ICRA Rating Press Releases For March 12, 2015

I C R A Limited
ICRA RATING PRESS RELEASE

March 12, 2015
New Ratings/Enhancements
Entity
Graphic Era Educational Society
Incap Contract Manufacturing Services
Private Limited
Instruments
Rating
Amount
(Rs. crore)
Bank Facilities
[ICRA]BBB- (Stable)
70
Bank Facilities
[ICRA]A3+
Bonus Debentures
Programme
Bank Facilities
[ICRA]AAA (Stable)
10306.83
[ICRA]BB- (Stable)/[ICRA]A4
Shree Hari Industries
Bank Facilities
[ICRA]BB (Stable)
Setmax Ceramic
Bank Facilities
[ICRA]B-/[ICRA]A4
Jaldhara Ginning Factory
Bank Facilities
[ICRA]B
GM Exports
Bank Facilities
[ICRA]BB (Stable)/[ICRA]A4
[ICRA]BBB+ (Stable)
[ICRA]AAA (Stable)
160
Forever Green Solar
Bank Facilities
Non Convertible
Debentures
Solar Grading
9.44
8.3
0.33
8.18
4
12.57
SP 4E
Sri Duraiappa Stores
Bank Facilities
[ICRA]B
Sri Duraiappa Agency
Bank Facilities
[ICRA]B
Bank Facilities
Non Convertible
Debentures
Bank Facilities
[ICRA]BB+ (Stable)
0
6
9
10
[ICRA]A+(Stable)
150
[ICRA]BB- (Stable)
Bank Facilities
[ICRA]B+
3
10
Instruments
Rating
Amount
(Rs. crore)
Kapoor Oil Industries
Bank Facilities
[ICRA]B
Graphic Era Educational Society
Bank Facilities
[ICRA]BBB- (Stable)
Pioneer Globex Pvt. Ltd.
Bank Facilities
[ICRA]A4
Big Tiles
Bank Facilities
[ICRA]B+/[ICRA]A4
Ganga Papers India Ltd.
Bank Facilities
[ICRA]A4
Ganga Bag Udyog Pvt. Ltd.
Bank Facilities
[ICRA]BB-(Stable)/[ICRA]A4
Quality Woven Sacks Pvt. Ltd.
Bank Facilities
Ras Polytex Pvt. Ltd.
Bank Facilities
Setmax Ceramic
Bank Facilities
[ICRA]B-/[ICRA]A4
Payal Petropack Private Limited
Bank Facilities
[ICRA]B+/[ICRA]A4
GM Exports
Bank Facilities
Subhasri Pigments Private Limited
Bank Facilities
[ICRA]A3+
Servotech India Limited
Bank Facilities
Goel Exim India Private Limited
Bank Facilities
[ICRA]BB- (Stable)
7.4
130
25
15.63
0
18.74
24.85
12.47
7.45
36
26.5
14.4
11.5
50
NTPC Limited
Bajaj Kagaj Limited
Subhasri Pigments Private Limited

