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ICRA ratings for Indian debt instruments-Feb 22
February 22, 2017 / 10:13 AM / 10 months ago

ICRA ratings for Indian debt instruments-Feb 22

    Feb 22 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of February 21, 2017.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
------                                  ----------            ------      -----    ---------
Essel Mining & Industries Ltd           CP / ST Debt          ICRA A1+     15000   Reaffirmed
Essel Mining & Industries Ltd           Fund Based Bk Limits  ICRA A1+     1500    Reaffirmed
Essel Mining & Industries Ltd           Non Fund Based Bk     ICRA A1+     700     Reaffirmed
Havells India Ltd                       Non-fund based Bk Fac ICRA A1+     3846.5  Outstanding
Krishna Fashion                         Non-FB Fac            ICRA A4      15      Reaffirmed /
(enhanced from 0.75)
Mangalore Electricity Supply            Short-TL              ICRA A2      1277.8  Reaffirmed
Co. Ltd
(revised from Rs. 211.11 crore)
Mangalore Electricity Supply            Non-FBL               ICRA A2      1000    Assigned
Co. Ltd
Prabhu Agarwalla Construction           Non-FBL               ICRA A4      400     Reaffirmed
Pvt Ltd
Ranga Overseas Pvt Ltd                  LOC                   ICRA A4      100     Assigned
Servocontrols & Hydraulics (I)          ST - Non FBL          ICRA A4      29.2    Reaffirmed
Pvt Ltd
(enhanced from 2.00)
Shakumbhari Expo-Impo Ltd               ST FB                 ICRA A4      175     Reaffirmed
Sri Ram Industries                      ST - Unallocated      ICRA A4      -       Withdrawn
(reduced from 2.32 CR)
Surya Roshni Ltd                        CP Programme          ICRA A1+(SO) 200     Reaffirmed
Surya Roshni Ltd                        CP Programme          ICRA A1+(SO) 100     confirmed as
                                                                                   final #
# Provisional ICRA A1+(SO) confirmed as ICRA A1+(SO)
Surya Roshni Ltd                        CP Programme          ICRA A1+(SO) 2150    Outstanding
Surya Roshni Ltd                        Proposed CP Programme ICRA A1+(SO) 550     Outstanding
Witmans Industries Pvt Ltd              NFBL                  ICRA A3      182     Reaffirmed

