May 22, 2018 / 11:02 AM / a month ago

RPT-ICRA ratings for Indian debt instruments-May 22

 (Repeating to add more ratings)
    May 22 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of May 21, 2018.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Anthem Biosciences Pvt. Ltd.            Non-FBL               ICRA A2+     121.1   Reaffirmed
Eurotex Industries And Exports          Non -Fund Based       ICRA A4      110     Reaffirmed
Ltd                                     –LC/BG/ Credit
                                        Exposure Limit/
                                        Forex Treasury 
                                        Limit
Kalthia Engineering And                 Non-FBL – BG          ICRA A2+     2350    Reaffirmed
Construction Ltd
Kalthia Infra Pvt Ltd                   Non-FBL – BG          ICRA A2+(SO) 20      Reaffirmed
Karnimata Cold Storage Ltd              Non Fund Based BG     ICRA A4      2       -
(Erstwhile Karnimata Cold
Storage Pvt Ltd)
(Rating moved to the (ISSUER NOT COOPERATING)
Kiran Energy Solar Power Pvt            Non-fund based – LOC  ICRA A3+&    250     -
Ltd
(Placed on ratings watch with developing implications)
Kosol Energie Pvt Ltd                   Non-FBL – LC,BG       ICRA         60      Reaffirmed
                                                              A2+(SO)
Maa Kali Alloys Udyog Pvt Ltd           Non Fund BasedBG      ICRA A4      5       -
(Rating continues to remain under (ISSUER NOT COOPERATING)
Mittal Ocean Trade Pvt. Ltd.            Non-FBL               ICRA A4      85      -
(Rating moved to the (ISSUER NOT COOPERATING)
Opg Business Centre Pvt Ltd             Non-FB Fac            ICRA A3      75      Reaffirmed
Ganesha Ecosphere Ltd                   FB/ non-fund based ST ICRA A2+     -       Reaffirmed
                                        Bk facilites
Ganesha Ecosphere Ltd                   ST fund- based Bk Fac ICRA A2+     35      Reaffirmed
Ganesha Ecosphere Ltd                   ST non-FB Bk facil    ICRA A2+     235     Reaffirmed
Gopal Sweets Pvtltd                     ST Working Capital FacICRA A3      50      -
(Reason for delay in carrying out periodic review:-Review in process)
Mittal Timber Store                     Non-FBL               ICRA A4      90      -
(ISSUER NOT COOPERATING)
Tagros Chemicals India Pvt Ltd          Fund Based            ICRA A1      1675    Upgraded
                                                                                   from ICRA A2+
Tagros Chemicals India Pvt Ltd          Non fund Based        ICRA A1      699.6   Upgraded
                                                                                   from ICRA A2+

LONG TERM RATINGS:
-------------------
Anthem Biosciences Pvt. Ltd.            FBL                   ICRA A-      675     Reaffirmed
Anthem Biosciences Pvt. Ltd.            TL                    ICRA A-      1794.5  Reaffirmed
Anthem Biosciences Pvt. Ltd.            Unallocated Limits    ICRA A-      40.8    Reaffirmed
Aplab Ltd                               Fund based – CC       ICRA D       128     -
(ISSUER NOT COOPERATING)
Cholamandalam Ms General                Subordinated debentureICRA AA      1000    Reaffirmed
Insurance Co. Ltd
D C Metals                              Fund based – CC       ICRA D       300     -
(ISSUER NOT COOPERATING)
Eurotex Industries And Exports          Fund Based - TL       ICRA BB-     18.8    Downgraded
Ltd                                                                                from ICRA BB
Eurotex Industries And Exports          Fund Based –CC/EPC    ICRA BB-     495     Downgraded
Ltd                                                                                from ICRA BB
Eurotex Industries And Exports          Unallocated Limits    ICRA BB-/    216.2   Downgraded
Ltd                                                           ICRA A4              from ICRA BB
                                                                                   / ICRA A4
Goldstar Metal Solutions Pvt            Fund based – CC       ICRA D       -       -
Ltd
(ISSUER NOT COOPERATING)
Goldstar Metal Solutions Pvt            Fund based – Packing  ICRA D       10      -
Ltd                                     Credit
(ISSUER NOT COOPERATING)
Kalthia Engineering And                 Fund based – TL       -            0       Reaffirmed
Construction Ltd
