ICRA ratings for Indian debt instruments-Apr 15

Mon Apr 15, 2013 12:43pm IST

Apr 15 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of April 12, 2013.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
A.R.S. Metals Ltd                       Fund based            A4     578.2   Assigned
                                        (sub-limit) Fac
Enhanced from 18.70cr
A.R.S. Metals Ltd                       Non-FB Fac            A4     1410    Reaffirmed
Enhanced from 63.00cr
Agrigold Organics Pvt Ltd               ILC/FLC               A4     1012.5  Reaffirmed
Agrigold Organics Pvt Ltd               Proposed ILC/FLC      A4     387.5   Reaffirmed
Ajay Enterprises Pvt Ltd                NFBL                  A3+    712.2   Reaffirmed
(enhanced from Rs.10.5 crore)
Anthem Cellutions (India) Ltd           ST NFBL               A4     10      Assigned
Bharat Mines And Minerals               Non-fund based        A2@    150     Reaffirmed
                                        facility
@ - Ratings under watch with negative implications
BMM Ispat Ltd                           Non-FB Fac            A2     3850    Reaffirmed
Enhanced from 250.00CR
Borana Plastic Ltd                      Non-FBL               A4+    70      Assigned
Dewan Housing Finance                   ST Debt Programme     A1+    10000   Assigned
Disha Microfin Pvt Ltd                  MFI Grading            M2                  Assigned
Corporation Ltd
(enhanced from Rs. 500 crore )
Divya Global Pvt Ltd                    ST fund based & NFBL  A4     134.2   Suspended
Eveready Industries India Ltd           Non-FBL               A3+    1300    Reaffirmed
Enhanced from Rs. 100 crore
Ginni Gold Ltd                          ST NFBL               A4     50      Reaffirmed
GLS Industries Pvt Ltd                  ST NFBL               A4     170     Reaffirmed
Indian Gem & Jewellery                  Non FBL - Standby LOC A3     20      Reaffirmed
Creation Pvt Ltd
International Combustion                Fund Based Sub Limits* A1     100     Reaffirmed
(India) Ltd
* Sub limit of long term fund based limits
International Combustion                Non Fund Based Sub    A1     50      Reaffirmed
(India) Ltd                             Limits**
** Sub limit of long term non fund based limits
Karan Polypack Pvt Ltd                  Non Fund Based        A3     47.2    Reaffirmed
                                                              (SO)
(enhanced from Rs. 4.45 crore)
Karan Synthetic India Pvt Ltd           Non Fund Based        A3     20      Reaffirmed
                                                              (SO)
Krish Automotors Pvt Ltd                Inventory Funding     A4     200     Assigned
Mehta & Associates Fire                 Fund Based, ST Fac    A4     10      Reaffirmed
Protection Systems Pvt Ltd
Mehta & Associates Fire                 Non-fund Based, ST Fac A4     22.5    Reaffirmed
Protection Systems Pvt Ltd
Navbharat Explosives Co. Ltd            NFBL                  A4     75      Reaffirmed
Navbharat Fuse Co. Ltd                  NFBL                  A4     235     Reaffirmed
(reduced from Rs 37.50 crore)
NGL Fine-Chem Ltd                       ST: Non-FB limits     BBB-   20      Assigned
R. Kothari & Company                    FBL                   A4+    80      Reaffirmed
Salguti Industries Ltd                  LOC                   A4     37.6    Reaffirmed
Shanku'S Biosciences Pvt. Ltd           Credit Exposure Limits A4     1.2     Assigned
Solaris Ceramics Pvt Ltd                ST- NFBL- LC          A4     64.1    Suspended
                                                              (SO)
Solaris Ceramics Pvt Ltd                ST- NFBL- BG          A4     25      Suspended
                                                              (SO)
Solaris Ceramics Pvt Ltd                ST- NFBL- Derivative  A4     4.6     Suspended
                                        Limits                (SO)
Steer Engineering Pvt Ltd               NFBL                  A3     98.9    Reaffirmed
(revised from Rs 10.73 crore)
Sumetco Alloys Pvt Ltd                  NFBL                  A4     80      Assigned
Varmora Granito Pvt Ltd                 ST- NFBL- LC          A4     40      Suspended
Varmora Granito Pvt Ltd                 ST- NFBL- BG          A4     50      Suspended
