December 14, 2016 / 10:11 AM / 10 months ago

ICRA ratings for Indian debt instruments-Dec 14

Dec 14 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of December 13, 2016.


COMPANY                                 INSTRUMENT            RATING      AMOUNT  MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----   ---------
SHORT TERM RATINGS:
-------------------
Bharat Supply Company                   LOC facility          ICRA A4     40      Assigned
Chennai Radha Engineering               ST non fund based     ICRA A2+    900     Assigned
Works Pvt Ltd
Chennai Radha Engineering               ST non fund based     ICRA A2+            Assigned
Works Pvt Ltd                           (sub limits)
Iifl Facilities Services Ltd            IPO Financing         ICRA A1+    12000   Assigned
                                        Programme
Iifl Wealth Finance Ltd                 IPO Financing         ICRA A1+    35000   Withdrawn
                                        Programme
India Infoline Finance Ltd              IPO Financing         ICRA A1+    70000   Assigned
                                        Programme
India Infoline Ltd                      IPO Financing         ICRA A1+    5000    Assigned
                                        Programme
Kish Exports Ltd                        Non- FBL              ICRA A4     10      Reaffirmed
Mosaic India Pvt Ltd                    ST, FB and Non-FB Fac ICRA A1+    6900    Reaffirmed
                                        (Incl. Unallocated
                                        Limits of Rs. 115 crore)
Mahindra Heavy Engines Ltd              ST, non-FBL           ICRA AA     10      Reaffirmed
Mosaic India Pvt Ltd                    CP                    ICRA A1+    1000    Reaffirmed
Orson Holdings Co. Ltd                  Non Fund Based - LOC  ICRA A3     90      Upgraded
                                                                                   from
                                                                                   ICRA A4+
Orson Holdings Co. Ltd                  Non Fund Based -      ICRA A3     4.9     Upgraded
                                        Forward contract                           from
                                                                                   ICRA A4+
Power Finance Corporation Ltd           ST borrowing          ICRA A1+    300000* Assigned
                                        programme FY2017
*Short- term borrowings are interchangeable with long-term borrowings, subject to 
the total borrowings in FY2017 not exceeding Rs. 70,000 crore
Reliance Financial Ltd                  CP Programme          ICRA A1+    1000    Assigned
Shree Hari Yarns Pvt Ltd                ST, Non-Fund Based    ICRA A4+            Reaffirmed
Shree Hari Yarns Pvt Ltd                ST, Fund Based        ICRA BB     70      Reaffirmed
Sudiva Spinners Pvt Ltd                 ST non-fund based     ICRA A3+    66      Upgraded
                                        working capital                           from A3


