CREDIT RATING CHANGED AFTER ISSUANCE OF DEBENTURES AS ON FEBRUARY 20, 2015

Debenture Issuer

Issue Size (Rs

in Crores)

Issue
Description

Credit Rating at the time

of Issue

Aditya Birla Finance Limited

Rs.250

NCDs

CARE AA

CARE AA+

CARE

Aditya Birla Finance Limited

Rs.50

NCDs

Unrated by CARE

CARE AA+

CARE

Aditya Birla Finance Limited

Rs. 205 Crs

NCDs

ICRA AA/Stable and

CARE AA

ICRA AA+/Stable and

CARE AA+

ICRA and CARE

Aditya Birla Finance Limited

Rs. 3749.05
Crs

NCDs

ICRA AA/Stable

ICRA AA+/Stable

ICRA

Ansal Phalak Infrastructure Pvt

Ltd

Rs.65 Crores
Rs. 100 Crs

NCDs

BWR BB- (Outlook Stable)

BWR BB- (Outlook
Negative)

BWR B ( Outlook Stable)

BWR B ( Outlook Stable)

Brickworks

Atria Convergence Technologies

Private limited

Rs. 180 crs

NCDs

BWR BBB -/ Stable

BWR BBB Stable

Brickworks

Bharat Aluminium Company

Limited (BALCO)

Rs. 500 Crs,

Rs. 500 Crs

NCDs

AA/Stable Outlook

AA-/Stable Outlook

CRISIL

Bharat Hotels Ltd

Rs 40 Crs

Secured
NCDs

CARE A+

CARE BBB+

CARE

Chalama Infra Properties Pvt Ltd

Rs 50 Crs

Secured
NCDs

Not Rated

BWR BBB(SO)

Brickworks

Consolidated
Construction 20 crs
Consortium Limited

NCDs

A(-)

BBB (-)

ICRA

DLF Limited

NCDs

A+/Negative

A/ Stable

CRISIL

Rs. 720 crs,

Present Credit Rating

Credit Rating
Agency

DSP Merrill
Limited

Lynch

Capital Rs.14.47
Cr NCDs
Tranche 14/
Rs.5.73
Tranche 15
Dalmia Bharat Sugar & Industries 100 crs
Secured
Ltd
NCDs

Tranche14 AAA(emr)(ind)
Tranche 15- PP-MLD Fitch
AAA(emr)(ind)

IND AAA emr,

IND PP-MLD AAA emr

FITCH
Rating

LAA-

A+(Stable)

ICRA

Gayatri Projects Limited

RS. 520 Crs

Secured
NCDs

BWR A Stable

BWR A Negative

BWR

Emaar MGF Land Limited

2260 crs

NCDs

CARE BB-

CARE BB

CARE

Fullerton India Credit Company

Limited

All Listed
Series
including sub
Debts
Series 22, 24
& sub Debts
1A, 1B, 2A.
2B, 2C
Rs. 250 Crs

NCDs

LAA+ ICRA

ICRA AA+

ICRA

NCDs

Fitch AA+

IND AA+

Fitch / India
Ratings

NCDs

BWR AAA+

BWR AAA

Brickworks

The Great Eastern Shipping

company Limited

Rs. 200 Crs

NCDs

BWR AAA+

BWR AAA

Brickworks

Hubtown Limited

Rs. 100 crs

NCDs

BWR BBB-

BWR B (Outlook : Stable)

Brickworks

Hindustan National Glass &

Industries Ltd

NCDs

CARE AA+

CARE BBB-

CARE

India
Infrastructure
Company Limited

Bonds

Unrated by India Rating

(Fitch)

IND AAA/ Stable

FITCH / India
Rating

Fullerton India Credit Company

Limited

The Great Eastern Shipping

company Limited

Rs. 100 crs

Rs. 100 crs
Rs, 100 crs
Finance 2500 Crores
(Series V)

India

IDBI Bank Ltd (Flexi bonds 19, Rs. 1600 Crs

20,21,22)
IFCI Venture
Limited

Capital

Unsecured
Flexi bonds

Funds Rs.15.10 Crs, NCDs

Rs. 64.20 crs

IFCI Factors Limited

AA+ by CRISIL, LAA by AA+/stable by CRISIL, CRISIL,

ICRA, AA+ FITCH
AA+/Stable by ICRA,
FITCH
AA+ Fitch IND
CARE ACARE BBB+
CARE

ICRA,

Rs.100 Crs,Rs. NCDs

100 Crs Rs.
62.50 crs
Rs. 100 Crs
NCDs

CARE A-

CARE
BBB
TRIPLE B)

