April 21, 2017 / 10:23 AM / 3 months ago

ICRA ratings for Indian debt instruments-Apr 21

15 Min Read

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


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Balramapur Chini Mills Ltd              CP^                   ICRA A1+     12000   Reaffirmed
^Total borrowing under CP/STD and cash credit to be limited to sanctioned
cash credit limits or drawing power, whichever is lower
Balramapur Chini Mills Ltd              Non-FBL**             ICRA A1+     950     Reaffirmed
**The non-fund based limits are a sublimit of the fund-based limits
Balramapur Chini Mills Ltd              NFBL-Forward Cover**  ICRA A1+     40      Reaffirmed
**The non-fund based limits are a sublimit of the fund-based limits
Belstar Investment And Finance          CP programme          ICRA A1      500     Assigned
Pvt Ltd
Desein Pvt Ltd                          Non fund based        ICRA A3+     305     Revised from
                                                                                   ICRA A2+
Ecl Finance Ltd                         CP Programme (IPO     ICRA A1+     50000   Withdrawn
                                        financing)
Ecl Finance Ltd                         CP Programme (IPO     ICRA A1+     20000   Withdrawn
                                        financing)
Ecl Finance Ltd                         LT Principal          ICRA A1+     13500   Outstanding
                                        Protected Market
                                        Linked Debenture Programme
Ecl Finance Ltd                         Bk Lines              ICRA A1+     110000  Outstanding
Ecl Finance Ltd                         ST NCD Programme      ICRA A1+     1000    Outstanding
Edelweiss Commodities Services          CP Programme (IPO     ICRA A1+     60000   Withdrawn
Ltd                                     financing)
Edelweiss Commodities Services          CP Programme (IPO     ICRA A1+     30000   Withdrawn
Ltd                                     financing)
Edelweiss Commodities Services          ST NCD Programme      ICRA A1+     1000    Outstanding
Ltd
Edelweiss Commodities Services          ST Principal          PP-MLD       5000    Outstanding
Ltd                                     Protected Market      ICRA A1+
                                        Linked Debenture Programme
Edelweiss Finance And                   CP Programme (IPO     ICRA A1+     10000   Withdrawn
Investments Ltd                         financing)
Edelweiss Finance And                   CP Programme          ICRA A1+     10000   Outstanding
Investments Ltd
Edelweiss Finance And                   ST Principal          PP-MLDICRA   4000    Outstanding
Investments Ltd                         Protected Market      A1+
                                        Linked Debenture Programme
Edelweiss Financial Services            CP Programme (IPO     ICRA A1+     45000   Withdrawn
Ltd                                     financing)
Edelweiss Financial Services            CP Programme (IPO     ICRA A1+     20000   Withdrawn
Ltd                                     financing)
Edelweiss Financial Services            CP Programme          ICRA A1+     50000   outstanding
Ltd
Edelweiss Financial Services            ST NCD Programme      ICRA A1+     1000    outstanding
Ltd
Ganesh Polychem Ltd                     ST – NFBL             ICRA A1      50      Reaffirmed
Indian Potash Ltd                       ST: Non-FB Fac        ICRA A1+     69500   Reaffirmed
Indian Potash Ltd                       ST: CP                ICRA A1+     8000    Reaffirmed
Kansara Forge & Wires Pvt Ltd           NFBL                  ICRA A4      20      Reaffirmed
Kosol Hiramrut Energies Pvt Ltd         Solar project         SP 2A                Assigned
Punjab And Sind Bank                    CDs Programme         ICRA A1+     100000  Outstanding

