February 16, 2017 / 10:30 AM / 7 months ago

ICRA ratings for Indian debt instruments-Feb 16

    Feb 16 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of February 15, 2017.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Bonza Vitrified Pvt Ltd                 NFBL                  ICRA A4      40      Assigned
Edelweiss Commodities Services          CP Programme (IPO     ICRA A1+     30000   Outstanding
Ltd                                     financing)
Edelweiss Commodities Services          ST NCD                ICRA A1+     1000    Outstanding
Ltd
Edelweiss Commodities Services          ST Equity linked      PP-MLD ICRA  5000    Outstanding
Ltd                                     Debenture             A1+
Grotech Landscape Developers            Non Fund Based – BG   ICRA A4+     140     Assigned
Pvt Ltd
Icici Bank Ltd                          Basel III Complaint   ICRA AA4+    35000   Upgraded
                                        Tier I Bonds          (hyb)                from
                                                                                         AA
                                                                                    (hyb)
Kera Vitrified Llp                      Non-FBL-BG            ICRA A4      32.5    Outstanding
Precision Machines And                  BG                    ICRA A4      15      Reaffirmed
Equipments Pvt Ltd
Precision Machines And                  LOC                   ICRA A4      35      Reaffirmed
Equipments Pvt Ltd
Sanghi Industries Ltd                   ST NFBL               ICRA A2+     150     Upgraded
                                                                                   from
                                                                                         A3+
Varalakshmi Starch Industries           ST: FB Fac            ICRA A4      20      Reaffirmed
Pvt Ltd
Varalakshmi Starch Industries           ST: Non-FB Fac        ICRA A4      20      Reaffirmed
Pvt Ltd

LONG TERM RATINGS:
-------------------
Bekem Infra Projects Pvt Ltd            FBL                   ICRA A-      500     Upgraded
                                                                                   from
                                                                                         BBB+
Bekem Infra Projects Pvt Ltd            LT Non Fund based     ICRA A-      1450    Upgraded
                                                                                   from
                                                                                         BBB+
Bekem Infra Projects Pvt Ltd            LT: NFBL              ICRA A-      840     Upgraded
                                        (Unallocated)                              from
                                                                                         BBB+
Bonza Vitrified Pvt Ltd                 FBL                   ICRA B       350     Assigned/
                                                                                   Outstanding
enhanced from 13.00 crore
Delphi Automotive Systems Pvt           CC/WCDL/LC/BG/Bill    ICRA A- /A2+ 400     Upgraded
Ltd                                     Discounting Fac                            from
                                                                                         BBB
Edelweiss Commodities Services          NCD                   ICRA AA      12000   Assigned
Ltd
Edelweiss Commodities Services          NCD                   ICRA AA      25000   Outstanding
Ltd
Edelweiss Commodities Services          Bk Lines              ICRA AA      20000   Outstanding
Ltd
Grama Vidiyal Microfinance Ltd          PTC Series A1         ICRA A-(SO)          Withdrawn
- Cadmus IFMR Capital 2015
Grama Vidiyal Microfinance Ltd          PTC Series A2         ICRA BB+(SO)         Withdrawn
- Cadmus IFMR Capital 2015
Grama Vidiyal Microfinance Ltd          PTC Series A1         ICRA A-(SO)          Withdrawn
- Luna IFMR Capital 2015
Grama Vidiyal Microfinance Ltd          PTC Series A2         ICRA BB+(SO)         Withdrawn
- Luna IFMR Capital 2015
Gujarat Cotton Corporation              FBL                   ICRA BB-     250     Assigned/
                                                                                   outstanding
Janalakshmi Financial Services          PTC Series A1         ICRA A-(SO)  320.5   Final
Ltd - Leonardo IFMR Capital
2016
Janalakshmi Financial Services          PTC Series A2         ICRA BBB(SO) 17.8    Final
Ltd - Leonardo IFMR Capital
2016
Janalakshmi Financial Services          PTC Series A1         ICRA A- (SO) 671.3   Final
Ltd - Michelangelo Ifmr
Capital 2016
Janalakshmi Financial Services          PTC Series A2         ICRA BBB     35.1    Final
Ltd - Michelangelo IFMR                                       (SO)
Capital 2016
Kera Vitrified Llp                      FBL-CC                ICRA B       100     Assigned/
                                                                                   outstanding
enhanced from Rs. 9.75 crore
Kera Vitrified Llp                      FBL-TL                ICRA B       333.2   Assigned
Precision Machines And                  CC                    ICRA BB      31.5    Reaffirmed
Equipments Pvt Ltd
Precision Machines And                  LT and ST –           ICRA BB /A4  58.5    Reaffirmed
Equipments Pvt Ltd                      unallocated
Religare Finvest Ltd - Divine           PTC Series B          ICRA AA-             Withdrawn
Loan Securitization Series I                                  (SO)
Trust 2013
Religare Finvest Ltd - Divine           PTC Series A          ICRA AAA             Withdrawn
Loan Securitization Series I                                  (SO)
Trust 2013
Sanghi Industries Ltd                   LT Fund Based- CC     ICRA A-      1850    Upgraded
                                                                                   from
                                                                                         BBB
Enhanced from Rs 155 crore
Sjs Enterprises Pvt Ltd                 LT-Fund Based-Working ICRA A       295     Upgraded
                                        Capital Limits                             from       A-
Sjs Enterprises Pvt Ltd                 LT-Unallocated        ICRA A       75      Upgraded
                                                                                   from       A-
increased from 7 CR
Ujjivan Financial Services Ltd          PTC Series A          ICRA A (SO)  1086.5  Final
-Maatalous 2016
Varalakshmi Starch Industries           LT: FB Fac            ICRA BB-     207     Reaffirmed
Pvt Ltd
Varalakshmi Starch Industries           LT: Unallocated Fac   ICRA BB-     94.3    Reaffirmed
Pvt Ltd
--------------------------------------------------------------------------------------------
$: 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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