November 19, 2019 / 9:57 AM / 17 days ago

RPT-ICRA ratings for Indian debt instruments-Nov 19

 (Repeating to add more ratings)
    Nov 19 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of November 18, 2019.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Ananda Saw Mills                        ST – Non-fund Based – ICRA A4      100     Assigned
                                        LC
Aptus Value Housing Finance             ST Debt               ICRA A1      -       Withdrawn
India Ltd
Arunesh Saw Mills                       ST – Non-fund Based – ICRA A4      60      Assigned
                                        LC
Ashish Construction Co.                 ST- BG                ICRA A4      60      -
Rating continues to remain ‘Issuer Not Cooperating’ category Rating Action
Beml Ltd                                Non-FB Fac            ICRA A1+     5500    Reaffirmed
G.M. Pens International Pvt Ltd         ST: Non-FB Fac        ICRA A4+     80      Downgraded
                                                                                   from ICRA A2
G.M. Pens International Pvt Ltd         ST: Unallocated Fac   ICRA A4+     0.9     Downgraded
                                                                                   from ICRA A2
Hughes Network Systems India            FB - Working Capital  ICRA A2      20      Reaffirmed
Ltd                                     Fac
Pratibha Electrical Contractor          ST-Non-FBL            ICRA D       160     Withdrawn
Llp
*Issuer did not co-operate; based on best available information
Hughes Network Systems India            Non-fund Based -      ICRA A2      90      Reaffirmed
Ltd                                     Working Capital Fac
Hughes Network Systems India            Unallocated Bk limits ICRA A2      25      Reaffirmed
Ltd
Karvy Stock Broking Ltd                 ST Debt Programme     ICRA A1+(SO) -       Withdrawn
Karvy Stock Broking Ltd                 CP Programme          ICRA A3+     3000    Downgraded
                                                                                   from ICRA A1
                                                                                   (Negative)
*Issuer did not co-operate; based on best available information
Power Finance Corporation Ltd           ST borrowing          ICRA A1+     120000  Outstanding
Prince Enterprises                      Non-fund              ICRA A4      85      -
                                        based-Working Capital
                                        Fac
*Issuer did not co-operate; based on best available information
Sigachi Industries Pvt. Ltd.            Non-fund based        ICRA A4+     107.5   Withdrawn
Issuer Not Cooperating’ category

