November 25, 2019 / 11:28 AM / 10 days ago

RPT-ICRA ratings for Indian debt instruments-Nov 25

 (Repeating to add more ratings)
    Nov 25 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of November 22, 2019.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Aditya Birla Capital Ltd                CP Programme          ICRA A1+     27000   Reaffirmed
Aditya Birla Housing Finance            CP programme          ICRA A1+     15000   Reaffirmed
Ltd
Arya Iron & Steel Company Pvt           ST FB limits          ICRA A4+     500     Downgraded
Ltd                                                                                from ICRA
                                                                                   A3+
Moved to the ‘Issuer Not Cooperating’ category
Arya Iron & Steel Company Pvt           ST non-FBL            ICRA A4+     62.5    Downgraded
Ltd                                                                                from ICRA
                                                                                   A3+
Moved to the ‘Issuer Not Cooperating’ category
Bharat Iron Syndicate                   ST - Non-Fund Based   ICRA A4      50      Downgraded
                                                                                   from ICRA A4+
continues to remain under ‘Issuer Not Cooperating’ category
Chambal Fertilisers &                   CP                    ICRA A1+     35000   Reaffirmed
Chemicals Ltd
Everest Industries Ltd                  Unallocated Limits –  -            -       Reaffirmed
                                        ST
Arya Iron & Steel Company Pvt           ST interchangeable    ICRA A4+     -       Downgraded
Ltd                                                                                from ICRA
                                                                                   A3+
Moved to the ‘Issuer Not Cooperating’ category,^Sub-limit of cash credit facility;
Avi Oil India Pvt Ltd                   ST Non-FBL            ICRA A1      200     Reaffirmed
Bharat Agri Fert And Realty Ltd         Non-FBL               ICRA A4      50      Downgraded
                                                                                   from ICRA
                                                                                   A4+
Bombay Minerals Ltd                     Non-fund based - LOC  ICRA A4@     20      Reaffirmed
remains on Watch with Negative Implications
Chambal Fertilisers &                CP                    ICRA A1+     35000   Reaffirmed
Chemicals Ltd
Coirfoam India Pvt Ltd                  ST: Non-Fund          ICRA A4      10      -
                                        Based-Bk
Guarantee
Continues to remain under the ‘Issuer Not Cooperating’ category
Dwarka Das Agarwal                      Non-fund Based        ICRA A4      40      -
Continues to remain under ‘Issuer Not Cooperating’ category
Dwarka Das Agarwal                      Unallocated           ICRA A4      13      -
Continues to remain under ‘Issuer Not Cooperating’ category
Everest Industries Ltd                  Non-fund              ICRA A1+     2450    Reaffirmed
                                        Based-Working Capital
                                        Fac
Everest Industries Ltd                  CP                    ICRA A1+     400     Reaffirmed
Garg Duplex And Paper Mills             ST Non-Fund Based     ICRA A4      30      -
Pvt Ltd
Continues to remain under ‘Issuer Not Cooperating’ category
Hcl Infosystems Ltd                     CP                    ICRA A1      3000    withdrawn
Hindustan Mint And Agro                 Non-fund Based        ICRA A4      9.5     -
Products Pvt Ltd
Continues to remain under ‘Issuer Not Cooperating’ category
Iifl Alternate Asset Advisors           CP programme          ICRA A1+     -       Withdrawn
Ltd
Iifl Wealth Finance Ltd                 CP programme (IPO     ICRA A1+     -       Withdrawn
                                        financing; ST - ITD)
Iifl Wealth Finance Ltd                 CP programme          ICRA A1+     15000   Reaffirmed
Iifl Wealth Management Ltd              CP programme (IPO     ICRA A1+     -       Withdrawn
                                        Financing)
Iifl Wealth Management Ltd              CP programme          ICRA A1+     2000    Reaffirmed
Kuber Kanak Microfinance                MFI Grading           M4+          -       Assigned
Association
Kadvani Forge Ltd                       ST FBL                ICRA A4      50      -
Rating continues to remain under ‘Issuer NotCooperating’ category
Kadvani Forge Ltd                       ST Non-FBL            ICRA A4      35      -
Rating continues to remain under ‘Issuer NotCooperating’ category
Pacific Industries Ltd                  Non Fund Based -      ICRA A4      60      -
                                        Working Capital
Continues to remain under the ‘Issuer Not Cooperating’ category
Ramkrishna Forgings Ltd:                Non-fund              ICRA A1      3300    Reaffirmed
                                        based-Working Capital
                                        Fac
Sahakar Shiromani Vasantrao             ST - Fund Based       ICRA A4      170
