October 6, 2016 / 10:37 AM / 10 months ago

ICRA ratings for Indian debt instruments-Oct 6

16 Min Read

Oct 6 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of October 5, 2016.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Amalgamated Plantations Pvt Ltd         CP                    A1+    2250    Assigned
enhanced from Rs 200.00 crore
Brigade Enterprises Ltd                 ST - Non fund based   A1     600     Outstanding
                                        Bk lines
Dalmia Bharat Sugar &                   NFBL                  A1+    2000    upgraded
Industries Ltd                                                                     from A1
Dalmia Bharat Sugar &                   ST Loan               A1+    250     Assigned
Industries Ltd
Dalmia Bharat Sugar &                   CP/ STD               A1+    3000    Assigned
Industries Ltd
Dalmia Cement (Bharat) Ltd              ST Loan               A1+    1489.4  Assigned
Dalmia Cement (Bharat) Ltd              Non-FBL               A1+    6750    Outstanding
revised from 742 cr
Dalmia Cement (Bharat) Ltd              CP/ ST debt programme A1+    6000    Outstanding
Exilant Technologies Pvt Ltd            ST - Non Fund Based   A1     300     Outstanding
IIFL Alternate Asset Advisors           ST debt programme     A1+    3000    Reaffirmed
Ltd
IIFL Facilities Services Ltd            ST debt programme     A1+    5000    Reaffirmed
IIFL Holdings Ltd                       ST debt programme     A1+    10000   Reaffirmed
IIFL Holdings Ltd                       ST Bk lines           A1+    6050    Withdrawan
IIFL Holdings Ltd                       CP Programme          A1+    5000    Reaffirmed
enhanced from Rs. 200 crore
IIFL Wealth Finance Ltd                 ST debt programme     A1+    2500    Reaffirmed
IIFL Wealth Management Ltd              ST debt programme     A1+    2000    Reaffirmed
India Infoline Commodities Ltd          ST debt programme     A1+    1000    Reaffirmed
India Infoline Finance Ltd              ST debt programme     A1+    50000   Reaffirmed
India Infoline Housing Finance          ST debt programme     A1+    20000   Reaffirmed
Ltd
India Infoline Insurance                ST debt programme     A1+    1000    Reaffirmed
Brokers Ltd
India Infoline Ltd                      ST Bk lines           A1+    6500    Assigned
India Infoline Media And                ST debt programme     A1+    1000    Reaffirmed
Research Services Ltd
JSW Steel Ltd                           ST FB limits          A1+    14880   Reaffirmed
JSW Steel Ltd                           ST Non-FBL            A1+    156195  Reaffirmed
JSW Steel Ltd                           CP Programme          A1+    35000   Reaffirmed
Maheshwari Mining Pvt Ltd               Non-FBL - BG          A3     200     Assigned
Maheshwari Mining Pvt Ltd               Non-FBL - LOC*        A3     30      Assigned
* Sub-limit of Bank Guarantee
Maheshwari Mining Pvt Ltd               Non-FBL - Derivative  A3     10      Assigned
Surya Roshni Ltd                        CP Programme          A1+    250     Reaffirmed
                                                              (SO)
Tanfac Industries Ltd                   ST, Non Fund based    A4+    550     Reaffirmed
revised from Rs. 63.0 crore
Varroc Polymers Pvt Ltd                 CP                    A1+    750     Assigned
enhanced from Rs. 50.00 crore
Varroc Polymers Pvt Ltd                 CP                    A1+    750     Assigned
enhanced from Rs. 50.00 crore

MEDIUM TERM RATINGS:
-------------------
Dalmia Cement (Bharat) Ltd              Fixed deposit         MAA          75.9    Outstanding

