April 3, 2017 / 10:40 AM / 5 months ago

ICRA ratings for Indian debt instruments-Apr 3

    Apr 3 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of March 31, 2017.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Aditya Birla Fashion And                CP programme          ICRA A1+     12500   Reaffirmed
Retail Ltd
Andhra Polymers Pvt Ltd                 LC Bill discounting   ICRA A4+     20      Reaffirmed
Andhra Polymers Pvt Ltd                 LOC                   ICRA A4+     70      Reaffirmed
Andhra Polymers Pvt Ltd                 Bak Guarantee         ICRA A4+     30      Reaffirmed
Andrew Yule & Co. Ltd                   ST Non FB Fac         ICRA A4+     407.6   Assigned
Bagga Links Motors Ltd                  FB - Inventory FundingICRA A4+     291     Reaffirmed
Bagga Links Motors Ltd                  Non-fund based – LOC  ICRA A4+     20      Reaffirmed
Bahadur Chand Investments Pvt           CP                    ICRA A1+     25000   Reaffirmed
Ltd
(enhanced from 1,500.0)
Bel Optronic Devices Ltd                ST – Non Fund Based   ICRA A1+     60      Reaffirmed
Ecap Equities Ltd                       CP Programme          ICRA A1+     5000    Reaffirmed
Ecl Finance Ltd                         CP Programme          ICRA A1+     36000   Reaffirmed
Ecl Finance Ltd                         ST NCD Programme      ICRA A1+     1000    Reaffirmed
Ecl Finance Ltd                         CP Programme (IPO     ICRA A1+     50000   Reaffirmed
                                        financing)
Ecl Finance Ltd                         CP Programme (IPO     ICRA A1+     20000   Reaffirmed
                                        financing)
Ecl Finance Ltd                         ST Principal          PP-MLDICRA   9000    Reaffirmed
                                        Protected Market      A1+
                                        Linked Debenture Programme
Edelweiss Agri Value Chain Ltd          CP Programme          ICRA A1+     5000    Reaffirmed
Edelweiss Commodities Services          ST NCD Programme      ICRA A1+     1000    Reaffirmed
Ltd
Edelweiss Commodities Services          CP Programme (IPO     ICRA A1+     60000   Outstanding
Ltd                                     financing)
Edelweiss Commodities Services          CP Programme (IPO     ICRA A1+     30000   Outstanding
Ltd                                     financing)
Edelweiss Commodities Services          ST Principal          PP-MLDICRA   5000    Reaffirmed
Ltd                                     Protected Market      A1+
                                        Linked Debenture Programme
Edelweiss Finance And                   CP Programme          ICRA A1+     10000   Reaffirmed
Investment Ltd
Edelweiss Finance And                   CP Programme (IPO     ICRA A1+     10000   Outstanding
Investment Ltd                          financing)
Edelweiss Finance And                   ST Principal          PP-MLDICRA   4000    Reaffirmed
Investment Ltd                          Protected Market      A1+
                                        Linked Debenture Programme
Edelweiss Financial Services            CP Programme          ICRA A1+     50000   Reaffirmed
Ltd
Edelweiss Financial Services            ST NCD Programme      ICRA A1+     1000    Reaffirmed
Ltd
Edelweiss Financial Services            CP Programme (IPO     ICRA A1+     45000   Outstanding
Ltd                                     financing)
Edelweiss Financial Services            CP Programme (IPO     ICRA A1+     20000   Outstanding
Ltd                                     financing)
Edelweiss Finvest Pvt Ltd               CP Programme          ICRA A1+     10000   Reaffirmed
Edelweiss Finvest Pvt Ltd               CP Programme (IPO     ICRA A1+     10000   Outstanding
                                        Financing)
Edelweiss Finvest Pvt Ltd               ST Principal          PP- MLDICRA  1500    Reaffirmed
                                        Protected Market      A1+
                                        Linked Debenture Programme
Edelweiss Housing Finance Ltd           CP Programme          ICRA A1+     10000   Reaffirmed
Edelweiss Retail Finance Ltd            CP Programme          ICRA A1+     5000    Reaffirmed
Edelweiss Retail Finance Ltd            ST NCD Programme      ICRA A1+     1000    Reaffirmed
