October 7, 2013 / 6:26 AM / 4 years ago

ICRA ratings for Indian debt instruments-Oct 7

Oct 7 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of October 4, 2013.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Agila Specialties Pvt Ltd               FB Fac                A2+    2100    Revised from
                                                                                   A2
Agila Specialties Pvt Ltd               Non-FB Fac            A2+    1150    Revised from
                                                                                   A2
Anand Construwell Pvt Ltd               ST, Non Fund Based    A4+    100     Suspended
Anay Agency                             ST, NFBL              A4     100     Assigned
Anugraha Valve Castings Ltd             ST: FBL               A2+    450     Reaffirmed
Anugraha Valve Castings Ltd             ST: FBL (sub-limit)   A2+    390     Reaffirmed
Anugraha Valve Castings Ltd             ST: Non fund based Bk A2+    60      Reaffirmed
                                        limits
Anugraha Valve Castings Ltd             ST: Non fund based Bk A2+    60      Reaffirmed
                                        limits (sub-limit)
Apollo Logisolutions Ltd                BG                    A3     100     Reassigned
Bethel Cashew Company                   FB Fac                A4     100     Assigned
Brajesh Packaging Pvt Ltd               ST, Non-FBL - BG      A4     1.4     Assigned
Cravatex Ltd                            Unallocated           A3     25      Assigned
Cravatex Ltd                            Non Fund Based        A3     270     Assigned
                                        (LC/LER)
Crystal Industrial Syndicate            ST Non-FBL- Inland /  A4     135     Reaffirmed
Pvt Ltd                                 Foreign BG
Daawat Foods Ltd                        NFBL                  A3+    50      Reaffirmed
Gita & Company                          ST scale- Non-FBL     A4     42.5    Reaffirmed
Glodyne Technoserve Ltd                 CP                    D      750     Suspended
Harshita Polypack                       ST, Non-FBL - BG      A4     0.9     Assigned
Hpcl-Mittal Pipelines Ltd               CP Programme          A1+    3000    Reaffirmed
Kavcon Engineers Pvt Ltd                ST Non-Fund limits    A4     60      Reaffirmed
LT Foods Ltd                            NFBL                  A3+    720     Reaffirmed
M/S Bola Surendra Kamath & Sons         Fund Based working    A3     900     Reaffirmed
                                        capital limit
(Revised from 50.00 CR)
M/S Bola Surendra Kamath & Sons         Non Fund Based        A3     200     Reaffirmed
                                        working capital limit
(Revised from 16.00 CR)
M/S Elect Systems Engineers             ST, non-fund based BG A4+    95      Suspended
Pvt Ltd                                 Fac
M/S Noble Ispat & Energies Ltd          ST, non-FB Fac        D      300     Suspended
M/S Sree Pavan Traders                  ST, non-FB Fac        D      50      Suspended
M/S Sua Explosives And                  ST, FB Fac            A3+    55      Suspended
Accessories Pvt Ltd
MBH Power Pvt Ltd                       non FB Fac            A4     400     Suspended
Nanz Med Science Pharma Pvt Ltd         PCFC                  A4     20      Reaffirmed
Nanz Med Science Pharma Pvt Ltd         LOC/FLC               A4     31      Reaffirmed
Nanz Med Science Pharma Pvt Ltd         BG                    A4     5       Reaffirmed
Nanz Med Science Pharma Pvt Ltd         Forward Contract      A4     0.4     Reaffirmed
                                        Facility
Omkar Textile Mills Pvt. Ltd.           LOC                   A4     50      Assigned
(enhanced from Rs. 6.65 Cr.)