India Infradebt Limited
Jewel Classic Hotels Private Limited

IFMR Capital Finance Private Limited
Srinivasa Agro Products
Adarsh Synthetics Private Limited
Reaffirmations
Entity
PRESS RELEASE
Page 1
ICRA has classified various instruments based on their complexity as "Simple", "Complex" and "Highly Complex".
The classification of instruments according to their complexity levels is available on the website www.icra.in
Disclaimer: ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA
Ratings are subject to a process of surveillance, which may lead to revision in ratings. Please visit our website (www.icra.in)
or contact any ICRA office for the latest information on ICRA Ratings outstanding.
I C R A Limited
Shree Ramkrushna Ginning & Oil
Industries
Bank Facilities
[ICRA]BB- (Stable)
9.9
Srinivasa Agro Products
Bank Facilities
[ICRA]BB- (Stable)
Anugraha Valve Castings Limited
Bank Facilities
[ICRA]A- (Stable)/[ICRA]A2+
Hari Hara Traders
Bank Facilities
[ICRA]BB- (Stable)/[ICRA]A4
12
61.43
12
Downgrades
Entity
Instruments
Previous Rating
New Rating
Amount
(Rs. crore)
Sakthi Spintex Private Limited
Bank Facilities
[ICRA]C/[ICRA]A4
[ICRA]D
Ganga Papers India Ltd.
Bank Facilities
[ICRA]BB (Stable)
[ICRA]BB- (Stable)
R. Jaykumar & Co.
Bank Facilities
[ICRA]A4
[ICRA]D
15.85
14
6.5
Upgrades
Entity
Texport Industries Private
Limited
Incap Contract Manufacturing
Services Private Limited
C. S. Infraconstruction Limited
Shree Hari Industries
Duke Plasto Technique Pvt.
Ltd.
Manjeera Retail Holdings Pvt.
Ltd.
Shanti G.D. Ispat & Power
Pvt. Ltd.
Visual Percept Solar Projects
Pvt. Ltd.
Notice of Withdrawals
Entity
Cairn India Limited
Suspensions
Entity
Sunborne Energy Gujarat One
Private Limited
Manjeera Projects
PRESS RELEASE
Instruments
Previous Rating
New Rating
[ICRA]BBB(Stable)/
[ICRA]A3+
[ICRA]BBB(Stable)
[ICRA]BB- (Stable)
[ICRA]BBB+(Stable)
/[ICRA]A2
180.89
[ICRA]BBB (Stable)
20
[ICRA]BB (Stable)
[ICRA]BB- (Stable)
[ICRA]BBB(Stable)/[ICRA]A3
[ICRA]BB (Stable)
[ICRA]BBB
(Stable)/[ICRA]A3+
110
9.7
Bank Facilities
[ICRA]B
[ICRA]B+
314
Bank Facilities
[ICRA]BB(Stable)/[ICRA]A4
[ICRA]BB+
(Stable)/[ICRA]A4+
58.5
Bank Facilities
[ICRA]BBB(Stable)
[ICRA]A- (Stable)
231
Bank Facilities
Bank Facilities
Bank Facilities
Bank Facilities
Bank Facilities
Instruments
Amount
(Rs. crore)
17.3
Previous Rating
New Rating
Amount
(Rs. crore)
IrAAA(Stable)
IrAAA(Stable)*
Previous Rating
New Rating
Amount
(Rs. crore)
Bank Facilities
[ICRA]BBB-(Stable)
150
Bank Facilities
[ICRA]B+
35
Issuer Rating
Instruments
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I C R A Limited
Rating withdrawn
Under rating watch
Under rating watch with negative implications
&
Under rating watch with developing implications
Under rating watch with positive implications
Rating Suspended
fc
Compulsorily Fully Convertible Bonds/Debentures
SO
Structured Obligation
Supported by Stand by/Letter of Support
(P)
The Letter 'P' in parenthesis after the rating symbol indicates that the debt instrument is being
issued to raise resources by a new company for financing a new project and the rating assumes
successful completion of the project
Conditional Rating
(The letters SO in parenthesis suffixed to a rating symbol stand for Structured Obligation. An SO rating is
specific to the rated issue, its terms, and its structure. SO ratings do not represent ICRAs opinion on the
general credit quality of the issuers concerned. This rating is based on the credit enhancement structure and
the structured payment mechanism for the rated long term debt)
PRESS RELEASE
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I C R A Limited
Long-Term rating Scale All Bonds, NCDs, and other debt instruments (excluding Public Deposits) with original
maturity exceeding one year.
[ICRA]AAA Instruments with this rating are considered to have the highest degree of safety regarding timely
servicing of financial obligations. Such instruments carry lowest credit risk.
[ICRA]AA Instruments with this rating are considered to have high degree of safety regarding timely servicing of
financial obligations. Such instruments carry very low credit risk.
[ICRA]A Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of
financial obligations. Such instruments carry low credit risk.
[ICRA]BBB Instruments with this rating are considered to have moderate degree of safety regarding timely
servicing of financial obligations. Such instruments carry moderate credit risk.
[ICRA]BB Instruments with this rating are considered to have moderate risk of default regarding timely servicing of
financial obligations
[ICRA]B Instruments with this rating are considered to have high risk of default regarding timely servicing of
financial obligations.
[ICRA]C Instruments with this rating are considered to have very high risk of default regarding timely servicing of
financial obligations
[ICRA]D Instruments with this rating are in default or are expected to be in default soon
Note:
For the rating categories [ICRA]AA through to [ICRA]C the sign of + (plus) or (minus) may be appended to the
rating symbols to indicate their relative position within the rating categories concerned. Thus, the rating of
[ICRA]AA+ is one notch higher than [ICRA]AA, while [ICRA]AA- is one notch lower than [ICRA]AA.
ICRAs Medium-Term Rating Scale for rating of Public Deposits
MAAA: The highest-credit-quality rating assigned by ICRA. The rated deposits programme carries the lowest credit
risk.
MAA: The high-credit-quality rating assigned by ICRA. The rated deposits programme carries low credit risk.
MA: The adequate-credit-quality rating assigned by ICRA. The rated deposits programme carries average credit
risk.
MB: The inadequate-credit-quality rating assigned by ICRA. The rated deposits programme carries high credit risk.
MC: The risk-prone-credit-quality rating assigned by ICRA. The rated deposits programme carries very high credit
risk.
MD: The lowest-credit-quality rating assigned by ICRA. The rated instrument has very low prospect of recovery.
Note:
For the rating categories MAA through to MC the sign of + (plus) or (minus) may be appended to the rating
symbols to indicate their relative position within the rating categories concerned. Thus, the rating of MAA+ is one
notch higher than MAA, while MAA- is one notch lower than MAA.
Short-Term Rating Scale All instruments with original maturity within one year.
[ICRA]A1 Instruments with this rating are considered to have very strong degree of safety regarding timely payment
of financial obligations. Such instruments carry lowest credit risk.
[ICRA]A2 Instruments with this rating are considered to have strong degree of safety regarding timely payment of
financial obligations. Such instruments carry low credit risk.
[ICRA]A3 Instruments with this rating are considered to have moderate degree of safety regarding timely payment
of financial obligations. Such instruments carry higher credit risk as compared to instruments rated in the two higher
categories.
[ICRA]A4 Instruments with this rating are considered to have minimal degree of safety regarding timely payment of
financial obligations. Such instruments carry very high credit risk and are susceptible to default.
[ICRA]D Instruments with this rating are in default or expected to be in default on maturity.
Note:
For the short-term ratings of [ICRA]A1 through to [ICRA]A4, the sign of + (plus) may be appended to the rating
symbols to indicate their relatively stronger position within the rating categories concerned. Thus, the rating of
[ICRA]A2+ is one notch higher than [ICRA]A2.
PRESS RELEASE
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I C R A Limited
FOR IMMEDIATE RELEASE
March 12, 2015
Ratings revised for bank facilities of Sakthi Spintex Private

