September 16, 2019 / 11:22 AM / 2 months ago

RPT-ICRA ratings for Indian debt instruments-Sep 16

 (Repeating to add more ratings)
    Sep 16 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of September 13, 2019.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Elgi Rubber Co. Ltd                     ST-Fund Based FacilityICRA A4+     150     Revised from
                                                                                   ICRA A3
Elgi Rubber Co. Ltd                     ST-Fund Based sub     ICRA A4+     -       Revised from
                                        limits                                     ICRA A3
Elgi Rubber Co. Ltd                     ST-Non-Fund Based     ICRA A4+     180     Revised from
                                        Facility                                   ICRA A3
Escorts Heart Institute And             Non-FB Limits         ICRA A2&     50      upgraded
Research Centre Ltd                                                                from ICRA
                                                                                   A3& and
continues to be on watch with developing implications
Nabha Power Ltd                         CP                    ICRA A1+     40000   -
Reason for delay in carrying out periodic review: Review process is underway
Reliance Nippon Life Asset              Reliance Overnight    ICRA A1+mfs  -       Outstanding
Management Ltd                          Fund
Reliance Nippon Life Asset              Reliance Liquid Fund  ICRA A1+mfs  -       Outstanding
Management Ltd
Reliance Nippon Life Asset              Reliance Money Market ICRA A1+mfs  -       Outstanding
Management Ltd                          Fund
Reliance Nippon Life Asset              Reliance Interval     ICRA A1+mfs  -       Outstanding
Management Ltd                          Fund – Quarterly
                                        Interval Fund – Series III
Reliance Nippon Life Asset              Reliance Interval     ICRA A1+mfs  -       Outstanding
Management Ltd                          Fund – Monthly
                                        Interval Fund – Series I
Reliance Nippon Life Asset              Reliance Interval     ICRA A1+mfs  -       Outstanding
Management Ltd                          Fund – Monthly
                                        Interval Fund – Series II
Reliance Nippon Life Asset              Reliance Interval     ICRA A1+mfs  -       Outstanding
Management Ltd                          Fund - Quarterly
                                        Interval Fund - Series II
Reliance Nippon Life Asset              Reliance Ultra Short  ICRA A2+mfs  -       Downgraded
Management Ltd                          Duration Fund         @                    from ICRA
                                                                                   A1mfs@
@Under rating Watch with Negative Implications
Sac Engine Components Pvt Ltd           ST Unallocated Trust  ICRA A2+     44.2    Reaffirmed
                                        Name
Sampark Fin Services Pvt Ltd            MFI Grading           M3           -       Assigned
Shree Shakti Construction               Non-Fund based –      ICRA A4      70      Reaffirmed
                                        Inland BG
Snj Sugars And Products Ltd             ST – Non-Fund Based   ICRA A2+@    80      -
Rating placed under watch with negative implications
Snj Sugars And Products Ltd             ST – Interchangeable  ICRA A2+@    -       -
Rating placed under watch with negative implications
Sp Spinning Mills Pvt Ltd               Non-fund              ICRA A3+     82.5    Reaffirmed
                                        based-Working Capital
                                        Fac
Fortis Healthcare Ltd                   Non-FB Limits         ICRA A2&     200     Upgraded
                                                                                   from ICRA A3&
(continues to be on watch with developing implications)
Fortis Hospitals Ltd                    Non-FB Limits         ICRA A2&     250     Upgraded
                                                                                   from ICRA A3&
(continues to be on watch with developing implications)
Hiranandani Healthcare Pvt Ltd          Non-funds-based LimitsICRA A2 &    0.2     Upgraded
                                                                                   from ICRA A3
                                                                                   & and
                                                                                   Withdrawn
Ratedi Wind Power Pvt Ltd               ST- FB limits         ICRA A4+     250     Downgraded
                                                                                   from ICRA A3

    
    
LONG TERM RATINGS:
-------------------
Ajnara India Ltd                        Fund based-TL         ICRA BBB-    8480    revised from
                                                              (Stable)             ICRA
                                                                                   BBB(Stable)
Ajnara India Ltd                        LT Unallocated        ICRA BBB-    820     revised from
                                                              (Stable)             ICRA
                                                                                   BBB(Stable)
Asa International India                 Vivriti Derek 06 2019 Provisional  276.8   confirmed as
Microfinance Ltd                        PTC Series A1         ICRA A(SO)           final
Asa International India                 Vivriti Derek 06 2019 Provisional  9.5     confirmed as
Microfinance Ltd                        PTC Series A2         ICRA                 final
                                                              BBB+(SO)
