March 13, 2018 / 11:05 AM / in 8 months

RPT-ICRA ratings for Indian debt instruments-Mar 13

 (Repeating to add more ratings.)
    Mar 13 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of March 12, 2018.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Ajit Kumar Swain                        BG                    ICRA A4      50      Issuer not
                                                                                   cooperating
Ajit Kumar Swain                        Unallocated           ICRA A4      20      Issuer not
                                                                                   cooperating
Ayodhya Gorakhpur Sms Tolls             Non-Fund Based – BG   ICRA A1      378     Assigned
Pvt Ltd
Bola Surendra Kamath & Sons             ST- Fund Based        ICRA A2      2650    Assigned
Bola Surendra Kamath & Sons             ST- Non-Fund Based    ICRA A2      1220    Assigned
Dhanuka Agritech Ltd                    Non-fund based - LC/BGICRA A1+     333.5   Reaffirmed
Exilant Technologies Pvt Ltd            ST- Non-FBL           ICRA A1      21.8
Placed on watch with developing implications
Exilant Technologies Pvt Ltd            ST- Proposed          ICRA A1      278.2
Placed on watch with developing implications
Globe Fincap Ltd                        CP                    ICRA A1+     500     Reassigned
                                                                                   from ICRA
                                                                                   A1+ (SO)
India Tin Industries Pvt Ltd            Non-fund based-LOC    ICRA A3      95
Upgraded from ICRA A4+ ; Removed from issuer not cooperating category
Indraprastha Medical                    Non-FBL               ICRA A1+     405     Reaffirmed
Corporation Ltd
Indraprastha Medical                    CP Programme          ICRA A1+     400     Reaffirmed
Corporation Ltd
Kanco Tea & Industries Ltd              Non-FBL               ICRA A3      6       Reaffirmed
Kotak Mahindra Asset                    Kotak FMP Series 218  ICRA A1+ mfs         Assigned
Management Co. Ltd
Kotak Mahindra Asset                    Kotak Floater ST Fund ICRA A1+ mfs         Outstanding
Management Co. Ltd
Kotak Mahindra Asset                    Kotak Liquid Fund     ICRA A1+ mfs         Outstanding
Management Co. Ltd
Lloyd Insulations (India) Ltd           Non-FBL               ICRA A2      4320    Reaffirmed
Mahadev Industries                      FB Working Capital-   ICRA A4      50      Reaffirmed
                                        Inventory Funding
New Win Win Feeds Pvt. Ltd.             Non-FB – BG           ICRA A4      2.9     Issuer not
                                                                                   cooperating
Nitrex Chemicals India Ltd              Export bill           ICRA A3      200     Assigned
                                        discounting facility
Nitrex Chemicals India Ltd              Over draft*           ICRA A3              Assigned
*sublimit of export bill discounting facility
Nitrex Chemicals India Ltd              ST loan*              ICRA A3              Assigned
*sublimit of export bill discounting facility
Nitrex Chemicals India Ltd              Pre-shipment credit   ICRA A3              Assigned
                                        under export LOC*
*sublimit of export bill discounting facility
Nitrex Chemicals India Ltd              Pre-shipment credit   ICRA A3              Assigned
                                        under export order*
*sublimit of export bill discounting facility
Nitrex Chemicals India Ltd              Import LOC – secured* ICRA A3              Assigned
*sublimit of export bill discounting facility
Nitrex Chemicals India Ltd              Import LOC –          ICRA A3              Assigned
                                        unsecured*
*sublimit of export bill discounting facility
Nitrex Chemicals India Ltd              Bond and guarantee*   ICRA A3              Assigned
*sublimit of export bill discounting facility
Nitrex Chemicals India Ltd              Financial guarantee*  ICRA A3              Assigned
*sublimit of export bill discounting facility
Nitrex Chemicals India Ltd              Credit bill           ICRA A3              Assigned
                                        negotiated*
*sublimit of export bill discounting facility
Panchavati Polyfibres Ltd               Non-fund based- LOC   ICRA A4      25      Reaffirmed
Pricewaterhousecoopers Pvt Ltd          ST Fund Based         ICRA A1+     1500    Reaffirmed
Pricewaterhousecoopers Pvt Ltd          ST Non-Fund Based     ICRA A1+     500     Reaffirmed
Removed from ‘Rating watch with negative implication’
