October 24, 2019 / 11:49 AM / a month ago

RPT-ICRA ratings for Indian debt instruments-Oct 24

 (Repeating to add more ratings.)
    Oct 24 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of October 23, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Adani Gas Ltd                           ST Non-fund Based -   ICRA A1+%    6650#   -
                                        BG/LC
% - under watch with positive implications
#-Contains Rs. 75 crore interchangeability with FB limits
Adani Gas Ltd                           ST Fund Based - BD/ST ICRA A1+%    550     -
                                        loan
% - under watch with positive implications
Bharat Immunologicals &                 Non FB Fac            ICRA A4      500     Reaffirmed
Biologicals Corporation Ltd
(Removed from ‘ISSUER NOT COOPERATING’ category)
Eastern Surgical Company                ST: FB Fac            ICRA A4      66      Reaffirmed
Eastern Surgical Company                ST: Non-FBL           ICRA A4      5       Reaffirmed
Godrej Agrovet Ltd                      ST, Non-fund Based    ICRA A1+     200     Reaffirmed
                                        Working Capital Fac
Godrej Agrovet Ltd                      CP Programme          ICRA A1+     6000    Reaffirmed
Godrej Agrovet Ltd                      ST, FB Working        ICRA A1+     2800    Reaffirmed
                                        Capital Fac
Iti Asset Management Ltd                ITI Liquid Fund       ICRA A1+mfs  -       Assigned
Iti Asset Management Ltd                ITI Overnight Fund    ICRA A1+mfs  -       Assigned
Jai Bharat Steel Industries             LOC                   ICRA A4      180     -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Jai Bharat Steel Industries             Credit Exposure Limit ICRA A4      3.7     -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Knk Nexgen Construction Pvt Ltd         ST - Non Fund Based   ICRA A4      400     Downgraded
                                                                                   from ICRA A3
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Kodandaram Roller Flour Mills           ST- Non-Fund based    ICRA A4+     50      -
Pvt. Ltd
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Mcnroe Consumer Products Pvt            Non-Fund based        ICRA A4+     70      Withdrawn
Ltd                                     -Foreign LOC
(Issuer not Cooperating)
Pan Healthcare Pvt. Ltd                 Non-FBBG/LC           ICRA A4      30      -
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Pan Healthcare Pvt. Ltd                 Non-FBLC (Within      ICRA A4      -       -
                                        overall FBWC Limit of
                                        Rs'14'00 Cr)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Pan Healthcare Pvt. Ltd                 Non-FBForward         ICRA A4      -       -
                                        Contract Limit
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Parisons Agrotech Pvt Ltd               ST- NonFund based     ICRA A4+     180     -
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Parisons Foods Pvt Ltd                  ST- NonFund based     ICRA A4+     360     -
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Parisons Infrastructure Pvt Ltd         ST- NonFund based     ICRA A4+     150     -
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Parisons Roller Flour Mills             ST- NonFund based     ICRA A4+     140     -
Pvt Ltd
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Tmf Holdings Ltd                        CP Programme          ICRA A1+     25000   Outstanding
Vandana Timber Pvt. Ltd                 Non-fund Based – LOC  ICRA A4      160     Withdrawn
Vandana Timber Pvt. Ltd                 Non-fund Based –      ICRA A4      3.2     Withdrawn
                                        Forward Contract Limit
West Coast Paper Mills Ltd              CP                    ICRA A1+     500     Assigned
H.K. Agro Impex                         ST - Fund Based       ICRA D       10      Downgraded
                                                                                   from ICRA A4
(Continues to remain under ‘Issuer Not Cooperating’ category)
Aditya Birla Capital Ltd                CP Programme          ICRA A1+     27000   -
Reason for delay in carrying out periodic review: Review process is underway.
Renxsol Ecotech Pvt Ltd                 ST-Letter of Credit   ICRA A4      43      -


LONG TERM RATINGS:
-------------------
Aditya Birla Capital Ltd                NCD Programme         ICRA AAA     8000    -
                                                              (stable)
Reason for delay in carrying out periodic review: Review process is underway.
R K M Powergen Pvt Ltd                  FB TL                 ICRA D       11596.3 -
Reason for delay in carrying out periodic review: Review process is underway.
R K M Powergen Pvt Ltd                  Non fund based 
BG    ICRA D       2550    -
Reason for delay in carrying out periodic review: Review process is underway.
