October 4, 2019 / 11:03 AM / 8 days ago

RPT-ICRA ratings for Indian debt instruments-Oct 4

 (Repeating to add more ratings)
    Oct 4 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of October 3, 2019.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Dixon Technologies (India) Ltd          FB - Working Capital  ICRA A1+     950     Reaffirmed
(Erstwhile Dixon Technologies           Fac
(India) Pvt Ltd)
Dixon Technologies (India) Ltd          Non-fund Based -      ICRA A1+     6350    Reaffirmed
(Erstwhile Dixon Technologies           Working Capital Fac
(India) Pvt Ltd)                        (ST scale)
Dixon Technologies (India) Ltd          Interchangeable^      ICRA A1+     2500    Reaffirmed
(Erstwhile Dixon Technologies           Working Capital Fac
(India) Pvt Ltd)                        (ST scale)
^ between non-fund based and fund based
Dixon Technologies (India) Ltd          Unallocated Bk Fac    ICRA A1+     453     Reaffirmed
(Erstwhile Dixon Technologies           (ST scale)
(India) Pvt Ltd)
Dixon Technologies (India) Ltd          CP                    ICRA A1+     250     Reaffirmed
(Erstwhile Dixon Technologies
(India) Pvt Ltd)
High-Volt Electricals Pvt Ltd           ST, Non-FBL           ICRA A3+     50      Upgraded
                                                                                   from ICRA A3
Interglobe Enterprises (Uk) Ltd         FB Limits             ICRA A2(CE)  900     Assigned
Metropolitan Eximchem Pvt. Ltd.         ST FBL                ICRA A1      39      Assigned /
                                                                                   Outstanding
Metropolitan Eximchem Pvt. Ltd.         ST non- FBL           ICRA A1      135     Outstanding
Standard Retail Pvt Ltd                 ST - Interchangeable  ICRA A3      -       Downgraded
                                                                                   from ICRA
                                                                                   A3+
Standard Retail Pvt Ltd                 ST - Non Fund Based   ICRA A3      3950    Downgraded
                                                                                   from ICRA
                                                                                   A3+
Standard Retail Pvt Ltd                 ST - Unallocated      ICRA A3      250     Downgraded
                                                                                   from ICRA
                                                                                   A3+

MEDIUM TERM RATINGS:
-------------------
Fincare Small Finance Bank Ltd          Fixed Deposit         MA+ (Stable) 500     Outstanding
                                        Programme

LONG TERM RATINGS:
-------------------
Dixon Technologies (India) Ltd          FB -TL                ICRA A+      47      Reaffirmed
(Erstwhile Dixon Technologies                                 (Stable)
(India) Pvt Ltd)
Fincare Small Finance Bank Ltd          Tier II Bonds         ICRA A       1000    Assigned
                                        Programme             (Stable)
Fincare Small Finance Bank Ltd          LT FB Fac             ICRA A       8000    Outstanding
                                                              (Stable)
Fincare Small Finance Bank Ltd          LT Bk Fac             ICRA A       750     Outstanding
                                                              (Stable)
High-Volt Electricals Pvt Ltd           LT, FB - CC           ICRA BBB     140     Upgraded
                                                                                   from ICRA
                                                                                   BBB-
outlook revised to Stable from Positive
High-Volt Electricals Pvt Ltd           LT -TL                ICRA BBB     42.1    Upgraded
                                                                                   from ICRA
                                                                                   BBB-
outlook revised to Stable from Positive
Jasper Industries Pvt Ltd               NFBL                  -            -
Jasper Industries Pvt Ltd               FBL                   ICRA BBB-    2887.5  Reaffirmed
outlook revised to Stable from Positive -
Jasper Industries Pvt Ltd               Unallocated Limits    ICRA         285     Reaffirmed
                                                              BBB-/ICRA A3
outlook revised to Stable from Positive Rating Action
Manba Finance Ltd Northern Arc          PTC Series A1         Provisional  200.2   Assigned
2019 2W                                                       ICRA A(SO)
Manba Finance Ltd Northern Arc          PTC Series A2         Provisional  6.9     Assigned
2019 2W                                                       ICRA
                                                              BBB+(SO)
Manikanta Cotton Agro                   CC                    ICRA         105     Reaffirmed
Industries                                                    B+(Stable)
Removed from NDS non-cooperating category
Manikanta Cotton Agro                   TL                    ICRA         8.4     Reaffirmed
Industries                                                    B+(Stable)
Removed from NDS non-cooperating category
Manikanta Cotton Agro                   Unallocated           ICRA         46.6    Reaffirmed
Industries                                                    B+(Stable)
Removed from NDS non-cooperating category
Midland Microfin Ltd Vivriti            PTC Series A1         Provisional  241.6   Assigned
Daniela 09 2019                                               ICRA A(SO)
Midland Microfin Ltd Vivriti            PTC Series A2         Provisional  5.5     Assigned
Daniela 09 2019                                               ICRA A-(SO)
Piyush Colonisers Ltd                   FB                    ICRA D       300     -
Continues to remain under the ‘Issuer Not Cooperating’ category Rating Action
Spandana Sphoorty Financial             PTC Series A1         Provisional  1199.6  Assigned
Ltd Kartikeya 09 2019                                         ICRA A(SO)
Standard Retail Pvt Ltd                 LT - Fund Based       ICRA BBB-    50      Downgraded
                                                                                   from ICRA BBB
outlook revised to Negative from Stable
Standard Retail Pvt Ltd                 LT - Interchangeable  ICRA BBB-    -       Downgraded
                                                                                   from ICRA BBB
outlook revised to Negative from Stable
Sundaram Finance Ltd Shri               PTC Series A          Provisional  4236.7  Assigned
Trust Ac 2020                                                 ICRA AAA(SO)
Svatantra Microfin Pvt Ltd              PTC Series A1         Provisional  643.9   Assigned
Northern Arc 2019 Mfi Roopkund                                ICRA A(SO)
Uc Inclusive Credit Pvt Ltd             Bk lines - unallocatedICRA BBB-    1000    Assigned
                                                              (Stable) 
--------------------------------------------------------------------------------------------
$: 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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