March 16, 2017 / 10:41 AM / 4 months ago

ICRA ratings for Indian debt instruments-Mar 16

12 Min Read

    Mar 16 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of March 15, 2017.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Abc Leathers                            Working Capital       ICRA A3+     90      Upgraded
                                                                                   from ICRA A3
Abc Leathers                            LC/BG                 ICRA A3+     50      Upgraded
                                                                                   from ICRA A3
Abhi Engineering Corporation            Non-FBL – BG          ICRA A3+     250     upgraded
Pvt Ltd                                                                            from ICRA A3
Cherian Varkey Construction             ST - Non FBL          ICRA A3+     1750    Assigned /
Company Pvt Ltd                                                                    Outstanding
Colorant Ltd                            NFBL                  ICRA A4      20      Reaffirmed
Everest Industries Ltd                  NFBL                  ICRA A1      3000    Reaffirmed
Everest Industries Ltd                  CP                    ICRA A1      400     Reaffirmed
Gaurav International Clothing           Working Capital       ICRA A3+     150     Reaffirmed
Llp
Gaurav International Clothing           LC/BG                 ICRA A3+     600     Reaffirmed
Llp
Gocl Corporation Ltd                    Non-FBL               ICRA A3+     850     Reaffirmed
Idl Explosives Ltd                      Non-FBL               ICRA A3+     740     Reaffirmed
Iifl Wealth Management Ltd              CP Programme          ICRA A1+     5000    Assigned
Iifl Wealth Management Ltd              CP Programme          ICRA A1+     15000   Outstanding
Iifl Wealth Management Ltd              ST Debt Programme     ICRA A1+     5000    Outstanding
Iifl Wealth Management Ltd              CP Programme (IPO     ICRA A1+     5000    Assigned
                                        financing)
Iifl Wealth Management Ltd              CP Programme (IPO     ICRA A1+     15000   Outstanding
                                        financing)
Iifl Wealth Management Ltd              ST Debt Programme     ICRA A1+     5000    Outstanding
Lloyd Insulations India Ltd             NFBL                  ICRA A2      4970    Revised from
                                                                                   ICRA A3+
Metro Exporters Ltd                     FBL                   ICRA A2+     5       Revised from
                                                                                   ICRA A2+
Metro Exporters Ltd                     Non-FBL               ICRA A2+     45      Revised from
                                                                                   ICRA A2+
Mirha Exports Pvt Ltd                   FB limits             ICRA A2      1400    Assigned /
                                                                                   Outstanding
Mirha Exports Pvt Ltd                   Non-FBL               ICRA A2      330     Assigned /
                                                                                   Outstanding
Orbit Exports Ltd                       Non-FBL               ICRA A1      12.4    Reaffirmed
Richa & Company                         Working Capital       ICRA A2      970     Upgraded
                                                                                   from ICRA A3+
Richa & Company                         LC/BG                 ICRA A2      200     Upgraded
                                                                                   from ICRA A3+
Richa Global Exports Pvt Ltd            Working Capital       ICRA A2      1200    Upgraded
                                                                                   from ICRA A3+
Richa Global Exports Pvt Ltd            LC/BG                 ICRA A2      200     Upgraded
                                                                                   from ICRA A3+
Sonkamal Enterprises Pvt Ltd            NFBL                  ICRA A3      745     Reaffirmed
Wintop Vitrified Pvt Ltd                Non-FBL               ICRA A4      30      Reaffirmed

LONG TERM RATINGS:
-------------------
Abhi Engineering Corporation            FB Limits – CC        ICRA BBB     70      Upgraded
Pvt Ltd                                                                            from ICRA
                                                                                   BBB-
Bhaskara Marketing Services             FBL                   ICRA B       60      Affirmed
Cherian Varkey Construction             LT - FBL              ICRA BBB     840     Assigned /
Company Pvt Ltd                                                                    Outstanding
Colorant Ltd                            FBL                   ICRA BB-     95.5    Revised from
                                                                                   ICRA BB
Ethames Graduate School Pvt Ltd         FBL                   ICRA B+      160     Reaffirmed
Everest Industries Ltd                  FBL                   ICRA A       1900    Revised from
                                                                                   ICRA A+
Everest Industries Ltd                  External Commercial   ICRA A       -       Revised from
                                        Borrowings (ECB)                           ICRA A+
Everest Industries Ltd                  Working Capital TL    ICRA A /     742     Revised from
                                                              ICRA A1              ICRA A+/A1
Gocl Corporation Ltd                    FBL                   ICRA BBB     200     Reaffirmed
Gocl Corporation Ltd                    TL/LOC facility       ICRA BBB     -       Reaffirmed
Idl Explosives Ltd                      FBL                   ICRA BBB     100     Reaffirmed
Idl Explosives Ltd                      Fund Based & Non-FBL  ICRA BBB- /  300     Reaffirmed
                                                              A3
Idl Explosives Ltd                      Proposed Limits       ICRA BBB- /  80      Reaffirmed
                                                              A3
Idl Explosives Ltd                      Fund Based & Non-FBL  ICRA BBB /   300     Reaffirmed
                                                              A3+
Iifl Wealth Management Ltd              Secured NCD Programme ICRA AA      1000    Outstanding
Iifl Wealth Management Ltd              Secured NCD Programme ICRA AA      1000    Outstanding
Kuldevi Cotton Industries               FBL                   ICRA B       60      Reaffirmed
Lloyd Insulations India Ltd             CC                    ICRA BBB+    900     Revised from
                                                                                   ICRA BBB
Metro Exporters Ltd                     FBL                   ICRA BBB- /  100     Revised from
                                                              ICRA A3              ICRA BBB+/
                                                                                   ICRA A2+
Orbit Exports Ltd                       CC                    ICRA A       150     Reaffirmed
Orbit Exports Ltd                       TL                    ICRA A       186.9   Reaffirmed
Orbit Exports Ltd                       Unallocated Limits    ICRA A / A1  220     Assigned
Raman Education Society                 LT- FBL               ICRA BBB+    160     Reaffirmed
Richa & Company                         TL                    ICRA BBB+    130     Upgraded
                                                                                   from ICRA BBB
Richa Global Exports Pvt Ltd            TL                    ICRA BBB+    150     Upgraded
                                                                                   from ICRA BBB
Savex Technologies Pvt Ltd              LT/ST Fund/Non Based  ICRA A+ /    6250    Reaffirmed /
                                        Limits                ICRA A1+             upgraded
                                                                                   From ICRA A1
Savex Technologies Pvt Ltd              LT/ST Unallocated     ICRA A+ /    400     assigned
                                        Limits                ICRA A1+
Sonkamal Enterprises Pvt Ltd            FBL                   ICRA BBB-    285     Reaffirmed
Sunflag Filaments Ltd                   LT, FB Fac            ICRA A       40      Reaffirmed
Sunflag Filaments Ltd                   LT, FB Fac            ICRA A       0.8     Reaffirmed
Sunflag Filaments Ltd                   LT, non-FB Fac        ICRA A       15      Reaffirmed
Wintop Vitrified Pvt Ltd                FB Limit              ICRA B       180.7   Revised from
                                                                                   ICRA B+
Wintop Vitrified Pvt Ltd                Unallocated Limit     ICRA B/ A4   76.3    Assigned

--------------------------------------------------------------------------------------------
$: 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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