Sheel Oil And Fats Pvt Ltd              LOC                   ICRA A3      1500    Assigned
Strides Shasun Ltd                      ST FB Fac             ICRA A1 &    8900
Revised from ICRA A1+ & ; & indicates ratings on watch with developing implications
Strides Shasun Ltd                      ST non-FB Fac         ICRA A1 &    5200
Revised from ICRA A1+ & ; & indicates ratings on watch with developing implications
Strides Shasun Ltd                      Unallocated Fac       ICRA A1 &    6244.1
Revised from ICRA A1+ & ; & indicates ratings on watch with developing implications
Sundaram Finance Ltd                    Short-TL from Bks     ICRA A1+     10000   Assigned
Sundaram Finance Ltd                    CP                    ICRA A1+     60000   Outstanding
Venky Hi Tech Ispat Ltd                 Non-FBL               ICRA A4      15      Issuer not
                                                                                   cooperating
Electronica Finance Ltd                 CP Programme          ICRA A2+     -       Withdrawn
Gris Ceramic Llp                        NFB BG                ICRA A4      13.9    Withdrawn
Nuevosol Energy Pvt Ltd                 LT / ST – Unallocated ICRA A3      240     -
ISSUER NOT COOPERATING
Nuevosol Energy Pvt Ltd                 ST - Fund Based       ICRA A4+     50      Revised from
                                                                                         A3
ISSUER NOT COOPERATING

MEDIUM TERM RATINGS:
-------------------
Gove Finance Ltd                        Fixed Deposit         MA-                  Reaffirmed
                                        Programme
Sundaram Finance Ltd                    FD                    MAAA                 Outstanding


LONG TERM RATINGS:
-------------------
7 Star Company                          FB: Working Capital   ICRA BB-     140     Withdrawn
7 Star Company                          FB: Unallocated       ICRA BB-     90      Withdrawn
Ajit Kumar Swain                        FB- CC                ICRA B       20      Issuer not
                                                                                   cooperating
Ajit Kumar Swain                        Unallocated           ICRA B       10      Issuer not
                                                                                   cooperating
Ayodhya Gorakhpur Sms Tolls             Fund Based – TL       ICRA A       435     Upgraded
Pvt Ltd                                                                            from ICRA A-
Ayodhya Gorakhpur Sms Tolls             Fund Based – Proposed ICRA A       67      Upgraded
Pvt Ltd                                 TL                                         from ICRA A-
B.K. Exports                            LT –Fund Based        ICRA B-      250
Issuer delayed in giving information
Bola Surendra Kamath & Sons             LT- Fund Based        ICRA BBB+    450     Assigned
Champalal K Khinvasara                  Fund based-TL         ICRA BB      120     Issuer not
                                                                                   cooperating
Withdrawn
Dhanuka Agritech Ltd                    Fund based - Working  ICRA AA-     300     Reaffirmed
                                        Capital Fac
Druk Green Power Corporation            Issuer Rating         ICRA BBB+
Ltd
Issuer delayed in giving information
Exilant Technologies Pvt Ltd            LT- FB Limits         ICRA A+      200
Placed on watch with developing implications
Exilant Technologies Pvt Ltd            LT- Proposed          ICRA A+      500
Placed on watch with developing implications
Gaursons Hitech Infrastructure          LT FB – TL            ICRA BBB-    5500    Withdrawn
Pvt Ltd                                                       (SO)
Gayathri Sustainable Energies           LT - Fund Based TL    ICRA B+      48
India Pvt Ltd
Upgraded from ICRA C
Gayathri Sustainable Energies           LT - Unallocated      ICRA B+      180.7
India Pvt Ltd
Upgraded from ICRA C
Globe Commodities Ltd                   LT Bk Lines (Fund     ICRA A+      1399.1  Assigned
                                        based/Non-Fund based)
Globe Fincap Ltd                        LT/ ST Bk lines       ICRA A+ /A1+ 903     Assigned
Goyal Automobiles                       FB-CC                 ICRA B+      50      Issuer not
                                                                                   cooperating
Goyal Motocorp Pvt Ltd                  FB-CC                 ICRA B       40      Issuer not
                                                                                   cooperating
Goyal Motocorp Pvt Ltd                  FB-TL                 ICRA B       25      Issuer not
