October 25, 2019 / 10:59 AM / a month ago

RPT-ICRA ratings for Indian debt instruments-Oct 25

 (Repeating to add more ratings.)
   Oct 25 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of October 24, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Classic Auto Tubes Ltd                  ST: Fundbased limits  ICRA A2+     7.5     -
(Reason for delay in carrying out periodic review: Review process in underway)
Classic Auto Tubes Ltd                  ST: NonFBL            ICRA A2+     100     -
(Reason for delay in carrying out periodic review: Review process in underway)
Ratedi Wind Power Pvt Ltd               ST- FB limits         ICRA A4+&    250     -
Placed on ratings watch with developing implications Rating Action
Rinac India Ltd                         ST: Non-FB Fac        ICRA A3+     300     Reaffirmed
Spa Heights Pvt Ltd                     ST non-FBL            ICRA A4      120     Withdrawn
Suryansh Metal Amp; Alloys              Non-fund Based        ICRA A4      57      -
(Reason for delay in carrying out periodic review: Review process in underway)
Topline Laminations Pvt Ltd             Non-fund Based        ICRA A4      90      -
(Reason for delay in carrying out periodic review: Review process in underway)
Topline Overseas                        Non-fund Based        ICRA A4      52.5    -
(Reason for delay in carrying out periodic review: Review process in underway)
Unichem Laboratories Ltd                CP Programme          ICRA A1+     150     -
(Reason for delay in carrying out periodic review: Review process in underway)


