September 17, 2012 / 9:58 AM / 5 years ago

ICRA ratings for Indian debt instruments-Sep 17

Sep 17 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of September 14, 2012.

COMPANY                                 INSTRUMENT                RATING   AMOUNT  MOVEMENT
                                                                          (RS.MLN)
------                                  ----------                ------   -----   ---------
SHORT TERM RATINGS:
-------------------
Aditya Birla Retail Ltd                 ST, FB Fac            A2     8150    Revised from
                                                                                   A2+
Aditya Birla Retail Ltd                 ST, FB/ Non-FB Fac    A2     1210    Revised from
                                                                                   A2+
Reduced from Rs. 161.0 crore
Bhawani Industries Ltd                  Non-FBL               A4+    380     Revised from
                                                                                   A3
Birla Power Solutions Ltd               Off-grid solar        SP3A         -       Suspended
                                        projects
Birla Power Solutions Ltd               Off-grid solar        SP4A                 Suspended
                                        projects
Chandi Steel Industries Ltd             Non-FBL*              A4     90      Reaffirmed
* Letter of credit and bank guarantee limit of Rs. 9.00 crore is fully interchangeable among
each other
Charoen Pokphand (India) Pvt            ST FB Fac             A2+    2000    Assigned
Ltd
Charoen Pokphand (India) Pvt            ST non-fund based     A2+    650     Assigned
Ltd
Decor Paper Mills Ltd                   Non-FBL               A4     44.5    Assigned
Indian Hotels Co. Ltd                   CP                    A1+            Reaffirmed
Indian Metals And Ferro Alloys          Fund based working    A1     2670    Reaffirmed
                                        capital limits
Indian Metals And Ferro Alloys          Non-fund based        A1     630     Reaffirmed
                                        working capital limits
Indian Metals And Ferro Alloys          Non-fund based        A1     1950    Reaffirmed
                                        working capital
                                        limits*
* 100% Interchangeable with a part of the fund based facilities
Jaigad Port Infrastructure Pvt          LOC*                  A2+    1000    Assigned
Ltd
*Rating under watch with negative implications* sublimit of term loan facility
KTL Pvt Ltd                             BG                    A4     10.5    Revised from
                                                                                   A4+
Lavgan Dockyard Pvt Ltd                 LOC*                  A2+    1500@   
                                                              (SO)                 
* Sublimit of term loan facility
Linkson Coal & Minerals Pvt Ltd         ST, LOC Sub- Limits*  A4     100     Assigned
*Rs 10.0 crore Letter of Credit is a sub-limit of the Rs. 45.0 crore Cash Credit limit
P&R Engineering Services Pvt            Non FB Fac - ST       A2+   40      Reaffirmed
Ltd
Santosh Wire Industries                 FBL-BG                A4     15      Assigned
Salasar Steel And Power Ltd             Non-FBL               D      99.5    Revised from
                                                                                   A3
Sundaram Finance Ltd                    CP / ST Debt          A1+    17500   Assigned
Enhanced from Rs. 1,200 crore
SVL Trading Corporation                 Off-grid solar         SP 3C       -       Assigned
                                        projects
Trident Auto Components Pvt Ltd         BG                    A4     2.5     Reaffirmed
Trident Auto Components Pvt Ltd         Bill Discounting      A4     50      Reaffirmed
Trinethra Superretail Pvt Ltd           ST, FB/ non-FB Fac    A2     650     Revised from
                                                                                   A2+
Enhanced from Rs. 50.0 crore
TV18 Broadcast Ltd                      CP Programme          A1+    1750    Reaffirmed
                                                              (SO)
Vidarbha Industries Power Ltd           FB and Non FBL - ST   A2     5500    Reaffirmed
                                        Scale
Enhanced from Rs. 50 crores