Limited to [ICRA]D
ICRA has revised the long-term rating to [ICRA]D (pronounced ICRA D) from [ICRA]C (pronounced ICRA C)
for the Rs. 6.78 crore (revised from 10.20) term loan facilities and the Rs. 3.00 crore fund based facilities of
Sakthi Spintex Private Limited (SSPL / the Company)*. ICRA has also revised the short-term rating to
[ICRA]D (pronounced ICRA D) from [ICRA]A4 (pronounced ICRA A four) for the Rs. 2.65 crore non-fund
based facilities of SSPL. ICRA has also assigned a long term rating of [ICRA]D (pronounced ICRA D) for the
Rs. 3.42 crore proposed facilities of SSPL.
The rating action considers the delays in debt servicing by the company due to tight liquidity position and also
take note of the weak financial profile of the company characterised by stretched capital structure and weak
coverage indicators. ICRA also takes note of the experience of promoters in the textile industry and efforts
taken by them to increase scale of operations, although the results remain to be seen. Early regularisation of
debt servicing is critical and remains key rating sensitivity.
Company Profile
Sakthi Spintex Private Limited was incorporated in 2002 to manufacture cotton yarn and is promoted by Mr.
Vijayakumar, who is also a Director on the Board of Arun Spinning Mills Private Limited. The Company
commenced production in November 2011, and is currently engaged in trading of yarn and conversion of
processed cotton to yarn on a job work basis for its group company. SSPLs manufacturing facility is located
near Srivilliputhur, Tamil Nadu and currently operates with a capacity of 14,400 spindles.
Recent Results
The Company reported a net profit of Rs. 0.2 crore on operating income of Rs. 21.1 crore during 2013-14, as
against a net loss of Rs. 1.0 crore on operating income of Rs. 13.8 crore during the corresponding previous
fiscal year.
March 2015
For further details please contact:
Analyst Contacts:
Mr. K. Ravichandran, (Tel. No. +91-44-45964301)
ravichandran@icraindia.com
Relationship Contacts:
Mr. Jayanta Chatterjee (Tel. No. +91-80-43326401)
jayantac@icraindia.com
For complete rating scale and definitions, please refer to ICRAs website www.icra.in or other ICRA Rating
Publications.
PRESS RELEASE
Page 5
I C R A Limited
March 12, 2015
Rating of [ICRA]B reaffirmed for bank facilities of Kapoor Oil

Industries
ICRA has reaffirmed the [ICRA]B (pronounced ICRA B) rating to the Rs. 6.00 crore* cash credit facility and Rs.
Rs. 1.40 crore term loan facility of Kapoor Oil Industries (KOI) .
The reaffirmation of rating takes a note of Kapoor Oil Industries (KOI) modest scale of operations and
financial profile characterized by weak debt coverage indicators, high gearing and stretched liquidity position
due to high inventory holding. ICRA also takes note of the highly competitive and fragmented industry
structure with the limited value additive nature of operations, which leads to pressure on profitability. The
rating further incorporates the vulnerability to adverse movements in agricultural produce prices as is apparent
in the recent drop in cotton prices on account of reduced imports by China and slow demand from spinning
mills against anticipated high production. Also, being a partnership firm, substantial withdrawals by the
partners can have an adverse impact on capital structure of the firm.
The rating, however, favourably considers the long experience of the promoters in the cotton industry as well
as the location of the company, giving it easy access to high quality raw cotton. It also considers the forward
integration in crushing facilities providing additional revenues and diversification and the rise in operating
income in FY14 driven by increased volume and realization.
Firm Profile
Kapoor Oil Industries was established on 4th July 2006 as a partnership firm to engage in the business of
crushing cottonseeds. In FY13, the firm has diversified its operation by entering into the ginning and pressing
segment to produce cotton bales and cottonseeds. The manufacturing unit located at Vijapur, Gujarat is
equipped with 14 jumbo ginning machines, one pressing machine and four expellers. It has an installed
capacity to produce 145 cotton bales and 4 MT of cottonseed oil per day (24 hours operation). Six partners
namely Mr. Amrutbhai Patel, Mr. Dahyabhai Patel, Mr. Chunilal Patel, Mr. Rameshbhai Patel, Mr. Rashikbhai
Patel and Mr. Popatbhai Patel manage the operations of the firm.
Recent Results
In FY14, KOI reported an operating income of Rs. 23.33 crore and net profit of Rs. 0.29 crore.
February 2015
Analyst Contacts:
Mr. Anjan Ghosh (Tel. No. +91-22-3047 0049)
aghosh@icraindia.com
Mr. L. Shivakumar, (Tel. No. +91-22-2433 1084)
shivakumar@icraindia.com
100 lakh = 1 crore = 10 million

Publications.
PRESS RELEASE
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I C R A Limited
March 12, 2015
Rating of [ICRA]BBB- (Stable) reaffirmed for bank facilities

