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RPT-ICRA ratings for Indian debt instruments-Sep 11
September 11, 2017 / 10:37 AM / 3 months ago

RPT-ICRA ratings for Indian debt instruments-Sep 11

 (Repeating to add additional ratings as of September 8, 2017)
    Sep 11 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of September 8, 2017.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Alliance Granimarmo Pvt Ltd             ST Fund Based         ICRA D       335     Issuer Not
                                                                                   Cooperating
Alliance Granimarmo Pvt Ltd             ST Non Fund Based     ICRA D       20      Issuer Not
                                                                                   Cooperating
Assorted Plastics Pvt Ltd               Non-FBL               ICRA A4+     5       Issuer Not
                                                                                   Cooperating
Bharat Mines And Minerals               Non-Fund Based        ICRA A4      84.4    Downgraded
                                        Facility                                   from ICRA A4+
Chidambaram Shipcare Pvt Ltd            SLC                   ICRA A4+     28.5    Issuer Not
                                                                                   Cooperating
Ganesan Builders Ltd                    ST; Non-FB Fac        ICRA A4+     170     Assigned
Jm Financial Asset                      CP programme          ICRA A1+     7500    Outstanding
Reconstruction Co. Ltd
Kei Industries Ltd                      Non-FBL               ICRA A2+     14320   Reaffirmed
(earlier Rs. 1135.0 crore)
Kei Industries Ltd                      CP                    ICRA A2+     400     Reaffirmed
L&T Finance Ltd                         CP Programme (IPO     ICRA A1+     90000   Withdrawn
                                        financing)
L&T Infrastructure Finance Co.          CP programme (IPO     ICRA A1+     50000   Withdrawn
Ltd                                     financing)
L&T Infrastructure Finance Co.          CP Programme          ICRA A1+     5000    Outstanding
Ltd
Mahima Fibres Pvt Ltd                   ST: Non-Fund Based Bk ICRA A2      150     Upgraded
                                        Fac (Working Capital)                      from ICRA A3+
Majestic Auto Ltd                       Non-fund based        ICRA A3+     142.5   downgraded
                                                                                   from ICRA A2
Neptunus Power Plant Services           ST FB Limit           ICRA A2      36      Reaffirmed
Pvt Ltd
Neptunus Power Plant Services           ST Non-FBL            ICRA A2      84      Reaffirmed
Pvt Ltd
Pm Granite Export Pvt Ltd               LT- Export Packing    ICRA A4      50      Issuer Not
                                        Credit                                     Cooperating
Repro India Ltd                         ST (ST) Non-FBL       ICRA A3+     385     Downgraded
                                                                                   from ICRA A2
Repro India Ltd                         CP                    ICRA A3+     200     downgraded
                                                                                   from ICRA A2
Sri Adhitya Polyfilms Pvt Ltd           ST Non FB Fac         ICRA A4      22.5    Issuer Not
                                                                                   Cooperating
Vk Building Services Pvt Ltd            ST - NFBL             ICRA A2      810     Reaffirmed
Fortis Healthcare Ltd                   CP/STD                ICRA A1+     10000   Outstanding
Developing implications; earlier 1000 cr
Fortis Healthcare Ltd                   Non-FB Limits         ICRA A1+     200     Reaffirmed
Developing implications; earlier 10 cr
Fortis Hospitals Ltd                    Non-FB Limits         ICRA A1+     972     Outstanding
                                                              (SO)
Developing implications; earlier 97.20 cr
Thangamayil Jewellery Ltd               ST - Non-FB Fac       ICRA A3              Reaffirmed
                                        (sub-limit)

MEDIUM TERM RATINGS:
-------------------
Kei Industries Ltd                      Fixed Deposit         MA           100     Reaffirmed
Thangamayil Jewellery Ltd               FD                    MA-          480     Reaffirmed

LONG TERM RATINGS:
-------------------
Aavas Financiers Ltd                    LT Bk Lines           ICRA A+      10480   Upgraded
                                                                                   from ICRA A
Aavas Financiers Ltd                    NCD Programme         ICRA A+      3500    Upgraded
                                                                                   from ICRA A
Ace Pipeline Contracts Pvt Ltd          FBL                   ICRA BB      100     Revised from
                                                                                   ICRA BB+
Issuer Not Cooperating
Ace Pipeline Contracts Pvt Ltd          Non FBL               ICRA BB      650     Revised from
                                                                                   ICRA BB+
Issuer Not Cooperating
Ace Pipeline Contracts Pvt Ltd          Interchangeable Limit ICRA BB      80      Revised from
                                                                                   ICRA BB+
Issuer Not Cooperating
Alliance Granimarmo Pvt Ltd             LT Fund Based - TL    ICRA D       179.7   Issuer Not
                                                                                   Cooperating
Alliance Granimarmo Pvt Ltd             LT/ST Unallocated     ICRA D       45.3    Issuer Not
                                                                                   Cooperating
Assorted Plastics Pvt Ltd               FB Limits             ICRA BB+     26.8    Issuer Not
                                                                                   Cooperating
Assorted Plastics Pvt Ltd               TL                    ICRA BB+     54.5    Issuer Not