LONG TERM RATINGS:
-------------------
Al-Saqib Exports Pvt. Ltd               Bk lines              ICRA BB-    100     Suspended
Axis Overseas Ltd                       fund based and non-FBLICRA B+ /   250     Suspended
                                                              ICRA A4
Banke Bihari Associates                 Bk lines              ICRA B+     92.3    Suspended
Basix Sub-K Itransactions Ltd           Cash Credi            ICRA BB-@   60      Rating
                                                                                  placed on
                                                                                  watch with 
                                                                                  negative 
                                                                                  implications
@ signifies under rating watch with negative implications
Basix Sub-K Itransactions Ltd           TL                    ICRA BB-@   20      Rating
                                                                                  placed on
                                                                                  watch with 
                                                                                  negative 
                                                                                  implications
@ signifies under rating watch with negative implications
Bharat Supply Company                   CC facility           ICRA B+     43      Suspended
Bharat Supply Company                   unallocated limits    ICRA B+ /   17      Suspended
                                                              ICRA A4
Chennai Radha Engineering               LT fund based         ICRA A-     400     Assigned
Works Pvt Ltd
Chennai Radha Engineering               LT/ST non fund based  ICRA A- /   200     Assigned
Works Pvt Ltd                                                 ICRA A2+
Chennai Radha Engineering               LT/ST fund based/non  ICRA A- /           Assigned
Works Pvt Ltd                           fund based (sub       ICRA A2+
                                        limits)
Chirag Infraprojects Pvt Ltd            Bk Fac                ICRA B /    300     Suspended
                                                              ICRA A4
Citicorp Finance (India) Ltd            LT PP-MLD Programme   PP-MLD       5000    Assigned
                                                              ICRA AAA
Dc Wovensack Pvt Ltd                    FB Limits : TL        ICRA B      66      Reaffirmed
Dc Wovensack Pvt Ltd                    FB Limits : CC        ICRA B      32.5    Reaffirmed
Gayathri Sustainable Energies           LT FB limits (TL)     ICRA C      123.5   Reaffirmed
India Pvt Ltd
Gayathri Sustainable Energies           LT Unallocated        ICRA C      105.2   Reaffirmed
India Pvt Ltd
Jbm Ma Automotive Pvt Ltd               TL                    ICRA BBB    241.7   Upgraded
                                                                                  from
                                                                                  ICRA BBB-
Jbm Ma Automotive Pvt Ltd               CC Fac                ICRA BBB    675     Upgraded
                                                              /ICRA A3+           from
                                                                                  ICRA BBB- 
                                                                                  /ICRA A3
Jbm Ma Automotive Pvt Ltd               Unallocated Limits    ICRA BBB    8.3     Upgraded
                                                              /ICRA A3+           from
z                                                                                 ICRA BBB- 
                                                                                  /ICRA A3
Jbm Ma Automotive Pvt Ltd               Non FB Fac            ICRA BBB    215     Upgraded
                                                              /ICRA A3+           from
                                                                                  ICRA BBB-
                                                                                   /ICRA A3
Kish Exports Ltd                        FBL                   ICRA B      100     Reaffirmed
M S Ahuja Agro Foods (P) Ltd            Bk Fac                ICRA B      85      Suspended
Madhusudan Garai                        CC                    ICRA B      30      Suspended
Madhusudan Garai                        BG Fac                ICRA B      35      Suspended
Mahindra Heavy Engines Ltd              Long-TL               ICRA AA     3350    Reaffirmed
Mahindra Heavy Engines Ltd              LT, FB limits         ICRA AA     500     Reaffirmed
Mahindra Heavy Engines Ltd              LT, FB/non-FBL        ICRA AA     750     Reaffirmed
Mahindra Heavy Engines Ltd              LT/ ST, non-FBL       ICRA AA     1000    Reaffirmed
Mahindra Heavy Engines Ltd              LT/ ST, proposed      ICRA AA /   1060    Reaffirmed
                                                              ICRA A1+
Mehta Art Press Pvt. Ltd.               Bk Fac                ICRA B+     90      Suspended
Mewar Hi-Tech Pvt Pvt. Ltd.             Bk Fac                ICRA B      80      Suspended
New Opportunity Consultancy             NCD                   ICRA BB-@   80      Rating
Pvt Ltd                                                                           placed on
                                                                                  watch with
                                                                                  negative
                                                                                  implications
Nomax Electrical Steel Pvt Ltd          FBL - CC              ICRA C      173.3   Reaffirmed
Nomax Electrical Steel Pvt Ltd          FBL - Untied limits   ICRA C      4.6     Assigned
Orson Holdings Co. Ltd                  Fund Based - CC       ICRA BBB-   130     Upgraded
                                                                                  from
                                                                                  ICRA BB+
Orson Holdings Co. Ltd                  Fund Based - TL       ICRA BBB-   22.9    Upgraded
                                                                                  from
                                                                                  ICRA BB+
Orson Holdings Co. Ltd                  Unallocated Limits    ICRA BBB-   22.2    Upgraded
                                                              / ICRA A3
Paramount Wheels Pvt Ltd                LT Fund Based FacilityICRA B+     182.5   Upgraded
                                                                                  from ICRA B
Paramount Wheels Pvt Ltd                Unallocated Amount    ICRA B+     72.5    Assigned
Power Finance Corporation Ltd           LT borrowing          ICRA AAA    400000* Outstanding
                                        programme FY2017**
** Includes Rs. 5000 crore GoI fully serviced bonds *Short- term borrowings are 
interchangeable with long-term borrowings, subject to the total borrowings in
FY2017 not exceeding Rs. 70,000 crore
Radical Plastpack Pvt Ltd               Bk lines              ICRA B      59      Suspended
Sah Polymers Ltd                        FBL-TL                ICRA B+     40.7    Revised from
                                                                                  ICRA BB-
Sah Polymers Ltd                        FBL- CC               ICRA B+     65      Revised from
                                                                                  ICRA BB-
Sah Polymers Ltd                        FBL- Unallocated      ICRA B+ /   4.3     Revised from
                                                              ICRA A4             ICRA BB- /
                                                                                  Reaffirmed
Shankar Rice & Gen. Mills               FB Limits             ICRA B      440     Reaffirmed
Shree Hari Yarns Pvt Ltd                LT, Fund Based - CC   ICRA BB     80      Reaffirmed
Shree Krishna Impex                     Bk Fac                ICRA B /    115     Suspended
                                                              ICRA A4
Singhal Metalloys Pvt. Ltd.             Bk Fac                ICRA B /    75      Suspended
                                                              ICRA A4
Sudiva Spinners Pvt Ltd                 LT FB Bk Fac          ICRA BBB    1449.5  Upgraded
                                                                                  from BBB-
Surmount Laboratories Pvt Ltd           Bk Fac                ICRA B+ /   95      Suspended
                                                              ICRA A4
T.M. Patel Processing Pvt. Ltd.         LT Bk Fac             ICRA BB-    178.8   Suspended
Tezpur Institute Of Medical             TL                    ICRA B-     134.6   Suspended
Sciences Pvt Ltd
Tezpur Institute Of Medical             CC Fac                ICRA B-     5       Suspended
Sciences Pvt Ltd
Utsav Organic And Cold Chain            crore CC              ICRA B-     50      Suspended
Utsav Organic And Cold Chain            TL Fac                ICRA B-     36.9    Suspended
Utsav Organic And Cold Chain            unallocated limits    ICRA B-     13.1    Suspended
--------------------------------------------------------------------------------------------
$: 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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