May 26, 2016 / 10:01 AM / a year ago

ICRA ratings for Indian debt instruments-May 26

May 26 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of May 25, 2016.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Arvind And Rajan Constructions          ST - Non fund based-  A4     25      Assigned
                                        BG
DCB Bank Ltd                            ST Fixed Deposit      A1+            Outstanding
                                        Programme
G.R. Engineering Pvt Ltd                FBL (Working Capital  A3     330     Downgraded
                                        Demand Loan)                               from
                                                                                   A3+
Hitech Extrusion Llp                    ST non fund based     A4     75      Suspended
                                        facility
Palm Fibre (India) Pvt Ltd              ST - FB Fac           A3     190     Upgraded
                                                                                   from
                                                                                   A4+
(revised from 21 Cr)
Palm Fibre (India) Pvt Ltd              ST - FB Fac           A3             Upgraded
                                        (sub-limit)                                from
                                                                                   A4+
Palm Fibre (India) Pvt Ltd              ST - Non FB Fac       A3             Upgraded
                                        (sub-limit)                                from
                                                                                   A4+
Palm Fibre (India) Pvt Ltd              ST - Unallocated      A3     20      Assigned
                                        limits
Rinac India Ltd                         ST: Non FB Fac        A3     300     Reaffirmed
(enhanced from 25 Cr)
Rotodyne Engineering Services           NFBL                  A4     42      Assigned
Pvt Ltd
Siddhi Ferrous Llp                      Non-FBL               A4     40      Reaffirmed
SNK Technologies                        solar projects        'SP 4D               Assigned
Uni Deritend Ltd                        ST Non-Fund Based     A3+    60      Revised from
                                                                                   A2+

LONG TERM RATINGS:
-------------------
Arvind And Rajan Constructions          LT - Fund Based- CC   BB-    25      Assigned
Auraya Healthcare                       LT fund based Bk Fac  B+     75      Reaffirmed
Begonia Trust March 2016                PTC Series A1         A-     529.8   Assigned
                                                              (SO)
                                                              Provisional
Chronos Trust February 2016             PTC Series A1         BBB    485.7   Assigned
                                                              (SO)
                                                              Provisional
City Heart Hotels Pvt Ltd               Bk Fac                B      95      Suspended
DCB Bank Ltd                            Basel III Tier II     A+     1000    Assigned
                                        Debt Programme        (hyb)
DCB Bank Ltd                            Basel III Tier II     A+     2000    Assigned
                                        Debt Programme        (hyb)
G.R. Engineering Pvt Ltd                FBL (CC)              BBB-   126.2   Downgraded
                                                                                   from
                                                                                   BBB
G.R. Engineering Pvt Ltd                Non-FBL               BBB-   3720    Downgraded
                                                              / A3           from
                                                                                   BBB/
                                                                                   A3+
G.R. Engineering Pvt Ltd                Proposed Limits       BBB-   823.8   Downgraded
                                                              / A3           from
                                                                                   BBB/ 
                                                                                   A3+
Gogad Fabrics Pvt Ltd                   FB Fac                BB     200     Assigned
Gujarat Road And                        NCDs                  AAA    3000    Assigned
Infrastructure Co. Ltd                                        (SO)
Hitech Extrusion Llp                    LT FB Fac             B      97.5    Suspended
Ideal Ice Cream                         LT - FB Fac           BBB-   20      Upgraded
                                                                                   from
                                                                                   BB+
Ideal Ice Cream                         LT - TL               BBB-   25      Upgraded
                                                                                   from
                                                                                   BB+
Jain Shawls                             Bk Fac                BB-/   140     Suspended
                                                              A4
Lampedo IFMR Capital 2016               PTC Series A2         B      26.6    Assigned
                                                              (SO)
                                                              Provisional
Lampedo IFMR Capital 2016               PTC Series A1         BBB+   245.4   Assigned
                                                              (SO)
                                                              Provisional
Perody Builders Pvt Ltd                 FB Fac                B+     50      Suspended
Proximo IFMR Capital 2016               PTC Series A2         BB+    28.6    Assigned
                                                              (SO)
                                                              Provisional
Proximo IFMR Capital 2016               PTC Series A1         BBB+   370.3   Assigned
                                                              (SO)
                                                              Provisional
Rinac India Ltd                         LT: FB Fac - CC       BBB-   100     Reaffirmed
RNB Cements (P) Ltd                     fund based working    D      271.5   Suspended
                                        capital
RNB Cements (P) Ltd                     TL Fac                D      993     Suspended
Rotodyne Engineering Services           CC limits             B+     33      Assigned
Pvt Ltd
Rotodyne Engineering Services           Unallocated limits    B+/    175     Assigned
Pvt Ltd                                                       A4
Shree Ram Rayon                         TL limits             B      54.4    Assigned
Shree Ram Rayon                         CC limit              B      27.5    Assigned
Shree Ram Rayon                         Seasonal CC limit     B      15      Assigned
Shree Ram Rayon                         Proposed CC limit     B      2.1     Assigned
Siddhi Ferrous Llp                      CC                    B      95      Upgraded
                                                                                   from B-
(enhanced from 8 Cr)
Siddhi Ferrous Llp                      TL                    B      8.7     Upgraded
                                                                                   from B-
(enhanced from 1.38 Cr)
Siddhi Ferrous Llp                      Unallocated Limit     B /    26.3    Upgraded
                                                              A4             from
                                                                                   B-/
                                                                                   Re-affirmed
(enhanced from 3.62 Cr)
SNN Builders Pvt Ltd                    FBL - TL              BBB+   1520    Upgraded
                                                                                   from
                                                                                   BBB
SNN Spiritua Developers                 FBL - TL              BBB+   500     Upgraded
                                                                                   from
                                                                                   BBB
State Bank Of Hyderabad                 Lower Tier-II bonds   AAA    5500    Withdrawn
Tamil Nadu Generation &                 Non Convertible Bonds A-     4000    Reaffirmed
Distribution Corporation Ltd            Program               (SO)
Tamil Nadu Generation &                 Non Convertible Bonds A-     26335   Reaffirmed
Distribution Corporation Ltd            Program               (SO)
Tamil Nadu Generation &                 Non Convertible Bonds A-     807     Reaffirmed
Distribution Corporation Ltd            Program               (SO)
Tamil Nadu Generation &                 Non Convertible Bonds A-     5309    Reaffirmed
Distribution Corporation Ltd            Program               (SO)
Tamil Nadu Generation &                 Non Convertible Bonds A-     13665   Reaffirmed
Distribution Corporation Ltd            Program               (SO)
                                                              Provisional
Tamil Nadu Transmission                 Non Convertible Bonds A-     2000    Reaffirmed
Corporation Ltd                         Program               (SO)
Tamil Nadu Transmission                 Non Convertible Bonds A-     2000    Reaffirmed
Corporation Ltd                         Program               (SO)
Tamil Nadu Transmission                 Non Convertible Bonds A-     691     Reaffirmed
Corporation Ltd                         Program               (SO)
Telephone Electronic                    Bk facility           B+ /   72.5    Suspended
Corporation                                                   A4
Uni Deritend Ltd                        LT Fund Based - TL    BBB    470     Revised from
                                                                                   A-
Uni Deritend Ltd                        LT Fund Based - CC    BBB    300     Revised from
                                                                                   A-
Woodhill Infrastructure Ltd             LT/ ST Bk Fac         BB+/   150     Assigned
                                                              A4+
--------------------------------------------------------------------------------------------
$: 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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