ICRA ratings for Indian debt instruments-Apr 8

Mon Apr 8, 2013 2:21pm IST

Apr 8 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of April 5, 2013.

COMPANY                                 INSTRUMENT                RATING   AMOUNT  MOVEMENT
                                                                          (RS.MLN)
------                                  ----------                ------   -----   ---------
SHORT TERM RATINGS:
-------------------
Asian Resurfacing Of Road               BG Limits             A4+    96      Assigned
Agency Pvt Ltd
Birla Sunlife Asset Management          Birla Cash Plus Fund  A1+mfs -       Reaffirmed
Co. Ltd
Chandri Paper And Allied                ST: NFBL              A4     130     Reaffirmed
Products Pvt Ltd
Choice Solutions Ltd                    Non FB Fac            A4+    30      Reaffirmed
Cms Traffic Systems Ltd                 Non -FBL (LC)         A4     20      Reaffirmed
Cyberoam Technologies Pvt Ltd           NFBL                  A1     200     Assigned
Evergreen Boardlam Pvt Ltd              ST NFBL               A4     10      Assigned
Flexatherm Expanllow Pvt Ltd            LOC                   A4     5       Assigned
Flexatherm Expanllow Pvt Ltd            BG                    A4     25      Assigned
Ganga Plastic Products Pvt Ltd          NFBL - LOC            A4     60      Assigned
Gasgen Ferro Alloys Llp                 LOC (sub-limit of TL) A4     75.5    Reaffirmed
Gopal Glass Works Ltd                   NFB - LOC/BG          A4+    40      Suspended
Gopal Glass Works Ltd                   Non Fund Based -      A4+    3       Suspended
                                        Credit Exposure Limit
Green World International Pvt           BG                    A4     10.8    Assigned
Ltd
Gtn Engineering (India) Ltd             ST FB Fac             A2     450     Reaffirmed
Gujarat Infraproject Pvt Ltd            Non- FBL              A4+    100     Reaffirmed
Hll Lifecare Ltd                        ST Non fund based     A1     2200    Reaffirmed
(enhanced from 22.0)
Kadvani Forge Ltd                       Non Fund Based - LOC  A4     4.2     Suspended
                                        (Inland)
Klenepaks Ltd                           ST- Non Fund based    A4     20      Reaffirmed
Nac Jewellers Pvt Ltd                   ST - Non-FB Fac       A4+    250     Assigned
Netra Mercantile Pvt Ltd                Non Fund Based - LOC  A4+    400     Assigned
                                        Limit
Newage Fire Protection                  Fund based - FBP/UFBP A4     12      Assigned
Industries Pvt Ltd
Newage Fire Protection                  Fund based - PC*      A4     10      Assigned
Industries Pvt Ltd
*Pc sublimit of FBP/UFBP
Newage Fire Protection                  Non-fund based - LC   A4     20      Assigned
Industries Pvt Ltd
Newage Fire Protection                  Non-fund based - BG   A4     3.5     Assigned
Industries Pvt Ltd
Osl Prestige Pvt Ltd                    Non-FBL - BG          A4     74.8    Downgraded
                                                                                   from
                                                                                   A4+
Pansari Steels Pvt Ltd                  NFBL*                 A4     40      Assigned
*sub limit of cash credit
R P Infosystems Ltd                     non fund based        A2+    250     Suspended
R P Infosystems Ltd                     ST non fund based Bk  A2+    1250    Assigned
                                        Fac
Redington (India) Ltd                   FB Fac - ST           A1+    5180    Reaffirmed
Rajshree Hospital And Research          ST - FBL              D      10      Reaffirmed
Centre Pvt. Ltd.
