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ICRA ratings for Indian debt instruments-Sep 29
September 29, 2016 / 10:36 AM / a year ago

ICRA ratings for Indian debt instruments-Sep 29

Sep 29 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of September 28, 2016.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Baroda Pioneer Asset                    Baroptionally         A1+mfs         Reaffirmed
Management Co. Ltd                      convertible
                                        debentures 
                                        Pioneer Liquid Fund
Baroda Pioneer Asset                    Baroptionally         A1+mfs         Reaffirmed
Management Co. Ltd                      convertible
                                        Debentures
                                        Pioneer Treasury 
                                        Advantage Fund
CIL Nova Petrochemicals Ltd             NFBL                  A2+    156.5   Assigned
                                                              (SO)
Den Networks Ltd                        ST Non-FBL            A2+    150     Reaffirmed
Flexituff International Ltd             Non-FBL               A2     280     Assigned
JM Financial & Investment               CP Programme (for IPO A1+    8000    Assigned
Consultancy Services Pvt Ltd            Financing)
JM Financial & Investment               CP Programme          A1+    2000    Oustanding
Consultancy Services Pvt Ltd
JM Financial & Investment               CP Programme (for IPO A1+    8000    Withdrawn
Consultancy Services Pvt Ltd            Financing)*
* Rating was assigned in August 2016
Rating was assigned in August 2016
P N Gadgil And Sons                     ST - Fund based/ Non  A1     50      Oustanding
                                        Fund based
PCS Technology Ltd                      NFBL                  A4+    40      Revised from
                                                                                   A3
Perfect Engineering Associates          ST - LOC              A4     30      Reaffirmed
Pvt Ltd
(enhanced from 1.50 Cr)
Shankaranarayana Constructions          NFBL                  A2+    2310    Upgraded to
Pvt Ltd                                                                            A2
(increased from 201 Cr)
Strides Shasun Ltd                      FB Fac                A1+    6900    Assigned
(revised from 540 Cr)
Strides Shasun Ltd                      Non-FB Fac            A1+    4295.5  Oustanding
Strides Shasun Ltd                      Proposed limits       A1+    1209.1  Oustanding
Vijaynagar Biotech Pvt Ltd              LOC                   A2     32.5    Reaffirmed
(revised from Rs. 5.00 crore)

