September 27, 2019 / 11:09 AM / 2 months ago

RPT-ICRA ratings for Indian debt instruments-Sep 27

 (Repeating to add additional ratings)
    Sep 27 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of September 26, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Addica Industries Llp                   Non-fund based BG     ICRA A4      5.5
Reason for delay in carrying out periodic review:- Issuer not cooperating
Axis Bank Ltd                           Certificates of       ICRA A1+     600000  Reaffirmed
                                        Deposit Programme
Dattar Ceramic Pvt Ltd                  BG                    ICRA A4      10
Reason for delay in carrying out periodic review:- Issuer not cooperating
E To E Transportation                   ST - NonFund Based    ICRA A4+     240
Infrastructure Pvt Ltd
Reason for delay in carrying out periodic review: Review process is underway
India Factoring And Finance             Short -term Bk Lines  ICRA A2+     7500    Withdrawn
Solutions Pvt Ltd
Jsw Paints Pvt Ltd                      ST non-fund based     ICRA A3      200     Assigned
Jsw Paints Pvt Ltd                      ST fund based         ICRA A3      50      Assigned
Jsw Paints Pvt Ltd                      ST Unallocated        ICRA A3      250     Assigned
Kotak Mahindra Asset                    Kotak Money Market    ICRA A1+mfs  -       Reaffirmed
Management Co. Ltd                      Scheme
Kotak Mahindra Asset                    Kotak Mahindra Liquid ICRA A1+mfs  -       Reaffirmed
Management Co. Ltd                      Scheme
Kraft Powercon India Ltd                ShortTerm–Non-Fund    ICRA A3      62.6
                                        based
Reason for delay in carrying out periodic review:- Issuer Delayed in Giving Information
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@ -       outstanding
Management Ltd                          Duration Fund
@Under rating Watch with Negative Implications
Shakumbhari Expo-Impo Ltd               ST FB limits          ICRA A4      175
Reason for delay in carrying out periodic review:- Review Process underway
Ab Sugars Ltd                           Non-fund based        ICRA A4+     300
Downgraded from ICRA A3 and continues under ‘Issuer Not Cooperating’ category
Ardom Towergen Pvt Ltd                  Non-fund based        ICRA A4+     155
Downgraded from ICRA A3 and continues under ‘Issuer Not Cooperating’ category
Ashapura International Ltd              ST FB Limits          ICRA A4@     20      Reaffirmed
Remains on Watch with Negative Implications
Ashapura International Ltd              ST Non FB Limits      ICRA A4@     60      Reaffirmed
Remains on Watch with Negative Implications
Ashapura Perfoclay Ltd                  ST Non FB Limits      ICRA A3@     20      Reaffirmed
Remains on Watch with Negative Implications
Genisys Information Systems             ST – Non-fund based   ICRA A4+     15
(India) Pvt Ltd
Upgraded from ICRA A4; removed from Issuer Non-Cooperation
Jinaehat Export Pvt Ltd                 FB – PC/ FDB/ FBE     ICRA A4      85      Reaffirmed
Jinaehat Export Pvt Ltd                 Non-fund based – BG   ICRA A4      150     Reaffirmed
Jinaehat Export Pvt Ltd                 Unallocated           ICRA A4      65      Reaffirmed
Kla India Public Ltd                    Non-Fund based        ICRA A4+     54.3
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Sheel Oil And Fats Pvt Ltd              LOC                   ICRA A4+     1500
Downgraded from ICRA A3 and moved to ‘Issuer Not Cooperating’ category
Sivanta Spuntex Pvt Ltd                 ST Non-fund Based     ICRA A4      54.6    Reaffirmed

MEDIUM TERM RATINGS:
-------------------
Axis Bank Ltd                           Fixed Deposit         MAAA(Stable) -       Assigned
                                        Programme

LONG TERM RATINGS:
-------------------
Addica Industries Llp                   FB TL                 ICRA         102
                                                              B+(Stable)
Reason for delay in carrying out periodic review:- Issuer not cooperating
Addica Industries Llp                   FB Working Capital FacICRA         120
                                                              B+(Stable)
Reason for delay in carrying out periodic review:- Issuer not cooperating
Axis Bank Ltd                           Basel III Complaint   ICRA         70000   Reaffirmed
                                        Tier I Bonds ProgrammeAA+(hyb)
                                                              (Stable)
Axis Bank Ltd                           Infrastructure        ICRA AAA     172050  Reaffirmed
                                        Bonds/Debentures      (Stable)
                                        Programme
Axis Bank Ltd                           Basel III Complaint   ICRA         163500  Reaffirmed
                                        Tier II Bonds         AAA(hyb)
                                        Programme             (Stable)
Axis Bank Ltd                           Lower Tier II Bonds   ICRA         59250   Reaffirmed
                                        Programme             AAA(hyb)
                                                              (Stable)
Bydesign India Pvt Ltd                  Fund based-CC         ICRA BB      7.5     Downgraded
                                                              (Stable)             from ICRA
                                                                                   BB+ (Stable)
moved to the ‘Issuer Not Cooperating’ category
Bydesign India Pvt Ltd                  Non Fund based        ICRA BB      200     Downgraded
