January 12, 2015 / 6:23 AM / 3 years ago

ICRA ratings for Indian debt instruments-Jan 12

Jan 12 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of January 9, 2015.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Asolution Pharmaceuticals Pvt           ST, FB Fac            A4     5       Assigned
Ltd
Asolution Pharmaceuticals Pvt           ST, non FB Fac        A4     5       Assigned
Ltd
B. Vijaykumar & Co.                     FBL                   A4     550     Reaffirmed
(previously Rs. 70 crore)
B. Vijaykumar & Co.                     Untied Limits         A4     150     Reaffirmed
Chandan Trading Company Pvt Ltd         FBL - PCL/FBD/FBP*    A4     70      Reaffirmed
* Sub-limit of cash credit facility
Darshita Exim Pvt Ltd                   Non FB Fac            A3     600     Reaffirmed
Darshita Exim Pvt Ltd                   Unallocated           A3     100     Reaffirmed
Design Classics Exports Pvt             ST fund based         A4     49.5    Reaffirmed
Ltd                                     facility
(revised from Rs. 7.50 Cr)
Design Classics Exports Pvt             ST non fund based     A4     10      Reaffirmed
Ltd                                     facility
(revised from Rs. 0.45 Cr)
Fritzmeier Motherson Cabin              Standby Line of       A3     10      Reaffirmed
Engineering Ltd                         Credit
Fritzmeier Motherson Cabin              Forward Contracts     A3     0.4     Assigned
Engineering Ltd
Fritzmeier Motherson Cabin              ST Loans              A3     10      Assigned
Engineering Ltd
Harsoria Healthcare Pvt Ltd             FBL                   A4     197     Assigned
Harsoria Healthcare Pvt Ltd             NFBL                  A4     30      Assigned
ICICI Bank Ltd                          Certificates of       A1+    500000  Reaffirmed
                                        Deposit Programme
Jagatjit Industries Ltd                 Non-FBL               A4+    250     Reaffirmed
Kotalipara Development Society          MFI Grading           M4                   Assigned
Mandovi Drydocks                        ST Non-FBL            A4     80      Reaffirmed
Pon Pure Chem Pvt Ltd                   ST, non-FB Fac        A3+    3630    Reaffirmed
(revised from Rs. 369 crore)
Pon Pure Chem Pvt Ltd                   Proposed Fac          A3+    460     Reaffirmed
(revised from Rs. 40 crore)
Sakthi Rice Mill                        ST: FB Fac            A4     2.5     Reaffirmed
Sakthi Rice Mill                        LT/ST: Proposed Fac   A4             Withdrawn
(revised from Rs. 3.30 Cr)
Solex Energy Pvt Ltd                    Off-grid solar        SP 2C                Assigned
                                        projects
SP Coal Resources Pvt Ltd               ST, Non-fund Based    A4     120     Assigned
SR Constructions                        Non-FBL               A4     1000    Reaffirmed
(enhanced from Rs. 50 crore)
Sudhan Trading Pvt Ltd                  ST non-FB Fac         A3     30      Withdrawn
Telephone Electronic                    ST - BG               A4     25      Assigned
Corporation
Telephone Electronic                    ST - LOC              A4     40      Assigned
Corporation
United Bank Of India                    CD                    A2+    100000  Withdrawn

MEDIUM TERM RATINGS:
-------------------
Jagatjit Industries Ltd                 Fixed Deposit         MB+          200     Reaffirmed
                                        Programme
ICICI Bank Ltd                          Term Deposit ProgrammeMAAA                 Reaffirmed

LONG TERM RATINGS:
-------------------
Aparna Constructions And                TL                    BBB-   5779.7  Reaffirmed
Estates Pvt Ltd
(earlier Rs. 340.79 Cr)
Aparna Constructions And                Secured Overdraft     BBB-   350     Reaffirmed
Estates Pvt Ltd
(earlier Rs. 18.50 Cr)
Aparna Constructions And                CC                    BBB-   255     Reaffirmed
Estates Pvt Ltd
Aparna Constructions And                Unallocated Limits    BBB-   8.2     Reaffirmed
Estates Pvt Ltd                                               / A3
Asolution Pharmaceuticals Pvt           LT, FB Fac            B+     300     Assigned