Kalthia Engineering And                 Proposed Unallocated  -            0       Reaffirmed
Construction Ltd                        Limits
Kalthia Engineering And                 Fund Based – CC       ICRA A-      350     Reaffirmed
Construction Ltd
Kalthia Infra Projects Pvt Ltd          Fund Based – TL       ICRA BBB+    1478.6  Assigned
Kalthia Infra Pvt Ltd                   Fund Based – TL       ICRA A-(SO)  89.7    Reaffirmed
Karnimata Cold Storage Ltd              Fund Based – TL       ICRA B       45.8    -
(Erstwhile Karnimata Cold
Storage Pvt Ltd)
(Rating moved to the (ISSUER NOT COOPERATING)
Karnimata Cold Storage Ltd              Fund Based – CC       ICRA B       62.2    -
(Erstwhile Karnimata Cold
Storage Pvt Ltd)
(Rating moved to the (ISSUER NOT COOPERATING)
Karnimata Cold Storage Ltd              Fund Based- Working   ICRA B       10      -
(Erstwhile Karnimata Cold               Capital Loan
Storage Pvt Ltd)
(Rating moved to the (ISSUER NOT COOPERATING)
Kerala Infrastructure                   LT Bond (proposed)    Provisional  35000   -
Investment Fund Board                                         ICRA A+(SO)
Kiran Energy Solar Power Pvt            FB - TL               ICRA BBB&    230     -
Ltd
(Placed on ratings watch with developing implications)
Kiran Renewables Pvt Ltd                Fund based-TL         ICRA BBB-&   250     -
(Placed on ratings watch with developing implications)
Kiran Solar One Pvt Ltd                 Fund based-TL         ICRA A&      550     -
(Placed on ratings watch with developing implications)
Kosol Energie Pvt Ltd                   Proposed Unallocated  -            0       Reaffirmed
                                        Limits
Kosol Energie Pvt Ltd                   Fund Based – CC       ICRA A-(SO)  60      Reaffirmed
Maa Kali Alloys Udyog Pvt Ltd           Fund Based – TL       ICRA B+      215     -
(Rating continues to remain under (ISSUER NOT COOPERATING)
Maa Kali Alloys Udyog Pvt Ltd           Fund Based – CC       ICRA B+      230     -
(Rating continues to remain under (ISSUER NOT COOPERATING)
Mittal Ocean Trade Pvt. Ltd.            FB Limits             ICRA B+      25      -
(Rating moved to the (ISSUER NOT COOPERATING)
Opg Business Centre Pvt Ltd             FB – CC               ICRA BBB-    50      Reaffirmed
Opg Business Centre Pvt Ltd             FB – TL               ICRA BBB-    92      Reaffirmed
Opg Business Centre Pvt Ltd             Unallocated           ICRA BBB-/   89.3    Reaffirmed
                                                              ICRA A3
Palak Ferro Alloys                      Fund based – CC       ICRA D       61      -
(ISSUER NOT COOPERATING)
Sankalp Engineering And                 Fund based – CC Fund  ICRA D       450     -
Services Pvt Ltd (Erstwhile             based – CC
Sankalp Forgings Pvt Ltd)
(ISSUER NOT COOPERATING)
Sparkle Terminal And Towage             NCD                   Provisional  1000    -
Services Ltd                                                  ICRA
                                                              AA-(SO)
Tamil Nadu Urban Development            Term-loan (proposed)  Provisional  1000    Assigned
Fund                                                          ICRA A(SO)
Darvesh Constructionspvt Limite         Fund Based            ICRA B+      300     -
(Reason for delay in carrying out periodic review:Issuer not cooperating
Ganesha Ecosphere Ltd                   LT FB Bk Fac (TL)     ICRA A-      253.4   Reaffirmed
Ganesha Ecosphere Ltd                   LT FB Bk Fac (Working ICRA A-      1250    Reaffirmed
                                        Capital)
Ganesha Ecosphere Ltd                   LT/ST – Unallocation  ICRA A- /A2+ 356.6   Reaffirmed
Gopal Sweets Pvtltd                     TL Fac                ICRA BBB-    140     -
(Reason for delay in carrying out periodic review:-Review in process)
Kalthia Infra-Con Pvt Ltd               Fund Based –TL        ICRA A-      509.2   Reaffirmed
Kiransuryaprakash India Pvt             Fund bas ed-Term Loan ICRA A-&     330     -
Limited
&: ratings watch with developing implications
M/S Karun Rice & General Mills          LT Fund Based/CC      ICRA B       65      -
(ISSUER NOT COOPERATING)
M/S Karun Rice & General Mills          LT Unallocated        ICRA B       5       -
(ISSUER NOT COOPERATING)
