May 8, 2019 / 11:12 AM / 2 months ago

RPT-ICRA ratings for Indian debt instruments-May 8

 (Repeating to add additional ratings as of May 7, 2019)
    May 8 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of May 7, 2019.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Axis Asset Management Co. Ltd           Axis Ultra ST Fund    ICRA A1+mfs  -       Assigned
Axis Asset Management Co. Ltd           Axis ST Fund          ICRA AAAmfs  -       Outstanding
Axis Asset Management Co. Ltd           Axis Liquid Fund      ICRA A1+mfs  -       Outstanding
Axis Asset Management Co. Ltd           Axis Treasury         ICRA A1+mfs  -       Outstanding
                                        Advantage Fund
Geetanjali University                   BG                    ICRA A3      200     -
Issuer not cooperating
Hindustan Copper Ltd                    CP                    ICRA A1+     100     Reaffirmed
Nahar Capital And Financial             CP Programme          ICRA A1+     250     Reaffirmed
Services Ltd
Ocean Sparkle Ltd                       Non-fund Based        ICRA A1+     1430    Reaffirmed
                                        Working Capital Fac
Sundaram Alternate Assets Ltd           Fund Management       AMC Quality  -       Assigned
                                        Quality Rating (FMQR) 1 (AMC1)
Atlas Cycles (Haryana) Ltd              ST – Fund based –     ICRA D       150
                                        Bills Discounting
Downgraded from ICRA A4

LONG TERM RATINGS:
-------------------
Axis Asset Management Co. Ltd           Axis Bking & PSU Debt ICRA AAAmfs  -       Outstanding
                                        Fund
Axis Asset Management Co. Ltd           Axis Capital          ICRA         -       Outstanding
                                        Protection Oriented   AAAmfs(SO)
                                        Fund-Series 5
Bhopal Dhule Transmission Co.           Issuer Rating         ICRA AAA     -       Reaffirmed
Ltd
Dewan Housing Finance                   DHFL Mortgage Loan    ICRA         1170.8  Downgraded
Corporation Ltd                         Pool D.A. Jan-12      AA-(SO)&             from ICRA
                                        Purchaser Payouts                          AAA(SO)&
&: The symbol implies that the ratings are under watch with developing implications
Dewan Housing Finance                   DHFL Mortgage Loan    ICRA         4318.4  Downgraded
Corporation Ltd                         Pool D.A. Jan-12      AA-(SO)&             from ICRA
                                        Purchaser Payouts                          AAA(SO)&
&: The symbol implies that the ratings are under watch with developing implications
Dewan Housing Finance                   DHFL Mortgage Loan    ICRA         2390    Downgraded
Corporation Ltd                         Pool D.A. Feb-12 II   AA-(SO)&             from ICRA
                                        Purchaser Payouts                          AAA(SO)&
&: The symbol implies that the ratings are under watch with developing implications
Dewan Housing Finance                   Nirmaan RMBS Trust    ICRA         2978.8  Downgraded
Corporation Ltd                         Series I 2013 PTC     AA-(SO)&             from ICRA
                                        Series A1                                  AAA(SO)& ICRA
                                                                                   AA-(SO)&
                                                                                   Outstanding
&: The symbol implies that the ratings are under watch with developing implications
Dewan Housing Finance                   Nirmaan RMBS Trust    ICRA         331     Downgraded
Corporation Ltd                         Series I 2013 PTC     AA-(SO)&             from ICRA
                                        Series A2                                  AAA(SO)& ICRA
                                                                                   AA-(SO)&
                                                                                   Outstanding
    
&: The symbol implies that the ratings are under watch with developing implications
Dewan Housing Finance                   Nirmaan RMBS Trust    ICRA         3136.4  Downgraded
Corporation Ltd                         Series I 2017 PTC     AA-(SO)&             from ICRA
                                        Series A1                                  AAA(SO)& ICRA
                                                                                   AA-(SO)&
                                                                                   Outstanding
    
&: The symbol implies that the ratings are under watch with developing implications
Dewan Housing Finance                   Nirmaan RMBS Trust    ICRA         164.7   Downgraded
Corporation Ltd                         Series I 2017 Second  AA-(SO)&             from ICRA
                                        Loss Facility (SLF)                        AAA(SO)& ICRA
                                                                                   AA-(SO)&
                                                                                   Outstanding
      
