July 14, 2015 / 5:02 AM / 2 years ago

ICRA ratings for Indian debt instruments-Jul 14

Jul 14 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of July 13, 2015.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
------                                  ----------            ------      -----    ---------
Ajax Fiori Engineering (India)          NFBL                  A1+    53.2    Upgraded
Pvt. Ltd                                                                           from A1
Betterman Engineers Pvt Ltd             NFBL - BG             A4     80      Reaffirmed
Chhabi Electricals Pvt Ltd              ST, Non fund          A4     60      Reaffirmed
Cosmos Engitech Pvt Ltd                 NFB                   A4+    39.2    Reaffirmed
(enhanced from Rs 1.75 crore)
Dianare Exports                         ST Fund based -       A4+    120     Reaffirmed
                                        Foreign Currency
                                        Bills Purchase 
(earlier Rs. 8.00crore)
Gurutek Estate Pvt Ltd                  Non-FB Fac            A4     40      Reaffirmed
Harinagar Sugar Mills Ltd               Non-FBL               A2+    87.1    Reaffirmed
M/S. S.K. Agarwalla                     NFBL (Letter of       A4     120     Reaffirmed
(enhanced from Rs. 9.40 crore)
Pushpak Marktrade (India) Pvt           ST non-fund based     A4     75      Suspended
LOC limits
Ramkrishna Forgings Ltd                 Non-fund based Bk Fac A2+    2400    Reaffirmed
(enhanced from Rs 131 crore)
Sanghvi Movers Ltd                      ST, FB Fac            A1     75      Reaffirmed
(reduced from Rs. 25.00 crore
Sanghvi Movers Ltd                      ST, non-fund based    A1     3575    Reaffirmed
# - Out of the Rs. 357.50 crore non-fund based facilities, Rs. 350 crore short term non-fund
based facilities are sub-limit to the term loan facilities,
(reduced from Rs. 365.00 crore) 
Sreenagar Cold Storage Pvt Ltd          Bk guarantee facility A4     2.4     Suspended
Sreenagar Cold Storage Pvt Ltd          LT/ST                 A4     14.2    Suspended
Sunland Plus Vitrified Pvt Ltd          BG                    A4     40      Assigned
Zodiac Clothing Co. Ltd                 ST, FB limits         A1+    700     Reaffirmed
Zodiac Clothing Co. Ltd                 ST, non-fund based    A1+    100     Reaffirmed
Zodiac Clothing Co. Ltd                 CP                    A1+    200     Reaffirmed

Ajax Fiori Engineering (India)          FBL                   A+     161.4   Upgraded
Pvt. Ltd                                                                           from A
(Reduced from 24.19 CR)
Betterman Engineers Pvt Ltd             FBL - CC              B      50      Downgraded
                                                                                   from B+
Chhabi Electricals Pvt Ltd              LT, TL                -            -       -
(Reduced from Rs. 0.68 CR)
Chhabi Electricals Pvt Ltd              LT, CC                B      85      Revised from
Chhabi Electricals Pvt Ltd              LT, Unallocated       B      6.8     Revised from
Cosmos Engitech Pvt Ltd                 CC                    BB+    55      Upgraded
                                                                                   from BB
(enhanced from Rs 4.00 crore)
Cosmos Engitech Pvt Ltd                 Stand by Line of      BB+    6       Upgraded
                                        Credit                                     from BB
(enhanced from Rs. 0.40 crore)
Cosmos Engitech Pvt Ltd                 TL*                   BB+    61.2    Upgraded
                                                                                   from BB
(enhanced from Rs 0.61 crore) *includes proposed loan of Rs. 3.50 crore 
Gayatri Sri Narayana Swamy              FBF                   B-     100     Suspended
Ginning Mill
Gokulanand Texturizers Pvt Ltd          Bk Loans Programme    BB+    187.1   withdrawn
Gurutek Estate Pvt Ltd                  FB Fac                B      160     Upgraded
                                                                                   from C+
Harinagar Sugar Mills Ltd               TL                    A-     903.7   Reaffirmed
(enhanced from Rs. 77.12 crore)
Harinagar Sugar Mills Ltd               FBL                   A-     2800    Reaffirmed
(enhanced from Rs. 260.00 crore)
Hmr Steels Pvt Ltd                      HMR Steels Private    B+/    220     Suspended
                                        Limited               A4
Lamco Industries Pvt. Ltd               LT FBL                BB+    160     Reaffirmed
(revised from 16.25)
Lamco Industries Pvt. Ltd               LT Non-FBL            BB+    165     Reaffirmed
Lamco Industries Pvt. Ltd               LT Unallocated Limits BB+    2.5     Reaffirmed
M/S. S.K. Agarwalla                     FBL (CC)              BB-    70      Reaffirmed
(enhanced from Rs. 5.00 crore)
M/S. S.K. Agarwalla                     FBL (TL)              BB-    10      Reaffirmed
(enhanced from Rs. 0.14 crore)
Milli Trust                             FBL - Proposed TL     B+     400     Assigned
Pansari Steels Pvt Ltd                  FBL                   B      80      Reaffirmed
Pri Media Services Pvt Ltd              NCD                   A(SO)  2500    Assigned
Pushpak Marktrade (India) Pvt           LT fund based CC      BB     105     Suspended
Ltd                                     limits
Pushpak Marktrade (India) Pvt           proposed limits       BB     120     Suspended
Ramkrishna Forgings Ltd                 Fund based Bk Fac     A-     4000    Reaffirmed
(enhanced from Rs 225 crore)
Sanghvi Movers Ltd                      TL                    A+     5676.3  Reaffirmed
(enhanced from Rs. 381.39 crore)
Sanghvi Movers Ltd                      Fund based, CC Fac    A+     500     Reaffirmed
(reduced from Rs. 100.00 crore) 
Spectrum Renewable Energy Pvt           LT, Fund Based - TL   D      84      Assigned
Spectrum Renewable Energy Pvt           LT, Fund Based - CC   D      12.5    Assigned
Sree Narayana Gurukulam                 LT, FB Fac            B      90      Assigned
Charitable Trust
Sreenagar Cold Storage Pvt Ltd          TL                    B      25      Suspended
Sreenagar Cold Storage Pvt Ltd          working capital TL    B      8.4     Suspended
Sreenagar Cold Storage Pvt Ltd          CCF                   B      30      Suspended
Sunland Plus Vitrified Pvt Ltd          TL                    B+     240     Assigned
Sunland Plus Vitrified Pvt Ltd          CC                    B+     100     Assigned
Thermax Engineering                     LT, non-FB Fac*       AA+   900     Reaffirmed
Construction Co. Ltd                                          (SO)
* backed by corporate guarantee from Thermax Limited
Thermax Engineering                     CC                    AA     70      Reaffirmed
Construction Co. 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

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