LONG TERM RATINGS:
-------------------
Classic Auto Tubes Ltd                  LT: Fundbased limits  ICRA A-      62.5    -
(Reason for delay in carrying out periodic review: Review process in underway)
Classic Auto Tubes Ltd                  LT: TL                ICRA A-      510     -
(Reason for delay in carrying out periodic review: Review process in underway)
Classic Auto Tubes Ltd                  LT: Unallocated limitsICRA A-      278.2   -
(Reason for delay in carrying out periodic review: Review process in underway)
Etesian Urja Ltd                        LT - TL LT – FB – CC  ICRA BB+&    4010    -
                                        LT – Fund based - TL
Placed on ratings watch with developing implications. 
&: ratings watch with developing implications
Il&Fs Transportation Networks           CP                    ICRA D       10000   -
Ltd
(Rating continues to remain under ‘(issuer Not Cooperating)’ category *)
Il&Fs Transportation Networks           NCDs                  ICRA D       20000   -
Ltd
(Rating continues to remain under ‘(issuer Not Cooperating)’ category *)
Il&Fs Transportation Networks           TL                    ICRA D       4900    -
Ltd
(Rating continues to remain under ‘(issuer Not Cooperating)’ category *)
Il&Fs Transportation Networks           FB Bk limits          ICRA D       3200    -
Ltd
(Rating continues to remain under ‘(issuer Not Cooperating)’ category *)
Il&Fs Transportation Networks           Preference Share      ICRA D       7600    -
Ltd
(Rating continues to remain under ‘(issuer Not Cooperating)’ category *)
Il&Fs Transportation Networks           NCDs                  ICRA D       19635   -
Ltd
(Rating continues to remain under ‘(issuer Not Cooperating)’ category *)
India Carbon Ltd                        Bk Fac                ICRA A-      1000    -
                                                              (Stable)
                                                              /ICRA A2+
(Reason for delay in carrying out periodic review: Review process in underway)
Jharkhand Infrastructure                Fund Based- TL        ICRA B       4800    -
Implementation Co. Ltd                                        (Stable);
Rating downgraded from ICRA BB+ (Negative) and continues to remain under ‘(issuer Not
Cooperating)’ category
Karnataka Water And Sanitation          TL                    ICRA         6635    Reaffirmed
Pooled Fund                                                   AA-(CE)
Karnataka Water And Sanitation          TL                    ICRA         -       Withdrawn
Pooled Fund                                                   AA-(CE)
Karnataka Water And Sanitation          Bond programme^       ICRA AA+     83      Reaffirmed
Pooled Fund
^The ICRA AA+(Stable) rating was earlier denoted as ICRA AA+(SO) (Stable). 
In line with the SEBI guidelines, ICRA has discontinued the use of the (SO)
suffix alongside rating symbols for denoting the ratings of instruments 
backed by structural features (such as Escrow and DSRA). The change in 
the suffix should not be construed as a change in the rating. 
Khandke Wind Energy Pvt Ltd             LT - TL               ICRA BB-&    6560.9  -
Placed on ratings watch with developing implications Rating Action
Krishna Ishizaki Auto Ltd.              LT/ST                 ICRA]AA-     210     -
                                        Fundbased/Non-FB Fac  (Stable)/
                                                              ICRA A1+
Reason for delay in carrying out periodic review: Review process is underway
Lalpur Wind Energy Pvt Ltd              LT - TL               ICRA BB-&    9733.1  -
Placed on ratings watch with developing implications Rating Action. 
&: ratings watch with developing implications
Magma Fincorp Ltd                       TL (Bk)               ICRA AA-     20566.7 Assigned
Magma Fincorp Ltd                       NCD Programme         ICRA AA-     3350    outstanding
Mantram Technofab Pvt Ltd               LT FB – CC            ICRA BB+     200     Withdrawn
                                                              (S)
Mantram Technofab Pvt Ltd               LT FB – TL            ICRA BB+     100     Withdrawn
                                                              (S)
Matrix Security And                     Non Fund Based        ICRA BB-     100     -
Surveillance Pvt Ltd
Rating downgraded from ICRA BBB- (Stable) and moved to the ‘(issuer Not Cooperating)’ category
Matrix Security And                     Unallocated           ICRA BB-     520     -
Surveillance Pvt Ltd
Rating downgraded from ICRA BBB- (Stable) and moved to the ‘(issuer Not Cooperating)’ category
Matrix Security And                     Fund Based            ICRA BB-     180     -
Surveillance Pvt Ltd
Rating downgraded from ICRA BBB- (Stable) and moved to the ‘(issuer Not Cooperating)’ category
Modern Glass Industries                 Fund based-TL         ICRA D       216.1   -
Downgraded from ICRA BB- (ISSUER NOT COOPERATING)
Modern Glass Industries                 Fund based-CC         ICRA D       100     -
Downgraded from ICRA BB- (ISSUER NOT COOPERATING)
Modern Glass Industries                 LT/ST – Unallocated   ICRA D       3.9     -
Downgraded from ICRA BB- /A4 (ISSUER NOT COOPERATING)
Modern Glass Industries                 ST – Non-fund Based   ICRA D       30      -
Downgraded from ICRA A4 (ISSUER NOT COOPERATING)
Moral Ceramic Pvt. Ltd.                 FB CC                 ICRA B+      40      Reaffirmed
Moral Ceramic Pvt. Ltd.                 FB TL                 ICRA B+      97.5    Reaffirmed
N.A. Construction Pvt. Ltd.             BLR                   ICRA BBB-    1033.7  -
                                                              / ICRA A3
(Reason for delay in carrying out periodic review: Review process in underway)
Ratedi Wind Power Pvt Ltd               LT - TL               ICRA BB&     5664.2  -
Placed on ratings watch with developing implications
Rideema Toll Bridge Pvt Ltd             TL                    ICRA BB+(SO) 700     Withdrawn
Rideema Toll Bridge Pvt Ltd             Non-FBL               ICRA         522     Withdrawn
                                                              BB+(SO)
Rinac India Ltd                         LT: FB Fac            ICRA BBB     95      Reaffirmed
Shree Cotex                             CC                    ICRA B+      70      -
(Reason for delay in carrying out periodic review: Review process in underway)
Shree Cotex                             Unallocated           ICRA B+      16.9    -
(Reason for delay in carrying out periodic review: Review process in underway)
Shree Cotex                             TL                    ICRA B+      4.1     -
(Reason for delay in carrying out periodic review: Review process in underway)
Shree Nakoda Global Ltd                 Bk Fac                ICRA B       150     -
                                                              (Stable)
                                                              /ICRA A4
(Reason for delay in carrying out periodic review: Review process in underway)
Spa Heights Pvt Ltd                     LT FBL**              ICRA B-      -       Withdrawn
** Sub-limit of short-term non-fund based limit
Spa Heights Pvt Ltd                     Unallocated limit     ICRA         30      Withdrawn
                                                              B-/ICRA A4
Sri Adiparashakti Agro Tech             LT – Fund based - TL  -            -       Reaffirmed
Sri Adiparashakti Agro Tech             LT – FB – CC          ICRA B+      70      Reaffirmed
                                                              (Stable)
Sri Adiparashakti Agro Tech             LT – Unallocated      ICRA B+      30      -
                                                              (Stable)
(Reason for delay in carrying out periodic review: Review process in underway)
Sudarshan Infra Projects Pvt            Fund Based            ICRA B       58.5    -
Ltd
(Reason for delay in carrying out periodic review: Review process in underway)
Sudarshan Infra Projects Pvt            LT/ST - Unallocated   ICRA B /A4   6       -
Ltd                                     
(Reason for delay in carrying out periodic review: Review process in underway)
Suryansh Metal Amp; Alloys              CC                    ICRA B       22      -
(Reason for delay in carrying out periodic review: Review process in underway)
Suryansh Metal Amp; Alloys              Unallocated           ICRA B /A4   21      -
(Reason for delay in carrying out periodic review: Review process in underway)
Tadas Wind Energy Pvt Ltd               FB limits             ICRA B+&     300     -
Placed on ratings watch with developing implications. &: ratings watch with developing
implications
Tadas Wind Energy Pvt Ltd               TL                    ICRA B+&     9250    -
Placed on ratings watch with developing implications. &: ratings watch with developing
implications
Topline Laminations Pvt Ltd             CC                    ICRA B       57.5    -
(Reason for delay in carrying out periodic review: Review process in underway)
Topline Laminations Pvt Ltd             Unallocated           ICRA B /A4   2.5     -
(Reason for delay in carrying out periodic review: Review process in underway)
Topline Overseas                        CC                    ICRA B       12      -
(Reason for delay in carrying out periodic review: Review process in underway)
Topline Overseas                        TL                    ICRA B       4.1     -
(Reason for delay in carrying out periodic review: Review process in underway)
Topline Overseas                        Unallocated           ICRA B /A4   41.5    -
(Reason for delay in carrying out periodic review: Review process in underway)
Unichem Laboratories Ltd                LT, Fundbased/Non-FB  ICRA A+      300     -
                                        Fac
(Reason for delay in carrying out periodic review: Review process in underway)
Wind Urja India Pvt Ltd                 LT - TL               ICRA B-&     1330.9  -
&: ratings watch with developing implications
 
--------------------------------------------------------------------------------------------
$: 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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