April 11, 2017 / 9:17 AM / 4 months ago

ICRA ratings for Indian debt instruments-Apr 11

    Apr 11 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of April 10, 2017.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Acer India Pvt Ltd                      Overdraft             ICRA A2+     -       Reaffirmed
Anugraha Valve Castings Ltd             ST: Fund based - PCFC ICRA A2+     150     Reaffirmed
Anugraha Valve Castings Ltd             ST: Fund based        ICRA A2+     -       Reaffirmed
                                        (sub-limit)
Biological E Ltd                        ST, non-FB Fac        ICRA A1+     1400    Assigned
Coperion Ideal Pvt Ltd                  NFBL- ST              ICRA A2      200     Reaffirmed
Core Carbons Pvt Ltd                    ST non-fund based     ICRA A1      120     Reaffirmed
                                        facility
Flyjac Logistics Pvt Ltd                ST Fund Based/ Non    ICRA A1+             Reaffirmed
                                        Fund based*
Indo Count Industries Ltd               Non-FBL               ICRA A1+     2300    Outstanding
Kanaiya Exports Pvt Ltd                 ST FB Limit           ICRA A4      100     Reaffirmed
L G Balakrishnan And Bros Ltd           ST non-fund based     ICRA A1+     850     Reaffirmed
                                        facility
Mahavir Ship Breakers                   Non-FBL               ICRA A4      355     Upgraded
                                                                                   from ICRA D
Mandeep Industries                      FBL (Short-ter        ICRA A4      50      Reaffirmed
Munjal Kiriu Industries Pvt Ltd         ST Interchangeable    ICRA A1              Upgraded
                                        Limits                                     from ICRA A2+
New India Cables Trading Pvt            ST: FBL               ICRA A4+     270     Reaffirmed
Ltd
enhanced from 22 CR
Padam Interiors                         Non-FBL – BG          ICRA A3+     200     Reaffirmed
Padam Interiors                         Non-FBL – LOC         ICRA A3+             Reaffirmed
Power Mech Infra Ltd                    NFBL                  ICRA A3      300     Reaffirmed
Sagar International                     FBL                   ICRA A4      140     Reaffirmed
Sagar International                     NFBL                  ICRA A4      40      Reaffirmed
Sanskar Ceramic Pvt Ltd                 Non-FBL               ICRA A4      44      Reaffirmed
Enhanced from Rs. 1.52 crore
Sentini Cermica Pvt Ltd                 Non-FBL               ICRA A2+     35      Reaffirmed
Smile Microfinance Ltd                  MFI Grading           M2                   Assigned
Sri Vaishnavi Spintex (I) Pvt.          ST – Unallocated Fac  ICRA A4      1.7     Reaffirmed
Ltd.
Sun Enterprise                          Non-FBL               ICRA A4      100     Reaffirmed
Sun Psyllium Industries                 Non-FBL               ICRA A4      100     Reaffirmed
Tata Elxsi Ltd                          Non-FB Fac            ICRA A1+     100     Reaffirmed

LONG TERM RATINGS:
-------------------
Acer India Pvt Ltd                      BG                    ICRA BBB+    3900    Reaffirmed
Allcargo Logistics Ltd                  Proposed NCD          ICRA AA      1250    Reaffirmed
Anugraha Valve Castings Ltd             LT: CC (sub-limit)    ICRA A-      -       Reaffirmed
Anugraha Valve Castings Ltd             LT: Unallocated Fac   ICRA A-      30      Reaffirmed
Asirvad Microfinance Pvt Ltd            PTC Series A1         ICRA A- (SO) 357.1   Withdrawn
-Toyotomi Ifmr Capital 2016
Asirvad Microfinance Pvt Ltd            PTC Series A2         ICRA BBB-    21      Withdrawn
-Toyotomi Ifmr Capital 2016                                   (SO)
Biological E Ltd                        Proposed NCD          ICRA AA      2000    Assigned
                                        programme
Biological E Ltd                        Proposed LT foreign   ICRA AA              Assigned
                                        currency loan
Biological E Ltd                        Proposed external     ICRA AA              Assigned
                                        commercial borrowing
                                        facility
Biological E Ltd                        Proposed FCNR / rupee ICRA AA              Assigned
                                        TL
Biological E Ltd                        LT, FB Fac            ICRA AA      1000    Assigned
