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ICRA ratings for Indian debt instruments-Dec 6
December 6, 2013 / 7:58 AM / 4 years ago

ICRA ratings for Indian debt instruments-Dec 6

Dec 6 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of December 5, 2013.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
APL Apollo Tubes Ltd                    Non-Fund Based        A2+    330     Reaffirmed
Apollo Concast Pvt Ltd                  BG                    A4     10      Assigned
Apollo Metalex Pvt Ltd                  Non-Fund Based        A2+    40      Reaffirmed
                                                              (SO)
G.M. Syntex Pvt Ltd                     NFBL - BG**           A3     25      Reaffirmed
G.M. Syntex Pvt Ltd                     NFBL - LOC            A3     10      Reaffirmed
Gemstone Glass Pvt Ltd                  BG                    A4     7.5     Assigned
Gemstone Glass Pvt Ltd                  LOC                   A4     7.5     Assigned
Gemstone Glass Pvt Ltd                  Forward Contract Limit A4     5       Assigned
Girish International                    Short - term, FB Fac  A4     55      Assigned
K.D.Cements                             NFBL                  A4     30      Reaffirmed
Kumaragiri Textiles Ltd                 ST: Non-FB Fac        A4     40      Reaffirmed
Lloyds Line Pipes Ltd                   Non-Fund Based        A2+    50      Reaffirmed
                                                              (SO)
Maruthi Traders                         ST non-FB Fac         A4     100     Withdrawn
M.J. Patel (India) Ltd                  ST Non-FBL            D      60      Revised from
                                                                                   A4
Pearl Insulations Pvt Ltd               ST- Fund based and    A2     120     Reaffirmed
                                        Non Fund based
(enhanced from Rs 4.37 Cr)
Shri Lakshmi Metal Udyog Ltd            Non-Fund Based        A2+    90      Reaffirmed
                                                              (SO)
Sri Krishna Timbers                     ST non-FB Fac         A4     100     Withdrawn
Tech Auto Pvt Ltd                       ST fund based         A3     100     Reaffirmed
Tube-Weld (India) Ltd                   ST Non-FBL            D      40      Revised from
                                                                                   A4

LONG TERM RATINGS:
-------------------
Alukkas Jewellery Alappuzha             LT - FB Fac           BBB+   620     Upgraded
                                                                                   from
                                                                                   BBB
Alukkas Jewellery Thrissur              LT - FB Fac           BBB+   465     Upgraded 
                                                                                   from
                                                                                   BBB
APL Apollo Tubes Ltd                    CC                    A-     3080    Reaffirmed
Apollo Concast Pvt Ltd                  CC                    B      15      Assigned
Apollo Concast Pvt Ltd                  TL                    B      35      Assigned
Apollo Metalex Pvt Ltd                  CC                    A-(SO) 320     Reaffirmed
Decolight Ceramics Ltd                  LT FBL-CC             D      290     Suspended
Decolight Ceramics Ltd                  LT FBL-TL             D      45      Suspended
Decolight Ceramics Ltd                  ST Non FBL- BG        D      25      Suspended
G.M. Syntex Pvt Ltd                     FBL - TL              BBB-   331.4   Reaffirmed
G.M. Syntex Pvt Ltd                     FBL - CC/PC/PS        BBB-   195*    Reaffirmed
                                                              / A3
* The usage of short term fund based facilities is limited to Rs. 16.50 crore and the cash 
credit facilities is limited to Rs. 12.00 crore while the total utilization of short term 
fund based facilities and cash credit facilities should not exceed Rs. 19.50 crore at any
point of usage.
Gemstone Glass Pvt Ltd                  PC/ PCFC cum FBP/     BB     50      Assigned
                                        FBD/ FCBP/FCBD
Gemstone Glass Pvt Ltd                  CC                    BB             Assigned
IL&FS Transportation Networks           Preference share      A-     5000    Assigned
Ltd                                     issuance
JNJ Machines Pvt Ltd                    LT FB Fac             B      165     Suspended
K.D.Cements                             TL                    BB     69.6    Upgraded 
                                                                                   from
                                                                                   BB-
(reduced from Rs 9.5 crores)
K.D.Cements                             FBL                   BB     100     Upgraded 
                                                                                   from
                                                                                   BB-
Kumaragiri Textiles Ltd                 LT: TL                C+     48      Upgraded
                                                                                   from
                                                                                   C
Kumaragiri Textiles Ltd                 LT: FB Fac            C+     40      Upgraded 
                                                                                   from
                                                                                   C
Lloyds Line Pipes Ltd                   CC                    A-(SO) 350     Reaffirmed
Lloyds Line Pipes Ltd                   TL                    A-(SO) 350     Reaffirmed
M.J. Patel (India) Ltd                  LT FB Limit           D      50      Revised from
                                                                                   B-
Maharana Pratap Education               LT loans and          B      750     Suspended
Centre                                  unallocated Bk Fac
Mangal & Mangal                         FB Fac                BBB    200     Reaffirmed
Maruthi Traders                         LT FB Fac             BB-    50      Withdrawn
Modi Naturals Ltd                       Bk limits             BB     212     Suspended
Pearl Insulations Pvt Ltd               LT- Fund based        BBB    30      Reaffirmed
Pudhuaaru Financial Services            PTC Series A1         BBB+   81.5    Assigned
Pvt Ltd                                                       (SO)!
! indicates that the rating is conditional
Pudhuaaru Financial Services            PTC Series A2         BBB+   5.6     Assigned
Pvt Ltd                                                       (SO)!
! indicates that the rating is conditional
Puravankara Projects Ltd                LT credit line        BBB   16500   Assigned
Rosy Blue (India) Pvt Ltd               LT FBL                BBB+   11600   Reaffirmed
Rosy Blue (India) Pvt Ltd               LT NFBL               BBB+   250     Reaffirmed
Rosy Blue (India) Pvt Ltd               LT Stand By Line Of   BBB+   100     Reaffirmed
                                        Credit
Saieshwar Projectss                     LT loan facility      B      100     Assigned
Sheel Chand Agroils Pvt Ltd             Bk limits             BB /   900     Suspended
                                                              ICRA A4+
Shree Krishna Rice Mills                FBL                   B-     85.7    Reaffirmed
Shree Krishna Rice Mills                Proposed Limits       B-     2.8     Reaffirmed
                                        (unallocated)
Shri Lakshmi Metal Udyog Ltd            CC                    A-(SO) 380     Reaffirmed
Shri Lakshmi Metal Udyog Ltd            TL                    A-(SO) 100     Reaffirmed
Sri Krishna Timbers                     LT FB Fac             BB-    50      Withdrawn
Tube-Weld (India) Ltd                   LT FB Limit           D      27.5    Revised from
                                                                                   B-
--------------------------------------------------------------------------------------------
$: 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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