Onco Therapies Ltd                      FB Fac                A2+    500     Revised from
                                                                                   A2
(revised from 33.0 CR)
Onco Therapies Ltd                      Non-FB Fac            A2+    450     Revised from
                                                                                   A2
(revised from 27.0 CR)
Pandoul Flour Mills Pvt Ltd             FBL - Bridge Loan     A4**   29      Assigned
**Proposed Limits
Radhika Packaging Pvt Ltd               ST, Non-FBL - BG      A4     1.2     Assigned
Sarvhit Trust                           Over Draft            A4     120     Reaffirmed
Shivakriti International Ltd            Non-FBL               A4     620     Reaffirmed
Sinosteel India Pvt Ltd                 Unallocated ST Limits A2+    220     Reaffirmed
Strides Arcolab Ltd                     FB Fac                A2+    2500    Revised from
                                                                                   A2
Strides Arcolab Ltd                     Non-FB Fac            A2+    1350    Revised from
                                                                                   A2
Suyash Polymer                          ST, Non-FBL - BG      A4     1.3     Assigned
The Tinplate Company Of India           Fund based- ST Fac*   A1+    750     Reaffirmed
Ltd
*includes Rs 35 crore which is interchangeable with the long term fund based facilities
The Tinplate Company Of India           Non fund based- ST Fac A1+    1516.8  Reaffirmed
Ltd
The Tinplate Company Of India           CP Programme          A1+    300     Reaffirmed
Ltd
Trans Tyres (India) Pvt Ltd             ST, FBL#              A4     62.5    Reaffirmed
Trans Tyres (India) Pvt Ltd             ST, NFBL              A4     103.7   Reaffirmed
Winsome Textile Industries Ltd          FBL                   A4+    890.3   Upgraded from
                                                                                   A4
Winsome Textile Industries Ltd          Non-FBL               A4+    810.4   Upgraded from
                                                                                   A4

LONG TERM RATINGS:
-------------------
Agila Specialties Pvt Ltd               TL Fac                BBB+   3850    Revised from
                                                                                   BBB
Air India Ltd                           Series 1 NCDs         AAA   40000   Retained
                                                              (SO)
Air India Ltd                           Series 2 NCDs         AAA   15000   Retained
                                                              (SO)
Alapatt Jewellery (House Of             LT - FB Fac           BBB-   55      Reaffirmed
Alapatt)
Anand Construwell Pvt Ltd               LT, FBL - TL          BB+    40      Suspended
Anand Construwell Pvt Ltd               LT, FBL - CC          BB+    60      Suspended
Anay Agency                             LT, FBL               B+     150     Assigned
Anugraha Valve Castings Ltd             LT: TL                A-     20      upgraded from
                                                                                   BBB+
Anugraha Valve Castings Ltd             LT: CC (sub-limit)    A-     5       upgraded from
                                                                                   BBB+
Apollo Logisolutions Ltd                TL                    BBB-   465     Reassigned
Apollo Logisolutions Ltd                CC Fac                BBB-   40      Reassigned
Apollo Logisolutions Ltd                Unallocated           BBB-   300     Reassigned
Baldeo Metals Pvt. Ltd.                 Bk Fac                B /    310     Suspended
                                                              A4
Bansal Construction Works Pvt           FBL                   B+     250     Assigned
Ltd
Bansal Construction Works Pvt           Unallocated           B+     50      Assigned
Ltd
Baroda Moulds & Dies                    CC Limits             BB+    20      Assigned
Baroda Moulds & Dies                    TL                    BB+    50      Assigned
Bethel Cashew Company                   FB Fac                B+     500     Assigned
Brajesh Packaging Pvt Ltd               LT, FBL - CC          B+     57.5    Assigned
Brajesh Packaging Pvt Ltd               LT, FBL - TL          B+     7.3     Assigned
Cravatex Ltd                            TL                    BBB-   110     Assigned
Cravatex Ltd                            Fund based (CC)       BBB-   400     Assigned
Cravatex Ltd                            Non Fund Based (SBLC) BBB-   45      Assigned
Crystal Industrial Syndicate            LT FBL-CC             BB     80      Reaffirmed
Pvt Ltd
Crystal Industrial Syndicate            Proposed Limit*       BB /   5       Reaffirmed
Pvt Ltd                                                       A4
Daawat Foods Ltd                        Working Capital Limits BBB    1905.1  Reaffirmed
(enhanced from 164.17 CR)
Daawat Foods Ltd                        TL                    BBB    252.9   Reaffirmed
Daawat Foods Ltd                        Unallocated           BBB    752     Reaffirmed
Gita & Company                          LT Scale-FBL          BB     42.5    Reaffirmed
Harshita Polypack                       LT, FBL - CC          B+     36      Assigned
Harshita Polypack                       LT, FBL - TL          B+     13.8    Assigned
HPCL-Mittal Energy Ltd                  CP Programme          A+     10000   Reaffirmed
HPCL-Mittal Energy Ltd                  LT Bond Programme     AA-    20000^  Reaffirmed
