April 27, 2017 / 10:13 AM / 7 months ago

ICRA ratings for Indian debt instruments-Apr 27

    Apr 27 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of April 26, 2017.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
------                                  ----------            ------      -----    ---------
Bhuwalka & Sons Pvt Ltd                 ST – Non Fund Based   ICRA A4+     150     Reaffirmed
Goan Fresh Marine Exports Pvt           ST – FB               ICRA A4+     200     Upgraded
Ltd                                                                                from ICRA A4
(enhanced from 15.50)
Indian Gem & Jewellery                  Non FB Limit- BG/ LOC ICRA A4+     80      Downgraded
Creation Pvt Ltd                        (Inland/Foreign)                           from ICRA A3
Neel Metal Products Ltd                 CP/ ST Debt           ICRA A1+     1000    Reaffirmed
Punjab National Bank                    Certification of      ICRA A1+     600000  Outstanding
                                        Deposits Programme
Punjab National Bank                    Fixed Deposit         MAAA          -      Outstanding
Bharat Financial Inclusion              PTC Series A1         ICRA AA (SO)  -      Reaffirmed
Ltd- Imlrt July 2016
Bharat Financial Inclusion              PTC Series A1         ICRA AAA(SO)  -      Reaffirmed
Ltd- Imlrt                   
December 2015
Bhuwalka & Sons Pvt Ltd                 Bhuwalka & Sons       ICRA BB+     200     Reaffirmed
                                        Private Limited
Bhuwalka Casting & Forgings             LT – Fund Based       ICRA BB+     120     Reaffirmed
Pvt Ltd
Bhuwalka Casting & Forgings             LT – TL               ICRA BB+     20      Reaffirmed
Pvt Ltd
Brahmaputra Infrastructure Ltd          FB – CC               ICRA D       1459.8  Reaffirmed
Brahmaputra Infrastructure Ltd          FB – TL               ICRA D       2697.4  Reaffirmed
Brahmaputra Infrastructure Ltd          Non-fund Based        ICRA D       4780.8  Reaffirmed
Deccan Alloys Pvt Ltd                   LT – Fund Based       ICRA BB+     140     Reaffirmed
Goan Fresh Marine Exports Pvt           LT – FB (TL)          ICRA BB+     25      Upgraded
Ltd                                                                                from ICRA BB
(reduced from 4.00)
Hotel Excelsior Ltd                     LT: FBL               ICRA A       150     Reaffirmed
(revised from 5.00)
Hotel Excelsior Ltd                     LT: TL                ICRA A       986.5   Reaffirmed
(revised from 87.70)
Hotel Excelsior Ltd                     LT: Non-FBL           ICRA A       50      Reaffirmed
Indian Gem & Jewellery                  FB Limit- CC          ICRA BB+     350     Downgraded
Creation Pvt Ltd                                                                   from ICRA
Meenakshi Bright Steel Bars             LT – Fund Based       ICRA BB+     250     Reaffirmed
Pvt Ltd
Neel Metal Products Ltd                 TL                    ICRA A+      1375    Reaffirmed
Neel Metal Products Ltd                 FB Fac                ICRA A+      3930    Reaffirmed
                                                              /ICRA A1+
Neel Metal Products Ltd                 Non-FB Fac            ICRA A+      2550    Reaffirmed
                                                              /ICRA A1+
Neel Metal Products Ltd                 Unallocated           ICRA A+      8.4     Reaffirmed
                                                              /ICRA A1+
Punjab National Bank                    Infrastructure Bonds  ICRA AA+     30000   Outstanding
Punjab National Bank                    Lower Tier II Bonds   ICRA AA+     21490   Outstanding
Punjab National Bank                    Basel III compliant   ICRA AA+     10000   Outstanding
                                        Tier II Bonds         (hyb)
Shah Technical Consultants Pvt          LT fund based Bk Fac  ICRA BB+     55      Assigned
Shah Technical Consultants Pvt          LT non-fund based Bk  ICRA BB+     200     Assigned
Ltd                                     Fac
Soham Phalguni Renewable                TL                    ICRA D       352.3   Revised from
Energy Pvt Ltd                                                                     ICRA B
Soham Renewable Energy (India)          TL                    ICRA D       387     Revised from
Pvt Ltd                                                                            ICRA B
Sunderlal Moolchand Jain                FB – CC               ICRA BB-     135     Assigned
Tobacconist Pvt Ltd
(enhanced from Rs. 10.00 crore)
Universal Realtors Pvt Ltd              FB – TL               ICRA BB      750     Reaffirmed
Vishwakarma Refractories Pvt            LT – Fund Based       ICRA BB+     150     Reaffirmed
Vraj Integrated Textile Park            LT Fund Based – TL    ICRA A- (SO) 217.6   Withdrawn
Vraj Integrated Textile Park            LT - Proposed         ICRA A- (SO) 142.4   Withdrawn
$: 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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