Redington (India) Ltd                   Non-FB Fac            A1+    4220    Reaffirmed
Redington (India) Ltd                   CP / STD Programme    A1+    6000    Reaffirmed
Sam Apparels Pvt Ltd                    FBL                   A4     260     Revised from
                                                                                   D
Seto Teknolog Pvt Ltd                   ST non-FBL            A4     22.5    Assigned
Shri Ken Enterprises Pvt Ltd            ST, Non Fund Based -  A4     30      Reaffirmed
                                        LOC
Spring Merchandisers Pvt Ltd            ST, non fund based    A4     55      Assigned
                                        LOC Fac
Sri Lakshmi Srinivasa Raw &             Non Fund Based        A4     0.1     Assigned
Boiled Rice Mill
Starshine Nirman Pvt Ltd                NFBL - LOC            A4     300     Assigned
Starshine Nirman Pvt Ltd                NFBL - Forward        A4     6       Assigned
                                        Contract
Sun Nirman Infrastructure Pvt           LC/BG Limits          A4     170     Reaffirmed
Ltd
Surya Shakti (India) Pvt. L             off-grid solar        SP 3C        -       Assigned
                                        projects
Tasa Foods Pvt Ltd                      FBL                   A4     -       Reaffirmed
The Gowthami Solvent Oils Ltd           Non-FB Fac            A4     30      Reaffirmed
(enhanced from Rs 2.10 crore)

LONG TERM RATINGS:
-------------------
Aditya Agro Foods                       FBL                   B      70      Reaffirmed
Aditya Agro Foods                       TL                    B      16.4    Reaffirmed
Aditya Agro Foods                       Unallocated           B      13.6    Reaffirmed
Anurag Resort Pvt Ltd                   Bk Fac                B+     130     Suspended
Asian Resurfacing Of Road               Working Capital Limits BB+    5       Assigned
Agency Pvt Ltd
Atpac Industries                        FB Limits             BB+    80      Assigned
Avni Steels                             FBL                   B      59.5    Assigned
Bajaj Capital Ltd                       LT Bk Limits          BBB    250     Reaffirmed
Birla Sunlife Asset Management          Birla Floating Rate - AAA+  -       Reaffirmed
Co. Ltd                                 ST plan                mfs
Birla Sunlife Asset Management          Birla Floating Rate - AAA+  -       Reaffirmed
Co. Ltd                                 LT plan                mfs
Brandhouse Retails Ltd                  LT, FB Fac (CC)       B-     1100    Revised from
                                                                                   B+
Chandri Paper And Allied                LT: FBL               BB     70      Reaffirmed
Products Pvt Ltd
Choice Solutions Ltd                    FB Fac                BB     100     Downgraded
                                                                                   from
 BB+
Choice Solutions Ltd                    Proposed Bk Fac       BB     20      Downgraded
                                                                                   from
 BB+
Classic Cotton Pvt. Ltd                 CC                    B+     135     Reaffirmed
Classic Cotton Pvt. Ltd                 TL                    B+     7.9     Reaffirmed
(reduced from Rs. 1.61 Crore)
Cms Computers Ltd                       Fund Based (CC)       BB     65      Reaffirmed
Cms Computers Ltd                       Non Fund Based (BG/LC) BB     567.5   Reaffirmed
Cms Traffic Systems Ltd                 FBL (CC)              BB     35      Reaffirmed
Cms Traffic Systems Ltd                 Non -FBL (BG)*        BB     30      Reaffirmed
                                                              (Stable) /
                                                              A4
*Rated on both scales
Columbia Asia Hospitals Pvt Ltd         Overdraft             BBB    250     Reaffirmed
Columbia Asia Hospitals Pvt Ltd         TL                    BBB    4872.5  Reaffirmed
(Reduced from Rs. 574.00 crore)
Cyberoam Technologies Pvt Ltd           FBL                   A      100     Assigned
Dhir Global Industria Pvt Ltd           CC                    D      85      Assigned
Dhir Global Industria Pvt Ltd           TL                    D      3       Assigned
Dhir Global Industria Pvt Ltd           Packaging Credit      D      90      Assigned
Dhir Global Industria Pvt Ltd           FOBNLC                D      35      Assigned
Dhir Global Industria Pvt Ltd           BG                    D      5       Assigned
Dhir Global Industria Pvt Ltd           LOC                   D      95      Assigned
Dhir Global Industria Pvt Ltd           Unallocated Limits    D      37      Assigned
Evergreen Boardlam Pvt Ltd              LT FBL                B      185.5   Assigned
Flexatherm Expanllow Pvt Ltd            TL                    B+     19      Assigned
Flexatherm Expanllow Pvt Ltd            CC                    B+     10      Assigned
G. M. Rao Cottons Pvt Ltd               CC                    B-     250     Revised from
                                                                                   B+
Gandhi Enterprises                      LT/ST, FB Fac*        BB     509.5   Reaffirmed
                                                                                   /Upgraded
                                                                                   from 
                                                                                   A4+
(enhanced from Rs. 50.91 crore)* Total utilization of fund based facilities should not exceed
Rs. 50.95 crore at any point of usage.
