November 26, 2019 / 11:15 AM / 3 months ago

RPT-ICRA ratings for Indian debt instruments-Nov 26

 (Repeating to add more ratings)
    Nov 26 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of November 25, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Baroda Asset Management India           Baroptionally         ICRA A1+mfs  -       Reaffirmed
Ltd                                     convertible
                                        debenturea Liquid Fund
Baroda Asset Management India           Baroptionally         ICRA A1+mfs  -       Reaffirmed
Ltd                                     convertible
                                        debenturea Ultra Short Duration Fund
Baroda Asset Management India           Baroptionally         ICRA A1+mfs  -       Reaffirmed
Ltd                                     convertible
                                        debenturea Money Market Fund
Bharti Airtel Ltd                       CP                    ICRA A1+ @   150000  Reaffirmed
@- rating watch with negative implications
Bharti Airtel Ltd                       Working Capital       ICRA A1+ @   2500    Reaffirmed
                                        Limits (rated on ST
                                        scale)
@- rating watch with negative implications
Bharti Enterprises (Holding)            CP                    ICRA A1+ @   23000
Pvt Ltd:
@; placed under watch with negative implications
Bharti Hexacom Ltd                      CP                    ICRA A1+ @   10000   Reaffirmed
@ - Rating watch with negative implications
Bharti Telecom Ltd                      CP                    ICRA A1+ @   70000
@; placed under watch with negative implications
Boi Axa Investment Managers             BOI AXA Ultra Short   ICRA A1+mfs  -       Assigned
Pvt Ltd                                 Duration Fund -
Hindustan Mint And Agro                 Non-fund Based        ICRA A4      9.5
Products Pvt Ltd
continues to remain under ‘Issuer Not Cooperating’ category
J.J.Automotive Ltd                      Non-Fund Based Letter ICRA A4      -
                                        of Guarantee#
# Sub-limit of Cash Credit/continues to remain under ‘Issuer Not Cooperating’ category
Kailash Devbuild (India) Pvt            Non-fund based/ BG    ICRA A4      280     Downgraded
Ltd                                                                                from ICRA A4+
continues to remain under ‘Issuer Not Cooperating’ category
Kvk Granites                            ST - Non Fund Based   ICRA D       50
continues to remain under ‘Issuer Not Cooperating’ category
Lumax Industries Ltd                    ST FB limits          ICRA A1+     1720    Reaffirmed
Lumax Industries Ltd                    ST non-FBL            ICRA A1+     1440    Reaffirmed
Lumax Industries Ltd                    CP                    ICRA A1+     500     Reaffirmed
M.M. Brothers                           Non-fund based/ BG    ICRA A4      350
continues to remain under ‘Issuer Not Cooperating’ category
Motherhood Institute Of                 FB CC                 ICRA A4      37.5
Management & Technology Society
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Ntpc Ge Power Services Pvt Ltd          Non-fund based - LC/BGICRA A1      1495    Reaffirmed
(Erstwhile Ntpc Alstom Power
Services Pvt Ltd)
Shree Ram Proteins Ltd                  Non-fund based BG     ICRA A4      1       Downgraded
                                                                                   from ICRA A4+
Starlite Lighting Ltd                   ST- Non FB limits     ICRA A2(CE)  100     Revised from
                                                                                   ICRA A1(SO)
Tata Global Beverages Ltd               Non-FBL               ICRA A1+     240     Reaffirmed
Tata Global Beverages Ltd               CP**                  ICRA A1+     7150    Reaffirmed
** Total borrowing under CP and fund-based facilities from banks to remain within an overall
limit of Rs. 715 crore
Zuri Hospitality Pvt Ltd                ST – Non-Fund Based   ICRA A4      7.5     Reaffirmed
Bhuwalka & Sons Pvt Ltd                 ST - Non Fund Based   ICRA A3      150     -
(Reason for delay in carrying out periodic review: Review process is underway)
Imi Abrasives (P) Ltd.                  Non-FBL*              ICRA A4      -       Downgraded
                                                                                   from ICRA A4+
(Issuer not cooperating) / *sublimit of cash credit
Skyline Foundations And                 SFS Olympia project   ICRA         -       Assigned
Structures Pvt Ltd (Sfs)                                      Trivandrum
                                                              Seven-Star1
 
 
MEDIUM TERM RATINGS:
-------------------