Mahavir Trading Co                      Bk Loans              ICRA B+      70      -
(Reason for delay in carrying out periodic review-Issuer not co-operating)
Mittal Timber Store                     FB Limits             ICRA B+      20      -
(ISSUER NOT COOPERATING)
Navalakha Transline                     Bk Loan Rating        ICRA BB+     250     -
(Reason for delay in carrying out periodic review-Issuer delayed in giving information)
Origo Commodities India Pvt Ltd         FBLimits -Sales Bill  ICRA BBB-    150     -
                                        Discounting
(ISSUER NOT COOPERATING)
Origo Commodities India Pvt Ltd         Unallocated           ICRA BBB-    50      -
(ISSUER NOT COOPERATING)
Origo Commodities India Pvt Ltd         Fund -based           ICRA BBB-    -       -
                                        Sub-limits -CC#
(ISSUER NOT COOPERATING) / #These facilities are sub-limits of sales bill discounting
Origo Commodities India Pvt Ltd         Fund -based           ICRA BBB-    -       -
                                        Sub-limits -Working
                                        Capital Demand Loan#
(ISSUER NOT COOPERATING) / #These facilities are sub-limits of sales bill discounting
Origo Commodities India Pvt Ltd         Non-fund              ICRA BBB-/A3 -       -
                                        BasedSub-limits -BG#
(ISSUER NOT COOPERATING) / #These facilities are sub-limits of sales bill discounting
Pluto Plaza Pvt Ltd                     Bk Fac                ICRA B+      350     ISSUER NOT
                                                                                   COOPERATING*
*moved to Issuer not cooperating category due to non-submission of monthly ‘No Default
Statement’ (“NDS”) by the entity
Satin Creditcare Network Ltd -          PTC Series A          Provisional  2193.5  Confirmed as
Basil Trust January 2018                                      ICRA A-              Final
Satin Creditcare Network Ltd -          PTC Series A1         Provisional  680.2   Confirmed as
Eddard Mfl Northern Arc 2018                                  ICRA A               Final
Satin Creditcare Network Ltd -          PTC Series A2         Provisional  24      Confirmed as
Eddard Mfl Northern Arc 2018                                  ICRA BBB+            Final
Shah Laxmi Narayan Satish               Long term-Fund        ICRA B+      35      -
Chandra Exim Pvt Ltd                    Based/CC
(ISSUER NOT COOPERATING)
Shah Laxmi Narayan Satish               LT/ ST-Non Fund       ICRA B+/A4   64.5    -
Chandra Exim Pvt Ltd                    Based
(ISSUER NOT COOPERATING)
Solarfield Energy Pvt Ltd               Fund based-TL         ICRA A-&     1550    -
&: ratings watch with developing implications
Solarfield Energy Two Pvt Ltd           Fund based-TL         ICRA A-&     210     -
&: ratings watch with developing implications
Spandana Sphoorty Financial Ltd         NCD Programme         ICRA BBB+    5850    Upgraded
                                                                                   from ICRA BBB
Spandana Sphoorty Financial Ltd         LT Bk Fac             ICRA BBB+    5000    Upgraded
                                                                                   from ICRA BBB
Tagros Chemicals India Pvt Ltd          TL                    ICRA A       2690.4^ Upgraded
                                                                                   from ICRA A-
^ includes USD 16.0 million FCTL, the rupee equivalent amount of Rs. 107.54 crore dated May 11,
2018 has been included in limits
Tagros Chemicals India Pvt Ltd          CC                    ICRA A       50      Upgraded
                                                                                   from ICRA A-
Tagros Chemicals India Pvt Ltd          Unallocated           ICRA A/A1    388.9   Upgraded
                                                                                   from ICRA
                                                                                   A-/A2+
Witmans Industries Pvt Ltd              BLR                   ICRA BBB-/A3 401.7   -
Reason for delay in carrying out periodic review. -Review process is underway
 
--------------------------------------------------------------------------------------------
$: 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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