Ganga Plastic Products Pvt Ltd          FBL - CC              BB     60      Assigned
Gasgen Ferro Alloys Llp                 TL                    BB     129.5   Reaffirmed
Gmr Solvents                            CC                    B-     150     Revised from
                                                                                   B
Gopal Glass Works Ltd                   Fund Based - CC       BB+    105     Suspended
Gopal Glass Works Ltd                   Fund Based - TL       BB+    130.4   Suspended
Gopal Glass Works Ltd                   Fund Based - Stand by BB+    20      Suspended
                                        Line of Credit
Green World International Pvt           TL                    B      68      Assigned
Ltd
Green World International Pvt           CC                    B      22      Assigned
Ltd
Gtn Engineering (India) Ltd             LT FB Fac             BBB    361.3   Reaffirmed
Gtn Engineering (India) Ltd             LT non FB Fac         BBB    7.5     Reaffirmed
Gujarat Infraproject Pvt Ltd            FBL                   BB+    100     Reaffirmed
Haryana Seeds Development               FBL (CC)              BBB-   750     Assigned
Corporation Ltd
Highstreet Cruises &                    TL                    BBB    530     Assigned
Entertainment Pvt Ltd
Hind Glass Industries                   FBL                   B      95      Assigned
Hll Lifecare Ltd                        LT: TL                A      909     Reaffirmed
(enhanced from 45.0)
Hll Lifecare Ltd                        LT: FB Fac            A      1000    Reaffirmed
(enhanced from 45.0)
Ifmr Capital Finance Pvt Ltd            PTC Series A1         A     883.7   Assigned
                                                              (SO)!
! Indicates that the rating is conditional; ^ Discounted value of pool cashflows
Ifmr Capital Finance Pvt Ltd            PTC Series A1         A-    559.3   Reaffirmed
                                                              (SO)!
! indicates that the rating is conditional; ^ Discounted value of pool cashflows
Ifmr Capital Finance Pvt Ltd            PTC Series A2         BBB   32.1    Reaffirmed
                                                              (SO)!
! indicates that the rating is conditional; ^ Discounted value of pool cashflows
Ifmr Capital Finance Pvt Ltd            PTC Series A2         BBB   104.1   Assigned
                                                              (SO)!
! Indicates that the rating is conditional; ^ Discounted value of pool cashflows
Ifmr Capital Finance Pvt Ltd            PTC Series A2         BBB+  75.2    Assigned
                                                              (SO)!
! indicates that the rating is conditional; ^ Discounted value of pool cashflows
Ifmr Capital Finance Pvt Ltd            PTC Series A1         BBB+  400     Assigned
                                                              (SO)!
! indicates that the rating is conditional; ^ Discounted value of pool cashflows
Ifmr Capital Finance Pvt Ltd            PTC Series A1         A+     560.8   Assigned
                                                              (SO)!
! indicates that the rating is conditional; ^ Discounted value of pool cashflows
Ifmr Capital Finance Pvt Ltd            PTC Series A3         B-     53.5    Assigned
                                                              (SO)!
! Indicates that the rating is conditional; ^ Discounted value of pool cashflows
Ifmr Capital Finance Pvt Ltd            PTC Series A3         B+     47.9    Assigned
                                                              (SO)!
! indicates that the rating is conditional; ^ Discounted value of pool cashflows
Ifmr Capital Finance Pvt Ltd            PTC Series A3         B+     51.4    Reaffirmed
                                                              (SO)!
! indicates that the rating is conditional; ^ Discounted value of pool cashflows
Ifmr Capital Finance Pvt Ltd            PTC Series A2         B+     54      Assigned
                                                              (SO)!