Hmc Mm Auto Ltd                         Non FB Fac            ICRA A1+     75      Reaffirmed
Icc Projects Pvt Ltd                    Non-FBL               ICRA A4      40      Reaffirmed
P P Products Pvt Ltd                    ST, Non-fund based    ICRA A3+     807.5   Reaffirmed
(enhanced from 69.75)
P P Products Pvt Ltd                    ST, Unallocated       ICRA A3+     37.5    Reaffirmed
Rashtriya Chemicals And                 CP                    ICRA A1+     5000    Reaffirmed
Fertilizers Ltd
Rasi Seeds Pvt Ltd                      ST: FBL               ICRA A1+     550     Upgraded
                                                                                   from ICRA A1
Regen Powertech Pvt Ltd                 Fund Based Bk Limits  ICRA A4      500     Upgraded
                                        (Shortterm)                                from ICRA D
Regen Powertech Pvt Ltd                 Non-Fund Based Bk     ICRA A4      15300   Upgraded
                                        Limits (ST)                                from ICRA D
S A Iron & Alloys Pvt Ltd               Non-FBL               ICRA A4      30      Assigned
S A Iron & Alloys Pvt Ltd               NFBL                  ICRA A4      30      Assigned
Sonex Industries                        NFBL                  ICRA A4      21      Assigned
Sunland Ceramic Pvt Ltd                 Non-FBL               ICRA A4      15      Reaffirmed
Tarajyot Polymers Ltd                   ST, Non-fund based    ICRA A3+     959.3   Reaffirmed
(enhanced from 67.93)
Tarajyot Polymers Ltd                   ST, Unallocated       ICRA A3+     20.7    Assigned
Virgo Polymers (India) Ltd              ST, Non-fund based    ICRA A4+     160     Reaffirmed
(enhanced from 10.80 CR)

LONG TERM RATINGS:
-------------------
Aditya Birla Fashion And                Long-TL               ICRA AA      3773.9  Reaffirmed
Retail Ltd
Aditya Birla Fashion And                LT, fund based /      ICRA AA      5410    Reaffirmed
Retail Ltd                              non-FBL
Aditya Birla Fashion And                LT, unallocated       ICRA AA      3316.1  Reaffirmed
Retail Ltd
Aditya Birla Fashion And                NCD programme         ICRA AA      8600    Assigned
Retail Ltd
Aditya Birla Fashion And                NCD programme         ICRA AA      4000    Reaffirmed
Retail Ltd
Aditya Birla Fashion And                NCD programme         ICRA AA      2000    Withdrawn
Retail Ltd
Akshat Roller Flour Mills Pvt           FB limits             ICRA BB+     250     Assigned
Ltd
Andhra Polymers Pvt Ltd                 CC                    ICRA BB+     90      Reaffirmed
Andhra Polymers Pvt Ltd                 TL                    ICRA BB+     20.4    Reaffirmed
Andhra Polymers Pvt Ltd                 Unallocated           ICRA BB+     6.6     Reaffirmed
                                                              / ICRA A4+
Andrew Yule & Co. Ltd                   LT FB Fac-CC          ICRA BB+     695.7   Assigned
Andrew Yule & Co. Ltd                   Unallocated Limits    ICRA BB+     176.7   Assigned
Bagga Links Motors Ltd                  FB - CC               ICRA BB      94      Reaffirmed
Bagga Links Motors Ltd                  FB - TL               ICRA BB      73      Reaffirmed
Bagga Links Motors Ltd                  LT – Unallocated      ICRA BB      12.5    Reaffirmed
Bahadur Chand Investments Pvt           LT Borrowing          ICRA AA      22000   Assigned
Ltd                                     Programme (NCD/BLR)
                                        (proposed)
Bahadur Chand Investments Pvt           NCD Programme         ICRA AA      10000   Reaffirmed
Ltd
Bel Optronic Devices Ltd                FBL                   ICRA AA+     400     Reaffirmed
Cholamandalam Ms General                Subordinated Debt     ICRA AA      1000    assigned
Insurance Co. Ltd                       Programme
Ci2 Jewellery Pvt. Ltd.                 FB Working Capital FacICRA BBB- /  150     Reaffirmed
                                                              ICRA A3
Dewan Housing Finance Ltd               PTC Series A          ICRA AAA(SO) 3136.4  Assigned
Dewan Housing Finance Ltd               Second loss facility  ICRA BBB(SO) 164.7   Assigned
Dewan Housing Finance Ltd-              PTC Series A          Provisional  2403.9  Assigned