                                                              (Stable)             from ICRA
                                                                                   BB+ (Stable)
moved to the ‘Issuer Not Cooperating’ category
Dattar Ceramic Pvt Ltd                  TL                    ICRA         207.5
                                                              B(Stable)
Reason for delay in carrying out periodic review:- Issuer not cooperating
Dattar Ceramic Pvt Ltd                  CC                    ICRA         60
                                                              B(Stable)
Reason for delay in carrying out periodic review:- Issuer not cooperating
E To E Transportation                   LT - Fund Based/ CC   ICRA BB+     100
Infrastructure Pvt Ltd                                        (Stable)
Reason for delay in carrying out periodic review: Review process is underway
E To E Transportation                   LT / ST - Unallocated ICRA BB+     160
Infrastructure Pvt Ltd                                        (Stable) /
                                                              ICRA A4+
Reason for delay in carrying out periodic review: Review process is underway
Great Galleon Ventures Ltd              LT - Fund Based -     ICRA BBB+    500
                                        Proposed TL           (Stable)
Reason for delay in carrying out periodic review: Review process is underway
Jayabheri Automotives Pvt Ltd           LT – Fund Based/CC    ICRA         1145    Revised from
                                                              B+(Stable)           ICRA
                                                                                   BB-(Stable)
Jayabheri Automotives Pvt Ltd           LT-Fund Based TL      ICRA         82.5    Revised from
                                                              B+(Stable)           ICRA
                                                                                   BB-(Stable)
Jayabheri Automotives Pvt Ltd           LT/ST - Unallocated   ICRA         22.5    Revised from
                                                              B+(Stable)/          ICRA
                                                              ICRA A4              BB-(Stable)/
                                                                                   Reaffirmed
Jsw Paints Pvt Ltd                      LT fund based         ICRA BBB-    600     Assigned
                                                              (Stable)
Kotak Mahindra Asset                    Kotak Bond ST Plan    ICRA AAAmfs  -       Reaffirmed
Management Co. Ltd
Kotak Mahindra Asset                    Kotak Dynamic Bond    ICRA AAAmfs  -       Reaffirmed
Management Co. Ltd                      Fund
Kotak Mahindra Asset                    Kotak Savings Fund    ICRA AAAmfs  -       Reaffirmed
Management Co. Ltd
Kotak Mahindra Asset                    Kotak Corporate Bond  ICRA AAAmfs  -       Reaffirmed
Management Co. Ltd                      Fund
Kotak Mahindra Asset                    Kotak Bond            ICRA AAAmfs  -       Reaffirmed
Management Co. Ltd
Kotak Mahindra Asset                    Kotak Bking and PSU   ICRA AAAmfs  -       Reaffirmed
Management Co. Ltd                      Debt Fund
Kotak Mahindra Asset                    Kotak Capital         Provisional  -       Withdrawn
Management Co. Ltd                      Protection Oriented   ICRA AAA(SO)
                                        Scheme Series 51
Kraft Powercon India Ltd                LongTerm–FundBased –  ICRA BBB-    75
                                        CC                    (Stable)
Reason for delay in carrying out periodic review:- Issuer Delayed in Giving Information
Kraft Powercon India Ltd                LongTerm–FundBased –  ICRA BBB-    40
                                        TL                    (Stable)
Reason for delay in carrying out periodic review:- Issuer Delayed in Giving Information
Krish Agro Farms Pvt. Ltd.              Bk Fac                ICRA BB-     263.8
                                                              (Stable)
Reason for delay in carrying out periodic review:- Issuer not cooperating
Madura Micro Finance                    PTC Series A          Provisional  293.3   Confirmed as
Ltd-Northern Arc 2019                                         rating of            final
Mfi Thodipuram                                                ICRA A(SO)
Mn Takshila Industries Pvt Ltd          FB - LRD Loan^        ICRA BBB-    2000    Assigned
                                                              (Stable)
^Proposed LRD to replace the existing debt
Navbharat Buildcon Pvt Ltd              Fund based            ICRA B       108
                                                              (Stable)
Reason for delay in carrying out periodic review: - Issuer not cooperating
Navbharat Buildcon Pvt Ltd              Non-fund Based        ICRA B       37.5
                                                              (Stable)
Reason for delay in carrying out periodic review:- Issuer not cooperating
Railtel Corporation Of India            Non-FBL               ICRA AA-     3700    Reaffirmed
Ltd                                                           (Stable) /
                                                              ICRA A1+
Railtel Corporation Of India            Unallocated limits    ICRA AA-     1300    Reaffirmed
Ltd                                                           (Stable)
                                                              /ICRA A1+
Ravi Dyeware Company Pvt Ltd            BLR                   ICRA         830
