May 14, 2014 / 4:43 AM / 3 years ago

ICRA ratings for Indian debt instruments-May 14

May 14 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of May 13, 2014.


COMPANY                                 INSTRUMENT             RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------             ------      -----    ---------
SHORT TERM RATINGS:
-------------------
APL Apollo Tubes Ltd                    Non-FBL               A2+    380     assigned
Apollo Metalex Pvt Ltd                  Non-FBL               A2+    80      assigned
                                                              (SO)
Bharat Forge Ltd                        Non FBL               A1+   4000    Reaffirmed
Bharat Forge Ltd                        CP                    A1+   500     Reaffirmed
Bharat Insulation Company               ST, non fund based    A3     300     Suspended
(India) Ltd                             LOC and BG Fac
Central Bank Of India                   Corporate Governance  CGR3+        -       Reaffirmed
                                        practices of Central
                                        Bk of India
Dalmia Cement (Bharat) Ltd              CP/ ST debt programme A1+    1000    Reaffirmed
Dalmia Cement (Bharat) Ltd              Non-FBL               A1+    6000    Reaffirmed
(reduced from Rs. 725 crores)
Franklin Templeton Asset                Templeton India       A1+    -       Reaffirmed
Management India Pvt Ltd                Treasury Management   mfs
                                        Account
Franklin Templeton Asset                Templeton India Ultra A1+    -       Reaffirmed
Management India Pvt Ltd                Short Bond Fund       mfs
Galaxy Concab (India) Pvt Ltd           ST Non FB             A4     150     Reaffirmed
(enhanced from 7.50cr)
Gujarat Microwax Pvt Ltd                ST NFBL               A3+    135.3   Upgraded
                                                                                   from A3
IPL Products                            FB Fac                A4     8       Suspended
IPL Products                            non-fund based Bk Fac A4     45      Suspended
Karamtara Engineering Pvt Ltd           ST, FB / Non-FBL      A2+    5480    Reaffirmed
Lloyds Line Pipes Ltd                   Non-FBL               A2+    100     Assigned
                                                              (SO) 
Metropolitan Eximchem Ltd               FBL - FDB/FBE/BRD     A3+    40      Upgraded
                                                                                   from A3
Metropolitan Eximchem Ltd               Non FBL - LOC         A3+    120     Upgraded
                                                                                   from A3
Metropolitan Eximchem Ltd               Non FBL - BG          A3+    2.5     Upgraded
                                                                                   from A3
Mohan Meakin Ltd                        ST non FB Bk Fac      A4     100     Reaffirmed
(enhanced from Rs. 6.00 crore)
Netmatrix Ltd                           NFBL                  A3+    150     Revised from
                                                                                   A3
SAP Industries                          FB Fac                A4     10      Suspended
SAP Industries                          non-fund based Bk Fac A4     47.5    Suspended
Shri Lakshmi Metal Udyog Ltd            Non-FBL               [ICRA\A2+    170     Assigned
                                                              (SO)
(enhanced from Rs 9.00 crore)
Sree Shanthosh Steels Pvt Ltd           Non-FB Fac            A4     50      Reaffirmed
(revised from Rs.13.00 crore)
    
MEDIUM TERM RATINGS:
-------------------
Dalmia Cement (Bharat) Ltd              Fixed deposit         MAA-        75.9    Reaffirmed
    
