March 5, 2019 / 11:37 AM / 7 months ago

RPT-ICRA ratings for Indian debt instruments-Mar 5

 (Repeating to add additional ratings as of March 1 and 4 2019)
   Mar 5 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of March 1 and 4 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Abt Industries Ltd                      ST: Non-FBL           ICRA A4+     7.5     Outstanding
Bajaj Electricals Ltd                   ST - FBL              ICRA A1+     3150    Outstanding
Bajaj Electricals Ltd                   ST – CP               ICRA A1+     5000    Outstanding
Concord Biotech Ltd                     ST non-fund based LOC ICRA A1+     60      Assigned
Golden Star Facilities And              ST fund based         ICRA A1+     -       Reaffirmed
Services Pvt Ltd                        (sublimit)            (SO)
Golden Star Facilities And              ST non-fund based     ICRA A1+     -       Reaffirmed
Services Pvt Ltd                        (sublimit)            (SO)
H.G. Infra Engineering Ltd              Non-fund Based - BG   ICRA A1      10000   Reaffirmed
H.G. Infra Engineering Ltd              Non-fund Based -      ICRA A1      800     Reaffirmed
                                        Proposed BG
Indutch Composites Technology           Non-fund based        ICRA A3+     170     Assigned
Pvt. Ltd.                               Working Capital Fac
Jaina Mobile India Pvt Ltd              ST- Unallocated       ICRA A3+     20      Rating
                                                                                   revised from
                                                                                   ICRA A2+
Mitc Rolling Mills Pvt Ltd              ST - Fund Based       ICRA A2+     120     Upgraded
                                                                                   from ICRA A2
Mitc Rolling Mills Pvt Ltd              ST - Non-Fund Based   ICRA A2+     250     Upgraded
                                                                                   from ICRA A2
Mitc Rolling Mills Pvt Ltd              ST Unallocated        ICRA A2+     6.9     Upgraded
                                                                                   from ICRA A2
Orange Charanka Solar Energy            Non-fund Based – BG   ICRA A2+     56.3    Upgraded
Pvt Ltd                                                                            from ICRA A2
Qdigi Services Ltd                      Non-fund Based -      ICRA A1+(SO) 200     Reaffirmed
                                        Working Capital Fac
Repco Home Finance Ltd                  CP                    ICRA A1+     8000    Reaffirmed
Rossell India Ltd                       Non FBL               ICRA A2      25      Reaffirmed
Singhal Strips Ltd                      ST – LOC              ICRA D       150     Revised from
                                                                                   ICRA A4+
Texport Industries Pvt Ltd              ST: FB Fac            ICRA A2+     2250    Reaffirmed
Texport Industries Pvt Ltd              ST: Non-FB Fac        ICRA A2+     100     Reaffirmed
Trans Tyres (India) Pvt Ltd             Non-fund based-LOC    ICRA A4+     20      Reaffirmed
Trans Tyres (India) Pvt Ltd             Non-fund              ICRA A4+     7.5     Reaffirmed
                                        based-Forward Contract
Trans Tyres (India) Pvt Ltd             Non-fund              ICRA A4+     182.5   Reaffirmed
                                        based-Unallocated
                                        Limit
Ufo Moviez India Ltd                    ST, Non-FB Fac        ICRA A1+     100     Outstanding
Dixon Technologies (India) Ltd          FB - Working Capital  ICRA A1+     500     outstanding
(Erstwhile Dixon Technologies           Fac
(India) Pvt Ltd)
Dixon Technologies (India) Ltd          Non-fund Based -      ICRA A1+     2350
(Erstwhile Dixon Technologies           Working Capital Fac
(India) Pvt Ltd)                        (ST scale)
Assigned/ outstanding
Dixon Technologies (India) Ltd          Non-fund Based -      ICRA A1+     1500    outstanding
(Erstwhile Dixon Technologies           Working Capital Fac
(India) Pvt Ltd)                        (ST scale - Interchangeable) ^
^ between non-fund based and fund based
Dixon Technologies (India) Ltd          CP                    ICRA A1+     250     outstanding
(Erstwhile Dixon Technologies
(India) Pvt Ltd)
Jaina India Pvt Ltd                     Proposed ST Bk Fac    ICRA A3+     7000
Rating revised to Provisional       A3+ from Provisional       2+
