October 22, 2019 / 12:20 PM / a month ago

RPT-ICRA ratings for Indian debt instruments-Oct 22

 (Repeating to add more ratings.)
   Oct 22 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of October 18 & October 21, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Aerostructures Manufacturing            Fund Based – Working  ICRA A4+     550     Downgraded
India Pvt Ltd                           Capital Fac                                from ICRA A3
Aerostructures Manufacturing            Non-fund Based –      ICRA A4+     10      Downgraded
India Pvt Ltd                           Working Capital Fac                        from ICRA A3
Cicb-Chemicon Pvt Ltd                   Non-fund Based        ICRA A4      70      Assigned
Diligent Media Corporation Ltd          ST, Non-fund Based    ICRA A4      200     Downgraded
                                        Facility                                   from ICRA
                                                                                   A3(SO)
Hikal Ltd                               ST-Fund Based         ICRA A1      1480    Outstanding
Hikal Ltd                               ST Non-fund Based     ICRA A1      1050    Outstanding/
Assigned
Hyderabad Steels                        ST - Non-Fund Based   ICRA A4      35      -
(Issuer did not co-operate; based on best available information.)
KG Petrochem Ltd                        ST FB Bk Fac:         ICRA A3+     528     Withdrawn
                                        Working Capital
Larsen & Toubro Ltd                     CP (CP)               ICRA A1+     100000  Reaffirmed
Ongc Petro Additions Ltd                CP                    ICRA A1+     5000    Outstanding
Ongc Petro Additions Ltd                Non-FBL Trust Name    ICRA A1+     -       Outstanding
Sify Technologies Ltd                   ST: Non-FBL           ICRA A1+     630     Outstanding
Torrent Pharmaceuticals Ltd             CP                    ICRA A1+@    5600    -
(ratings watch with negative implications)
Aequs Pvt Ltd                           Fund Based – Working  ICRA A4+     145     Downgraded
                                        Capital Fac                                from ICRA A3
Aequs Pvt Ltd                           Non-FB Fac            ICRA A4+     5       Downgraded
                                                                                   from ICRA A3
Aerostructures Manufacturing            Fund Based – Working  ICRA A4+     550     Downgraded
India Pvt Ltd                           Capital Fac                                from ICRA A3
Aerostructures Manufacturing            Non-fund Based –      ICRA A4+     10      Downgraded
India Pvt Ltd                           Working Capital Fac                        from ICRA A3
Ramco Industries Ltd                    Fund based / Non fund ICRA A1+     2100    Reaffirmed
                                        based
Ramco Industries Ltd                    ST proposed Fac       ICRA A1+     1400    Reaffirmed