Sayaji Industries Ltd                   Fixed Deposits        MB+          200     Downgraded
                                                                                   from MA-
outlook revised to ‘Stable’ from ‘Negative’

LONG TERM RATINGS:
-------------------
Aadarsh Extrusion Pvt. Ltd              CC                    ICRA D       35      Withdrawn
Issuer Not Cooperating
Aadarsh Extrusion Pvt. Ltd              TL                    ICRA D       19.5    Withdrawn
Issuer Not Cooperating
Aadarsh Extrusion Pvt. Ltd              Unallocated Limits    ICRA D       15      Withdrawn
Issuer Not Cooperating
Asa International India                 PTC Series A1         Provisional  243.7   Confirmed as
Microfinance Ltd-Northern Arc                                 ICRA A(SO)           final
2019 Mfi Wurz
Asa International India                 PTC Series A2         Provisional  11.1    Confirmed as
Microfinance Ltd-Northern Arc                                 ICRA                 final
2019 Mfi Wurz                                                 BBB+(SO)
Berar Finance Ltd-Vivriti Mike          PTC Series A2         ICRA A-(SO)  -       Upgraded
12 2018                                                                            from ICRA
                                                                                   BBB-(SO)
Berar Finance Ltd-Vivriti Mike          PTC Series A1         ICRA AA-(SO) -       Upgraded
12 2018                                                                            from ICRA
                                                                                   A-(SO)
Bharti Airtel Ltd                       Issuer Rating         ICRA AA- @   -       Revised from
                                                                                   ICRA AA @
@- rating watch with negative implications
Bharti Airtel Ltd                       TL                    ICRA AA- @   46000   Revised from
                                                                                   ICRA AA @
@- rating watch with negative implications
Bharti Airtel Ltd                       Working Capital       ICRA AA- @   22500   Revised from
                                        Limits (rated on LT                        ICRA AA @
                                        scale)
@- rating watch with negative implications
Bhopal Dhule Transmission Co.           NCDs                  ICRA AAA     6870    Reaffirmed
Ltd                                                           (Stable)
Boi Axa Investment Managers             BOI AXA Liquid Fund - ICRA AAAmfs  -       outstanding
Pvt Ltd
Gemini Developers                       Unallocated           ICRA B+      95      Downgraded
                                                                                   from ICRA
                                                                                   BB- (Stable)
(Issuer Not Cooperating)
Hindustan Mint And Agro                 FB Limits             ICRA BB      440
Products Pvt Ltd                                              (Stable)
continues to remain under ‘Issuer Not Cooperating’ category
Hindustan Mint And Agro                 Unallocated           ICRA BB      2.8
Products Pvt Ltd                                              (Stable)
continues to remain under ‘Issuer Not Cooperating’ category
Indian Renewable Energy                 Previous year bonds   ICRA AA+     40000   Reaffirmed
Development Agency Ltd                  programme             (Negative)
outlook revised to Negative from Stable
Indian Renewable Energy                 GoI fully-serviced    ICRA AAA     40000   Reaffirmed
Development Agency Ltd                  bonds                 (Stable)
J.J.Automotive Ltd                      Fund based-TL         ICRA B+      132.5
                                                              (Stable)
continues to remain under ‘Issuer Not Cooperating’ category
J.J.Automotive Ltd                      Fund based-CC         ICRA B+      250
                                                              (Stable)
continues to remain under ‘Issuer Not Cooperating’ category
J.J.Automotive Ltd                      Fund Based Untied     ICRA B+      5
                                        Limits                (Stable)
continues to remain under ‘Issuer Not Cooperating’ category
Kailash Devbuild (India) Pvt            Fund based TL         ICRA B+      100     Downgraded
Ltd                                                           (Stable)             from ICRA
                                                                                   BB+ (Stable)
continues to remain under ‘Issuer Not Cooperating’ category
Kalyan Cotton Industries                CC                    ICRA B       47.5    Withdrawn
                                                              (Stable)