                                                              A-(Stable)
                                                              / ICRA A2+
Reason for delay in carrying out periodic review:- Review process is underway
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@  -       outstanding
Management Ltd                          Debt Fund
@Under rating Watch with Negative Implications
Reliance Nippon Life Asset              Reliance Capital      Provisional  -       Assigned
Management Ltd                          Protection Fund II -  ICRA AAA
                                        Plan A                (SO)
Reliance Nippon Life Asset              Reliance Capital      Provisional  -       Assigned
Management Ltd                          Protection Fund II -  ICRA AAA
                                        Plan B                (SO)
Shangri-La Industries Pvt Ltd           Bk Fac                ICRA B-      430     *
                                                              (Stable)
*Due to non-submission of no default statement/Reason for delay in carrying out periodic review:
- Issuer not cooperating
Shree Ramkrushna Ginning And            LT FB - CC            ICRA         99
Oil Industries                                                BB-(Stable)
Reason for delay in carrying out periodic review:- Review process in underway
Siddharth Colorchem Pvt Ltd             BLR                   ICRA         1085
                                                              A-(Stable)/
                                                              ICRA A2+
Reason for delay in carrying out periodic review:- Review process is underway
Spark Insulators Pvt Ltd                Fund Based- CC        ICRA BB-     60
                                                              (Stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Spark Insulators Pvt Ltd                Non-Fund Based        ICRA BB-     20
                                                              (Stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Spark Insulators Pvt Ltd                Unallocated           ICRA         19.5
                                                              BB-(Stable)
                                                              /ICRA A4
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Ab Sugars Ltd                           CC                    ICRA BB+     1100
                                                              (Stable)
Downgraded from ICRA BBB- (Stable) and continues under ‘Issuer Not Cooperating’ category
Ab Sugars Ltd                           TL                    ICRA BB+     259.7
                                                              (Stable)
Downgraded from ICRA BBB- (Stable) and continues under ‘Issuer Not Cooperating’ category
Ab Sugars Ltd                           Unallocated           ICRA BB+     772.2
                                                              (Stable)
Downgraded from ICRA BBB- (Stable) and continues under ‘Issuer Not Cooperating’ category Rating
Action
Ardom Towergen Pvt Ltd                  Fund based – CC       ICRA BB+     225
                                                              (Stable)
Downgraded from ICRA BBB- (Stable) and continues under ‘Issuer Not Cooperating’ category
Ardom Towergen Pvt Ltd                  Fund based – TL       ICRA BB+     120
                                                              (Stable)
Downgraded from ICRA BBB- (Stable) and continues under ‘Issuer Not Cooperating’ category
Asa International India                 PTC Series A1         ICRA A-      -       Withdrawn
Microfinance Ltd- Northern Arc                                (SO)
2018 Mfi Nautilus
Asa International India                 PTC Series A2         ICRA BBB+    -       Withdrawn
Microfinance Ltd- Northern Arc                                (SO)
2018 Mfi Nautilus
Asa International India                 PTC Series A1         ICRA A-      -       Withdrawn
Microfinance Ltd- Vivriti                                     (SO)
Moreno 072018
Asa International India                 PTC Series A2         ICRA BBB     -       Withdrawn
Microfinance Ltd- Vivriti                                     (SO)
Moreno 072018
Ashapura International Ltd              LT Fund Based - TL    ICRA BB@     180     Reaffirmed
Remains on Watch with Negative Implications
Ashapura International Ltd              LT                    ICRA BB@     -       Reaffirmed
                                        Fund-Interchangeable
Remains on Watch with Negative Implications
Ashapura International Ltd              LT unallocated Limits ICRA BB@     240     Reaffirmed
Remains on Watch with Negative Implications
Ashapura Perfoclay Ltd                  LT Fund Based - TL    ICRA BBB-@   600     Reaffirmed
Remains on Watch with Negative Implications
Ashapura Perfoclay Ltd                  LT FB CC              ICRA BBB-@   300     Reaffirmed
Remains on Watch with Negative Implications
Ashapura Perfoclay Ltd                  LT unallocated Limits ICRA BBB-@   80      Reaffirmed
Remains on Watch with Negative Implications
Central Bank Of India                   Upper Tier II bonds   ICRA A-      -       Withdrawn
                                        programme             (negative)
Central Bank Of India                   Upper Tier II bonds   ICRA A-      -       Withdrawn
                                        programme             (negative)
Central Bank Of India                   Upper Tier II bonds   ICRA A-      5000    outstanding
                                        programme             (negative)