! indicates that the rating is conditional; ^ Discounted value of pool cashflows
J. J. Constructions                     LT, FBL -TL           B      150     Assigned
Jalan Jodhawat Properties               LT, FBL -TL           B      50      Assigned
K K Duplex & Paper Mills (P)            FBL                   B+     32.5    Assigned
Ltd
K K Duplex & Paper Mills (P)            TL                    B+     95      Assigned
Ltd
K K Duplex & Paper Mills (P)            NFBL                  B+     2.5     Assigned
Ltd
K.P.N Textile Mills Ltd                 TL                    C      86.9    Suspended
K.P.N Textile Mills Ltd                 FB Fac                C      40      Suspended
K.P.N Textile Mills Ltd                 NFB Fac               C      18.2    Suspended
Kadvani Forge Ltd                       Fund Based - CC       B+     220     Suspended
Kadvani Forge Ltd                       Fund Based - TL       B+     54.6    Suspended
Keltech Energies Ltd                    Fund Based            BBB    80      Reaffirmed
(enhanced from Rs 6.5 crore)
Keltech Energies Ltd                    Non Fund Based        BBB    300     Reaffirmed
Khosla International                    FBL                   B      290     Assigned
Klenepaks Ltd                           LT- Fund based        BB     100     Reaffirmed
Krishna Oils & Proteins Pvt Ltd         CC                    D      150     Assigned
Krishna Oils & Proteins Pvt Ltd         TL                    D      40.5    Assigned
Lakshmi Ganapathi Rice                  FBL                   B+     100     Assigned
Industries
Maharshi Rice Mills Pvt Ltd             FBL                   B+     80.5    Assigned
Maharshi Rice Mills Pvt Ltd             NFBL                  B+     3.5     Assigned
Matushree Real Estate                   Fund Based            B+     92.5    Assigned
Developers Pvt Ltd
Mela Singh Memorial                     FBL                   B+     90      Assigned
Educational Trust
Mr Lakshman (Sole                       TL                    B      150     Reaffirmed
Proprietorship)
Nac Jewellers Pvt Ltd                   TL Fac                BB     50      Assigned
Nac Jewellers Pvt Ltd                   LT - FB Fac           BB     650     Assigned
Navayuga Bengalooru Tollways            Bk limits             BB+    5390    Suspended
Pvt Ltd
New Bharat Rice Mills                   FBL                   B      340     Assigned
Newage Fire Protection                  Fund based - TL       BB     65      Assigned
Industries Pvt Ltd
Newage Fire Protection                  Fund based - CC       BB     48      Assigned
Industries Pvt Ltd
Oriental Insurance Co. Ltd              CPA                   iAAA         -       Reaffirmed
Osl Prestige Pvt Ltd                    FBL - Working Capital BB     28.8    Downgraded
                                        TL                                         from BB
Reduced from Rs. 3.59 crore
Osl Prestige Pvt Ltd                    FBL - TL              BB     6.4     Downgraded
                                                                                   from BB
Reduced from Rs. 1.48 crore
Padma Gems                              LT/ST, FB Fac*        BB+ /  200     Assigned
                                                              A4+
* Total utilization of fund based facilities should not exceed Rs. 20 crore at any point of
usage.
Pansari Steels Pvt Ltd                  FBL                   B      55      Assigned
Piccadily Holiday Resorts Ltd           LT FB Fac             BB+    210     Revised from
                                                                                   BBB
R P Infosystems Ltd                     fund based            A-     3500    Suspended
Rajshree Hospital And Research          LT - FBL              D      155.5   Reaffirmed
Centre Pvt. Ltd.
Redington (India) Ltd                   FB Fac - LT           AA-    7724    Reaffirmed
Redington (India) Ltd                   FB Fac - LT           AA-    376     Reaffirmed
Religare Finvest Ltd                    Divine CA             AA+   502.2   Assigned
                                        Securitisation Series (SO)!
                                        I Trust 2013 PTC Series A
Religare Finvest Ltd                    Divine CV             A-     27.1    Assigned
                                        Securitisation Series (SO)!
                                        I Trust 2013 PTC Series B
Religare Finvest Ltd                    Divine CA             AA     567.3   Assigned
                                        Securitisation Series (SO)!
                                        A Trust 2013 PTC Series A
Religare Finvest Ltd                    Divine CV             AAA    514.1   Assigned
                                        Securitisation Series (SO)!
                                        I Trust 2013 PTC Series A
Religare Finvest Ltd                    Divine CA             BBB    29.9    Assigned
                                        Securitisation Series (SO)!
                                        A Trust 2013 PTC Series B
Religare Finvest Ltd                    Divine CA             BBB+   26.4    Assigned
                                        Securitisation Series (SO)!
