May 10, 2017 / 10:10 AM / 5 months ago

ICRA ratings for Indian debt instruments-May 10

   May 10 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of May 9, 2017.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Aravali Power Company Pvt Ltd           Non FB Facility       ICRA A1      1250    Reaffirmed
Jal Exports                             ST NFBL – LOC         ICRA A4      5       Reaffirmed
L&T Interstate Road Corridor            NCD                   ICRA A1+     528.5   Withdrawn
Ltd                                                           (SO)
Maris Spinners Ltd                      FBL                   ICRA A4      45      Reaffirmed
Maris Spinners Ltd                      Non-FBL               ICRA A4      55      Reaffirmed
Non-Fund Based Limits                   FBL (Sublimit)        ICRA A4              Reaffirmed
Non-Fund Based Limits                   Non-FBL (Sub-limit)   ICRA A4              Reaffirmed
Sanghi Industries Ltd                   ST NFBL               ICRA A2+     150     Outstanding
Sheba Properties Ltd                    ST FBL#               ICRA A1+     55230   Assigned
# 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
Sheba Properties Ltd                    CP/ST Debt            ICRA A1+     60000   Assigned


LONG TERM RATINGS:
-------------------
Aptus Value Housing Finance             PTC Series A1         ICRA AA(SO)          Withdrawn
India Ltd –Astraea Sbl Ifmr
Capital 2015
Aravali Power Company Pvt Ltd           TL                    ICRA A       70691.3 Reaffirmed
Aravali Power Company Pvt Ltd           CC Facility           ICRA A       12000   Reaffirmed
Asirvad Microfinance Pvt Ltd            PTC Series A1         ICRA A+(SO)          Withdrawn
-Antiope Ifmr Capital 2016
Asirvad Microfinance Pvt Ltd            PTC Series A2         ICRA                 Withdrawn
-Antiope Ifmr Capital 2016                                    BBB+(SO)
Chaitanya India Fin Credit Pvt          PTC Series A1         ICRA A-(SO)          Withdrawn
Ltd -Arryn Ifmr Capital 2016

Chandan Trading Corporation             LT- CC                ICRA BB-     68      Reaffirmed
Future Entertainment Pvt Ltd            Long-TL               ICRA BBB-    1750    Reaffirmed
Future Financial Servicess Pvt          PTC Series A1         ICRA AA-(SO)         Withdrawn
Ltd -Brizo Ifmr Capital 2015

Future Financial Servicess Pvt          PTC Series A2         ICRA BBB(SO)         Withdrawn
Ltd -Brizo Ifmr Capital 2015

Jal Exports                             LT / ST FBL – PC/PCFC ICRA B-      65      Revised from
                                                              /ICRA A4             ICRA B+/ICRA
                                                                                   A4
Jal Exports                             LT / ST FBL –         ICRA B-      55      Revised from
                                        FDB/FBE/BRD/Rupee     /ICRA A4             ICRA B+/ICRA
                                        Advance                                    A4
L&T Interstate Road Corridor            NCD                   ICRA AAA     2455    Reaffirmed
Ltd                                                           (SO)
Maris Spinners Ltd                      CC                    ICRA BB-     265     Reaffirmed
Maris Spinners Ltd                      TL                    ICRA BB-     167.7   Reaffirmed
Muthoot Capital Services Ltd            PTC Series A1         ICRA A-(SO)          Confirmed as
-Quetzal Cv Ifmr Capital 2017                                                      final
Muthoot Capital Services Ltd            PTC Series A2         ICRA BB+(SO)         Confirmed as
-Quetzal Cv Ifmr Capital 2017                                                      final
Nandyala Satyanarayana                  Unallocated Limits    ICRA BB-     19      Assigned
                                                              /ICRA A4
Nandyala Satyanarayana                  FB                    ICRA BB-     1276    Assigned /
                                                              /ICRA A4;            Outstanding
Nandyala Satyanarayana                  Non FB                ICRA BB-     5       Assigned
                                                              /ICRA A4;
Punjab Retail Pvt Ltd                   LT - Fund based – CC  ICRA BBB-    480     Reaffirmed
Sadasat Corn Products Pvt Ltd           FB – TL               ICRA B+      20      Withdrawn
Sadasat Corn Products Pvt Ltd           FB – CC               ICRA B+      35      Withdrawn
Sanghi Industries Ltd                   TL                    ICRA A-      2000    Assigned
Sanghi Industries Ltd                   LT Fund Based-CC      ICRA A-      1850    Outstanding
Sheba Properties Ltd                    Perpetual Debt        ICRA A+      4150    Assigned
Sheba Properties Ltd                    NCDs                  ICRA AA      40000   Assigned
Sheba Properties Ltd                    Subordinated Debt     ICRA AA      14000   Assigned
Sheba Properties Ltd                    Bk Lines              ICRA AA      128500  Assigned
Sheba Properties Ltd                    LT FBL#               ICRA AA      52230   Assigned
# 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
Sheba Properties Ltd                    Non-FBL               ICRA AA      26320   Assigned
Shree Cotex                             FB – CC               ICRA B       70      Reaffirmed
Shree Cotex                             FB – TL               ICRA B       6.8     Reaffirmed
Shree Cotex                             Unallocated           ICRA B       14.2    Reaffirmed
--------------------------------------------------------------------------------------------
$: 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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