Kale Sahakari Sakhar Karkhana
Ltd
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Seaga India Pvt Ltd                     ST Fund based         ICRA A4      20
Continues to remain under ‘Issuer Not Cooperating’ category
Shankaranarayana Constructions          ST – Non-fund based   ICRA A1      6480    Reaffirmed
Pvt Ltd (Erstwhile Snc Power
Corporation)
Sri Krishna Pharmaceuticals Ltd         Non-fund Based –      ICRA A3+     -       downgraded
                                        Working Capital Fac                        from ICRA A2
Starlite Lighting Ltd                   ST- Non FB limits     ICRA A2 (CE) 100     Revised from
                                                                                   ICRA A1(SO)
Sunteck Realty Ltd                      CP                    ICRA A1+     -       Withdrawn
Superhouse Ltd                          Non-fund              ICRA A2      730     Reaffirmed
                                        based-Working Capital
                                        Fac
Suryansh Metal & Alloys                 ST Non Fund based     ICRA A4      57      -
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Topline Laminations Pvt Ltd             ST Non Fund based     ICRA A4      90      -
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Topline Overseas                        ST Non Fund based     ICRA A4      52.5    -
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Triveni Electroplast Pvt. Ltd.          Non-FBL               ICRA A4      55      Withdrawn
*Issuer did not co-operate; based on the best available information.
Uti Asset Management Co. Ltd            UTI Money Market Fund ICRA A1+mfs  -       outstanding
                                        -
Uti Asset Management Co. Ltd            UTI Liquid Cash Plan  ICRA A1+mfs  -       outstanding
                                        -
Uti Asset Management Co. Ltd            UTI Overnight Fund -  ICRA A1+mfs  -       outstanding
Avi Oil India Pvt Ltd                   ST FBL                -            -       Reaffirmed
Zodiac Clothing Co. Ltd                 ST FB Fac             ICRA A2      700     outstanding
Zodiac Clothing Co. Ltd                 ST non FB Fac         ICRA A2      100     outstanding

LONG TERM RATINGS:
-------------------
Aditya Birla Capital Ltd                NCD programme         ICRA AAA     8000    Reaffirmed
                                                              (stable)
Aditya Birla Finance Ltd                Bk lines              ICRA AAA     -       Reaffirmed
                                                              (stable)
Aditya Birla Housing Finance            NCD programme         ICRA AAA     20000   Reaffirmed
Ltd                                                           (stable)
Aditya Birla Housing Finance            Subordinated debt     ICRA AAA     10000   Reaffirmed
Ltd                                     programme             (stable)
Aditya Birla Housing Finance            Bk lines programme    ICRA AAA     101450  Reaffirmed
Ltd                                                           (stable)
Amgoorie India Ltd                      TL                   ICRA         400     Reaffirmed
                                                              A+(Stable)
Apollo Tricoat Tubes Ltd                Fund based-TL         ICRA         600     Reaffirmed
                                                              A(Stable)
Apollo Tricoat Tubes Ltd                Fund based/Non fund   ICRA         600     Reaffirmed
                                        based - Working       A(Stable)/A1
                                        Capital Fac
Archies Ltd                             Non-fund Based        ICRA BBB-    30      Revised from
                                                              (Stable)             ICRA BBB
                                                                                   (Stable)
Archies Ltd                             Fund Based/CC         ICRA BBB-    300     Revised from
                                                              (Stable)             ICRA BBB
                                                                                   (Stable)
Arya Iron & Steel Company Pvt           LT FB limits - CC     ICRA BB+     480     Downgraded
Ltd                                                           (Stable)             from ICRA
                                                                                   BBB (Stable)
Moved to the ‘Issuer Not Cooperating’ category
Arya Iron & Steel Company Pvt           LT FB - TL            ICRA BB+     200     Downgraded
Ltd                                                           (Stable)             from ICRA
                                                                                   BBB (Stable)
Moved to the ‘Issuer Not Cooperating’ category
Ashiana Landcraft Realty Pvt            NCD Series I          ICRA B-      637.2   -
Ltd                                                           (Stable)
                                                              ISSUER NOT COOPERATING*
Continues to remain under non-cooperation,*Issuer did not co-operate; based on best available
information.
