ICRA ratings for Indian debt instruments-Nov 26

Mon Nov 26, 2012 12:27pm IST

Nov 26 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of November 23, 2012.

COMPANY                                 INSTRUMENT                RATING   AMOUNT  MOVEMENT
                                                                          (RS.MLN)
------                                  ----------                ------   -----   ---------
SHORT TERM RATINGS:
-------------------
Arch Pharmalabs Ltd                     CP/ST Debt programme  A1     2500    Withdrawn
Balaji Iron And Steel                   ST, non-FBL           A4     50      Reaffirmed
Industries Pvt Ltd
Coral Gold Tiles Pvt Ltd                BG                    A4     30      assigned
Core Fab Projects Pvt Ltd               BG                    ICRA]A4      45      Reaffirmed
Core Fab Projects Pvt Ltd               Construction          ICRA]A4      1.1     Reaffirmed
                                        Equipment Loan
Country Colonizers Pvt Ltd              NFBL                  A4    536     Suspended
Nezone Strips Ltd                       NFBL - LOC            A3     250     Reaffirmed
Nezone Strips Ltd                       Non-FBL - BG@         A3     30      Reaffirmed
@One way intechangeablity from Bank Guarantee to Letter of Credit limit upto Rs 2.00 crore
Nezone Strips Ltd                       Non-FBL - Forward     A3     8       Reaffirmed
                                        Contract Limit
Nezone Strips Ltd                       Non-FBL - Proposed    A3     2       assigned
                                        Forward Contract Limit
Nezone Tubes Ltd                        Non-FBL - LOC #       A3     190     Reaffirmed
# One way inter-changeability from Fund Based to Letter of Credit limit up to Rs. 10 crore
Nezone Tubes Ltd                        Non-FBL - BG          A3     80      Reaffirmed
Nezone Tubes Ltd                        Non-FBL - Forward     A3     11.4    Reaffirmed
                                        Contract Limit
Enhanced from Rs. 0.79 cr
Opg Business Centre Pvt Ltd             Non-FB Fac            A4     305     assigned
Perfect Construction Company            BG Facility           A4     170     Assigned
Perfect Construction Company            BG Facility (Proposed) A4     80      assigned
S J Contracts Pvt Ltd                   Non- FBL              A4+    220     Suspended
Instrument
Snc Power Corporation Pvt Ltd           Non-FB Fac            A4+    1560    Revised from
                                                                                   A3
Spa Ceramic Pvt Ltd                     BG                    A4     9       Reaffirmed
Enhanced from Rs. 0.55 crore
Tvs Logistics Services Ltd              ST loans              A1     1000    revised from
                                                                                   A1+
Tvs Logistics Services Ltd              CP                    A1     400     Assigned