Issuer Not Cooperating
Kalyan Cotton Industries                TL                    ICRA B       6.7     Withdrawn
                                                              (Stable)
Issuer Not Cooperating
Kalyan Cotton Industries                Unallocated Limits    ICRA B       6.9     Withdrawn
                                                              (Stable)
Issuer Not Cooperating
Kranthi Edifice Pvt Ltd                 LT - Fund Based/ CC   ICRA D       120
continues to remain under ‘Issuer Not Cooperating’ category
Kranthi Edifice Pvt Ltd                 LT - Non Fund Based   ICRA D       1100
continues to remain under ‘Issuer Not Cooperating’ category
Kvk Granites                            LT - Fund Based TL    ICRA D       17.6
continues to remain under ‘Issuer Not Cooperating’ category
Kvk Granites                            LT / ST – Unallocated ICRA D       0.5
continues to remain under ‘Issuer Not Cooperating’ category
Lumax Industries Ltd                    Unallocated           ICRA         35      Reaffirmed
                                                              A+(Stable)
Lumax Industries Ltd                    LT FB limits          ICRA         805     Reaffirmed
                                                              A+(Stable)
M.M. Brothers                           Fund based CC         ICRA B+      50      Downgraded
                                                              (Stable)             from ICRA
                                                                                   BB- (Stable)
continues to remain under ‘Issuer Not Cooperating’ category
Motherhood Institute Of                 FB TL                 ICRA B-      50
Management & Technology Society                               (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Motherhood Institute Of                 FB CC                 ICRA B-      20
Management & Technology Society                               (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Motherhood Institute Of                 Unallocated           ICRA B-      12.5
Management & Technology Society                               (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Ntpc Ge Power Services Pvt Ltd          Fund based - Working  ICRA A+      15      Reaffirmed
(Erstwhile Ntpc Alstom Power            Capital Fac           (Stable)
Services Pvt Ltd)
Nuway Organic Natural (India)           Fund Based- CC        ICRA D       80
Ltd
continues to remain under ‘Issuer Not Cooperating’ category
Nuway Organic Natural (India)           Fund Based- Term Loan ICRA D       180
Ltd
continues to remain under ‘Issuer Not Cooperating’ category
Nuway Organic Natural (India)           Unallocated Limits    ICRA D       60
Ltd
continues to remain under ‘Issuer Not Cooperating’ category
Permali Wallace Pvt Ltd                 FB TL                 ICRA D       412.3
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Permali Wallace Pvt Ltd                 FB CC                 ICRA D       120
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Permali Wallace Pvt Ltd                 Non-FB limit / LOC    ICRA D       100
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Permali Wallace Pvt Ltd                 Non-FB / BG           ICRA D       32.5
Rating continues to remain in the ‘Issuer Not Cooperating’ category
R. S. H. Agro Products Pvt Ltd          Fund based-TL         ICRA B       50
                                                              (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
R. S. H. Agro Products Pvt Ltd          Fund based-CC         ICRA B       100
                                                              (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Sat India Ltd                           LT - Fund Based/ CC   ICRA B-      55
                                                              (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Sayaji Hotels Ltd                       Long-TL               ICRA BBB-    689.5   Reaffirmed
                                                              (Stable)
(removed from watch with developing implications and Stable outlook assigned)
Seth Ramji Das Modi Vidya               LT FB CC              ICRA BB      100     Reaffirmed
Niketan Society                                               (Stable)
Removed from ‘Issuer Not Cooperating’ category
Seth Ramji Das Modi Vidya               LT FB TL              ICRA BB      25      Reaffirmed
Niketan Society                                               (Stable)
Removed from ‘Issuer Not Cooperating’ category
Seth Ramji Das Modi Vidya               LT Unallocated Limits ICRA BB      65      Reaffirmed
Niketan Society                                               (Stable)