Renxsol Ecotech Pvt Ltd                 LT-TL                 ICRA B+      10      -
                                                              (Stable)
Renxsol Ecotech Pvt Ltd                 LT Overdraft          ICRA B+      7.5     -
                                                              (Stable)
Renxsol Ecotech Pvt Ltd                 LT/ST Unallocated     ICRA B+      1.7     -
                                                              (Stable) /
                                                              ICRA A4
Adani Gas Ltd                           TL                    ICRA A+%     4201.8  -
% - under watch with positive implications
Adani Gas Ltd                           LT Fund Based - CC    ICRA A+%     300     -
% - under watch with positive implications
Adani Gas Ltd                           LT/ST Unallocated     ICRA         308.2   -
                                                              A+%/A1+%
% - under watch with positive implications
Bharat Immunologicals &                 Fund Based – CC Fac   ICRA         400     Downgraded
Biologicals Corporation Ltd                                   B+(Stable)           from ICRA
                                                                                   BB- 
                                                                                   (Negative)
(Removed from ‘ISSUER NOT COOPERATING’ category)
Bharat Immunologicals &                 Unallocated           ICRA         350     -
Biologicals Corporation Ltd                                   B+(Stable)
                                                              / A4
(Long term rating downgraded; short term rating reaffirmed and removed from ‘ISSUER NOT
COOPERATING’ category; outlook revised to ‘Stable’ from Negative’)
East India Pharmaceutical               Bk Fac                ICRA BBB-    483.3   -
Works Ltd                                                     (Stable) /
                                                              A3
(Reason for delay in carrying out periodic review: - Review process is underway)
Eastern Surgical Company                LT: Non-FBL           ICRA BB      40      Reaffirmed
                                                              (Stable)
Eastern Surgical Company                LT: Unallocated       ICRA BB      9       Reaffirmed
                                                              (Stable)
Godrej Agrovet Ltd                      LT, FB Working        ICRA AA      600     Reaffirmed
                                        Capital Fac           (Stable)
Gurukrupa Metals                        Fund based-CC         ICRA B-      100     -
                                                              (Stable)
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
H.K. Agro Impex                         LT - Fund Based - CC  ICRA D       30      Downgraded
                                                                                   from ICRA B
                                                                                   (Stable)
(Continues to remain under ‘Issuer Not Cooperating’ category)
H.K. Agro Impex                         LT - Fund Based - TL  ICRA D       23.8    Downgraded
                                                                                   from ICRA B
                                                                                   (Stable) / A4
(Continues to remain under ‘Issuer Not Cooperating’ category)
H.K. Agro Impex                         LT / ST - Unallocated ICRA D / D   36.2    Downgraded
                                                                                   from ICRA B
                                                                                   (Stable) / A4
(Continues to remain under ‘Issuer Not Cooperating’ category)
Jai Bharat Steel Industries             CC                    ICRA B+      5       Downgraded
                                                              (Stable)             from ICRA
                                                                                   BB- (Stable)
Jai Bharat Steel Industries             Unallocated limit     ICRA B+      102     -
                                                              (Stable) /
                                                              A4
(Long term Rating downgraded from ICRA BB-(Stable); Ratings continues to remain under ‘Issuer
Not Cooperating’ category)
Jainam Coatex Llp                       FB -CC                ICRA B       25      -
                                                              (Stable)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Jainam Coatex Llp                       FB-TL                 ICRA B       32.5    -
                                                              (Stable)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Jainam Coatex Llp                       Unallocated Limits    ICRA B       25      -
                                                              (Stable)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
K.P.R. Agros Poultries Pvt Ltd          LT - Fund Based- CC   ICRA         130     -
                                                              B+(Stable)
(Continues to remain under the ‘Issuer Not Cooperating’ category)
K.P.R. Agros Poultries Pvt Ltd          LT - Fund Based TL    ICRA         15      -
                                                              B+(Stable)
(Continues to remain under the ‘Issuer Not Cooperating’ category)
K.P.R. Agros Poultries Pvt Ltd          LT - Unallocated      ICRA         55      -
                                                              B+(Stable)
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Kamala Ginning And Oil                  LT - Fund Based/ CC   ICRA         300     -
Industries Pvt Ltd                                            B(Stable)
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Kamala Ginning And Oil                  LT - Unallocated      ICRA         20      -
Industries Pvt Ltd                                            B(Stable)
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Knk Nexgen Construction Pvt Ltd         LT - Fund Based/ CC   ICRA BB      150     Downgraded
                                                              (Stable)             from ICRA
                                                                                   BBB- (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Knk Nexgen Construction Pvt Ltd         LT / ST - Unallocated ICRA BB      50      Downgraded
                                                              (Stable) /           from ICRA
                                                              A4                   BBB- 
                                                                                   (Stable) / A3
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Kodandaram Roller Flour Mills           LT- Fund based        ICRA BB+     50      -
Pvt. Ltd                                                      (Stable)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Lemosa Tiles Llp                        TL                    ICRA B+      60      -
                                                              (Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Lemosa Tiles Llp                        CC                    ICRA B+      30      -
