March 24, 2017 / 10:50 AM / 6 months ago

ICRA ratings for Indian debt instruments-Mar 24

   Mar 24 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of March 23, 2017.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Aditya Auto Products &                  ST FBL                ICRA A2      498.5   Reaffirmed
Engineering (India) Pvt Ltd
Aditya Auto Products &                  ST Non-FBL            ICRA A2      142.5   Reaffirmed
Engineering (India) Pvt Ltd
Elgi Rubber Co. Ltd                     ST-Fund Based FacilityICRA A2      150     Downgraded
Elgi Rubber Co. Ltd                     ST-Fund Based sub     ICRA A2      100     Downgraded
                                        limits
Elgi Rubber Co. Ltd                     ST-Non Fund Based     ICRA A2      180     Downgraded
                                        Facility
Eurotex Industries And Exports          Non-FBL               ICRA A4+     110     Reaffirmed
Ltd
J.M. Financial & Investment             CP programme (IPO     ICRA A1+     8000    Assigned
Consultancy Services Pvt Ltd            Financing)
J.M. Financial & Investment             CP programme          ICRA A1+     2000    outstanding
Consultancy Services Pvt Ltd
J.M. Financial & Investment             CP programme (IPO     ICRA A1+     8000    Withdrawn
Consultancy Services Pvt Ltd            Financing)
Jagatjit Industries Ltd                 ST: FB Fac            ICRA A4      7.2     Reaffirmed
Jagatjit Industries Ltd                 ST: Non-FB Fac        ICRA A4      250     Reaffirmed
Jet Airways (India) Ltd                 ST, non-FB Fac        ICRA A3      840     Withdrawn
Jet Airways (India) Ltd                 ST, FB Fac^                                -
^Amount reduced to Rs. 356.0 crore and rated as part of long-term, fund based facilities
Jet Airways (India) Ltd                 ST, non-FB Fac        ICRA A3      39500   Reaffirmed
National Housing Bank                   CP/ST Debt Programme  ICRA A1+     60000   Reaffirmed
Scott-Edil Advance Research             LC/FLC/BG             ICRA A3+     42      Reaffirmed
Laboratories & Education Ltd
Scott-Edil Pharmacia Ltd                LC/FLC                ICRA A3+     250     Reaffirmed
Scott-Edil Pharmacia Ltd                BG                    ICRA A3+             Reaffirmed
Tata Sons Ltd                           CP programme          ICRA A1+     26250   outstanding

MEDIUM TERM RATINGS:
-------------------
Jagatjit Industries Ltd                 Medium Term: Fixed    MB+          200     Reaffirmed
                                        Deposit
LONG TERM RATINGS:
-------------------
Aditya Auto Products &                  TL                    ICRA BBB+    168.9   Reaffirmed
Engineering (India) Pvt Ltd
Aditya Auto Products &                  LT FBL                ICRA BBB+    265     Reaffirmed
Engineering (India) Pvt Ltd
Aditya Auto Products &                  LT Unallocated Limits ICRA BBB+    5.1     Reaffirmed
Engineering (India) Pvt Ltd
Camden Industries Ltd.                  NCDs (NCDs)           Provisional  3400    Assigned
                                                              ICRA AAA
                                                              (SO)
Elgi Rubber Co. Ltd                     LT-Foreign Currency TLICRA BBB+            Downgraded
Elgi Rubber Co. Ltd                     LT- Fund Based        ICRA BBB+    350     Downgraded
                                        Facility
Elgi Rubber Co. Ltd                     LT- Non Fund Based    ICRA BBB+    751.6   Downgraded
                                        Facility
Elgi Rubber Co. Ltd                     LT- Non Fund Based    ICRA BBB+            Downgraded
                                        Facility
Elgi Rubber Co. Ltd                     LT- Non Fund Based    ICRA BBB+            Downgraded
                                        Facility
Elgi Rubber Co. Ltd                     LT/ST- Unallocated FacICRA BBB+    6       Downgraded
                                                              / ICRA A2;
Eurotex Industries And Exports          FBL                   ICRA BB+     521     re-affirmed;
Ltd                                                                                
Eurotex Industries And Exports          Unallocated Limits    ICRA BB+ /   209     re-affirmed;
Ltd                                                           ICRA A4+             
Gruh Finance Ltd                        LT debt programme     ICRA AAA     10470   Assigned
Gruh Finance Ltd                        LT debt programme     ICRA AAA     4000    Withdrawn
Hindustan Organic Chemicals Ltd         NCDs                  ICRA AAA     1500    Rating watch
                                                              (SO)                 with
                                                                                   negative 
                                                                                   implications 
                                                                                   removed; 
stable outlook assigned to rating of ICRA AAA(SO);
Jagatjit Industries Ltd                 Unallocated Bk Fac    ICRA B+      264     Reaffirmed
Jagatjit Industries Ltd                 LT: FB Fac            ICRA B+      1744.4  Reaffirmed
Jet Airways (India) Ltd                 NCD programme         ICRA BBB-    6989    Reaffirmed
Jet Airways (India) Ltd                 NCD programme         ICRA BBB-    6011    Withdrawn
Jet Airways (India) Ltd                 Long-TL               ICRA BBB-    25547   Reaffirmed
Jet Airways (India) Ltd                 Long-TL               ICRA BBB-    6776    Withdrawn
Jet Airways (India) Ltd                 LT, FB Fac            ICRA BBB-    6450    Reaffirmed
Jet Airways (India) Ltd                 LT, non-FB Fac        ICRA BBB-    6000    Reaffirmed
Jet Airways (India) Ltd                 LT / ST, fund based /                      -
                                        non-FB Fac^
^Amount reduced to Rs. 356.0 crore and rated as part of long-term, fund based facilities
National Housing Bank                   LT Borrowing ProgrammeICRA AAA     100000  Reaffirmed
National Insurance Co. Ltd              Subordinated Debt     ICRA AA+     8950    Assigned
                                        Programme
Ncc Ltd                                 FBL                   ICRA A-      21310   Assigned
Ncc Ltd                                 Non-FBL               ICRA A-      82260   Assigned
Ncc Ltd                                 Unallocated limits    ICRA A-      9430    Assigned
Odisha Television Ltd                   TL                    ICRA A-      170.4   Reaffirmed
Odisha Television Ltd                   FBL                   ICRA A-      140     Reaffirmed
Scott-Edil Advance Research             CC                    ICRA BBB     140     Reaffirmed
Laboratories & Education Ltd
Scott-Edil Advance Research             TL                    ICRA BBB     218     Reaffirmed
Laboratories & Education Ltd
Scott-Edil Pharmacia Ltd                CC                    ICRA BBB     500     Reaffirmed
Scott-Edil Pharmacia Ltd                TL                    ICRA BBB     18      Reaffirmed
Suman Proteins Pvt Ltd                  CC                    ICRA BB-     70      Reaffirmed
Tata Sons Ltd                           NCD programmes        ICRA AAA     15000   Assigned
Tata Sons Ltd                           NCD programmes        ICRA AAA     191050  outstanding
--------------------------------------------------------------------------------------------
$: 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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