Reaffirmed
Industries-Rajkot
Removed from ‘issuer Non- cooperating’ category
Shree Ram Lime Products Pvt Ltd         Fund based- CC        ICRA BB+     60      ISSUER NOT
                                                                                   COOPERATING
Shree Ram Lime Products Pvt Ltd         Fund based-TL         ICRA BB+     44      ISSUER NOT
                                                                                   COOPERATING
Shree Ram Lime Products Pvt Ltd         Unallocated Limits    ICRA BB+     36      ISSUER NOT
                                                                                   COOPERATING
Swaraj Suiting Pvt Ltd                  Fund- based- Working  ICRA BB+     110     Reaffirmed
                                        Capital Fac
Swaraj Suiting Pvt Ltd                  Fund- based- TL       ICRA BB+     390     Reaffirmed
Tm International Logistics Ltd          Issuer Rating         ICRA AA      -       Reaffirmed
Tower Vision India Pvt Ltd              TL                    ICRA A-      11700   Reaffirmed
Outlook revised to Negative from Stable
Triveni Smelters Pvt Ltd                Bk Fac                ICRA BB-/A4  138.4   -
Reason for delay in carrying out periodic review: - Issuer not cooperating
Tvs Logistics Services Ltd              LT – TL*              ICRA A+      1300    Outstanding
* can also be availed as SBLC
Tvs Logistics Services Ltd              LT – Non Fund based@  ICRA A+      500     Outstanding
@ can also be availed as cash credit facility
Tvs Logistics Services Ltd              LT – Fund based       ICRA A+      1250    Outstanding
Vadsola Ceramic                         Fund based – CC       ICRA B       30      ISSUER NOT
                                                                                   COOPERATING
Vadsola Ceramic                         Fund based – TL       ICRA B       70      ISSUER NOT
                                                                                   COOPERATING
A. R. Stanchem Pvt.Ltd                  TL                    ICRA A-      11      Reaffirmed
Narendra Emporis Ltd                    Line of Credit        ICRA B+      150     Issuer not
                                                                                   cooperating
Narendra Emporis Ltd                    CC                    ICRA B+              Issuer not
                                                                                   cooperating
Rayani Spintex Pvt Ltd                  BLR                   ICRA B       360     Issuer not
                                                                                   cooperating
Siddhraj Infrabuild Pvt. Ltd.           Overdraft             ICRA B       25      Issuer not
                                                                                   cooperating
Siddhraj Infrabuild Pvt. Ltd.           TL                    ICRA B       30      Issuer not
                                                                                   cooperating
Srl Diagnostics Pvt Ltd                 FB Fac                ICRA BBB     150
Downgraded from ICRA BBB+ (rating continues to be on watch with negative implications)
Srl Diagnostics Pvt Ltd                 Non-FB Fac            ICRA BBB     20
                                                              /A3+
Downgraded from ICRA BBB+ /A2 (rating continues to be on watch with negative implications)
Srl Ltd                                 FB Fac                ICRA BBB+    240
Downgraded from ICRA A- (rating continues to be on watch with negative implications)
Srl Ltd                                 Non-FB Fac            ICRA BBB+    45
                                                              /A2
Downgraded from ICRA A-/A2+ (rating continues to be on watch with negative implications)
Whitefield Spintex (India)              CC                    ICRA B       30      Issuer not
Pvt. Ltd.                                                                          cooperating
Whitefield Spintex (India)              TL                    ICRA B       255     Issuer not
Pvt. Ltd.                                                                          cooperating

--------------------------------------------------------------------------------------------
$: 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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