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ICRA ratings for Indian debt instruments-Mar 20
March 20, 2012 / 5:57 AM / 6 years ago

ICRA ratings for Indian debt instruments-Mar 20

Mar 20 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of March 19, 2012.	
	
	
COMPANY                                 INSTRUMENT              RATING    AMOUNT   MOVEMENT	
                                                                          (RS.MLN)	
------                                  ----------              ------    -----    ---------	
SHORT TERM RATINGS:	
-------------------	
Astec Lifesciences Ltd                  ST, non-FBL           A3     200     Revised from	
                                                                                   A3+	
Enhanced from Rs. 12.00 crore	
Ayushman Merchants Pvt Ltd              BG                    A4     10      Assigned	
Brintons Carpets Asia Pvt Ltd           Fund Based#           A2+    200     Revised from	
                                                                                   A2	
# fungible between long term and short term fund based working capital facilities with total
utilization not to exceed Rs. 20.0 crore	
Brintons Carpets Asia Pvt Ltd           Non-FB                A2+    50      Revised from	
                                                                                   A2	
Choice Diamond                          FBL                   A3     626*    Reaffirmed	
*Includes Rs 11.80 crore of Untied limits	
Essar Steel Ltd                         FB/ non-fund based Bk A1     29000   Assigned	
                                        Fac	
Eurotex Industries And Exports          ST Non-FBL            A4+    80      Reaffirmed	
Ltd	
Reduced from Rs. 12.00 crore	
Fortis Healthcare (India) Ltd           CP/ ST Debt programme A1    6000    Reaffirmed	
Gini & Jony Ltd                         ST fund based         D      105     Assigned    	
Hysco Steel India Pvt Ltd               FB & NFB Bk limits    A2(SO) 35      Reaffirmed   
                                    	
Hyundai Hysco Co Limited	
Hysco Steel India Pvt Ltd               FB & NFB Bk limits    A3+    900     Reaffirmed
Hysco Steel India Pvt Ltd               FB& NFB Bk limits     A3+    10      Reaffirmed   
                                    	
Joyalukkas India Ltd                    FB Fac                A1     1350    Reaffirmed	
Joyalukkas India Ltd                    Non-FB Fac            A1     50      Reaffirmed	
Kalinga Commercial Corporation          FBL - Export Packing  A3     200     Reaffirmed	
Ltd                                     Credit (EPC)	
Kalinga Commercial Corporation          FBL                   A3     280     Reaffirmed	
Ltd	
Kalinga Commercial Corporation          Non-FBL               A3     20      Reaffirmed	
Ltd	
Laxmi Pumps Pvt Ltd                     ST non-FB Fac         A4     7       Assigned	
Meta Rolls And Commodities Pvt          Non Fund Based        A4+    110     Reaffirmed	
Ltd	
Myk Spinning Industries Ltd             Non FB Fac            A4+    35      Reaffirmed	
Navinchandra Laxmichand Shah            ST FB Fac             A4     300     Suspended	
Prahladrai & Company                    Non-FBL               D      7.5     Revised from	
                                                                                   A4    	
Parasakti Cement Industries Ltd         Non FB Fac            A3     75      Upgraded from	
                                                                                   A4+	
Saraf Industries                        BG                    A4     22.5    Assigned	
Saraf Industries                        LOC                   A4     40      Assigned	
Saraf Industries                        Buyers Credit*        A4     40*     Assigned	
* Buyer's Credit is a sublimit of Letter of Credit limits	
Shah Tiles Pvt Ltd                      BG                    A4     5       Assigned	
Shah Tiles Pvt Ltd                      LC                    A4     5       Assigned	
Shah Tiles Pvt Ltd                      LC*                   A4     75.4    Assigned	
*sublimit of TL	
Shah Tiles Pvt Ltd                      CCF                   A4     3.1     Assigned	
Skm Animal Feeds And Foods              FBL                   A2     39.50*  Reaffirmed	
(India) Ltd	
* Limits enhanced from Rs. 27.5 crore	
Skm Animal Feeds And Foods              Non-FBL               A2     95      Reaffirmed	
(India) Ltd	
Smile Microfinance Ltd (Smile)          Purchaser Payouts     A2+    112.1   Assigned	
                                                              (SO)	
Star Circlips & Engineering Ltd         FBL - PC/PCFC/FBP/FBD A4     45*     Assigned	
* PC/PCFC/FBP/FBD of Rs. 4.50 crore is sub limit of Cash Credit	
Star Circlips & Engineering Ltd         Non Fund Based - LOC/ A4     32.5    Assigned	
                                        BG	
Suryakiran International Ltd            Non FB Fac            A4+    52.5    Reaffirmed	
Suryalakshmi Cotton Mills Ltd           FB Fac                A3     63      Reaffirmed	
Suryalakshmi Cotton Mills Ltd           Non FB Fac            A3     315     Reaffirmed	
Swidan Ceramic                          BG                    A4     8       Assigned	
U V Cotton & Oil Industries             ST- NFBL- BG          A4     2       Assigned	
Venus Remedies Ltd                      Non FB Fac            A3     255     Assigned	
Vinir Engineering Pvt Ltd               ST FBL-EPC/PCFC       A3     40      Assigned	
Vinir Engineering Pvt Ltd               ST Non-FBL-LC/BG      A3     200     Assigned	
Yes Bank Ltd                            CD                    A1+            Assigned	
    	