Removed from ‘Issuer Not Cooperating’ category
Sevoke Motors Pvt Ltd                   FBL – E-DFS           ICRA B+      125     Downgraded
                                                              (Stable)             from ICRA BB
                                                                                   (Stable)
continues to remain under ‘Issuer Not Cooperating’ category
Sevoke Motors Pvt Ltd                   FBL – CC              ICRA B+      50      Downgraded
                                                              (Stable);            from ICRA BB
                                                                                   (Stable)
continues to remain under ‘Issuer Not Cooperating’ category
Sh Infratech Pvt Ltd                    Non-Fund Based- BG    ICRA D       200
continues to remain under ‘Issuer Not Cooperating’ category
Sh Infratech Pvt Ltd                    LT Fund Based -CC     ICRA D       10
                                        Limit
continues to remain under ‘Issuer Not Cooperating’ category
Shree Ram Proteins Ltd                  FB CC                 ICRA C       310     Downgraded
                                                                                   from ICRA
                                                                                   BB(Stable)
Silver Springs Pleasure                 LT – Fund Based/CC    ICRA BBB-    60      Upgraded
Resorts Pvt Ltd                                               (Stable)             from ICRA
                                                                                   BB+ (Stable)
Silver Springs Pleasure                 LT – Fund Based TL    ICRA BBB-    220     Upgraded
Resorts Pvt Ltd                                               (Stable)             from ICRA
                                                                                   BB+ (Stable)
Sri Manjunatha Spinning Mills           LT - Fund Based/ CC   ICRA         120
Ltd                                                           B(Stable)
Continues to remain under the ‘Issuer Not Cooperating’ category
Sri Manjunatha Spinning Mills           LT - Fund Based TL    ICRA         104.7
Ltd                                                           B(Stable)
Continues to remain under the ‘Issuer Not Cooperating’ category
Sri Manjunatha Spinning Mills           LT - Non Fund Based   ICRA         4
Ltd                                                           B(Stable)
Continues to remain under the ‘Issuer Not Cooperating’ category
Sri Manjunatha Spinning Mills           LT - Unallocated      ICRA         52.9
Ltd                                                           B(Stable)
Continues to remain under the ‘Issuer Not Cooperating’ category
Starlite Lighting Ltd                   LT - NCD Programme    ICRA A-(CE)  800     Revised from
                                                              (Negative)           ICRA A(SO)
                                                                                   (Negative)
Starlite Lighting Ltd                   LT - NCD Programme    ICRA A-(CE)  600     Revised from
                                                              (Negative)           ICRA A(SO)
                                                                                   (Negative)
Starlite Lighting Ltd                   LT - FBL              ICRA         920     Revised from
                                                              BBB+(CE)             ICRA A(SO)
                                                              (Negative)           (Negative)
Tata Global Beverages Ltd               LT debt (including    ICRA AA+     3500    Reaffirmed
                                        NCDs)                 (Stable)
Tata Global Beverages Ltd               FB working capital    ICRA AA+     4000    Reaffirmed
                                        limits#               (Stable)/
                                                              ICRA A1+
#Long-term fund-based limits can also be utilised as short-term fund based limits, wherein the
short-term rating of ICRA A1+ would be applicable;
The Indian Hotels Co. Ltd               NCD Programme         ICRA         8000    Reaffirmed
                                                              AA(Stable)
The Indian Hotels Co. Ltd               NCD (NCD) Programme   ICRA         -       Withdrawn
                                                              AA(Stable)
Vichitra Constructions Pvt Ltd          LT Fund bases- TL     ICRA C       30
Rating continues to remain under ‘Issuer Not Cooperating’ category
Vichitra Constructions Pvt Ltd          LT Fund Based -CC     ICRA C       30
Rating continues to remain under ‘Issuer Not Cooperating’ category
Vichitra Constructions Pvt Ltd          LT Non fund based     ICRA C       60