LONG TERM RATINGS:
-------------------    
Amba Grains Pvt Ltd                     FBL                   BB-    300     Assigned
Amba Grains Pvt Ltd                     TL                    BB-    25      Assigned
APL Apollo Tubes Ltd                    FBL                   A-     4280    assigned
APL Apollo Tubes Ltd                    TL                    A-     1167.5  assigned
Apollo Metalex Pvt Ltd                  FBL                   A-     420     assigned
                                                              (SO)
Apollo Metalex Pvt Ltd                  TL                    A-     90      assigned
                                                              (SO)
Bharat Forge Ltd                        LT Loan                -           350     Withdrawn
Bharat Forge Ltd                        NCD                   AA    3500    Upgraded
                                                                                   from
                                                                                   AA-
Bharat Forge Ltd                        NCD                   AA    2500    Upgraded
                                                                                   from
                                                                                   AA-
Bharat Forge Ltd                        NCD                   AA    1760    Upgraded
                                                                                   from
                                                                                   AA-
Bharat Forge Ltd                        FBL                   AA    12000   Upgraded
                                                                                   from
                                                                                   AA-
Bharat Insulation Company               LT working capital    BBB-   90      Suspended
(India) Ltd                             Fac and proposed FBL
Brij Gopal Construction                 LT: FBL               BBB-   500     Upgraded
Company (P) Ltd                                                                    from
                                                                                   BB+
Brij Gopal Construction                 LT: NFBL              BBB-   1500    Upgraded
Company (P) Ltd                                                                    from
                                                                                   BB+
Dalmia Cement (Bharat) Ltd              TL                    AA-    22380   Reaffirmed
(enhanced from Rs. 2183 crores)
Dalmia Cement (Bharat) Ltd              FBL                   AA-    4000    Reaffirmed
Dalmia Cement (Bharat) Ltd              NCD Programme         AA-    4020    Reaffirmed
(reduced from Rs. 480 crores)
Dalmia Cement (Bharat) Ltd              NCD Programme         AA-    1000    Assigned
(reduced from Rs. 200 crores)
Galaxy Concab (India) Pvt Ltd           LT FB                 B      110     Reaffirmed
(enhanced from 7.5cr)
Galaxy Concab (India) Pvt Ltd           LT/ST Fund Based      ICRA]B /     60      Reaffirmed
                                                              A4
Gujarat Microwax Pvt Ltd                LT FBL                BBB    150     Upgraded
                                                                                   from
                                                                                   BBB-
IPL Products                            FB Fac                B+     30      Suspended
IPL Products                            proposed TL Fac       B+     17      Suspended
Karamtara Engineering Pvt Ltd           LT, FB Limits         BBB+   1200    Reaffirmed
Karamtara Engineering Pvt Ltd           LT, Non-FB Limits     BBB+   1020    Reaffirmed
Karamtara Engineering Pvt Ltd           TL                    BBB+   1069    Reaffirmed
Kohinoor Ctnl Infrastructure            TL                    D      9360    Reaffirmed
Company Pvt Ltd
Kohinoor Hospitals Pvt Ltd              TL                    D      564.1   Reaffirmed
Kohinoor Hospitals Pvt Ltd              Non Fund Based (BG)   D      10      Reaffirmed
Kohinoor Technologies Pvt Ltd           TL                    B      350     Reaffirmed
Lloyds Line Pipes Ltd                   FBL                   A-     800     Assigned
                                                              (SO)
Lloyds Line Pipes Ltd                   TL                    A-     332     -
                                                              (SO)
Maa Corp Industries Pvt Ltd             TL                    B-     220     assigned
Maa Corp Industries Pvt Ltd             Proposed FB Fac       B-     25      assigned
Manglam Cotton Industries               Long Tern Fund Based  B      63      Reaffirmed
                                        -CC
Masu Brakes Pvt Ltd                     FB Fac                BBB-   300     assigned
                                                              / A3
Masu Brakes Pvt Ltd                     Non FB Fac            BBB-   36.5    assigned
                                                              / A3
Mohan Meakin Ltd                        LT FB Bk Fac          B+     742     Reaffirmed
(enhanced from Rs. 55.20 crore)
Mohan Meakin Ltd                        Unallocated/ Proposed B+/    160     Assigned
                                        Bk Fac                A4
Netmatrix Ltd                           FBL                   BBB    552     Revised from
                                                                                   BBB-
Noven Lifesciences Pvt Ltd              FB Fac                B-     60      assigned
SAP Industries                          TL Fac                B+     7.7     Suspended
SAP Industries                          FB Fac                B+     25      Suspended
SAP Industries                          proposed Bk Fac       B+ /   9.8     Suspended
                                                              A4
Shri Lakshmi Metal Udyog Ltd            FBL                   A-     500     Assigned
                                                              (SO)
(enhanced from Rs 38.00 crore)
Shri Lakshmi Metal Udyog Ltd            TL                    A-     50      -
                                                              (SO)
(reduced from Rs 10.00 crore)
Southern Agencies                       FBL                   B      100     Reaffirmed
Sree Shanthosh Steels Pvt Ltd           TL Fac                B-     240     Revised from
                                                                                   B+
(revised from Rs.0.34 crore)
Sree Shanthosh Steels Pvt Ltd           FB Fac                B-     55      Revised from
                                                                                   B+
(revised from Rs.17.00 crore of long-term facilities and Rs.4.50 crore of short-term facilities)
Uma Maheswari Constructions             FBL                   C+     100     Reaffirmed
Pvt 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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