October 29, 2018 / 11:29 AM / 4 months ago

RPT-ICRA ratings for Indian debt instruments-Oct 29

 (Repeating to add more ratings)
    Oct 29 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of October 26, 2018.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Atal Tea Co. (1943) Ltd                 NFB-BG                ICRA A4      5       -
Rating moved to ‘Issuer Not Cooperating’ category
Balason Tea Company Pvt Ltd             NFB-BG                ICRA A4      2.5     -
Issuer did not co-operate; based on best available information
Chandan Tea Industries Pvt Ltd          NFB-BG                ICRA A4      5       -
Issuer did not co-operate; based on best available information
Chayagraphics Healthcare Pvt            Chayagraphics         ICRA A4      12.5    -
Ltd                                     Healthcare ST-
                                        Non-fund 1.25 Private Limited based limit
Reason for delay in carrying out periodic review: Issuer Delayed in giving information
Coochbehar Agro Tea Estates             Non-fund based-BG     ICRA A4      7.5     -
Pvt. Ltd.
Issuer did not co-operate; based on best available information
Forbes & Co. Ltd                        ST FB Limits          ICRA A1+     160     Reaffirmed
Reaffirmed
Forbes & Co. Ltd                        ST Non-FBL            ICRA A1+     405     Reaffirmed
Reaffirmed
Forbes & Co. Ltd                        CP                    ICRA A1+     800     Reaffirmed
Forbes Technosys Ltd                    ST non-FBL            ICRA A1+(SO) 320     Reaffirmed
Goodluck India Ltd                      Non-fund Based - WCF  ICRA A3+     900     Reaffirmed
Jalpaiguri Duars Tea Co. Ltd            NFB-BG                ICRA A4      5       -
Issuer did not co-operate; based on best available information
Kaynes Technology India Pvt Ltd         ST – FB Fac           ICRA A4+     380.5   -
Reason for delay in carrying out periodic review: Issuer delayed in giving information
Kaynes Technology India Pvt Ltd         ST – Interchangeable  ICRA A4+     -       -
                                        limits
Reason for delay in carrying out periodic review: Issuer delayed in giving information
Mahindra Intertrade Ltd                 ST, Non-FBL           ICRA A1+     3700    Reaffirmed
New Tea Co. Ltd                         Short- term- FBL      ICRA A4      295     -
                                                              ISSUER NOT
                                                              COOPERATING*
Rating moved to ‘Issuer Not Cooperating’ category
New Tea Co. Ltd                         Short- term- Non-FBL  ICRA A4      20      -
                                                              ISSUER NOT
                                                              COOPERATING*
Rating moved to ‘Issuer Not Cooperating’ category
New Tea Exports Pvt Ltd                 ST FB                 ICRA A4      63.5    -
Issuer did not co-operate; based on best available information
New Tea Exports Pvt Ltd                 ST NFB                ICRA A4      10      -
Issuer did not co-operate; based on best available information
North Dinajpur Tea Agro Pvt.            NFB-BG                ICRA A4      5       -
Ltd
Issuer did not co-operate; based on best available information
Orfina Ceramic Pvt Ltd                  Non-Fund Based: Bill  ICRA A4      -       Withdrawn
                                        discounting- sublimit
                                        to CC
Orfina Ceramic Pvt Ltd                  Non-Fund Based: BG    ICRA A4      20      Withdrawn
Panacea Medical Technologies            Non-FBL               ICRA A4+     30      -
Pvt. Ltd.
