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ICRA ratings for Indian debt instruments-Mar 23
March 23, 2017 / 10:03 AM / 9 months ago

ICRA ratings for Indian debt instruments-Mar 23

    Mar 23 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of March 22, 2017.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
------                                  ----------            ------      -----    ---------
Bhagwati Ferro Metal Pvt Ltd            ST non-fund based Bk  ICRA A3      250.9   Reaffirmed
Bhagwati Steel Cast Pvt Ltd             ST non-fund based Bk  ICRA A3      134.9   Reaffirmed
Genus Electrotech Ltd                   LOC                   ICRA A2      1050    Reaffirmed
Hyundai Steel India Pvt Ltd             FB and non-FB Fac,    ICRA A2+     900     Reaffirmed
                                        backed by letter of
                                        comfort from Hyundai Steel Company, Republic of Korea
Kavi Commercial Co. Ltd                 ST non-fund based Bk  ICRA A3+     630     Reaffirmed
Kavi Commercial Co. Ltd                 ST Unallocated        -             -      Reaffirmed
(Revised from Rs 25.0 crore)
Milltec Machinery Pvt Ltd               NFBL                  ICRA A1+     306.8   Reaffirmed
P.C. Chandra & Sons (India)             Non-FB Limit –        ICRA A1      100     Reaffirmed
Pvt Ltd                                 Standby LOC
U.P Telelinks Ltd                       ST, Non Fund based    ICRA A4      3       Reaffirmed
Vijay Transformers                      NFBL                  ICRA A4      54.5    Reaffirmed
(increased from 5.00 CR)
Viraj Impex Pvt Ltd                     ST non-fund based Bk  ICRA A3+     2080    Reaffirmed
(revised from Rs 248.0 crore)

Bhagwati Ferro Metal Pvt Ltd            LT fund based Bk Fac  ICRA BBB-    766.7   Reaffirmed
Bhagwati Steel Cast Pvt Ltd             LT fund based Bk Fac  ICRA BBB-    495.5   Reaffirmed
Genus Electrotech Ltd                   FBL                   -            -       -
(reduced from Rs 27.0 crore)
Genus Electrotech Ltd                   TL                    ICRA BBB     174     Reaffirmed
(enhanced from Rs 4.4 crore)
Genus Electrotech Ltd                   CC                    ICRA BBB     888     Reaffirmed
Genus Electrotech Ltd                   BG                    ICRA BBB     180     Reaffirmed
Kavi Commercial Co. Ltd                 LT fund based Bk Fac  ICRA BBB     20      Reaffirmed
Khandesh Roller Flour Mills             LT: FBL               ICRA BB+     170     Reaffirmed
Pvt Ltd
Milltec Machinery Pvt Ltd               TL                    ICRA A+      80.8    Reaffirmed
(reduced from 30.60 CR)
Milltec Machinery Pvt Ltd               FBL                   ICRA A+      120     Reaffirmed
P.C. Chandra & Sons (India)             FBL – CC facility     ICRA A       200     Reaffirmed
Pvt Ltd
Pooja Sree Traders                      LT – FB Fac           ICRA B+      80      Assigned
Pooja Sree Traders                      Unallocated           ICRA B+ /    20      Assigned
                                                              ICRA A4
Southern Agencies                       CC                    ICRA B       100     Reaffirmed
Speciality Restaurants Ltd              LT/ ST, fund based/   ICRA A+/     100     Reaffirmed
                                        non-FB Fac            ICRA A1
Squad Forging India Pvt Ltd             TL                    ICRA BBB-    580     Reaffirmed
U.P Telelinks Ltd                       LT, FBL               ICRA BB-     76.7    Revised from
U.P Telelinks Ltd                       Unallocated           ICRA BB-     20.3    Revised from
Vijay Transformers                      Fund Based            ICRA B-      25      Reaffirmed
(decreased from 3.25 CR)
Vijay Transformers                      Unallocated Amount    ICRA B- /    40.5    Reaffirmed
                                                              ICRA A4
(increased from 2.25 CR)
Viraj Impex Pvt Ltd                     LT fund based Bk Fac  ICRA BBB     20      Reaffirmed
Wheel Flexible Packaging                LT FB Limit           ICRA BB      143.8   Reaffirmed
(enhanced from 7.38 CR)

$: 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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