May 29, 2018 / 10:52 AM / 22 days ago

RPT-ICRA ratings for Indian debt instruments-May 29

 (Repeating to add additional ratings as of May 28, 2018)
    May 29 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of May 28, 2018.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Art India                               ST Fund Based         ICRA A4      36      Withdrawn
Asian Construction Company              BG                    ICRA A3      450     Assigned
Canara Bank                             CDs Programme         ICRA A1+     -
^ Amount outstanding as on March 31, 2018
Dwarka Das Agarwal                      Unallocated           ICRA A4      13      -
Reason for delay in carrying out periodic review:- Issuer not cooperating
Dwarka Das Agarwal                      ST fund based         ICRA A4      40      -
Reason for delay in carrying out periodic review:- Issuer not cooperating
Ess Gee Trendz Pvt Ltd                  Ess Gee Trendz        ICRA A4      20      -
                                        Private Limited
Reason for delay in carrying out periodic review:- Issuer delayed in giving information
Genus Electrotech Ltd                   Non Fund Based – LOC  ICRA A2      932     Reaffirmed
Jay Laxmi Poly Plast                    LOC                   ICRA A4      5       -
(ISSUER NOT COOPERATING)
Jet Airways (India) Ltd                 ST, Non-fund Based    ICRA A4+     39500   Downgraded
                                                                                   from ICRA A3
-
Jyoti Vincom Pvt Ltd                    Non FBL – BG          ICRA A4      1.8     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Kuna Impex Pvt. Ltd.                    Non-FBL               ICRA A4      45      -
Reason for delay in carrying out periodic review.
- Review process is underway
Muthoot Homefin (India) Ltd             CP Programme          ICRA A1+     5000    Assigned
Pioneer Polyleathers Ltd                Non-fund Based LOC    ICRA A1+     350     outstanding
Pioneer Polyleathers Ltd                Proposed CPs          ICRA A1+     350     Withdrawn
Strides Shasun Ltd                      ST FB Fac             ICRA A1      8900    Reaffirmed
Strides Shasun Ltd                      ST non-FB Fac         ICRA A1      5200    Reaffirmed
Strides Shasun Ltd                      Unallocated Fac       ICRA A1      6244.1  Reaffirmed
Subburaaj Cotton Mill Pvt Ltd           ST FB Fac             ICRA A4+     67.5    Upgraded
                                                                                   from ICRA A4
Subburaaj Cotton Mill Pvt Ltd           ST interchangeable    ICRA A4+     125     Upgraded
                                        limits                                     from ICRA A4
Shree Geeta Textile Mills Pvt           ST/LT Non-FBL Name of ICRA B/A4    17.5    Withdrawn
Ltd                                     the rated entity
United Brothers Multiplast Llp          Fund based – Bill     ICRA A4      400     -
(Erstwhile United Brothers)             Discounting
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
United Brothers Multiplast Llp          Non-Fund based - BG   ICRA A4      60      -
(Erstwhile United Brothers)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Veebee Yarnntex Pvt Ltd                 ST FB Fac             ICRA A4+     60      Upgraded
                                                                                   from ICRA A4
Veebee Yarnntex Pvt Ltd                 ST interchangeable    ICRA A4+     156.2   Upgraded
                                        limits                                     from ICRA A4
V-Mart Retail Ltd                       Non-FBL FB limits     ICRA A1+     150     Outstanding
                                        Non-FBL Untied limits                      / Assigned

MEDIUM TERM RATINGS:
-------------------
Aryan Paper Mills Pvt Ltd               Medium Term- Fixed    ICRA MA-     -       -
                                        Deposit Programme
Reason for delay in carrying out periodic review.- Review process is underway

LONG TERM RATINGS:
-------------------
Abamp;Co Global Pvt Ltd                 Fund based - CC       ICRA D       -       -
(Rating moved to the ‘Issuer Not Cooperating’ category)
Abamp;Co Global Pvt Ltd                 Fund based – Buyers   ICRA D       -       -
                                        Credit
(Rating moved to the ‘Issuer Not Cooperating’ category)
Abamp;Co Global Pvt Ltd                 Non-Fund Based – LOC  ICRA D       500     -
(Rating moved to the ‘Issuer Not Cooperating’ category)
Abamp;Co Global Pvt Ltd                 Non-Fund Based – BG   ICRA D       -       -
(Rating moved to the ‘Issuer Not Cooperating’ category)
Agrawal Oil And General                 Fund based-CC         ICRA D,      100     -
Industries
(Rating moved to the ‘Issuer Not Cooperating’ category)
Allcargo Logistics Ltd                  Proposed NCD 125      ICRA AA      1250    Reaffirmed
                                        Programme
Antique Cottex Pvt Ltd                  FB limits             ICRA B+      75.2    -
(Reason for delay in carrying out periodic review:- Issuer not cooperating)
Antique Cottex Pvt Ltd                  Unallocated Limits    ICRA B+/     6.6     -
                                                              ICRA A4
(Reason for delay in carrying out periodic review:- Issuer not cooperating)
Art India                               LT Fund Based         ICRA BB-     15.8    Withdrawn
Ashritha Health Care Pvt Ltd            LT – TL               ICRA D       96.5    -
(ISSUER NOT COOPERATING)
Asian Construction Company              Overdraft             ICRA BBB-    275     Assigned
Canara Bank                             Additional Tier-I     ICRA AA      15000
                                        Bonds Programme –     (hyb)
                                        Basel III 1,500
Canara Bank                             Lower Tier-II Bonds   ICRA AAA     3250
                                        Programme
Canara Bank                             Tier-II Bonds         ICRA AAA     79000
                                        Programme – Basel III (hyb)
Dwarka Das Agarwal                      LT fund based         ICRA BB      12      -
(Reason for delay in carrying out periodic review:- Issuer not cooperating)
Ess Gee Trendz Pvt Ltd                  Ess Gee Trendz        ICRA BB-     210     -
                                        Private Limited
Reason for delay in carrying out periodic review:- Issuer delayed in giving information
Four Wheels Auto Pvt Ltd                LT fund based         ICRA B+      100     -
Reason for delay in carrying out periodic review.
