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REFILE-ICRA ratings for Indian debt instruments-Jan 9
January 10, 2013 / 5:28 AM / 5 years ago

REFILE-ICRA ratings for Indian debt instruments-Jan 9

(Refiling to add more ratings as of 8 Jan 2013)
    Jan 9 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of January 8, 2013.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Acva Solar Pvt Ltd                      off-grid solar        SP 3B        -       Assigned
                                        projects
Assam Timber Products Pvt Ltd           Non FBL               A4     100     Assigned
Ayyappa Infra Projects Pvt Ltd          Non-FBL               A3     454     Reaffirmed
(enhanced from Rs 35 crore)
Bharat Metal Fabricators                Non-FB Fac            A4     50      Assigned
Bhuwania Associates Pvt Ltd             Non FBL - LOC         D      11      Downgraded
                                                                                   from A4
Choice Solutions Ltd                    off-grid solar        SP 3B        -       Reaffirmed
                                        projects
Cinemax India Ltd                       ST, non-FB Fac        A1     118     Assigned
Daman Polythread Ltd                    NFBL                  A4+    17.5    Reaffirmed
Daman Polythread Ltd                    Fund- based limits    A4+    1       Reaffirmed
Daman Polythread Ltd                    Fund- based limits    A4+    10      Reaffirmed
Daman Polythread Ltd                    Non FB limits         A4+    45      Reaffirmed
Divya Jyoti Industries Ltd              ST NFBL               A4     89.6    Reaffirmed
F Harley & Company Pvt Ltd              ST, non fund based    A3     110     Suspended
                                        LOC, BG and bill
                                        discounting Fac
Fatehpuria Transformers And             Non-FB Fac            A4     380     Assigned
Switchgears Pvt Ltd
M/S Bhansali Diamonds                   ST, FBL               A4     75      Assigned
Mars Industries Pvt Ltd                 Non-FB Fac            A3     5       Reaffirmed
Midco Ltd                               Non-FBL               A3     150     Reaffirmed
(decreased from 16.0cr)
Palm Fibre (India) Pvt Ltd              FB Fac                A4     210     Reaffirmed
Palm Fibre (India) Pvt Ltd              FB Fac (sublimit)     A4     50      Reaffirmed
Pragya Securities Pvt Ltd               ST non-fund based Bk  A4+    275     Reaffirmed
                                        Fac
Quality Engineering And                 FB Fac (Sub Limit)    A1     300     Reaffirmed
Software Technologies Pvt Ltd
Quality Engineering And                 Non FB Fac (Sub Limit) A1     10      Reaffirmed
Software Technologies Pvt Ltd
Skylark Precitech Pvt Ltd               ST, non FB Fac        A4     50      Suspended
Suprajit Engineering Ltd                FB Fac                A1     210     Reaffirmed
Suprajit Engineering Ltd                Non-FB Fac            A1     22.5    Reaffirmed