Bengaluru Metropolitan                  FB TL                 ICRA D       3350    Downgraded
Transport Corporation                                                              from ICRA B
                                                                                   (Stable)
Bengaluru Metropolitan                  Proposed TL           ICRA D       9650    Downgraded
Transport Corporation                                                              from ICRA B
                                                                                   (Stable)
Canpex Chemicals Pvt Ltd                -                     -            -       No Default
                                                                                   Statement
Elgi Rubber Co. Ltd                     LT-Foreign Currency TLICRA BB+     -       Revised from
                                                              (Negative)           ICRA BBB-
                                                                                   (Negative)
Elgi Rubber Co. Ltd                     LT-TL                 ICRA BB+     490     Revised from
                                                              (Negative)           ICRA BBB-
                                                                                   (Negative)
Elgi Rubber Co. Ltd                     LT- Fund Based        ICRA BB+     500     Revised from
                                        Facility              (Negative)           ICRA BBB-
                                                                                   (Negative)
Elgi Rubber Co. Ltd                     LT- Non-Fund Based    ICRA BB+     626.8   Revised from
                                        Facility              (Negative)           ICRA BBB-
                                                                                   (Negative)
Elgi Rubber Co. Ltd                     LT- Non-Fund Based    ICRA BB+     -       Revised from
                                        Facility              (Negative)           ICRA BBB-
                                                                                   (Negative)
Elgi Rubber Co. Ltd                     LT- Non-Fund Based    ICRA BB+     -       Revised from
                                        Facility              (Negative)           ICRA BBB-
                                                                                   (Negative)
Elgi Rubber Co. Ltd                     LT/ST- Unallocated FacICRA BB+     6       Revised from
                                                              (Negative)           ICRA BBB-
                                                              /ICRA A4+            (Negative)/
                                                                                   ICRA A3
Escorts Heart Institute And             TL                    ICRA BBB+&   50      upgraded
Research Centre Ltd                                                                from ICRA
                                                                                   BBB-& and
continues to be on watch with developing implications
Escorts Heart Institute And             FB Limits             ICRA BBB+&   250     upgraded
Research Centre Ltd                                                                from ICRA
                                                                                   BBB-& and
continues to be on watch with developing implications
L.A. Hotels & Retreats Pvt Ltd          TL                    ICRA B+      150     -
                                                              (Stable)
Issuer did not cooperate; based on the best available information
Nabha Power Ltd                         NCDs                  ICRA         49600   -
                                                              AAA(SO)
                                                              (Stable)
Reason for delay in carrying out periodic review: Review process is underway
Ramakrishna Housing (P) Ltd             Fund based-TL Trust   ICRA BB      3150    Downgraded
                                        Name                  (Stable)             from ICRA
                                                                                   BBB-
                                                                                   (Stable)
Moved to the ‘Issuer Not Cooperating’ category
Reliance Nippon Life Asset              Reliance Low Duration ICRA AA+mfs@ -       Outstanding
Management Ltd                          Fund
@Under rating Watch with Negative Implications
Reliance Nippon Life Asset              Reliance Gilt         ICRA AAAmfs  -       Outstanding
Management Ltd                          Securities Fund
Reliance Nippon Life Asset              Reliance Bking & PSU  ICRA AAAmfs  -       Outstanding
Management Ltd                          Debt Fund
Reliance Nippon Life Asset              Reliance Dynamic Bond ICRA AAAmfs  -       Outstanding
Management Ltd                          Fund
Reliance Nippon Life Asset              Reliance Floating     ICRA AAAmfs  -       Outstanding
Management Ltd                          Rate Fund
Reliance Nippon Life Asset              Reliance Income Fund  ICRA AAAmfs  -       Outstanding
Management Ltd
Reliance Nippon Life Asset              Reliance ST Fund      ICRA AAAmfs  -       Outstanding
Management Ltd
Reliance Nippon Life Asset              Reliance Prime Debt   ICRA AA-mfs@ -       Outstanding
Management Ltd                          Fund
@Under rating Watch with Negative Implications
Reliance Nippon Life Asset              Reliance Strategic    ICRA A-mfs@  -       Downgraded
Management Ltd                          Debt Fund                                  from ICRA
                                                                                   Amfs@
@Under rating Watch with Negative Implications