- Review process is underway
Genus Electrotech Ltd                   Fund Based – TL       ICRA BBB     330     Reaffirmed
Genus Electrotech Ltd                   Fund Based – CC       ICRA BBB     888     Reaffirmed
Genus Electrotech Ltd                   Non Fund Based – BG   ICRA BBB     180     Reaffirmed
Golden Tobacco Ltd                      Fund based - CC       ICRA D       443     -
(Rating moved to the ‘Issuer Not Cooperating’ category)
Golden Tobacco Ltd                      Fund based – TL       ICRA D       65      -
(Rating moved to the ‘Issuer Not Cooperating’ category)
Golden Tobacco Ltd                      Non-Fund Based        ICRA D       30      -
(Rating moved to the ‘Issuer Not Cooperating’ category)
Hll Medipark Ltd                        LT, Proposed Bk Fac   Provisional  750     -
                                                              ICRA BBB+
                                                              (S)
Jay Laxmi Poly Plast                    TL                    ICRA B+      54.6    -
(ISSUER NOT COOPERATING)
Jay Laxmi Poly Plast                    CC                    ICRA B+      39.5    -
(ISSUER NOT COOPERATING)
Jay Laxmi Poly Plast                    Unallocated           ICRA B+/A4   0.9     -
(ISSUER NOT COOPERATING)
Jet Airways (India) Ltd                 NCD Programme         ICRA BB+     6989    Downgraded
                                                                                   from ICRA
                                                                                   BBB-
Jet Airways (India) Ltd                 Long-TL               ICRA BB+     35747   Downgraded
                                                                                   from ICRA
                                                                                   BBB-
Jet Airways (India) Ltd                 LT, FB Fac            ICRA BB+     6450    Downgraded
                                                                                   from ICRA
                                                                                   BBB-
Jet Airways (India) Ltd                 LT, Non-fund Based    ICRA BB+     6000    Downgraded
                                        Fac                                        from ICRA
                                                                                   BBB-
Jyoti Vincom Pvt Ltd                    FBL – TL              ICRA B-      88.2    -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Jyoti Vincom Pvt Ltd                    FBL – CC (OLF)        ICRA B-      63      -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Jyoti Vincom Pvt Ltd                    FBL – CC (R/E)        ICRA B-      8       -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Jyoti Vincom Pvt Ltd                    Untied Limit          ICRA B-      4       -
                                                              /ICRA A4
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Khed Economic Infrastructure            Long-TL               ICRA BB      4300    Reaffirmed
Pvt Ltd
Khed Economic Infrastructure            LT unallocated        ICRA BB      1810    Reaffirmed
Pvt Ltd
Kuna Impex Pvt. Ltd.                    FB limits             ICRA B+      54.8    -
Reason for delay in carrying out periodic review:
- Issuer not cooperating
Muthoot Homefin (India) Ltd             LT FB Bk Lines        ICRA AA-     6000    outstanding
Muthoot Homefin (India) Ltd             NCD Programme         ICRA AA-     4000    outstanding
Nirankar Cottex                         FB-TL                 ICRA B+      50      -
(Rating moved to the ‘Issuer Not Cooperating’ category)
Nirankar Cottex                         FB-CC Fund based – CC ICRA B+      60      -
(Rating moved to the ‘Issuer Not Cooperating’ category)
Orient Constructions Pvt Ltd            Bk Fac                ICRA BB+ /   250     -
                                                              ICRA A4+
Reason for delay in carrying out periodic review:
- Issuer not cooperating
Parvati Solvent Extraction Pvt          Fund based - CC       ICRA D       100     -
Ltd
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Parvati Solvent Extraction Pvt          Fund Based – TL       ICRA D       27.1    -
Ltd
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Patwari Steels Pvt Ltd                  Fund Based –          ICRA D       8.1     -
                                        Corporate Loan
Rating moved to ‘Issuer Not Cooperating’ category
Patwari Steels Pvt Ltd                  Fund Based – CC       ICRA D       110     -
Rating moved to ‘Issuer Not Cooperating’ category
Patwari Steels Pvt Ltd                  Fund Based – stand by ICRA D       7.2     -
                                        line of credit
Rating moved to ‘Issuer Not Cooperating’ category