Varmora Granito Pvt Ltd                 ST- NFBL- Derivative  A4     0.8     Suspended
                                        Limits
Veer Plastics Pvt Ltd                   Non Fund Based        A3     152.9   Reaffirmed
(enhanced from Rs. 8.00 crore)
Wipro Ltd                               Fund based            A1+    22516   Reaffirmed
                                        (inter-changeable) Fac
Zeal Metaliks Pvt Ltd                   NFBL (BG)             A4     20      Assigned

LONG TERM RATINGS:
-------------------
A.R.S. Metals Ltd                       TL Fac                BB     3068.8  Assigned
A.R.S. Metals Ltd                       FB Fac                BB     187     Reaffirmed
Agrigold Organics Pvt Ltd               CC                    BB-    100     Reaffirmed
Agrigold Organics Pvt Ltd               Proposed CC           BB-    50      Reaffirmed
Ajay Enterprises Pvt Ltd                TL                    BBB+   81      Reaffirmed
(reduced from Rs. 38.5 crore)
Ajay Enterprises Pvt Ltd                FBL                   BBB+   1266.8  Reaffirmed
(enhanced from Rs. 110.00 crore)
Anthem Cellutions (India) Ltd           TL                    BB-    40      Assigned
Anthem Cellutions (India) Ltd           LT FBL                BB-    38.5    Assigned
Anthem Cellutions (India) Ltd           Proposed Limits       BB-    11.5    Assigned
Arch Pharmalabs Ltd                     NCD 1                 D      1500    Downgraded
                                                                                  from BB+
Arch Pharmalabs Ltd                     NCD 2                 D      1500    Downgraded
                                                                                  from BB+
B Durga Reddy Infrastructure            CC facility           BB     20      Reaffirmed
Pvt Ltd
B Durga Reddy Infrastructure            BG                    BB     50      Reaffirmed
Pvt Ltd
Bharat Mines And Minerals               TL facility           BBB@   26.9    Withdrawn
@ - Ratings under watch with negative implications
Bhaurao Chavan Sahakari Sakhar          TL                    BB     486     Assigned
Karkhana Ltd
Bhaurao Chavan Sahakari Sakhar          FBL                   BB     524     Assigned
Karkhana Ltd
BMM Ispat Ltd                           TL Fac                BBB    33775.8 Reaffirmed
BMM Ispat Ltd                           TL Fac                BBB    10980   Withdrawn
BMM Ispat Ltd                           FB Fac                BBB    3550    Reaffirmed
Enhanced from 290.00Cr
Borana Plastic Ltd                      FBL                   BB+    70      Assigned
D.B. Machine Tools Pvt Ltd              FBL - Packing Credit  B+     25      Reaffirmed
D.B. Machine Tools Pvt Ltd              FBL - FDBP (Under LC) B+     55      Reaffirmed
Divya Global Pvt Ltd                    TL                    B+     5.7     Suspended
Eveready Industries India Ltd           TL                    BBB    1041.7  Reaffirmed
Enhanced from Rs. 18.5 crore
Eveready Industries India Ltd           FBL                   BBB    1200    Reaffirmed
Ginni Gold Ltd                          LT FBL                BB     600     Reaffirmed
GLS Industries Pvt Ltd                  TL                    BB     90      Reaffirmed
GLS Industries Pvt Ltd                  LT FBL                BB     90      Reaffirmed
Hotel Excelsior Ltd                     CC Limits             A-     50      Reaffirmed
Hotel Excelsior Ltd                     Non-FBL               A-     50      Reaffirmed
Indian Gem & Jewellery                  FBL - TL              BBB-   25      Reaffirmed
Creation Pvt Ltd
Indian Gem & Jewellery                  FBL - CC*             BBB-   250     Reaffirmed
Creation Pvt Ltd
* Includes FCNRB (DL) limit of Rs 20.00 crore
International Combustion                FBL                   A      122.5   Reaffirmed
(India) Ltd
International Combustion                NFBL                  A      210     Reaffirmed
(India) Ltd
Itp Ltd                                 CC                    BBB+   151.4   Revised from
                                                                                   BBB
Karan Polypack Pvt Ltd                  TL                    -                    Reduced to
                                                                                   Nil from Rs.
