April 24, 2017 / 10:24 AM / 5 months ago

ICRA ratings for Indian debt instruments-Apr 24

    Apr 24 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of April 21, 2017.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Apeejay Shipping Ltd                    CP / STD              ICRA A1+     300     Reaffirmed#
#Total borrowings under CP/STD and working capital loan from banks is limited to fund-based
working capital limits from banks
Axis Bank Ltd                           Certificates of       ICRA A1+     500000  Reaffirmed
                                        Deposit Programme
Fortis Healthcare Holdings Pvt          CP/ST Debt Programme  ICRA A1      5000    Outstanding
Ltd
Il&Fs Financial Services Ltd            CP/ST Debt Programme  ICRA A1+     12500   Reaffirmed
Kansara Forge & Wires Pvt Ltd           NFBL                  ICRA A4      20      Reaffirmed
Modern Glass Industries                 NFBL                  ICRA A4      30      Reaffirmed
Sundaram Hydraulics Ltd                 Bill discounting      ICRA A3      -       Assigned
                                        (sub-limit of LT fund
                                        based)
Sundaram Hydraulics Ltd                 ST- Non fund based    ICRA A3      30      Assigned
Swiss Glascoat Equipments Ltd           NFBL                  ICRA A2      192.2   Upgraded
                                                                                   from [ICRA
                                                                                   A3+
Synergy Systems & Solutions             NFBL                  ICRA A4      52      Assigned
Ujjivan Financial Services Ltd          CP                    ICRA A1+     1000    Withdrawn


LONG TERM RATINGS:
-------------------
Apeejay Shipping Ltd                    FB – CC               ICRA AA-     350     Reaffirmed
Apeejay Shipping Ltd                    FB – TL               ICRA AA-     700     Reaffirmed
Apeejay Shipping Ltd                    FB – TL               ICRA AA-     -       Reaffirmed
Apeejay Shipping Ltd                    Non FB                ICRA AA-     -       Reaffirmed
Apeejay Shipping Ltd                    Non FB                ICRA AA-/A1+ 20      Reaffirmed
Axis Bank Ltd                           Upper Tier II Bonds   ICRA AA+     3075    Withdrawn
                                        Programme
Axis Bank Ltd                           Basel III Complaint   ICRA         35000   Assigned
                                        Tier I Bonds ProgrammeAA+(hyb)
Axis Bank Ltd                           Infrastructure Bonds  ICRA AAA     142050  Reaffirmed
                                        Programme
Axis Bank Ltd                           Lower Tier II Bonds   ICRA AAA     59250   Reaffirmed
                                        Programme
Axis Bank Ltd                           Lower Tier II Bonds   ICRA AAA     7258    Withdrawn
                                        Programme
Axis Bank Ltd                           Basel III Complaint   ICRA         73500   Reaffirmed
                                        Tier II Bonds         AAA(hyb)
                                        Programme
D S Developer                           TL                    ICRA B       100     Reaffirmed
Fortis Healthcare Holdings Pvt          NCDs                  ICRA A       1400    Assigned
Ltd
Fortis Healthcare Holdings Pvt          NCDs                  ICRA A       3500    Outstanding
Ltd
Hdfc Asset Management Co. Ltd           HDFC Capital          ICRA AAAmfs  -       Reaffirmed
                                        Protection Oriented
                                        Fund Series II (Plan 3 and Plan 4)
Hdfc Asset Management Co. Ltd           HDFC Capital          ICRA AAAmfs  -       Reaffirmed
                                        Protection Oriented
                                        Fund Series III (3 Plans)
Hdfc Asset Management Co. Ltd           HDFC Capital          ICRA AAAmfs  -       Withdrawn
                                        Protection Oriented
                                        Fund Series II (Plan 2)
Hdfc Asset Management Co. Ltd           HDFC Debt Fund for    ICRA AAAmfs  -       Withdrawn
                                        Cancer Cure 2014
Icici Prudential Life                   CPA                   iAAA         -       Reaffirmed
Insurance Co. Ltd
Jayashree Polymers Pvt Ltd              LT: FBL               ICRA BBB-    211.2   Reaffirmed
Jayashree Polymers Pvt Ltd              LT/ST: Fund based/NFBLICRA BBB-/A3 275     Reaffirmed
Jindal Steel & Power Ltd                TL                    ICRA D     148410(1) Reaffirmed
1. including proposed term loans of Rs. 2,000.36 crore.
Jindal Steel & Power Ltd                Fund Based Working    ICRA D       36000   Reaffirmed
                                        Capital Fac
Jindal Steel & Power Ltd                Non FB Fac            ICRA D       48000(2)Reaffirmed
2. including proposed non-fund based bank facilities of Rs. 920.20 crore.
Jindal Steel & Power Ltd                Short-TL              ICRA D       20470   Reaffirmed
Jindal Steel & Power Ltd                Market Instruments    ICRA D       252880  Reaffirmed
Jindal Steel & Power Ltd                NCD                   ICRA D       15620   Reaffirmed
Jindal Steel & Power Ltd                CP                    ICRA D       12500   Withdrawn
Kansara Forge & Wires Pvt Ltd           CC                    ICRA B+      25      Reaffirmed
Kansara Forge & Wires Pvt Ltd           TL                    ICRA B+      35      Reaffirmed
Modern Glass Industries                 FBL                   ICRA BB-     316.1   Reaffirmed
Modern Glass Industries                 Unallocated Limits    ICRA BB-/    3.9     Reaffirmed
                                                              A4
Pacific Garments Pvt Ltd                LT – FB Fac           ICRA D       49.7    Reaffirmed
Pacific Garments Pvt Ltd                ST – FB Fac           ICRA D       37.5    Reaffirmed
Sattva Developers Pvt Ltd               LT: TL                ICRA A       130     Assigned /
                                                                                   outstanding
Sattva Developers Pvt Ltd               LT: FBL               ICRA A       880     Assigned /
                                                                                   outstanding
Shri Dhanpat Rai Memorial Bal           TL                    ICRA A-      500     Reaffirmed
Shiksha Vikas Society
Sundaram Hydraulics Ltd                 TL                    ICRA BBB-    199     Assigned
Sundaram Hydraulics Ltd                 LT – FBL              ICRA BBB-    40      Assigned
Swiss Glascoat Equipments Ltd           CC Limits             ICRA BBB+    150     Upgraded
                                                                                   from [ICRA
                                                                                   BBB
Swiss Glascoat Equipments Ltd           TL                    ICRA BBB+    50      Upgraded
                                                                                   from [ICRA
                                                                                   BBB
Synergy Systems & Solutions             FBL                   ICRA BB-     24.5    Assigned
Ujjivan Financial Services Ltd          NCDs                  ICRA A+      8025    Withdrawn


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