&: The symbol implies that the ratings are under watch with developing implications
Dewan Housing Finance                   Nirmaan RMBS Trust    ICRA         2403.9  Downgraded
Corporation Ltd                         Series II 2017        AA-(SO)&             from ICRA
                                                                                   AAA(SO)&
&: The symbol implies that the ratings are under watch with developing implications
Fusion Microfinance (Pvt.) Ltd.         Vivriti Slytherin 03  Provisional  403.7   -
                                        2019 PTC Series A1    ICRA A(SO)
confirmed as final
Fusion Microfinance (Pvt.) Ltd.         Vivriti Slytherin 03  Provisional  22.4    -
                                        2019 PTC Series A2    ICRA
                                                              BBB-(SO)
confirmed as final
Geetanjali University                   Working Capital LimitsICRA BBB-    211.6   -
Issuer not cooperating
Geetanjali University                   TL                    ICRA BBB-    438.4   -
Issuer not cooperating
Hindustan Copper Ltd                    FB Fac                -            -       -
Hindustan Copper Ltd                    Non-FB Fac            -            -       -
Hindustan Copper Ltd                    TL                    ICRA AA+     600     Reaffirmed
Hindustan Copper Ltd                    FB Fac                ICRA AA+     350     Reaffirmed -
                                                                                   -
Hindustan Copper Ltd                    FB/Non-FB Fac         ICRA         650     Reaffirmed
                                                              AA+/ICRA A1+
India Grid Trust                        Issuer Rating         ICRA AAA     -       Reaffirmed
Kims Healthcare Management Ltd          FB TL                 ICRA A-      220     Assigned
Kims Healthcare Management Ltd          FB CC                 ICRA A-      250     Assigned
Kims Healthcare Management Ltd          LT/ST Non-FBL         ICRA A-      120     Assigned
Kims Healthcare Management Ltd          Unallocated Limits    ICRA A-      410     Assigned
Nnb Engineers Pvt Ltd                   Fund based – CC       ICRA B+      10      Withdrawn
(Erstwhile Nav Nirman Builders
And Developers Pvt Ltd)
**Issuer did not co-operate; based on best available information.
Nnb Engineers Pvt Ltd                   Non-fund based – BG   ICRA B+      100     Withdrawn
(Erstwhile Nav Nirman Builders
And Developers Pvt Ltd)
**Issuer did not co-operate; based on best available information.
Nnb Engineers Pvt Ltd                   Unallocated limit     ICRA B+      90      Withdrawn
(Erstwhile Nav Nirman Builders
And Developers Pvt Ltd)
**Issuer did not co-operate; based on best available information.
Ocean Sparkle Ltd                       NCD Programme         ICRA AA-     675     Reaffirmed
Ocean Sparkle Ltd                       FB TL                 ICRA AA-     2404.3  Reaffirmed
Ocean Sparkle Ltd                       FB Working Capital FacICRA AA-     480     Reaffirmed
Ocean Sparkle Ltd                       Unallocated           ICRA AA- /   864.5   Reaffirmed
                                                              ICRA A1+
Religare Finvest Ltd                    LT Debt Programme     ICRA D       2200    Downgraded
                                                                                   from ICRA BB@
@ - Rating Watch with Negative Implications, removed from watch
Religare Finvest Ltd                    Bk Limits             ICRA D /     90000   Downgraded
                                                              ICRA D               from ICRA
                                                                                   BB@/ICRA A4@
(Outstanding Rs. 3,413.30 crore),@ - Rating Watch with Negative Implications, removed from watch
Thermax Ltd                             Thermax Limited       ICRA AA+     4500    Reaffirmed
Thermax Ltd                             Non-FBL               ICRA AA+     44500   Reaffirmed
(The non-fund based limits are interchangeable between long term and short term)
Tourism Finance Corporation Of          Bond Programme        ICRA A-      1000    Withdrawn
India Ltd
Issuer not cooperating
Atlas Cycles (Haryana) Ltd              LT – Fund based – CC  ICRA D1      450
Downgraded from ICRA C
Atlas Cycles (Haryana) Ltd              LT – Non-fund Based – ICRA D       222
                                        BGs/LCs
Downgraded from ICRA C
Atlas Cycles (Haryana) Ltd              LT – Unallocated      ICRA D       23
Downgraded from ICRA C
--------------------------------------------------------------------------------------------
$: 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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