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ICRA ratings for Indian debt instruments-Aug 13
August 13, 2014 / 5:03 AM / 3 years ago

ICRA ratings for Indian debt instruments-Aug 13

Aug 13 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of August 12, 2014.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Agrimas Chemicals Ltd                   Non-FB, ST Fac        A3     80      Reaffirmed
Eagle Extrusion Pvt Ltd                 ST Non-FBL            A4     4.6     Reaffirmed
Instyle Exports Pvt Ltd                 Non- FBL - LC/BG      A4     37.5    Assigned
K.C. Timber Traders                     Non - FBL- ST         A4     75      Suspended
Kalyani Timber Pvt Ltd                  Non - FBL- ST         A4     80      Suspended
Kotak Mahindra Investments Ltd          ST debt programme     A1+    11500   Reaffirmed
Kotak Securities Ltd                    ST debt programme     A1+    10000   Reaffirmed
Modern Chemicals                        Non-FBL               A4     125     Reaffirmed
Mutual Industries Ltd                   CP                    A1+    250     Assigned
Neev Infrastructure Pvt Ltd             NFBL                  A4+    900     Suspended
Padmavati Chains Pvt Ltd                ST Non Fund Based -BG* A4+    120     Reaffirmed
*sub-limits within Rs. 12 crore long term fund based facility
Royal Exports                           ST scale - FB Fac     A3     250     Assigned
(revised from 10 Cr)
Zuari Agro Chemicals Ltd                ST Non-FBL            A2+    27000   Reaffirmed
(Enhanced from Rs. 2,400 crore)
Zuari Agro Chemicals Ltd                Short-TL              A2+            withdrawn
(Reduced from Rs. 315 crore)
    
LONG TERM RATINGS:
-------------------    
Agrimas Chemicals Ltd                   FB, LT Fac            BBB-   190     Reaffirmed
Eagle Extrusion Pvt Ltd                 LT Loan               B      62      Reaffirmed
Eagle Extrusion Pvt Ltd                 LT FBL                B      40      Reaffirmed
Goodwill Medical Centre Pvt Ltd         Proposed LT Fac       B+     125     Assigned
Indo Australian Hose                    Bk Fac                B+ /   180     Suspended
Manufacturing Pvt. Ltd                                        A4
Instyle Exports Pvt Ltd                 FBL - EPC/FBD/FBP     BB-    527.5   Assigned
Instyle Exports Pvt Ltd                 FBL - TL              BB-    55      Assigned
K.C. Timber Traders                     LT- FBL               B      15      Suspended
Kalyani Timber Pvt Ltd                  LT- FBL               B-     17.5    Suspended
Kotak Mahindra Bank Ltd                 Upper Tier II Bonds   AA+    1500    Upgraded
                                        Programme                                  from AA
Kotak Mahindra Bank Ltd                 Lower Tier II Bonds   AAA    6250    Upgraded
                                        Programme                                  from
                                                                                   AA+
Kotak Mahindra Bank Ltd                 NCD Programme         AAA    10000   Assigned
Kotak Mahindra Investments Ltd          LT debt programme     AAA    500     Upgraded
                                                                                   from
                                                                                   AA+
Kotak Mahindra Prime Ltd                Nifty linked          AA+    1500    withdrawn
                                        Debentures
Kotak Mahindra Prime Ltd                NCDs                  AAA    10000   Upgraded
                                                                                   from         
                                                                         