Jaina Marketing & Associates            ST non-fund based     ICRA A3+     5080
Rating revised from ICRA A2+
Jaina Marketing & Associates            ST - unallocated      ICRA A3+     1920
Rating revised from ICRA A2+
Maestro Fashions                        Non-fund based        ICRA A4+     5       Reaffirmed
                                        facility
Mecon Ltd                               Working Capital       ICRA A2      400     Reaffirmed
                                        Facility – Secured
                                        Overdraft
Nelcast Ltd                             ST FB Limits          ICRA A1+     180     Reaffirmed
Nelcast Ltd                             ST Non-FBL            ICRA A1+     90      Reaffirmed
Nelcast Ltd                             CP Programme (CP)     ICRA A1+     300     Reaffirmed
Shri Ramalinga Mills Ltd                Non-fund              ICRA A4      155     Reaffirmed
                                        Based-Working Capital
                                        Fac
Suryoday Small Finance Bank Ltd         CD programme          ICRA A1+     1300
Upgraded from ICRA A1
T.K. Engineering Consortium             Non-FB Fac – BG       ICRA C and   2320
Pvt Ltd                                                       ICRA A4
revised from ICRA B and ICRA A4; ratings removed from ‘Issuer Not Cooperating’ category
T.K. Engineering Consortium             Unallocated Limits    ICRA C and   200
Pvt Ltd                                                       ICRA A4
revised from ICRA B and ICRA A4; ratings removed from ‘Issuer Not Cooperating’ category

MEDIUM TERM RATINGS:
-------------------
Suryoday Small Finance Bank Ltd         Fixed deposit         MA+          -       outstanding
                                        programme
LONG TERM RATINGS:
-------------------
Abt Industries Ltd                      LT: Non-Convertible   ICRA BB+     100     Reaffirmed
                                        debt
Abt Industries Ltd                      LT: TL                ICRA BB+     246.7   Outstanding
Abt Industries Ltd                      LT: FBL               ICRA BB+     450     Outstanding
Abt Industries Ltd                      LT: Non-FBL           ICRA BB+     6.5     Outstanding
Abt Industries Ltd                      LT: Unallocated       ICRA BB+     108.5   Outstanding
Bajaj Electricals Ltd                   LT - TL               ICRA A+      200     Outstanding
Bajaj Electricals Ltd                   LT - FBL              ICRA A+      3797    Outstanding
Bajaj Electricals Ltd                   LT-NCD programme      ICRA A+      2000    Final rating
Bajaj Electricals Ltd                   LT/ST - Non-FBL       ICRA A+ /    27003   Outstanding
                                                              ICRA A1+
Bajaj Electricals Ltd                   LT/ST - Fund          ICRA A+ /    13275   Outstanding
                                        Based/NonFBL          ICRA A1+;
Bajaj Electricals Ltd                   LT-NCD programme      Provisional  1500    Outstanding
                                                              ICRA A+
Concord Biotech Ltd                     LT FB TL (Proposed)   ICRA AA-     1000    assigned
                                                                                   /outstanding
Concord Biotech Ltd                     LT FB CC              ICRA AA-     200     Assigned
Golden Star Facilities And              LT Fund Based         ICRA AA (SO) 240     Upgraded
Services Pvt Ltd                                                                   from ICRA
                                                                                   AA- (SO)
H.G. Infra Engineering Ltd              FB - CC               ICRA A       1200    Reaffirmed
H.G. Infra Engineering Ltd              FB - Proposed CC      ICRA A       100     Reaffirmed
Indutch Composites Technology           LT FB (TL)            ICRA BBB     320     Assigned
Pvt. Ltd.
Indutch Composites Technology           FB Working Capital FacICRA BBB     250     Assigned
Pvt. Ltd.
Jaina Mobile India Pvt Ltd              LT fund based         ICRA BBB     400     Rating
                                                                                   revised from
                                                                                   ICRA A
Kims Hospital Enterprises Pvt.          FB - CC               ICRA A (SO)  40      Reaffirmed
Ltd.
Kims Hospital Enterprises Pvt.          FB - TL               ICRA A (SO)  360     Reaffirmed
Ltd.
