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ICRA ratings for Indian debt instruments-Dec 17
December 17, 2015 / 10:35 AM / 2 years ago

ICRA ratings for Indian debt instruments-Dec 17

Dec 17 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of December 16, 2015.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
APL Apollo Tubes Ltd                    Non-FBL               A1     1300    Assigned
enhanced from Rs. 68.00 crore
APL Apollo Tubes Ltd                    CP                    A1     1500    Outstanding
B.M. Gupta Estates Pvt. Ltd             Non-FBL               A4     100     Withdrawn
Bharat Bijlee Ltd                       CP                    A1     400     Reaffirmed
Express Publications (Madurai)          ST non FB Fac         A4+    350     Upgraded
Ltd                                                                                from A4
Jagajampi Auto Pvt Ltd                  ST non-FBL            A4+    10      Reaffirmed
Jayalaxmi Enterprises                   ST - FB Fac           A4     62.5    Reaffirmed
Jayalaxmi Enterprises                   ST - interchangeable  A4     20      Reaffirmed
                                        Fac
Karnataka Power Corporation Ltd         CP                    A2+    1000    Withdrawn
KEC International Ltd                   CP programme          A1     6000    Reaffirmed
KEC International Ltd                   CP programme          A1+    2000    Reaffirmed
                                                              (SO)
Kuloday Technopack Pvt Ltd              Fund based - EPC/PCFC A4+    75      Upgraded
                                                                                   from A4
Kuloday Technopack Pvt Ltd              Fund based - FBP/FBD* A4+            Upgraded
                                                                                   from A4
*Cash credit and FBP/FBD are sub-limits of EPC/PCFC
Kuloday Technopack Pvt Ltd              Non-fund based - LC   A4+    80      Upgraded
                                                                                   from A4
Kuloday Technopack Pvt Ltd              Non-fund based - BG   A4+    6       Upgraded
                                                                                   from A4
Sri Maharaja Oil Imports And            Non-fund based        A4     550     Reaffirmed
Exports India Pvt Ltd                   facility
Sri Maharaja Oil Imports And            Unallocated limits    A4     10      Reaffirmed
Exports India Pvt Ltd
Summa Real Media Pvt Ltd                ST - Non Fund Based   A4     20      Reaffirmed