Nirmaan Rmbs                                                  ICRA AAA(SO)
Trust – Series                                   
II- 2017
Dhfl Pramerica Asset Managers           DHFL Pramerica Bking  ICRA AAAmfs  -       Reaffirmed
Pvt Ltd                                 and PSU Debt Fund
Dhfl Pramerica Asset Managers           DHFL Pramerica        ICRA AAAmfs  -       Reaffirmed
Pvt Ltd                                 Dynamic Bond Fund
Dhfl Pramerica Asset Managers           DHFL Pramerica        ICRA AAAmfs  -       Reaffirmed
Pvt Ltd                                 Dynamic Bond Fund
Dhfl Pramerica Asset Managers           DHFL Pramerica Medium ICRA AAAmfs  -       Reaffirmed
Pvt Ltd                                 Term Income Fund
Dhfl Pramerica Asset Managers           DHFL Pramerica        ICRA AAAmfs  -       Reaffirmed
Pvt Ltd                                 Premier Bond Fund
Dhfl Pramerica Asset Managers           DHFL Pramerica ST     ICRA AAAmfs  -       Reaffirmed
Pvt Ltd                                 Floating Rate Fund
Dhfl Pramerica Asset Managers           DHFL Pramerica Ultra  ICRA AAAmfs  -       Reaffirmed
Pvt Ltd                                 ST Fund
Ecap Equities Ltd                       NCD programme         ICRA AA      1000    Reaffirmed
Ecap Equities Ltd                       LT Market Linked      PP- MLDICRA  3500    Reaffirmed
                                        Debenture programme   AA
Ecl Finance Ltd                         NCD Programme         ICRA AA      63500   Reaffirmed
Ecl Finance Ltd                         Subordinated Debt     ICRA AA      6500    Reaffirmed
                                        Programme
Ecl Finance Ltd                         NCD Programme         ICRA AA      10000   Reaffirmed
Ecl Finance Ltd                         Bk Lines              ICRA AA /    110000  Reaffirmed
                                                              ICRA A1+
(enhanced from 5,700 CR)
Ecl Finance Ltd                         LT Principal          PP-MLDICRA   13500   Reaffirmed
                                        Protected Market      AA
                                        Linked Debenture Programme
Edelweiss Agri Value Chain Ltd          NCD Programme         ICRA AA      5000    Assigned
Edelweiss Agri Value Chain Ltd          Bk Lines              ICRA AA      5000    Assigned
Edelweiss Agri Value Chain Ltd          NCD Programme         ICRA AA(SO)  5000    Reaffirmed
Edelweiss Asset Reconstruction          Bk Lines              ICRA AA-     5000    Assigned
Co. Ltd
Edelweiss Asset Reconstruction          NCD Programme         ICRA AA-     5000    Assigned
Co. Ltd
Edelweiss Asset Reconstruction          NCD Programme         ICRA AA(SO)  10500   Reaffirmed
Co. Ltd
Edelweiss Asset Reconstruction          LT Principal          PP-MLD ICRA  2500    Reaffirmed
Co. Ltd                                 Protected Market      AA(SO)
                                        Linked Debenture Programme
Edelweiss Commodities Services          NCD Programme         ICRA AA      37000   Reaffirmed
Ltd
Edelweiss Commodities Services          Bk Lines              ICRA AA      20000   Reaffirmed
Ltd
Edelweiss Commodities Services          NCD Programme         ICRA AA      10000   Assigned
Ltd
Edelweiss Finance And                   NCD Programme         ICRA AA      7500    Reaffirmed
Investment Ltd
Edelweiss Finance And                   Subordinated Debt     ICRA AA      500     Reaffirmed
Investment Ltd                          Programme
Edelweiss Finance And                   Bk Lines              ICRA AA      5000    Assigned
Investment Ltd
Edelweiss Finance And                   NCD Programme         ICRA AA      5000    Assigned
Investment Ltd
Edelweiss Finance And                   LT Principal          PP-MLDICRA   8000    Reaffirmed
Investment Ltd                          Protected Market      AA
                                        Linked Debenture Programme
Edelweiss Financial Services            NCD Programme         ICRA AA      5000    Reaffirmed
Ltd
Edelweiss Finvest Pvt Ltd               NCD Programme         ICRA AA      1000    Reaffirmed
Edelweiss Finvest Pvt Ltd               NCD Programme         ICRA AA      5000    Reaffirmed
Edelweiss Finvest Pvt Ltd               Bk Lines              ICRA AA      5000    Reaffirmed