of Graphic Era Educational Society; rated amount enhanced
ICRA has reaffirmed the long-term rating of [ICRA]BBB- (pronounced ICRA triple B minus) for Rs. 200 crore*,
fund-based and proposed bank facilities (enhanced from Rs. 130 crore fund-based bank facilities earlier) of
Graphic Era Educational Society (GEES). The outlook on the rating continues to be stable.
The rating reaffirmation factors in the continued comfortable financial profile of the society characterized by its
healthy operating surpluses, reasonable debt protection metrics despite an increase in debt levels supported
by moderate debt repayment obligations vis-a-vis cash accruals, as well as healthy operating and retained
cash flows. Although the society enjoys comfortable debt-protection metrics, being a non-profit society it is
required to mandatorily reinvest its surpluses in order to maintain its tax-free status. As a result, the society
invested ~Rs 290 crore towards fixed assets during last five years (FY10-FY14), against cash accruals of ~Rs
160 crore and debt repayments of ~Rs 60 crore during the same period. With sizeable investments in fixed
assets, scheduled repayments and lumpiness in cash inflows (fee receipts), prudent cash flow management
remains a key concern for the society to maintain liquidity.
While reaffirming the rating, ICRA has taken a note of societys moderate capex plans in the short to medium
term and its intent to partially utilise the cash surpluses to improve the liquidity and reduce the reliance on
overdraft facilities to fund the capital expenditure requirements. This apart, the society intends to set up a
medical college and a hospital over the next few years. The plans are, however, in initial stages of planning at
present. Timing of the said capex, and terms of debt availed for the same will be critical determinants of the
societys credit profile going forward.
Although both the universities reported a decline in admissions in its flagship course- B. Tech, over the past
two years, introduction of new courses together with improvement in admissions in its other courses facilitated
an overall improvement in admissions during AY14-15 while also providing diversity to the societys revenue
receipts profile. Increasing student base together with regular fee hikes supported improved scale of
operations during FY14 and FY15. While societys ability to maintain a healthy growth in admissions and
hence student strength going forward would be critical to maintain operating surpluses given the high
operating leverage in education sector; the flexibility it enjoys in implementing fee hikes in both universities
provides comfort. Further, the rating continues to derive comfort from promoters experience of more than two
decades in the education sector. Overall placements remained healthy in AY13-14 with around 95% of the
participating students getting placed. Ability to maintain placement level from existing recruiters as well as add
new recruiters given the increasing student base will be critical to maintain the placement rates in future.
While there has been a favourable outcome by UGC on the ongoing issue pertaining to possible derecognition of the deemed university status of GEU, the society continues to face regulatory risk considering
that the matter is still pending in the Honble Supreme Court. Nevertheless, gradual improvement in
admissions and student base of GEHU (a state private university) has reduced dependency on GEU and has
made the option of merger of two universities in case of an adverse outcome on the issue more feasible. This
apart, regulatory risk also emanates from any adverse outcome due to Income Tax assessments of the
societys books, given the recent search operations undertaken by IT department on society and its key
management personnel. Though there have been no adverse findings on the society during the search
operations, it continues to be an event risk. Further, the society continues to face geographical concentration
*

Publications.
Retained cash flow is defined as operating cash flows after working capital changes less interest payments
PRESS RELEASE
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I C R A Limited
risk with all three campuses located in Uttarakhand state as was also observed in a decline in its admissions
during AY13-14 when the state experienced floods.
In ICRAs view, the societys ability to correct the mismatch between long-term funding requirements and
availability, by using the cash accruals towards reduction of short-term loan facilities availed by the society; as
well as timing and terms of debt funding for the proposed capex on medical college and hospital will be the
key rating sensitivities going forward. In addition, in the back drop of high competitive intensity given the large
number of universities and colleges in the state and high operating leverage, the ability of the society to
maintain fresh enrolments every year remains crucial for maintaining a healthy financial profile and sound
debt servicing capability.
Entity Profile
Established in 1996, Graphic Era Educational Society (GEES) has two universities under its ambit, namely
Graphic Era University (GEU) and Graphic Era Hill University (GEHU) set up in the year 1998 and 2011
respectively.
While GEU has a single campus in Dehradun (Uttarakhand), GEHU has two campuses - one each in
Dehradun (main campus) and Bhimtal (near Nainital in Uttarakhand). The universities offer courses in
engineering, biotechnology, computer applications, humanities, allied sciences, law, management, computer
applications and architecture. Engineering, however, is the largest stream accounting for roughly three-fourths
of the societys course fee receipts (in FY13 and FY14).
Whereas GEU has a student strength of 7,145 in AY14-15, GEHUs student strength for the year is relatively
lower at 4,396 because of its limited track record of operations vis--vis GEU.
Prof. (Dr.) Kamal Ghanshala is one of the founder members and Chairman of the Society.
Recent results
As per the audited results for the year ended March 2014, GEES reported an estimated net surplus of Rs.
24.3 crore on gross receipts of Rs. 157.5 crore as compared to net surplus of Rs. 25.7 crore on gross receipts
of Rs. 124.5 crore for the year ended March 2013. For FY15, the gross revenue receipts are estimated to be
~Rs 170 crore.
February 2015
Analyst Contacts:
Mr. Rohit Inamdar (Tel. No. +91-124-4545847)
rohit.inamdar@icraindia.com
Mr. Vivek Mathur (Tel. No. +91-124-4545310)
vivek@icraindia.com
PRESS RELEASE
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I C R A Limited
March 12, 2015
Rating of [ICRA]A4 reaffirmed to the bank facilities of

Pioneer Globex Pvt. Ltd. (erstwhile Pioneer Exports)
ICRA has reaffirmed the [ICRA]A4 (pronounced as ICRA A Four) rating assigned to the Rs. 25.00 crore * fund
based bank facility of Pioneer Globex Pvt. Ltd. (PGPL).
The rating continues to be constrained by Pioneer Globex Pvt. Ltd. (PGPL)s weak financial profile marked by,
thin profit margins, leveraged capital structure, stretched liquidity position and weak coverage indicators. The
rating also takes into consideration PGPLs customer profile, which is currently skewed towards 1-2 groups
which has recently led to de-growth in revenues following lower off take from them and inherent risk
associated with the iron ore export business like volatility in prices, foreign currency fluctuation risk (although
mitigated partly by PGPLs hedging policies) and regulatory risks as reflected by the recent hike in export duty
on iron ore fines.
The rating nevertheless takes into consideration the experience of the partners in the field of ship breaking
and steel trading and established long term relationship with its customers. ICRA has also factored change in
the legal status of PGPL as a private limited company.
Company Profile
Pioneer Globex Pvt. Ltd. (PGPL) was initially established as a partnership firm in the year 2008 with the name
Pioneer Exports. Later on, the firms name was changed to Pioneer Globex in June 2013. In November 2013,
the firm was converted into private limited company with the company name as Pioneer Globex Pvt. Ltd. It is a
group firm of Sheth Ship Breaking Corporation (SSBC); a partnership firm involved in ship breaking activities
.Both the firms are being managed by the same promoters Mr. Narendra N. Shah, Mr. Hardik N. Shah, Mr.
Pravin G. Shah and Mr. Vijaybhai S. Sanghavi having experience of more than 20 years in the business of
ship breaking.
Recent Results
During 2014-15, PGPL reported an operating income of Rs. 87 crore till 31st January 2015 as against an
operating income of Rs. 68.81 crore and profit after tax of Rs. 1.52 crore during 2013-14
March 2015
Analyst Contacts:

