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ICRA ratings for Indian debt instruments-May 24
May 24, 2017 / 10:12 AM / 6 months ago

ICRA ratings for Indian debt instruments-May 24

    May 24 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of May 23, 2017.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
------                                  ----------            ------      -----    ---------
Bhavani Sea Foods                       FB Packing Credit     ICRA A4      80      Reaffirmed
Bhavani Sea Foods                       Non-fund based        ICRA A4      0.4     Reaffirmed
                                        Forward Contract Limit
C.J. Exporters                          Export Post Finance   ICRA A4+     900     Reaffirmed
Idbi Bank Ltd                           Certificates of       ICRA A1      -       Downgraded
                                        Deposit Programme                          from ICRA A1+
Mahindra Vehicle Manufacturers          CP                    ICRA A1+     6000    Reaffirmed
Enhanced from Rs 500.0 crore
Natural Remedies Pvt Ltd                ST NFBL               ICRA A2+     70      Reaffirmed
Pvr Ltd                                 CP                    ICRA A1+     1500    Outstanding
(enhanced from 125.0crs)
S. Mitul & Co.                          Export Post Finance   ICRA A4      150     Reaffirmed
Siddhartha Bronze Products Pvt          Non-FBL               ICRA A4      50      Reaffirmed
Idbi Bank Ltd                           Fixed Deposits        MAA-         -       Downgraded
                                        Programme                                  from MAA

Cashpor Micro Credit                    NCD Programme         ICRA BBB-    250     @
Dempo Industries Pvt Ltd                FB – TL               ICRA BB+     55      Reaffirmed
(reduced from 9.50crs)
Idbi Bank Ltd                           Infrastructure Bonds  ICRA A       -       Downgraded
                                                                                   from ICRA AA-
Idbi Bank Ltd                           Flexi Bond Series     ICRA A       -       Downgraded
                                                                                   from ICRA AA-
Idbi Bank Ltd                           Senior & Lower Tier   ICRA A       -       Downgraded
                                        II (Subordinated                           from ICRA AA-
Idbi Bank Ltd                           Subordinated Debt     ICRA A       -       Downgraded
                                        Programme                                  from ICRA AA-
Idbi Bank Ltd                           Basel III Compliant   ICRA A (hyb) -       Downgraded
                                        Tier II Bonds                              from ICRA
Idbi Bank Ltd                           Additional Tier I     ICRA BBB-    -       Downgraded
                                        Bonds                 (hyb)                from ICRA
Idbi Bank Ltd                           Upper Tier II Bonds   ICRA BBB+    -       Downgraded
                                        Programme                                  from ICRA A+
Idbi Bank Ltd                           Basel II Compliant    ICRA BBB+    -       Downgraded
                                        Perpetual Bonds                            from ICRA A+
Jai Bhole Steel Tubes Pvt Ltd           FB Fac                ICRA BB-     120     Reaffirmed
K.D. Cements                            CC                    ICRA BBB     100     Reaffirmed
Mahindra Vehicle Manufacturers          NCD                   -            2600    Withdrawn
Mahindra Vehicle Manufacturers          NCD                   ICRA AAA     5000    Reaffirmed
Mahindra Vehicle Manufacturers          LT, term-loan Fac     ICRA AAA     3000    Reaffirmed
Mahindra Vehicle Manufacturers          LT, FB Fac            ICRA AAA     1500    Reaffirmed
Natural Remedies Pvt Ltd                LT FBL                ICRA A-      450     Reaffirmed
Phoenix International Ltd               FB Limit              ICRA BB      950     Reaffirmed
Pvr Ltd                                 Non convertible       ICRA AA-     3600    Outstanding
Pvr Ltd                                 Fund based –TL        ICRA AA-     2190    Outstanding
Sap Energy                              FB Limits             ICRA BB-     90      Reaffirmed
Sap Energy                              Unallocated           ICRA BB-     2.5     Reaffirmed
Siddhartha Bronze Products Pvt          FB Limits             ICRA B+      75      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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