                                                              (Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Lycon Microns Llp                       LT FB Limits/         ICRA B+      97.5    -
                                        ST-Non-Fund Based     (Stable)/A4
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Mallemaala Entertainments Pvt           Fund based/CC         ICRA BB      182.5   Assigned
Ltd                                                           (Stable)
Mallemaala Entertainments Pvt           TL                    ICRA BB      135     Assigned
Ltd                                                           (Stable)
Mallemaala Entertainments Pvt           Unallocated limits    ICRA BB      2.5     Assigned
Ltd                                                           (Stable)
Mcnroe Consumer Products Pvt            FB -CC                ICRA BB+     450     Withdrawn
Ltd                                                           (Stable)
(Issuer not Cooperating)
Mohan Rao And Company                   LT - Fund Based/ CC   ICRA         100     -
                                                              B(Stable)
Continues to remain under the ‘Issuer Not Cooperating’ category
Mohan Rao And Company                   LT - Unallocated      ICRA         20      -
                                                              B(Stable)
Continues to remain under the ‘Issuer Not Cooperating’ category
Pan Healthcare Pvt. Ltd                 FB-TL                 ICRA B+      557     -
                                                              (Stable)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Pan Healthcare Pvt. Ltd                 FB-CAPEX LC as        ICRA B+      -       -
                                        Sub-limit of TL       (Stable)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Pan Healthcare Pvt. Ltd                 FB -CC                ICRA B+      170     -
                                                              (Stable)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Parisons Agrotech Pvt Ltd               LT- Fund based        ICRA BB+     30      -
                                                              (Stable)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Parisons Foods Pvt Ltd                  LT- Fund based        ICRA BB+     50      -
                                                              (Stable)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Parisons Roller Flour Mills             LT – Fundbased        ICRA BB+     23.5    -
Pvt Ltd                                                       (Stable)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Rosa Power Supply Co. Ltd               TL                    ICRA D       28450^  Downgraded
                                                                                   from ICRA B-
                                                                                   (Negative)
Rosa Power Supply Co. Ltd               Working Capital Fac   ICRA D/D     14000   Downgraded
                                        (CC /Working Capital                       from ICRA B-
                                        Demand Loan)                               (Negative)/A4
Rosa Power Supply Co. Ltd               LER limit             ICRA D/D     100     Downgraded
                                                                                   from ICRA B-
                                                                                   (Negative)/A4
Rosa Power Supply Co. Ltd               Non-FBL (BG and LOC)  ICRA D/D     1000    Downgraded
                                                                                   from ICRA B-
                                                                                   (Negative)/A4
Sharanamma Diggavi Memorial             LT - Fund Based TL    ICRA D       62.9    -
Educational Trust
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Sharanamma Diggavi Memorial             LT - Unallocated      ICRA D       17.1    -
Educational Trust
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Shreeji Vitrified Pvt Ltd               LT FB Limits/ ST -    ICRA B+      128.8   -
                                        Non-Fund Based        (Stable)/A4
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Siyaram Metal Udyog Pvt Ltd             Fund based-CC         ICRA B-      350     -
                                                              (Stable)
(Rating Continues to remain under ‘Issuer Not Cooperating’ category)
Sri Lakshmi Poultry Complex             LT - Fund Based- CC   ICRA         320     -
Pvt Ltd                                                       B+(Stable)
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Sri Lakshmi Poultry Complex             LT - Fund Based TL    ICRA         35      -
Pvt Ltd                                                       B+(Stable)
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Sri Lakshmi Poultry Complex             LT/ST - Unallocated   ICRA         45      -
Pvt Ltd                                                       B+(Stable)
                                                              / A4
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Tmf Holdings Ltd                        NCD Programme         ICRA AA-     20000   Assigned
                                                              (negative)
Tmf Holdings Ltd                        NCD Programme         ICRA AA-     12500   Outstanding
                                                              (negative)
Tmf Holdings Ltd                        LT Bk Lines Programme ICRA AA-     3000    Outstanding
                                                              (negative)
Tusha Textiles (Mumbai) Pvt Ltd         FB-Packing Credit/    ICRA BB+     150     Reaffirmed
                                        Post Shipment Credit
Tusha Textiles (Mumbai) Pvt Ltd         Fund based- Foreign   ICRA BB+     -       Reaffirmed
                                        Bill Purchase/ Post
                                        shipment in Foreign Currency/ Foreign Bill Negotiation**
**sub-limit of Packing Credit
Tusha Textiles (Mumbai) Pvt Ltd         Non-Fund based-LOC**  ICRA BB+     -       Reaffirmed
**sub-limit of Packing Credit
Vandana Timber Pvt. Ltd                 FB – CC               ICRA B+      20      Withdrawn
                                                              (Stable)
West Coast Paper Mills Ltd              NCD Programme         ICRA AA-     2000    Reaffirmed
                                                              (Stable)
West Coast Paper Mills Ltd              TL                    ICRA AA-     2450    Assigned
                                                              (Stable)
West Coast Paper Mills Ltd              FB/Non-Fund based     ICRA AA-     1050    Assigned
                                        Working Capital Fac   (Stable) /
                                                              A1+
Yenkey Roller Flour Mills               LT- Fund based        ICRA BB+     50      -
                                                              (Stable)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)


--------------------------------------------------------------------------------------------
$: 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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