June 3, 2014 / 7:18 AM / 4 years ago

ICRA ratings for Indian debt instruments-Jun 3

Jun 3 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of June 2, 2014.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Aprica Pharmaceuticals Pvt. Ltd         Credit Exposure Limit A4     1       Assigned
Arush Industries                        Non-FBL               A3     40      Reaffirmed
(earlier Rs. 4.00 crore)
Camphor & Allied Products Ltd           ST interchangeable    A3+    600     Revised from
                                        limits                                     A3  
(enhanced from Rs. 50.0 crore)
Camphor & Allied Products Ltd           ST, non-FBL           A3+    17      Revised from
                                                                                   A3
Deepak Fertilisers &                    CP                    A1+    1500    Assigned
Petrochemicals Corporation Ltd
Deepak Fertilisers &                    NFBL                  A1+    13010   Assigned
Petrochemicals Corporation Ltd
DNH Projects Ltd                        Non Fund Based- BG    A4     60      Reaffirmed
(Reduced from Rs. 10.00 crore)
Dwarkadhish Cotspin Pvt Ltd             BG                    A4     15      Reaffirmed
Dwarkadhish Cotspin Pvt Ltd             Derivative            A4     4.4     Reaffirmed
Fujikawa Power                          Non-FBL               A3     50      Upgraded
                                                                                   from A4+
FX Mutlitech Pvt Ltd                    Forward Sales         A4     10      Suspended
                                        Contract
FX Mutlitech Pvt Ltd                    Forward Purchase      A4     15      Suspended
                                        Contract
FX Mutlitech Pvt Ltd                    Foreign BG/ BG        A4     5       Suspended
FX Mutlitech Pvt Ltd                    FDBN/FDBP limit       A4     7.5     Suspended
Geon International                      Non-FBL               A3     15      Reaffirmed
Greenworth Infrastructures Pvt          ST, non-FB Fac        A4     100     Suspended
Ltd
Gulzar Motors Pvt Ltd                   Inventory Funding     A4     40      Reaffirmed
Gulzar Motors Pvt Ltd                   Non FB Fac            A4     21      Reaffirmed
Icewear Creation                        ST FB Fac             A4     158     Reaffirmed
(revised from 13 crs)
Icewear Creation                        ST proposed Fac       A4     10.7    Reaffirmed
(revised from 3.50 crs)
Jai India Weaving Mills Pvt Ltd         ST non-FB Fac         A4     49.3    Reaffirmed
enhanced from Rs. 4.73 crore
Jai India Weaving Mills Pvt Ltd         ST FB Fac             A4     5       Assigned
enhanced from nil
Kaithal Timbers Pvt Ltd                 Non-FBL - LOCs        A4     210     Assigned
Kenzo International                     Non-FBL               A2     20      Reaffirmed
(earlier Rs. 2.00 crore)
M.V. Shiptrade Pvt Ltd                  ST Non-FBL            A4     300     Reaffirmed
Mahindra Steel Service Centre           ST non-FBL            A1+    500     Reaffirmed
Ltd
Mahindra Steel Service Centre           ST proposed limits    A1+    400     Reaffirmed
Ltd
Palla Textiles Pvt Ltd                  ST fund based         D              Revised from
                                                                                   A4
Rajat Ispat Pvt Ltd                     Non FBL - LOC         A4     5       Reaffirmed
S G International                       Non-FBL               A3     30      Reaffirmed
Sarv Biolabs Pvt Ltd                    Export Packing Credit A4     15      Reaffirmed
Sarv Biolabs Pvt Ltd                    Non-FBL               A4     8.5     Reaffirmed
Shivani Trendz Pvt Ltd                  FBL                   A4     80      Reaffirmed
(enhanced from Rs. 5.00 crore)
Sri Sankari Yarns Pvt Ltd               ST FB Fac             A3     40      Reaffirmed
Sri Sankari Yarns Pvt Ltd               ST non-FB Fac         A3     40      Reaffirmed
Sunoxx International                    Non-FBL               A4+    30      Reaffirmed
    
