October 7, 2016 / 11:12 AM / a year ago

ICRA ratings for Indian debt instruments-Oct 7

Oct 7 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of October 6, 2016.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Apl Apollo Tubes Ltd                    Non-FBL               A1     1300    Reaffirmed
Apl Apollo Tubes Ltd                    CP                    A1     500     Reaffirmed
Apl Apollo Tubes Ltd                    CP                    A1+    1500    Reaffirmed
Apollo Metalex Pvt Ltd                  Non-FBL               A1     200     Reaffirmed
Balmer Lawrie & Co. Ltd.                FBL*                  A1+    -       Reaffirmed
*Sub-limit of the Cash Credit limit
Cdm Smith India Pvt Ltd                 NFBL                  A3+    130     Reaffirmed
Chambal Fertilisers &                   CP Programme          A1+    7000    Assigned /
Chemicals Ltd                                                                      outstanding
Flexituff International Ltd             Non-FBL               A2     2930    Assigned /
                                                                                   outstanding
Karan Development Services Pvt          Non-FB Fac            A4     880     Reaffirmed
Ltd
Kopell Grounding Systems Pvt            FBL                   A4     52.5    Reaffirmed
Ltd
Kopell Grounding Systems Pvt            Non-FBL               A4     2.5     Reaffirmed
Ltd
Lakshmi Life Sciences Ltd               ST- Non fund based    A2+    30      Reaffirmed
Lloyds Line Pipes Ltd                   Non-FBL               A1     400     Reaffirmed
Lloyds Line Pipes Ltd                   CP Programme          A1     800     Reaffirmed
Lucky Exports                           FBL                   A4+    460     Reaffirmed
Lucky Exports                           Non-FBL               A4+    1200    Reaffirmed
Lucky Exports                           Unallocated Limits    A4+    40      Reaffirmed
Overseas Traders                        ST Non FBL-- Letter   A4     40      Reaffirmed
                                        of Guarantee
Repco Micro Finance Ltd                 MFI Grading            M3+          -       Assigned
Schwing Stetter India Pvt Ltd           CP                    A2+    1500    Outstanding
Shri Lakshmi Metal Udyog Ltd            Non-FBL               A1     130     Reaffirmed
Spitzen Energy Solutions                On grid solar projectsSP 3D        -       Assigned
(India) Pvt Ltd
Starlite Lighting Ltd                   Non-FBL               A1+    270     Upgraded
                                                                                   from A1
Thermax Instrumentation Ltd             ST Fund Based         A1+    100     Reaffirmed
Thermax Instrumentation Ltd             ST Non Fund Based -   A1+    100#    Reaffirmed
                                        LOC#
# - sublimit to the long term fund based facilities
Uti Asset Management Co. Ltd            UTI Liquid Fund -     A1+    -       Reaffirmed
                                        Cash Plan             mfs
Warsaw Engineers                        Non-Fund based BG     A4     40      Suspended
Yes Bank Ltd                            CD Programme          A1+    100000  Reaffirmed
Yes Bank Ltd                            ST Fixed Deposit      A1+    -       Reaffirmed
                                        Programme
LONG TERM RATINGS:
-------------------
APL Apollo Tubes Ltd                    FB Limits             A+     4450    Upgraded
                                                                                   from A
APL Apollo Tubes Ltd                    TL                    A+     945     Upgraded
                                                                                   from A
Apl Apollo Tubes Ltd                    NCD                   A+     1250    Assigned
Apollo Metalex Pvt Ltd                  FB Limits             A+     810     upgraded
                                                                                   from A
Apollo Metalex Pvt Ltd                  TL                    A+     91.9    upgraded
                                                                                   from A
Balmer Lawrie & Co. Ltd.                CC Limit              AA+    500     Revised from
                                                                                   AA
Balmer Lawrie & Co. Ltd.                NFBL                  AA+    1300    Revised from
                                                                                   AA
Bharat Food & Agro Products             CC                    B-     126.5   Revised from
                                                                                   B
Bharat Food & Agro Products             TL                    B-     143.5   Revised from
                                                                                   B
CDM Smith India Pvt Ltd                 FBL                   BBB    60      Reaffirmed
Flexituff International Ltd             TL                    BBB+   370     Outstanding
Flexituff International Ltd             FBL (CC)              BBB+   2890    Assigned /
                                                                                   outstanding
Hindustan Organic Chemicals Ltd         NCDs                  AAA    1500    Assigned
Javi Home Pvt Ltd                       Working capital       BB-    250     Assigned
                                        limits#
#working capital limits includes sublimit OCC of Rs. 3.0 crore, PC of Rs. 12.0 crore and FDB of
Rs. 10.0 crore. Further, inter-changeability of PC to FDB is allowed to the extent of Rs. 7.0
crore
Javi Home Pvt Ltd                       TL                    BB-    550     Assigned
Javi Home Pvt Ltd                       LT/ST interchangeable# BB- /  -       Assigned
                                                              A4
#working capital limits includes sublimit OCC of Rs. 3.0 crore, PC of Rs. 12.0 crore and FDB of
Rs. 10.0 crore. Further, inter-changeability of PC to FDB is allowed to the extent of Rs. 7.0
crore
Jmc Constructions Pvt Ltd               FB limits             B+     210     Reaffirmed
Jmc Constructions Pvt Ltd               LT non-FBL            B+     760     Reaffirmed
Jmc Constructions Pvt Ltd               Unallocated limits    B+     30      Reaffirmed
Karan Development Services Pvt          FB Fac                B+     100     upgraded
Ltd                                                                                from B
Karnataka Water And Sanitation          TL                    AA-    4914.8  Rating
Pooled Fund                                                                        upgraded
                                                                                   from A+
Karnataka Water And Sanitation          Bond Programme        AA+    333.3   Rating
Pooled Fund                                                                        upgraded