LONG TERM RATINGS:
-------------------
Aditya Birla Retail Ltd                 LT, TL                BBB    15760   Revised from
                                                                                   BBB+
Enhanced from Rs. 942.0 crore
Aditya Birla Retail Ltd                 LT, FB Fac            BBB    185     Revised from
                                                                                   BBB+
Bhawani Industries Ltd                  FBL                   BB+    550     Revised from
                                                                                   BBB-
Chandi Steel Industries Ltd             FBL                   B+     100     Downgraded
                                                                                   from BB
Chandi Steel Industries Ltd             NFBL                  B+     138     Downgraded
                                                                                   from BB
Charoen Pokphand (India) Pvt            TL Fac                A-     2000    Reaffirmed
Ltd
Charoen Pokphand (India) Pvt            LT FB Fac             A-     1700    Reaffirmed
Ltd
Decor Paper Mills Ltd                   TL                    BB-    73.2    Assigned
Decor Paper Mills Ltd                   FBL                   BB-    57.5    Assigned
Decor Paper Mills Ltd                   Proposed Limits       BB- /  64.8    Assigned
                                                              A4
Indian Hotels Co. Ltd                   NCDs*                 AA             Revised from
                                                                                   AA+
* Comprises eight NCDs with outstanding amounts of Rs. 300 crore, Rs. 300 crore, Rs. 250 crore,
Rs. 250 crore, Rs. 200 crore, Rs. 150 crore, Rs. 150 crore and Rs 136 crore
Indian Metals And Ferro Alloys          TL                    A      6170    Reaffirmed
Jaigad Port Infrastructure Pvt          LT Fund Based - TL    A-     1750    Assigned
Ltd
KRR Infra Projects Pvt Ltd              LT FBL                B      350     Downgraded
                                                                                   from
                                                                                   BBB-
KRR Infra Projects Pvt Ltd              LT non-FBL            B      490     Downgraded
                                                                                   from
                                                                                   BBB-
KTL Pvt Ltd                             TL                    BB     19.4    Revised from
                                                                                   BB+  
Ktl Pvt Ltd                             CC                    BB     90      Revised from
                                                                                   BB+  
Ktl Pvt Ltd                             Unallocated           BB /   0.1     Revised from
                                                              A4             BB+ /
                                                                                   A4+
Lavgan Dockyard Pvt Ltd                 LT Fund Based - TL    A-     2440@   
                                                              (SO)
Linkson Coal & Minerals Pvt Ltd         LT, FB Limits         BB     450     Assigned
Network18 Media & Investments           TL                    BBB-&  1000    Reaffirmed
Ltd
& Placed under  Rating Watch with Developing Implications 
Network18 Media & Investments           Fixed Deposit         MA-&                 Reaffirmed
Ltd                                     Programme
& -Placed under "Rating Watch with Developing Implications 
P&R Engineering Services Pvt            FB Fac - LT           A-    53      Reaffirmed
Ltd
P&R Engineering Services Pvt            FBL                   B      290     Upgraded from
Ltd                                                                                D
Pioneer Urban Land And                  Non-FBL               BBB    1000    Reaffirmed
Infrastructure Ltd
Salasar Steel And Power Ltd             TL                    D      1786.2  Revised from
                                                                                   BBB-
Salasar Steel And Power Ltd             FB Limits             D      150     Revised from
                                                                                   BBB-
Santosh Wire Industries                 FBL- CC               B-     65      Assigned
Trident Auto Components Pvt Ltd         TL                    BB     4.6     Reaffirmed
Trident Auto Components Pvt Ltd         CC                    BB     60      Reaffirmed
Trident Auto Components Pvt Ltd         Unallocated           BB /   3.5     Reaffirmed
                                                              A4
Trinethra Superretail Pvt Ltd           LT, TL                BBB    315     Revised from
                                                                                   BBB+
Reduced from Rs. 45.5 crore
Tv18 Broadcast Ltd                      BG                    BBB    2000    Reaffirmed
Tv18 Broadcast Ltd                      TL                    BBB&   24.5    Reaffirmed
& Placed under Rating Watch with Developing Implications 
Tv18 Broadcast Ltd                      CC                    BBB&   1630    Reaffirmed
& Placed under Rating Watch with Developing Implications 
Tv18 Broadcast Ltd                      Fixed Deposit         MA-&                 Reaffirmed
                                        Programme
& Placed under ?Rating Watch with Developing Implications 
Vidarbha Industries Power Ltd           TL - LT Scale         BBB    27250*  Reaffirmed
Enhanced from Rs. 1656 crores/ 
*includes rupee term loans of Rs. 2047.95 Cr. and ECB of US$ 150 mn; total term loan amount is
capped at Rs. 2725 Cr.
---------------------------------------------------------------------------------------------
$: 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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