ISSUER NOT COOPERATING
Prestress Steel Llp(Erstwhile           ST – Non-fund based   ICRA A3      225     -
Prestress Wire Industries)
Reason for delay in carrying out periodic review: Issuer delayed in giving information
Rasi Seeds Pvt Ltd                      ST: FBL               ICRA A1+     550     Reaffirmed
removed from the non-cooperation category
Rasi Seeds Pvt Ltd                      ST: Interchangeable   ICRA A1+     -       Reaffirmed
removed from the non-cooperation category
Rheabari Tea Company Pvt Ltd            Non-Fund based BG     ICRA A4      5       -
Rating moved to ‘Issuer Not Cooperating’ category
Sri Krishna Kireeti Food                Non Fund based        ICRA A4      20      -
Products
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Tata Capital Housing Finance            CP Programme          ICRA A1+     80000   outstanding
Ltd
Uttarayan Foods Pvt Ltd                 Non -fund - based –   ICRA A4      1.6     -
                                        BG
(Rating continues to remain under Cooperating’ category)
Yashveer Ceramic                        Non-fund Based- BG    ICRA A4      20      -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)

LONG TERM RATINGS:
-------------------
Air India Ltd                           NCDs (NCD 1)          ICRA AAA(SO) 40000   Reaffirmed
Air India Ltd                           NCDs (NCD 2)          ICRA AAA(SO) 15000   Reaffirmed
Atal Tea Co. (1943) Ltd                 FB CC                 ICRA B-      92.5    -
Rating moved to ‘Issuer Not Cooperating’ category
Aye Finance (P) Ltd.                    NCD Programme         ICRA BBB     720     Assigned
Aye Finance (P) Ltd.                    NCD Programme         ICRA BBB     3018    outstanding
Aye Finance (P) Ltd.                    Fund based - TL       ICRA BBB     556     outstanding
Balason Tea Company Pvt Ltd             FB-CC                 ICRA BB-     66.5    -
Issuer did not co-operate; based on best available information
Bhagwati Rice Mill Pvt. Ltd.            FBL                   ICRA B+      406.4   -
Reason for delay in carrying out periodic review:
- Issuer not cooperating
Bhagwati Rice Mill Pvt. Ltd.            Unallocated           ICRA B+      3.6     -
Reason for delay in carrying out periodic review:
- Issuer not cooperating
Caravan Oil Suppliers                   LT – CC               ICRA BB      65      -
ISSUER NOT COOPERATING
Chaitanya Enterprises                   LT - FBL              ICRA D       100     -
ratings continue to be on ‘watch with negative implications’
Chandan Tea Industries Pvt Ltd          FB-CC                 ICRA B-      105     -
Issuer did not co-operate; based on best available information
Chayagraphics Healthcare Pvt            Chayagraphics         ICRA B+      65      -
Ltd                                     Healthcare LT – Cash
                                        Private Limited Credit
Reason for delay in carrying out periodic review: Issuer Delayed in giving information
Coochbehar Agro Tea Estates             Fund based-TL         ICRA BB-     23.3    -
Pvt. Ltd.
Issuer did not co-operate; based on best available information
Coochbehar Agro Tea Estates             Fund based-Cash-CreditICRA BB-     92.5    -
Pvt. Ltd.
Issuer did not co-operate; based on best available information
Coochbehar Agro Tea Estates             LT/ST Unallocated     ICRA BB- /   9.8     -
Pvt. Ltd.                               limit                 ICRA A4
Issuer did not co-operate; based on best available information
Delhi International Airport Ltd         LT FB Limits          ICRA AA-     3350    -
outlook revised to Stable from Negative
Delhi International Airport Ltd         LT Non-FBL            ICRA AA-     490     -
outlook revised to Stable from Negative
Delhi International Airport Ltd         Unallocated Limits    ICRA AA- /   56160   -
                                        LT, FB Limits         ICRA A1+
outlook revised to Stable from Negative
Forbes & Co. Ltd                        LT FB Limits          ICRA A+      725     Downgraded
                                                                                   from ICRA]AA-
Forbes & Co. Ltd                        Non-Convertible       ICRA A+      400     Downgraded
                                        Debenture                                  from ICRA]AA-
Forbes & Co. Ltd                        Unallocated Limits    ICRA A+ /    229.9   revised from
                                                              ICRA A1+             ICRA]AA- /
                                                                                   ICRA]A1+
Forbes & Co. Ltd                        NCD Programme         ICRA AA-     -       Withdrawn
Forbes Technosys Ltd                    LT-Loans              ICRA A+(SO)  390     Downgraded
                                                                                   from
                                                                                   ICRA]AA-(SO)
Forbes Technosys Ltd                    LT FB Limits          ICRA A+(SO)  480     Downgraded
                                                                                   from
                                                                                   ICRA]AA-(SO)