Ltd
Banik Rubber Industries                 Fund based and non    BBB /  258.8   Suspended
(India) Pvt Ltd                         fund based Bk limits  A3+
Chandan Trading Company Pvt Ltd         FBL - CC              B+     70      Reaffirmed
Credila Financial Services Pvt          Perpetual Debt        AA     500     Assigned
Ltd                                     programme
Design Classics Exports Pvt             LT fund based facility B+     20      Reaffirmed
Ltd
Design Classics Exports Pvt             Proposed LT fund      B+     10      Reaffirmed
Ltd                                     based facility
Drs Infratech Pvt Ltd                   FBL                   BB-    60      Assigned
Drs Infratech Pvt Ltd                   Non-FBL               BB-    270     Assigned
Fritzmeier Motherson Cabin              TL                    BBB-   119     Reaffirmed
Engineering Ltd
(revised from Rs. 18.70 Crore)
Fritzmeier Motherson Cabin              CC/ Forward           BBB-   130     Reaffirmed
Engineering Ltd                         Contracts/ Letters of
                                        Credit/ BG
Fritzmeier Motherson Cabin              Unallocated           BBB-   82.6    Assigned
Engineering Ltd
Golden Cellar Pvt Ltd                   Line of credit        B+     50      Suspended
Greenwood High Trust                    TL                    A      103.4   Upgraded
                                                                                   from A-
Greenwood High Trust                    Fund Based            A      94.5    Upgraded
                                                                                   from A-
Greenwood High Trust                    Unallocated           A      302.1   Upgraded
                                                                                   from A-
Harsoria Healthcare Pvt Ltd             TL                    BB     24.4    Assigned
ICICI Bank Ltd                          Lower Tier II Bonds   AAA            Reaffirmed
                                        Programme
Jagatjit Industries Ltd                 FBL                   BB     2015.6  Reaffirmed
Jay Bharat Food Process Pvt Ltd         CC                    B+     30      Reaffirmed
Jay Bharat Food Process Pvt Ltd         TL                    B+     122.9   Reaffirmed
Jay Bharat Spices Pvt Ltd               CC                    B+     130     Reaffirmed
Jay Bharat Spices Pvt Ltd               TL                    B+     19.5    Reaffirmed
Jayshree Chemicals Ltd                  Bk lines              D      1058.4  Suspended
JM Financial Products Ltd               LT Equity Linked      PP-MLD       1000    Assigned
                                        Debentures (Principal AA
                                        Protected)
Lal Baba Seamless Tubes Pvt Ltd         FBL - TL              D      110     Reaffirmed
Lal Baba Seamless Tubes Pvt Ltd         FBL - CC              D      135     Reaffirmed
Lal Baba Seamless Tubes Pvt Ltd         Non FBL - BG*         D      12      Reaffirmed
*Bank Guarantee is a sub-limit of the cash credit limit
Mandovi Drydocks                        LT FBL                BB     87.5    Reaffirmed
Mulchand Fiber Pvt Ltd                  LT FB Fac             B      130     Suspended
NHPC Ltd                                LT Bonds Programme    AAA    40000   Assigned
Orient Green Power (Rajasthan)          TL                    BB-    248.9   Upgraded
Pvt Ltd                                                                            from D
Orient Green Power (Rajasthan)          CC                    BB-    60      Upgraded
Pvt Ltd                                                                            from D
Orient Green Power (Rajasthan)          Unallocated Limits    BB- /  83.1    Upgraded
Pvt Ltd                                                       A4             from D
Pon Pure Chem Pvt Ltd                   LT, FB Fac            BBB    1330    Reaffirmed
Robust CV Trust Dec 2014                PTCs                  AAA    950.3   Assigned
                                                              (SO)!