Publications.
PRESS RELEASE
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I C R A Limited
March 12, 2015
Rating for bank loans of Texport Industries Private Limited

upgraded to [ICRA]BBB+(Stable)/[ICRA]A2
ICRA has upgraded the long term rating from [ICRA]BBB (Pronounced ICRA Triple B) to [ICRA]BBB+
(Pronounced ICRA Triple B plus) for Rs 20.00 Crore term loans (Reduced from Rs 31.53 crore) of Texport
Industries Private Limited (TIPL). ICRA has also upgraded the short term rating from [ICRA]A3+ (Pronounced
ICRA A Three Plus) to [ICRA]A2 (Pronounced ICRA A Two) for Rs 150.89 crore fund based working capital
limits (increased from Rs 122.76 crore) and Rs 10.00 crore non-fund based working capital limits (Reduced
from Rs 26.60 crore) of TIPL. The outlook on the long term rating is stable.
The ratings upgrade takes into account the healthy growth in operating revenues with 15% growth in FY14
and 45% growth in H1, FY15 due to increase in sales volumes with commissioning of incremental capacity at
Hindupur facility (Phase-I in Q4, FY12, Phase-II in Q4, FY14 and Phase-III planned in Q4, FY15). The longstanding presence of the company of more than three decades in the Ready Made Garment exports and the
established relationships with renowned international retailers coupled with commissioning of new units and
stabilization of operations in the recently commissioned units is expected to support revenue growth over the
medium term. The company as on 1st January 2015 has a comfortable order book of over Rs 250 Crore
providing revenue visibility for the next six months. Apart from these, the company continues to benefit from
its policy to hedge foreign exchange risk and its access to low cost borrowings mainly in the form of foreign
currency. The rating upgrade also takes into account the comfortable liquidity as seen from the substantial
liquid investments and cash balances of Rs. 50.53 Crore as on 31st March 2014.
Low bargaining power with customers, high input costs (raw material, labour and power) coupled with stiff
competition from exporting nations of Bangladesh and Vietnam have been resulting in low operating profit
margins of 6.7-7.4% over the last four years. Operating profit margin is expected to continue at similar levels
going forward. With the top five customers accounting for ~75% of FY14 revenues the company is exposed to
high customer concentration risks in the form of revenue volatility and margin pressure. The assigned ratings
are also constrained by the high working capital intensity which coupled with the strong growth and
continuous capex is expected to result in stretched cash flows for the company, however, the company has
enhanced the working capital limits and has adequate liquid investments to meet any shortfall. The high
working capital borrowings of the company have resulted in moderately high leverage as seen from the
gearing levels of 1.23 times as on 31st March 2014.
Going forward, TIPLs ability to improve its profitability in the backdrop of intense competition from other low
cost manufacturing countries, moderation of working capital requirements and the extent of capital
expenditure and funding pattern for the same will be the key rating sensitivities.
Company Profile
Texport Industries Private Limited (TIPL) was started by Mr. Narendra Goenka in 1978 as a garment
manufacturing export house. TIPL has presence in the ready-made garment (RMG) industry mainly in the US
and Europe, with exports accounting for ~98% of the companys revenue. Its product portfolio mainly consists
of woven garments (80%) and knitted wear (20%) in revenue terms. The Company has an established
relationship with renowned international brands like Kohl, Casual Male, American living, Van Heusen, Primark
Stores, Tommy Hilfiger, VF Europe, Armani Exchange, Polo Ralph Lauren and Wal-Mart. The company
operates from over 17 manufacturing factories spread across Bangalore, Tirupur, Thiruvanthapuram, Mumbai
and Hindupur with an estimated capacity of over 1.5 million garments per month. The group is setting up the
third phase of its production facility at Hindupur, Andhra Pradesh which is expected to be operational from Q4,
FY15.
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I C R A Limited
Recent Results
In the financial year FY14, TIPL has an Operating Income of Rs. 470.11 crore and a PAT of Rs. 19.07 crore
compared to an operating income of Rs. 409.16 crore and a PAT of Rs. 10.10 crore for FY13.
March 2015
Analyst Contacts:
PRESS RELEASE
Page 11
I C R A Limited
March 12, 2015
Long term rating upgraded for the bank facilities of Incap