Sac Engine Components Pvt Ltd           LT TL                 ICRA A-      500     Reaffirmed
                                                              (Stable)
Sac Engine Components Pvt Ltd           LT Fund based CC      ICRA A-      450     Reaffirmed
                                                              (Stable)
Shree Shakti Construction               Fund based – CC       ICRA         40      Reaffirmed
                                                              BB-(Stable)
Sizzling Beverages Pvt Ltd              Issuer Rating         ICRA D       -       Withdrawn
Issuer did not cooperating
Snj Breweries Pvt Ltd                   LT – Proposed Loan    ICRA A- @    420     -
Rating placed under watch with negative implications
Snj Breweries Pvt Ltd                   LT - Fund Based/ CC   ICRA A-@     350     -
Rating placed under watch with negative implications
Snj Sugars And Products Ltd             LT - Fund Based TL    ICRA A- @    341.7   -
Rating placed under watch with negative implications
Snj Sugars And Products Ltd             LT - Fund Based/ CC   ICRA A-@     650     -
Rating placed under watch with negative implications
Snj Sugars And Products Ltd             LT unallocated        ICRA A-@     428.3   -
Rating placed under watch with negative implications
Sp Spinning Mills Pvt Ltd               Fund based- Working   ICRA BBB     70      Reaffirmed
                                        Capital Fac           (Stable)
Sp Spinning Mills Pvt Ltd               Unallocated limits    ICRA BBB     40      Reaffirmed
                                                              (Stable)
Syngene International Ltd               LT/ST                 -            -       -
Syngene International Ltd               LT/ST fund based      -            -       -
Syngene International Ltd               TL (External          ICRA AA      6066    Reaffirmed
                                        Commercial Borrowings)(Positive)
Syngene International Ltd               LT/ST unallocated     ICRA AA      3534    Reaffirmed
                                                              (Positive)
                                                              / ICRA A1+
Wanderland Real Estates Pvt.            Issuer Rating         ICRA B       -       Downgraded
Ltd                                                           (Stable)             from ICRA B+
                                                                                   (Stable)
Bardiya Real Estate Developers          Fund Based            ICRA BB      865     Assigned
Pvt Ltd                                                       (Stable)
Esr Warehousing Pvt Ltd                 TL                    ICRA         2250    -
                                                              BBB(Stable)
(Provisional rating confirmed as final for Rs. 150-crore and rating assigned to the enhanced
amount of Rs. 75- crore)
Etesian Urja Ltd                        LT - TL               ICRA BB+     4010    Downgraded
                                                              (Negative)           from ICRA BBB
(Outlook revised from Stable to Negative)
Fortis Healthcare Ltd                   FB Limits             ICRA BBB+&   500     Upgraded
                                                                                   from ICRA
                                                                                   BBB-&
(continues to be on watch with developing implications)
Fortis Healthcare Ltd                   TL                    ICRA BBB+&   6450    Upgraded
                                                                                   from ICRA
                                                                                   BBB-&
(continues to be on watch with developing implications)
Fortis Hospitals Ltd                    TL                    ICRA BBB+&   5301.8  Upgraded
                                                                                   from ICRA
                                                                                   BBB-&
(continues to be on watch with developing implications)
Fortis Hospitals Ltd                    FB Limits             ICRA BBB+&   1948.2  Upgraded
                                                                                   from ICRA
                                                                                   BBB-&
(continues to be on watch with developing implications)
Hiranandani Healthcare Pvt Ltd          TL                    ICRA BBB+ &  142.5   Upgraded
                                                                                   from ICRA
                                                                                   BBB-& and
                                                                                   Withdrawn
Hiranandani Healthcare Pvt Ltd          Overdraft             ICRA BBB+ &  30      Upgraded
                                                                                   from ICRA
                                                                                   BBB-& and
                                                                                   Withdrawn
Khandke Wind Energy Pvt Ltd             TL                    ICRA BB-     6560.9  Downgraded
                                                              (Negative)           from ICRA
                                                                                   BB+
                                                                                   (Negative)
Kudgi Transmission Ltd                  NCD Programme (Series CRA AAA      14450   Reaffirmed
                                        C to W)               (Stable) ^
^The       AAA (Stable) rating was earlier denoted as       AAA(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.
