ICRA ratings for Indian debt instruments-Feb 20

Wed Feb 20, 2013 10:30am IST

Feb 20 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of February 19, 2013.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
20 Microns Ltd                          LOC                   A4+    270     Assigned
20 Microns Ltd                          BG                    A4+    20      Assigned
20 Microns Ltd                          Credit Exposure Limit A4+    24      Assigned
Ashnoor Textile Mills Ltd               ST fund based Bk Fac  A4     160     Suspended
Gurbaksh Singh B.A. Builders            Non-FBL               A4     160     Assigned
Pvt Ltd
Gurbaksh Singh B.A. Builders            Unallocated Limits    A4     3.4     Assigned
Pvt Ltd
Kachchh Veneers Pvt Ltd                 LOC*                  A4     120     Assigned
*Includes cash credit facility of Rs 2.00 crore which have been rated B+
M/S Craftex India                       FB Fac                A4     37.5    Reaffirmed
Steelfur System Pvt Ltd                 BG                    A4     5       Assigned

LONG TERM RATINGS:
-------------------
20 Microns Ltd                          CC                    BB+    510     Assigned
20 Microns Ltd                          Export Packing Credit* BB+    50      Assigned
*Sub-Limit of Cash Credit
20 Microns Ltd                          Corporate Loan        BB+    51.8    assigned
20 Microns Ltd                          TL                    BB+    881.7   Assigned
Abs Mercantiles (P) Ltd                 Bk Fac                BB /   155     Suspended
                                                              A4
Gurbaksh Singh B.A. Builders            TL                    BB-    16.6    Assigned
Pvt Ltd
Gurbaksh Singh B.A. Builders            FBL                   BB-    120     Assigned
Pvt Ltd
M/S Craftex India                       FB Fac                BB-    17.5    Reaffirmed
M/S Craftex India                       Proposed Bk Fac       BB-    1.1     Reaffirmed
Morgan Stanley Gilt Fund                Morgan Stanley Gilt   AAAmfs -       Assigned
                                        Fund
Next Wave India                         Bk Fac                BBB-   80      Assigned
Samal Auto (India) Pvt Ltd              fund based Bk Fac     BB-    160     Suspended
Sri Bhagwan Mahaveer Jain               TL                    B      298.7   Upgraded from
Educational & Cultural Society                                                     B-
Steelfur System Pvt Ltd                 CC                    B+     25      Assigned
Steelfur System Pvt Ltd                 TL                    B+     21      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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