Contract Manufacturing Services Private Limited from
[ICRA]BBB- (stable) to [ICRA]BBB (stable); short term rating
of [ICRA]A3+ assigned
ICRA has upgraded the long term rating assigned to Rs. 5.00 crore (reduced from Rs. 17.00 crore) long term
fund based facilities and Rs. 1.00 crore (reduced from Rs. 3.00 crore) long term proposed limits of Incap
Contract Manufacturing Services Private Limited (ICPL/ the company) from [ICRA]BBB- (pronounced ICRA
triple B minus) to [ICRA]BBB (pronounced ICRA triple B). The outlook on the long term rating is stable. ICRA
has also assigned a short term rating of [ICRA]A3+ (pronounced ICRA A three plus) to the Rs. 14.00 crore
(previously nil) short term fund based facilities of the company.
The upgrade in the rating takes into account the improvement in the companys financial profile characterized
by reduced gearing and improved coverage metrics, improvement in operating margins on account of various
cost cutting measures undertaken at a Group level by the parent company, improvement in the net margins
on account of reduced financial costs and the expected ramp up in sales volume on account of recent
customer acquisitions. The rating also favourably takes into account the management teams extensive
experience and technical background of the parent company, Incap Corporation, Finland, as well as the
companys track record of more than seven years with reputed clients in international as well as domestic
markets. The ratings are, however, constrained on account of the companys moderate scale of operations
restricting its operational and financial flexibility to an extent, high dependence on top three customers who
account for ~77% of the total revenues and high competitive intensity in the EMS industry in India which
coupled with limited value addition and the commoditised nature of the business may restrict the pricing
flexibility of the company going forward. The company is also exposed to significant foreign currency exposure
risk as it derives about 73% of its revenues from exports. However, as about 60% of its raw material
requirements are procured through imports, the risk is mitigated to an extent. Also, usage of PCFC and FBD
facilities helps the company to hedge its position to an extent.
Company Profile
Incorporated in 2007, Incap Contract Manufacturing Services Private Limited is engaged in providing
electronic manufacturing services (EMS) primarily to companies operating in the consumer durable segment.
The company manufactures products based on the design specifications given by its customers at its
manufacturing facility in Hirehalli (near Bangalore). Major product lines of the company include assembling of
inverters, Printed Circuit Board Assemblies (PCBA), Uninterruptible Power Supply systems (UPS) and
Emergency Rescue Devices (ERD). The company derives majority of its income through sales to companies
situated in countries like Netherlands and Switzerland. Key customers of the company include Victron Energy
BV, GE Consumer & Industrial, Kone Elevator India Private Limited and Hitachi Hi Rel Power Electronics
Private Limited.
The company, which started its operations by taking over TVS Electronic Limiteds contract manufacturing
services division, is a subsidiary of Incap Corporation, Finland which currently holds 77.45% of shares of
ICPL. The balance is held by Finnish Fund for Industrial Co-operation.
Recent Results
The company reported a net profit of Rs. 13.5 crore on an operating income of Rs. 129.8 crore during the
financial year 201314, as against a net profit of Rs. 11.6 crore on an operating income of Rs. 134.6 crore
during 201213. As per provisional financials for half year ended September 30, 2014, the company reported
a net profit of Rs. 8.1 crore on an operating income of Rs. 65.1 crore.
February 2015
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Analyst Contacts:
PRESS RELEASE
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I C R A Limited
March 12, 2015
ICRA suspends ratings for bank facilities of Sunborne

Energy Gujarat One Private Limited
ICRA has suspended [ICRA]BBB- rating assigned to the to the Rs 142.0 crores term loans and Rs 8.0 crores
of unallocated limits of Sunborne Energy Gujarat One Private Limited. The suspension follows ICRAs inability
to carry out a rating surveillance in the absence cooperation from the company.
February 2015
Analyst Contacts:
Mr. Sabyasachi Majumdar (Tel. No. +91 124 4545304)
sabyasachi@icraindia.com
vivek@icraindia.com
PRESS RELEASE
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I C R A Limited
March 12, 2015
Long term rating revised for the bank facilities of C. S.

Infraconstruction Limited to [ICRA]BB(stable)
ICRA has revised the long term rating assigned to Rs. 5.0 crore * term loans, Rs. 5.0 crore fund based limits
and Rs. 100.0 crore non-fund based limits of C. S. Infraconstruction Ltd (CSIL) to [ICRA]BB (pronounced
ICRA double B) from [ICRA]BB- (pronounced ICRA double B minus) assigned earlier. The outlook on the
long term rating is Stable.
The rating revision factors in the improvement in operational profile of CSIL as reflected by growing revenues
of the company owing to improved pace of order execution as well as the healthy order inflow in current
financial year. ICRA notes that in the past, CSIL witnessed significant delays in execution of the on-going
projects due to multiple factors including delay in allocation of funds, forest clearance, and constraints in rawmaterial availability due to mining sanctions at Robertsganj (Uttar Pradesh). With improved fund availability
and required clearances in place, CSIL could restart the execution of most of the stuck orders. The rating
continues to draw comfort from CSIL promoters experience and track record in the road construction
business, and its moderate financial profile marked by healthy operating profitability (operating profit margins
of 20.36% in FY14) and moderate leverage levels (gearing of 0.4 times as on March 31, 2014). The rating
also favorably factors in the healthy outstanding order book (with an orderbook/OI of ~6 times) which provides
revenue visibility in the medium term. The rating however is inhibited by the execution risks associated with
CSILs sizeable order book with a major part of it scheduled to be executed over the next 1-2 years. The
rating is also constrained on account of exposure to sectoral and geographic risks emanating from CSILs
pending order book, which is highly concentrated towards the state of Uttar Pradesh and road sector. Further,
CSILs high dependence on government entities for orders exposes the company to risks arising out of
budgetary allocation and spending of such government entities.
ICRA has noted that CSILs working capital requirement has remained modest in the past supported by
sizeable payables to sub-contractors and mobilization advances from customers. Going forward, the
companys ability to execute projects in a timely manner, and maintain its profitability while managing its
working capital requirements efficiently thereby limiting the reliance on external borrowings would be the key
rating sensitivity factors.
Company Profile
CSIL was set-up as a partnership firm (Chhatrashakti Construction Company) in 2002 by Shri Umashanker
Singh and his friends. The partnership firm was converted into its present form of a limited company on
November 10, 2009. CSIL is engaged in road construction business and has executed multiple projects in
Uttar Pradesh offered by state government bodies primarily Public Works Department (PWD).
Recent Results
In FY14, CSIL registered operating income of Rs. 153.5 crore on which it earned profit after tax (PAT) of Rs.
12.42 crore compared to operating income of Rs. 117.42 crore and profit after tax (PAT) of Rs. 10.62 crore in
FY13.
February 2015

