September 5, 2019 / 10:50 AM / 10 days ago

RPT-ICRA ratings for Indian debt instruments-Sep 5

 (Repeating to add more ratings)
    Sep 5 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of September 4, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Air India Express Ltd                   Short-TL              ICRA A3      6750
Air India Express Ltd                   ST, FB Bk Fac         ICRA A3      7190
Arvind Lifestyle Brands Ltd             CP                    ICRA A1 (SO) 2500    Withdrawn
Baba Ispat (P) Ltd                      Non-fund based – BG   ICRA A4+     10      Assigned
Baba Ispat (P) Ltd                      Untied limits         ICRA BB+     40      Assigned
                                                              (Stable)
                                                              ICRA A4+
Eicl Ltd                                ST-NonFB              ICRA A1      100     Downgraded
                                                                                   from ICRA A1+
Eicl Ltd                                CP                    ICRA A1      400     Downgraded
                                                                                   from ICRA A1+
J M Constructions Company               Non-fund based- LOC   ICRA A4      5
Reason for delay in carrying out periodic review:- Issuer delayed in giving information
M.S. Life Drug House Pvt Ltd            Non-fund Based- BG    ICRA A3      13      Reaffirmed
Minda Industries Ltd                    Non-FBL               ICRA A1+     370     Reaffirmed
Minda Industries Ltd                    CP Programme          ICRA A1+     600     Reaffirmed
India Infoline Finance Ltd -            PTC Series A          Provisional  950     Assigned
Orelia Trust Aug 2019                                         ICRA A1+(SO)

LONG TERM RATINGS:
-------------------
Arion Healthcare                        FB – CC               ICRA BB-     180     Reaffirmed
                                                              (Stable)
outlook revised from Negative
Baba Ispat (P) Ltd                      Fund based – CC       ICRA BB+     90      Assigned
                                                              (Stable)
Baba Ispat (P) Ltd                      Fund based – Working  ICRA BB+     10      Assigned
                                        capital TL            (Stable)
Eicl Ltd                                LT - Fund Based-TL    ICRA A+      26.7    Reaffirmed
                                                              (Negative)
outlook revised from Stable
Eicl Ltd                                LT / ST -FB           ICRA A+      500     Reaffirmed /
                                                              (Negative)           downgraded
                                                              /ICRA A1             from ICRA A1+
outlook revised from Stable
J M Constructions Company               Fund based-CC         ICRA BB-     50
                                                              (Stable)
Reason for delay in carrying out periodic review:- Issuer delayed in giving information
J M Constructions Company               Non-fund based- BG    ICRA BB-     90
                                                              (Stable) /
                                                              ICRA A4
Reason for delay in carrying out periodic review:- Issuer delayed in giving information
M.S. Life Drug House Pvt Ltd            FB-CC                 ICRA BBB-    200     Reaffirmed
                                                              (Stable)
Minda Industries Ltd                    TL                    ICRA         1850    Reaffirmed
                                                              AA(Stable)
Minda Industries Ltd                    CC Fac                ICRA         1175    Reaffirmed
                                                              AA(Stable)
Minda Industries Ltd                    Unallocated           ICRA         105     Reaffirmed
                                                              AA(Stable)
Uno Feeds                               Fund Based            ICRA BB+     110
Downgraded from ICRA BBB-(Stable); placed on watch with Negative implications
Uno Feeds                               Unallocated           ICRA BB+     170
Downgraded from ICRA BBB-(Stable); placed on watch with Negative implications
Iifl Home Finance Ltd - Elite           PTC Series A          ICRA AAA(SO) 443.2   Reaffirmed
Mortgage Hl Trust Dec 2016
Iifl Home Finance Ltd - Elite           PTC Series A          ICRA AAA(SO) 744.3   Reaffirmed
Mortgage Hl Trust June 2016
Iifl Home Finance Ltd - Elite           PTC Series A          ICRA AAA(SO) 504.9   Reaffirmed
Mortgage Hl Trust Sep 2016
Iifl Home Finance Ltd - Elite           PTC Series A          ICRA AAA(SO) 615.5   Reaffirmed
Mortgage Lap Trust Dec 2016
Iifl Home Finance Ltd - Elite           PTC Series A          ICRA AAA(SO) 630.6   Reaffirmed
Mortgage Lap Trust June 2016
Iifl Home Finance Ltd - Elite           PTC Series A          ICRA AAA(SO) 583.6   Reaffirmed
Mortgage Lap Trust Sep 2016
Iifl Home Finance Ltd -                 PTC Series A          ICRA AAA(SO) 3879.3  Reaffirmed
Solitaire Mortgage -1 Trust Mar 2017
Iifl Home Finance Ltd -                 PTC Series A          ICRA AAA(SO) 1223.4  Reaffirmed
Solitaire Mortgage -2 Trust Jun 2017
Mixed Bag Overseas                      LT - Fund Based/CC    ICRA D       100     Downgraded
                                                                                   from ICRA B
(Rating continues to be in the ‘Issuer Not Cooperating’ category)
Navkar Lifesciences                     FB – CC               ICRA B-      197.5   Upgraded
                                                              (Stable)             from ICRA D
(Removed from Issuer not cooperating category)
Navkar Lifesciences                     FB – TL               ICRA B-      70      Upgraded
                                                              (Stable)             from ICRA D
(Removed from Issuer not cooperating category)
 --------------------------------------------------------------------------------------------
$: 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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