^ Bonds worth Rs. 1520 crore are outstanding, while Rs. 480 crore amount is yet to be placed
HPCL-Mittal Pipelines Ltd               LT Bond Programme     AA-    15000^  Reaffirmed
^ Bonds worth Rs. 1475 crore are outstanding, while Rs. 25 crore amount is yet to be placed
Kavcon Engineers Pvt Ltd                LT Loan               C      40      Revised from
                                                                                   BB-
Kavcon Engineers Pvt Ltd                LT FBL-CC             C      240     Revised from
                                                                                   BB-
Krushna Godavari Khate,                 LT, FBL - CC          BB-    50      Assigned
BI-Biyane Utpadan Va Vikri
Sahakari Sanstha Ltd
LT Foods Ltd                            Working Capital Limits BBB    700     Reaffirmed
LT Foods Ltd                            TL                    BBB    801     Reaffirmed
LT Foods Ltd                            Unallocated           BBB    660     Reaffirmed
M/S Bola Surendra Kamath & Sons         CC Limits             BBB-   70      Reaffirmed
M/S Century Joint Development           LT TL Fac             BB-    1000    Suspended
Pvt Ltd
M/S Elect Systems Engineers             LT working capital Fac BB+    40      Suspended
Pvt Ltd
M/S Noble Ispat & Energies Ltd          Term FB Fac           D      430     Suspended
M/S Sree Pavan Traders                  LT FB Fac             D      100     Suspended
M/S Sua Explosives And                  LT FB Fac             BBB    35      Suspended
Accessories Pvt Ltd
MBH Power Pvt Ltd                       LT FB Fac             BB     77.5    Suspended
Miracle Agro Products Pvt Ltd           LT, TL                BB     146.7   Assigned
Nanz Med Science Pharma Pvt Ltd         TL                    B      18.7    Reaffirmed
Nanz Med Science Pharma Pvt Ltd         CC                    B      60      Reaffirmed
Nanz Med Science Pharma Pvt Ltd         Unallocated           B      14.9    Reaffirmed
Omkar Textile Mills Pvt. Ltd.           CC                    BB-    300     Reaffirmed
Omkar Textile Mills Pvt. Ltd.           TL                    BB-    135.7   Reaffirmed
(enhanced from Rs. 28.00 Cr.)
Onco Therapies Ltd                      TL Fac                BBB+   2700    Revised from
                                                                                   BBB
Pandoul Flour Mills Pvt Ltd             FBL - CC              B      37.5    Assigned
**Proposed Limits
Pandoul Flour Mills Pvt Ltd             FBL - TL              B      65      Assigned
**Proposed Limits
Radhika Packaging Pvt Ltd               LT, FBL - CC          B+     36      Assigned
Radhika Packaging Pvt Ltd               LT, FBL - TL          B+     10.9    Assigned
Raghunath Agro Industries               Working Capital Limits BBB    600     Assigned
Sarvhit Trust                           TL                    BB-    305     Reaffirmed
Scientech Technologies Pvt Ltd          Bk Fac                BB+/   96      Suspended
                                                              A4+
Shivakriti International Ltd            FBL                   BB     130     Reaffirmed
Sidvin Core-Tech India Pvt Ltd          LT- Fund based        BB     110     Reaffirmed
(enhanced from Rs 9.00 crores)
Sinosteel India Pvt Ltd                 Unallocated LT Limits A-     100     Reaffirmed
Sinosteel India Pvt Ltd                 Fund Based/NFBL       A-/    180     Reaffirmed
                                                              A2+
Sri Balaji Cotton Agro                  LT, FBL - CC          B-     70      Suspended
Industries
Strides Arcolab Ltd                     TL Fac                BBB+   4100    Revised from
                                                                                   BBB
Suyash Polymer                          LT, FBL - CC          B+     36      Assigned
Suyash Polymer                          LT, FBL - TL          B+     8.6     Assigned
Tata Motors Finance Ltd                 Perpetual Debt        A+    900     Assigned
Tata Motors Finance Ltd                 Subordinate Debt      AA -  3250    Assigned
Tata Motors Finance Ltd                 PTCs                  AAA   3002.8  Assigned
                                                              (SO) !
! Indicates that the rating is conditional
Tata Motors Finance Ltd                 Second Loss Facility  BBB   283     Assigned
                                                              (SO) !
! Indicates that the rating is conditional
The Tinplate Company Of India           TL/corporate loan     A+     1369.2  Reaffirmed
Ltd
The Tinplate Company Of India           Fund based - LT Fac   A+     810     Reaffirmed
Ltd
Trans Tyres (India) Pvt Ltd             LT, FB limits (CC)    BB     90      Reaffirmed
Trans Tyres (India) Pvt Ltd             LT, FB limits (TL)    BB     51.3    Reaffirmed
Trans Tyres (India) Pvt Ltd             LT, Non FB limits (TL) BB     5       Reaffirmed
Winsome Textile Industries Ltd          TL                    BB     2836.2  Upgraded from
                                                                                   BB-
Winsome Textile Industries Ltd          FBL                   BB     589.9   Upgraded from
                                                                                   BB-
Winsome Textile Industries Ltd          Unallocated           BB     3.2     Upgraded from
                                                                                   BB-
--------------------------------------------------------------------------------------------
$: 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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