LONG TERM RATINGS:
-------------------
Aerostructures Manufacturing            Fund Based – TL       ICRA BB+     39.4    Downgraded
India Pvt Ltd                                                 (Negative)           from ICRA
                                                                                   BBB-
                                                                                   (Negative)
Aerostructures Manufacturing            Fund Based CC         ICRA BB+     50      Downgraded
India Pvt Ltd                                                 (Negative)           from ICRA
                                                                                   BBB-
                                                                                  (Negative)
Bagmane Developers Pvt Ltd              LT – TL               ICRA A+      27426.2 Reaffirmed
                                                              (Positive)
Bagmane Developers Pvt Ltd              LT - Unallocated      ICRA A+      2573.8  Reaffirmed
                                        limits                (Positive)
Cholamandalam Investment And            PTC Series A          ICRA AAA(SO) -       Withdrawn
Finance Co. Ltd -Platinum Trust Dec-13 Tranche II
Cicb-Chemicon Pvt Ltd                   Fund Based – CC Fac   ICRA B-      40      Assigned
Columbia Asia Hospitals Pvt Ltd         Fund Based- TL        ICRA BBB     5080    Reaffirmed
outlook revised to Positive from Stable
Columbia Asia Hospitals Pvt Ltd         FB- Overdraft         ICRA BBB     350     Reaffirmed
outlook revised to Positive from Stable
Diligent Media Corporation Ltd          NCD                   ICRA BB(CE)  2500    Downgraded
                                                              (Negative)           from ICRA
                                                                                   BBB-(SO) 
                                                                                   (Negative)
Dish Infra Services Pvt Ltd             Long-TL               ICRA BB      -       downgraded
                                                              (Negative)           from ICRA
                                                                                   BBB- 
                                                                                   (Negative)
                                                                                  and withdrawn
Dish Infra Services Pvt Ltd             LT/ST, FB/Non-FBL^    ICRA BB      -       Downgraded
                                                              (Negative)           from ICRA
                                                              / ICRA A4            BBB-
                                                                                  (Negative)/
                                                                                   ICRA A3
Dish Infra Services Pvt Ltd             Long-TL               ICRA         2000    Downgraded
                                                              BB(Negative)         from ICRA
                                                                                   BBB-
                                                                                  (Negative)
Dish Infra Services Pvt Ltd             LT/ST, FB/Non-FBL^    ICRA BBB-    -       downgraded
                                                              (Negative)           from ICRA
                                                                                   BBB- 
                                                                                  (Negative)/
                                                                                  ICRA A3 
                                                                                  and withdrawn
Economic And Entrepreneurship           Bk Fac                ICRA BBB+    240     -
Development Foundation
Reason for delay in carrying out periodic review: - Issuer not cooperating
Gaurav Exportrades Pvt Ltd              LT - Fund Based/CC    ICRA D       10      -
(downgrades from ICRA B+(Stable) ISSUER NOT COOPERATING; Withdrawn)
Gaurav Exportrades Pvt Ltd              ST - Fund
Based       ICRA D       70      -
(Rating downgrades from ICRA A4 ISSUER NOT COOPERATING; Withdrawn)
Gaurav Exportrades Pvt Ltd              ST – Non fund Based   ICRA D       35      -
(Rating downgrades from ICRA A4 ISSUER NOT COOPERATING; Withdrawn)
Hikal Ltd                               FB-TL                 ICRA A       3420    assigned /
                                                                                   Outstanding
Hikal Ltd                               FB- Working Capital   ICRA A       3040    assigned /
                                        Fac                                        Outstanding
Hikal Ltd                               LT: TL (USD million)* ICRA A       153.6   Outstanding
Hyderabad Steels                        LT – Fund Based/ CC   ICRA BB-     40      -
(Issuer did not co-operate; based on best available information.)
KG Petrochem Ltd                        LT FB Bk Fac:         ICRA BBB     819.7   Withdrawn
KG Petrochem Ltd                        LT FB Bk Fac:         ICRA BBB     170     Withdrawn
                                        Working Capital
KG Petrochem Ltd                        LT non-FB Bk Fac      ICRA BBB     50      Withdrawn
KG Petrochem Ltd                        Unallocated Bk Fac    ICRA BBB     50.8    Withdrawn
Larsen & Toubro Ltd                     NCD Programme (NCD)   ICRA AAA     14500   Reaffirmed
Nikhil Tobaccos                         Fund based- CC        ICRA B+      180     -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Nikhil Tobaccos                         Unallocated Limits    ICRA B+      20      -
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Ongc Petro Additions Ltd                TL                    ICRA AA      -       Outstanding
Ongc Petro Additions Ltd                FBL                   ICRA AA /    15580   Outstanding
                                                              ICRA A1+
Ongc Petro Additions Ltd                NCD                   ICRA         4350    confirmed as
                                                              AAA(CE)              final
Ongc Petro Additions Ltd                NCD                   ICRA         8200    Outstanding
                                                              AAA(CE)
Ongc Petro Additions Ltd                Compulsorily          ICRA         72860   Outstanding
                                        Convertible DebenturesAAA(CE)
Ongc Petro Additions Ltd                TL                    ICRA         65000   Outstanding
                                                              AAA(CE)
Ongc Petro Additions Ltd                NCD                   Provisional  17450   Outstanding
                                                              ICRA AAA(CE)
Orange Bercha Wind Power Pvt            TL                    ICRA A-      2910    Withdrawn
Ltd
Orange Bercha Wind Power Pvt            CC                    ICRA A-      150     Withdrawn
Ltd
Orange Dnd Wind Power Pvt Ltd           TL                    ICRA BBB+    1260    Withdrawn
Orange Dnd Wind Power Pvt Ltd           CC                    ICRA BBB+    60      Withdrawn
Panasian Impex Pvt Ltd                  Bk Fac                ICRA B+      495     -
                                                              /ICRA A4
(Reason for delay in carrying out periodic review: - Review process is underway)