Publications.
PRESS RELEASE
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I C R A Limited
Analyst Contacts:
vivek@icraindia.com
PRESS RELEASE
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I C R A Limited
March 12, 2015
Rating of [ICRA]AAA (stable) assigned to Rs 10306.8305

crore Bonus Debentures programme of NTPC Limited
Instrument Details
Bonus Debentures Programme
Amount in Rs. Crore^

10306.8305
Rating Action
March 2015
[ICRA]AAA (stable); assigned
ICRA has assigned the rating of [ICRA]AAA (pronounced ICRA triple A) on the long term scale for Rs.
10306.8305 crore Bonus Debentures programme of NTPC Limited. The outlook on the long term rating is
Stable. NTPC has outstanding rating of [ICRA]AAA (pronounced ICRA triple A) on the long term scale for Rs.
17682.5 crore bonds progamme, Rs. 56,577.25 crore term loans and Rs. 200 crore fund based facilities, and
the rating of [ICRA]A1+ (pronounced ICRA A one plus) on the short term scale for Rs. 4,800 crore Non fund
based facilities. The outlook on the long term rating is Stable
ICRAs rating reaffirmation factors in NTPCs dominant position in the Indian power sector, its strategic
importance to Government of India for achieving the targeted capacity addition programme under the central
sector, its diversified customer base, and its cost competitiveness arising out of superior operational
efficiencies along with proximity of most of its coal-based plants to pit heads. This coupled with the cost plus
nature of tariffs has resulted in healthy and stable profitability indicators. The rating also factors in NTPCs
strong financial position as reflected in low gearing and healthy coverage indicators. NTPCs cash collections
have continued to remain strong since 2003-04 (as a result of tripartite agreement for settlement of SEB dues
and the resultant payment discipline), as reflected by collections of 100% for FY 2013-14 and 9MFY15.
Sustainability of the collection performance, going forward, remains an issue if sectoral reforms do not result
in a fundamental improvement in the financial position of the state power utilities. In this context, ICRA notes
that despite the satisfactory progress in filing of tariff petitions for FY 2015, states, SERCs in only 19 out of 29
states issued tariff orders for FY 2014-15 by November 2014. For the states which have issued tariff orders,
tariff hikes have largely been limited on account of which sectoral woes like accumulation of regulatory assets
and substantial revenue gaps are likely to continue in the near future. Further, the actual losses for utilities
across a majority of the states have remained higher than the loss trajectory approved by the SERCs. Overall
subsidy dependence also remains high, and is estimated at Rs. 720 billion by ICRA for FY 2015 for the state
owned distribution utilities. Timely issuance of tariff orders, adequate tariff hikes for reduction of revenue gaps
and time-bound recovery of the regulatory assets, reduction of distribution loss levels and ultimately
decreasing subsidy dependence remain imperative for the financial health of the power distribution sector.
NTPC has consistently demonstrated superior operating performance, as reflected by PAF and PLF levels of
its generation stations which have remained much higher than the national average. For Q3FY15, the
companys coal based power plants reported average PAF levels of 91.04% (as compared to the normative
levels of 83%) and average PLF levels of 80.8% (as against the national average of 68.5%). For FY 2013-14,
the average PAF levels stood at 91.8% and average PLF levels stood at 81.5% for its coal based plants.
However, the PLFs for gas based power stations remained low for 9MFY15 which is attributable to low
demand from grid for RLNG and Naphtha based power due to its high cost. Nevertheless, PAF levels for gas
based plants remained adequate at 93.1% for Q3FY15. For FY 2013-14, average PAF levels stood at 91.8%
while average PLF levels stood at 35.7% for gas based plants.
NTPCs coal availability remained satisfactory in 9MFY15 as reflected by the satisfactory generation
performance of the companys coal based power plants for the quarter. Further, coal availability at the Farakka
and Kahalgaon stations improved substantially with the completion of waterways for transportation of coal.
ICRA continues to derive comfort from the companys existing FSAs with CIL & SCCL for 1160 MW generation
capacity yet to be commissioned and for 32,355 MW generation capacity (98% of commissioned standalone
^
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I C R A Limited
capacity) which assures it of significant volumes of domestic coal, its ability to source fairly large quantities of
coal from overseas suppliers, and likelihood of supplies commencing in the near term from its ongoing captive
mine development programme. Nevertheless, NTPCs dependence on coal imports to meet its requirement is
likely to increase going forward.
ICRA also notes that the CERCs tariff regulations for FY 2015-19 have introduced a number of key changes
which may impact profitability of Gencos, including tightening of normative parameters for operational
efficiency, linking of incentives to achieved PLF levels (earlier linked to plant availability), grossing up of pretax RoE based on effective tax rate (as against grossing up at applicable tax rate earlier) and reduction in
allowed fuel stock for normative working capital. However, the normative plant availability factor for recovery of
fixed charges has been reduced from 85% in earlier regulations to 83%.
NTPC has substantial expansion plans which are likely to be funded with a debt: equity ratio of 70:30 which
may result in a higher gearing compared to the present debt equity ratio of 0.78 times (As on 31 st March
2014). However, the companys debt servicing ability is expected to remain strong, given the cost plus tariff
structure and tariff competitiveness of its existing power plants. While a few of NTPCs ongoing projects have
seen some slippages in terms of project execution, this is unlikely to have a significant impact on the debt
servicing capabilities given the strong cash flows from a large basket of operational power plants.
Going forward, NTPCs ability to ensure fuel security for its substantial expansion projects as well as
sustenance of the strong collection performance will remain key rating drivers.
Company Profile
NTPC was incorporated in 1975 as a thermal generation company and is currently Indias largest power
generating entity. The total installed generation capacity of the company stood at 37,127 MW as on July 31,
2014 (43,128 MW including JVs/subsidiaries). In 2013-14, NTPC group generated 250.63 billion units,
accounting for 25.91% of the total power generated in India. NTPC has been accorded the status of
Maharatna, which gives it considerable operating flexibility. While continuing with its core business of coal
and gas based thermal generation, NTPC has recently diversified (in some cases through JVs), into related
activities like consulting, hydro-power development, power trading, coal mining, and exploration for oil and
gas.
NTPC reported total income from operations of Rs. 72,018.93 crore and profit after tax (PAT) of Rs. 10,974.74
crore for FY 2013-14, and total income from operations of Rs. 53932 crore and profit after tax (PAT) of
Rs.7347 crore for 9M FY 2014-15.
March 2015
Analyst Contacts:
vivek@icraindia.com
PRESS RELEASE
Page 18
I C R A Limited
March 12, 2015
Ratings of [ICRA]B+ and [ICRA]A4 reaffirmed for bank

