October 11, 2019 / 11:32 AM / a month ago

RPT-ICRA ratings for Indian debt instruments-Oct 11

 (Repeating to add more ratings.)
    Oct 11 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of October 10, 2019.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Biocon Ltd                              ST non-fund based     ICRA A1+     800     Reaffirmed
Carona Knit Wear                        ST – FB Fac           ICRA A4+     155     -
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Celio Future Fashion Pvt Ltd            Non FB limits         ICRA A4      100     Assigned
Flsmidth Pvt Ltd                        ST – Fund based       ICRA A1+     1500    Reaffirmed
Gaurav Exportrades Pvt Ltd              ST – Fund based       ICRA A4      70      -
                                        facility
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Gaurav Exportrades Pvt Ltd              ST – Non fund based   ICRA A4      35      -
                                        facility
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Inflow Technologies Pvt Ltd             ST – Fund Based       ICRA A2      1650    Reaffirmed
Inflow Technologies Pvt Ltd             ST – Interchangeable  ICRA A2      -       Reaffirmed
Inflow Technologies Pvt Ltd             ST – Fund Based /     ICRA A2      550     Reaffirmed
                                        Non-Fund Based
International Combustion                Fund based/ Non-fund  ICRA A3      -       Reaffirmed
(India) Ltd                             based (sub-limits)
Joyalukkas India Pvt Ltd                ST – FB / Non-fund    ICRA A1      -       Reaffirmed
                                        based sub limits
L.G. Balakrishnan & Bros Ltd            ST: Non-FB Fac        ICRA A1+     1000    Reaffirmed
Lexus Motors Ltd                        Non-Fund based – BG   ICRA A4      5       Reaffirmed
Mbm Engineering Infotech Ltd            ST – Non fund based   ICRA A4      2.5     -
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Mirae Asset Global Investment           Mirae Asset Cash      ICRA A1+mfs  -       Assigned
(India) Pvt Ltd                         Management Fund
Northern Arc Capital Ltd                CP                    ICRA A1+     5000    Outstanding
Sabari Textiles Pvt Ltd                 ST – NFBL             ICRA D       7       -
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Santhalakshmi Mills India Llp           ST - Fund Based       ICRA A4      25      Assigned
The Indian Steel & Wire                 Non-FB Fac            ICRA A1      70      Reaffirmed
Products Ltd
Unitech Cotspin Ltd                     Non fund Based – BG   ICRA A4      15      -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Ferromet Steels Pvt Ltd                 ST FLC/ILC            ICRA D       40      -
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Ferromet Steels Pvt Ltd                 ST Interchangeable    ICRA D       -       -
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Hll Biotech Ltd                         ST (Non-fund based)^  ICRA D       -       Downgraded
                                                                                   from ICRA A4
^sublimit of fund-based term loans
Muthoot Finance Ltd                     ST FB Bk Fac          ICRA         126240  Outstanding
                                                              A1+(Stable)
Muthoot Finance Ltd                     CP Programme          ICRA         50000   Outstanding
                                                              A1+(Stable)

LONG TERM RATINGS:
-------------------
Abhi S.K.Hospital Pvt Ltd               LT – Fund Based/ CC   ICRA         63.2    -
                                                              B+(Stable)
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Abhi S.K.Hospital Pvt Ltd               LT – Unallocated      ICRA         49.3    -
                                                              B+(Stable)
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Aye Finance (P) Ltd - Vivriti           PTC Series A1         Provisional  499.9   Confirmed as
Anvesha Msme Trust June 2019                                  ICRA AA-(SO)         Final
Aye Finance (P) Ltd - Vivriti           PTC Series A1         Provisional  29.8    Confirmed as
Anvesha Msme Trust June 2019                                  ICRA AA-(SO)         Final
Belstar Investment And Finance          PTC Series A1         Provisional  309.4   Assigned
Pvt Ltd - Vivriti Andromeda 09                                ICRA AA-(SO)
2019
Biocon Ltd                              LT non-fund based     ICRA AA+     2000    Reaffirmed
                                                              (Stable)
Biocon Ltd                              LT fund based         ICRA AA+     580     Reaffirmed
                                                              (Stable)
Biocon Ltd                              LT unallocated        ICRA AA+     20      Reaffirmed
                                                              (Stable)
Biocon Ltd                              LT/ST fund            ICRA AA+     1100    Reaffirmed
                                        based/non-fund based  (Stable) /
                                                              A1+
Carona Knit Wear                        LT –TL                ICRA         9.6     -
                                                              BB+(Stable)