Shalby Ltd                              Fund Based -          ICRA         250     Reaffirmed
                                        CC/optionally         A(Positive)
                                        convertible debenture/others
Shalby Ltd                              Fund Based - TL       ICRA         780.2   Reaffirmed
                                                              A(Positive)
Sify Technologies Ltd                   LT: Fund Based Term   ICRA A+      2991.2  Outstanding
                                        Loans
Sify Technologies Ltd                   LT: FBL               ICRA A+      2750    Outstanding
Sify Technologies Ltd                   LT: Non-FBL           ICRA A+      2890    Outstanding
Sify Technologies Ltd                   LT/ST: Non-Fund       ICRA         1580    Outstanding
                                        Proposed facilitie    A+/ICRA A1+
Squad Forging India Pvt Ltd             Fund Based – TL       ICRA BB+     427.4   Downgraded
                                                              (Negative)           from ICRA
                                                                                   BBB-
                                                                                  (Negative)
Squad Forging India Pvt Ltd             Fund Based – Working  ICRA BB+     50      Downgraded
                                        Capital Fac           (Negative)           from ICRA
                                                                                   BBB-
                                                                                  (Negative)
Tirumala Seven Hills Pvt Ltd            Bk Fac                ICRA BB-     370     -
                                                              /ICRA A4
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Torrent Pharmaceuticals Ltd             NCD programme         ICRA AA@     31000   -
(ratings watch with negative implications)
Torrent Pharmaceuticals Ltd             FB TL                 ICRA AA@     17976.7 -
(ratings watch with negative implications)
Torrent Pharmaceuticals Ltd             FB working capital FacICRA AA@     17950   -
(ratings watch with negative implications)
Aequs Pvt Ltd                           Fund Based – TL       ICRA BB +    40      Downgraded
                                                              (Negative)           from ICRA
                                                                                   BBB-
                                                                                   (Negative)
Aerospace Processing India Pvt          Fund Based – TL       ICRA BB+     45      Downgraded
Ltd                                                           (Stable)             from ICRA
                                                                                   BBB- (Stable)
Aerospace Processing India Pvt          FB/Non-fund Based –   ICRA BB+     45      Downgraded
Ltd                                     Working Capital Fac   (Stable)/            from ICRA
                                                              ICRA A4+            
BBB-(Stable)/ICRA A3
Aerostructures Manufacturing            Fund Based – TL       ICRA BB +    39.4    Downgraded
India Pvt Ltd                                                 (Negative)           from ICRA
                                                                                   BBB-
                                                                                   (Negative)
Aerostructures Manufacturing            Fund Based – CC       ICRA BB +    50      Downgraded
India Pvt Ltd                                                 (Negative)           from ICRA
                                                                                   BBB-
                                                                                   (Negative)
Aks Alloys Pvt Ltd                      LT Fund Based         ICRA D       140     Downgraded
                                                                                   from ICRA C+
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Aks Alloys Pvt Ltd                      Non Fund Based        ICRA D       100     Downgraded
                                                                                   from ICRA A4
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Aks Alloys Pvt Ltd                      Fund based            ICRA D       -       Downgraded
                                        (sub-limit) facility                       from ICRA A4
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Maithan Ispat Ltd                       PS                    ICRA D       3576.6  Downgraded
                                                                                   from ICRA C
                                                                                   
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Ramco Industries Ltd                    TL/ ECBs              ICRA         900     Reaffirmed
                                                              AA-(Stable)
Ramco Industries Ltd                    LT proposed Fac       ICRA         600     Reaffirmed
                                                              AA-(Stable)
Squad Forging India Pvt Ltd             Fund Based – TL       ICRA BB+     427.4   Downgraded
                                                              (Negative)           from ICRA
                                                                                   BBB-
                                                                                   (Negative)
Squad Forging India Pvt Ltd             Fund Based – Working  ICRA BB+     50      Downgraded
                                        Capital Fac           (Negative)           from ICRA
                                                                                   BBB-
                                                                                  (Negative)   
--------------------------------------------------------------------------------------------
$: 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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