February 14, 2017 / 11:08 AM / 5 months ago

ICRA ratings for Indian debt instruments-Feb 14

18 Min Read

    Feb 14 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of February 13, 2017.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Asian Granito India Ltd                 ST NFBL               ICRA A1      608.4   Outstanding
Asian Granito India Ltd                 CP Programme          Provisional  400     Reaffirmed
                                                              ICRA A1+
Irm Offshore And Marine                 ST Non-Fund Based –   ICRA A3+     250     Reaffirmed
Engineers Pvt Ltd                       BGs
Irm Offshore And Marine                 ST Non-Fund Based –   ICRA A3+     9.5     Reaffirmed
Engineers Pvt Ltd                       CEL
Itd-Itd Cem Joint Venture               Non Fund based        ICRA A1(SO)  2020    Reaffirmed
                                                              ^
^ No structured payment mechanism
Krishna Antioxidants Pvt Ltd            ST fund based         ICRA A2      320     Reaffirmed
Krishna Antioxidants Pvt Ltd            ST non fund based     ICRA A2      620     Reaffirmed
Mahesh Lumber Pvt Ltd                   Non-FBL               ICRA D       200     Revised from
                                                                                   ICRA A4+
Nezone Pipes & Structures               NFBL –LOC             ICRA A3+     100     Reaffirmed
Nezone Pipes & Structures               NFBL –BG              ICRA A3+     10      Reaffirmed
Nezone Pipes & Structures               NFBL- (Credit         ICRA A3+     -       Reaffirmed
                                        Exposure limit
Paramount Ltd                           LOC Limits            ICRA A3+     700     Reaffirmed
Precon Technology And Castings          Non FB Limits         ICRA A4      25      Assigned
Ltd
R. Jaykumar & Co                        ST: FBL               ICRA A4      65      Reaffirmed
Royal Tyres Pvt Ltd                     ST: FB Fac            ICRA A4      8       Reaffirmed
Royal Tyres Pvt Ltd                     ST: Non-FB Fac        ICRA A4      3       Reaffirmed
Seleo Ceramic Pvt Ltd                   Non-FBL               ICRA A4      10      Reaffirmed
Spacewood Furnishers Pvt Ltd            NFBL                  ICRA A3+     227.6   Reaffirmed
Spacewood Office Solutions Pvt          ST: Non-fund based    ICRA A4+     30      Reaffirmed /
Ltd                                                                                Assigned
Subadra Textiles Pvt Ltd                ST FBL                ICRA A4      35      Reaffirmed
Tata Motors Finance Ltd                 ST FBL#               ICRA A1+     -       Reaffirmed
# Interchangeable between short term and long term fund based limits, out of Rs. 5,523 crore
long term fund based utilization is subject to a limit of Rs. 5,223 crore
Tata Motors Finance Ltd                 CP/ST Debt            ICRA A1+     60000   Reaffirmed
Velmurugan Heavy Engineering            ST, BG                ICRA A4      40      Reaffirmed
Industries Pvt Ltd

LONG TERM RATINGS:
-------------------
Aircel Cellular Ltd                     FB Non FB limits      ICRA BBB+ @  174790^ @
@ - Under rating watch with negative implications 
^These limits are consolidated for Aircel Group; interchangeable among Aircel Limited, Aircel
Cellular Limited, Dishnet Wireless Limited and Aircel Smart Money Limited
Aircel Ltd                              FB Non FB limits      ICRA BBB+ @  174790^ @
@ - Under rating watch with negative implications 
^These limits are consolidated for Aircel Group; interchangeable among Aircel Limited, Aircel
Cellular Limited, Dishnet Wireless Limited and Aircel Smart Money Limited
Aircel Smart Money Ltd                  FB Non FB limits      ICRA BBB+ @  174790^ @
@ - Under rating watch with negative implications 
^These limits are consolidated for Aircel Group; interchangeable among Aircel Limited, Aircel
Cellular Limited, Dishnet Wireless Limited and Aircel Smart Money Limited
Apg Intelli Homes Pvt Ltd               NCD                   ICRA BB+     3750    Reaffirmed
Asian Granito India Ltd                 CC                    ICRA A       2000    Outstanding
Asian Granito India Ltd                 TL                    ICRA A       150     Outstanding
Asian Granito India Ltd                 Unallocated Limits    ICRA A       361.6   Outstanding
Clean Wind Power (Devgarh) Pvt          FBL                   ICRA BBB+    450     Reaffirmed
Ltd
Clean Wind Power (Devgarh) Pvt          TL                    ICRA BBB+    4360    Reaffirmed
Ltd
Clean Wind Power (Satara) Pvt           TL                    ICRA BBB-    1263.2  Reaffirmed
Ltd
Datacom Products (India) Pvt            LT: Fund based        ICRA D       40      Assigned
Ltd
Datacom Products (India) Pvt            ST: Non Fund Based    ICRA D       20      Assigned
Ltd
Datacom Products (India) Pvt            LT/ST: Unallocated    ICRA D/D     40      Assigned
Ltd