Edelweiss Finvest Pvt Ltd               LT Principal          PP- MLDICRA  6000    Reaffirmed
                                        Protected Market      AA
                                        Linked Debenture Programme
Edelweiss Housing Finance Ltd           NCD Programme         ICRA AA      5000    Reaffirmed
Edelweiss Housing Finance Ltd           Retail NCD Programme  ICRA AA      5000    Reaffirmed
Edelweiss Housing Finance Ltd           Subordinated Debt     ICRA AA      1000    Reaffirmed
                                        Programme
Edelweiss Housing Finance Ltd           Bk Lines              ICRA AA      22000   Reaffirmed
(enhanced from 1,700)
Edelweiss Housing Finance Ltd           NCD Programme         ICRA AA      5000    Assigned
Edelweiss Retail Finance Ltd            NCD Programme         ICRA AA      12000   Reaffirmed
Edelweiss Retail Finance Ltd            Subordinated Debt     ICRA AA      1500    Reaffirmed
                                        Programme
Edelweiss Retail Finance Ltd            Bk Lines              ICRA AA      15000   Reaffirmed
(enhanced from 1,000)
Edelweiss Retail Finance Ltd            NCD Programme         ICRA AA      3000    Assigned
Hmc Mm Auto Ltd                         Proposed Fac          -            -       -
Hmc Mm Auto Ltd                         TL Fac                ICRA AA      130     Reaffirmed
Hmc Mm Auto Ltd                         LT FB Fac             ICRA AA      195     Reaffirmed
Icc Projects Pvt Ltd                    FB Limit              ICRA BB-     20      Reaffirmed
India Infoline Housing Finance          PTC Series A          Provisional  3879.3  Assigned
Ltd- Solitaire                                                ICRA AAA(SO)
Mortgage - 1                                    
Trust March 2017
Indian School Finance Company           NCDs                  ICRA BBB-    140     Assigned
Pvt Ltd
Indian School Finance Company           NCDs                  ICRA BBB-    610     Outstanding
Pvt Ltd
Indian School Finance Company           LT Bk Lines           ICRA BBB-    400     Outstanding
Pvt Ltd
Indian School Finance Company           Issuer Rating         IrBBB-       -       Outstanding
Pvt Ltd
Kiran Renewables Pvt Ltd                TL                    ICRA BBB-    250     Assigned
Kotak Mahindra Investments Ltd          Subordinated Debt     ICRA AAA     1000    Assigned
                                        Programme
Kotak Mahindra Investments Ltd          Subordinated Debt     ICRA AAA     1000    Outstanding
                                        Programme
Kudgi Transmission Ltd                  NCDs                  Provisional  15000   Assigned
                                                              ICRA AAA(SO)
L&T Metro Rail (Hyderabad) Ltd          NCDs                  Provisional  7500    Reassigned
                                                              ICRA AAA(SO)
M/S Mangilal Agarwal                    FB Limits             ICRA BB-     150     Reaffirmed
M/S Sahu Khan Chand Foods               LT, FBL               ICRA B+      120     Reaffirmed
(enhanced from 9.00)
Neogrowth Credit Pvt Ltd                PTC Series A1         ICRA A-(SO)  318.8   Assigned
Neogrowth Credit Pvt Ltd                PTC Series A2         ICRA         22.8    Assigned
                                                              BBB-(SO)
P P Products Pvt Ltd                    LT, Fund Based        ICRA BBB     50      Reaffirmed
(enhanced from 2.50)
P P Products Pvt Ltd                    LT/ ST, Fundbased/    ICRA BBB     115     Reaffirmed
                                        Non-fund based        /ICRA A3+
(enhanced from 7.75)
Purewal Stone Crusher                   FB – LT               ICRA B       86      Reaffirmed
Purewal Stone Crusher                   Unallocated – LT      ICRA B       4       Reaffirmed
Rapp Transmission Co. Ltd               TL (Proposed)         ICRA A (SO)  2570    Assigned
(enhanced from Rs. 240.00 crore)
Rashtriya Chemicals And                 Bk Fac                ICRA AA      51000   Reaffirmed
Fertilizers Ltd
Rashtriya Chemicals And                 NCD                   ICRA AA      5000    Assigned
Fertilizers Ltd
Rasi Seeds Pvt Ltd                      LT: TL                ICRA A+      135     Upgraded
