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RPT-ICRA ratings for Indian debt instruments-Sep 12
September 12, 2017 / 10:28 AM / 2 months ago

RPT-ICRA ratings for Indian debt instruments-Sep 12

 (Repeating to add more ratings)
    Sep 12 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of September 11, 2017.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Astec Lifesciences Ltd                  ST, non-FBL           ICRA A1      460     Upgraded
                                                                                   from ICRA A2+
Ecl Finance Ltd                         CP Programme (IPO     ICRA A1+     60000   Assigned
                                        financing)
Ecl Finance Ltd                         CP Programme          ICRA A1+     36000   Outstanding
Ecl Finance Ltd                         ST NCD Programme      ICRA A1+     1000    Outstanding
Ecl Finance Ltd                         ST Principal          ICRA PP-     9000    Outstanding
                                        Protected Market      MLD ICRA A1+
                                        Linked Debenture Programme
Edelweiss Commodities Services          ST NCD Programme      ICRA A1+     1000    Outstanding
Ltd
Edelweiss Commodities Services          CP Programme (IPO     ICRA A1+     50000   Assigned
Ltd                                     financing)
Edelweiss Commodities Services          ST Principal          ICRA PP-     5000    Outstanding
Ltd                                     Protected Market      MLD ICRA A1+
                                        Linked Debenture Programme
Edelweiss Financial Services            CP Programme          ICRA A1+     50000   Outstanding
Ltd (Erstwhile Edelweiss
Capital Ltd)
Edelweiss Financial Services            ST NCD Programme      ICRA A1+     1000    Outstanding
Ltd (Erstwhile Edelweiss
Capital Ltd)
Edelweiss Financial Services            CP Programme (IPO     ICRA A1+     50000   Assigned
Ltd (Erstwhile Edelweiss                financing)
Capital Ltd)
Forbes And Co. Ltd                      ST FB Limits          ICRA A1+     175     Reaffirmed
Forbes And Co. Ltd                      ST Non-FBL            ICRA A1+     705     Reaffirmed
Forbes And Co. Ltd                      CPs                   ICRA A1+     800     Reaffirmed
Mahalaxmi Associates Pvt Ltd            Non-FBL               ICRA A4      100
Issuer Not Cooperating
Mahalaxmi India Pvt Ltd                 Non-FBL               ICRA A4      120
Issuer Not Cooperating
Mutual Industries Ltd                   CP                    ICRA A1+     250
Rating placed on watch with developing implications
P N Gadgil And Sons (Png)               ST – Fund based / Non ICRA A1      50      Reaffirmed
                                        Fund Based
Pearson Drums & Barrels Pvt Ltd         FB limits             ICRA A4      24
Issuer Not Cooperating
Pearson Drums & Barrels Pvt Ltd         Non FB limits         ICRA A4      50
Issuer Not Cooperating
Reliable Autotech Pvt Ltd               ST, FB working        ICRA A4+             Downgraded
                                        capital Fac                                from ICRA A3
Reliable Autotech Pvt Ltd               ST, non-FB working    ICRA A4+     209.8   Downgraded
                                        capital Fac                                from ICRA A3
Religare Housing Development            ST Debt programme     ICRA A1      2000    Outstanding
Finance Corporation
Religare Housing Development            ST Bk Limits          ICRA A1      2000    Outstanding
Finance Corporation
Skm Industries                          Short- term FBL       ICRA A4      52.5
Issuer Not Cooperating
Skm Industries                          ST, Non-FBL           ICRA A4      90
Issuer Not Cooperating
Swastik Enterprise                      BG                    ICRA A4      50
Issuer Not Cooperating

LONG TERM RATINGS:
-------------------
Ahmedabad-Maliya Tollway Ltd            NCD                   Provisional  1750    Assigned
                                                              ICRA AA
Agarwal Chem Products (India)           LT – Fund Based – CC  ICRA B       75      Assigned
Pvt. Ltd.
Agarwal Chem Products (India)           LT– Unallocated       ICRA B       75      Assigned
Pvt. Ltd.
