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Company News

RPT-ICRA ratings for Indian debt instruments-Aug 21

 (Repeating to add additional ratings)
    Aug 21 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of August 20, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Centrum Financial Services Ltd          CP Programme          ICRA A1+(SO) 250
confirmed as final Provisional ICRA A1+(SO); outstanding
Indian Terrain Fashions Ltd             ST - FBL              ICRA A2+     300     Assigned
Indian Terrain Fashions Ltd             ST - Non-FBL          ICRA A2+     135     Assigned
Merck Specialities Pvt Ltd              ST, FB Limits         ICRA A1+     200     Reaffirmed
P. N. Gadgil & Sons Ltd                 ST FB/Non-fund Based  ICRA A1              Reaffirmed
                                        – Interchangeable#
#Interchangeable with CC limits
Reliance Industries Ltd                 CP                    ICRA A1+     -
Techno Electric & Engineering           Non-FB Fac            ICRA A1+     11050
Co. Ltd
Review process is underway
Techno Electric & Engineering           FB Fac                ICRA A1+
Co. Ltd
Review process is underway

MEDIUM TERM RATINGS:
-------------------
P. N. Gadgil & Sons Ltd                 Fixed Deposits        MA+          400     Assigned
                                        Programme^
^Proposed FD Programme

LONG TERM RATINGS:
-------------------
Adinath Silks Pvt Ltd (Erst             LT- Fund based / CC   ICRA BB+     350     -
Adinath Silks Ltd)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Varun Enterprises                       LT- Fund based / CC   ICRA BB-     155     -
(Reason for delay in carrying out periodic review: Review process is underway)
Aditya Vidyut Appliances Ltd            FB TL                 ICRA D       530
Downgraded from ICRA BB (Stable) Issuer Not Cooperating
Aditya Vidyut Appliances Ltd            FB CC                 ICRA D       440
Downgraded from ICRA BB (Stable) Issuer Not Cooperating
Aditya Vidyut Appliances Ltd            Non-FBL               ICRA D       1230
Downgraded from ICRA A4 (Stable) Issuer Not Cooperating
Aditya Vidyut Appliances Ltd            FB TL                 ICRA D       530
Downgraded from ICRA BB Issuer Not Cooperating
Aditya Vidyut Appliances Ltd            FB CC                 ICRA D       440
Downgraded from ICRA BB Issuer Not Cooperating
Aditya Vidyut Appliances Ltd            Non-FBL               ICRA D       1230
Downgraded from ICRA A4 Issuer Not Cooperating
Annapurna Finance Pvt Ltd-              PTC Series A1         ICRA         355.5   Withdrawn
Aster Ifmr Capital 2017                                       AA-(SO)
Annapurna Finance Pvt Ltd-              PTC Series A1         ICRA         704.5   Withdrawn
Aster Ifmr Capital 2017                                       AA-(SO)
Aptus Finance India Pvt Ltd -           PTC Series A3         ICRA A+(SO)  135.2
Northern Arc 2019 Sbl Artin
Provisional rating of ICRA A+(SO) confirmed as final
Aptus Finance India Pvt Ltd -           PTC Series A1         ICRA AA+(SO) 270.4
Northern Arc 2019 Sbl Artin
Provisional rating of ICRA AA+(SO) confirmed as final
Aptus Finance India Pvt Ltd -           PTC Series A2         ICRA AA+(SO) 128.8
Northern Arc 2019 Sbl Artin
Provisional rating of ICRA AA+(SO) confirmed as final
Aptus Value Housing Finance             PTC Series A3         ICRA AA+     -       Withdrawn
India Ltd- Astraea Sbl Ifmr                                   (SO)
Capital 2015
Arcelormittal India Pvt Ltd             Issuer rating         ICRA AA      -
put on notice of withdrawal
Arcelormittal Sa                        Issuer rating         ICRA AA      -
put on notice of withdrawal
Axis Wind Farms (Rayalaseema)           FB TL                 ICRA BBB- &  5307    Reaffirmed
Pvt Ltd
continues to remain on watch with developing implications
Axis Wind Farms (Rayalaseema)           FB Working Capital FacICRA BBB- &  450     Reaffirmed
Pvt Ltd
continues to remain on watch with developing implications
Axis Wind Farms (Rayalaseema)           LT Unallocated Fac    ICRA BBB- &  333     Reaffirmed
Pvt Ltd
