June 13, 2017 / 12:25 PM / 3 months ago

ICRA ratings for Indian debt instruments-Jun 13

    Jun 13 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of June 12, 2017.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Arambhan Hospitality Services           ST NFBL –BG           ICRA D       10      Downgraded
Ltd                                                                                from ICRA A4
Brisk India Pvt Ltd                     ST –Fund Based        ICRA D       250     Downgraded
                                                                                   from ICRA A4
Brisk India Pvt Ltd                     ST –Non Fund Based    ICRA D       33.5    Downgraded
                                                                                   from ICRA A4
Dagger Master Tool Industries           Non –FBL              ICRA A4      2       Withdrawn
Ltd
Dagger Master Tool Industries           ST Loan               ICRA A4      2.2     Withdrawn
Ltd
Ganpati Petrochemicals                  Fund Based-Bill       ICRA A3      30      Upgraded
                                        Discounting Limit                          from ICRA A4+
Ganpati Petrochemicals                  Non-FBL               ICRA A3      25      Upgraded
                                                                                   from ICRA A4+
Girdhar Tents                           Non FB –BG            ICRA A4      50      Assigned
Gm Exports                              LOC                   ICRA A4      15      -
Gm Exports                              Bk Guanratee          ICRA A4      50      -
Krystal Integrated Services             Non FB                ICRA A3+     410     Upgraded
Pvt Ltd                                                                            from ICRA A3
Krystal Integrated Services             FB –Working Capital   ICRA A3+     250     Upgraded
Pvt Ltd                                 Demand Loan(Sublimit                       from ICRA A3
                                        of CC)
Marks Engineering Works                 Short–term: FB Fac    ICRA A3      96.5    Reaffirmed
Palani Vijay Cottspin Pvt Ltd           SLC                   ICRA A4      15      -
Power Finance Corporation Ltd           ST borrowing          ICRA A1+     100000^ Outstanding
                                        programme FY2018
^Short term borrowings are interchangeable with long term borrowings, subject to the total
borrowings in FY2018 not exceeding Rs. 51,000 crore
Pulse Pharmaceuticals Pvt Ltd           ST Non-FBL            ICRA A4+     20      Revised from
                                                                                   ICRA A3
Skylark Infra Engineeringpvt            ST –Unallocated       -            -
Ltd
Skylark Infra Engineeringpvt            ST –Non Fund based –BGICRA A3+     800     pgraded from
Ltd                                                                                ICRA A3
Stci Finance Ltd                        ST debt programme     ICRA A1+     15000   Reaffirmed
Uv Boards Ltd.                          LC                    ICRA A4      210     -
Uv Boards Ltd.                          Proposed Fac          ICRA A4      15      -
Wheels India Ltd                        ST: Non-FB Fac        ICRA A1+     1500    Outstanding
Wheels India Ltd                        CP Programme          ICRA A1+     1000    Outstanding

MEDIUM TERM RATINGS:
-------------------
Power Finance Corporation Ltd           Fixed deposit         MAAA         -       Outstanding
                                        programme