Ashiana Landcraft Realty Pvt            NCD Series II         ICRA B-      162.3   -
Ltd                                                           (Stable)
                                                              ISSUER NOT COOPERATING*
Continues to remain under non-cooperation,*Issuer did not co-operate; based on best available
information.
Avi Oil India Pvt Ltd                   LT FBL                ICRA A+      50      Reaffirmed
                                                              (Stable)
Avi Oil India Pvt Ltd                   LT/ST                 ICRA A+      100     Reaffirmed
                                        Limits-Unallocated    (Stable) /
                                                              ICRA A1
Bharat Iron Syndicate                   LT - Fund Based/ CC   ICRA         90      Downgraded
                                                              B+(Stable)           from ICRA
                                                                                   BB(Stable)
continues to remain under ‘Issuer Not Cooperating’ category
Bharat Iron Syndicate                   LT - Fund Based TL    ICRA         20      Downgraded
                                                              B+(Stable)           from ICRA
                                                                                   BB(Stable)
continues to remain under ‘Issuer Not Cooperating’ category
Bharat Agri Fert And Realty Ltd         Non-FBL               ICRA BB-     150     Downgraded
                                                              (Stable);            from ICRA
                                                                                   BB+(Stable)
Bhavyalaxmi Industries (P) Ltd.         LT Fund based – CC    ICRA B+      64.5    -
                                                              (Stable)
Continues to remain under ‘Issuer Not Cooperating’ category
Bhavyalaxmi Industries (P) Ltd.         LT Fund based – TL    ICRA B+      2.7     -
                                                              (Stable)
Continues to remain under ‘Issuer Not Cooperating’ category
Bhavyalaxmi Industries (P) Ltd.         LT – Unallocated      ICRA B+      12.8    -
                                                              (Stable)
Continues to remain under ‘Issuer Not Cooperating’ category
Blacksoil Capital Pvt Ltd               LT Borrowings         ICRA BBB     1000    Reaffirmed
                                        Programme
Blacksoil Capital Pvt Ltd               Bk Lines              ICRA BBB     1500    Reaffirmed
                                                              (Stable) /
                                                              ICRA A3
Bombay Minerals Ltd                     Fund based - CC       ICRA BB-@    280     Downgraded
                                                                                   from ICRA BB@
remains on Watch with Negative Implications
Cholamandalam Investment And            Platinum Trust Dec    ICRA         648.8   Withdrawn
Finance Co. Ltd                         PTC Series A 2013     AAA(SO)
                                        Tranche IV
Cholamandalam Investment And            Platinum Trust March  ICRA         185     Withdrawn
Finance Co. Ltd                         2014 Tranche II PTC   AAA(SO)
                                        Series A
Coirfoam India Pvt Ltd                  LT: Fund Based- Cash  ICRA         70      -
                                        Credi                 B+(Stable)
Continues to remain under the ‘Issuer Not Cooperating’ category
Dbfs Finance & Leasing                  LT – Fund based       ICRA BBB-    200     Withdrawn
(India) Ltd                                                   (Stable)
Dwarka Das Agarwal                      FB Working Capital    ICRA B+      12      Downgraded
                                        Limits                (Stable)             from ICRA BB
                                                                                   (Stable)
Downgraded from ICRA BB (Stable) and continues to remain under ‘Issuer Not Cooperating’ category
Everest Building Solutions Ltd          FB Limits/Non-FBL     ICRA A+      50      Reaffirmed
                                                              (Stable) /
                                                              ICRA A1+
Everest Industries Ltd                  Unallocated Limits –  -            -       Reaffirmed
                                        LT / ST
Everest Industries Ltd                  Fund Based – Working  ICRA A+      1350    Reaffirmed
                                        Capital Fac           (Stable)
Everest Industries Ltd                  FB-TL                 ICRA A+      86.5    Reaffirmed
                                                              (Stable)
Everest Industries Ltd                  External Commercial   ICRA A+      -       Reaffirmed
                                        Borrowings            (Stable)