Sushila International                   ST, FB Fac            D      110     Suspended
Sushila International                   ST non-FB Fac         D      35      Suspended
    
LONG TERM RATINGS:
-------------------   
Agarwal Properties & Developers         FB Fac                B      100     Suspended
Anand Duplex Ltd                        FBL                   BB-    210     Reaffirmed
(Revised from 7.50 Crores)
Anand Duplex Ltd                        TL                    BB-    70      Reaffirmed
Aprica Pharmaceuticals Pvt. Ltd         CC                    BB-    110     Revised from
                                                                                   B+
Arush Industries                        FBL                   BBB-   160     Reaffirmed
(earlier Rs. 11.00 crore)
Athena Energy Ventures Pvt Ltd          Bk Fac                BB /   1000    Notice of
                                                              A4             withdrawal
Baldva Textiles Pvt Ltd                 LT: Fund Based/CC     B      80      Assigned
Baldva Textiles Pvt Ltd                 LT: Fund Based/TL     B      9       Assigned
Camphor & Allied Products Ltd           TL                    BBB    680     Revised from 
                                                                                
                                                                                   BBB-
Camphor & Allied Products Ltd           LT / ST               BBB /  260     Revised from
                                        interchangeable limits A3+            BBB- /
                                                                                   A3
(enhanced from Rs. 11.0 crore)
Deepak Fertilisers &                    NCD                   AA     7916.7  
Petrochemicals Corporation Ltd                                                     

Deepak Fertilisers &                    FBL                   ICRA]AA      1990    
Petrochemicals Corporation Ltd                                                     
Deepak Fertilisers &                    TL                    ICRA]AA      2461.7  
Petrochemicals Corporation Ltd                                                     
Dev Rubber Factory Pvt Ltd              CC                    BB-    25      Revised from
                                                                                   B+
Dev Rubber Factory Pvt Ltd              TL                    BB-    20.4    Revised from
                                                                                   B+
Dev Rubber Factory Pvt Ltd              Unallocated           BB- /  17.4    Revised from
                                                              A4             B+/
                                                                                   A4
DNH Projects Ltd                        Fund Based- CC        C+     120     Downgraded
                                                                                   from B
(Reduced from Rs. 18.00 crore)
DNH Projects Ltd                        Fund Based- WCTL      C+     35      Downgraded
                                                                                   from B
Dwarkadhish Cotspin Pvt Ltd             TL                    B+     285     Reaffirmed
Dwarkadhish Cotspin Pvt Ltd             CC                    B+     80      Reaffirmed
Fujikawa Power                          FBL                   BBB-   160     Upgraded
(earlier Rs. 8.00 crore)                                                           from         
                                                                        