LONG TERM RATINGS:
-------------------
7 Star Construction                     TL                    B      379     Assigned
enhanced from Rs.10.00 crore
Aasan Corporate Solutions Pvt           NCDs                  A+     2500    Provisional
Ltd                                                           (SO)
Amalgamated Plantations Pvt Ltd         FB Limits             A+     2250    Assigned
enhanced from Rs 200.00 crore
Amalgamated Plantations Pvt Ltd         TL                    A+     1610    Outstanding
Brigade Enterprises Ltd                 LT - Fund based Bk    A      21400   Assigned
                                        lines
enhanced from 1,827.69 CR
Chhapra Hajipur Expressways Ltd         TL                    D      7569.9  Reaffirmed
Dalmia Bharat Sugar &                   TL                    A+     7578    Assigned
Industries Ltd
enhanced from 697.65 cr
Dalmia Bharat Sugar &                   FBL                   A+     5000    Reaffirmed
Industries Ltd
Dalmia Bharat Sugar &                   NCD                   A+     333.3   Reaffirmed
Industries Ltd
Dalmia Cement (Bharat) Ltd              TL                    AA     24232.5 Assigned
enhanced from 2348 cr
Dalmia Cement (Bharat) Ltd              NCD Programme         AA     21433.3 Outstanding
Dalmia Cement (Bharat) Ltd              FBL                   AA     4000    Outstanding
Disha Microfin Pvt Ltd -                PTC Series A1         A(SO)  355.1   Provisional
Triopas Ifmr Capital 2016
Exilant Technologies Pvt Ltd            LT FBL                A+     200     Outstanding
Exilant Technologies Pvt Ltd            LT- Proposed          A+     300     Outstanding
Exilant Technologies Pvt Ltd            LT- Proposed          A+     200     Assigned
IIFL Facilities Services Ltd            LT debt               AA     7000    Reaffirmed
IIFL Holdings Ltd                       LT debt programme     AA     200     Reaffirmed
IIFL Holdings Ltd                       Secured NCD           AA     2000    Reaffirmed
IIFL Wealth Finance Ltd                 NCD Programme         AA     3000    Reaffirmed
IIFL Wealth Finance Ltd                 Principal Protected   PP-MLD       7500    Reaffirmed
                                        Market linked         AA
                                        debenture programme
IIFL Wealth Management Ltd              Secured NCD           AA     1000    Reaffirmed
IL&FS Wind Energy Ltd                   NCDs                  A+(SO) 2000    Provisional
India Infoline Finance Ltd              Subordinate debt      AA     10000   Reaffirmed
India Infoline Finance Ltd              LT Bk lines           AA     57750   Reaffirmed
India Infoline Finance Ltd              LT debt programme     AA     25100   Reaffirmed
India Infoline Finance Ltd              Secured NCD           AA     20000   Reaffirmed
India Infoline Finance Ltd              Unsecured NCD         AA     5000    Reaffirmed
India Infoline Finance Ltd              LT principal          PP-MLD       5000    Reaffirmed
                                        protected equity      AA
                                        linked debenture programme
India Infoline Finance Ltd              LT principal          PP-MLD       1000    Reaffirmed
                                        protected market      AA
                                        linked debenture programme
India Infoline Housing Finance          LT Bk lines           AA     50000   Reaffirmed
Ltd
India Infoline Housing Finance          LT debt programme     AA     43000   Reaffirmed
Ltd
India Infoline Housing Finance          Principal Protected   PP-MLD       2000    Reaffirmed
Ltd                                     Market linked         AA
                                        debenture programme
India Infoline Ltd                      LT - Equity linked    AA     1000    Reaffirmed
                                        debenture programme
JSW Steel Ltd                           TL / Standby LOC Fac  AA-    217541.2Reaffirmed
JSW Steel Ltd                           NCD Programme         AA-    80821.6 Reaffirmed
JSW Steel Ltd                           Proposed NCD          AA-    20000   Assigned
                                        Programme
JSW Steel Ltd                           LT / ST - Fund        AA-/   43706.6 Reaffirmed
                                        based/Non-FBL         A1+
Magma Fincorp Ltd                       PTC Series A1         AA     497.8   Provisional
                                                              (SO)
Magma Fincorp Ltd                       PTC Series A2         AA     19.4    Provisional
                                                              (SO)
Magma Fincorp Ltd                       PTC Series A1         AA     497.8   Provisional
                                                              (SO)
Magma Fincorp Ltd                       PTC Series A2         AA     19.4    Provisional
                                                              (SO)
Magma Fincorp Ltd                       Liquidity Facility    AAA    9.1     Provisional
                                        (LF)                  (SO)
Magma Fincorp Ltd                       Liquidity Facility    AAA    9.1     Provisional
                                        (LF)                  (SO)
Magma Fincorp Ltd                       Second Loss Facility  BBB-   36.2    Provisional
                                        (SLF)                 (SO)
Magma Fincorp Ltd                       Second Loss Facility  BBB-   36.2    Provisional
                                        (SLF)                 (SO)
Maheshwari Mining Pvt Ltd               FB Limit - CC         BBB-   190     Assigned
Maheshwari Mining Pvt Ltd               FB Limit - Working    BBB-   80      Assigned
                                        Capital Demand Loan#
# Sub-limit of Cash Credit
Mateswari Royalties                     Non - Fund Based      B+     50      Assigned
                                        Facility
Muthoot Microfin Ltd                    PTC Series A1         A (SO) 532     Provisional
Muthoot Microfin Ltd                    PTC Series A2         BBB    41.8    Provisional
                                                              (SO)
Sagar Manufacturers Pvt Ltd             LT FB Bk Fac^         BBB-/  3350    Reaffirmed
                                                              A3
^Long Term Fund Based limits are interchangeable with Short Term Fund Based limits to the extent
of Rs. 39.00 crore and in case the limits are availed as short term facilities, the short term
rating will be applicable. The overall utilisation by way of long term and short term fund based
limits cannot exceed Rs. 335.00 crore. 