                                                                                   from ICRA A
Rasi Seeds Pvt Ltd                      LT: FBL               ICRA A+      1200    Upgraded
                                                                                   from ICRA A
Rasi Seeds Pvt Ltd                      LT: Non fund based    ICRA A+      30      Upgraded
                                                                                   from ICRA A
Rasi Seeds Pvt Ltd                      LT: Unallocated       ICRA A+      102.4   Upgraded
                                                                                   from ICRA A
Regen Infrastructure And                Fund Based Bk Limits  ICRA BB-     200     Upgraded
Services Pvt Ltd (Erstwhile             (LT)                                       from ICRA B-
Renewable Energy Generation Pvt Ltd)
Regen Infrastructure And                Non-Fund Based Bk     ICRA BB- /   200     Upgraded
Services Pvt Ltd (Erstwhile             Limits (Longterm/ ST) ICRA A4              from ICRA B-
Renewable Energy Generation Pvt Ltd)                                               /Reaffirmed
Regen Powertech Pvt Ltd                 TL (LT)               ICRA BB      250     Upgraded
                                                                                   from ICRA D
Regen Powertech Pvt Ltd                 Fund Based Bk Limits  ICRA BB      3500    Upgraded
                                        (Longterm)                                 from ICRA D
S A Iron & Alloys Pvt Ltd               FBL                   ICRA BB      590     Assigned
S A Iron & Alloys Pvt Ltd               FBL                   ICRA BB      590     Assigned
Sahuwala Cylinders Pvt Ltd              FBL                   ICRA BB-     310     Reaffirmed
Sahuwala Cylinders Pvt Ltd              Non-FBL               ICRA BB-     25      Reaffirmed
Sahuwala Cylinders Pvt Ltd              Unallocated Limits    ICRA BB-     15      Reaffirmed
Shah Technical Consultants Pvt          LT fund based Bk Fac  ICRA BB+     25      Downgraded
Ltd                                                                                from ICRA
                                                                                   BBB-
Shah Technical Consultants Pvt          LT non-fund based Bk  ICRA BB+     130     Downgraded
Ltd                                     Fac                                        from ICRA
                                                                                   BBB-
Shri Prabhulingeshwar Sugars            TL                    ICRA B       253.1   Upgraded
And Chemicals Ltd                                                                  from ICRA C+
Shri Prabhulingeshwar Sugars            Proposed FBL          ICRA B       746.9   Upgraded
And Chemicals Ltd                                                                  from ICRA C+
Shri Sode Vadiraja Mutt                 LT- Fund Based-TL     ICRA D       210     Assigned
Education Trust
Snn Builders Pvt Ltd                    TL                    ICRA BBB+    1520    Reaffirmed
Snn Homes Llp                           TL                    ICRA BBB+    1240    Assigned
Snn Properties Llp                      Fund based CC         ICRA BBB+    1990    Assigned
Snn Spiritua Developers                 TL                    ICRA BBB+    500     Reaffirmed
Solarfield Energy Pvt Ltd               TL                    ICRA A-      1900    Reaffirmed
Sonex Industries                        FBL                   ICRA BB-     65      Assigned
Sunland Ceramic Pvt Ltd                 FB Limit              ICRA B+      67.4    Reaffirmed
Sunland Ceramic Pvt Ltd                 Unallocated Limit     ICRA B+ /    11.9    Reaffirmed
                                                              ICRA A4
Tarajyot Polymers Ltd                   LT, Fund Based        ICRA BBB     20      Reaffirmed
Virgo Polymers (India) Ltd              LT, TL                ICRA BB+     25      Assigned
Virgo Polymers (India) Ltd              LT, Fund Based        ICRA BB+     500     Reaffirmed
Virgo Polymers (India) Ltd              LT, Un-allocated      ICRA BB+     43      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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