                                                                                   Cooperating
Buds Tea Industries Ltd                 FB – TL               ICRA D       140     Issuer Not
                                                                                   Cooperating
Buds Tea Industries Ltd                 FB – CC               ICRA D       127.5   Issuer Not
                                                                                   Cooperating
Buds Tea Industries Ltd                 Non-fund based – BG   ICRA D       5       Issuer Not
                                                                                   Cooperating
Chidambaram Shipcare Pvt Ltd            CC                    ICRA BB+     25      Issuer Not
                                                                                   Cooperating
Chidambaram Shipcare Pvt Ltd            Unallocated           ICRA BB+     6.5     Issuer Not
                                                                                   Cooperating
Delhi Airport Parking Services          TL                    ICRA A+      1100    upgraded
Pvt Ltd                                                                            from ICRA A-
(earlier Rs. 147.00 crore)
Fortune’S Sparsh Healthcare             FB – TL               ICRA D       75      Downgraded
Pvt Ltd                                                                            from ICRA B
Issuer Not Cooperating
Ganesan Builders Ltd                    LT; FB Fac            ICRA BB      170     Assigned
Gvk Jaipur Expressway Pvt Ltd           FB –TL                ICRA A-      7911.7  Revised from
                                                                                   ICRA A+
(899.70crs earlier)
Highco Engineers Private Limited        Fund-based Limits     ICRA BBB-    137.8   Issuer Not
                                                                                   Cooperating 
Highco Engineers Private Limited        Untied Limit          ICRA BBB-    32.2    Issuer Not
                                                                                   Cooperating  
Jm Financial Asset                      NCD programme         ICRA AA-     3500    Assigned
Reconstruction Co. Ltd
Jm Financial Asset                      NCD programme         ICRA AA-     6500    Outstanding
Reconstruction Co. Ltd
Jm Financial Asset                      LT Bk lines           ICRA AA-     6500    Outstanding
Reconstruction Co. Ltd
Jm Financial Asset                      LT market linked      PP-MLDICRA   2000    Outstanding
Reconstruction Co. Ltd                  debenture programme   AA-
Kei Industries Ltd                      CC Limits             ICRA A-      4500    Reaffirmed
(earlier Rs. 410.0 crore)
Kei Industries Ltd                      TL                    ICRA A-      1610    Reaffirmed
(earlier Rs. 233.2 crore)
Kei Industries Ltd                      Unallocated Limits    ICRA A-      2400    Reaffirmed
                                                              /ICRA A2+
(earlier Rs. 221.8 crore)
L&T Finance Ltd                         Perpetual Debt        ICRA AA      6000    Outstanding
                                        Programme
L&T Finance Ltd                         NCD Programme         ICRA AA+     65190   Outstanding
L&T Finance Ltd                         NCD Programme (Public ICRA AA+     6817    Outstanding
                                        Issuance)
L&T Finance Ltd                         Subordinated Debt     ICRA AA+     13250   Outstanding
                                        Programme
L&T Infrastructure Finance Co.          Perpetual Debt        ICRA AA      4000    Outstanding
Ltd                                     Programme
L&T Infrastructure Finance Co.          NCD (Infra Bonds)     ICRA AA+     16650.3 Outstanding
Ltd                                     Programme
L&T Infrastructure Finance Co.          NCD Programme         ICRA AA+     60340   Outstanding
Ltd
L&T Infrastructure Finance Co.          Subordinated Debt     ICRA AA+     17000   Outstanding
Ltd                                     Programme
L&T Infrastructure Finance Co.          Bk Lines              ICRA AA+     70000   Outstanding
Ltd                                                           /ICRA A1+
Mahima Fibres Pvt Ltd                   LT: FB Bk Fac (TL &   ICRA BBB     2100    Reaffirmed
                                        Working Capital)
Mahima Fibres Pvt Ltd                   Unallocated Bk Fac    ICRA BBB     660     Reaffirmed
Majestic Auto Ltd                       TL                    ICRA BBB     79      Reaffirmed
Majestic Auto Ltd                       FB                    ICRA BBB     160     Reaffirmed
Majestic Auto Ltd                       Unallocated           ICRA BBB     118.5   Reaffirmed
Neo Paper Mill Pvt Ltd                  LT-CC                 ICRA B-      11.4    Issuer Not
                                                                                   Cooperating
Revised from 1.50crs
Neo Paper Mill Pvt Ltd                  LT-TL                 ICRA B-      49.7    Issuer Not
                                                                                   Cooperating
Revised from 8.50crs
Neo Paper Mill Pvt Ltd                  LT-unallocated Fac    ICRA B-      38.9    Issuer Not
                                                                                   Cooperating
Neptunus Power Plant Services           LT & ST Fundbased     ICRA BBB     180     Reaffirmed
Pvt Ltd                                 Limit                 /ICRA A2
Orange Bercha Wind Power Pvt.           TL                    ICRA BBB     2910    Revised from
Ltd.                                                                               ICRA BBB-
Orange Bercha Wind Power Pvt.           CC                    ICRA BBB     150     Revised from
Ltd.                                                                               ICRA BBB-
Pm Granite Export Pvt Ltd               LT- TL                ICRA C+      17.2    Issuer Not
