October 24, 2018 / 12:16 PM / 8 months ago

RPT-ICRA ratings for Indian debt instruments-Oct 24

 (Repeating to add additonal ratings as of October 23, 2018)
   Oct 24 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of October 23, 2018.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Chennai International                   ST; Non fund based    ICRA A1      980     Reaffirmed
Terminals Pvt Ltd
Chennai International                   ST; Proposed Fac      ICRA A1      1595.7  Reaffirmed
Terminals Pvt Ltd
Delhi Aviation Fuel Facility            Fund based – Short-TL ICRA A1+     400     Assigned
Pvt Ltd
G.M. Pens International Pvt Ltd         ST: Non-FB            ICRA A2      80      Downgraded
                                                                                   from ICRA A2+
G.M. Pens International Pvt Ltd         ST: unallocated Fac   ICRA A2      0.9     Downgraded
                                                                                   from ICRA A2+
Kamakhya Board                          Non-FBL               ICRA A4      57.5    -
Reason for delay in carrying out periodic review - (Issuer Not Co-operating)
Kurlon Enterprise Ltd                   Non-FB Fac            ICRA A1+     150     Upgraded
                                                                                   from ICRA A1
National Cooperative                    CP Programme          ICRA A1+     15980   -
Development Corporation
Reason for delay in carrying out periodic review: Review process is underway
Pal Fashions Pvt Ltd                    Non-fund based – BG   ICRA A2      10      -
Polyplastics Decorative Pvt.            ST – Non-fund Based   ICRA A2+     80      Outstanding
Ltd.                                    (SO)                  (SO)
Sharavathy Conductors Pvt Ltd           ST - Non-fund based - ICRA A3      520     Reaffirmed
                                        BG
Sharavathy Conductors Pvt Ltd           ST- Non-fund based-   ICRA A3      400     Reaffirmed
                                        LOC
Smc Power Generation Ltd                Non-fund              ICRA A2      350     Uupgraded
                                        Based-Working Capital                      from ICRA A3+
Topland Engines Pvt Ltd                 Non-FBL               ICRA A2+     47.5    -
Reason for delay in carrying out periodic review:- Review process in underway
Topland Exports                         Non Fund Based-       ICRA A2      80      -
                                        Foreign Bill Purchase
Reason for delay in carrying out periodic review:- Review process in underway
VLCC Health Care Ltd                    ST FB/non-FB Bk Fac   ICRA A2+     145     Downgraded
                                                                                   from ICRA A2+
VLCC Health Care Ltd                    ST FB Bk Fac          ICRA A3+     -       -
Bestitch Knits                          ST – Fund based       ICRA A4      30
                                        facility
Issuer Not Cooperating
Indag Rubber Ltd                        ST – NonFund Based    ICRA A1+     450
Review process is underway
Indag Rubber Ltd                        ST – Unallocated      ICRA A1+     20
Review process is underway
Prince Yarnn India Ltd                  ST – Fund based       ICRA A4      30
                                        facility
Issuer Not Cooperating
Stable Packaging Pvt Ltd                ST NonFund Based      ICRA A4      10
Issuer Not Cooperating
Vaighai Agro Products Ltd               ST – Fund based       ICRA A3      25
                                        facility
Issuer Not Cooperating
Vaighai Agro Products Ltd               ST – Fund based       ICRA A3      0
                                        facility (Sublimit)
Issuer Not Cooperating
Vaighai Agro Products Ltd               ST – Nonfund based    ICRA A3      160
                                        facility
Issuer Not Cooperating
Vogue Clothing Company                  ST – Fund based       ICRA A4      57
                                        facility
Issuer Not Cooperating


LONG TERM RATINGS:
-------------------
A. K. L. Infracon Pvt Ltd               Bk Fac                ICRA B+      110     -
                                                              /ICRA A4
Reason for delay in carrying out periodic review: - (Issuer Not Cooperating)
Al-Nasir Exports Pvt Ltd                LT/ST facility-Fund   ICRA BB+ /   500     Assigned
                                        Based                 ICRA A4+
Chennai International                   LT Proposed Fac       -            -       Reaffirmed
Terminals Pvt Ltd
Chennai International                   LT; TL                ICRA AA(SO)  1540.7  -
Terminals Pvt Ltd
Delhi Aviation Fuel Facility            Fund based - TL       ICRA AA-     700     Reaffirmed
Pvt Ltd
Delhi Aviation Fuel Facility            Fund based -          ICRA AA-     200     Reaffirmed
