February 5, 2015 / 5:22 AM / 3 years ago

ICRA ratings for Indian debt instruments-Feb 5

Feb 5 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of February 4, 2015.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Annapurna Microfinance Pvt Ltd          Unallocated Bk Limits^ A3     640     Withdrawn
^due to change in limits from unallocated to term loan, the short term rating has been withdrawn
with enhancement in long term rated instrument
Charu Overseas Pvt Ltd                  Non FBL               A4     100     Assigned
Forum Project Holdings Pvt Ltd          LT non FB Fac         A4+    21.4    Reaffirmed
Kanika Texstyles                        Proposed FB Fac       A4+    100     Withdrawn
Kanika Texstyles                        Non-FB Fac (sub limit) A4+    5       Withdrawn
Nedcommodities India Pvt Ltd            ST FBL                A3+    950     Upgraded
                                                                                   from 
                                                                                   A3
V S Engineering Pvt Ltd                 BG                    A4     50      Revised from
                                                                                   Rs 7.50 CR

LONG TERM RATINGS:
-------------------
Adarsh Haven Pvt Ltd                    NCDs                  AA-    1000    Assigned
                                                              (SO)!
Annapurna Microfinance Pvt Ltd          TL                    BBB-   1720    Reaffirmed
Archana Oil Industries                  LT FBL                B+     120     Suspended
Charu Overseas Pvt Ltd                  CC Limits             BB-    60      Assigned
D2 International                        FBL - TL              BBB-   92.6    Assigned
D2 International                        FBL - Packing Credit  BBB-   70      Assigned
D2 International                        Fund Based/ NFBL -    BBB-   50      Assigned
                                        Foreign Documentary
                                        Bill Purchased/ Foreign
                                        Usance Documentary Bill
                                        Purchased*
* includes Rs. 0.50 crore which is convertible to Packing Credit
Forum Project Holdings Pvt Ltd          LT FB Fac             BB+    1250    Reaffirmed
Grama Vidiyal Microfinance Ltd          PTC Series A1         A-     301.3   Assigned
(GVMFL)                                                       (SO)!
Grama Vidiyal Microfinance Ltd          PTC Series A2         BB     10.3    Assigned
(GVMFL)                                                       (SO)!
Grama Vidiyal Microfinance Ltd          PTC Series A1         BBB+   240.4   Assigned
(GVMFL)                                                       (SO)!
J Matadee Free Trade Zone Pvt           LT - Fund based       BB+    160     Assigned
Ltd
Janalakshmi Financial Services          NCD                   A-     1250    Assigned
Pvt Ltd
Kanika Texstyles                        Proposed FB Fac (sub  BB     5       Withdrawn
                                        limit)
Keshav Ginning & Pressing               LT FB Fac             B+     205     Suspended
Factory
Nedcommodities India Pvt Ltd            LT FBL                BBB    50      Upgraded
                                                                                   from 
                                                                                   BBB-
R.K.Steels                              FBL                   BB+    260     Enhanced
                                                                                   from Rs.
                                                                                   10.0 crore
Tapti Valley Education                  FBL (TL)              B      200     Upgraded
Foundation                                                                         from 
                                                                                   B-
V S Engineering Pvt Ltd                 CC                    BB-    70      Revised from
                                                                                   Rs 5.00 CR
V S Engineering Pvt Ltd                 Unallocated Limits    BB-    80      Revised from
                                                              /A4                  Rs 7.50 CR

--------------------------------------------------------------------------------------------
! Indicates that the rating assigned is conditional

$: 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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