Biological E Ltd                        LT / ST, fund based / ICRA AA /A1+ 2300    Assigned
                                        non-FB Fac
Cholamandalam Investment And            Second Loss Facility  ICRA A (SO)  212.4   Provisional
Finance Co. Ltd - Platinum
Trust March 2017 – Tranche Ii
Cholamandalam Investment And            PTC Series A          ICRA AAA     3861    Provisional
Finance Co. Ltd - Platinum                                    (SO)
Trust March 2017 – Tranche Ii
Cholamandalam Investment And            Second Loss Facility  ICRA A (SO)  295.9   Provisional
Finance Co. Ltd -Platinum
Trust February 2017
Cholamandalam Investment And            PTC Series A          ICRA AAA     49313   Provisional
Finance Co. Ltd -Platinum                                     (SO)
Trust February 2017
Coperion Ideal Pvt Ltd                  FBL- LT               ICRA BBB+    170     Reaffirmed
Core Carbons Pvt Ltd                    LT fund based         ICRA A-      150     Reaffirmed
                                        facility
Core Carbons Pvt Ltd                    ST non-FB Fac         ICRA A- /A1          Reaffirmed
                                        (Inter-changeable)
Devdeep Cotton Industries               LT FB Limit           ICRA B+      140     Reaffirmed
Ess Kay Fincorp Pvt. Ltd.               PTC Series A1         ICRA A (SO)  236.9   Withdrawn
Ess Kay Fincorp Pvt. Ltd.               PTC Series A2         ICRA A+ (SO) 16.9    Withdrawn
Flyjac Logistics Pvt Ltd                CC                    ICRA A+      110     Reaffirmed
Flyjac Logistics Pvt Ltd                Unallocated           ICRA A+ /A1+ 40      Reaffirmed
Gmr Hyderabad Aerotropolis Ltd          Proposed FBL          ICRA BBB     450     Withdrawn
Indo Count Industries Ltd               FB Limits             ICRA AA-     5250    Assigned/
                                                                                   outstanding
enhanced from 385 CR
Indo Count Industries Ltd               TL                    ICRA AA-     1700    Assigned/
                                                                                   outstanding
enhanced from 70 CR
Jitf Urban Waste Management             TL                    ICRA BB      268.3   Reaffirmed
(Bathinda) Ltd
Jitf Urban Waste Management             TL                    ICRA BB      261     Withdrawn
(Ferozepur) Ltd
Kalyani Motors Pvt Ltd                  Fund Based            ICRA BBB-    250     Revised from
                                                                                   ICRA BBB
Kanaiya Exports Pvt Ltd                 LT FB Limits          ICRA B       50      Reaffirmed
L G Balakrishnan And Bros Ltd           TL                    ICRA AA-     722.5   Reaffirmed
revised from 91.53 CR
L G Balakrishnan And Bros Ltd           Working capital Fac   ICRA AA-     800     Reaffirmed
Le Shark Global Llp                     FB Limits - PLC/      ICRA A- /A2+ 120     Reaffirmed
                                        PCFC/ FDBN/ FDBP/ FDBD
Le Shark Global Llp                     FB Limits - Sublimit  ICRA A- /A2+         Reaffirmed
                                        Post shipment credit
                                        (PSCFC/ FDBN/ FDBD/ FDBP)
Le Shark Global Llp                     Non-FBL - BG          ICRA A- /A2+ 5       Reaffirmed
Leo Muthu Educational Trust             TL                    ICRA BBB     278.8   Reaffirmed
revised from 10.33 CR
M.M. Vora Automobiles Pvt Ltd           Overdraft Limits      ICRA B+      100     Reaffirmed
M.M. Vora Automobiles Pvt Ltd           TL                    ICRA B+      15.1    Reaffirmed
Mahavir Ship Breakers                   FB Limits             ICRA C       332     Upgraded
                                                                                   from ICRA D
Mandeep Industries                      FBL (LT)              ICRA B       348.8   Reaffirmed
Mandeep Industries                      Unallocated Limits    ICRA B       1.2     Reaffirmed
Mfl Securitisation Trust                PTC Series A1         ICRA AA (SO) 333.6   Provisional
Mfl Securitisation Trust                PTC Series A2         ICRA AA (SO) 10.3    Provisional
Mfl Securitisation Trust                Liquidity Facility    ICRA AAA     6       Provisional
                                                              (SO)
Mfl Securitisation Trust                Second Loss Facility  ICRA BBB-    24.9    Provisional