                                                                                   Cooperating
Pm Granite Export Pvt Ltd               LT- CC                ICRA C+      7.5     Issuer Not
                                                                                   Cooperating
Pm Granite Export Pvt Ltd               LT/STProposed limits  ICRA         29.3    Issuer Not
                                                              C+/ICRA A4           Cooperating
R.K. City Developers Pvt Ltd            LT FB Limits          ICRA D       180     Revised from
                                                                                   ICRA B+
Radius Water Ltd                        FB Limits             ICRA BB+     234.5   Issuer Not
                                                                                   Cooperating
Radius Water Ltd                        Untied Limit          ICRA BB+     25.5    Issuer Not
                                                                                   Cooperating
Ranjan Fabrics Pvt Ltd                  LT fund based         ICRA B+      82.5    Issuer Not
                                                                                   Cooperating
Repro India Ltd                         LT (LT) Fund Based-TL ICRA BBB     410     Downgraded
                                                                                   from ICRA
                                                                                   BBB+
Repro India Ltd                         LT Non-FBL            ICRA BBB     50      Downgraded
                                                                                   from ICRA
                                                                                   BBB+
Repro India Ltd                         LT/ST FBL             ICRA BBB /   1700    Downgraded
                                                              ICRA A3+             from ICRA
                                                                                   BBB+ /ICRA A2
Sama Jewellery Pvt Ltd                  FB – CC               ICRA BB-     85      Issuer Not
                                                                                   Cooperating
Sri Adhitya Polyfilms Pvt Ltd           LT Fund Based - CC    ICRA B-      50      Issuer Not
                                                                                   Cooperating
Sri Adhitya Polyfilms Pvt Ltd           LT Fund Based - TL    ICRA B-      6.7     Issuer Not
                                                                                   Cooperating
Sri Adhitya Polyfilms Pvt Ltd           LT/ST Unallocated     ICRA B- /A4  0.8     Issuer Not
                                                                                   Cooperating
Tadas Wind Energy Pvt Ltd               TL                    ICRA A-      9250    Upgraded
                                                                                   from ICRA
                                                                                   BBB+
Tadas Wind Energy Pvt Ltd               FB limits             ICRA A-      300     Upgraded
                                                                                   from ICRA
                                                                                   BBB+
Vk Building Services Pvt Ltd            LT - Fund Based TL    ICRA BBB+    500     Reaffirmed
Vk Building Services Pvt Ltd            LT Fund Based CC      ICRA BBB+    400     Reaffirmed
Yamuna Syndicate Ltd.                   Non fund based        -            -       -
(reduced from Rs 0.30 crore)
Yamuna Syndicate Ltd.                   Fund based            ICRA BBB     45      Reaffirmed
(reduced from Rs 9.90 crore)
Yamuna Syndicate Ltd.                   Unallocated           ICRA BBB     57      Reaffirmed
                                                              /ICRA A2
Ald Automotive Pvt Ltd                  LT Bk Lines           ICRA AAA     6500    Reaffirmed
                                                              (SO)
Fortis Healthcare Ltd                   NCDs                  ICRA A+      2500    Outstanding
Developing implications; earlier 250 cr
Fortis Healthcare Ltd                   FB Limits             ICRA A+      1050    Reaffirmed
Developing implications; earlier 65 cr
Fortis Healthcare Ltd                   TL                    ICRA A+      1950    Reaffirmed
Developing implications; earlier 104 cr
Fortis Hospitals Ltd                    TL                    ICRA A+ (SO) 4178    Outstanding
Developing implications; earlier 462 cr
Fortis Hospitals Ltd                    FB Limits             ICRA A+ (SO) 2350    Outstanding
Developing implications; earlier 180 cr
Fortis Hospitals Ltd                    Unallocated Limits    ICRA A+ (SO)         Final Rating
Developing implications
India Mortgage Guarantee                Issuer Rating         ICRA AA              Reaffirmed
Corporation Pvt Ltd
Kec International Ltd                   FB Limits             ICRA A+      16000   Reaffirmed
Kec International Ltd                   NCD programme         ICRA A+      2500    Reaffirmed
Kec International Ltd                   Non-FBL               ICRA A+ /A1+ 104000  Reaffirmed
Meera And Co. Ltd                       FBL-CC                ICRA D               Downgraded
                                                                                   from ICRA C+
Issuer Not Cooperating
Meera And Co. Ltd                       NFBL                  ICRA D               Downgraded
                                                                                   from ICRA A4
Issuer Not Cooperating
Thangamayil Jewellery Ltd               LT - FB Fac           ICRA BBB-    231     Reaffirmed
Thangamayil Jewellery Ltd               LT/ST – Proposed Fac  ICRA BBB-    90      Reaffirmed
                                                              /A3
--------------------------------------------------------------------------------------------
$: 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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