Everest Industries Ltd                  Unallocated Limits –  ICRA A+      500     Reaffirmed
                                        LT                    (Stable)
Garg Duplex And Paper Mills             LT Fund- based        ICRA B+      82.5    Downgraded
Pvt Ltd                                                       (Stable)             from ICRA BB
                                                                                   (Stable)
Continues to remain under ‘Issuer Not Cooperating’ category
Garg Duplex And Paper Mills             LT/ST Unallocated     ICRA B+      27.5    Downgraded
Pvt Ltd                                                       (Stable)             from ICRA BB
                                                                                   (Stable) /A4
Continues to remain under ‘Issuer Not Cooperating’ category
Goodricke Group Ltd                     TL                    ICRA AA-     100     Reaffirmed
                                                              (Stable)
Goodricke Group Ltd                     FB limits             ICRA AA-     750     Reaffirmed
                                                              (Stable)/A1+
Goodricke Group Ltd                     NFBL                  ICRA AA-     0       Reaffirmed
                                                              (Stable)/A1+
Hindustan Mint And Agro                 FB Limits             ICRA BB      440     -
Products Pvt Ltd                                              (Stable)
Continues to remain under ‘Issuer Not Cooperating’ category
Hindustan Mint And Agro                 Unallocated           ICRA BB      2.8     -
Products Pvt Ltd                                              (Stable)
Continues to remain under ‘Issuer Not Cooperating’ category
India Shelter Finance                   PTC Series A1         Provisional  415.9   Confirmed as
Corporation Ltd-Northern Arc                                  rating of            final
2019 Ahf Angna                                                ICRA AA+(SO)
India Shelter Finance                   PTC Series A2         Provisional  38.3    Confirmed as
Corporation Ltd-Northern Arc                                  rating of            final
2019 Ahf Angna                                                ICRA AA+(SO)
Iifl Alternate Asset Advisors           LT Principal          PP MLDICRA   -       Withdrawn
Ltd                                     Protected Market      AA (stable)
                                        Linked Debenture programme
Iifl Wealth Finance Ltd                 NCD programme         ICRA         2000    Reaffirmed
                                                              AA(stable)
Iifl Wealth Finance Ltd                 Unsecured NCD         ICRA         6500    Reaffirmed
                                        programme             AA(stable)
Iifl Wealth Finance Ltd                 LT principal          PP-MLDICRA   10000   Reaffirmed
                                        protected market      AA (stable)
                                        linked debenture programme
Iifl Wealth Finance Ltd                 LT principal          PP-MLDICRA   35500   Reaffirmed
                                        protected market      AA (stable)
                                        linked debenture programme
Iifl Wealth Management Ltd              Secured NCD programme ICRA         1000    Reaffirmed
                                                              AA(stable)
India Golf Assets Pvt Ltd               LT- TL                ICRA D       160     Withdrawn
‘Issuer Not Cooperating’ category
India Golf Assets Pvt Ltd               LT- Unallocated       ICRA D       40      Withdrawn
‘Issuer Not Cooperating’ category
Indian Crop Science Pvt Ltd             Fund Based Working    ICRA B+      50      -
                                        Capital               (Stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Indian Crop Science Pvt Ltd             Fund Based- TL        ICRA B+      5       -
                                                              (Stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Indian Crop Science Pvt Ltd             Unallocated           ICRA B+      10      -
                                                              (Stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Kadvani Forge Ltd                       FB – TL               ICRA B       14.8    -
                                                              (Stable)
Rating continues to remain under ‘Issuer NotCooperating’ category
Kadvani Forge Ltd                       FB – CC               ICRA B       250     -
                                                              (Stable)
Rating continues to remain under ‘Issuer NotCooperating’ category
Kadvani Forge Ltd                       FB – Working Capital  ICRA B       13      -
                                        Demand Loan           (Stable)
Rating continues to remain under ‘Issuer NotCooperating’ category
Koomber Tea Company Pvt Ltd             FB limits             ICRA A+      41      Reaffirmed /
