March 3, 2017 / 10:16 AM / 9 months ago

ICRA ratings for Indian debt instruments-Mar 3

    Mar 3 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of March 2, 2017.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
------                                  ----------            ------      -----    ---------
Aloka Exports                           ST FBL                ICRA A3      150     Reaffirmed
Aloka Exports                           ST NFBL               ICRA A3      6       Reaffirmed
Gujarat Microwax Pvt Ltd                LOC                   ICRA A2+     110     Upgraded
                                                                                   from ICRA A3+
Gujarat Microwax Pvt Ltd                BG                    ICRA A2+     7.5     Upgraded
                                                                                   from ICRA A3+
Gujarat Microwax Pvt Ltd                Credit Exposure Limit ICRA A2+     17.8    Upgraded
                                                                                   from ICRA A3+
Iris Computers Ltd                      ST FBL                ICRA A3      1050    Revised from
                                                                                   ICRA A2+
Tata Sons Ltd                           CP programme          ICRA A1+     26250   Outstanding
United Spirits Ltd                      FB Fac                ICRA A1+     24000   Outstanding
United Spirits Ltd                      Non-FB Fac            ICRA A1+     4000    Outstanding
United Spirits Ltd                      CP                    ICRA A1+     15000   Assigned

Acute Realty Pvt Ltd                    TL                    ICRA BB-     1870    Reaffirmed
Aloka Exports                           LT FBL – TL           ICRA BBB-    48.6    Reaffirmed
Aloka Exports                           LT FBL – CC           ICRA BBB-    30      Reaffirmed
Gujarat Microwax Pvt Ltd                EPC/PCFC/FBD/EBR      ICRA A-      150     Upgraded
                                                                                   from ICRA BBB
Iris Computers Ltd                      LT FBL                ICRA BBB-    1420    Revised from
                                                                                   ICRA A-
Iris Computers Ltd                      Unallocated           ICRA BBB-    280     Revised from
                                                                                   ICRA A-
Madura Microfinance Ltd                 NCDs                  ICRA BBB     766     Reaffirmed
Madura Microfinance Ltd                 LT Bk Fac             ICRA BBB     3000    Outstanding
Mall Management Pvt Ltd                 TL                    ICRA BB-     800     Reaffirmed
Oswal Salt & Chemical                   Fund based            ICRA BB-     125     Withdrawn
Tata Sons Ltd                           NCD programme         ICRA AAA     20000   Assigned
Tata Sons Ltd                           NCD                   ICRA AAA     176450  Outstanding
Thirumeni Finance Pvt Ltd               NCDs                  ICRA BBB-    539     Reaffirmed
Thirumeni Finance Pvt Ltd               LT FBL                ICRA BBB-    158     Reaffirmed
United Spirits Ltd                      NCDs / LT deb         ICRA AA      7650    Assigned
United Spirits Ltd                      TL                    ICRA AA      29000   Outstanding
$: 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

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