Forbes Technosys Ltd                    NCD Programme         ICRA A+(SO)  350     Downgraded
                                                                                   from
                                                                                   ICRA]AA-(SO)
Forbes Technosys Ltd                    NCD Programme         ICRA A+(SO)  250     Downgraded
                                                                                   from
                                                                                   ICRA]AA-(SO)
Forbes Technosys Ltd                    LT-Loan               ICRA AA-(S)  200     outstanding
Girdhari Lal Constructions Pvt          CC                    ICRA BBB     470     Assigned
Girdhari Lal Constructions Pvt          BG                    ICRA BBB     3750    Assigned
Goodluck India Ltd                      FB - TL               ICRA BBB     863.6   Reaffirmed
Goodluck India Ltd                      FB - WCF              ICRA BBB     2466.2  Reaffirmed
Ibdnalanda Infrastructure Pvt.          FB                    ICRA D       240     -
Ltd
Rating moved to ‘Issuer Not Cooperating’ category
Ibdnalanda Infrastructure Pvt.          Unallocated           ICRA D       85.2    -
Ltd
Rating moved to ‘Issuer Not Cooperating’ category
Jalpaiguri Duars Tea Co. Ltd            FB-CC                 ICRA B-      77.1    -
Issuer did not co-operate; based on best available information
Kaynes Technology India Pvt Ltd         LT- FB Fac            ICRA BB+     479.5   -
Reason for delay in carrying out periodic review: Issuer delayed in giving information
Kaynes Technology India Pvt Ltd         LT – Interchangeable  ICRA BB+     -       -
                                        limits
Reason for delay in carrying out periodic review: Issuer delayed in giving information
Kishore Infrastructures Pvt Ltd         Fund bases limit -CC  ICRA BB-     40      -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Kishore Infrastructures Pvt Ltd         Non-fund based -BG    ICRA         360     -
                                                              BB-/ICRA A4
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Kishore Infrastructures Pvt Ltd         Unallocated Limits    ICRA         400     -
                                                              BB-/ICRA A4
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Latur City Municipal                    Issuer rating Trust   ICRA BBB-    -       Withdrawn
Corporation                             Name
ISSUER NOT COOPERATING
Mahindra Intertrade Ltd                 LT, FB Limits         ICRA AA+     300     Reaffirmed
Mandovi Casting Pvt Ltd                 Bk loans              ICRA         78.1    -
                                                              BB-/ICRA A4
Reason for delay in carrying out periodic review – Review process is underway
Marc Laboratories Ltd                   FB                    ICRA BBB-    134     -
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Marc Laboratories Ltd                   Unallocated           ICRA BBB-    8.8     -
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Mathuram Swastha Evam Shikshan          Fund -based - loans   ICRA B+      70      -
Sansthan
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Mathuram Swastha Evam Shikshan          Unallocated limits    ICRA B+      10      -
Sansthan
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Mor Alloys Pvt Ltd                      Unallocated           ICRA BB / A4 165.5   -
*Issuer did not co-operate; based on best available information.
New Tea Co. Ltd                         Long- term- FBL       ICRA BB-     337.5   -
Rating moved to ‘Issuer Not Cooperating’ category
New Tea Co. Ltd                         LT/ST Unallocated     ICRA BB-     207.3   -
                                        limit                 /ICRA A4
Rating moved to ‘Issuer Not Cooperating’ category
New Tea Co. Ltd                         LT / ST -             ICRA BB-     -       -
                                        Interchangeable       /ICRA A4
Rating moved to ‘Issuer Not Cooperating’ category
North Dinajpur Tea Agro Pvt.            Fund based-CC         ICRA B       66.5    -
Ltd
Issuer did not co-operate; based on best available information
North Dinajpur Tea Agro Pvt.            LT/ST unallocated     ICRA B /     33      -
Ltd                                     limit                 ICRA A4
Issuer did not co-operate; based on best available information
Orfina Ceramic Pvt Ltd                  Fund based- CC        ICRA B+      40      Withdrawn
Orfina Ceramic Pvt Ltd                  Fund based- TL        ICRA B+      72.2    Withdrawn
Orfina Ceramic Pvt Ltd                  Fund/Non Fund based-  ICRA B+ /    0       Withdrawn
                                        unallocated limit     ICRA A4
Pahal Financial Services Pvt.           PTC Series A          ICRA A(SO)   93.1    Upgraded
Ltd.                                                                               from
                                                                                   ICRA]BBB+(SO)
Panacea Medical Technologies            Fund based – CC       ICRA BB+     50      -
Pvt. Ltd.
ISSUER NOT COOPERATING
Panacea Medical Technologies            Fund Based- TL        ICRA BB+     35      -
Pvt. Ltd.