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Carona Knit Wear                        LT – FB Fac           ICRA         7.5     -
                                                              BB+(Stable)
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Celio Future Fashion Pvt Ltd            FBL                   ICRA B+      100     Assigned
                                                              (Stable)
Chitrali Properties Pvt Ltd             LT - Fund Based TL    ICRA A-      3200    Assigned
                                                              (Stable)
Chitrali Properties Pvt Ltd             LT - Interchangeable  ICRA A-      -       Assigned
                                                              (Stable)
Deveuro Paper Products Llp              LT – Fund Based – CC  ICRA D       50      Assigned
Deveuro Paper Products Llp              LT – Fund Based – TL  ICRA D       50      Assigned
Dhiraj Foundation                       LT – TL               ICRA         206.3   -
                                                              B-(Stable)
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Dhiraj Foundation                       LT – Unallocated      ICRA         1.3     -
                                                              B-(Stable)
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Duke Fashions (India) Ltd               LT FB                 ICRA A-      415     Reaffirmed
                                                              (Stable)
Duke Fashions (India) Ltd               LT/ ST Non-fund Based ICRA A-      15      Reaffirmed
                                                              (Stable) /
                                                              A2+
Embassy Property Developments           NCD – I               ICRA         2036    Outstanding
Pvt Ltd                                                       BBB-(CE)
                                                              (Stab
Embassy Property Developments           NCD –II               ICRA         219.4   Outstanding
Pvt Ltd                                                       BBB-(CE)
                                                              (Stab
Embassy Property Developments           TL                    ICRA         10000   Outstanding
Pvt Ltd                                                       BBB-(CE)
                                                              (Stab
Embassy Property Developments           Non-fund based (sub   ICRA         -       Outstanding
Pvt Ltd                                 limit of TL)          BBB-(CE)
                                                              (Stab
Ferromet Steels Pvt Ltd                 LT –CC                ICRA D       250     -
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Ferromet Steels Pvt Ltd                 LT – TL               ICRA D       35.5    -
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Ferromet Steels Pvt Ltd                 LT – ILG              ICRA D       5       -
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Flsmidth Pvt Ltd                        LT/ST – Non-Fund basedICRA         10082.5 Reaffirmed
                                                              A+(Stable )
                                                              / A1+
Flsmidth Pvt Ltd                        LT Fund based/CC      ICRA         1010    Reaffirmed
                                                              A+(Stable)
Flsmidth Pvt Ltd                        Unallocated           ICRA         4107.5  Reaffirmed
                                                              A+(Stable)
                                                              / A1+
Ganga Rasayanie Pvt Ltd                 LT FB/non-FB Fac      ICRA BBB     600     Reaffirmed
                                                              (Stable)
Ganga Rasayanie Pvt Ltd                 FBL – TL              ICRA BBB     400     Reaffirmed
                                                              (Stable)
Ganga Rasayanie Pvt Ltd                 LT/ST                 ICRA BBB     -       Reaffirmed
                                        interchangeable**     (Stable) /
                                                              A3+
** Long-term/Short-term interchangeable limits are sub-limits of Long-term
fund-based/non-fund-based facilities
Ganga Rasayanie Pvt Ltd                 LT/ST unallocated     ICRA BBB     300     Reaffirmed
                                        limits                (Stable) /
                                                              A3+
Gaurav Exportrades Pvt Ltd              LT – Fund based       ICRA         10      -
                                        facility              B+(Stable)
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Hll Biotech Ltd                         FB – TL               ICRA D       3090    Downgraded
                                                                                   from ICRA
                                                                                   BB(Negative)
Inflow Technologies Pvt Ltd             LT – Fund Based (CC)  ICRA BBB+    620     Reaffirmed
                                        Inflow Technologies
                                        Pvt Ltd
(outlook revised to Stable from Positive)
Inflow Technologies Pvt Ltd             LT – Interchangeable  ICRA BBB+    -       Reaffirmed