CARE BB+

CARE BBB-

CARE

Marathon Realty Private Limited

Rs.100, 90, 63 NCDs

crores

BWR BB (SO)

BWR BB+ (SO)

Brickworks

Morgan Stanley India Private

Limited

Series 48, 51,

53

NCDs

AAA (emr) (ind)

PP MLD Fitch AAA emr

(ind)

Muthoot Fincorp Limited

(Refer Note)

Rs. 17.68 Crs,

Rs. 19.80
Lakhs
Rs., 40 crs,

NCDs

CRISIL A+

CRISIL A/ Stable

India Rating &

Research Pvt Ltd
previously known
as Fitch Rating
India
Pvt
Ltd
changed its rating
format and hence
there was a revision
in rating format
CRISIL

NCDs

BWR A+
CRISIL A+

BWR A
CRISIL A

Kosamattam Finance Limited

Muthoot Fincorp Limited

(Refer Note)

(CARE CARE

BWR, CRISIL

Note: In case of downgrade in external rating of Muthoot Fincorp Limited, the investors reserves the right to recall i.e. seek premature
redemption or ask for additional security or increase in Coupon In case of any queries please contact Mr. Narendra Joshi 022-2659 3927, or
email itclcomplianceofficer@ilfsindia.com
Manappuram Finance Limited
Rs 57.3 crs
NCDs
CRISIL A+ (Stable)
CRISIL A+ (Negative)
CRISIL

Manappuram Finance Limited

Rs 150 crs

NCDs

BWR AA-

BWR A+/ (Negative)

Brickworks

Manappuram Finance Limited

Rs 238.1 crs

NCDs

A+ by CRISIL and LA+ by

ICRA

A+/Stable by CRISIL and

A+/ Stable by ICRA

CRISIL & ICRA

II. BBB+ (SO)

III.BBB+(ind)(SO)

II. IND A (SO)

III IND A (SO)

FITCH

Maharashtra Patbandhare Vittiya II - Rs.31.44 Secured

Company Ltd
crs
Redeemable
III Rs.500 NCD
crs.
Maharashtra Patbandhare Vittiya
Company Ltd

Monnet Ispat & Energy Limited

IVRs
NCDs
216.31 Crs
IV- Rs 50.50
Crs
Rs. 520 Crs
NCDs

NTPC Limited
(Series 44, 45, 46, 47)

Rs 500, 75, 75, NCDs

390

IV- BBB (SO)

IV- BBB+(ind)(SO)

CARE AA-

IV- BBB+ (SO) Triple

IV- IND A (SO)

CARE
FITCH

CARE A+

CARE

Unrated by CARE

CARE AAA

CARE

Neelkanth Urban Developers Pvt Rs.100 crores

ltd

NCDs

Not Rated

BWR C-

Brickworks

Nomura Capital (India) Pvt Ltd

NCDs

AAA(emr)(ind) NCE001 to
NCE038 & IND PP-MLD
AAAemr NCE040 to NCE
050 - India Rating &
Research Pvt Ltd

IND PP-MLD AAAemr

Rating Changed from
AAA(emr)(ind) to Fitch
PP-MLD AAAemr(ind)
and
From Fitch PP-MLD
AAAemr(ind) to IND PPMLD AAAemrind on
account of change in the
organization name of the
rating agency

FITCH / India
Rating & Research
Pvt Ltd

Rs.500

Orris Infrastructure Private

Limited

Rs.42.5 crs

NCDs

LBB

B+

ICRA

Pune Dynasty Projects Private

Limited

Rs. 300 & 160

NCDs

[ICRA]BBB- (Stable)

Conditional [ICRA]BBB(Stable)

ICRA

Punjab State Power Corporation

Limited

Rs. 500 Crs

A-(SO), LBB+(SO)

BBB (SO)

CARE

Prince Foundations Ltd

Rs 55 Crs

Non SLR
PSEB Bonds
2008-09 1st
series
Secured
NCDs

Unrated

BWR BB(SO)