Dishnet Wireless Ltd                    FB Non FB limits      ICRA BBB+ @  174790^ @
@ - Under rating watch with negative implications 
^These limits are consolidated for Aircel Group; interchangeable among Aircel Limited, Aircel
Cellular Limited, Dishnet Wireless Limited and Aircel Smart Money Limited
East Hyderabad Expressway Ltd           TL                    ICRA BBB+    1703.3  Reaffirmed
Haldhar Developers Pvt Ltd              NCD                   ICRA AA-     936.3   Withdrawn
Irm Offshore And Marine                 LT FB – Over Draft    ICRA BBB     150     Reaffirmed
Engineers Pvt Ltd                       Facility
Itd-Itd Cem Joint Venture               Fund based            ICRA A-(SO)  1850    Reaffirmed
                                                              ^
^-No structured payment mechanism
Itd-Itd Cem Joint Venture               TL                    ICRA A-(SO)^ 800     Reaffirmed
^-No structured payment mechanism
Kirtilal M Shah                         FBL                   ICRA B+/A4   1086.6  Revised from
                                                                                   ICRA
                                                                                   BB-/
                                                                                   Reaffirmed  
Kirtilal M Shah                         Un-allocated limits   ICRA B+/A4   13.4    Revised from
                                                                                   ICRA
                                                                                   BB-/
                                                                                   Reaffirmed
Kosi Bridge Infrastructure Co.          TL                    ICRA AA      2960    Assigned
Ltd
Krishna Antioxidants Pvt Ltd            LT fund based         ICRA BBB+    105     Reaffirmed
Krishna Antioxidants Pvt Ltd            TL                    ICRA BBB+    275     Reaffirmed
Mahesh Lumber Pvt Ltd                   FB Limits             ICRA D       100     Revised from
                                                                                   ICRA BB+
Nano Agro Foods Pvt Ltd                 FBL                   ICRA B       100     Reaffirmed
Nano Agro Foods Pvt Ltd                 Unallocated Limits    ICRA B       7.3     Reaffirmed
Nezone Pipes & Structures               FBL – TL              ICRA BBB     82.5    Reaffirmed
Nezone Pipes & Structures               FBL – CC              ICRA BBB     300     Reaffirmed
Nezone Pipes & Structures               FBL – Stand by –Line  ICRA BBB     60      Reaffirmed
                                        of Credit
Paramount Ltd                           CC Limits             ICRA BBB     400     Reaffirmed
Paramount Ltd                           BG Limits             ICRA BBB     1400    Reaffirmed
Paras Foods                             FB Limits             ICRA B       80      Reaffirmed
Phoenix Living Spaces Pvt Ltd           NCD                   ICRA BB+     240     Withdrawn
Phoenix Living Spaces Pvt Ltd           Fund based-TL         ICRA BB+     400     Withdrawn
Piyush Colonizer Ltd                    LT FB Limits          ICRA D       300     Revised from
                                                                                   ICRA BB
Precon Technology And Castings          FB Limits             ICRA BB-     80      Assigned
Ltd
Royal Tyres Pvt Ltd                     LT: FB Fac – CC       ICRA B       4       Downgraded
                                                                                   from ICRA B+
Royal Tyres Pvt Ltd                     LT: FB Fac – TL       ICRA B       62.1    Downgraded
                                                                                   from ICRA B+
Royal Tyres Pvt Ltd                     LT/ ST: Unallocated   ICRA B/A4    22.9    Downgraded
                                        limits                                     from ICRA B+
                                                                                   / Reaffirmed
Seleo Ceramic Pvt Ltd                   FBL                   ICRA B       64.8    Reaffirmed
Seleo Ceramic Pvt Ltd                   Unallocated Limits    ICRA B       23      Reaffirmed
Seth Ramji Das Modi Vidya               FBL                   ICRA BB      125     Reaffirmed
Niketan Society
Seth Ramji Das Modi Vidya               Unallocated Amount    ICRA BB      65      Reaffirmed
Niketan Society
Shree Ram Cotton Industries             FB Limits             ICRA B+      77.2    Reaffirmed
(Tankara)
Shree Ram Cotton Industries             Unallocated Limits    ICRA B+/A4   9.1     Assigned
(Tankara)
Spacewood Furnishers Pvt Ltd            LT, Fund Based – Cash ICRA BBB     325     Reaffirmed
                                        Credi
Spacewood Furnishers Pvt Ltd            LT - Unallocated      ICRA BBB     25      Reaffirmed
Spacewood Office Solutions Pvt          LT: FBL               ICRA BB+     182.1   Reaffirmed /
