March 2, 2017 / 10:57 AM / 8 months ago

ICRA ratings for Indian debt instruments-Mar 2

   Mar 2 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of March 1, 2017.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Abhishek Steel Industries Ltd           Non-FBL               ICRA A4+    100     Reaffirmed
Brady & Morris Engineering Co.          Non-FBL               ICRA A4     110     Reaffirmed
Ltd
Brady & Morris Engineering Co.          FB Limits (Bill       ICRA A4     10      Reaffirmed
Ltd                                     Discounting)
Brady & Morris Engineering Co.          Non-FBL               ICRA A4     110     Reaffirmed
Ltd
Brady & Morris Engineering Co.          FB Limits (Bill       ICRA A4     10      Reaffirmed
Ltd                                     Discounting)
Chorus Labs Ltd                         BG                    ICRA A4     2.5     Reaffirmed
Chorus Labs Ltd                         LOC                   ICRA A4     25      Reaffirmed
Devi Iron And Power Pvt Ltd             NFBL                  ICRA A4     175     Reaffirmed
(reduced from Rs. 21.68 crore)
Mahamaya Steel Industries Ltd           Non-FBL               ICRA A4+    360     Reaffirmed
Manish-Agro Tech Ltd                    ST Non-FBL            ICRA A4     100     Reaffirmed
Momentive Performance                   ST- NFBL              ICRA A2+    100     Upgraded
Materials (India) Pvt Ltd                                                         from ICRA A2
Piramal Finance Ltd                     CP / ST Debt ProgrammeICRA A1+    90000   Outstanding
Reliance Power Ltd                      ST – NFBL             ICRA A1     400     Reaffirmed
Reliance Power Ltd                      CP/ ST debt Programme ICRA A1     10000   Reaffirmed
                                        / NCDs (with
                                        maturity of less than one year)
Shree Shyam Sponge And Power            Non-FBL               ICRA A4     60      Reaffirmed
Ltd
Taj Sats Air Catering Ltd               ST, Non-FBL           ICRA A1+    20      Reaffirmed
Vidarbha Industries Power Ltd           Working Capital Fac   ICRA A1     5000    Upgraded
                                        (CC/WCDL)                                 from
                                                                                  ICRA A2+
Vidarbha Industries Power Ltd           Non FBL (B/G and L/C) ICRA A1     2000    Upgraded
                                                                                  from
                                                                                  ICRA A2+
LONG TERM RATINGS:
-------------------
Abhishek Steel Industries Ltd           FBL                   ICRA BB+    100     Reaffirmed
Abhishek Steel Industries Ltd           Untied Limits         ICRA BB+ /  20      Assigned
                                                              ICRA A4+
Afcons Infrastructure Ltd               NCD                   ICRA AA     1000    Assigned
Ayyan Fireworks Factory Pvt Ltd         LT – TL               ICRA BB+    19.2    Reaffirmed
Ayyan Fireworks Factory Pvt Ltd         LT - FB Fac           ICRA BB+    40.8    Reaffirmed
Brady & Morris Engineering Co.          FB Limits (CC and TL) ICRA BB-    123.8   Reaffirmed
Ltd
Brady & Morris Engineering Co.          FB Limits (CC and TL) ICRA BB-    123.8   Reaffirmed
Ltd
Brady & Morris Engineering Co.          Unallocated Amount    ICRA BB-    5       Reaffirmed
Ltd                                                           / ICRA A4
Brady & Morris Engineering Co.          Unallocated Amount    ICRA BB- /  5       Reaffirmed
Ltd                                                           ICRA A4
Chorus Labs Ltd                         CC                    ICRA B-     40      Reaffirmed
Chorus Labs Ltd                         Unallocated Amount    ICRA B-     32.5    Reaffirmed
Devi Iron And Power Pvt Ltd             FBL                   ICRA BB-    295     Downgraded
                                                                                  from ICRA BB
(revised from Rs. 25.32 crore)
Mahamaya Steel Industries Ltd           FBL                   ICRA BB+    365     Reaffirmed
Mahamaya Steel Industries Ltd           Untied Limits         ICRA BB+ /  105     Assigned
                                                              ICRA A4+
Manish-Agro Tech Ltd                    CC                    ICRA BB     100     Reaffirmed
Manish-Agro Tech Ltd                    LT Unallocated        ICRA BB     50      Reaffirmed
Massimo Enterprise                      FBL                   ICRA B      97.5    Revised from
                                                                                  ICRA B+
Momentive Performance                   LT- FBL               ICRA BBB+   470     Upgraded
Materials (India) Pvt Ltd                                                         from
                                                                                  ICRA BBB
Piramal Finance Ltd                     Subordinate Bond      ICRA AA     5000    Assigned
                                        (Tier II) Programme
Piramal Finance Ltd                     Subordinate Bond      ICRA AA     5000    Outstanding
                                        (Tier II) Programme
Piramal Finance Ltd                     LT Bk Fac             ICRA AA     35250   Outstanding
Piramal Finance Ltd                     NCD Programme         ICRA AA     75000   Outstanding
Prayagraj Power Generation              TL                    ICRA D      114930  Reaffirmed
Company Ltd.
(revised from 10393 CR)
Prayagraj Power Generation              CC                    ICRA D      7000    Assigned
Company Ltd.
Prayagraj Power Generation              NFBL (Derivatives)    ICRA D      2120    Assigned
Company Ltd.
Prayagraj Power Generation              NFBL (Working Capital)ICRA D      1000    Assigned
Company Ltd.
Pride & Expert Properties Pvt.          LT; CC                ICRA BB     200     Reaffirmed
Ltd.
Pride & Expert Properties Pvt.          LT; Unallocated       ICRA BB     200     Reaffirmed
Ltd.
(reduced from 40.0 CR)
Reliance Power Ltd                      LT Loans              ICRA A-     11250^  Reaffirmed
^*includes ECB of US$ 25 mn
Reliance Power Ltd                      LT - FBL              ICRA A-     800     Reaffirmed
Reliance Power Ltd                      Non FBL (B/G and L/C) ICRA A- /   47700   Reaffirmed
                                                              ICRA A1
Rosa Power Supply Co. Ltd               TL – LT Scale         ICRA A      48670   Reaffirmed
Rosa Power Supply Co. Ltd               Working Capital Fac   ICRA A /    15540   Reaffirmed
                                        (CC/WCDL)             ICRA A1
(enhanced from Rs. 1400 crores)
Rosa Power Supply Co. Ltd               LER limit             ICRA A /    100     Reaffirmed
                                                              ICRA A1
(reduced from Rs. 164 crores)
Rosa Power Supply Co. Ltd               Non FBL (B/G and L/C) ICRA A /    1500    Reaffirmed
                                                              ICRA A1
Shree Khodiyar Oil Industries           CC                    ICRA D      150     Reaffirmed
Shree Shyam Sponge And Power            FBL                   ICRA BB-    40      Downgraded
Ltd                                                                               from ICRA BB
Sri Sai Balaji Tobaccos Pvt Ltd         Unallocated           ICRA B+     100     Reaffirmed
Taj Sats Air Catering Ltd               LT, FBL               ICRA AA-    170     Reaffirmed
Taj Sats Air Catering Ltd               Interchangeable Bk    ICRA AA -           Reaffirmed
                                        limits (sublimit of   /
                                        long fund based Bk limICRA A1+;
Veltech Forging Pvt Ltd                 CC                    ICRA BB-    60      Withdrawn
Vidarbha Industries Power Ltd           TL – LT Scale         ICRA A      31908   Upgraded
                                                                                  from ICRA A-
--------------------------------------------------------------------------------------------
$: 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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