LONG TERM RATINGS:
-------------------
Aai Krupa Cotton Industries             Fund based-TL         ICRA D       17      -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Aai Krupa Cotton Industries             Fund based-CC         ICRA D       50      -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Ananda Saw Mills                        LT – Fund Based/CC    ICRA         15      Assigned
                                                              B+(Stable)
Aptus Value Housing Finance             NCDs (NCDs)           ICRA         6010    Upgraded
India Ltd                                                     A+(Stable)           from ICRA
                                                                                   A(Stable)
Aptus Value Housing Finance             LT FB TL              ICRA         5692.6  Upgraded
India Ltd                                                     A+(Stable)           from ICRA
                                                                                   A(Stable)
Aptus Value Housing Finance             LT – Unallocated      ICRA         10357.4 Upgraded
India Ltd                                                     A+(Stable)           from ICRA
                                                                                   A(Stable)
Aptus Value Housing Finance             LT Fund Based – CC    ICRA         50      Upgraded
India Ltd                                                     A+(Stable)           from ICRA
                                                                                   A(Stable)
Arunesh Saw Mills                       LT – Fund Based/CC    ICRA         15      Assigned
                                                              B+(Stable)
Belgaum Solar Power Pvt Ltd             Fund Based – TL       ICRA         1200    Reaffirmed
                                                              A-(Stable)
Belgaum Solar Power Pvt Ltd             Unallocated limits    ICRA         400     Reaffirmed
                                                              A-(Stable)
Beml Ltd                                FB Fac                ICRA A+      10000   Reaffirmed
                                                              (Stable)
Beml Ltd                                Non-FB Fac            ICRA A+      12000   Reaffirmed
                                                              (Stable)
Beml Ltd                                NCDs                  ICRA A+      3000    Reaffirmed
                                                              (Stable)
Blue Dart Aviation Ltd                  TL                    ICRA AA      2750    Assigned/
                                                              (Stable)             Outstanding
Blue Dart Aviation Ltd                  LT FB Limits          ICRA AA      100     Outstanding
                                                              (Stable)
Blue Dart Aviation Ltd                  LT/ST Non-FBL         ICRA AA      750     Outstanding
                                                              (Stable)
Eicher Motors Ltd                       LT FB Fac             ICRA AAA     450     Reaffirmed
                                                              (Stable)
Eicher Motors Ltd                       LT Unallocated        ICRA AAA     200     Reaffirmed
                                                              (Stable)
Eicher Motors Ltd                       LT/ST Non-FB Fac      ICRA AAA     1150    Reaffirmed
                                                              (Stable)/
                                                              ICRA A1+
G.M. Pens International Pvt Ltd         LT: TL                ICRA BB+     481.4   Downgraded
                                                              (Stable)             from ICRA
                                                                                   BBB+
                                                                                  (Stable)
G.M. Pens International Pvt Ltd         LT: FB Fac            ICRA BB+     110.5   Downgraded
                                                              (Stable)             from ICRA
                                                                                   BBB+
                                                                                   (Stable)
G.M. Pens International Pvt Ltd         LT: Unallocated Fac   ICRA BB+     47.2    Downgraded
                                                              (Stable)             from ICRA
                                                                                   BBB+
                                                                                  (Stable)
Hcil Comtel Ltd                         FB - Working Capital  ICRA         190     -
                                        Fac                   A-&/ICRA A1&
under watch with developing implications
Hcil Comtel Ltd                         Non-fund Based -      ICRA         1650    -
                                        Working Capital Fac   A-&/ICRA A1&
under watch with developing implications
Hcil Comtel Ltd                         Unallocated Bk limits ICRA         420     -
                                                              A-&/ICRA A1&
under watch with developing implications
Hughes Communications India Ltd         FB - Working Capital  ICRA         450     -
                                        Fac                   A-&/ICRA A1&
under watch with developing implications
Hughes Communications India Ltd         Non-fund based -      ICRA         1405    -
                                        Working Capital Fac   A-&/ICRA A1&
under watch with developing implications
Hughes Communications India Ltd         Unallocated Bk Limits ICRA         135     -
                                                              A-&/ICRA A1&
under watch with developing implications
Inr Energy Ventures                     Fund Based – TL       ICRA         1200    Reaffirmed
                                                              A-(Stable)
Inr Energy Ventures                     Unallocated limits    ICRA         400     Reaffirmed
                                                              A-(Stable)
Kakinada Sez Ltd                        LT FB Bk Fac          ICRA D       1500    Withdrawn*
*moved to Issuer not cooperating category due to non-submission of monthly ‘No Default
Statement’ (“NDS”)
Kakinada Sez Ltd                        LT unallocated Bk Fac ICRA D       625     Withdrawn*
*moved to Issuer not cooperating category due to non-submission of monthly ‘No Default
Statement’ (“NDS”)
Karvy Data Management Services          LT Fund               ICRA BBB     3705.9  Downgraded
Ltd                                     Based/Non-fund Based  (CE)                 from ICRA
                                                              (Negative)           A(SO)
(Negative)
*Issuer did not cooperate; based on best available information.
Karvy Stock Broking Ltd                 LT Bk Lines           ICRA BBB     2500    Downgraded
                                                              (Negative)           from ICRA A
                                                                                   (Negative)
*Issuer did not co-operate; based on best available information
Mamadapur Solar Pvt Ltd                 Fund Based – TL       ICRA         600     Reaffirmed
                                                              A-(Stable)
Mamadapur Solar Pvt Ltd                 Unallocated limits    ICRA         200     Reaffirmed
                                                              A-(Stable)
Mining Associates Pvt. Ltd.             FBL – CC              ICRA BB+     100     Assigned
                                                              (Stable)
Mining Associates Pvt. Ltd.             Non-FBL– BG           ICRA BB+     180     Assigned
                                                              (Stable) /
                                                              ICRA A4+
Power Finance Corporation Ltd           Overall borrowing     -            810000  -
                                        programme FY2020
Power Finance Corporation Ltd           LT borrowing          ICRA AAA     690000  Assigned
                                        programme FY2020      (Stable)
Power Finance Corporation Ltd           LT/ST borrowing       ICRA AAA     970000  Outstanding
                                        programme FY2019      (Stable)/
                                                              ICRA A1+
Power Finance Corporation Ltd           LT/ST borrowing       ICRA AAA     3345050 Outstanding
                                        programmes up to      (Stable)/
                                        FY2018                ICRA A1+;
Peninsula Land Ltd                      NCD Programme         ICRA C       5305.3  Downgraded
                                                                                   from ICRA BB
                                                                                   (Negative)
Pratibha Electrical Contractor          LT – CC Limits        ICRA D       65      Withdrawn
Llp
*Issuer did not co-operate; based on best available information
Pratibha Electrical Contractor          LT/ST-Unallocated     ICRA D/ICRA  15      Withdrawn
Llp                                     Limits                D
*Issuer did not co-operate; based on best available information
Prince Enterprises                      Fund based-Working    ICRA         25      Downgraded
                                        capital Fac           B+(Stable)           from ICRA
                                                                                   BB- (Stable)
*Issuer did not co-operate; based on best available information
Saj Food Products Pvt. Ltd.             Bk Facility           ICRA A       950
                                                              (Stable) /
                                                              ICRA A1
Reason for delay in carrying out periodic review:
- Review process is underway
Skyla Hospitality Pvt. Ltd              LT- Fund Based/TL     ICRA         73.9
                                                              BB-(Stable)
Reason for delay in carrying out periodic review: Issuer delayed in giving information
Skyla Hospitality Pvt. Ltd              LT- Fund Based/CC     ICRA         5
                                                              BB-(Stable)
Reason for delay in carrying out periodic review: Issuer delayed in giving information
Skyla Hospitality Pvt. Ltd              LT/ STUnallocated     ICRA         21.1
                                                              BB-(Stable)
                                                              / ICRA A4
Reason for delay in carrying out periodic review: Issuer delayed in giving information
Sigachi Industries Pvt. Ltd.            Fund based            ICRA BB+     286.8   Withdrawn
                                                              (Stable)
Issuer Not Cooperating’ category
Sigachi Industries Pvt. Ltd.            Unallocated Limits    ICRA BB+     5.7     Withdrawn
                                                              (Stable)
Issuer Not Cooperating’ category
--------------------------------------------------------------------------------------------
$: 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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