Ltd                                                                                Assigned
Subadra Textiles Pvt Ltd                LT FBL                ICRA B       40      Revised from
                                                                                   ICRA BB-
Subadra Textiles Pvt Ltd                LT/ ST Unallocated    ICRA B/A4    150     Reaffirmed
                                        Limits
Tata Motors Finance Ltd                 Perpetual Debt        ICRA A+      4150    Outlook
                                                                                   revised from
                                                                                   Stable to
                                                                                   Positive
Tata Motors Finance Ltd                 NCDs                  ICRA AA      40000   Outlook
                                                                                   revised from
                                                                                   Stable to
                                                                                   Positive 
Tata Motors Finance Ltd                 Subordinated Debt     ICRA AA      14000   Outlook
                                                                                   revised from
                                                                                   Stable to   
                                                                                   Positive
Tata Motors Finance Ltd                 Bk Lines              ICRA AA      128500  Outlook
                                                                                   revised from
                                                                                   Stable to  
                                                                                   Positive   
Tata Motors Finance Ltd                 LT FBL#               ICRA AA      52230   Outlook
                                                                                   revised from
                                                                                   Stable to 
                                                                                   Positive
# Interchangeable between short term and long term fund based limits, out of Rs. 5,523 crore
long term fund based utilization is subject to a limit of Rs. 5,223 crore
Tata Motors Finance Ltd                 Non-FBL               ICRA AA      26320   Outlook
                                                                                   revised from
                                                                                   Stable to 
                                                                                   Positive  
Tata Motors Finance Solutions           Perpetual Debt        ICRA A+      1000    Outlook
Ltd                                                                                revised from
                                                                                   Stable to
                                                                                   Positive 
Tata Motors Finance Solutions           Subordinated Debt     ICRA AA      2000    Outlook
Ltd                                                                                revised from
                                                                                   Stable to 
                                                                                   Positive
Velmurugan Heavy Engineering            LT: FB Fac            ICRA B+      150     Reaffirmed
Industries Pvt Ltd
Velmurugan Heavy Engineering            LT: TL                ICRA B+      106.2   Reaffirmed
Industries Pvt Ltd
Vipul Ltd                               LT: Fund based        ICRA B+      300     Notice for
                                                                                   withdrawal
                                                                                   for 90 days
Vipul Ltd                               LT debt               ICRA B+      700     Withdrawn
Vipul Ltd                               NCD (NCD)             ICRA B+      720     Withdrawn
Vipul Ltd                               Non fund based        ICRA B+      451.2   Notice for
                                                                                   withdrawal
                                                                                   for 90 days
Vipul Ltd                               Unallocated limits    ICRA B+      48.8    Notice for
                                                                                   withdrawal
                                                                                   for 90 days
--------------------------------------------------------------------------------------------
$: 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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