LONG TERM RATINGS:
-------------------
Assam Timber Products Pvt Ltd           FBL - CC              B      40      Assigned
Axis Asset Management Co. Ltd           Axis Capital          AAA    -       Reaffirmed
                                        Protection Oriented   mfs (SO)
                                        Fund - Series 5
Ayyappa Infra Projects Pvt Ltd          FBL                   BBB-   50      Reaffirmed
Ayyappa Infra Projects Pvt Ltd          Unallocated limits    BBB-   10      Assigned
                                                              / A3
Bharat Metal Fabricators                FB Fac                B      25      Assigned
Bharti Airtel Ltd                       TL                    AA+    46000   Assigned
Bharti Airtel Ltd                       Working Capital Limits AA+    22500   Assigned
Bhuwania Associates Pvt Ltd             FBL - TL              D      195.2   Downgraded
                                                                                   from BB
Bhuwania Associates Pvt Ltd             FBL - CC              D      128     Downgraded
                                                                                   from BB
Boi Axa Investment Managers             BOI AXA Liquid Fund   AAA    -       Assigned
Pvt Ltd                                                       mfs
Cinemax India Ltd                       LT, TL                A      1064    Assigned
Cinemax India Ltd                       LT, FB Fac            A      250     Assigned
Daman Polythread Ltd                    FBL -TL               BB+    83.95   Reaffirmed
Enhanced from Rs 7.196 crore
Daman Polythread Ltd                    FBL - CC              BB+    45      Reaffirmed
Daman Polythread Ltd                    Buyers credit**       BB+    32.5    Reaffirmed
** Sublimit within Term Loan facility
Divya Jyoti Industries Ltd              TL                    BB-    58      Reaffirmed
reduced from Rs. 8.27 crore
Divya Jyoti Industries Ltd              LT FBL                BB-    322     Reaffirmed
Divya Jyoti Industries Ltd              Unallocated Limits    BB- /  24.8    Reaffirmed
                                                              A4
Energy Infratech Pvt Ltd                Non-FBL (LT and ST)   BBB-   150     Revised from
                                                              / A3            BBB /
                                                                                   A3+
F Harley & Company Pvt Ltd              LT loans and working  BBB-   94      Suspended
                                        capital Fac
Fatehpuria Transformers And             FB Fac                B+     130     Assigned
Switchgears Pvt Ltd
Girijashankar Cotton Pvt Ltd            FBL                   B+     70      Reaffirmed
Girijashankar Cotton Pvt Ltd            Unallocated Limit     B+     10      Reaffirmed
Hero Motocorp Ltd                       NCD programme         AAA    150     Reaffirmed
Hero Motocorp Ltd                       Bk Fac                AAA /  11000   Reaffirmed
                                                              A1+
Hero Motocorp Ltd                       issuer rating         IrAAA        -       Reaffirmed
Intell Educational Society              FBL                   D      90      Downgraded
                                                                                   from BB
Kamineni Hospitals Pvt Ltd              FBL                   BB+    990     Revised from
                                                                                   BBB
Kamineni Hospitals Pvt Ltd              NFBL                  BB+    95      Assigned
Kamineni Hospitals Pvt Ltd              Unallocated limits    BB+    5       Assigned
M/S Parikh Constructions Pvt            FBL                   D      80      Revised from
Ltd                                                                                BB
M/S Parikh Constructions Pvt            Non-FBL               D      30      Revised from
Ltd                                                                                BB
Mars Industries Pvt Ltd                 FB Fac (TL)           BBB-   155     Reaffirmed
Mars Industries Pvt Ltd                 FB Fac (CC)           BBB-   45      Reaffirmed
Midco Ltd                               Fund Based - CC       BBB-   140     Reaffirmed
(enhanced from 5.0cr)
Midco Ltd                               Non-FBL               BBB-   430     Reaffirmed
(enhanced from 23.2cr)
Nap Construction Pvt Ltd                CC                    BB     195     Assigned
Nap Construction Pvt Ltd                BG                    BB     30      Assigned
Parasrampuria Synthetics Ltd            NCD                   D      573     Withdrawn
Parasrampuria Synthetics Ltd            CCPSs                 D      387.7   Withdrawn
Pil Industries Ltd                      LT FB Fac             BBB-   100     Reaffirmed
Pil Industries Ltd                      Long-TL               BBB-   4814    Reaffirmed
(reduced from 612.0 crore)
Quality Engineering And                 FB Fac                A      300     Upgraded from
Software Technologies Pvt Ltd                                                      A-
Quality Engineering And                 Non FB Fac            A      10      Upgraded from
Software Technologies Pvt Ltd                                                      A-
R.B. Rice Industries                    FBL                   B      120     Downgraded
                                                                                   from B+
(enhanced from Rs. 6.00 crore)
Rk Infracorp Pvt Ltd                    FBL                   BB+    280     Reaffirmed
Rk Infracorp Pvt Ltd                    Non-FBL               BB+ /  720     Reaffirmed
                                                              A4+
Rk Infracorp Pvt Ltd                    Unallocated limits    BB+    30      Reaffirmed
                                                              / A4+
Saraswati Rice & Gen. Mill              FBL                   B      55      Assigned
Satish Sugars Ltd                       LT- Fund based        BB     1800    Reaffirmed
Sb Petroleum (Port Terminals)           PCD Programme         D      42      Withdrawn
Ltd 
Skylark Precitech Pvt Ltd               LT loans and working  BB     150     Suspended
                                        capital Fac
Sri Krishnadevaraya                     FBL                   D      90      Downgraded
Educational Society                                                               from BB-
Srinivasa Hair Industries               FBL                   BB+    145     Assigned
Suprajit Engineering Ltd                TL                    A      500     Upgraded from
                                                                                   A-
Suprajit Engineering Ltd                FB Fac                A      522.5   Upgraded from
                                                                                   A-
Synergy Shakti Renewable                TL                    BB-    350     Revised from
Energy Ltd                                                                         D
Synergy Shakti Renewable                FBL                   BB-    40      Revised from
Energy Ltd                                                                         D
Ya Ali Moula Educational                FBL                   D      60      Downgraded
Society                                                                           from BB-
--------------------------------------------------------------------------------------------
$: 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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