    	
LONG TERM RATINGS:	
-------------------    	
Astec Lifesciences Ltd                  LT, FB limits         BBB-   340     Revised from	
                                                                                   BBB    
                                                                             	
Enhanced from Rs. 28.00 crore	
Astec Lifesciences Ltd                  TL                    BBB-   160     Revised from	
                                                                                   BBB	
Ayushman Merchants Pvt Ltd              FBL                   B+     150     Assigned	
Brintons Carpets Asia Pvt Ltd           TL                    BBB+   100     Revised from	
                                                                                   BBB	
Brintons Carpets Asia Pvt Ltd           CC                    BBB+   200     Revised from	
                                                                                   BBB	
Ciemme Jewels Ltd                       LT Fund Based/Non-FBL* BB+    520     Upgraded from	
                                                                                   BB	
*revised amount	
Essar Steel Ltd                         TL                    A      65000   Withdrawn	
Essar Steel Ltd                         Bk Fac                A      11000   Withdrawn	
Eurotex Industries And Exports          TL                    BB+    347.7   Reaffirmed	
Ltd	
Reduced from Rs. 56.23 crore	
Eurotex Industries And Exports          LT FBL                BB+    550     Reaffirmed	
Ltd	
Fortis Healthcare (India) Ltd           FB Limits             A+    2000    Reaffirmed	
Fortis Healthcare (India) Ltd           NCDs                  A+    2500    Reaffirmed	
Fortis Hospotel Ltd                     TL                    A+    500     Reaffirmed	
                                                              (SO)	
(earlier Rs. 62 crore)	
Gail (India) Ltd                        LT non fund based Bk  AAA    10000   Reaffirmed	
                                        limits	
Gail (India) Ltd                        Non-Convertible Bonds AAA    4000    Reaffirmed	
                                        Programme	
Gail (India) Ltd                        Non-Convertible Bonds AAA    6000    Reaffirmed	
                                        Programme	
Gail (India) Ltd                        Non-Convertible Bonds AAA    5000    Reaffirmed	
                                        Programme	
Gail (India) Ltd                        LT non fund based Bk  AAA    10000   Reaffirmed	
                                        limits	
Gail (India) Ltd                        LT and ST NFBL/ST     AAA    2500    Assigned	
                                        loans	
                                        (interchangeable)	
Gail (India) Ltd                        Non-Convertible Bonds AAA    4000    Reaffirmed	
                                        Programme	
(reduced from 500)	
Gail (India) Ltd                        Non-Convertible Bonds AAA    6000    Reaffirmed	
                                        Programme	
Gail (India) Ltd                        Non-Convertible Bonds AAA    5000    Reaffirmed	
                                        Programme	
Gail (India) Ltd                        LT and ST NFBL/ST     AAA /  2500    Assigned	
                                        loans                 A1+	
                                        (interchangeable)	
Gini & Jony Ltd                         LT FB Fac             D      1000    Suspended	
Gini & Jony Ltd                         TL                    D      254     Suspended	
Gini & Jony Ltd                         FB Fac                D      52      Assigned	
Hysco Steel India Pvt Ltd               FB (CC, CC)           BBB    200     Reaffirmed   
                                     	