ISSUER NOT COOPERATING
Prestress Steel Llp(Erstwhile           LT – FB – TL          ICRA BBB-    18      -
Prestress Wire Industries)
Reason for delay in carrying out periodic review: Issuer delayed in giving information
Prestress Steel Llp(Erstwhile           LT – FB – CC          ICRA BBB-    400     -
Prestress Wire Industries)
Reason for delay in carrying out periodic review: Issuer delayed in giving information
Rasi Seeds Pvt Ltd                      LT: TL                ICRA A+      135     Reaffirmed
removed from the non-cooperation category
Rasi Seeds Pvt Ltd                      LT: FBL               ICRA A+      1200    Reaffirmed
removed from the non-cooperation category
Rasi Seeds Pvt Ltd                      LT: Non-fund based    ICRA A+      30      Reaffirmed
removed from the non-cooperation category
Rasi Seeds Pvt Ltd                      LT: Unallocated       ICRA A+      102.4   Reaffirmed
removed from the non-cooperation category
Ratan Housing Development Ltd           FB                    ICRA BB+     1600    -
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Religare Finvest Ltd                    LT Debt Programme     ICRA BBB-@   3000    Revised to
                                                                                   ICRA]BB @
rating continues to be on ‘watch with negative implications’
Religare Finvest Ltd                    Bk Limits             ICRA         90000   Revised to
                                                              BBB-@/ICRA           ICRA]BB @
                                                              A3@                  /ICRAA4 @
ratings continue to be on ‘watch with negative implications’
Rheabari Tea Company Pvt Ltd            Fund based-CC         ICRA BB-     61.5    -
Rating moved to ‘Issuer Not Cooperating’ category
Rheabari Tea Company Pvt Ltd            LT/                   ICRA BB-     2.7     -
                                        Shortterm-Unallocated /ICRA A4
Rating moved to ‘Issuer Not Cooperating’ category
Sri Jayalakshmi Automotives             FB BB                 ICRA BB-     1380    Assigned
Pvt. Ltd
Sri Jayalakshmi Automotives             FB TL                 ICRA BB-     798.7   Assigned
Pvt. Ltd
Sri Srinivasa Spintex (India)           CC                    ICRA B+      550     -
Ltd
Rating continues to remain in the ‘(Issuer Not Cooperating)category
Sri Srinivasa Spintex (India)           TL                    ICRA B+      639.5   -
Ltd
Rating continues to remain in the ‘(Issuer Not Cooperating)category
Sri Srinivasa Spintex (India)           Non Fund Based        ICRA B+      24.7    -
Ltd
Rating continues to remain in the ‘(Issuer Not Cooperating)category
Sri Srinivasa Spintex (India)           Unallocated           ICRA B+      28.3    -
Ltd
Rating continues to remain in the ‘(Issuer Not Cooperating)category
Sri Jayalakshmi Automotives             Unallocated           ICRA BB-     171.3   Assigned
Pvt. Ltd
Sri Krishna Kireeti Food                CC                    ICRA B       70      -
Products
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Sri Krishna Kireeti Food                TL                    ICRA B       11      -
Products
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Sri Krishna Kireeti Food                Unallocated Limits    ICRA B       49      -
Products
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Sri Veera Venkata                       CC                    ICRA BB      45      -
Satyanarayana Rice Mill
(Rating moved to the ‘Issuer Not Cooperating’ category)
Sri Veera Venkata                       Unallocated           ICRA BB      105     -
Satyanarayana Rice Mill
(Rating moved to the ‘Issuer Not Cooperating’ category)
Tata Capital Housing Finance            NCD                   ICRA AAA     5000    outstanding
Ltd
Tata Capital Housing Finance            NCDs Programme        ICRA AAA     24000   outstanding
Ltd
Tata Capital Housing Finance            Retail Bonds          ICRA AAA     50000   outstanding
Ltd
(including nonconvertible debentures and subordinated debt)
Tata Capital Housing Finance            Subordinated Debt     ICRA AAA     11000   outstanding
Ltd                                     Programme
Uttarayan Foods Pvt Ltd                 FB-TL                 ICRA C+      33.9    -
(Rating continues to remain under Cooperating’ category)
Uttarayan Foods Pvt Ltd                 FB–CC                 ICRA C+      26.8    -
(Rating continues to remain under Cooperating’ category)
Yashveer Ceramic                        Fund Based-CC         ICRA B       30      -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Yashveer Ceramic                        Fund Based-TL         ICRA B       52.5    -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
--------------------------------------------------------------------------------------------
$: 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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