Pvt Ltd                                 Overdraft Limits
Delhi Aviation Fuel Facility            Unallocated Limits    ICRA         900     Reaffirmed /
Pvt Ltd                                                       AA-/ICRA A1+         assigned
Earthcon Developers Pvt. Ltd.           Fund based-TL         ICRA D       120     Revised from
                                                                                   ICRA B
(Issuer Not Cooperating)
G.M. Pens International Pvt Ltd         LT: TL                ICRA BBB+    481.4   Downgraded
                                                                                   from ICRA A
G.M. Pens International Pvt Ltd         LT: FB Fac            ICRA BBB+    110.5   Downgraded
                                                                                   from ICRA A
G.M. Pens International Pvt Ltd         LT: Unallocated Fac   ICRA BBB+    47.2    downgraded
                                                                                   from ICRA A
Ganges Ford (Proprietor:                FB Limit – CC         ICRA D       20      Downgraded
Lexicon Commercial Enterprises                                                     from ICRA BB
Ltd)
Rating continues to remain under ‘(Issuer Not Cooperating)’ category
Ganges Ford (Proprietor:                FB Limit – e-DFS      ICRA D       140     Downgraded
Lexicon Commercial Enterprises                                                     from ICRA BB
Ltd)
Rating continues to remain under ‘(Issuer Not Cooperating)’ category
Ganges Ford (Proprietor:                FB Limit – Ad-hoc     ICRA D       28      Downgraded
Lexicon Commercial Enterprises          Limit on e-DFS                             from ICRA BB
Ltd)
Rating continues to remain under ‘(Issuer Not Cooperating)’ category
Ganges Ford (Proprietor:                FB Limit – Dropline   ICRA D       35      Downgraded
Lexicon Commercial Enterprises          Overdraft                                  from ICRA BB
Ltd)
Rating continues to remain under ‘(Issuer Not Cooperating)’ category
Ganges Ford (Proprietor:                Unallocated Limits    ICRA D       4.3     Downgraded
Lexicon Commercial Enterprises                                                     from ICRA BB
Ltd)
Rating continues to remain under ‘(Issuer Not Cooperating)’ category
Indian School Finance Company           PTC Series A1-(a)     Provisional  250     Final Rating
Pvt Ltd                                                       ICRA A(SO)
Indian School Finance Company           PTC Series A1-(b)     Provisional  220     Final Rating
Pvt Ltd                                                       ICRA A(SO)
Indian School Finance Company           PTC Series A2         Provisional  16.1    Final Rating
Pvt Ltd                                                       ICRA
                                                              BBB+(SO)
Kamakhya Board                          FBL                   ICRA B       10      -
Reason for delay in carrying out periodic review -Issuer Not Co-operating
Kurlon Enterprise Ltd                   FB Fac                ICRA A+      250     Reaffirmed
outlook revised to Positive from Stable
Kurlon Enterprise Ltd                   Unallocated           ICRA A+      400     Reaffirmed,
                                                                                   Upgraded
                                                                                   from ICRA A1;
Kurlon Ltd                              FB Fac                ICRA A       170     Reaffirmed
Kurlon Ltd                              Unallocated Fac       ICRA A       40      Reaffirmed
L&T Metro Rail (Hyderabad) Ltd          NCD Programme         ICRA AAA(SO) 1000    confirmed as
                                                                                   final
L&T Metro Rail (Hyderabad) Ltd          NCD Programme         ICRA AAA(SO) 7500    Outstanding
L&T Metro Rail (Hyderabad) Ltd          NCD Programme         Provisional  1500    Outstanding
                                                              ICRA AAA(SO)
Micro Units Development And             Issuer rating         ICRA AAA     -       Reaffirmed
Refinance Agency
National Cooperative                    Bond Programme        ICRA AA      7500    -
Development Corporation
Reason for delay in carrying out periodic review: Review process is underway
National Cooperative                    Bk Lines Programme    ICRA AA /A1  109995.5-
Development Corporation
Reason for delay in carrying out periodic review: Review process is underway
Pahal Financial Services Pvt.           NCD programme         ICRA BB+     280     Assigned
Ltd.
Pahal Financial Services Pvt.           NCD programme         ICRA BB+     150     Outstanding
Ltd.
Pahal Financial Services Pvt.           NCD programme         ICRA BB+     400     Outstanding
Ltd.