LONG TERM RATINGS:
-------------------
Asf Insignia Sez Pvt Ltd                LT: TL                ICRA BBB     2700    Downgraded
                                                                                   to ICRA BBB-
Asf Insignia Sez Pvt Ltd                LT: Proposed TL       ICRA BBB     1800    Downgraded
                                                                                   to ICRA BBB-
Balramapur Chini Mills Ltd              FBL – TL              ICRA AA      1835.1  Revised
                                                                                   from
                                                                                   ICRA AA-
Balramapur Chini Mills Ltd              FBL – CC              ICRA AA      16000   Revised
                                                                                   From
                                                                                   ICRA AA-
Belstar Investment And Finance          NCD programme         ICRA A       700     Assigned
Pvt Ltd
Belstar Investment And Finance          Subordinated debt     ICRA A       300     Assigned
Pvt Ltd                                 programme
Bhavani Cotex                           FB TL                 ICRA B+      6       Reaffirmed
Bhavani Cotex                           FB CC                 ICRA B+      50      Reaffirmed
Cholamandalam Investment &              Second Loss Facility  ICRA A+(SO)          Withdrawn
Finance Co. Ltd -Platinum
Trust August 2014
Cholamandalam Investment &              PTC Series A          ICRA AAA(SO)         Withdrawn
Finance Co. Ltd -Platinum
Trust August 2014
Desein Pvt Ltd                          CC                    ICRA BBB     30      Revised from
                                                                                   ICRA A-
Ecl Finance Ltd                         Subordinated Debt     ICRA AA      6500    Outstanding
                                        Programme
Ecl Finance Ltd                         CP Programme          ICRA AA      3600    Outstanding
Ecl Finance Ltd                         ST Principal          ICRA AA      9000    Outstanding
                                        Protected Market      /ICRA A1+
                                        Linked Debenture Programme
Ecl Finance Ltd                         NCD Programme         PP-MLDICRA   73500   Outstanding
                                                              AA
Edelweiss Commodities Services          NCD Programme         ICRA AA      47000   Outstanding
Ltd
Edelweiss Commodities Services          Bk Lines              ICRA AA      20000   Outstanding
Ltd
Edelweiss Finance And                   NCD Programme         ICRA AA      12500   Outstanding
Investments Ltd
Edelweiss Finance And                   Subordinated Debt     ICRA AA      500     Outstanding
Investments Ltd                         Programm
Edelweiss Finance And                   Bk Line               ICRA AA      5000    Outstanding
Investments Ltd
Edelweiss Finance And                   LT Principal          PP-MLD ICRA  8000    Outstanding
Investments Ltd                         Protected Market      AA
                                        Linked Debenture Programme
Edelweiss Financial Services            NCD Programme         ICRA AA      5000    outstanding
Ltd
Ganesh Polychem Ltd                     LT –TL                ICRA A       150     Reaffirmed
Ganesh Polychem Ltd                     LT- Fund Based /      ICRA A       250     Reaffirmed
                                        Cash
Credit
Healthcare Global Enterprises           TL                    ICRA A-      926.2   Upgraded
Ltd                                                                                from ICRA
                                                                                   BBB+
Healthcare Global Enterprises           FBL                   ICRA A-      550     Upgraded
Ltd                                                                                from ICRA
                                                                                   BBB+
Healthcare Global Enterprises           Non-FBL               ICRA A-      843.8   Upgraded
Ltd                                                                                from ICRA
                                                                                   BBB+
Indian Potash Ltd                       LT: FB Fac            ICRA A+      11000   Reaffirmed
Kansara Forge & Wires Pvt Ltd           CC                    ICRA B+      25      Reaffirmed
Kansara Forge & Wires Pvt Ltd           TL                    ICRA B+      35      Reaffirmed
Mewad Polymers Pvt Ltd                  FBL – CC              ICRA BB-     60      Assigned
Mewad Polymers Pvt Ltd                  FBL – TL              ICRA BB-     40      Assigned
Multiple Originators                    PTC Series A1         ICRA AA-(SO) 598.1   Withdrawn
Multiple Originators                    PTC Series A2         ICRA AA-(SO) 18.5    Withdrawn
Presidency Exports &                    Fund Based Bk         -            130     Reaffirmed
Industries Ltd
Punjab And Sind Bank                    Basel III compliant   ICRA         10000   Assigned
                                        Tier I Bonds          A+(hyb)
Punjab And Sind Bank                    Basel III compliant   ICRA AA      11750   Outstanding
                                        Tier I Bonds
Shri Shyam Polycoat Pvt Ltd             CC                    ICRA B+      20      Reaffirmed
Shri Shyam Polycoat Pvt Ltd             TL                    ICRA B+      28      Reaffirmed
Shri Shyam Polycoat Pvt Ltd             LT/ST unallocated     ICRA B+      4.5     Reaffirmed
                                                              /A4
Svl Ltd                                 LT, Non-Convertible   ICRA AA      6500    Reaffirmed
                                        Debent
Svl Ltd                                 LT, Term-Loans        ICRA B+      1105    Downgraded
                                                                                   from ICRA BBB
Svl Ltd                                 LT, NCDs              ICRA B+      1125    Downgraded
                                                                                   from ICRA BBB
Svl Ltd                                 LT, Unallocated       ICRA B+      505     Downgraded
                                                                                   from ICRA BBB
Tvs Credit Services Ltd -               PTC Series A1         ICRA AAA(SO)         Reaffirmed
Moon Trust January 2015
Tvs Credit Services Ltd -               Second Loss Facility  ICRA A- (SO)         Reaffirmed
Silver Trust July 2016
Tvs Credit Services Ltd -               PTC Series A1         ICRA AAA(SO)         Reaffirmed
Silver Trust July 2016
Tvs Credit Services Ltd -               Second Loss Facility  ICRA A- (SO)         Reaffirmed
Silver Trust March 2016
Tvs Credit Services Ltd -               PTC Series A1         ICRA AAA(SO)         Reaffirmed
Silver Trust March 2016
Tvs Credit Services Ltd -               Second Loss Facility  ICRA A- (SO)         Reaffirmed
Titan Trust March 2016
Tvs Credit Services Ltd -               PTC Series A1         ICRA AAA(SO)         Reaffirmed
Titan Trust March 2016
Tvs Credit Services Ltd - Gold          Second Loss Facility  ICRA A+(SO)          Reaffirmed
Trust October 2015
Tvs Credit Services Ltd - Gold          PTC Series A1         ICRA AAA(SO)         Reaffirmed
Trust October 2015
Tvs Credit Services Ltd -               PTC Series A1         ICRA AAA(SO)         Reaffirmed
Lotus Trust August 2014
Tvs Credit Services Ltd -               PTC Series A1         ICRA AAA(SO)         Reaffirmed
Lotus Trust July 2015
Tvs Credit Services Ltd -               PTC Series A1         ICRA AAA(SO)         Reaffirmed
Sparkle Trust November 2014
--------------------------------------------------------------------------------------------
$: 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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