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ICRA ratings for Indian debt instruments-Dec 8
December 8, 2014 / 5:12 AM / 3 years ago

ICRA ratings for Indian debt instruments-Dec 8

Dec 8 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of December 5, 2014.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Alumayer India Pvt Ltd                  ST, non-FBL           A4     275     Assigned
Bagga Link Service Ltd                  FB Fac (Channel       A4+    60      Reaffirmed
                                        Financing)
Bharat Bijlee Ltd                       CP                    A1     400     Revised from
                                                                                   A1+
GMW Engineers Pvt Ltd                   BP/BD Limits          A4     5       Reaffirmed
GMW Engineers Pvt Ltd                   BG                    A4     100     Reaffirmed
GMW Engineers Pvt Ltd                   LOC                   A4     5       Reaffirmed
Govind Cable Industries                 Non FBL               A4     50      Reaffirmed
Indian Overseas Bank                    CD Programme          A1+    150000  Reaffirmed
Jindal Drilling & Industries            Non-fund based, ST Fac A1     1500    Reaffirmed
Ltd
Mandeep Industries                      ST Fund Based -       A4     150     Enhanced
                                        Warehouse receipt                          from Rs.
                                        financing                                  10.00 crore
Mecon Ltd                               Fund based Bk Fac     A1     450     Reaffirmed
Mfar Constructions Pvt Ltd              NFBL                  A4+    160     Assigned
Pandoul Flour Mills Pvt Ltd             Non FBL               A4     1.3     Reaffirmed
Pandoul Flour Mills Pvt Ltd             Unallocated           A4     7.4     Reaffirmed
Rich Prints Pvt Ltd                     ST NFBL               A4     6.5     Reaffirmed
Sundaram Industries Ltd                 ST: FB Fac*           A1+    250     Reaffirmed
* includes Rs. 5.0 crore sub-limits
Sundaram Industries Ltd                 ST: Non-FB Fac        A1+    260     Reaffirmed

LONG TERM RATINGS:
-------------------
Alumayer India Pvt Ltd                  LT, FB limits         BB-    100     Assigned
Azure Power India Pvt Ltd               NCD                   BBB-   480     Assigned
Azure Power India Pvt Ltd               NCD                   BBB-   480     Assigned
Azure Power India Pvt Ltd               NCD                   BBB-   480     Assigned
Bagga Link Service Ltd                  FB Fac (CC)           BB+    20      Reaffirmed
Bharat Bijlee Ltd                       FBL*                  A/ A1  750     Revised from
                                                                                   A+
*Completely interchangeable with FBP/PC/CP, hence to be rated on both the scales
Bharat Bijlee Ltd                       Non-FBL#              A/ A1  4000    Revised from
                                                                                   A+
#BGs are to be rated on both the scales and also completely interchangeable with LC which is to
be rated on short term
Bharatiyam Foods                        Proposed LT Fac       BB-    120     Assigned
Bohra Exports Pvt Ltd                   Non-FBL (LC)*         BB-    1000    Reaffirmed
                                                              /A4
*Includes sub-limit of fund based and non-fund based limits
Bohra Exports Pvt Ltd                   Proposed Limits       D /A4  500     Reaffirmed
Gmw Engineers Pvt Ltd                   CC                    BB-    12      Reaffirmed
Gmw Engineers Pvt Ltd                   TL                    BB-    7.2     Reduced from
                                                                                   Rs. 1.44
                                                                                   Crore
Govind Cable Industries                 FBL                   B      50      Reaffirmed
IFMR Capital Pvt Ltd                    PTC Series A1         A-     574.3^  Reaffirmed
                                                              (SO)!
! indicates that the rating is conditional; Discounted value of pool cashflows
Ifmr Capital Pvt Ltd                    PTC Series A2         B      35.5^   Reaffirmed
                                                              (SO)!
! indicates that the rating is conditional; Discounted value of pool cashflows
Indian Overseas Bank                    Upper Tier-II Bonds   A+     26323   Revised to
                                        Programmes                                 from
                                                                                   AA-
Indian Overseas Bank                    Perpetual Bonds       A+     7800    Revised to
                                        Programmes                                 from
                                                                                   AA-
Indian Overseas Bank                    Lower Tier-II Bonds   AA-    26400   Revised to
                                        Programmes                                 from AA
Jindal Drilling & Industries            Fund based, LT Fac    A-     200     Revised from
Ltd                                                                                A
Magic Vibration India Pvt Ltd           FBL                   D      120     Downgraded
                                                                                   from B
Mandeep Industries                      CC Limits             B      200     Reaffirmed
Mandeep Industries                      TL                    B      15      Assigned
Mecon Ltd                               Non fund based Bk Fac A-     2800    Reaffirmed
Mecon Ltd                               GoI guaranteed bond   AAA    1420    Withdrawn
                                                              (SO)
Mfar Constructions Pvt Ltd              FBL                   BB+    340     Assigned
Pandoul Flour Mills Pvt Ltd             FBL                   B      122.8   Reaffirmed
Prahlad Flour Mills Pvt Ltd             Corporate Loan        BB     7.5     Reaffirmed
Prahlad Flour Mills Pvt Ltd             CC                    BB     107.5   Enhanced
                                                                                   from Rs.
                                                                                   8.75 Crore
Radius Water Ltd                        FBL (TL)              BB+    257     Assigned
Radius Water Ltd                        Fund Based/ NFBL      BB+    3       Assigned
                                        (Untied Limit)        /A4+
Rich Offset (I) Pvt Ltd                 LT FBL                BB+    57.5    Reaffirmed
Rich Offset (I) Pvt Ltd                 TL                    BB+    51.6    Earlier Rs.
                                                                                   7.32 Crore
Rich Offset (I) Pvt Ltd                 Unallocated Amount    BB+    21.6    Assigned
Rich Prints Pvt Ltd                     LT FBL                BB-    42.5    Reaffirmed
Rich Prints Pvt Ltd                     TL                    BB-    229.4   Reaffirmed
Sahasra Electronics Pvt Ltd             FB Fac (LT/ST Scale)  BB+    75      Assigned
                                                              /A4+
Sahasra Electronics Pvt Ltd             Non-FB Fac (LT/ST     BB+    5       Assigned
                                        Scale)                /A4+
Shakti Refoils & Agro Food              TL                    BB-    10.2    Reduced from
Products Pvt Ltd                                                                   Rs. 2.53
                                                                                   crore
Shakti Refoils & Agro Food              CC                    BB-    101.5   Reaffirmed
Products Pvt Ltd
Shakti Refoils & Agro Food              Proposed Limits       BB-    15.1    Assigned
Products Pvt Ltd
Sundaram Industries Ltd                 LT: FB Fac            AA     277.5   Reaffirmed
Tube Investments Of India Ltd           NCD                   AA     1000    Withdrawn
Vistaar Financial Services Pvt          LT Bk Fac             --           141.2   Withdrawn
Ltd
Vistaar Financial Services Pvt          LT Bk Fac             BBB    1365.3  Revised from
Ltd                                                                                Rs. 154.53
                                                                                   crore
--------------------------------------------------------------------------------------------
$: 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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