                                                                                   4.00 crore
Karan Polypack Pvt Ltd                  CC                    BBB-   40      Reaffirmed
                                                              (SO)
Karan Synthetic India Pvt Ltd           CC                    BBB-   100     Reaffirmed
                                                              (SO)
Karan Synthetic India Pvt Ltd           TL                    BBB-   99.4    Reaffirmed
                                                              (SO)
(reduced from Rs. 14.35 crore)
Krish Automotors Pvt Ltd                CC                    B      7.5     Assigned
Krish Automotors Pvt Ltd                Unallocated           B/     42.5    Assigned
                                                              A4
Kushal Fibres Pvt Ltd                   LT FB Fac             C      57      Suspended
Logix Infrastructure Pvt Ltd            Bk lines              D      2000    Suspended
Maa Shitala Agro Pvt Ltd                CC facility           BB-    147.5   Assigned
Maa Shitala Agro Pvt Ltd                TL                    BB-    30.1    Assigned
Maa Shitala Agro Pvt Ltd                BG                    BB-    2.4     Assigned
Mata Mohatadevi Milk & Milk             TL                    B      129     Suspended
Products Pvt. Ltd
Mata Mohatadevi Milk & Milk             LT FBL                B      25      Suspended
Products Pvt. Ltd
Matoshree Cotton Pvt Ltd                CC                    B+     60      Reaffirmed
Matoshree Cotton Pvt Ltd                TL                    B+     6.5     Assigned
Matrix Homes                            TL                    B+     55      Assigned
Mcx - Sx Clearing Corporation           Fully guaranteed cash AAA    500     Reaffirmed
Ltd                                     deposit/ margin       (SO)
Megha Marketing                         FBL                   BB     50      Reaffirmed
Mehta & Associates Fire                 CC                    BB-    20      Revised from
Protection Systems Pvt Ltd                                                         BB
Mehta & Associates Fire                 BG                    BB-    82.5    Revised from
Protection Systems Pvt Ltd                                                         BB
Navbharat Explosives Co. Ltd            FBL                   BB-    50      Reaffirmed
Navbharat Fuse Co. Ltd                  FBL                   BB-    347     Reaffirmed
(enhanced from Rs 22.25 crores)
Navbharat Fuse Co. Ltd                  Unallocated Limits    BB- /  15.5    Reaffirmed
                                                              A4
NGL Fine-Chem Ltd                       LT: FB limits         BBB-   70      Assigned
NGL Fine-Chem Ltd                       LT: TL                BBB-   65      Assigned
NGL Fine-Chem Ltd                       LT: Proposed          BBB-   10      Assigned
R.C. Sood And Company Pvt Ltd           TL                    BBB+   353.1   Reaffirmed
(reduced from Rs. 55 crore)
Salguti Industries Ltd                  TL                    B      250.2   Reaffirmed
Salguti Industries Ltd                  CC                    B      200.5   Reaffirmed
Salguti Industries Ltd                  Bills Discounted      B      20      Reaffirmed
Salguti Industries Ltd                  BG                    B      1.5     Reaffirmed
Salguti Industries Ltd                  Unallocated Limits    B      40.2    Reaffirmed
Shanku'S Biosciences Pvt. Ltd           CC                    B      48      Assigned
Shanku'S Biosciences Pvt. Ltd           TL                    B      50.3    Assigned
Shree Narmada Architectural             LT -FBL               B+     375     Revised from
Systems Ltd                                                                        BB-
Shree Narmada Architectural             LT -NFBL              B+     25      Revised from
Systems Ltd                                                                        BB-
Shree Raj Mahal Diamonds Pvt            LT FBL                BB-    200     Reaffirmed
Ltd
Shree Raj Mahal Diamonds Pvt            Unallocated           BB- /  50      Reaffirmed
Ltd                                                           A4
Shree Sita Rice Impex Pvt Ltd           CC facility           B+     30      Assigned
Shree Sita Rice Impex Pvt Ltd           TL                    B+     22.5    Assigned
Shree Sita Rice Impex Pvt Ltd           Unallocated Limits    B+ /   17.5    Assigned
                                                              A4
Solaris Ceramics Pvt Ltd                LT-FBL - CC           BB     150     Suspended
                                                              (SO)
Solaris Ceramics Pvt Ltd                LT-FBL - TL           BB     184.3   Suspended
                                                              (SO)
Sri Ganesh Automotive Impex             TL                    BB-    175     upgraded from
Pvt Ltd                                                                            B+
Sri Ganesh Automotive Impex             CC                    BB-    70      upgraded from
Pvt Ltd                                                                            B+
Sri Ganesh Automotive Impex             Unallocated           BB-/   5       upgraded from
Pvt Ltd                                                       A4             B+/
                                                                                   A4
Steer Engineering Pvt Ltd               FBL                   BBB-   200     Reaffirmed
Steer Engineering Pvt Ltd               TL programme          BBB-   95      Reaffirmed
(enhanced from Rs 15.00 crore)
Sumetco Alloys Pvt Ltd                  FBL                   B      100     Assigned
T. C. Motors Pvt Ltd                    FBL - Inventory       BB-    160     Assigned
                                        Funding
Enhanced from Rs. 13.00 crore
T. C. Motors Pvt Ltd                    FBL - CC              BB-    40      Assigned
Enhanced from Rs. 2.00 crore
Varmora Granito Pvt Ltd                 LT-FBL - CC           BB     320     Suspended
Varmora Granito Pvt Ltd                 LT-FBL - CC           BB     105.3   Suspended
Veer Plastics Pvt Ltd                   CC                    BBB-   300     Reaffirmed
(enhanced from Rs. 27.25 crore)
Veer Plastics Pvt Ltd                   TL                    BBB-   164     Reaffirmed
(enhanced from Rs. 13.75 crore)
Wipro Ltd                               Fund based            AAA    22516   Reaffirmed
                                        (inter-changeable) Fac
Wipro Ltd                               Non-FB Fac            AAA    32552   Reaffirmed
Zeal Metaliks Pvt Ltd                   FBL (TL)              B+     40      Reaffirmed
Zeal Metaliks Pvt Ltd                   FBL (CC)              B+     123     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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