                                                                                   AA+
Kotak Mahindra Prime Ltd                NCDs                  AAA    5000    Upgraded
                                                                                   from
                                                                                   AA+
Kotak Mahindra Prime Ltd                Subordinated debt     AAA    1000    Upgraded
                                        programme                                  from
                                                                                   AA+
Kotak Mahindra Prime Ltd                Subordinated debt     AAA    2000    Upgraded
                                        programme                                  from
                                                                                   AA+
Kotak Mahindra Prime Ltd                Subordinated debt     AAA    2000    Upgraded
                                        programme                                  from
                                                                                   AA+
Kotak Mahindra Prime Ltd                Subordinated debt     AAA    2000    Upgraded
                                        programme                                  from  
                                                                                   AA+
Kotak Mahindra Prime Ltd                Subordinated debt     AAA    250     Upgraded
                                        programme                                  from
                                                                                   AA+
Kotak Mahindra Prime Ltd                CC and TL from Bks    AAA    63910   Upgraded
                                                                                   from
                                                                                   AA+
Kotak Mahindra Prime Ltd                Nifty linked          PP-MLD       1500    Upgraded
                                        Debentures            AAA            from PP-MLD
                                                                                   AA+
Kotak Mahindra Prime Ltd                NCDs                  AAA    10000   withdrawn
Kotak Mahindra Prime Ltd                Nifty linked                       1000    withdrawn
                                        Debentures
Kotak Securities Ltd                    LT debt programme     AAA    500     Upgraded
                                                                                   from
                                                                                   AA+
M/S Chintawar Agro Industries           fund based working    B-     40      Suspended
                                        capital limits
M/S Chintawar Agro Industries           TL                    B-     12.5    Suspended
M/S Chintawar Agro Industries           unallocated limits    B-     7.5     Suspended
M/S Sri Mahalaxmi Cotton Mills          fund based working    B      60      Suspended
                                        capital limits
M/S Sri Mahalaxmi Cotton Mills          TL                    B      30      Suspended
M/S Sri Mahalaxmi Cotton Mills          unallocated limits    B      10      Suspended
Mansarovar Cold Storage                 LT FB Fac             D      59.6    Suspended
Modern Chemicals                        FB Limits             BB-    50      Reaffirmed
Narmada Sugars Pvt Ltd                  FB Fac                BB     185.3   Upgraded
                                                                                   from
                                                                                   BB-
(earlier Rs. 12 crore)
Narmada Sugars Pvt Ltd                  TL                    BB     2       Upgraded
                                                                                   from
                                                                                   BB-
(earlier Rs. 1.23 crore)
Narmada Sugars Pvt Ltd                  Unallocated Bk Fac    BB     30.3    Upgraded
                                                                                   from
                                                                                   BB-
(earlier Rs. 2 crore)
Neev Infrastructure Pvt Ltd             FBL                   BB+    450     Suspended
OM Threads Ltd                          LT: FBL               B+     135     Assigned
OM Threads Ltd                          LT: Non-FBL           B+     3.5     Assigned
Padmavati Chains Pvt Ltd                LT Fund Based -       BB+    120     Reaffirmed
                                        Demand CC
(enhanced from Rs 8 crore)
Padmavati Chains Pvt Ltd                LT Fund Based - Metal BB+    120     Reaffirmed
                                        Gold Loan*
*sub-limits within Rs. 12 crore long term fund based facility
Paswara Chemicals Ltd                   TL                    BB     28.4    Reaffirmed
Paswara Chemicals Ltd                   FB Limits             BB     110     Reaffirmed
Paswara Chemicals Ltd                   Unallocated           BB     11.6    Reaffirmed
Ramdev Sugars Pvt Ltd                   FB Fac                BB     184.9   Upgraded
                                                                                   from
                                                                                   BB-
(Earlier Rs. 12 crore)
Ramdev Sugars Pvt Ltd                   TL                    BB     13.3    Upgraded
                                                                                   from
                                                                                   BB-
(Earlier Rs. 1.77 crore)
Ramdev Sugars Pvt Ltd                   Unallocated Bk Fac    BB     11.7    Upgraded
                                                                                   from
                                                                                   BB-
(Earlier Rs. 0.73 crore)
Shree Sundha Cold Storage               LT FB Fac             D      53.3    Suspended
Shri Giri Spinning Mills                LT FB Fac             D      140     Suspended
(India) Pvt Ltd
Shri Giri Spinning Mills                LT non-FB Fac         D      20      Suspended
(India) Pvt Ltd
Siddhi Vinayak Developers               TL                    B+     50      Assigned
Sungwoo Stamping Pvt Ltd                LT FB Fac             A      300     Reaffirmed
Sungwoo Stamping Pvt Ltd                Proposed LT Fac       A      174     Reaffirmed
United Steel Industries                 FBL                   BB-    120     Assigned
Zuari Agro Chemicals Ltd                LT FB Limits          BBB+   15000   Reaffirmed
Zuari Agro Chemicals Ltd                Unallocated Limits    BBB+   150     Reaffirmed
                                                              / A2+
--------------------------------------------------------------------------------------------
$: 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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