LONG TERM RATINGS:
-------------------
Andhra Sinter Ltd                       TL limits             B+     9       Assigned
Andhra Sinter Ltd                       Unallocated limits    B+/A4  191     Assigned
APL Apollo Tubes Ltd                    Unallocated           -            NIL     Assigned
reduced from Rs. 6.75 crore
APL Apollo Tubes Ltd                    FBL                   A      4200    Assigned
reduced from Rs. 514.00 crore
APL Apollo Tubes Ltd                    TL                    A      1120    Assigned
enhanced from Rs. 68.00 crore
B.M. Gupta Estates Pvt. Ltd             CC limits             B      95      Withdrawn
Bharat Bijlee Ltd                       FBL                   A /    750     Reaffirmed
                                                              A1
Bharat Bijlee Ltd                       Non-FBL               A/     4000    Reaffirmed
                                                              A1
Biba Apparels Pvt Ltd                   LT: FBL^              A+/    241     Reaffirmed
                                                              A1+
^Long Term Fund Based limits are interchangeable with short term fund based limits to the extent
of Rs. 24.10 crore and in case the limits are availed as short term facilities, short term
rating will be applicable. The overall utilization by way of long term fund based and short term
fund based limits cannot exceed Rs. 24.10 crore 
Budha Motors Pvt Ltd                    CC Facility           BB-    100     Withdrawn
Crackers India (Alloys) Ltd             CC facility           C+     40      Reaffirmed
Crackers India (Alloys) Ltd             Working capital TL    C+     30      Reaffirmed
Deify Infrastructures Ltd               Non-FBL*              B/     3000    Downgraded
                                                              A4             from
                                                                                   BB+ 
                                                                                   / A4+
*: Fund based limit as a sub-limit of Non-fund based limit to the extent of Rs. 25.00 crore
Express Publications (Madurai)          TL Fac                BB+    309.6   Upgraded
Ltd                                                                                from B+
enhanced from 19.65 CR
Express Publications (Madurai)          LT FB Fac             BB+    290     Upgraded
Ltd                                                                                from B+
Globcon Industries Pvt Ltd              FB Fac                B+     87      Assigned
Indomet Steel Industries Pvt            Bk Fac                B+ /A4 66.5    Suspended
Ltd
Jagajampi Auto Pvt Ltd                  FBL                   BB     59.3    Reaffirmed
Jagajampi Auto Pvt Ltd                  Unallocated limits    BB     5.7     Reaffirmed
Jayalaxmi Enterprises                   LT - FB Fac           B+     12.5    Upgraded
                                                                                   from B
KEC International Ltd                   FBL                   A+     16000   Reaffirmed
(enhanced from Rs. 1300.00 crore)
KEC International Ltd                   TL                    A+     1804.4  Reaffirmed
(reduced from Rs. 322.09 crore)
KEC International Ltd                   LT debt programme     A+     1000    Reaffirmed
KEC International Ltd                   Non-FBL               A+ /   104000  Reaffirmed
                                                              A1+
(enhanced from Rs. 9350.00 crore)
Kimplas Piping Systems Ltd              Bk limits             BB     400     Upgraded
                                                                                   from B+
Kuloday Technopack Pvt Ltd              Fund based - TL       BB+    105.3   Upgraded
                                                                                   from
                                                                                   BB-
Kuloday Technopack Pvt Ltd              Fund based - CC*      BB+            Upgraded
                                                                                   from
                                                                                   BB-
*Cash credit and FBP/FBD are sub-limits of EPC/PCFC
Kuloday Technopack Pvt Ltd              Unallocated Limits#   BB+ /  3.7     Upgraded
                                                              A4+            from
                                                                                   BB- 
                                                                                   / A4
#Unallocated limits rated on both long term and short term
Marianella Properties Pvt Ltd           TL                    B      150     Assigned
Origo Commodities India Pvt Ltd         Proposed FBL          BBB-   200     Assigned
Phoenix Infocity Pvt Ltd                Bk lines              BBB-   2200    Assigned
                                                              (SO)
Pnb Realty Ltd                          FB Fac                D      85      Reaffirmed
Priyanka Refineries Pvt Ltd             FBL                   BB+    300     Reaffirmed
Revised from Rs. 25.00 crore
Priyanka Refineries Pvt Ltd             NFBL                  BB+    10      Reaffirmed
                                                              /A4+
Ravicab Cables Pvt Ltd                  Fund Based-CC         D      40      Withdrawn
Ravicab Cables Pvt Ltd                  Fund Based-TL         D      33.1    Withdrawn
Savera India Riding Systems             TL                    BB     30      Reaffirmed
Company Pvt Ltd
reduced from Rs. 4.50 crore
Savera India Riding Systems             FB limits             BB     100     Reaffirmed
Company Pvt Ltd
Shankar Rice & Gen. Mills               FB Fac                B      340     Reaffirmed
Sri Maharaja Oil Imports And            Fund based facility   BB-    140     Reaffirmed
Exports India Pvt Ltd
Summa Real Media Pvt Ltd                TL                    B+     150     Reaffirmed
Summa Real Media Pvt Ltd                LT - Non Fund Based*  B+     150     Reaffirmed
* The long term - non fund based limits are a sublimit of the term loan facility. The total
limits rated by ICRA amount to Rs. 21 crores
Summa Real Media Pvt Ltd                CC                    B+     40      Reaffirmed
Tulsi Constructions                     Fund based Bk limits  B+     79      Assigned
Tulsi Constructions                     Unallocated limits    B+     60      Assigned
--------------------------------------------------------------------------------------------
$: 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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