LONG TERM RATINGS:
-------------------
Balaji Iron And Steel                   LT, FB limits         BB-    100     Reaffirmed
Industries Pvt Ltd
C-Edge Technologies Ltd                 LT/ ST, Non FB Fac    AA-/   250     Reaffirmed
                                                              A1+
Coral Gold Tiles Pvt Ltd                TL                    BB-    14.9    Assigned
Coral Gold Tiles Pvt Ltd                CC                    BB-    80      Assigned
Core Fab Projects Pvt Ltd               CC Fac                BB-    85      revised from
                                                                                   BB
Core Fab Projects Pvt Ltd               TL                    BB-    13.5    revised from
                                                                                   BB
Core Fab Projects Pvt Ltd               Proposed FB Fac       BB-    1.1     revised from
                                                                                   BB
Country Colonizers Pvt Ltd              TL                    B+    1694    Suspended
Dabur India Ltd                         NCD                   AAA    150     Reaffirmed
Fullerton India Credit Co. Ltd          FICCL CV Loan Pool    AAA    950.1   Reaffirmed
                                        D.A. Feb-12           (SO)
G R Construction                        TL                    B+    248.1   assigned
G R Construction                        Proposed TL           B+    11.9    assigned
Hi-Con Technocast Pvt Ltd               LT FB Fac             BB     79.5    Suspended
Imperial Garments Ltd                   LT FB Fac             D      125     Suspended
Imperial Garments Ltd                   ST, non FB Fac        D      34      Suspended
Kerala Financial Corporation            TL                    BB+    50      assigned
Nehru Place Hotels Ltd                  Overdraft Fac         BBB    1033.6  (revised from
                                                                                   A-
Nehru Place Hotels Ltd                  TL                    [ICRBBB      197.5   (revised from
                                                                                   A- 
Nehru Place Hotels Ltd                  CC Limits             [ICRBBB      50      (revised from
                                                                                   A-
Nehru Place Hotels Ltd                  CC/LC/BG              [ICRBBB      50      (revised from
                                                                                   A-
Nezone Strips Ltd                       FBL -TL               BBB-   75.1    Reaffirmed
Nezone Strips Ltd                       FBL - CC#             BBB-   550     Reaffirmed
#One way intechangeablity from Fund Based Working Capital (FBWC) limit to Letter of Credit limit
upto 50% of FBWC
Nezone Strips Ltd                       FBL - Proposed CC     BBB-   100     Assigned
Nezone Strips Ltd                       FBL - Standby Line of BBB-   50      Reaffirmed
                                        Credit*
*Standby Line of Credit can be used as fund based or non-fund based limit as per requirement
Nezone Tubes Ltd                        FBL - TL              BBB-   177.4   Reaffirmed
Enhanced from Rs. 2.93 cr
Nezone Tubes Ltd                        FBL - CC *            BBB-   450     Reaffirmed
Nezone Tubes Ltd                        Proposed FBL - CC     BBB-   250     Assigned
Nezone Tubes Ltd                        FBL - Stand by Line   BBB-   50      Reaffirmed
                                        of Credit ^
^ Stand-by Line of Credit can be used as Fund Based or Non-Fund Based depending on requirement
Oak Constructions & Properties          FBL- CC               D      1       assigned
(P) Ltd
Oak Constructions & Properties          FBL- TL               D      98.5    assigned
(P) Ltd
Oak Constructions & Properties          Non-FBL- BG           D      7.5     assigned
(P) Ltd
Oak Constructions & Properties          FBL-Unallocated       D      3       assigned
(P) Ltd
Opg Business Centre Pvt Ltd             FB Fac                BB     120     assigned
Paragon Industries Ltd                  TL                    D      210.1   (downgraded
                                                                                   from
                                                                                   BBB-)
(Revised from Rs. 12.55 Crore)
Paragon Industries Ltd                  FB Fac                D      220     (downgraded
                                                                                   from
                                                                                   BBB-)
( Revised from Rs. 22.44 Crore)
Paragon Industries Ltd                  Non FB Fac            D      35*     Assigned
*Within the sanctioned fund based facilities
Perfect Construction Company            CC Facility           BB+    85      Assigned
Perfect Construction Company            CC Facility (Proposed) BB+    65      Assigned
Rockland Hospital Ltd                   FB Fac                BB+    2671.9  assigned
(enhanced from Rs. 218.90cr)
S J Contracts Pvt Ltd                   FBL                   BB+    50      Suspended
Instrument
Snc Power Corporation Pvt Ltd           FB Fac                BB+    320     Revised from
                                                                                   BBB-
Spa Ceramic Pvt Ltd                     CC Facility           B+     40      Reaffirmed
Enhanced from Rs. 1.00 crore 
Spa Ceramic Pvt Ltd                     TL                    B+     40.4    Reaffirmed
Reduced from Rs. 4.14 crore
Tristar Inn Pvt Ltd                     Long- term, TL        BB-    215     Assigned
                                                              (SO)
Tvs Logistics Services Ltd              LT FB Fac             A+     400     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
rru.data@thomsonreuters.com)
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