LONG TERM RATINGS:
-------------------
Arohan Financial Services Pvt           NCDs                  A+             Reaffirmed
Ltd                                                           (SO)
Asirvad Microfinance Ltd                NCDs                  A+             Reaffirmed
                                                              (SO)
CIL Nova Petrochemicals Ltd             Fund Based - CC       A-     130     Assigned
                                                              (SO)
Den Networks Ltd                        TL                    A-     5350    Reaffirmed
(enhanced from Rs 513.0 Crore)
Den Networks Ltd                        LT FBL                A-     600     Reaffirmed
(enhanced from Rs 50.0 Crore)
Den Networks Ltd                        LT/ST Unallocated     A- /   392     Reaffirmed
                                        Limits                A2+
(reduced from Rs 71.2 Crore
Flexituff International Ltd             TL                    BBB+   370     Assigned
Flexituff International Ltd             FBL (CC)              BBB+   250     Assigned
Future Financial Servicess Pvt          NCDs                  A+             Reaffirmed
Ltd                                                           (SO)
Future Financial Servicess              NCDs                  A (SO)         Revised from
Pvt. Ltd                                                                           BBB+
                                                                                   (SO)
Grama Vidiyal Microfinance Ltd          NCDs                  A+             Reaffirmed
                                                              (SO)
Grama Vidiyal Microfinance Ltd.         NCDs                  A (SO)         Revised from
                                                                                   BBB+
                                                                                   (SO)
Griffin Ifmr Capital 2016               PTC Series A1         Provisional  261.6   Assigned
                                                              A-
                                                              (SO)
Griffin Ifmr Capital 2016               PTC Series A2         Provisional  38.2    Assigned
                                                              BB+
                                                              (SO)
Indian Mfi Trust Series Xxiii           PTC Series A1         A+             Upgraded
                                                              (SO)                 from A
                                                                                   (SO)
Indian Mfi Trust Series Xxiv            PTC Series A1         AA-            Upgraded
                                                              (SO)                 from
                                                                                   A- (SO)
Indian Mfi Trust Series Xxix            PTC Series A          A-             Upgraded
                                                              (SO)                 from A
                                                                                   (SO)
Indian Mfi Trust Series Xxv             PTC Series A1         A+             Upgraded
                                                              (SO)                 from A
                                                                                   (SO)
Indian Mfi Trust Series Xxvi            PTC Series A1         A+             Upgraded
                                                              (SO)                 from
                                                                                   A- (SO)
Indian Mfi Trust Series Xxvii           PTC Series A1         A+             Upgraded
                                                              (SO)                 from
                                                                                   A- (SO)
Indian Mfi Trust Series Xxviii          PTC Series A1         BBB+           Upgraded
                                                              (SO)                 from A
                                                                                   (SO)
Intrepid Finance And Leasing            NCDs                  A (SO)         Revised from
Pvt Ltd                                                                            BBB+
                                                                                   (SO)
Kotak Mahindra Prime Ltd                NCDs                  AAA    15000   Reaffirmed
(unutilized 186.9) *As on September 15, 2016
Kotak Mahindra Prime Ltd                Subordinated debt     AAA    7250    Reaffirmed
(unutilized 178.3) *As on September 15, 2016
Kotak Mahindra Prime Ltd                CC and TL from Bks    AAA    63910   Reaffirmed
(unutilized 475.00) *As on September 15, 2016
Kotak Mahindra Prime Ltd                Nifty linked          PP-MLD       1500    Reaffirmed
                                        debentures            AAA
(unutilized 178.3) *As on September 15, 2016
P N Gadgil And Sons                     LT, FBL               A      2020    Assigned /
                                                                                   Outstanding
(enhanced from Rs. 125.00 crore)
Pahal Financial Services Pvt.           NCDs                  A (SO)         Revised from
Ltd.                                                                               BBB+
                                                                                   (SO)
PCS Technology Ltd                      FBL                   BB+    100     Revised
                                                                                   from

                                                                                   BBB-
Perfect Engineering Associates          LT - Overdraft        B-     70      Upgraded
Pvt Ltd                                                                            from C
(enhanced from 1.50 Cr)
Perfect Engineering Associates          LT - TL               B-     -       Upgraded
Pvt Ltd                                                                            from C
(reduced from 10 Cr)
Perfect Engineering Associates          LT - BG               B-     100     Upgraded
Pvt Ltd                                                                            from C
(enhanced from 6 Cr)
Poonam Enterprise                       FBL                   B-     126.5   Suspended
Pudhuaaru Financial Services            NCDs                  A (SO)         Revised from
Pvt. Ltd.                                                                          BBB+
                                                                                   (SO)
Saija Finance Pvt Ltd                   NCDs                  A (SO)         Revised from
                                                                                   BBB+
                                                                                   (SO)
Se Electricals Ltd                      LT and ST Bk Fac      D      2550    Suspended
Shankaranarayana Constructions          Fund Based Working    A-     470     Upgraded
Pvt Ltd                                 Capital Limits                             from
                                                                                   BBB+
(increased from 32 Cr)
Sonata Finance Pvt Ltd                  NCDs                  A+             Reaffirmed
                                                              (SO)
Strides Shasun Ltd                      TL                    A+     10453.8 Oustanding
Suryoday Micro Finance Pvt Ltd          NCD Programme         A-     250     Assigned
Suryoday Micro Finance Pvt Ltd          NCD Programme         A-     250     Assigned
Suzlon Wind International Ltd           LT and ST Bk Fac      D      10270   Suspended
Vijaynagar Biotech Pvt Ltd              TL                    BBB+   17.5    Reaffirmed
(revised from Rs. 8.00 crore)
Vijaynagar Biotech Pvt Ltd              CC                    BBB+   430     Reaffirmed
(revised from Rs. 35.00 crore)
Vijaynagar Biotech Pvt Ltd              BG                    BBB+   5       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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