                                                                                   BB+
FX Mutlitech Pvt Ltd                    CC Limit              BB-    20      Suspended
FX Mutlitech Pvt Ltd                    Packaging Credit Limit BB-    17.5    Suspended
FX Mutlitech Pvt Ltd                    TL                    BB-    6.5     Suspended
Geon International                      FBL                   BBB-   80      Reaffirmed
Greenworth Infrastructures Pvt          LT FB fac             B      70      Suspended
Ltd
Gulzar Motors Pvt Ltd                   CC Fac                BB-    65      Reaffirmed
Icewear Creation                        TL                    B+     6.3     Reaffirmed
(revised from 0.25 crs)
Icewear Creation                        LT proposed Fac                            Withdrawn
Jai India Weaving Mills Pvt Ltd         TL Fac                BB-    9.4*    Reaffirmed
revised from Rs. 1.76 crore
Jai India Weaving Mills Pvt Ltd         LT FB Fac             BB-    135*    Reaffirmed
enhanced from Rs. 10.50 crore
Jai India Weaving Mills Pvt Ltd         Unallocated LT Fac    BB-    321.2*  Reaffirmed
enhanced from nil
Kaithal Timbers Pvt Ltd                 FBL - CC              BB-    40      Assigned
Kenzo International                     FBL                   BBB    130     Reaffirmed
(earlier Rs. 9.20 crore)
L&T- Sargent & Lundy Ltd                FBL*                  AA-/   50      Reaffirmed
                                                              A1+
 * sublimit to the extent of Rs 1.00 Cr for EPC/PCFC, and hence also rated on a short-term
scale, as such total utilisation should not exceed Rs.5.0 Cr at any point of usage
L&T- Sargent & Lundy Ltd                Non-FBL#              AA-/   200     Reaffirmed
                                                              A1+
 #: Includes sublimit of Rs. 3.0 Cr for letter of credit rated on a short-term scale, as such
total utilisation of BGs should not exceed Rs. 20.0 Cr at any point of usage
M.V. Shiptrade Pvt Ltd                  LT FBL                BB-    50      Reaffirmed
Mahima Shankar Processed Foods          fund based and non FB B+     193.9   Suspended
Pvt Ltd                                 Fac
Mahindra Steel Service Centre           LT FB limits          A+     500     Reaffirmed
Ltd
Mahindra Steel Service Centre           LT non-FBL            A+     30      Reaffirmed
Ltd
Mahindra Steel Service Centre           LT proposed limits    A+     70      Reaffirmed
Ltd
Palla Textiles Pvt Ltd                  TL Fac                D      110     Revised from
                                                                                   B+
Palla Textiles Pvt Ltd                  LT fund based         D      160     Revised from
                                                                                   B+
Rajat Ispat Pvt Ltd                     FBL - CC              B+     60      Reaffirmed
RRC International Freight               TL                    D      70      Reaffirmed
Services Ltd
(revised from Rs. 22.33 crore)
RRC International Freight               FBL                   D      100     Reaffirmed
Services Ltd
RRC International Freight               Non-FBL               D      100     Reaffirmed
Services Ltd
(revised from Rs. 15.00 crore)
S G International                       FBL                   BBB-   67.5    Reaffirmed
Sai Life Sciences Ltd                   Bk lines              BBB    1002.8  Suspended
Sarv Biolabs Pvt Ltd                    TL                    BB-    20.9    Reaffirmed
Sarv Biolabs Pvt Ltd                    CC Fac                BB-    85      Reaffirmed
Sarv Biolabs Pvt Ltd                    Unallocated Loans     BB-    39.8    Reaffirmed
Saurat Auto Tech Pvt Ltd                CC                    BB     20      Suspended
Saurat Auto Tech Pvt Ltd                TL Fac                BB     60      Suspended
Smt. Rukmanrani Education               long-TL               BB+    50      Suspended
Foundation
Sri Sankari Yarns Pvt Ltd               LT FB Fac             BBB-   200     Reaffirmed
Sri Sankari Yarns Pvt Ltd               TL Fac                BBB-   41.3    Reaffirmed
(Revised from 6.44 Cr)
Sri Sankari Yarns Pvt Ltd               Proposed LT FB Fac    BBB-   28.7    Reaffirmed
(Revised from 0.56 Cr)
Sri Srinivasa Rice Mill                 FBL                   B+     62.5    Reaffirmed
(Mahendrawada)
(enhanced from 5.25 Cr)
Sri Srinivasa Rice Mill                 Unallocated           B+     37.5    Reaffirmed
(Mahendrawada)
(revised from 3.43 Cr)
Sundernagar Integrated Rural            FBL                   B+     85      Assigned
Development Association
Sunoxx International                    FBL                   BB+    80      Reaffirmed
Sushila International                   long-TL               D      66.8    Suspended
Sushila International                   LT, FB Fac            D      10      Suspended
Tata Sons Ltd                           NCD programme         AAA    4000    Assigned
York Print Pvt Ltd                      TL                    BBB-   150     Reaffirmed
Enhanced from Rs. 11.88 crore
York Print Pvt Ltd                      CC*                   BBB-   100     Reaffirmed
                                                              / A3
Enhanced from Rs. 8.00 crore
--------------------------------------------------------------------------------------------
$: 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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