                                                                                   cooperating
Haran Chandra Cold Storage Pvt          Bk Fac                ICRA B       100     Issuer not
Ltd                                                                                cooperating
India Tin Industries Pvt Ltd            Fund based- CC        ICRA BBB-    100
Upgraded from ICRA BB+ ; Removed from issuer not cooperating category
Indraprastha Medical                    FBL                   ICRA AA      400     Reaffirmed
Corporation Ltd
Indraprastha Medical                    Unallocated Limits    ICRA AA      195     Reaffirmed
Corporation Ltd
Ireo Pvt Ltd                            Fund Based            ICRA BB+     4206.9
Downgraded from ICRA BBB-
Ireo Pvt Ltd                            Non-fund Based        ICRA BB+     1500
Downgraded from ICRA BBB-
Ireo Pvt Ltd                            Unallocated           ICRA BB+     3993.1
Downgraded from ICRA BBB-
Jai Durga Oil Extraction Pvt            LT-TL                 ICRA BB      35.7    Assigned
Ltd
Jai Durga Oil Extraction Pvt            LT- CC                ICRA BB      107.5   Assigned
Ltd
Jai Durga Oil Extraction Pvt            LT- Unallocated       ICRA BB      6.8     Assigned
Ltd
Kanco Tea & Industries Ltd              FBL                   ICRA BBB-    372.5   Reaffirmed
Kotak Mahindra Asset                    Kotak Bond ST Fund    ICRA AAA mfs         Outstanding
Management Co. Ltd
Kotak Mahindra Asset                    Kotak Flexi Debt      ICRA AAA mfs         Outstanding
Management Co. Ltd                      Scheme
Kotak Mahindra Asset                    Kotak Treasury        ICRA AAA mfs         Outstanding
Management Co. Ltd                      Advantage Fund
Kotak Mahindra Asset                    Kotak Corporate Bond  ICRA AAA mfs         Outstanding
Management Co. Ltd                      Fund
Kotak Mahindra Asset                    Kotak Bond Fund       ICRA AAA mfs         Outstanding
Management Co. Ltd
Kotak Mahindra Asset                    Kotak Bking and PSU   ICRA AAA mfs         Outstanding
Management Co. Ltd                      Debt Fund
Kotak Mahindra Asset                    Kotak Capital         ICRA AAA
Management Co. Ltd                      Protection Oriented   mfs (SO)
                                        Scheme Series 5
Provisional validity extended
Kotak Mahindra Asset                    Kotak Capital         ICRA AAA
Management Co. Ltd                      Protection Oriented   mfs (SO)
                                        Scheme Series 6
Provisional validity extended
Lloyd Insulations (India) Ltd           CC                    ICRA BBB+    950     Reaffirmed
Lloyd Insulations (India) Ltd           Unallocated           ICRA BBB+    600     Reaffirmed
Mahadev Industries                      FB Working Capital- CCICRA B       220     Reaffirmed
Motherson Techno Tools Ltd              CC Fac                ICRA AA-     120
                                                              /A1+
Upgraded from ICRA A+ and short-term rating re-affirmed at ICRA A1+
Motherson Techno Tools Ltd              Unallocated           ICRA AA-     230
                                                              /A1+
Upgraded from ICRA A+ and short-term rating re-affirmed at ICRA A1+
Motherson Techno Tools Ltd              Non-FB Fac (Sublimit  ICRA AA-
                                        of CC Fac)            /A1+
Upgraded from ICRA A+ and short-term rating re-affirmed at ICRA A1+
Mytrah Vayu (Tungabhadra) Pvt           Fund based - TL       ICRA BBB     9990    Reaffirmed
Ltd
Mytrah Vayu (Tungabhadra) Pvt           Fund based - OverdraftICRA BBB     350     Reaffirmed
Ltd
New Win Win Feeds Pvt. Ltd.             FB-TL                 ICRA BB-     28.3    Issuer not
                                                                                   cooperating
New Win Win Feeds Pvt. Ltd.             FB-CC                 ICRA BB-     40.5    Issuer not
                                                                                   cooperating
New Win Win Feeds Pvt. Ltd.             FB – Unallocated      ICRA BB-     78.3    Issuer not
                                                                                   cooperating
Panchavati Polyfibres Ltd               Fund based- Working   ICRA BB-     193     Upgraded
                                        Capital Fac                                from ICRA B+
Panchavati Polyfibres Ltd               Non-fund based-BG     ICRA BB-     53.5    Upgraded
                                                                                   from ICRA B+