Central Bank Of India                   Upper Tier II bonds   ICRA A-      10000   outstanding
                                        programme             (negative)
Central Bank Of India                   Basel III Compliant   ICRA A+      20000   Assigned
                                        Tier II bonds         (hyb)
                                        programme             (negative)
Central Bank Of India                   Lower Tier II bonds   ICRA A+      5000    outstanding
                                        programme             (negative)
Genisys Information Systems             LT- TL                ICRA BB      23.1
(India) Pvt Ltd                                               (Stable)
Upgraded from ICRA BB- (Stable); removed from Issuer Non- Cooperation
Genisys Information Systems             LT- CC                ICRA BB      120
(India) Pvt Ltd                                               (Stable)
Upgraded from ICRA BB- (Stable); removed from Issuer NonCooperation
Genisys Integrating System              LT- TL                ICRA BB+     262.5
(India) Pvt Ltd                                               (Stable)
Downgraded from ICRA BBB- (Stable); removed from Issuer Non- Cooperation
Global Dent Aids Pvt. Ltd.              CC                    ICRA BB+     60
                                                              (Stable)
Downgraded from ICRA BBB (Stable) and continues under ‘Issuer Not Cooperating’ category
Global Dent Aids Pvt. Ltd.              TL                    ICRA BB+     12.3
                                                              (Stable)
Downgraded from ICRA BBB (Stable) and continues under ‘Issuer Not Cooperating’ category
Global Dent Aids Pvt. Ltd.              Unallocated           ICRA BB+     7.7
                                                              (Stable)
Downgraded from ICRA BBB (Stable) and continues under ‘Issuer Not Cooperating’ category
Igarashi Motors Sales Pvt Ltd           NCD Rating Without    ICRA AAA     1283.3  Withdrawn
                                        Explicit Credit       (CE)
                                        Enhancement           (Stable)
Kbr Agro Industries                     TL                    ICRA B       20
                                                              (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Kbr Agro Industries                     Fund based-CC         ICRA B       80
                                                              (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Kirpa Foods                             Fund based-TL         ICRA B+      30
                                                              (Stable)
Rating moved to ‘Issuer Not Cooperating’ category
Kirpa Foods                             Fund based-CC         ICRA B+      280
                                                              (Stable)
Rating moved to ‘Issuer Not Cooperating’ category
Kla India Public Ltd                    Fund based            ICRA BB      268
                                                              (Stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Kla India Public Ltd                    Issuer rating         ICRA BB      -
                                                              (Stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Meh India Overseas Pvt Ltd              Packing credit        ICRA BB-     105
                                                              (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Seth Roshan Lal Jain Trust              Fund based – CC       ICRA BB+     250
                                                              (Stable)
Downgraded from ICRA BBB (Stable) and continues under ‘Issuer Not Cooperating’ category
Sheel Oil And Fats Pvt Ltd              Fund based – CC       ICRA BB+     500
                                                              (Stable)
Downgraded from ICRA BBB- (Stable) and moved to ‘Issuer Not Cooperating’ category
Sheel Oil And Fats Pvt Ltd              Fund based – TL       ICRA BB+     1100
                                                              (Stable)
Downgraded from ICRA BBB- (Stable) and moved to ‘Issuer Not Cooperating’ category
Sheel Oil And Fats Pvt Ltd              Issuer Rating         ICRA BB+     -
                                                              (Stable)
Rating downgraded from ICRA BBB- (Stable) and moved to ‘Issuer Not Cooperating’ category, Put on
notice of withdrawal
Sivanta Spuntex Pvt Ltd                 CC                    ICRA BB-     120     Reaffirmed
                                                              (Stable)
Sivanta Spuntex Pvt Ltd                 TL                    ICRA BB-     739.5   Reaffirmed
                                                              (stable)
Sivanta Spuntex Pvt Ltd                 Unallocated           ICRA BB-     15.9    Reaffirmed
                                                              (Stable)/
                                                              ICRA A4
Synergy Property Development            FB -Working capital   ICRA A&/     180
Services Pvt Ltd                        Fac                   ICRA A1 &
&: placed on watch with developing implications
Synergy Property Development            Non-fund based        ICRA A&/     190
Services Pvt Ltd                        -Working capital Fac  ICRA A1 &
&: placed on watch with developing implications
--------------------------------------------------------------------------------------------
$: 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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