ICRA ratings for Indian debt instruments-Nov 24

Source : REUTERS
Last Updated: Thu, Nov 24, 2016 15:20 hrs

Nov 24 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd. (ICRA) for local debt instruments as of November 23, 2016. COMPANY INSTRUMENT RATING AMOUNT MOVEMENT (RS.MLN) ------ ---------- ------ ----- --------- SHORT TERM RATINGS: ------------------- AG Granites Pvt Ltd ST - Non FB Fac A3 18 Reaffirmed Amman Granites ST -FB Fac A4+ 135 Reaffirmed Amman Granites ST - Non FB Fac A4+ 23 Reaffirmed Apollo Soyuz Electricals Pvt Fund based Bk Fac A4 109.5 Suspended Ltd Apollo Soyuz Electricals Pvt Non-Fund Based Bk Fac A4 15 Suspended Ltd Bevcon Wayors Pvt Ltd NFBL A4+ 750 Assigned Bola Surendra Kamath And Sons FB Working Capital A3+ 900 Upgraded Limit from A3 Bola Surendra Kamath And Sons Non-fund Based A3+ 200 Upgraded Working Capital Limit from A3 Credible Engineering NFBL A3 414.7 Assigned Construction Projects Ltd Gmr Hyderabad International Non-FBL A1+ 750 Upgraded Airport Ltd from A1 Intech Pharma Pvt Ltd LOC/BG A4 87.6 Reaffirmed Jay Bhawani Coal Fields Pvt. Non-Fund Based Bk Fac A4 20 Suspended Ltd. L&T Housing Finance Ltd CP Programme A1+ 5000 Reaffirmed Piramal Finance Pvt. Ltd. CP / ST Debt Programme A1+ 70000 Outstanding Rockwell Industries Ltd NFBL A3 126.5 Assigned Sln Technologies Pvt Ltd NFBL A4 62.5 Reaffirmed Sree Sai Electronics Off-grid solar SP 3C - Assigned projects Surya Roshni Ltd CP Programme A1+ 200^ Reaffirmed ^ This stand-by letter extends validity of two existing SBLCs of SBI of Rs. 10 crore each from 27-Nov-2016 and 30-Nov-2016, to 26-Feb-2017 Surya Roshni Ltd CP Programme A1+ 150 Reaffirmed Surya Roshni Ltd CP Programme A1+ 100 Outstanding Surya Roshni Ltd CP Programme A1+ 100 Outstanding Surya Roshni Ltd CP Programme A1+ 100 Outstanding Surya Roshni Ltd CP Programme A1+ 150 Outstanding Surya Roshni Ltd CP Programme A1+ 200 Outstanding Surya Roshni Ltd CP Programme A1+ 200 Outstanding Surya Roshni Ltd CP Programme A1+ 100 Outstanding Surya Roshni Ltd Proposed CP programme Provisional 700 Outstanding A1+ Vapi Pigments Pvt Ltd Sub-limit of CC A4 25 Suspended facility Vapi Pigments Pvt Ltd Non-FB Fac A4 52.5 Suspended V-Mart Retails Ltd. Non-FBL A1 10 Reaffirmed MEDIUM TERM RATINGS: ------------------- L&T Housing Finance Ltd Medium-Term Fixed MAA+ 1000 Reaffirmed Deposits LONG TERM RATINGS: ------------------- Adarsha Automotives Pvt Ltd FBL BB 440 Upgraded from BB- (revised from Rs.41.00 CR) Adarsha Automotives Pvt Ltd TL BB 26 Upgraded from BB- (revised from Rs.5.60 CR) Adarsha Automotives Pvt Ltd NFBL BB 20 Upgraded from BB- AG Granites Pvt Ltd Long -term - FB Fac BBB- 90 Reaffirmed AG Granites Pvt Ltd ST - FB Fac BBB- 140 Reaffirmed AG Granites Pvt Ltd Long -Term - BBB- 17 Reaffirmed Unallocated Fac / A3 Amman Granites Long -term - FB Fac BB+ 100 Reaffirmed Amman Granites LT/ST - Unallocated BB+/ 31 Reaffirmed A4+ Apollo Soyuz Electricals Pvt Fund based Bk Fac B+ 40 Suspended Ltd Apollo Soyuz Electricals Pvt Non-Fund Based Bk Fac B+ / 20.5 Suspended Ltd A4 Asirvad Microfinance Pvt. Ltd PTC Series A1 A- Withdrawn (SO) Asirvad Microfinance Pvt. Ltd PTC Series A2 BB+ Withdrawn (SO) Bevcon Wayors Pvt Ltd FBL BB+ 110 Assigned Bevcon Wayors Pvt Ltd Unallocated Limits BB+ / 10 Outstanding A4+ (revised from Rs. 26.00 crore) Bola