October 18, 2016 / 10:56 AM / 10 months ago

ICRA ratings for Indian debt instruments-Oct 18

Oct 18 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of October 17, 2016.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Adcock Ingram Ltd                       ST FBL                A1+    400     Reaffirmed
Adcock Ingram Ltd                       ST Non-FBL            A1+    150     Reaffirmed
Garg Rice Mills                         FBL- LT               A4     130     Suspended
GE Triveni Ltd                          Non-FBL               A2     1075    Reaffirmed
Gowra Petrochem Pvt Ltd                 ST Non-FBL            A2     94      Upgraded
                                                                                   from
                                                                                   A3+
Gowra Petrochem Pvt Ltd                 ST Unallocated Limits A2     9.8     Upgraded
                                                                                   from
                                                                                   A3+
(Revised from 10.30 Cr)
Medreich Ltd                            ST FBL                A1+    2500    Reaffirmed
Mg Rama Energy (P) Ltd                  Solar projects        'SP 2D       -       Assigned
Mg Rama Energy (P) Ltd                  Solar projects        'SP 3D       -       Assigned
Power Finance Corporation Ltd           ST borrowing          A1+    250000  Assigned
                                        programme 2016-17 *
(enhanced from Rs. 23,000 crore) *Short term borrowing programme is interchangeable with long
term borrowing programme, subject to total short term and long term borrowings in FY17 not
exceeding Rs. 70,000 crore
Tablets (India) Ltd                     ST FB Fac - sub-limit A2+    -       Revised from
                                                                                   A3+
Tablets (India) Ltd                     ST non-FB Fac         A2+    80      Revised from
                                                                                   A3+
Tablets (India) Ltd                     ST non-FB Fac -       A2+    -       Revised from
                                        sub-limit                                  A3+
Unicon Engineers                        ST non fund based     A4     55      Reaffirmed
                                        facility
(Revised from 11 Cr)

LONG TERM RATINGS:
-------------------
ABW Infrastructure Ltd                  Bk lines              D      2100    Suspended
Adcock Ingram Ltd                       LT FBL#               A+             Reaffirmed
# Sub-limit of short-term fund based limits
Adcock Ingram Ltd                       LT Non-FBL##          A+             Reaffirmed
## Inter-changeable with short-term non-fund based limits
Anil Special Steel Industries           FBL- CC               D      265     Suspended
Ltd
Anil Special Steel Industries           FBL- TL               D      155     Suspended
Ltd
Anil Special Steel Industries           NFBL-                 D      324.1   Suspended
Ltd
Bilfinger Neo Structo Pvt Ltd           Bk Fac                A+     2650    Suspended
                                                              (SO) /
                                                              A1+(SO)
Dhandumariamman Steels                  LT - fund based (CC)  B      55      Assigned
Dhandumariamman Steels                  Unallocated           B      5       Assigned
Garg Rice Mills                         FBL- LT               B      10      Suspended
GE Triveni Ltd                          FBL                   BBB+   60      Reaffirmed
Gowra Petrochem Pvt Ltd                 LT FBL                BBB    98.2    Reaffirmed
(Revised from 7 Cr)
Gowra Petrochem Pvt Ltd                 LT Non-FBL            BBB    11      Reaffirmed
Gowra Petrochem Pvt Ltd                 LT / ST Fund          BBB /  245     Reaffirmed /
                                        Based/Non-FBL         A2             Upgraded
                                                                                   from A3+
Gulf Orient Shipping                    CC                    B+     50      Revised from
                                                                                   BB-
Gulf Orient Shipping                    Unallocated Limit     B+ /   50      Revised from
                                                              A4             BB- /
                                                                                   Reaffimred
Hinduja Foundries Ltd                   TL Fac                BBB    3300    
                                                              (SO) $               
Horizon Dream Homes Pvt Ltd             TL                    D      98      Withdrawn
Inexo Cast Metal Solutions Pvt          LT - fund based (CC)  BB     50      Assigned
Ltd
Jawahar Shetkari Sahakari               LT, FBL - CC          BB+    5250    Assigned /
Sakhar Karkhana Ltd                                                                Outstanding
(Enhanced from Rs. 450.00 crore)
Jawahar Shetkari Sahakari               LT, FBL - TL          BB+    938.6   Outstanding
Sakhar Karkhana Ltd
Malik Cars Pvt Ltd                      Inventory Funding     BB+    150     Reaffirmed
                                        Limits
(revised from 10 Cr)
Malik Cars Pvt Ltd                      Unallocated Limits    BB+    15      Reaffirmed
(revised from 6.5 Cr)
Micro Logistics (India) Pvt Ltd         CC                    B+     70      Revised from
                                                                                   BB-
Micro Logistics (India) Pvt Ltd         Unallocated Limit     B+ /   30      Revised from
                                                              A4             BB- /
                                                                                   Reaffimred
Nsn Reddy Rice Industry                 Fund Based - CC       BB     340     Assigned /
                                                                                   Outstanding
(enhanced from Rs. 10.00 crore)
Power Finance Corporation Ltd           LT borrowing          AAA    450000  Assigned
                                        programme 2016-17 *
(enhanced from Rs. 19,000 crore) 
*Short term borrowing programme is interchangeable with long term borrowing programme, subject
to total short term and long term borrowings in FY17 not exceeding Rs. 70,000 crore
Tablets (India) Ltd                     TL Fac                BBB+   122.2   Revised from
                                                                                   BBB
(revised from Rs.15.58 crore)
Tablets (India) Ltd                     LT FB Fac             BBB+   325     Revised from
                                                                                   BBB
Tablets (India) Ltd                     Proposed LT Fac       BBB+   75.8    Revised from
                                                                                   BBB
(revised from Rs.4.22 crore)
Unicon Engineers                        LT fund based facility B+     72      Upgraded
                                                                                   from B
(Revised from 8 Cr)
Unicon Engineers                        LT/ST - Unallocated   B+/    63      Assigned
                                                              A4
VRL Logistics Ltd                       LT scale - TL         BBB+   1596.4  Upgraded
                                                                                   from
                                                                                   BBB
(reduced from 221.75 Cr)
VRL Logistics Ltd                       LT scale - Fund Based BBB+   989.5   Upgraded
                                                                                   from
                                                                                   BBB
(increased from 109.57 Cr)
--------------------------------------------------------------------------------------------
$: 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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