                                                              (Stable)             Downgraded
                                                                                   from ICRA A1+
Koomber Tea Company Pvt Ltd             LT / ST –             ICRA A+      -       Reaffirmed /
                                        Interchangeable       (Stable)             Downgraded
                                                                                   from ICRA A1+
L.A. Hotels & Retreats Pvt Ltd          LT Fund Based TL      ICRA B+      150     -
                                                              (Stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Lalitpur Power Generation Co.           FB - TL               ICRA D       133637.8Reaffirmed
Ltd
Lalitpur Power Generation Co.           FB – CC               ICRA D       28000   Reaffirmed
Ltd
Lalitpur Power Generation Co.           Non-fund based        ICRA D       13269   Reaffirmed
Ltd
M/S. M.D.Agro Foods                     LT – Fund Based/ CC   ICRA B+      180     Downgraded
                                                              (Stable)             from ICRA
                                                                                   BB+ (Stable)
Continues to remain under ‘Issuer Not Cooperating’ category
Maa Vaishno Edibles Pvt Ltd             CC                    ICRA B       40      -
                                                              (Stable)
Continues to remain under the ‘Issuer Not Cooperating’ category
Maa Vaishno Edibles Pvt Ltd             TL                    ICRA B       19.5    -
                                                              (Stable)
Continues to remain under the ‘Issuer Not Cooperating’ category
Maa Vaishno Edibles Pvt Ltd             Unallocated           ICRA B       12.7    -
                                                              (Stable) /
                                                              ICRA A4
Continues to remain under the ‘Issuer Not Cooperating’ category
Maars Infra Developers Pvt Ltd          NCD Programme         ICRA         600     Reaffirmed
                                                              BBB(CE)
                                                              (Positive)
Magma Fincorp Ltd                       MFL Securitisation    ICRA         565.9   Reaffirmed
                                        Trust LXIV PTC Series AA+(SO)
                                        A1
Magma Fincorp Ltd                       MFL Securitisation    ICRA         31.4    Reaffirmed
                                        Trust LXIV PTC Series AA+(SO)
                                        A2
Magma Fincorp Ltd                       Liquidity Facility    ICRA AAA(SO) 10.5    Reaffirmed
Magma Fincorp Ltd                       Second Loss Facility  ICRA BBB(SO) 31.4    Reaffirmed
Mansa Devi Rice Mills                   LT Fund based Trust   ICRA B+      310     -
                                        Name                  (Stable)
Continues to remain under ‘Issuer Not Cooperating’ category Rating Action
Melange Developers                      LT - Fund Based TL    ICRA         400     -
                                                              B+(Stable)
Downgraded from ICRA BB-(Stable) continues to remain under ‘Issuer Not Cooperating’ category
My Car Nexa Pvt Ltd                     Fund Based Working    ICRA         224.8   -
                                        Capital               B(Stable)
Continues to remain under the ‘Issuer Not Cooperating’ category
Nuway Organic Natural (India)           Fund Based- CC        ICRA D       80      -
Ltd
Continues to remain under the ‘Issuer Not Cooperating’ category
Nuway Organic Natural (India)           FB TL                 ICRA D       180     -
Ltd
Nuway Organic Natural (India)           Unallocated Limits    ICRA D       60      -
Ltd
Pacific Industries Ltd                  Fund Based - Working  ICRA B+      147.5   Downgraded
                                        Capital               (Stable)             from ICRA BB
                                                                                   (Stable)
Continues to remain under the ‘Issuer Not Cooperating’ category
Puranmal Phoola Devi Memorial           LT Fund Based- TL     ICRA B+      100     Downgraded
Trust                                                         (Stable)             from ICRA BB
                                                              ISSUER NOT COOPERATIN(Stable)
Continues to remain under the ‘Issuer Not Cooperating’ category
Ramkrishna Forgings Ltd:                FB-TL                 ICRA A       4900.5  Reaffirmed
                                                              (Negative)
Ramkrishna Forgings Ltd:                FB- Working Capital   ICRA A       7100    Reaffirmed
                                        Fac                   (Negative)
Rama Paper Mills Ltd                    Fund based - CC       ICRA D       180     -