Surendra Kamath And Sons CC Limits BBB 70 Upgraded from BBB- Bright Infosoft Pvt Ltd FB/ Non-FB Bk Fac^ A+ / 120 Assigned A1 ^ OD/ LC Credible Engineering CC Limits BBB- 90 Assigned Construction Projects Ltd Credible Engineering Unallocated Limits BBB-/ 495.3 Assigned Construction Projects Ltd A3 D. D. Industries Ltd Line of Credit B / A4 500 Suspended Dr. Ramesh Cardiac And LT FBL (TL) BBB+ 480 Upgraded Multispecialty Hospital Pvt Ltd from BBB Dr. Ramesh Cardiac And Unallocated BBB+ 70 Upgraded Multispecialty Hospital Pvt Ltd from BBB Family Credit Ltd NCD Programme AA+ 15000 Reaffirmed Family Credit Ltd Subordinated Debt AA+ 3250 Reaffirmed Programme Family Credit Ltd Perpetual Debt AA+ 1000 Reaffirmed Programme GMR Aerospace Engineering Ltd TL AA- 2291 Upgraded from A+ GMR Aerospace Engineering Ltd Unallocated AA- 29 Upgraded from A+ GMR Hotels And Resorts Ltd TL AA- 1247.9 Upgraded from A+(SO) GMR Hyderabad Aviation Sez Ltd TL AA- 552 Upgraded from A+ GMR Hyderabad International TL AA- 16123.6 Upgraded Airport Ltd from A+ GMR Hyderabad International FB limits AA- 550 Upgraded Airport Ltd from A+ GMR Hyderabad International Unallocated limits AA- 112.4 Upgraded Airport Ltd from A+ Intech Pharma Pvt Ltd TL BB 52.4 Revised from BB- Intech Pharma Pvt Ltd CC BB 35 Revised from BB- Intech Pharma Pvt Ltd EPC/FBD/FBP BB/A4 20 Revised from BB-/A4 Jay Bhawani Coal Fields Pvt. CC Limits B+ 50 Suspended Ltd. Karvy Data Management Services LT Bk Lines (Fund A+ 2233 Assigned Ltd based/ Non-fund based) L&T Finance Holdings Ltd NCD Programme AA+ 7500 Reaffirmed L&T Finance Ltd Perpetual Debt AA 3000 Reaffirmed Programme L&T Finance Ltd NCD Programme AA+ 450007 Reaffirmed L&T Finance Ltd Subordinated Debt AA+ 6000 Reaffirmed Programme L&T Fincorp Ltd Perpetual Debt AA 2000 Reaffirmed Programme L&T Fincorp Ltd NCD programme AA+ 12000 Reaffirmed L&T Fincorp Ltd Subordinated Debt AA+ 4000 Reaffirmed Programme L&T Housing Finance Ltd Perpetual Debt AA 1000 Reaffirmed Programme L&T Housing Finance Ltd NCD Programme AA+ 22000 Assigned L&T Housing Finance Ltd NCD Programme AA+ 28000 Reaffirmed L&T Housing Finance Ltd Subordinated Debt AA+ 3000 Reaffirmed Programme L&T Housing Finance Ltd LT Bk Lines AA+ 20013.3 Reaffirmed L&T Housing Finance Ltd LT/ST Unallocated Bk AA+ / 1486.7 Reaffirmed Lines A1+ L&T Infra Debt Fund Ltd NCD Programme AAA 40000 Reaffirmed L&T-Sargent & Lundy Ltd CC* AA / 50 Revised from A1+ AA- / Reaffirmed * sublimit to the extent of Rs 0.50 Cr for EPC and Rs. 0.50 Cr. PCFC, and hence also rated on a short-term scale, as such total utilisation should not exceed Rs.5.0 Cr at any point of usage. L&T-Sargent & Lundy Ltd BG# AA / 200 Revised from A1+ AA- / Reaffirmed # Includes sublimit of Rs. 3.00 Cr for letter of credit rated on a short-term scale, also the BGs are rated on both the scale and will attract the rating as per the tenure of usage. At any point of usage the limits should not exceed Rs. 20.0 Cr. Lakhani & Desai Developers TL facility B+ 390 Suspended Lakhani & Desai Developers LT B+ 10 Suspended Nspr Constructions India Pvt Unallocated Limits BBB / Assigned -------------------------------------------------------------------------------------------- $: 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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