! Indicates that the rating assigned is conditional
Robust CV Trust Dec 2014                Second Loss Facility  BBB    55.8    Assigned
                                                              (SO)!
! Indicates that the rating assigned is conditional
Rosy Blue (India) Pvt Ltd               LT FBL                A-     12800   Upgraded
                                                                                   from
                                                                                   BBB+
(enhanced from Rs. 1,160 crore)
Rosy Blue (India) Pvt Ltd               LT NFBL               BBB+   250     Withdrawn
Rosy Blue (India) Pvt Ltd               LT Stand By Line Of   BBB+   100     Withdrawn
                                        Credit
Sakthi Rice Mill                        LT: TL                B+     10.5    Reaffirmed
(revised from Rs. 1.35 Cr)
Sakthi Rice Mill                        LT: FB Fac            B+     67.5    Reaffirmed
(revised from Rs. 5.10 Cr)
Sayaji Hotels Ltd                       TL                    BB+    548.2   Reaffirmed
(PY: Rs 60.78 crore)
Sayaji Hotels Ltd                       LT FBL                BB+    67.5    Reaffirmed
Sayaji Hotels Ltd                       LT NFBL               BB+    22.3    Reaffirmed
Sayaji Hotels Ltd                       LT Unallocated Limits BB+    300.8   Reaffirmed
(PY: Rs 24.12 crore)
Sharp Industries Ltd                    TL                    BB-    100     Suspended
Sharp Industries Ltd                    LT FB Fac             BB-    650     Suspended
Shiva Fibres Pvt Ltd                    LT Fund Based         BB     441.1   Assigned
(enhanced from 21.50 Cr)
Shiva Fibres Pvt Ltd                    LT Non Fund Based     BB     40      Assigned
(enhanced from 3 Cr)
Shree Maruti Steel & Energy             CC limits             B-     60      Suspended
Pvt Ltd
Shri Ganga Bishan Cotton Mills          CC Limits             B      40      Assigned
Shri Ganga Bishan Cotton Mills          Unallocated           B      80      Assigned
SP Coal Resources Pvt Ltd               LT, Fund Based        B+     20      Assigned
SR Constructions                        FBL                   B      150     Reaffirmed
SR Constructions                        Unallocated Limits    B      70      Reaffirmed
(enhanced from Rs. 0.20 crore)
Sri Lakshmikantha Enterprises           FBL                   B      150     Upgraded
Ltd                                                                                from
                                                                                   B-
Sri Lakshmikantha Enterprises           Unallocated           B/     22.5    Upgraded
Ltd                                                           A4             from
                                                                                   B- /
                                                                                   Reaffirmed
Sudhan Trading Pvt Ltd                  TL Fac                BBB-   120     Withdrawn
Sudhan Trading Pvt Ltd                  unallocated LT FB Fac BBB-   50      Withdrawn
Swadhaar Finserve Pvt Ltd               NCD                   BB     300     Withdrawn
Telephone Electronic                    LT - CC               B+     7.5     Assigned
Corporation
The Manjri Stud Farm Pvt Ltd            TL (LRD)*             A      1000    Upgraded
                                                                                   from A-
(revised from Rs. Rs. 113.00 crore) *Sanctioned amount of Rs. 113 crore
United Bank Of India                    Upper Tier II Bonds   A-     5750    Upgraded
                                                                                   from A-
United Bank Of India                    Lower Tier II Bonds   A+     2500    Upgraded
                                                                                   from A-
United Bank Of India                    Lower Tier II Bonds   A+     1000    Upgraded
                                                                                   from A-
United Bank Of India                    Lower Tier II Bonds   A+     3000    Upgraded
                                                                                   from A-
United Bank Of India                    Lower Tier II Bonds   A+     1000    Upgraded
                                                                                   from A-
United Bank Of India                    Lower Tier II Bonds   A+     2000    Upgraded
                                                                                   from A-
--------------------------------------------------------------------------------------------
$: 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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