November 26, 2012 / 6:58 AM / 5 years ago

ICRA ratings for Indian debt instruments-Nov 26

Nov 26 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of November 23, 2012.

COMPANY                                 INSTRUMENT                RATING   AMOUNT  MOVEMENT
------                                  ----------                ------   -----   ---------
Arch Pharmalabs Ltd                     CP/ST Debt programme  A1     2500    Withdrawn
Balaji Iron And Steel                   ST, non-FBL           A4     50      Reaffirmed
Industries Pvt Ltd
Coral Gold Tiles Pvt Ltd                BG                    A4     30      assigned
Core Fab Projects Pvt Ltd               BG                    ICRA]A4      45      Reaffirmed
Core Fab Projects Pvt Ltd               Construction          ICRA]A4      1.1     Reaffirmed
                                        Equipment Loan
Country Colonizers Pvt Ltd              NFBL                  A4    536     Suspended
Nezone Strips Ltd                       NFBL - LOC            A3     250     Reaffirmed
Nezone Strips Ltd                       Non-FBL - BG@         A3     30      Reaffirmed
@One way intechangeablity from Bank Guarantee to Letter of Credit limit upto Rs 2.00 crore
Nezone Strips Ltd                       Non-FBL - Forward     A3     8       Reaffirmed
                                        Contract Limit
Nezone Strips Ltd                       Non-FBL - Proposed    A3     2       assigned
                                        Forward Contract Limit
Nezone Tubes Ltd                        Non-FBL - LOC #       A3     190     Reaffirmed
# One way inter-changeability from Fund Based to Letter of Credit limit up to Rs. 10 crore
Nezone Tubes Ltd                        Non-FBL - BG          A3     80      Reaffirmed
Nezone Tubes Ltd                        Non-FBL - Forward     A3     11.4    Reaffirmed
                                        Contract Limit
Enhanced from Rs. 0.79 cr
Opg Business Centre Pvt Ltd             Non-FB Fac            A4     305     assigned
Perfect Construction Company            BG Facility           A4     170     Assigned
Perfect Construction Company            BG Facility (Proposed) A4     80      assigned
S J Contracts Pvt Ltd                   Non- FBL              A4+    220     Suspended
Snc Power Corporation Pvt Ltd           Non-FB Fac            A4+    1560    Revised from
Spa Ceramic Pvt Ltd                     BG                    A4     9       Reaffirmed
Enhanced from Rs. 0.55 crore
Tvs Logistics Services Ltd              ST loans              A1     1000    revised from
Tvs Logistics Services Ltd              CP                    A1     400     Assigned

Balaji Iron And Steel                   LT, FB limits         BB-    100     Reaffirmed
Industries Pvt Ltd
C-Edge Technologies Ltd                 LT/ ST, Non FB Fac    AA-/   250     Reaffirmed
Coral Gold Tiles Pvt Ltd                TL                    BB-    14.9    Assigned
Coral Gold Tiles Pvt Ltd                CC                    BB-    80      Assigned
Core Fab Projects Pvt Ltd               CC Fac                BB-    85      revised from
Core Fab Projects Pvt Ltd               TL                    BB-    13.5    revised from
Core Fab Projects Pvt Ltd               Proposed FB Fac       BB-    1.1     revised from
Country Colonizers Pvt Ltd              TL                    B+    1694    Suspended
Dabur India Ltd                         NCD                   AAA    150     Reaffirmed
Fullerton India Credit Co. Ltd          FICCL CV Loan Pool    AAA    950.1   Reaffirmed
                                        D.A. Feb-12           (SO)
G R Construction                        TL                    B+    248.1   assigned
G R Construction                        Proposed TL           B+    11.9    assigned
Hi-Con Technocast Pvt Ltd               LT FB Fac             BB     79.5    Suspended
Imperial Garments Ltd                   LT FB Fac             D      125     Suspended
Imperial Garments Ltd                   ST, non FB Fac        D      34      Suspended
Kerala Financial Corporation            TL                    BB+    50      assigned
Nehru Place Hotels Ltd                  Overdraft Fac         BBB    1033.6  (revised from
Nehru Place Hotels Ltd                  TL                    [ICRBBB      197.5   (revised from
Nehru Place Hotels Ltd                  CC Limits             [ICRBBB      50      (revised from
Nehru Place Hotels Ltd                  CC/LC/BG              [ICRBBB      50      (revised from
Nezone Strips Ltd                       FBL -TL               BBB-   75.1    Reaffirmed
Nezone Strips Ltd                       FBL - CC#             BBB-   550     Reaffirmed
#One way intechangeablity from Fund Based Working Capital (FBWC) limit to Letter of Credit limit
upto 50% of FBWC
Nezone Strips Ltd                       FBL - Proposed CC     BBB-   100     Assigned
Nezone Strips Ltd                       FBL - Standby Line of BBB-   50      Reaffirmed
*Standby Line of Credit can be used as fund based or non-fund based limit as per requirement
Nezone Tubes Ltd                        FBL - TL              BBB-   177.4   Reaffirmed
Enhanced from Rs. 2.93 cr
Nezone Tubes Ltd                        FBL - CC *            BBB-   450     Reaffirmed
Nezone Tubes Ltd                        Proposed FBL - CC     BBB-   250     Assigned
Nezone Tubes Ltd                        FBL - Stand by Line   BBB-   50      Reaffirmed
                                        of Credit ^
^ Stand-by Line of Credit can be used as Fund Based or Non-Fund Based depending on requirement
Oak Constructions & Properties          FBL- CC               D      1       assigned
(P) Ltd
Oak Constructions & Properties          FBL- TL               D      98.5    assigned
(P) Ltd
Oak Constructions & Properties          Non-FBL- BG           D      7.5     assigned
(P) Ltd
Oak Constructions & Properties          FBL-Unallocated       D      3       assigned
(P) Ltd
Opg Business Centre Pvt Ltd             FB Fac                BB     120     assigned
Paragon Industries Ltd                  TL                    D      210.1   (downgraded
(Revised from Rs. 12.55 Crore)
Paragon Industries Ltd                  FB Fac                D      220     (downgraded
( Revised from Rs. 22.44 Crore)
Paragon Industries Ltd                  Non FB Fac            D      35*     Assigned
*Within the sanctioned fund based facilities
Perfect Construction Company            CC Facility           BB+    85      Assigned
Perfect Construction Company            CC Facility (Proposed) BB+    65      Assigned
Rockland Hospital Ltd                   FB Fac                BB+    2671.9  assigned
(enhanced from Rs. 218.90cr)
S J Contracts Pvt Ltd                   FBL                   BB+    50      Suspended
Snc Power Corporation Pvt Ltd           FB Fac                BB+    320     Revised from
Spa Ceramic Pvt Ltd                     CC Facility           B+     40      Reaffirmed
Enhanced from Rs. 1.00 crore 
Spa Ceramic Pvt Ltd                     TL                    B+     40.4    Reaffirmed
Reduced from Rs. 4.14 crore
Tristar Inn Pvt Ltd                     Long- term, TL        BB-    215     Assigned
Tvs Logistics Services Ltd              LT FB Fac             A+     400     Reaffirmed
$: 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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