April 20, 2017 / 10:27 AM / 4 months ago

ICRA ratings for Indian debt instruments-Apr 20

    Apr 20 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of April 19, 2017.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Central Bank Of India                   Upper Tier II bonds   CGR 3+               Outstanding
                                        programme
Cravatex Ltd                            Non-FBL               ICRA A4+&   520      Reaffirmed
                                        (LC/LER/BC/Factoring)
& under rating watch with developing implications

Muthoot Finance Ltd                     ST fund based Bk      ICRA A1+    108180^ outstanding
                                        limits###                                  / assigned
### enhanced from Rs. 10,318.00 crore. ^Long-term and short-term 
fund based bank limits include an interchangeable limit of Rs.
7,395.00 crore. The total rated bank facilities stand at Rs. 12,760.00 crore.

The total rated bank
Muthoot Finance Ltd                     CP programme          ICRA A1+    2000     Outstanding
Rajnish Steels                          Non-FBL – LOC*        ICRA A4              Reaffirmed
* Sublimit of cash credit
S. K. Exports                           FB – Packing Credit   ICRA A4      78.5    Reaffirmed
S. K. Exports                           Non-Fund based – LOC  ICRA A4      2.5     Reaffirmed
S. K. Exports                           Unallocated           ICRA A4      14      Reaffirmed

LONG TERM RATINGS:
-------------------
Central Bank Of India                   Upper Tier II bonds   ICRA A              Downgraded
                                        programme                                 from ICRA A+
Central Bank Of India                   Upper Tier II bonds   ICRA A              Downgraded
                                        programme                                 from ICRA A+
Central Bank Of India                   Upper Tier II bonds   ICRA A              Downgraded
                                        programme                                 from ICRA A+
Central Bank Of India                   Upper Tier II bonds   ICRA A              Downgraded
                                        programme                                 from ICRA A+
Central Bank Of India                   Lower Tier II bonds   ICRA A+             Downgraded
                                        programme (with Green                     from 
                                        Shoe Option of Rs. 270 crore)             ICRA AA-
Central Bank Of India                   Lower Tier II bonds   ICRA A+             Downgraded
                                        programme                                 from 
                                                                                  ICRA AA-
Central Bank Of India                   Lower Tier II bonds   ICRA A+             Downgraded
                                        programme                                 from 
                                                                                  ICRA AA-
Central Bank Of India                   Upper Tier II bonds   ICRA AA-            Withdrawn
                                        programme
Cheers Interactive (India) Pvt          LT FBL – CC           ICRA BB     99      Withdrawn
Ltd
Cheers Interactive (India) Pvt          LT Unallocated Limits ICRA BB     1       Withdrawn
Ltd
Cravatex Ltd                            TL                    ICRA BB+&   54.8    Reaffirmed
& under rating watch with developing implications
Cravatex Ltd                            FBL (CC)              ICRA BB+&   500     Reaffirmed
& under rating watch with developing implications
Cravatex Ltd                            Non-FBL (SBLC)        ICRA BB+&   45      Reaffirmed
& under rating watch with developing implications
Dss Buildtech Pvt Ltd                   LT Non FB – BG        ICRA B+     161.1   Reaffirmed
Edward Food Research And                FB Limit- NCDs        ICRA B+     360     downgraded
Analysis Centre Ltd                                                               from
                                                                                  ICRA BB-
Muthoot Finance Ltd                     TL#                   ICRA AA     2000    outstanding
                                                                                  / assigned
# enhanced from Rs. 50.00 crore
Muthoot Finance Ltd                     LT fund based Bk      ICRA AA     91370^  outstanding
                                        limits##                                   / assigned
##enhanced from Rs. 8,662.00 crore. ^Long-term and short-term fund based
 bank limits include an interchangeable limit of Rs. 7,395.00 crore.
 The total rated bank facilities stand at Rs. 12,760.00 crore.
The total rated bank fac
Muthoot Finance Ltd                     NCD programme         ICRA AA     19500   Outstanding
Muthoot Finance Ltd                     Subordinated debt     ICRA AA     500     Outstanding
                                        programme
Muthoot Finance Ltd                     LT debentures&        ICRA AA     37320   Outstanding
Muthoot Finance Ltd                     LT debentures         ICRA AA     10508   Outstanding
                                        (Unallocated)
Muthoot Finance Ltd                     Subordinated debt     ICRA AA     317.8   Outstanding
                                        programme
Muthoot Finance Ltd                     Subordinated debt     ICRA AA     682.2   Outstanding
                                        programme
                                        (Unallocated)
Muthoot Finance Ltd                     NCD programme         ICRA AA     2000    Outstanding
                                        (Private Placement)
Muthoot Finance Ltd                     Subordinated debt     ICRA AA     1000    Outstanding
                                        programme (Private
                                        Placement)
Neelam Hospital                         LT FB – TL            ICRA BB-    190     Reaffirmed
Rajnish Steels                          FB Limits - CC        ICRA B+     80      Reaffirmed
Rajnish Steels                          Unallocated           ICRA B+ /   30      Reaffirmed
                                                              A4
Sri Sai Agro Industries                 LT - Fund based – TL  ICRA B      25      Reaffirmed
Sri Sai Agro Industries                 LT - Fund based – CC  ICRA B      40      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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