February 21, 2017 / 9:29 AM / 6 months ago

ICRA ratings for Indian debt instruments-Feb 21

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


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Akums Drugs & Pharmaceuticals           Unallocated           ICRA A1+     900     Reaffirmed
Ltd
(reduced from 117.0crs)
Balrampur Chini Mills Ltd               CP^                   ICRA A1+     12000   Outstanding
^Total borrowing under CP/STD and cash credit to be limited to sanctioned cash credit limits or
drawing power, whichever is lower
Balrampur Chini Mills Ltd               Non-FBL**             ICRA A1+     543.7   Outstanding
**The non-fund based limits are a sublimit of the fund-based limits
Balrampur Chini Mills Ltd               NFBLForward Cover     ICRA A1+     43.7    Outstanding
Dhansar Engineering Co. Pvt.            LOC                   ICRA A2      50**    Assigned
Ltd.
**sublimit of bank guarantee limits
Dhanuka Agritech Ltd                    NFBL                  ICRA A1+     333.5   Reaffirmed
Gdjd Exports                            Fund based facility   ICRA A4      14      Reaffirmed
Karolia Lighting Pvt Ltd                Non-FB limit          ICRA A4      25      Reaffirmed
Natco Pharma Ltd                        ST Non-FBL            ICRA A1+     590     Reaffirmed
Natco Pharma Ltd                        CP                    ICRA A1+     1000    Reaffirmed
Prince Marketing                        ST: Non Fund Based    ICRA A4      250     Reaffirmed
Pure & Cure Healthcare Pvt Ltd          Overdraft             ICRA A1+     200     Assigned
Salicylates And Chemicals Pvt           Non-FBL               ICRA A3      70      Reaffirmed
Ltd
Sona Koyo Steering Systems Ltd          ST FBL                ICRA A1+     525     Reaffirmed
Sona Koyo Steering Systems Ltd          ST Non-FBL            ICRA A1+     550     Reaffirmed
Sona Koyo Steering Systems Ltd          CP                    ICRA A1+     150     Reaffirmed
Sree Durga Fibre Products Pvt           NFBL –BG              ICRA A3+     10      Assigned
Ltd
United Concepts & Solutions             Non-fund Based – BG/LCICRA D       15      Revised from
Pvt Ltd                                                                                  A4+

