July 2, 2012 / 5:56 AM / 5 years ago

ICRA ratings for Indian debt instruments-Jul 2

Jul 2 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of Jun 29, 2012.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Balu India                              ST, non FB Fac        A4     15      Suspended
Bihar Raffia Industries Ltd             Non FBL - LOC         A4+    100     Reaffirmed
(enhanced from Rs. 4.50 crore earlier)
Bluplast Industries Ltd                 Short- term Non FBL   A3     80      Reaffirmed
Electromech Material Handling           ST, non-FB Fac        A3     434     suspended
Systems (India) Pvt Ltd
Encarta Pharma Pvt Ltd                  ST NFBL               A3     115     Assigned
Essel Shyam Communication               NFBL                  A2+    290     Reaffirmed
(earlier Rs. 24.0 crore)
Essel Shyam Technologies Ltd            NFBL                  A2+    496     Reaffirmed
(earlier Rs. 34.6 crore)
Flora Exports                           ST FBL                A4+    79.2    Assigned
Ind Swift Laboratories Ltd              Export Packing Credit A4     2195    Downgraded
                                                                                   From
                                                                                  A2+
Ind Swift Laboratories Ltd              BG                    A4     250     Downgraded
                                                                                   from 
                                                                                   A2+
Ind Swift Laboratories Ltd              LOC                   A4     3031    Downgraded
                                                                                   from 
                                                                                   A2+
Ind Swift Ltd                           ST FBL                A4     340     Downgraded
                                                                                   from 
                                                                                   A3+
Ind Swift Ltd                           Non FBL               A4     2300    Downgraded
                                                                                   from 
                                                                                   A3+
Roman Tarmat Ltd                        ST non-FBL            D      50      Suspended
Singhi Cables & Conductors Pvt          non-fund based Bk Fac A4     285     Suspended
Ltd
The Indian Steel & Wire                 Non-FBL               A2+    70      Assigned
Products Ltd
Tvs Credit Services Ltd                 CP                    A1     1000    Assigned

LONG TERM RATINGS:
-------------------

Balu India                              FB Fac                B+     303     Suspended
Bihar Raffia Industries Ltd             FBL - TL              BB+    41.5    Reaffirmed
Bihar Raffia Industries Ltd             FBL - CC              BB+    154     Reaffirmed
Bluplast Industries Ltd                 LT FBL                BBB-   341.4   Reaffirmed
Bluplast Industries Ltd                 Proposed Limits*      BBB-   28.6    Reaffirmed
                                                              / A3
*Rated on both long-term and short-term scales
East Africa Mobiles Ltd                 fund based faciliy    D      190     Suspended
                                                                                   (Downgraded
                                                                                   from BB
             
East Africa Motors Limite               fund based facility   D      125     Suspended
                                                                                   (Downgraded
                                                                                   from 
                                                                                   BB)
Eco Tech Papers                         TL                    B+     550     Assigned
Eco Tech Papers                         Non-FBL*              B+     250     Assigned
* sublimit of Term loan
Electromech Material Handling           LT loans              BBB-   193.3   suspended
Systems (India) Pvt Ltd
Electromech Material Handling           LT, FB Fac            BBB-   340     suspended
Systems (India) Pvt Ltd
Encarta Pharma Pvt Ltd                  LT FBL                BBB-   95      Assigned
Essel Shyam Communication               FBL                   A-     100     Upgraded from
                                                                                   BBB+
(earlier Rs. 6.0 crore)
Essel Shyam Technologies Ltd            FBL                   A-     70      (Upgraded
                                                                                   from
                                                                                   BBB+
Express Builders And Promoters          TL                    BB-    500     Reaffirmed
Pvt Ltd
Family Credit Ltd                       TL from HDFC Bk#      AA+    9380    downgraded
                                                              (SO)                 from
                                                                                   AAA 
                                                                                   (SO)
Family Credit Ltd                       TL from CitiBk#        AA+    1000    downgraded
                                                              (SO)                 from
                                                                                   AAA
                                                                                   (SO)
Family Credit Ltd                       TL from IndusInd Bk#   AA+    300     downgraded
                                                              (SO)                 from
                                                                                   AAA
                                                                                   (SO)
Family Credit Ltd                       TL from ING Vyasa Bk#  AA+    500     downgraded
                                                              (SO)                 from
                                                                                   AAA
                                                                                   (SO) 
Flora Exports                           TL                    BB+    4.8     Assigned
Gagan Aerospace Pvt Ltd                 LT Bk Fac             B+     320     Suspended
Ind Swift Laboratories Ltd              TL Fac                BB     5380    Downgraded
                                                                                   from
                                                                                   BBB+
Ind Swift Laboratories Ltd              CC Fac                BB     1235    Downgraded
                                                                                   from
                                                                                   BBB+
Ind Swift Laboratories Ltd              Unallocated           BB/    44.7    Downgraded
                                                              A4             from
                                                                                   BBB+/ 
                                                                                   A2+
Ind Swift Ltd                           TL Fac                BB     1550    Downgraded
                                                                                   from 
                                                                                   BBB
Ind Swift Ltd                           LT FBL                BB     3260    Downgraded
                                                                                   from 
                                                                                   BBB
Kanakia Spaces Pvt Ltd                  Proposed FBL          BB-    3500    Withdrawn
M.P. Entertainment And                  TL                    B      280     Assigned
Developers Pvt Ltd
enhanced from Rs. 20 crore)
M.P. Entertainment And                  BG                    B      10      Assigned
Developers Pvt Ltd
Mahalaxmi Dyes & Chemicals Ltd          Existing Bk limits    BB-/   145     Revised from
                                                              [ICRA[A4             BB
Mahalaxmi Dyes & Chemicals Ltd          Proposed Bk limits    BB-/   55      Revised from
                                                              [ICRA[A4             BB
Max Properties Pvt Ltd                  TL                    B      57      Assigned
Max Properties Pvt Ltd                  Proposed TL           B      38      Assigned
Radikal Overseas Pvt Ltd                LT: Non-FBL           BB+    10      Assigned
Radikal Overseas Pvt Ltd                LT: FBL*              BB+/   3196    Assigned
                                                              A4+
*Long Term Fund Based limits are interchangeable with Short Term Fund Based limits to the extent
of Rs 101.00 crore and in case the limits are availed as sho
Roman Tarmat Ltd                        LT FB limits          D      300     Suspended
Roman Tarmat Ltd                        LT non-FBL            D      1000    Suspended
Singhi Cables & Conductors Pvt          fund based Bk Fac     B+     34.5    Suspended
Ltd
The Indian Steel & Wire                 FBL                   BBB+   140     Assigned
Products Ltd
Tvs Credit Services Ltd                 LT Bk Limits          A      7495    Assigned
Enhanced from Rs. 700 crore
Unity Care & Health Services            TL                    BBB-   132     Assigned
Pvt Ltd
Unity Care & Health Services            LT FBL                BBB-   6       Assigned
Pvt Ltd
Unity Care & Health Services            LT FBL (proposed)     BBB-   47      Assigned
Pvt Ltd
Win-Power Marketing Pvt Ltd             non-fund based Bk Fac BB-/   30      Suspended
                                                              A4
Win-Power Marketing Pvt Ltd             BG                    BB-/   270     Suspended
                                                              A4
--------------------------------------------------------------------------------------------
$: 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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