International Hospital Ltd              TL                    A     100     Reaffirmed	
(earlier Rs. 15.50 crore)	
Joyalukkas India Ltd                    TL Fac                A      77.4    Reaffirmed	
Joyalukkas India Ltd                    FB Fac                A      2300    Reaffirmed	
Kalinga Commercial Corporation          FBL - CC (CC)         BBB    470     Reaffirmed	
Ltd	
Kalinga Commercial Corporation          Non-FBL- BG (BG)      BBB    80      Reaffirmed	
Ltd	
Kbj Hotel & Restaurants Ltd             TL                    D      450     Downgraded	
                                                                                   from BB-	
Laxmi Pumps Pvt Ltd                     TL Fac                BB     16      Assigned	
Laxmi Pumps Pvt Ltd                     CC Fac                BB     30      Assigned	
Meta Rolls And Commodities Pvt          TL                    BB+    15      Reaffirmed	
Ltd	
Meta Rolls And Commodities Pvt          CC                    BB+    100     Reaffirmed	
Ltd	
Myk Spinning Industries Ltd             TL                    BB+    52      Reaffirmed	
Myk Spinning Industries Ltd             FB Fac                BB+    48      Reaffirmed	
Niraj Cement Structurals Ltd            TL                    C+     50      Withdrawn	
Niraj Cement Structurals Ltd            non-FBL               C+     1000    Withdrawn	
Parasakti Cement Industries Ltd         TL                    BBB-   767     Upgraded from	
                                                                                   BB+	
Parasakti Cement Industries Ltd         FB Fac                BBB-   140     Upgraded from	
                                                                                   BB+	
Platinum Synthetics Pvt Ltd             CC                    BB-    200     Assigned	
Prahladrai & Company                    TL                    D      15      Revised from	
                                                                                   BB-	
Prahladrai & Company                    FBL                   D      35      Revised from	
                                                                                   BB-	
Presidency Builders &                   TL                    B+    100     Assigned	
Developers	
Religare Finvest Ltd                    Purchaser Payouts     AAA    500.7   Assigned	
                                                              (SO)	
Roshni Developers Pvt Ltd               FBL                   BB     230     Suspended	
Saraf Industries                        CC                    B-     60      Assigned	
Shah Tiles Pvt Ltd                      CC                    B      55      Assigned	
Shah Tiles Pvt Ltd                      TL                    B      100     Assigned	
Shekhada Cot-Gin Pvt Ltd                CC Limits             B      70      Assigned	
Shekhada Cot-Gin Pvt Ltd                TL Limits             B      7.5     Assigned	
Skm Animal Feeds And Foods              TL                    BBB   37.5    Withdrawn	
(India) Ltd	
Star Circlips & Engineering Ltd         FBL - CC              BB     125     Assigned	
Star Circlips & Engineering Ltd         FBL - TL              BB     75.8    Assigned	
Star Circlips & Engineering Ltd         FBL - Proposed        BB     14.6    Assigned	
Suryakiran International Ltd            TL                    BB+    121     Reaffirmed	
Suryakiran International Ltd            FB Fac                BB+    40      Reaffirmed	
Suryalakshmi Cotton Mills Ltd           TL                    BBB-   1253    Reaffirmed	
Suryalakshmi Cotton Mills Ltd           FB Fac                BBB-   725     Reaffirmed	
Swidan Ceramic                          CC                    B+     30      Assigned	
Swidan Ceramic                          TL                    B+     60      Assigned	
U V Cotton & Oil Industries             LT-FBL-CC             B      120     Assigned	
U V Cotton & Oil Industries             LT- FBL-TL            B      21      Assigned	
Venus Remedies Ltd                      CC Fac                BBB-   780     Assigned	
Venus Remedies Ltd                      TL Fac                BBB-   1121.7  Assigned	
Venus Remedies Ltd                      Unallocated           ICRA]BBB- /  322.5   Assigned	
                                                              A3	
Vinir Engineering Pvt Ltd               TL                    BBB-   94.7    Suspended	
Vinir Engineering Pvt Ltd               LT FBL-CC             BBB-   210     Suspended	
Yes Bank Ltd                            Lower Tier II bonds   AA             Assigned	
Yes Bank Ltd                            IPDI Bonds programme  AA-    1500    Assigned	
Yes Bank Ltd                            Upper Tier II bonds   AA-            Assigned	
Yogiraj Ginning & Oil                   CC Limit              B      120     Assigned	
Industries	
Yogiraj Ginning & Oil                   TL                    B      14.5    Assigned	
Industries	
--------------------------------------------------------------------------------------------	
$: 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, E-mail at rru.data@reuters.com)

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