                                                                                   from AA
Khoday India Ltd                        Issuer Rating         IrBB-        -       Assigned
Krishnaiah Motors Pvt Ltd               LT - FB Fac           B+     245     Assigned /
                                                                                   outstanding
Lakshmi Life Sciences Ltd               TL                    BBB+   50.4    Reaffirmed
Lakshmi Life Sciences Ltd               LT - FBL              BBB+   30      Reaffirmed
Lloyds Line Pipes Ltd                   FB Limits             A+     1050    Upgraded
                                                                                   from A
Lloyds Line Pipes Ltd                   TL                    A+     227.8   Upgraded
                                                                                   from A
Manmeet Alloys Pvt Ltd                  FB Fac                B-     150     Reaffirmed
Manyata Promoters Pvt Ltd               TL                    A-     5040    Upgraded
                                                                                   from
                                                                                   BBB
Manyata Promoters Pvt Ltd               TL                    A-     1880    Upgraded
                                                                                   from
                                                                                   BBB
Manyata Promoters Pvt Ltd               TL                    BBB+   2500    Upgraded
                                                                                   from
                                                                                   BBB-
Overseas Traders                        LT FBL-- FDBP /       B+     140     Reaffirmed
                                        FUDBP / AFDBC
Sai Ram Constructions                   FBL - CC              BB-    60      Reaffirmed
Sai Ram Constructions                   Non FBL - BG          BB-    160     Reaffirmed
Schwing Stetter India Pvt Ltd           LT/ST Working capital A- /   2800    Assigned
                                        Fac                   A2+
Shri Lakshmi Metal Udyog Ltd            FB limits             A+     400     upgraded
                                                                                   from A
Shri Lakshmi Metal Udyog Ltd            FB limits / Non-FBL   A+     250     upgraded
                                                                                   from A
Shri Lakshmi Metal Udyog Ltd            TL                    A+     84      upgraded
                                                                                   from A
Shriram Transport Finance Co.           PTCs                  Prov         4132.2  Assigned
Ltd                                                           AAA
Shriram Transport Finance Co.           Second Loss Facility  Prov         247.9   Assigned
Ltd                                                           BBB
Smile Microfinance Ltd                  PTC Series A1         Prov         321.1   Assigned
                                                              A-
Smile Microfinance Ltd                  PTC Series A2         Prov         14.9    Assigned
                                                              BBB
Starlite Lighting Ltd                   TL                    A+     330.6   Upgraded
                                                                                   from A
Starlite Lighting Ltd                   FBL                   A+     750     Upgraded
                                                                                   from A
Starlite Lighting Ltd                   NCD Programme         A+     500     Upgraded
                                                                                   from A
Sukritha Buildmann Pvt Ltd              LT - Fund Based- TL   B+     200     Assigned
Thermax Instrumentation Ltd             LT Fund Based - CC /  AA-    200     Reaffirmed
                                        Working Capital
                                        Demand Loans
Ujjivan Financial Services Ltd          NCDs                  A+     1750    Assigned
United India Insurance Co. Ltd          CPA                   iAAA         -       Reaffirmed
Uti Asset Management Co. Ltd            UTI Floating Rate     AAA+   -       Reaffirmed
                                        Fund - ST Plan        mfs
Uti Asset Management Co. Ltd            UTI Treasury          AAA+   -       Reaffirmed
                                        Advantage Fund        mfs
Uti Asset Management Co. Ltd            UTI Bond Fund         AAA+   -       Reaffirmed
                                                              mfs
Uti Asset Management Co. Ltd            UTI Dynamic Bond Fund AAA+   -       Reaffirmed
                                                              mfs
Uti Asset Management Co. Ltd            UTI Bking and PSU     AAA+   -       Reaffirmed
                                        Debt Fund             mfs
V.I.R Foods Ltd                         CC                    B-     160     Revised from
                                                                                   B
V.I.R Foods Ltd                         TL                    B-     20      Revised from
                                                                                   B
Vijay Builders & Constructions          FBL - CC              BB     20      Reaffirmed
Pvt Ltd
Vijay Builders & Constructions          Non-FBL - BG          BB     55      Reaffirmed
Pvt Ltd
Vrundavan Enterprise                    Bk Lines              B+     227.5   Withdrawn
Warsaw Engineers                        LT CC                 B+     20      Suspended
Yes Bank Ltd                            Basel III Compliant   A+     3000    Reaffirmed
                                        Tier I Bonds
Yes Bank Ltd                            Upper Tier II Bond    AA     19367   Reaffirmed
                                        Programme
Yes Bank Ltd                            Hybrid Tier I Bond    AA     4610    Reaffirmed
                                        Programme
Yes Bank Ltd                            Infrastructure Bond   AA+    25000   Assigned
                                        Programme
Yes Bank Ltd                            Lower Tier II Bond    AA+    27655   Reaffirmed
                                        Programme
Yes Bank Ltd                            Infrastructure Bond   AA+    25000   Reaffirmed
                                        Programme
Yes Bank Ltd                            Basel III Compliant   AA+    49000   Reaffirmed
                                        Tier II Bond Programme
--------------------------------------------------------------------------------------------
$: 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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