LONG TERM RATINGS:
-------------------
Akums Drugs & Pharmaceuticals           CC Fac                ICRA A+      650     Reaffirmed
Ltd
(reduced from 80.0crs)
Akums Drugs & Pharmaceuticals           TL                    ICRA A+      150     Reaffirmed
Ltd
(reduced from 27.0crs)
Balrampur Chini Mills Ltd               FBL – TL              ICRA AA-     5242.5  Outstanding
Balrampur Chini Mills Ltd               FBL – CC              ICRA AA-     15000   Outstanding
Dhansar Engineering Co. Pvt.            CC                    ICRA BBB+    560     Outstanding
Ltd.
Dhansar Engineering Co. Pvt.            BG                    ICRA BBB+    1065.9  Assigned /
Ltd.                                                                               outstanding
Dhansar Engineering Co. Pvt.            TL                    ICRA BBB+    724.1   Assigned
Ltd.
Dhanuka Agritech Ltd                    FBL                   ICRA AA-     300     Upgraded
                                                                                   from       A+
Eta Constructions (India) Ltd           TL                    ICRA BBB-    1250    Upgraded
                                                                                   from
                                                                                         BB+
Eta Constructions (India) Ltd           Overdraft             ICRA BBB-    50      Upgraded
                                                                                   from
                                                                                         BB+
Eta Constructions (India) Ltd           Non-fund based        ICRA BBB-    50      Upgraded
                                                                                   from
                                                                                         BB+
Gdjd Exports                            Export Packing Credit ICRA B+      50      Reaffirmed
Gdjd Exports                            Foreign Bill          ICRA B+      30      Reaffirmed
                                        Discounted
Ivory Brick Homes Llp                   FBL                   ICRA BBB+    50      Upgraded
                                                                                   from
                                                                                         BBB
Karolia Lighting Pvt Ltd                FB limits             ICRA BB-     75      Reaffirmed
Lot Mobiles Pvt Ltd                     FB Limits             ICRA BB+     50      Reaffirmed
Majhaulia Sugar Industries Pvt          FB Limits             ICRA A-      90      Assigned
Ltd
Malik Lifesciences Pvt Ltd              CC Facility           ICRA A-      200     Reassigned
                                                                                   from       A+
Malik Lifesciences Pvt Ltd              CC Facility           ICRA A+      170     Assigned
Natco Pharma Ltd                        TL                    ICRA AA      3000    Upgraded
                                                                                   from
                                                                                         AA-
Natco Pharma Ltd                        LT FBL                ICRA AA      4210    Upgraded
                                                                                   from
                                                                                         AA-
Natco Pharma Ltd                        LT/ST Proposed        ICRA AA      594     Reaffirmed
Natco Pharma Ltd                        LT / ST - Fund        ICRA AA/A1+  615     Assigned
                                        based/Non Fund Based
Orient Constructions Pvt Ltd            FB Limits             ICRA BB+ /   60      Assigned
                                                              ICRA A4+
Orient Constructions Pvt Ltd            Non-FBL               ICRA BB+ /   140     Assigned
                                                              ICRA A4+
Orient Constructions Pvt Ltd            Unallocated Limit     ICRA BB+ /   50      Assigned
                                                              ICRA A4+
Park Health Systems Pvt Ltd             TL Limits             ICRA BB-     51.4    Upgraded
                                                                                   from       B+
Park Health Systems Pvt Ltd             CC Limits             ICRA BB-     25      Upgraded
                                                                                   from       B+
Park Health Systems Pvt Ltd             Unallocated Amount    ICRA BB-     23.6    Upgraded
                                                                                   from       B+
Popuri Steels Ltd                       FBL                   ICRA B-      100     Reaffirmed
Precision Engineering                   FB Limits             ICRA D       100.8   Assigned
Corporation
Precision Engineering                   Non-FBL               ICRA D       19.2    Assigned
Corporation
Prince Marketing                        LT: Fund based        ICRA B+      330     Reaffirmed
Pure & Cure Healthcare Pvt Ltd          TL                    -            -       -
Pure & Cure Healthcare Pvt Ltd          CC Fac                ICRA A+      980     Reassigned
                                                                                   from
                                                                                         A+ 
Riddhi Agro Industries                  FBL                   ICRA BB-     180     Reaffirmed /
                                                                                   assigned
Riddhi Agro Industries                  Unallocated Limits    ICRA BB- /A4 9.4     Reaffirmed /
                                                                                   assigned
Salicylates And Chemicals Pvt           FBL                   ICRA BBB-    230     Reaffirmed
Ltd
Sona Koyo Steering Systems Ltd          TL                    ICRA AA-     2449.9  Upgraded
                                                                                   from       A+
Sona Koyo Steering Systems Ltd          LT FBL                ICRA AA-     813.5   Upgraded
                                                                                   from       A+
Sona Koyo Steering Systems Ltd          LT Unallocated Limits ICRA AA-     749.5   Upgraded
                                                                                   from       A+
Sree Durga Fibre Products Pvt           FBL – TL              ICRA BBB     109     Reaffirmed
Ltd
(reduced from 11.00crs)
Sree Durga Fibre Products Pvt           FBL – CC              ICRA BBB     50      Reaffirmed
Ltd
( increased from 3.00crs)
Sree Durga Fibre Products Pvt           Fund                  ICRA BBB     1       Reaffirmed
Ltd                                     Based/NFBL-Unallocated/ICRA A3+
(reduced from 3.00crs)
United Concepts & Solutions             LT FB – TL            ICRA D       42      Revised from
Pvt Ltd                                                                                  B+
United Concepts & Solutions             LT FB – CC            ICRA D       65      Revised from
Pvt Ltd                                                                                  B+
United Concepts & Solutions             LT FB – Unallocated   ICRA D       3       Revised from
Pvt Ltd                                                                                  B+
Vasani Polymers Pvt Ltd                 LT FB Limit           ICRA BB-     120.3   Assigned
Vbhc Mumbai Value Homes Pvt Ltd         FB limits             ICRA BBB+    770     Upgraded
                                                                                   from
                                                                                         BBB
Vbhc Value Homes Pvt Ltd                FBL                   ICRA BBB+    775     Upgraded
                                                                                   from
                                                                                         BBB
Vijay Trading Company                   FB Limits             ICRA B       100     Assigned
Zen Lefin Pvt Ltd (Capital              PTC Series A1         ICRA A-      113.7   Assigned
Float)
Zen Lefin Pvt Ltd (Capital              PTC Series A2         ICRA B+      10.7    Assigned
Float)

--------------------------------------------------------------------------------------------
$: 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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