Satin Creditcare Network Ltd            PTC Series A1         A-     907.6   Provisional
                                                              (SO)
Satin Creditcare Network Ltd            PTC Series A2         BBB-   80.7    Provisional
                                                              (SO)
Satin Creditcare Network Ltd -          PTC Series A1         BBB    935.7   Provisional
Puntus Trust July 2016                                        (SO)
Satin Creditcare Network Ltd -          PTC Series A1         A-     666     Provisional
Rinzler Ifmr Capital 2016                                     (SO)
Satin Creditcare Network Ltd -          PTC Series A2         BBB-   59.2    Provisional
Rinzler Ifmr Capital 2016                                     (SO)
Satin Creditcare Network Ltd            PTC Series A1         A (SO)         Revised from
-Akechi Ifmr Capital 2016                                                          A- (SO)
Satin Creditcare Network Ltd            PTC Series A2         BB-            Reaffirmed
-Akechi Ifmr Capital 2016                                     (SO)
Satin Creditcare Network Ltd            PTC Series A2         A-             Revised from
-Cabaletta Ifmr Capital 2015                                  (SO)                 BBB
                                                                                   (SO)
Satin Creditcare Network Ltd            PTC Series A1         A+             Revised from
-Cabaletta Ifmr Capital 2015                                  (SO)                 A- (SO)
Satin Creditcare Network Ltd            PTC Series A1         A-             Reaffirmed
-Horme Ifmr Capital 2015                                      (SO)
Satin Creditcare Network Ltd            PTC Series A2         A-             Revised from
-Lucina Ifmr Capital 2015                                     (SO)                 BBB
                                                                                   (SO)
Satin Creditcare Network Ltd            PTC Series A1         A+             Revised from
-Lucina Ifmr Capital 2015                                     (SO)                 A- (SO)
Satin Creditcare Network Ltd            PTC Series A1         A (SO)         Revised from
-Mellona Ifmr Capital 2016                                                         BBB+
                                                                                   (SO)
Satin Creditcare Network Ltd            PTC Series A2         A-             Revised from
-Mellona Ifmr Capital 2016                                    (SO)                 BBB
                                                                                   (SO)
Satin Creditcare Network Ltd            PTC Series A1         A-             Reaffirmed
-Tulip Trust Jan 2016                                         (SO)
Shirpur-Warvade Municipal               TL                    BB+    76.8    Reaffirmed
Council
Sun Thermo Process                      LT - FB Fac           B      60      Assigned
Sun Thermo Process                      LT/ST - Unallocated   B /A4  90      Assigned
Tanfac Industries Ltd                   LT, Fund based        BB+    250     Reaffirmed
revised from Rs. 35.0 crore
YG Realty Pvt Ltd                       TL                    A-     5000    Assigned
                                                              (SO)
--------------------------------------------------------------------------------------------
$: 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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