                                        I Trust 2013 PTC Series B
Religare Finvest Ltd(Divine             PTC Series B          A-    77.8    Assigned
Lap Securitisation Series I                                   (SO)
Trust 2013)
Religare Finvest Ltd(Divine             PTC Series A          AAA   1478.1  Assigned
Lap Securitisation Series I                                   (SO)
Trust 2013)
Religare Finvest Ltd(Divine             PTC Series A          AA    1219.5  Assigned
Lap Securitisation Series Ii                                  (SO)
Trust 2013)
Religare Finvest Ltd(Divine             PTC Series B          BBB-  64.2    Assigned
Lap Securitisation Series Ii                                  (SO)
Trust 2013)
Religare Finvest Ltd(Divine             PTC Series A          AA+   902.4   Assigned
Loan Securitisation Series I                                  (SO)
Trust 2013)
Religare Finvest Ltd(Divine             PTC Series B          BBB   47.5    Assigned
Loan Securitisation Series I                                  (SO)
Trust 2013)
Riddhi Siddhi Infraprojects             TL                    D      350     Withdrawn
Pvt Ltd
Sai Venkata Agro Industries             CC                    C      100     Reaffirmed
Pvt Ltd
Sam Apparels Pvt Ltd                    TL                    C+     100     Revised from
                                                                                   D
Seto Teknolog Pvt Ltd                   TL                    B+     5       Assigned
Seto Teknolog Pvt Ltd                   LT FBL                B+     30      Assigned
Shiv Shakti Industries Pvt Ltd          TL                    B+     8.5123  Assigned
Shiv Shakti Industries Pvt Ltd          CC                    B+     54.75   Assigned
Shri Ken Enterprises Pvt Ltd            LT, FBL - TL          BB-    98.8    Reaffirmed
                                        (proposed)
Shri Ken Enterprises Pvt Ltd            LT, FBL - CC          BB-    120     Reaffirmed
Smt. Rukmanrani Education               LT, FBL - TL          BB+    50      Reaffirmed
Foundations
Spring Merchandisers Pvt Ltd            working capital Fac   B      40      Suspended
Sri Balaji Agro Industries              CC                    C      60      Reaffirmed
Sri Lakshmi Srinivasa Raw &             Unallocated limits    B+/   57      Assigned
Boiled Rice Mill                                              A4
Sri Lakshmi Srinivasa Raw &             FBL                   B+     92.9    Assigned
Boiled Rice Mill
Sri Lakshmi Venkata Maruthi             FBL                   B+     55      Assigned
Raw & Boiled Rice Trading
Company
Sri Ramalingeswara Rice Mill            FBL                   B+     90      Reaffirmed
Sri Ramalingeswara Rice Mill            Unallocated           B+     60      Reaffirmed
Sri Swami Chitrath Rice Mills           CC                    B      100     Assigned
Sri Swami Chitrath Rice Mills           TL                    B      15      Assigned
Sss Rice Mill Pvt Ltd                   CC facility           BB-    155     Assigned
Sss Rice Mill Pvt Ltd                   TL                    BB-    23.5    Assigned
Sss Rice Mill Pvt Ltd                   BG                    BB-    1.5     Assigned
Starshine Nirman Pvt Ltd                FBL - CC              BB     40      Assigned
Sun Nirman Infrastructure Pvt           Working Capital Limits B-     70      Downgraded
Ltd                                                                                from
 BB-
Tasa Foods Pvt Ltd                      TL                    B      64.3    Reaffirmed
Tasa Foods Pvt Ltd                      NFBL                  B      -       Reaffirmed
The Gowthami Solvent Oils Ltd           TL Fac                BB-    450     Reaffirmed
(enhanced from Rs. 25.44 crore)
The Gowthami Solvent Oils Ltd           FB Fac                BB-    320     Reaffirmed
(enhanced from Rs. 21.00 crore)
The Gowthami Solvent Oils Ltd           Proposed limits       BB-    3.2     Reaffirmed
(reduced from Rs. 5.78 crore)
V.S. Selvamaligai                       FB Fac-CC             BB+    100     Assigned
Vipul Ltd                               LT Debt               BB-    700     Reaffirmed
Vipul Ltd                               FB Fac                BB-    300     Reaffirmed
Vipul Ltd                               Non-FB Fac            BB-    451.2   Reaffirmed
Vipul Ltd                               Unallocated           BB-    48.8    Reaffirmed
Vishala India Commercial                TL                    BB+    943.7   upgraded from
Developers Pvt Ltd                                                                 BB
Wave Distilleries And                   FBL                   BB-    1140    Reaffirmed
Breweries Ltd
--------------------------------------------------------------------------------------------
$: 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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