LONG TERM RATINGS:
-------------------
Arambhan Hospitality Services           LT FBL –CC            ICRA D       150     Downgraded
Ltd                                                                                from ICRA BB
Ascend Green Homes                      BLR                   ICRA B-      99      -
Brisk India Pvt Ltd                     LT, Fund based –TL    ICRA D       163.7   Downgraded
                                                                                   from ICRA B
Brisk India Pvt Ltd                     LT, Fund based –CC    ICRA D       350     Downgraded
                                                                                   from ICRA B
Brisk India Pvt Ltd                     LT -Unallocated       ICRA D       102.8   Downgraded
                                                                                   from ICRA B
Dagger Master Tool Industries           TL Limit              ICRA BB-     76.9    Withdrawn
Ltd
Dagger Master Tool Industries           FBL –CC               ICRA BB-     45      Withdrawn
Ltd
Dagger Master Tool Industries           Unallocated limit     ICRA BB-     8.9     Withdrawn
Ltd
Deep Automobiles                        FB Limits             ICRA BB      212     Revised from
                                                                                   ICRA BB-
Ganpati Petrochemicals                  Fund Based-CC Limit   ICRA BBB-    45      Upgraded
                                                                                   from ICRABB+
Ganpati Petrochemicals                  Unallocated Limited   ICRA BBB-    90      Upgraded
                                                              /ICRA A3             from ICRA
                                                                                   BB+ /ICRA A4+
Girdhar Tents                           FB –CC                ICRA BB-     60      Assigned
Girdhar Tents                           FB –TL                ICRA BB-     30      Assigned
Gm Exports                              CC                    ICRA BB      20      -
Gm Exports                              Channel Financing     ICRA BB      180     -
                                        Limits
Gm Exports                              Long Term/ ST         ICRA BB /A4  40      -
                                        Proposed limits
Gurunanak Stone Industries              FB –LT                ICRA B       50      Assigned
Gurunanak Stone Industries              Unallocated –LT       ICRA B       5       Assigned
Harekrushna Cottex                      FB –CC                ICRA B+      45      Upgraded
                                                                                   from ICRA B
Harekrushna Cottex                      FB –TL                ICRA B+      12.2    Upgraded
                                                                                   from ICRA B
Harekrushna Cottex                      Unallocated           ICRA B+      2       Upgraded
                                                                                   from ICRA B
International Travel House Ltd          LT FB                 ICRA AA      100     Assigned
Jumbo Roofings And Tiles                Bk Fac                ICRA BB /A4  148     -
Jyote Motors Pvt Ltd                    FB Limits             ICRA B+      400     Downgraded
                                                                                   from ICRA BB-
(enhanced from Rs. 12.00 crore earlier)
Krystal Integrated Services             FB –CC                ICRA BBB     316     Upgraded
Pvt Ltd                                                                            from ICRA
                                                                                   BBB-
Krystal Integrated Services             FB –TL                ICRA BBB     29.6    Upgraded
Pvt Ltd                                                                            from ICRA
                                                                                   BBB-
Krystal Integrated Services             Unallocated           ICRA BBB /   44.4    Upgraded
Pvt Ltd                                                       ICRA A3+             from ICRA
                                                                                   BBB-(Stable)
/ ICRA A3
M2K Entertainment Pvt Ltd               LT -Fund based        ICRA BB+     149     Assigned
                                        –Overdraft
                                        (optionally convertible debenture)
M2K Entertainment Pvt Ltd               LT –Unallocated       ICRA BB+     1       Assigned
Manorama Hospitex Pvt Ltd               Bk Fac                ICRA D       120     -
Marks Engineering Works                 Long–term: TL         ICRA BBB-    15      Reaffirmed
Marks Engineering Works                 Long–term: FB Fac     ICRA BBB-    13.5    Reaffirmed
Mistry Enterprises Ltd                  BLR                   ICRA D       275     -
Palani Vijay Cottspin Pvt Ltd           CC                    ICRA BB-     135     -
Palani Vijay Cottspin Pvt Ltd           TL                    ICRA BB-     29.6    -
Palani Vijay Cottspin Pvt Ltd           LT/ unallocated       ICRA BB-     265.9   -
Pommys Garments (India) Pvt Ltd         BLR                   ICRA BB-     173.8
Power Finance Corporation Ltd           Overall borrowing     -            510000^ Outstanding
                                        programme FY2018
^Short term borrowings are interchangeable with long term borrowings, subject to the total
borrowings in FY2018 not exceeding Rs. 51,000 crore
Power Finance Corporation Ltd           LT borrowing          ICRA AAA     410000^ Outstanding
                                        programme FY2018
^Short term borrowings are interchangeable with long term borrowings, subject to the total
borrowings in FY2018 not exceeding Rs. 51,000 crore
Power Finance Corporation Ltd           Rated LT/ST borrowing ICRA AAA /   4058390 Outstanding
                                        programmes of         ICRA A1+
                                        previous years
Pulse Pharmaceuticals Pvt Ltd           LT FBL                ICRA BB+     228.7   Revised from
                                                                                   ICRA BBB-
Pulse Pharmaceuticals Pvt Ltd           Long/ST Unallocated   ICRA BB+     11.3    Revised from
                                        Limits                /ICRA A4+            ICRA BBB- /
                                                                                   ICRA A3
Shree Govindam Prime Foods              LT FB CC              ICRA BB      105     Assigned
Pvt. Ltd
Skylark Infra Engineeringpvt            LT –Unallocated       -            -
Ltd
(reduced from 20.0crs)
 (reduced from 40.0crs)
Skylark Infra Engineeringpvt            LT –Fund based -CC    ICRA BBB     200     Upgraded
Ltd                                                                                from ICRA
                                                                                   BBB-
Sonal Vyaparpvt Ltd                     Bk Loan Ratings       ICRA BB      260.2   -
                                                              /ICRA A4
--------------------------------------------------------------------------------------------
$: 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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