continues to remain on watch with developing implications
Expert Educational And                  LT - Fund Based TL    ICRA BBB     500
Charitable Foundation
Rating continues to remain under ‘Issuer Not Cooperating’ category
Fincare Small Finance Bank              PTC Series A1         ICRA A- (SO) -       Withdrawn
Ltd- Vivriti Endor 003 2018
Goa-Tamnar Transmission                 FB -TL                ICRA BBB-    10500   Reaffirmed
Project Ltd
Goa-Tamnar Transmission                 Non-fund Based-LOC    ICRA BBB-            Reaffirmed
Project Ltd                                                   /A3
Gurgaon-Palwal Transmission Ltd         FB -TL                ICRA BBB-    8000    Reaffirmed
Gurgaon-Palwal Transmission Ltd         Non-fund Based-LOC    ICRA BBB- /  -       Reaffirmed
                                                              ICRA A3
Il&Fs Solar Power Ltd                   TL                    ICRA B+      450
                                                              (SO)
Downgraded from ICRA BB+ (SO)
Il&Fs Solar Power Ltd                   NCD Programme –I (NCD ICRA B+      1500
                                        I)                    (SO)
Downgraded from ICRA BB+ (SO)
Il&Fs Solar Power Ltd                   NCD Programme –II     ICRA B+      2100
                                        (NCD II)              (SO)
Downgraded from ICRA BB+ (SO)
India Infoline Finance Ltd-             PTC Series A          ICRA AAA     -       Withdrawn
IIFL Mortgage Trust, March 2014                               (SO)
Indian Terrain Fashions Ltd             LT/ST - Unallocated   ICRA A-/     165     Assigned
                                        Limits Trust Name     ICRA A2+
Kogta Financial India Ltd               NCD Programme**       ICRA AA-(SO) 250     outstanding
** The rated NCD programme is in the nature of covered bond, wherein the covered pool was
assigned to Northern Arc 2019 Cocoon Bruce Trust (Trust); the Trust has issued 25.73 crore
pass-through certificates (PTCs), currently rated ICRA BBB(SO) with a Stable outlook
Kogta Financial India Ltd               TL                    Provisional  100     Assigned
                                                              ICRA A(SO)
Merck Specialities Pvt Ltd              LT, FB Limits         ICRA AA-     30      Reaffirmed
Merck Specialities Pvt Ltd              LT, Non-FBL           ICRA AA-     45      Reaffirmed
Merck Specialities Pvt Ltd              LT, Non-FBL           ICRA AA-     -       Withdrawn
Micro Units Development And             Issuer Rating         ICRA AAA     -
Refinance Agency Ltd
Placed on notice for withdrawal for 1 month
P. N. Gadgil & Sons Ltd                 FB TL                 ICRA A               Withdrawn
P. N. Gadgil & Sons Ltd                 FB Working Capital FacICRA A       3350
Reaffirmed; outlook revised to Stable from Positive
Pegasus Assets Reconstruction           LT Bk Lines           ICRA A-      300     Withdrawn
Pvt Ltd
Prachay Capital Pvt Ltd                 CC Facility           ICRA BB+     125     Reaffirmed
                                                              (SO)
Prachay Capital Pvt Ltd                 TL                    ICRA BB+     125     Reaffirmed
                                                              (SO)
Reliance Industries Ltd                 NCD Programme         ICRA AAA     -
Sundaram Finance Ltd- Shri              PTC Series A          ICRA AAA     359.8   Withdrawn
Trust L 2016                                                  (SO)
Sundaram Finance Ltd- Shri              PTC Series A          ICRA AAA     2238.1  Withdrawn
Trust M 2017                                                  (SO)
Techno Electric & Engineering           FB Fac                ICRA AA      2010
Co. Ltd
Review process is underway
Techno Electric & Engineering           Non-FB Fac            ICRA AA      3340
Co. Ltd
Review process is underway
Techno Electric & Engineering           FB Fac                ICRA AA
Co. Ltd
Review process is underway
Techno Electric & Engineering           Non-FB Fac            ICRA AA
Co. Ltd
Review process is underway

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