Panchavati Polyfibres Ltd               Unallocated           ICRA BB-     20      Upgraded
                                                                                   from ICRA B+
Price Waterhouse & Co.                  LT Fund Based         ICRA AA      150     Assigned
Bangalore Llp
Price Waterhouse Chartered              LT Fund Based         ICRA AA      150     Assigned
Accountant Llp
Pricewaterhousecoopers Pvt Ltd          LT Fund Based         ICRA AA      5600    Reaffirmed
Removed from ‘Rating watch with negative implication’
Shah Laxmi Narayan Satish               BLR                   ICRA B+ /A4  99.5    Issuer not
Chandra Exim Pvt Ltd                                                               cooperating
Sheel Oil And Fats Pvt Ltd              Issuer Rating         ICRA BBB-            Assigned
Sheel Oil And Fats Pvt Ltd              TL                    ICRA BBB-    1100    Assigned
Sheel Oil And Fats Pvt Ltd              CC                    ICRA BBB-    500*    Assigned
*CC Limits are fully convertible to Letter of Credit
Spandana Sphoorty Financial             PTC Series A          ICRA A+(SO)  1898.3
Ltd- Pragathi 12 2017
Provisional rating confirmed as final
Spandana Sphoorty Financial             PTC Series A1         ICRA A(SO)   1977.3
Ltd- Syamantaka Ifmr Capital
2017
Provisional rating confirmed as final
Spandana Sphoorty Financial             PTC Series A2         ICRA BBB(SO) 115
Ltd- Syamantaka Ifmr Capital
2017
Provisional rating confirmed as final
Strides Shasun Ltd                      TL                    ICRA A+ &    10946   Reaffirmed
& indicates ratings on watch with developing implications
Sundaram Finance Ltd                    Long-TL from Bks      ICRA AAA     10000   Outstanding
Sundaram Finance Ltd                    FBL from Bks          ICRA AAA     22500   Outstanding
Sundaram Finance Ltd                    Non-FBL from Bks      ICRA AAA     80.8    Outstanding
Sundaram Finance Ltd                    NCDs                  ICRA AAA     66790   Outstanding
Sundaram Finance Ltd                    Subordinated          ICRA AAA     17571   Outstanding
                                        Debentures
Sundaram Finance Ltd                    NCDs                  ICRA AAA     3028    Withdrawn
United Brothers Multiplast              Bk Fac                ICRA BB- /A4 530     Issuer not
Llp(Erstwhile United Brothers)                                                     cooperating
Venky Hi Tech Ispat Ltd                 FB- CC                ICRA B+      240     Issuer not
                                                                                   cooperating
Venky Hi Tech Ispat Ltd                 Unallocated           ICRA B+      45      Issuer not
                                                                                   cooperating
Bydesign India Pvt Ltd                  LT – Non-fund Based   ICRA BB+     200     Reaffirmed
Bydesign India Pvt Ltd                  LT – FB CC            ICRA BB+     7.5     Reaffirmed
Electronica Finance Ltd                 Bk Lines              ICRA BBB+    1750    Reaffirmed
Electronica Finance Ltd                 NCD                   ICRA BBB+    700     Reaffirmed
Electronica Finance Ltd                 Subordinated Debt     ICRA BBB+    300     Reaffirmed
                                        Programme
Gris Ceramic Llp                        FB TL                 ICRA B+      66.8    Withdrawn
Gris Ceramic Llp                        FB CC                 ICRA B+      30      Withdrawn
Kakinada Sez Ltd (Formerly              LT FB Bk Fac          ICRA B-      1500    Upgraded
Kakinada Sez Pvt Ltd)                                                              from       D
Kakinada Sez Ltd (Formerly              LT unallocated Bk Fac ICRA B-      625     Upgraded
Kakinada Sez Pvt Ltd)                   -                                          from       D
Nuevosol Energy Pvt Ltd                 LT - Fund Based/ CC   ICRA BB+     60      Revised from
                                                                                         BBB-
ISSUER NOT COOPERATING
Nuevosol Energy Pvt Ltd                 LT / ST – NonFund     ICRA BB+ /   23      Revised from
                                        Based                 ICRA A4+                   BBB- /
                                                                                   ICRA A3
ISSUER NOT COOPERATING
Sona Beverages Pvt Ltd                  FBL                   ICRA B-      100     Assigned
--------------------------------------------------------------------------------------------
$: 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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