(outlook revised to Stable from Positive)
International Combustion                Non-fund              ICRA BBB-    180     Reaffirmed
(India) Ltd                             based-Working Capital (Stable)
International Combustion                FB- Working Capital   ICRA BBB-    152.5   Reaffirmed
(India) Ltd                             Fac                   (Stable) /
                                                              A3
Joyalukkas India Pvt Ltd                NCD Programme –       ICRA A       -       Withdrawn
                                        Proposed
Joyalukkas India Pvt Ltd                LT - FB-TL            ICRA A       210     Reaffirmed
                                                              (Stable)
Joyalukkas India Pvt Ltd                LT - FB- Working      ICRA A       14910   Reaffirmed
                                        Capital Fac           (Stable)
L.G. Balakrishnan & Bros Ltd            FB -TL                ICRA         802.5   Reaffirmed
                                                              AA(Stable)
L.G. Balakrishnan & Bros Ltd            FB - Working Capital  ICRA         1000    Reaffirmed
                                        Fac                   AA(Stable)
L.G. Balakrishnan & Bros Ltd            FD Programme          MAA(Stable)  400     Reaffirmed
Lexus Motors Ltd                        FB – CC               ICRA B       300     Downgraded
                                                              (Stable)             from ICRA
                                                                                   B+(Stable)
Lexus Motors Ltd                        FB – CC (eDFS)        ICRA B       300     Downgraded
                                                              (Stable)             from ICRA
                                                                                   B+(Stable)
Lexus Motors Ltd                        Untied Limits         ICRA B/A4    395     Downgraded
                                                                                   from ICRA
                                                                                   B+(Stable)/ 
                                                                                   Reaffirmed
Mbm Engineering Infotech Ltd            LT – Fund Based/CC    ICRA         65      -
                                                              B(Stable)
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Mbm Engineering Infotech Ltd            LT – Fund based TL    ICRA         8       -
                                                              B(Stable)
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Mbm Engineering Infotech Ltd            LT / ST - Unallocated ICRA         24.5    -
                                                              B(Stable) /
                                                              A4
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Meena Advertisers                       LT – Fund Based       ICRA         80      -
                                                              B+(Stable)
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Meena Advertisers                       LT – Unallocated      ICRA         20      -
                                                              B+(Stable)
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Northern Arc Capital Ltd                Cumulative            ICRA A       200     Outstanding
                                        non-convertible       (Stable)
                                        compulsorily redeemable PS
Northern Arc Capital Ltd                NCDs (NCDs)           ICRA A+      9900    Outstanding
                                                              (Stable)
Northern Arc Capital Ltd                NCDs (NCDs)           ICRA A+      100     Withdrawn
                                                              (Stable)
Northern Arc Capital Ltd                LT – FB limits        ICRA A+      4660    Outstanding
                                                              (Stable)
Northern Arc Capital Ltd                LT – TL               ICRA A+      14912.6 Outstanding
                                                              (Stable)
Northern Arc Capital Ltd                Subordinated debt     ICRA A+      750     Outstanding
                                                              (Stable)
Northern Arc Capital Ltd                LT – unallocated      ICRA         5427.4  Outstanding
                                                              A+(Stable)
Northern Arc Capital Ltd                NCDs (NCDs)           PP-MLDICRA   100     Assigned
                                                              A+ (Stable)
Northern Arc Capital Ltd -              PLI programme         Provisional  80      Assigned
Amrit Malwa Capital Ltd                                       ICRA
                                                              BBB+(CE)
Northern Arc Capital Ltd - G U          PLI programme         Provisional  50      Assigned
Financial Services Pvt Ltd                                    ICRA
                                                              BBB+(CE)
Northern Arc Capital Ltd -              PLI programme         Provisional  150     Assigned
Orange Retail Finance India                                   ICRA