                                        /Bk guarantee
Rating continues to remain under ‘Issuer Not Cooperating’ category
Visage Holdings & Finance Pvt.          PTC Series A2         ICRA A(SO)   -       Upgraded
Ltd-Vivriti Helm 002 2018                                                          from ICRA
                                                                                   BBB(SO)
Visage Holdings & Finance Pvt.          PTC Series A1         ICRA A+(SO)  -       Reaffirmed
Ltd-Vivriti Helm 002 2018
Visage Holdings & Finance Pvt.          PTC Series A2         ICRA         -       Reaffirmed
Ltd-Vivriti Helm 002 2018                                     BBB+(SO)
Zuri Hospitality Pvt Ltd                LT – Fund Based/CC    ICRA B+      40      Reaffirmed
                                                              (Stable)
Bhuwalka & Sons Pvt Ltd                 LT - Fund Based CC    ICRA BBB-    200     -
                                                              (Stable)
(Reason for delay in carrying out periodic review: Review process is underway)
Bhuwalka Castings & Forging             LT - Fund Based CC    ICRA BBB-    70      -
Pvt Ltd                                                       (Stable)
(Reason for delay in carrying out periodic review: Review process is underway)
Bhuwalka Castings & Forging             LT - Fund Based TL    ICRA BBB-    50      -
Pvt Ltd                                                       (Stable)
(Reason for delay in carrying out periodic review: Review process is underway)
Bhuwalka Castings & Forging             LT - Unallocated      ICRA BBB-    20      -
Pvt Ltd                                                       (Stable)
(Reason for delay in carrying out periodic review: Review process is underway)
Deccan Alloys Pvt Ltd                   LT - Fund Based CC    ICRA BBB-    140     -
                                                              (Stable)
(Reason for delay in carrying out periodic review: Review process is underway)
Imi Abrasives (P) Ltd.                  FB Limits             ICRA B+      72      Downgraded
                                                              (Stable)             from ICRA
                                                                                   BB+(Stable)
(Issuer not cooperating)
Imi Abrasives (P) Ltd.                  United limits         ICRA B+      28      Downgraded
                                                              (Stable) /           from ICRA
                                                              A4                   BB+(Stable)/
                                                                                   A4+ 
(Issuer not cooperating)
Meenakshi Bright Steel Bars             LT - Fund Based CC    ICRA BBB-    250     -
Pvt Ltd                                                       (Stable)
(Reason for delay in carrying out periodic review: Review process is underway)
Ocean Pearl Hotels Pvt Ltd              LT – Fund Based       ICRA         620     -
                                                              B+(Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Ocean Pearl Hotels Pvt Ltd              LT/ST – Non-fund BasedICRA         30      -
                                                              B+(Stable)
                                                              / A4
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Track Components Ltd                    LT – Fund Based       ICRA BB      490     -
                                                              (Stable)
(Reason for delay in carrying out periodic review: Review process is underway)
Track Components Ltd                    Long/ST – Fund /      ICRA BB      400     -
                                        Non-FBL               (Stable) /
                                                              A4
(Reason for delay in carrying out periodic review: Review process is underway)
Vaibhav Laxmi Tex Pvt. Ltd.             BLR                   ICRA         90      -
                                                              B+(Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Vishwakarma Refractories Pvt            LT - Fund Based CC    ICRA BBB-    150     -
Ltd                                                           (Stable)
(Reason for delay in carrying out periodic review: Review process is underway)
Zuri Hotels And Resorts Pvt Ltd         LT – Fund Based/CC    ICRA BB+     20      Reaffirmed
Zuri Hotels And Resorts Pvt Ltd         LT – Fund Based TL    ICRA BB+     260     Reaffirmed
 
--------------------------------------------------------------------------------------------
$: 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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