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ICRA ratings for Indian debt instruments-Mar 20
March 20, 2017 / 10:44 AM / in 9 months

ICRA ratings for Indian debt instruments-Mar 20

   Mar 20 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of March 17, 2017.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Aequs Engineered Plastics Pvt           Non-FBL               ICRA A3+     1       Reassigned
Ltd                                                           (SO)                 from ICRA A3
Healthcaps India Ltd                    Non-FBL               ICRA A2      115     Assigned
Landis+Gyr Ltd                          Fund Based /NFBL#     ICRA         880     outstanding
                                                              AAA(SO)
                                                              outstanding ICRA A1+(SO)
# The combined limit of Rs. 88.00 crore includes sub limit of up to
  Rs. 10.00 crore for interchangeable facilities for import lines/ 
  buyers credit; sub limit of Rs. 53.00 crore for bank guarantee; 
  sub limit of Rs. 5.00 crore for letter of credit; sub limit of
  Rs 23.00 crore for overdraft; sub limit of Rs 68.00 crore for 
  working capital loan; sub limit of Rs. 58.00 crore for interchangeable
  facilities for export facility for purchase/ negotiation of documents
  against payment/ negotiation of documents against acceptance/ preshipment
  loan against export; and sub limit of Rs. 20.00 for receivable finance.
  As such, the total utilisation should not exceed Rs. 88.00 crore at any time.
  The limit is to be rated on both long term and short term scales 
  and will attract tenure as per usage
Landis+Gyr Ltd                          Fund Based /NFBL##    ICRA A4      500     Assigned
## The combined limit of Rs. 50.00 crore includes sublimit of up to 
Rs. 50.00 crore of bank guarantee and Rs 30.00 crore working capital
loan. As such, the total utilisation should not exceed Rs. 50.00 crore at any time
National Steel & Agro                   ST non-fund based     ICRA A3      11995.2 Reaffirmed
Industries Ltd                          working capital Fac
National Steel & Agro                   ST unallocated Bk Fac ICRA A3      2153    Reaffirmed
Industries Ltd
Oswal Woollen Mills Ltd                 ST - Non Fund Based   ICRA A1+     1340    Reaffirmed
Oswal Woollen Mills Ltd                 CP                    ICRA A1+     500     Reaffirmed
Sabari Krishna Enterprise               Non Fund based        ICRA A4      22.5    Reaffirmed
Sandfits Foundries Pvt Ltd              Proposed Fac          ICRA A2+             Reaffirmed
Situations Advertising And              ST non-FBL            ICRA A3      10      Reaffirmed
Marketing Services Pvt Ltd

LONG TERM RATINGS:
-------------------
Aequs Engineered Plastics Pvt           TL                    ICRA BBB     60.5    Reassigned
Ltd                                                           (SO)                 from ICRA
                                                                                   BBB-
Aequs Engineered Plastics Pvt           FBL                   ICRA BBB     40      Reassigned
Ltd                                                           (SO)                 from ICRA
                                                                                   BBB-
Aequs Engineered Plastics Pvt           FBL                   ICRA BBB     9.5     Reassigned
Ltd                                                           (SO)                 from ICRA
                                                                                   BBB-
Arunachal Tea & Industries Pvt          FBL                   ICRA BBB             Reaffirmed
Ltd
Arunachal Tea & Industries Pvt          Unallocated Limits    ICRA BBB             Reaffirmed
Ltd
D.S. Enterprises                        LT-FB Limits          ICRA BB-     100     Reaffirmed
Ethelwold Estate Pvt Ltd                FBL                   ICRA BBB             Reaffirmed
Ethelwold Estate Pvt Ltd                Unallocated Limits    ICRA BBB             Reaffirmed
Gillco Developers & Builders            FB Limits             ICRA BB      450     Assigned
Pvt Ltd
Grama Vidiyal Microfinance Ltd          PTC Series A1         ICRA A+(SO)          Withdrawn
-Indian
Mfi Trust Series Xxvi
Healthcaps India Ltd                    FB Limits             ICRA BBB+    324     Assigned
Healthcaps India Ltd                    Non-FBL               ICRA BBB+    1       Assigned
Landis+Gyr Ltd                          NFBL(LC/BG)**         ICRA BB      340     outstanding
                                                              /ICRA A4
** The Non-fund based limit of Rs 34.00 Crore is completely interchangeable 
between Letter of Credit and Bank Guarantee. The Non-fund based limit (LC+BG)
is rated on both Long Term and Short Term scale and will attract tenure as
per usage. As such the utilization should not exceed Rs. 34.00 Crore at any point
Malhotra Book Depot                     FB limits             ICRA BBB-    150     Reaffirmed
National Steel & Agro                   LT FB working capital ICRA BBB-    2005.5  Reaffirmed
Industries Ltd                          Fac
National Steel & Agro                   LT FB TL Fac          ICRA BBB-    179.5   Reaffirmed
Industries Ltd
New Diamond Era                         LT: TL                ICRA BB-     375     Reaffirmed
New Diamond Era                         LT: CC                ICRA BB-     65      Reaffirmed
Oswal Woollen Mills Ltd                 LT - Fund Based       ICRA A+      6336.8  Reaffirmed
Oswal Woollen Mills Ltd                 LT - Non Fund Based   ICRA A+      50      Reaffirmed
Oswal Woollen Mills Ltd                 LT - Unallocated                           Reaffirmed
Provident Housing Ltd                   FBL                   ICRA BBB     7250    Reaffirmed
Provident Housing Ltd                   LT – Unallocated      ICRA BBB     240     Reaffirmed
Provident Housing Ltd                   LT / ST               ICRA BBB     10      Reaffirmed
                                        (Interchangeable) –   /ICRA A3+
                                        Unallocated
Puravankara Ltd                         FBL                   ICRA BBB     22859   Reaffirmed
Puravankara Ltd                         LT - Unallocated      ICRA BBB     2130    Assigned
Puravankara Ltd                         LT / ST               ICRA BBB     10      Reaffirmed
                                        (Interchangeable) –   /ICRA A3+
                                        Unallocated
R.B. Rice Industries                    FB Limits             ICRA B       135     Reaffirmed
Sabari Krishna Enterprise               CC                    ICRA B       40      Reaffirmed
Sabari Krishna Enterprise               Unallocated Amount    ICRA B       140     Assigned
Sandfits Foundries Pvt Ltd              LT Fac – TL           ICRA A-      100     Reaffirmed
Sandfits Foundries Pvt Ltd              LT Fac –fund based    ICRA A-      250     Reaffirmed
Situations Advertising And              LT fund based         ICRA BBB-    70      Reaffirmed
Marketing Services Pvt Ltd
--------------------------------------------------------------------------------------------
$: 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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