                                                              (SO)
Mor Alloys Pvt Ltd                      Unallocated Amount    ICRA BB /A4  165.5   upgraded
                                                                                   from ICRA BB-
Munjal Kiriu Industries Pvt Ltd         TL                    ICRA A       242.4   Upgraded
                                                                                   from ICRA A-
Munjal Kiriu Industries Pvt Ltd         LT FBL                ICRA A       300     Upgraded
                                                                                   from ICRA A-
Munjal Kiriu Industries Pvt Ltd         Unallocated Limits    ICRA A       177.6   Upgraded
                                                                                   from ICRA A-
Murlidhar Tex Prints Pvt. Ltd.          FB Limits             ICRA B       68.6    Reaffirmed
Murlidhar Tex Prints Pvt. Ltd.          Unallocated Limits    ICRA B       17.2    Reaffirmed
N.R. Constructions                      FBL                   ICRA BB-     25      Revised from
                                                                                   ICRA BB
N.R. Constructions                      NFBL                  ICRA BB-     85      Revised from
                                                                                   ICRA BB
New India Cables Trading Pvt            LT: FBL               ICRA BB+     170     Reaffirmed
Ltd
enhanced from 9.50 CR
New Palsana Industrial Co-Op            Unallocated limits    ICRA B       178.8   Upgraded
Society Ltd                                                                        from ICRA C+
New Palsana Industrial Co-Op            FB Limit              ICRA B /A4   311.2   Upgraded
Society Ltd                                                                        from ICRA C+
New Palsana Industrial Co-Op            Non-FBL               ICRA B /A4   200     Reaffirmed
Society Ltd
Padam Interiors                         FB Limits – CC        ICRA BBB     100     Reaffirmed
Power Mech Infra Ltd                    FBL                   ICRA BBB-    330     Reaffirmed
Sanskar Ceramic Pvt Ltd                 FBL                   ICRA BB-     570.6   Reaffirmed
Enhanced from Rs. 15.09 crore
Sentini Cermica Pvt Ltd                 Unallocated Limits    [ICRA A-/A2+ 48.9    Reaffirmed
Sentini Cermica Pvt Ltd                 CC                    ICRA A-      300     Reaffirmed
Sentini Cermica Pvt Ltd                 TL                    ICRA A-      11.1    Reaffirmed
Shri Ram Rice Mill                      FBL- LT               ICRA B+      80      Reaffirmed
Smile Microfinance Ltd                  NCD programme         ICRA BBB-    150     Assigned
Smile Microfinance Ltd                  NCD programme         ICRA BBB-    400     Outstanding
Smile Microfinance Ltd                  LT Bk Fac             ICRA BBB-    2500    Outstanding
Sri Vaishnavi Spintex (I) Pvt.          LT - FB Fac           ICRA B       130     Revised from
Ltd.                                                                               ICRA B+
Sri Vaishnavi Spintex (I) Pvt.          LT – Non-FB Fac       ICRA B       8.3     Revised from
Ltd.                                                                               ICRA B+
Ssipl Lifestyle Pvt Ltd                 FBL                   ICRA A-      490     Outstanding
Ssipl Lifestyle Pvt Ltd                 TL                    ICRA A-      175     Outstanding
enhanced from 10.00 CR
Ssipl Lifestyle Pvt Ltd                 Non-FBL               ICRA A-      80      Outstanding
Ssipl Lifestyle Pvt Ltd                 Unallocated Limits    ICRA A-      25      Outstanding
reduced from 10.00 CR
Ssipl Retail Ltd                        FBL                   ICRA A-      940     Outstanding
Ssipl Retail Ltd                        TL                    ICRA A-      200     Outstanding
Ssipl Retail Ltd                        Non-FBL               ICRA A-      120     Outstanding
Sun Enterprise                          FB Limits             ICRA B+      70      Reaffirmed
Sun Psyllium Industries                 FB Limits             ICRA B+      70      Reaffirmed
Tata Elxsi Ltd                          FB Fac                ICRA AA      450     Reaffirmed
--------------------------------------------------------------------------------------------
$: 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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