Pal Fashions Pvt Ltd                    Fund based- CC        ICRA BBB+    150     -
Pal Fashions Pvt Ltd                    Fund based – TL       ICRA BBB+    163.7   -
Pal Fashions Pvt Ltd                    Unallocated limits    ICRA BBB+    6.3     -
                                                              / ICRA A2
Paratus Real Estates Pvt. Ltd.          Fund based-TL         ICRA D       180     Revised from
                                                                                   ICRA B+
(Issuer Not Cooperating)
Polyplastics Decorative Pvt.            LT – Fund Based /     ICRA A-      70      assigned/
Ltd.                                    CC(SO)                (SO)                 Outstanding
Polyplastics Decorative Pvt.            LT – Fund Based TL(SO)ICRA A-      527     assigned/
Ltd.                                                          (SO)                 Outstanding
Sai Swadhin Commercials Pvt Ltd         FB Limit – Term       ICRA D       37.5    Downgraded
                                                                                   from ICRA B-
Sai Swadhin Commercials Pvt Ltd         FB Limit – Cash       ICRA D       50      Downgraded
                                                                                   from ICRA B-
SBI General Insurance Co. Ltd           CPA rating            iAAA         -       Reaffirmed
Sharavathy Conductors Pvt Ltd           LT - Fund based - CC  ICRA BBB-    104.5   Reaffirmed
                                        facility
Sharavathy Conductors Pvt Ltd           LT- Fund based- TL    ICRA BBB-    8.3     Reaffirmed
Sharavathy Conductors Pvt Ltd           Unallocated Limits    ICRA BBB-            Reaffirmed
                                                              /A3;
Shree Murugan Flour Mills (P)           LT – FB               ICRA D       300     -
Ltd
(Issuer Not Cooperating)
Shri Hare Krishna Sponge Iron           Bk Fac                ICRA B/ICRA  135     -
Ltd                                                           A4
(Issuer Not Cooperating)
SMC Power Generation Ltd                FB -TL                ICRA BBB+    600     Upgraded
                                                                                   from ICRA BBB
SMC Power Generation Ltd                FB - Working Capital  ICRA BBB+    825     Upgraded
                                        Fac                                        from ICRA BBB
SMC Power Generation Ltd                Non-fund              ICRA BBB+    1075    upgraded
                                        Based-Working Capital /ICRA A2             from ICRA
                                        Fac                                        BBB /ICRA A3+
ST. Wilfred Education Society           FBL                   ICRA BB+     200     -
Reason for delay in carrying out periodic review- Info and fee not provided
Topland Engines Pvt Ltd                 CC                    ICRA BBB+    100     -
Reason for delay in carrying out periodic review: - Review process in underway
VLCC Health Care Ltd                    LT FB Bk Fac          ICRA BBB     390.3   Downgraded
                                                                                   from ICRA A-
VLCC Health Care Ltd                    LT unallocated Bk Fac ICRA BBB     14.7    Downgraded
                                                                                   from ICRA A-
                                                                                   --
VLCC Personal Care Ltd                  LT FB Bk Fac: CC      ICRA BBB     450     Downgraded
                                                                                   from ICRA A-
VLCC Personal Care Ltd                  LT FB Bk Fac: TL      ICRA BBB     100     Downgraded
                                                                                   from ICRA A-
A.P.R. Ginn And Pressing Mills          LT – Fund based       ICRA B       50
                                        facility
Issuer Not Cooperating
Bestitch Knits                          LT – TL               ICRA BB-     40
Issuer Not Cooperating
Bestitch Knits                          LT – Fund based       ICRA BB-     60
                                        facility
Issuer Not Cooperating
Budding Brains International            LT – Fund Based       ICRA B       72.5
School (Bhagat Sucha Singh Ji
Memorial Educational Society)
Issuer Not Cooperating
Budding Brains International            LT – Unallocated      ICRA B       67.5
School (Bhagat Sucha Singh Ji
Memorial Educational Society)
Issuer Not Cooperating
C.K. Industries                         BLR                   ICRA B+      199.5
Issuer Not Cooperating
Indag Rubber Ltd                        LT – Fund Based       ICRA A+      80
Review process is underway
Prince Yarnn India Ltd                  LT – TL               ICRA B+      128.1
Issuer Not Cooperating
Prince Yarnn India Ltd                  LT – CC               ICRA B+      70
Issuer Not Cooperating
Prince Yarnn India Ltd                  LT – BG               ICRA B+      20
Issuer Not Cooperating
Prince Yarnn India Ltd                  LT – Unallocated      ICRA B+      0.2
                                        facility
Issuer Not Cooperating
Signet Denim Pvt. Ltd.                  BLR                   ICRA B+      770
Issuer Not Cooperating
Stable Packaging Pvt Ltd                LT – Fund Based       ICRA B+      60
Issuer Not Cooperating
Stable Packaging Pvt Ltd                ST – Fund Based       ICRA B+      80
Issuer Not Cooperating
Sungloss Ceramic Industries             BLR                   ICRA BB- /A4 151.7
Issuer Not Cooperating
Transtek Infoways Pvt Ltd               LT – Fund Based       ICRA BB-     120
Issuer delayed in giving information
Vaighai Agro Products Ltd               LT – TL               ICRA BBB-    83.2
Issuer Not Cooperating
Vaighai Agro Products Ltd               LT – Fund based       ICRA BBB-    210
                                        facility
Issuer Not Cooperating
Vaighai Agro Products Ltd               LT – Unallocated      ICRA BBB-    2.7
                                        facility
Issuer Not Cooperating
Vogue Clothing Company                  LT – TL               ICRA B+      3
Issuer Not Cooperating
Vogue Clothing Company                  Long / ST –           ICRA B+/     40
                                        Unallocated facility  ICRA A4
Issuer Not Cooperating
--------------------------------------------------------------------------------------------
$: 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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