Akshar Cotton Industries                FB CC                 ICRA B+      100     Reaffirmed
Akshar Cotton Industries                FB TL                 ICRA B+      0.3     Reaffirmed
Akshar Cotton Industries                Unallocated Limits    ICRA B+      13.9    Reaffirmed
Antique Cottex Pvt Ltd                  FB Limits             ICRA B+      75.2    Reaffirmed
(revised from 8.18)
Antique Cottex Pvt Ltd                  Unallocated Amount    ICRA B+ /    6.6     assigned
                                                              ICRA A4
Aplab Ltd                               CC                    ICRA D       128     Reaffirmed
Aplab Ltd                               Working Capital       ICRA D       132     Reaffirmed
                                        Demand Loan
Aplab Ltd                               Bill Discounting      ICRA D       110     Reaffirmed
Aplab Ltd                               LOC                   ICRA D       140     Reaffirmed
Aplab Ltd                               BG                    ICRA D       220     Reaffirmed
D C Metals                              cc                    ICRA D       300     Reaffirmed
Havells India Ltd                       FB Bk Fac (working    ICRA AA+     2000    Outstanding
Havells India Ltd                       FB Bk Fac             ICRA AA+     224     Outstanding
Krishna Fashion                         FB Working Capital FacICRA B+      125     Reaffirmed /
(enhanced from 4.60)
Krishna Fashion                         FB TL Fac             ICRA B+      356.5   Reaffirmed /
(enhanced from 20.76)
Krishna Fashion                         Unallocated Limits    ICRA B+ /    0.4     Reaffirmed
                                                              ICRA A4
(previously 0.93)
Landis+Gyr Ltd                          Fund Based /NFBL#     ICRA AAA(SO) 880     Reaffirmed
(enhanced from Rs. 70.00 crore)# The combined limit of Rs. 88.00 crore includes sub limit of up
to Rs. 10.00 crore for interchangeablefacilities 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                          NFBL(LC/BG)**         ICRA BB /    340     Downgraded
                                                              ICRA A4              from
                                                                                   ICRA BBB-
                                                                                   /ICRA A3
** 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.
Landis+Gyr Ltd                          FBL (CC)              ICRA BBB-    -       Withdrawn
(Revised from Rs. 18.00 crore)
Mahati Hydro Power Projects             LT - fund based       ICRA BBB-    250     Reaffirmed
Pvt Ltd
Mahati Hydro Power Projects             LT - non fund based   ICRA BBB-    3       Reaffirmed
Pvt Ltd
Mahati Hydro Power Vidharbha            TL                    ICRA         1143.5  Reaffirmed
Pvt Ltd                                                       BBB-(SO)
(enhanced from 105.00)
Mangalore Electricity Supply            Long-TL               ICRA BBB+    6738    Reaffirmed /
Co. Ltd                                                                            Assigned
(revised from Rs. 411.07 crore)
Mangalore Electricity Supply            FBL                   ICRA BBB+    2650    Reaffirmed /
Co. Ltd                                                                            Assigned
(revised from Rs. 165.00 crore)
Mangalore Electricity Supply            Unallocated           ICRA BBB+ /  334.2   Reaffirmed /
Co. Ltd                                                       ICRA A2              Assigned
(revised from Rs. 12.82 crore)
Maruti Ginning And Pressing             FB Limits             ICRA B+      60.5    Reaffirmed
Palak Ferro Alloys                      CC                    ICRA D       61      Reaffirmed
Palak Ferro Alloys                      TL                    ICRA D       1       Reaffirmed
Palak Ferro Alloys                      UNALLOCATED           ICRA D       138     Reaffirmed
Prabhu Agarwalla Construction           FB Limits             ICRA BB      220     Reaffirmed
Pvt Ltd
Reduced from 23.00 cr
Prabhu Agarwalla Construction           Unallocated Limits    ICRA BB /    280     Reaffirmed /
Pvt Ltd                                                       ICRA A4              Assigned
Enhanced from1.32 CR
Ranga Overseas Pvt Ltd                  CC                    ICRA BB      20      Assigned
Seanto Minerals And Energy Ltd          CC                    ICRA D       30      Reaffirmed
Seanto Minerals And Energy Ltd          LOC                   ICRA D       30      Reaffirmed
Seanto Minerals And Energy Ltd          Unallocated           ICRA D       20      Reaffirmed
Servocontrols & Hydraulics (I)          TL                    ICRA B+      20.8    Reaffirmed
Pvt Ltd
(enhanced from 2.00)
Servocontrols & Hydraulics (I)          LT - FBL              ICRA B+      50      Reaffirmed
Pvt Ltd
Servocontrols & Hydraulics (I)          LT - Unallocated      ICRA B+      10      Reaffirmed
Pvt Ltd
(reduced from 2.00)
Shree Siddheshwari Ginning              FBL -TL               ICRA B+      32.1    Reaffirmed
Shree Siddheshwari Ginning              FBL -CC               ICRA B+      160     Reaffirmed
Sri Ram Industries                      TL                    ICRA B+      25      Upgraded
                                                                                   from ICRA B
(reduced from 2.68 CR)
Sri Ram Industries                      LT - FBL              ICRA B+      50      Upgraded
                                                                                   from ICRA B
(enhanced from 2.00 CR)
Value Plus Retail Pvt Ltd               LT Fund based – CC    ICRA BB+     200     Reaffirmed
Witmans Industries Pvt Ltd              FBL                   ICRA BBB-    219.7   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

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