Brickworks

Prism Cement Limited

All Series 325 Secured/

crs
Unsecured
NCDs

ICRA LAA-

ICRA A-/Negative

ICRA

Prism Cement Limited

160
Crs Secured/
(100+30+15+
Unsecured
15)
NCDs

Unrated by India Ratings

ICRA A- Negative

IND A-/ Stable

ICRA A- Stable

India Ratings
ICRA

Parsvnath Rail Land Projects

Private Limited

Rs. 244.39 & Secured NCDs

RS. 360 Crs

BWR C- (C Minus)

BWR BB (Stable outlook)

Brickworks

Rajesh Real Estate Developers

Private Limited

Rs.120 Crs

NCDs

Unrated

BWR BB-

Brickworks

Reliance Capital Limited

NCD F 290,
292, 294,295
and 296

Secured
NCDs

Unrated by Brickworks

BWR AAA (Triple A)

Brickworks

Reliance Capital Limited

For RCAP
Series B
NCD F -300,
303, 306 and
307

Secured
NCDs

Unrated by CARE &

Brickworks

CARE AAA Triple A) &

BWR AAA (Triple A)

CARE &
Brickworks

Rei Agro Limited

Rs.93.5 crs

NCDs

CARE A (Single A)

CARE BBB+

CARE

Religare Finvest Ltd

Rs.500 crs

Secured
NCDs

ICRA AA- (Negative)

ICRA AA- (Stable)

ICRA

Tax Free
Bonds Series
2011-12 &
Long Term
Unsecured
Bond
Rohan Builders & Developers Series I- Rs 60 NCDs
Private Limited
crores

Fitch AAA(ind)

IndAAA

FITCH / India
Rating

Unrated

BWR BBB (SO)

Brickworks

Satguru
Corporate
Private Limited

NCDs

Not Applicable

BWR BBB-

Brickworks

Rural Electrification Corporation Rs. 3000 &

Limited
157.59 Crores

Services Rs. 300 Crores

Sintex Industries Limited

Rs.250 . 350
Crs

Secured
NCDs

CARE AA+

CARE AA

CARE

Shining Star Solutions & Services

Pvt Ltd

Rs.25.42crs

Secured
NCDs

IND B-(exp)

IND B-

India Ratings

Sew Infrastructure Limited

Rs.50 Crores

NCDs

Unrated by Brickworks

BWR BBB-

Brickworks

Sew Infrastructure Limited

Rs. 50 Crores

NCDs

AA- by FITCH

BWR BBB-

Brickworks

Simplex Infrastructure Limited

Rs. 200 Crs

NCDs

CARE AA (Double A)

CARE AA- (Double AA

Minus)

CARE

Simplex Infrastructure Limited

Rs. 50 Crores
and 75 Crores

NCDs

CARE AA (Double AA)

Care A +

CARE

Simplex Infrastructure Limited

Rs. 100 Crores

( Series IV) &
Rs. 100 Crores

NCDs

CARE AA-

CARE A+

CARE

(Sereis V)
Satguru Corporate Services
Private Limited

Rs. 300 Crores

NCDs

Unrated

BWR BBB-(SO)

Sesa Sterlite Limited

(erstwhile Vedanta
Limited)

400 Crores

NCDs

AA+(SO)/Negative

AA+ (on merger the rating CRISIL

has been migrated to SESA
Sterlite rating)

Shri Nataraj Ceramic and 2.40 Crores

Chemical Industries Limited

NCDs

ICRA

Sardar Sarovar Narmada Nigam 2.56

Billion
Ltd
(2.41
outstanding)
TDI Infrastructure Limited
Rs 7 crs

Deep
Discount
Bonds
Secured
NCDs

A rating of LBBB+ was Not Accepted

assigned to the proposed
issue by ICRA Limited but
the company did not accept
the same.
A
BBB+(SO)

CARE C

CARE BB

CARE

Tata Motors Finance Ltd

2500 crs

Secured
NCDs

CRISIL AA-/Positive

CRISIL AA/-Stable

CRISIL

Tata Motors Finance Ltd

2500 crs

Secured
NCDs

CRISIL AA-/Positive and CRISIL AA/-Stable

CRISIL AA/Stable

CRISIL

Tata Motors Finance Ltd

All NCD issue

NCDs

ICRA AA-/Positive

ICRA AA/Stable

ICRA

VGN Developers Private Limited

Rs. 140 & 280 NCDs

crs

BWR BBB (SO)

BWR B- (B MINUS)

Brickworks

VGN Developers Private Limited

Rs. 140 & 280 NCDs

Crs.

BWR BBB (SO)

BWR D

Brickworks

Aluminum

Brickworks

CRISIL