Pvt Ltd                                                       BBB+(CE)
Northern Arc Capital Ltd -              PLI programme         Provisional  150     Assigned
Vaya Finserv Pvt. Ltd                                         ICRA
                                                              BBB+(CE)
Northern Arc Capital Ltd -              PLI programme         Provisional  60      Assigned
Western India Transport                                       ICRA BBB+(CE)
Finance Company                                                      
Ltd                                          
Sabari Textiles Pvt Ltd                 LT – Fund Based TL    ICRA D       124.7   -
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Sabari Textiles Pvt Ltd                 LT – FBL              ICRA D       38.3    -
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Santhalakshmi Mills India Llp           LT Fund based - CC(CC)ICRA         30      Assigned
                                                              B+(Stable)
Satwi Infra                             LT – Unallocated      ICRA B       200     -
                                                              (Stable)
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Spandana Sphoorty Financial             PTC Series A          Provisional  999.9   Confirmed as
Ltd - Kartikeya 07 2019                                       ICRA A (SO)          Final
The Indian Steel & Wire                 FB Fac                ICRA         300     Reaffirmed
Products Ltd                                                  A(Stable)
The Jute Corporation Of India           FB Limit – CC         ICRA A       1000    Reaffirmed
Ltd                                                           (Stable)
The Jute Corporation Of India           Unallocated Limits    ICRA A       100     Reaffirmed
Ltd                                                           (Stable)
Unitech Cotspin Ltd                     FB – CC               ICRA B       60      -
                                                              (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Unitech Cotspin Ltd                     Fun-based – TL        ICRA B       243.2   -
                                                              (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
V.M And Co                              LT Fund based         ICRA B       100     Assigned
                                                              (Stable)
V.M And Co                              LT Non-fund based     ICRA B       300     Assigned
                                                              (Stable)
Archean Chemical Industries             NCD Programme         ICRA         8400    Upgraded
Pvt Ltd                                                       B+(Stable)           from ICRA B
                                                                                   (Stable)
Muthoot Finance Ltd                     NCD Programme (public ICRA         24388.4 Outstanding
                                        placement) -          AA(Stable)
                                        Unallocated
Muthoot Finance Ltd                     NCD Programme (public ICRA         73214.2 Outstanding
                                        placement) - AllocatedAA(Stable)
Muthoot Finance Ltd                     NCD Programme (public ICRA         0       Withdrawn
                                        placement) - AllocatedAA(Stable)
## Long-term and short-term fund-based bank limits include an interchangeable limit of Rs. 8,096
crore; total rated bank facilities stand at Rs. 14,115 crore (including Rs. 724-crore term
loans)
Muthoot Finance Ltd                     NCD Programme         ICRA         7950    Outstanding
                                        (private placement) - AA(Stable)
                                        Unallocated
## Long-term and short-term fund-based bank limits include an interchangeable limit of Rs. 8,096
crore; total rated bank facilities stand at Rs. 14,115 crore (including Rs. 724-crore term
loans)
Muthoot Finance Ltd                     NCD Programme         ICRA         12050   Outstanding
                                        (private placement) - AA(Stable)
                                        Allocated
Muthoot Finance Ltd                     LT FB Bk Fac          ICRA         88630   Outstanding
                                                              AA(Stable)
Muthoot Finance Ltd                     TL                    ICRA         7240    Outstanding
                                                              AA(Stable)
Muthoot Finance Ltd                     Subordinated          ICRA         3409    Outstanding
                                        Debenture Programme - AA(Stable)
                                        Allocated
Muthoot Finance Ltd                     Subordinated          ICRA         0       Withdrawn
                                        Debenture Programme - AA(Stable)
                                        Allocated
Muthoot Finance Ltd                     Subordinated          ICRA         1895    Outstanding
                                        Debenture Programme - AA(Stable)
                                        Unallocated
--------------------------------------------------------------------------------------------
$: 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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