Asa International India                 NCD                   ICRA BBB-    325     Assigned
Microfinance Pvt Ltd
Astec Lifesciences Ltd                  LT, FB limits         ICRA A       2290    Upgraded
                                                                                   from ICRA A-
Astec Lifesciences Ltd                  LT, TL                ICRA A       215     Upgraded
                                                                                   from ICRA A-
Astec Lifesciences Ltd                  LT, external          ICRA A       29.9    Withdrawn
                                        commercial borrowings^
^figures in USD million
Birla Corporation Ltd                   NCD                   ICRA AA      4000
Review process is underway
Bpa Builders & Developers               Bk Fac                ICRA B+      50
Issuer Not Cooperating
Bucon Engineers And                     Bk Fac                ICRA BB-     350
Infrastructure Pvt Ltd                                        /A4
Issuer Not Cooperating
Dharmarathina Textile Pvt Ltd           LT Term-Loans         ICRA B+      115
Issuer Not Cooperating
Dharmarathina Textile Pvt Ltd           LT FB Fac             ICRA B+      55
Issuer Not Cooperating
Ecl Finance Ltd                         NCD Programme         ICRA AA      73500   Outstanding
Ecl Finance Ltd                         Subordinated Debt     ICRA AA      11500   Outstanding
                                        Programme
Ecl Finance Ltd                         Bk Lines              ICRA AA/ A1+ 110000  Outstanding
Ecl Finance Ltd                         LT Principal          ICRA PP-     3000    Outstanding
                                        Protected Market      MLD ICRA AA
                                        Linked Debenture Programme (Unsecured and Subordinated)
Ecl Finance Ltd                         LT Principal          ICRA PP-     13500   Outstanding
                                        Protected Market      MLD ICRA AA
                                        Linked Debenture Programme
Edelweiss Commodities Services          NCD Programme         ICRA AA      47000   Outstanding
Ltd
Edelweiss Commodities Services          Bk Lines              ICRA AA      20000   Outstanding
Ltd
Edelweiss Financial Services            NCD Programme         ICRA AA      5000    Outstanding
Ltd (Erstwhile Edelweiss
Capital Ltd)
Forbes And Co. Ltd                      LT FB Limits          ICRA AA-     195     Reaffirmed
Forbes And Co. Ltd                      NCDs                  ICRA AA-     1000    Reaffirmed
Forbes And Co. Ltd                      Unallocated Limits    ICRA AA-     444.9   Reaffirmed
                                                              /A1+
Govind Bhawan Karyalaya                 FB – TL               ICRA BB      65      Reaffirmed
Govind Bhawan Karyalaya                 FB – CC               ICRA BB      75      Reaffirmed
Habib Textiles Pvt. Ltd.                FB Limits             ICRA B+      100     Reaffirmed
Ifmr Capital Finance Pvt Ltd-           PTC Series A1         ICRA AA-             Withdrawn
Ifmr Capital Mosec Epoch 2015                                 (SO)
Ifmr Capital Finance Pvt Ltd-           PTC Series A3         ICRA B-              Withdrawn
Ifmr Capital Mosec Spes 2015                                  (SO)
Ina Elite Hospitality Pvt Ltd           LT – TL               ICRA B       100
Issuer Not Cooperating
Mahalaxmi Associates Pvt Ltd            FB limit              ICRA B+      60
Issuer Not Cooperating
Mahalaxmi India Pvt Ltd                 FB limits             ICRA B+      40
Issuer Not Cooperating
Miraya Realty Pvt Ltd                   NCD                   ICRA BB-     375     Revised from
                                                                                   ICRA BB
Modern Agro-Tech Industries             Bk Fac                ICRA B /A4   100
Issuer Not Cooperating
New Town Kolkata Development            Issuer Rating         IrA-                 Withdrawn
Authority
Nhpc Ltd                                LT Bonds programme    ICRA AAA     22500   Assigned
Nhpc Ltd                                LT Bonds programme    ICRA AAA     40000   Outstanding
Oil Country Tubular Ltd                 Bk Fac                ICRA D       2270
Issuer Not Cooperating
P N Gadgil And Sons (Png)               LT – Fund Based – CC  ICRA A       2020    Reaffirmed
Pearson Drums & Barrels Pvt Ltd         FB limits             ICRA B+      179.6
Issuer Not Cooperating
Pearson Drums & Barrels Pvt Ltd         Untied Limits         ICRA B+      0.4
Issuer Not Cooperating
Popular Foundations Pvt Ltd             LT FB Fac             ICRA BB-     55
Issuer Not Cooperating
Prn Infratech (Erstwhile P. R.          LT FBL                ICRA BBB-    280
Nayak Associates).
