March 21, 2017 / 10:35 AM / 7 months ago

ICRA ratings for Indian debt instruments-Mar 21

    Mar 21 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of March 20, 2017.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Akasaka Electronics                     NFBL – LOC                  A4(SO) 103.2   Withdrawn
Borana Plastic Ltd                      NFBL                        A4+    90      Reaffirmed
Capital Clothing Company                ST - Fund based             A4     90      Reaffirmed
                                        facility
(revised from 9.9)
M/S Kantilal Chhotalal                  FBL                         A2     280     Reaffirmed
Marikar (Motors) Ltd                    ST – Fund Based             A3     93.5    Assigned
                                        (Inventory Funding)
(previously nil)
Muthoot Finance Ltd                     ST fund based Bk            A1+    103180^ outstanding
                                        limits
^Term loans and long-term fund based bank limits include an interchangeable limit of Rs. 35
crore. Also, long-term and short-term fund based bank limits include an interchangeable limit of
Rs. 6,935 crore. The total rated bank facilities stand at Rs. 12,060 crore.
Muthoot Finance Ltd                     CP programme                A1+    2000^   outstanding
^Term loans and long-term fund based bank limits include an interchangeable limit of Rs. 35
crore. Also, long-term and short-term fund based bank limits include an interchangeable limit of
Rs. 6,935 crore. The total rated bank facilities stand at Rs. 12,060 crore.
Rohit Jewellers Pvt Ltd                 ST: FB : Packing            A4     120     Reaffirmed
                                        Credit
Rohit Jewellers Pvt Ltd                 ST: Non FB : Standby        A4     150     Reaffirmed
                                        LOC
Sical Multimodal And Rail               Non Fund Based              A2+    300     outstanding
Transport Ltd                                                 (SO)

LONG TERM RATINGS:
-------------------
Adinath Silks Pvt Ltd                   LT - FBL                    BB     300     Reaffirmed
Akasaka Electronics                     FBL – TL                    BBB    45      Withdrawn
                                                              (SO)
Akasaka Electronics                     FBL – CC                    BBB    25      Withdrawn
                                                              (SO)
Apg Premium Homes Pvt Ltd               NCD                         BB+    600     Reaffirmed
                                                              (SO)
Borana Plastic Ltd                      FBL                         BB+    100     Reaffirmed
Capital Clothing Company                LT/ST - Unallocated         B+     7.3     Reaffirmed
Capital Clothing Company                LT – Fund based             B+ /   2.7     Reaffirmed
                                        facility                    A4
(revised from 0.1)
Holy Faith International (P)            FBL                         BBB-   250     Reaffirmed
Ltd.                                                          /       A3
Holy Faith International (P)            NFBL                        BBB-   41.1    Reaffirmed
Ltd.                                                          /       A3
Iljin Electronics (India) Pvt           FBL- LT                     BB     172.5   Reaffirmed
Ltd
Iljin Electronics (India) Pvt           Unallocated Limits-         BB     57.5    Reaffirmed
Ltd                                     Long/ST               /      A4
Marikar (Motors) Ltd                    LT – TL                     BBB-   185     Assigned
(previously nil)
Marikar (Motors) Ltd                    LT – Fund Based (CC)        BBB-   140     Reaffirmed
(enhanced from 10.00)
Marikar (Motors) Ltd                    LT / ST – Unallocated       BBB-   1.5     Reaffirmed
                                                              /       A3
(revised from 2.00)
Muthoot Finance Ltd                     NCD programme               AA     19500   Assigned
Muthoot Finance Ltd                     Subordinated debt           AA     500     Assigned
                                        programme
Muthoot Finance Ltd                     LT debentures#              AA     37320   outstanding
#includes subordinated debentures of Rs. 301.36
Muthoot Finance Ltd                     LT debentures               AA     31172   Withdrawn
Muthoot Finance Ltd                     LT debentures               AA     10508   outstanding
                                        (Unallocated)
Muthoot Finance Ltd                     Subordinated debt           AA     317.8   outstanding
                                        programme
Muthoot Finance Ltd                     Subordinated debt           AA     682.2   outstanding
                                        programme
                                        (Unallocated)
Muthoot Finance Ltd                     NCD programme               AA     2000    outstanding
                                        (Private Placement)
Muthoot Finance Ltd                     Subordinated debt           AA     1000    outstanding
                                        programme (Private
                                        Placement)
Muthoot Finance Ltd                     TL                          AA     500^    outstanding
^Term loans and long-term fund based bank limits include an interchangeable limit of Rs. 35
crore. Also, long-term and short-term fund based bank limits include an interchangeable limit of
Rs. 6,935 crore. The total rated bank facilities stand at Rs. 12,060 crore.
Muthoot Finance Ltd                     LT fund based Bk            AA     86620   outstanding
                                        limits
Sical Multimodal And Rail               Proposed NCD                BBB+   1000    confirmed as
Transport Ltd                                                 (SO)                 final
Sical Multimodal And Rail               TL                          BBB+   1714.4  outstanding
Transport Ltd                                                 (SO)
Sical Multimodal And Rail               FBL                         BBB+   200     outstanding
Transport Ltd                                                 (SO)
Sri Lakshmi Poultry Farm                CC                          D      55      Revised from
                                                                                          B
Sri Lakshmi Poultry Farm                TL                          D      28.7    Revised from
                                                                                          B
Sri Srinivasa Rice Mill                 FBL                         B+     60      Reaffirmed
(Mahendrawada)
(reduced from 6.25 CR)
Sri Srinivasa Rice Mill                 Unallocated limits          B+     40      Reaffirmed
(Mahendrawada)
(enhanced from 3.75 CR)
Union Bank Of India                     Lower Tier II Bonds –       AA+    8000    Reaffirmed
                                        Basel II
Union Bank Of India                     Basel II Compliant          AA+    4000    Reaffirmed
                                        Innovative Perpetual
                                        Debt instruments
--------------------------------------------------------------------------------------------
$: 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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