April 9, 2013 / 5:37 AM / 4 years ago

ICRA ratings for Indian debt instruments-Apr 9

Apr 9 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of April 8, 2013.

COMPANY                                 INSTRUMENT            RATING      AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                  ----------            ------      -----   ---------
SHORT TERM RATINGS:
-------------------
Century Pharmaceuticals Ltd             ST Non-Fund Based LOC A4+    220     Reaffirmed
                                        Limits**
**- Letter of Credit have sub-limit of Buyer's Credit for Rs. 6.00 Cr.
Century Pharmaceuticals Ltd             ST Non-Fund Based BG  A4+    1       Reaffirmed
                                        Limits
H. D. Enterprises                       BG                    A4+    250     Revised from
                                                                                   A3
(enhanced from Rs. 22.00 crore)
Hitech Cellphone Pvt Ltd                Non-FBL               A4     40      Assigned
Mahindra Steel Service Centre           ST non-FBL            A1+    900     Reaffirmed
Ltd
Religare Housing Development            ST Debt               A1+    500     Reaffirmed
Finance Corporation Ltd
Saraswati Enterprise                    Import LOC            A4     180     Assigned
SPA Heights Pvt Ltd                     ST Non FBL- LOC       A4     120     Reaffirmed
                                        Limited
TVS Logistics Services Ltd              ST loans              A1     1000    Reaffirmed
TVS Logistics Services Ltd              CP                    A1     400     Reaffirmed
Vijay Velavan Spinning Mills            FB Fac                A4     30      Reaffirmed
Pvt Ltd
Vishva Vishal Engineering Ltd           NFBL                  A3     15      Reaffirmed

LONG TERM RATINGS:
-------------------
Bajaj Allianz General                   CPA                   iAAA         -       Reaffirmed
Insurance Co. Ltd
Bharti Research & Breeding Farm         TL                    B      135.9   Assigned
Bharti Research & Breeding Farm         CC                    B      65.9    Assigned
Century Pharmaceuticals Ltd             LT Fund Based CC      BB+    80      Reaffirmed
                                        Limits*
(reduced from Rs. 10.25 crores)  
 * CC limits have sub-limit of PC/PCFC/FBP/FBD/FCBP/FCBD of Rs. 3.00 crore rated on the short
term scale; these long term facilities include Rs. 2.25 crore of proposed term loan facility
which was rated earlier although the same has not been availed by the company and hence not
rated
Davender Feeds India (P) Ltd            TL                    B      49.5    Assigned
Davender Feeds India (P) Ltd            CC                    B      50      Assigned
H. D. Enterprises                       CC Facility           BB+    75      Revised from
                                                                                   BBB-
(enhanced from Rs. 5.00 crore)
Hdfc Ergo General Insurance             CPA                   iAAA         -       Reaffirmed
Co. Ltd
Hitech Cellphone Pvt Ltd                FBL                   BB-    60      Assigned
Hitech Cellphone Pvt Ltd                Unallocated           BB-    100     Assigned
Mahindra Steel Service Centre           LT FB limits          A+     570     Reaffirmed
Ltd
Mahindra Steel Service Centre           LT non-FBL            A+     30      Reaffirmed
Ltd
Mangalore Sez Ltd                       LT TL                 BBB+   7000    Assigned
Prabha Engineers                        LT FBL - TL           B+     25      Assigned
Prabha Engineers                        LT FBL - CC           B+     25      Assigned
Prakash Industrial Corporation          LT Fund Based         B      99      Assigned
Pvt Ltd
Prakash Industrial Corporation          LT Non Fund Based     B      1       Assigned
Pvt Ltd
Prakash Industrial Corporation          Untied Limits         B      30      Assigned
Pvt Ltd
Rank Silicon And Industries             FBL                   B+     100     Revised from
Pvt Ltd                                                                            BB-)
Religare Housing Development            LT Bk Limits          A+     1000    Reaffirmed
Finance Corporation Ltd
Royal Beverages Pvt. Ltd.               FBL-CC                BB-    800     Assigned
Salasar Balaji Industries               FBL                   BB-    150     Reaffirmed
Saraswati Enterprise                    CC                    B      30      Assigned
Seeco Enterprises Pvt. Ltd              FBL-TL                B+     60      Assigned
Seeco Enterprises Pvt. Ltd              FBL-CC                B+     10      Assigned
Shreeji Construction                    CC                    BB-    40      Reaffirmed
Shreeji Construction                    BG                    BB-    110     Reaffirmed
Shreeji Construction                    Untied Limits         BB-    50      Reaffirmed
SPA Heights Pvt Ltd                     LT FBL - CC*          B      30      Reaffirmed
* Sublimit of Letter of Credit
SPA Heights Pvt Ltd                     Unallocated Limit**   B /    30      Reaffirmed
                                                              A4
** Rated on both long term and short term scales
Sree Astalaxmi Spinning Mills           Export packing credit BB-    50      Reaffirmed
(P) Ltd
Sree Astalaxmi Spinning Mills           CC                    BB-    70      Reaffirmed
(P) Ltd
Sree Astalaxmi Spinning Mills           TL                    BB-    188     Reaffirmed
(P) Ltd
Sree Astalaxmi Spinning Mills           BG                    BB-    22      Reaffirmed
(P) Ltd                                                       / A4
Sreevasa Spinners Ltd                   TL                    B-     350     Assigned
Sreevasa Spinners Ltd                   CC (Unallocated)      B-     150     Assigned
Sri Salasar Balaji Agro Tech            Export packing credit BB-    150     Reaffirmed
(P) Ltd
Sri Salasar Balaji Agro Tech            CC                    BB-    150     Reaffirmed
(P) Ltd
Sri Salasar Balaji Agro Tech            BG                    BB-    30      Reaffirmed
(P) Ltd                                                       / A4
TVS Logistics Services Ltd              LT FB Fac             A+     400     Reaffirmed
Uniworld Sugars Pvt Ltd                 TL                    B+     1000    Assigned
Uniworld Sugars Pvt Ltd                 Proposed Bk Fac       B+     250     Assigned
Vijay Velavan Spinning Mills            TL Fac                B+     8.8     Reaffirmed
Pvt Ltd
Vijay Velavan Spinning Mills            FB Fac                B+     140     Reaffirmed
Pvt Ltd
Vijay Velavan Spinning Mills            Non - FB Fac          B+     47.5    Reaffirmed
Pvt Ltd
Vishva Vishal Engineering Ltd           FBL                   BBB-   78      Reaffirmed
Vishva Vishal Engineering Ltd           TL                    BBB-   26.6    Reaffirmed
Vishva Vishal Engineering Ltd           Unallocated           BBB-   42.1    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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