Krishna Institute Of Medical            FB - CC               ICRA A       500     Reaffirmed
Sciences Ltd
Krishna Institute Of Medical            FB - TL               ICRA A       1925.3  Reaffirmed
Sciences Ltd
Krishna Institute Of Medical            LT/ST Non-FBL         ICRA A/ICRA  36      Reaffirmed
Sciences Ltd                                                  A1
Krishna Institute Of Medical            Unallocated Limits    ICRA A/ICRA  838.7   Reaffirmed
Sciences Ltd                                                  A1
Mapsko Builders Pvt Ltd                 LT FB TL              ICRA B+      2420    Withdrawn
Mapsko Builders Pvt Ltd                 LT FB working capital ICRA B+      100     Withdrawn
Mapsko Builders Pvt Ltd                 LT non-FBL            ICRA B+      300     Withdrawn
Mapsko Builders Pvt Ltd                 LT unallocated limits ICRA B+      1180    Withdrawn
Master Staffing Solutions Pvt           Fund Based - Working  ICRA AA(SO)  90      Upgraded
Ltd                                     Capital Fac                                from ICRA
                                                                                   AA-(SO);
Mitc Rolling Mills Pvt Ltd              LT - Fund Based       ICRA BBB+    500     Upgraded
                                                                                   from ICRA BBB
Orange Charanka Solar Energy            CC                    ICRA A-      50      Upgraded
Pvt Ltd                                                                            from ICRA
                                                                                   BBB+
Qdigi Services Ltd                      CC                    ICRA AA(SO)  100     Upgraded
                                                                                   from ICRA
                                                                                   AA-(SO);
Ratabhe Renewable Energy Pvt            Issuer rating         ICRA BBB+    -       Withdrawn
Ltd
Repco Home Finance Ltd                  LT Bk Fac             ICRA AA-     15000   Reaffirmed
Repco Home Finance Ltd                  NCD                   ICRA AA-     -       Withdrawn*
^ICRA has withdrawn the long-term rating of       AA-(Stable) for RHFL’s 
non-convertible debenture (NCD) programmes aggregating Rs. 500.00 crore, 
at the request of the company, as there is no amount outstanding 
against these instruments.
Rossell India Ltd                       Fund Based – TL       ICRA BBB+    120     Downgraded
                                                                                   from ICRA A-
Rossell India Ltd                       Fund Based – Working  ICRA BBB+    1200    Downgraded
                                        capital limits                             from ICRA A-
Shrem Resort Pvt Ltd                    TL                    ICRA BBB-    1400    Reaffirmed
Shrem Resort Pvt Ltd                    LT, FB limit          ICRA BBB-    20      Reaffirmed
Singhal Strips Ltd                      Fund based - CC       ICRA D       420     Revised from
                                                                                   ICRA BB+
Texport Industries Pvt Ltd              LT: Term-loans        ICRA A-      710     Reaffirmed
The Oriental Insurance Company          CPA                   iAAA         -       Reaffirmed
Ltd.
The Oriental Insurance Company          Proposed Subordinated ICRA AAA     7500    Assigned
Ltd.                                    Debt Programme
Trans Tyres (India) Pvt Ltd             Fund based- CC        ICRA BB      40      Reaffirmed
Ufo Moviez India Ltd                    Long-TL               ICRA AA-     870     Outstanding
Ufo Moviez India Ltd                    LT, FB Fac            ICRA AA-     300     Outstanding
Usha Microns Pvt Ltd                    Issuer Rating         ICRA BB      -       Assigned
World Steeltech (India) Pvt.            Fund based- CC        ICRA D       40      Withdrawn
Ltd.
(Issuer Not Cooperative)
World Steeltech (India) Pvt.            Fund based-TL         ICRA D       58      Withdrawn
Ltd.
(Issuer Not Cooperative)
World Steeltech (India) Pvt.            Non- Fund based- BG   ICRA D       15      Withdrawn
Ltd.