Patwari Steels Pvt Ltd                  Untied limits         ICRA D       11.7    -
Rating moved to ‘Issuer Not Cooperating’ category
Pioneer Polyleathers Ltd                LT FB TL              ICRA A+      280     outstanding
Pioneer Polyleathers Ltd                LT FB CC              ICRA A+      480     outstanding
Pioneer Polyleathers Ltd                Non-fund Based BG     ICRA A+      15      outstanding
Pioneer Polyleathers Ltd                Proposed Bk Fac       ICRA A+      75      outstanding
Pioneer Polyleathers Ltd                FB/Non-fund based     ICRA A+      50      outstanding
                                                              /ICRA A1+
Prabhu Agarwalla Construction           Bk Fac                ICRA BB /    900     -
Pvt Ltd                                                       ICRA A4
Reason for delay in carrying out periodic review:
- Issuer not cooperating
Precision Engineering                   Bk Fac                ICRA D /     120     -
Corporation                                                   ICRA D
(Reason for delay in carrying out periodic review:- Issuer not cooperating)
Ramani Hotels Ltd                       Fund based-TL         ICRA B       186.4   -
(Rating moved to the ‘Issuer Not Cooperating’ category)
Ramani Hotels Ltd                       Fund based-CC         ICRA B       155     -
(Rating moved to the ‘Issuer Not Cooperating’ category)
Ramani Hotels Ltd                       Unallocated Limit     ICRA B /     38.6    -
                                                              ICRA A4
Ratings moved to the ‘Issuer Not Cooperating’ category
Rich Prints Pvt Ltd                     LT FB limits          ICRA BB-     196.7   Withdrawn
Shree Ambika Sugars Ltd                 Fund basedTL          ICRA B       346.3   -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Shree Ambika Sugars Ltd                 Fund based-CC         ICRA B       5276.7  -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Shree Geeta Textile Mills Pvt           LT FBL                ICRA B       569.6   Withdrawn
Ltd
Shree Hari Industries                   LT Fund Based - CC    ICRA BB+     180     -
(Reason for delay in carrying out periodic review:- Issuer not cooperating)
Shree Khodiyar Oil Industries           Fund based-CC         ICRA D       150     -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Strides Shasun Ltd                      TL                    ICRA A+      10946   Reaffirmed
Subburaaj Cotton Mill Pvt Ltd           Non-FB Fac            -            0       -
Subburaaj Cotton Mill Pvt Ltd           FB TL                 ICRA BB+     35.8    Upgraded
                                                                                   from ICRA BB
Subburaaj Cotton Mill Pvt Ltd           LT FB Fac             ICRA BB+     360     Upgraded
                                                                                   from ICRA BB
Subburaaj Cotton Mill Pvt Ltd           Unallocated           ICRA BB+     201.1   Upgraded
                                                                                   from ICRA BB
Syndicate Bank                          Tier II Bonds         ICRA AA+     32500
                                        Programme – Basel III (hyb)
United Brothers Multiplast Llp          Fund based - CC       ICRA BB-     70      -
(Erstwhile United Brothers)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Veebee Yarnntex Pvt Ltd                 Non-FB Fac            -            0       -
Veebee Yarnntex Pvt Ltd                 FB TL                 ICRA BB+     434.7   Upgraded
                                                                                   from ICRA BB
Veebee Yarnntex Pvt Ltd                 LT FB Fac             ICRA BB+     425     Upgraded
                                                                                   from ICRA BB
Veebee Yarnntex Pvt Ltd                 Unallocated           ICRA BB+     316.3   Upgraded
                                                                                   from ICRA BB
V-Mart Retail Ltd                       CC                    ICRA A+      1100    Outstanding
                                                                                   / Assigned
Z V Steels Pvt Ltd                      Bk loans              ICRA B+/     180     -
                                                              ICRA A4
(Reason for delay in carrying out periodic review:- Issuer not cooperating)
Ranga Overseas Private Limited          Bank loan ratings     ICRA BB/ A4  120
Issuer not cooperating; Issuer delayed in giving information
--------------------------------------------------------------------------------------------
$: 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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