Issuer delay in sharing information
Prn Infratech (Erstwhile P. R.          LT Non-Fund Based     ICRA BBB-    450
Nayak Associates).                      Facility
Issuer delay in sharing information
Pudhuaaru Financial Services            Bk loans              ICRA BBB-    2000    Reaffirmed
Pvt Ltd
Pudhuaaru Financial Services            NCD                   ICRA BBB-    135.8   Reaffirmed
Pvt Ltd
Pudhuaaru Financial Services            Subordinated Debt     ICRA BBB-    300     Reaffirmed
Pvt Ltd
Reliable Autotech Pvt Ltd               TL and corporate      ICRA BB+     631.1   Downgraded
                                        loans                                      from ICRA
                                                                                   BBB-
revised from 88.97 CR
Reliable Autotech Pvt Ltd               LT, FB working        ICRA BB+     350     Downgraded
                                        capital Fac                                from ICRA
                                                                                   BBB-
Religare Housing Development            LT NCD programme      ICRA A+      1000    Withdrawn
Finance Corporation
Developing implications
Religare Housing Development            Sub. Debt Programme   ICRA A+      1500    Outstanding
Finance Corporation
Developing implications
Religare Housing Development            Long- Term Bk Limits  ICRA A+      10000   Outstanding
Finance Corporation
Developing implications
Saikrupa Cotgin Ltd                     LT FB Limits          ICRA B+      192.1   Withdrawn
Sanjay Rice Mills Pvt. Ltd.             FB – CC               ICRA D       27.5
Issuer Not Cooperating
Sanjay Rice Mills Pvt. Ltd.             FB – TL               ICRA D       41.6
Issuer Not Cooperating
Sanjay Rice Mills Pvt. Ltd.             Non FB – BG           ICRA D       3.2
Issuer Not Cooperating
Sanjay Rice Mills Pvt. Ltd.             Unallocated           ICRA D       12.7
Issuer Not Cooperating
Sasan Power Ltd                         FB Working Capital    ICRA BBB     5675    Reaffirmed
                                        Limits
Sasan Power Ltd                         TL#                   ICRA BBB     192820  Reaffirmed
# including letter of credit/ buyers credit / LUT/LOC as sub limit of term loan facility and
Long Term LER Limits
Sasan Power Ltd                         Non-FBL (LOC as a     ICRA BBB             Reaffirmed
                                        sub-limit of the TL
                                        facility)
Sasan Power Ltd                         Non-FBL               ICRA BBB /A2 3000    Reaffirmed
                                        (interchangeable
                                        between LT and ST scale)
Shree Radhekrushna Ginning And          Working Capital       ICRA B       100
Pressing Pvt Ltd.                       Limits
Issuer Not Cooperating
Shree Radhekrushna Ginning And          TL                    ICRA B       35.2
Pressing Pvt Ltd.
Issuer Not Cooperating
Shreedhar Milk Foods Pvt Ltd            NCD                   ICRA BBB-    200
Issuer Not Cooperating
Skm Industries                          LT, FBL               ICRA B+      12.5
Issuer Not Cooperating
Skm Industries                          Long-TL               ICRA B+      5
Issuer Not Cooperating
Sri Balaji Textiles                     LT FB Fac             ICRA B-      50
Issuer Not Cooperating
Swastik Enterprise                      CC                    ICRA BB-     80
Issuer Not Cooperating

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