Kudgi Transmission Ltd                  NCD Programme (Series ICRA AAA     -       Withdrawn
                                        B)                    (SO)
                                                              (Stable)
Lalpur Wind Energy Pvt Ltd              LT - TL               ICRA BB-     9733.1  Downgraded
                                                              (Negative)           from ICRA
                                                                                   BB+
                                                                                   (Negative)
Lalpur Wind Energy Pvt Ltd:             LT - TL               ICRA BB-     9733.1  Downgraded
                                                              (Negative)           from ICRA
                                                                                   BB+
                                                                                   (Negative)
North Eastern Electric Power            NCD – XIth issue      ICRA AA      400     Outstanding
Corporation Ltd                                               (Negative)
North Eastern Electric Power            NCD – XIIth issue     ICRA AA      720     Outstanding
Corporation Ltd                                               (Negative)
North Eastern Electric Power            NCD – XIIIth issue    ICRA AA      580     Outstanding
Corporation Ltd                                               (Negative)
North Eastern Electric Power            NCD – XIVth issue     ICRA AA      25000   Outstanding
Corporation Ltd                                               (Negative)
North Eastern Electric Power            NCD – XVIth issue     ICRA AA      9000    Outstanding
Corporation Ltd                                               (Negative)
North Eastern Electric Power            NCD – XVIIth issue    ICRA AA      3000    Outstanding
Corporation Ltd                                               (Negative)
North Eastern Electric Power            NCD – XVIIIth issue   ICRA AA      5000    Outstanding
Corporation Ltd                                               (Negative)
North Eastern Electric Power            NCD – XIXth issue     ICRA AA      3000    Outstanding
Corporation Ltd                                               (Negative)
North Eastern Electric Power            NCD – XXth issue      ICRA AA      3000    Outstanding
Corporation Ltd                                               (Negative)
North Eastern Electric Power            Proposed NCD – XXI th ICRA AA      2000    Outstanding
Corporation Ltd                         issue                 (Negative)
North Eastern Electric Power            FBL – LT/ST Loan      ICRA AA      7000    Outstanding
Corporation Ltd                                               (Negative)/
                                                              ICRA A1+
Ratedi Wind Power Pvt Ltd               LT - TL               ICRA BB      5664.2  Downgraded
                                                              (Negative)           from ICRA
                                                                                   BBB-
(Negative)
Tadas Wind Energy Pvt Ltd               FB limits             ICRA B+      300     Downgraded
                                                              (Negative)           from ICRA
                                                                                   BB+
(Negative)
Tadas Wind Energy Pvt Ltd               TL                    ICRA B+      9250    Downgraded
                                                              (Negative)           from ICRA
                                                                                   BB+
(Negative)
Vamsi Pharma Pvt Ltd                    LT, Fund based - TL   ICRA D       112.5   Downgraded
                                                                                   from ICRA B+
                                                                                   (Stable)
(Remains in the Issuer not Cooperating Category)
Vamsi Pharma Pvt Ltd                    LT, Fund based - CC   ICRA D       28      Downgraded
                                                                                   from ICRA B+
                                                                                   (Stable)
(Remains in the Issuer not Cooperating Category)
Wanderland Real Estates Pvt.            Issuer Rating -       ICRA B       -       Downgraded
Ltd.                                                          (Stable)             from ICRA B+
                                                                                   (Stable)
Wind Urja India Pvt Ltd                 LT - TL               ICRA B-      1330.9  Downgraded
                                                              (Negative)           from ICRA B+
                                                                                   (Negative)
    
--------------------------------------------------------------------------------------------
$: 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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