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
Rama Paper Mills Ltd                    FB TL                 ICRA D       538.1   -
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
Seaga India Pvt Ltd                     LT Fund based         ICRA B+      80
                                                              (Stable)
Continues to remain under ‘Issuer Not Cooperating’ category
Shankaranarayana Constructions          LT – Fund based CC    ICRA A       920     Reaffirmed
Pvt Ltd (Erstwhile Snc Power                                  (Stable)
Corporation)
Shankaranarayana Constructions          LT / ST – Unallocated ICRA A       1600    Reaffirmed
Pvt Ltd (Erstwhile Snc Power                                  (Stable) /
Corporation)                                                  ICRA A1
Shree Harikrushna Cotton                CC                    ICRA B       80
Industries                                                    (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Shree Harikrushna Cotton                TL                    ICRA B       17.6
Industries                                                    (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Sri Krishna Pharmaceuticals Ltd         Fund Based –          -            -
                                        Unallocated Limits
Sri Krishna Pharmaceuticals Ltd         Non-fund Based –      -            -
                                        Proposed Limits
Sri Krishna Pharmaceuticals Ltd         Fund Based – TL       ICRA         0       downgraded
                                                              BBB(Stable)          from ICRA
                                                                                  
BBB+(Negative)
Sri Krishna Pharmaceuticals Ltd         Fund Based – Working  ICRA         0       downgraded
                                        Capital Fac           BBB(Stable)          from ICRA
                                                                                  
BBB+(Negative)
Starlite Lighting Ltd                   LT - NCD Programme    ICRA A-(CE)  600     Revised from
                                                              (Negative)           ICRA A(SO)
                                                                                   (Negative)
Starlite Lighting Ltd                   LT - NCD Programme    ICRA A-(CE)  800     Revised from
                                                              (Negative);          ICRA A(SO)
                                                                                   (Negative)
Starlite Lighting Ltd                   LT - FBL              ICRA         920     Revised from
                                                              BBB+(CE)             ICRA A(SO)
                                                              (Negative);          (Negative)
Stewart Holl (India) Ltd                FB limits*            ICRA A+      45      Reaffirmed
                                                              (Stable)/A1+
* SHIL’s fund-based facilities are entirely fungible between long-term and short-term
facilities.
Stewart Holl (India) Ltd                Non-FBL- LT           ICRA A+      2.7     Reaffirmed
                                                              (Stable);
Stewart Holl (India) Ltd                Non-FBL- ST           ICRA A+      1.5     Reaffirmed
                                                              (Stable);
Superhouse Ltd                          Unallocated           -            -       -
Superhouse Ltd                          Fund based-TL         ICRA BBB+    413     Reaffirmed
                                                              (stable)
Superhouse Ltd                          Fund based- Working   ICRA BBB+    1912.3  Reaffirmed
                                        Capital Fac           (stable)
Suryansh Metal & Alloys                 LT Fund Based / CC    ICRA B       22      -
                                                              (Stable)
Rating continues to remain under the ‘Issuer Not Cooperating’ category
Suryansh Metal & Alloys                 Long/ST Unallocated   ICRA B
                                                              (Stable)/ICRA A4
Tejas Networks Ltd:                     Fund based            ICRA A /     2420    Reaffirmed
                                                              ICRA A1;
outlook revised from Positive to Stable
Tejas Networks Ltd:                     Non-fund based        ICRA A /     1995    Reaffirmed
                                                              ICRA A1;
outlook revised from Positive to Stable
Tejas Networks Ltd:                     Unallocated           ICRA A /     1183.6  Reaffirmed
                                                              ICRA A1;
(outlook revised from Positive to Stable) 
--------------------------------------------------------------------------------------------
$: 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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