(Issuer Not Cooperative)
Aravon Services Pvt Ltd                 LT: Fund based / CC   ICRA AA (SO) 70
Upgraded to ICRA AA (SO) from ICRA AA- (SO); outlook changed to Stable from Positive
Dixon Technologies (India) Ltd          FB -TL                ICRA A+      75      outstanding
(Erstwhile Dixon Technologies
(India) Pvt Ltd)
Dixon Technologies (India) Ltd          Unallocated Bk Fac    ICRA A+      20      Assigned
(Erstwhile Dixon Technologies                                 /ICRA A1+
(India) Pvt Ltd)
Jaina India Pvt Ltd                     Proposed LT Bk Fac    ICRA BBB     2000
Rating revised to Provisional       BBB from Provisional       A-; outlook changed from stable
to negative
Jaina Marketing & Associates            LT fund based         ICRA BBB     1200
Rating revised to       BBB from       A-; outlook changed from stable to negative
Jaina Marketing & Associates            LT- unallocated       ICRA BBB     800
Rating revised to       BBB from       A-; outlook changed from stable to negative
Kgi Clothing Pvt Ltd                    FB – LT               ICRA D       82
Downgraded from ICRA BB-
Kgi Clothing Pvt Ltd                    FB – ST               ICRA D       85
Downgraded from ICRA A4
Kgi Clothing Pvt Ltd                    Non FB – ST           ICRA D       6
Downgraded from ICRA A4
Kgi Clothing Pvt Ltd                    LT/ST – Unallocated   ICRA D       27
Downgraded from ICRA BB- / ICRA A4
Maestro Fashions                        CC                    ICRA BB+     105     Reaffirmed
Mecon Ltd                               Non-fund based - LOC  ICRA BBB     100     Reaffirmed
Mecon Ltd                               Non-fund based - BG   ICRA BBB     3600    Reaffirmed
Mecon Ltd                               Unallocated Limits –  ICRA BBB     990     Reaffirmed
                                        LT/Short - Term       /ICRA A2
Mfx Infotech Pvt Ltd                    LT: Fund based / CC   ICRA AA (SO) 60
Upgraded to ICRA AA (SO) from ICRA AA- (SO); outlook changed to Stable from Positive
Nelcast Ltd                             LT FB Limits          ICRA A+      720
Reaffirmed; outlook revised to Stable from Positive
Nelcast Ltd                             LT/ST FB sub-limits   ICRA         -
                                                              A+/ICRA A1+
Reaffirmed; outlook to Stable from Positive
Nelcast Ltd                             Proposed LT/ST FB     ICRA         180
                                        Limits                A+/ICRA A1+
Reaffirmed; outlook to Stable from Positive
Orra Fine Jewellery Pvt Ltd             LT/ ST,               ICRA A-(SO)  1200    Reaffirmed
                                        Fundbased/Non-FB Fac  / ICRA
                                                              A2+(SO)
Quesscorp Holdings Pte. Ltd.            TL                    ICRA AA      1110
                                                              (SO)
Upgraded to ICRA AA (SO) from ICRA AA- (SO); outlook changed to Stable from Positive
Sai Marine Exports Pvt Ltd              LT - Fund Based/ CC   ICRA BBB     575     Withdrawn
Issuer Not Cooperating
Sai Marine Exports Pvt Ltd              LT - Non Fund Based   ICRA BBB     65      Withdrawn
Issuer Not Cooperating
Sai Marine Exports Pvt Ltd              LT / ST - Non Fund    ICRA         50      Withdrawn
                                        Based                 BBB/ICRA A3+
Issuer Not Cooperating
Sai Marine Exports Pvt Ltd              LT / ST - Unallocated ICRA         3.5     Withdrawn
                                        LT fund based         BBB/ICRA A3+
Issuer Not Cooperating
Shri Ramalinga Mills Ltd                FB -TL                ICRA BB-     120.4
Downgraded from ICRA BB
Shri Ramalinga Mills Ltd                FB - Working Capital  ICRA BB-     1120
                                        Fac
Downgraded from ICRA BB
Shri Ramalinga Mills Ltd                Unallocated limits    ICRA BB-     735.8
Downgraded from ICRA BB
Suryoday Small Finance Bank Ltd         LT Bk lines           ICRA A       -       Withdrawn
Suryoday Small Finance Bank Ltd         NCD                   ICRA A       -       Withdrawn
Suryoday Small Finance Bank Ltd         NCD                   ICRA A       600     outstanding
Suryoday Small Finance Bank Ltd         Subordinated debt     ICRA A       500     outstanding
                                        programme
T.K. Engineering Consortium             FBL – CC              ICRA C       280
Pvt Ltd
Downgraded from ICRA B; ratings removed from ‘Issuer Not Cooperating’ category
The Industrial Development              FB Limit – CC         ICRA B+      100     Withdrawn
Corporation Of Odisha Ltd.
--------------------------------------------------------------------------------------------
$: 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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