facilities of Big Tiles
A rating of [ICRA]B+ (pronounced ICRA B plus) has been reaffirmed to Rs. 8.13 crore * term loans and Rs.
6.00 crore cash credit facility of Big Tiles(BT). ICRA has also reaffirmed [ICRA]A4 (pronounced ICRA A four)
rating to Rs.1.50 crore short-term non-fund based facilities of BT.
The reaffirmation of ratings takes into account the modest scale of operations, high gearing and high
dependence on creditors funding which has led to a high total outside liabilities. The rating is further
constrained by highly competitive and fragmented nature of the industry as well as susceptibility of margins to
raw material price volatility & increasing prices of gas, as it is the major source of fuel. . ICRA also notes the
dependence of operations and cash flows of the company on the performance of the real estate industry
which is the main consumer sector. Further, BT being a partnership firm, any significant withdrawals from the
capital account would affect its net worth and thereby the gearing levels.
The ratings however favorably considers the experience of the key promoters in the ceramic industry, location
advantage enjoyed giving it easy access to raw material and improvement in profitability indicators on account
of inhouse manufacturing of body clay which is one of the key ingredient in tile manufacturing resulting in
lower raw material cost .
Firm Profile
Big Tiles (BT) is a wall tiles manufacturer with its plant situated at Morbi, Gujarat. The firm was established in
2008, while the firm commenced its operations in August 2009. BT is managed by Mr. Pankaj Marvaniya and
other family members. The plant has an installed capacity to produce 40000 MTPA of ceramic wall tiles. BT
currently manufactures wall tiles of size 18 X 12 and 24 X 12 with the current set of machineries at its
production facilities.
Recent Results
For the year ended 31st March 2014, the company reported an operating income of Rs.31.64 crore and profit
after tax of Rs. 2.03 crore.
March 2015
Analyst Contacts:

Publications.
PRESS RELEASE
Page 19
I C R A Limited
March 12, 2015
Ratings of [ICRA]BB- and [ICRA]A4 assigned to the bank

facilities of Bajaj Kagaj Limited
ICRA has assigned its long term rating of [ICRA]BB- (pronounced ICRA double B minus) and its short-term
rating of [ICRA]A4 (pronounced ICRA A four) to the Rs. 9.44 crore bank facilities of Bajaj Kagaj Limited
(BKL).
ICRAs ratings are constrained by the intensely competitive nature of the paper industry and the commoditized
nature of the product, which limits the bargaining power of the company. This has also resulted in a steady
erosion in operating profit margins, with the margins declining to 11.07% in 2013-14 from 17.33% in 2010-11.
The ratings also take into account the large scheduled debt repayments due to which its Debt Service
Coverage Ratio (DSCR) was at 1.07x in 2013-14. ICRA, however, positively factors in the companys lightly
leveraged capital structure and moderate interest coverage and Net Cash Accruals/Total debt ratios. The
ratings also derive comfort from the extensive experience of the promoters in the paper industry and healthy
plant utilisation levels which have led to strong sales growth in 2013-14.
Going forward, the ability of the company to maintain its operating profit margins and improve capacity
utilisation along with efficient working capital management would be the key rating sensitivities. Any major
debt funded capital expenditure will also be a key monitorable.
Company Profile
BKL is a closely held public company promoted by Mr. Gaya Prasad Bajaj and family. He has been in the
paper trading business since 1967 and has significant experience. The company manufactures writing and
printing paper using indigenous waste paper. It commenced commercial production in FY2009 in Unnao, Uttar
Pradesh with an installed capacity of 18,000 metric tonnes per annum.
Recent Results
In 2013-14, BKL reported an operating income of Rs. 47.41 crore and a net profit of Rs. 1.16 crore as against
an operating income of Rs. 36.50 crore and a net profit of Rs. 0.99 crore in the previous year.
March 2015
Analyst Contacts:
vivek@icraindia.com
For complete rating definitions, please refer to the ICRA website www.icra.in or any of the ICRA Rating
Publications
PRESS RELEASE
Page 20
I C R A Limited
March 12, 2015
Rating of long term bank facility of Shree Hari Industries

upgraded to [ICRA]BB from [ICRA]BBICRA has revised its rating on the Rs. 18 crore (enhanced from Rs 9.70 crore) bank facilities of Shree Hari
Industries (SHI) to [ICRA]BB from [ICRA]BB-. The outlook on the rating is Stable.
The rating revision is driven by the robust growth in the companys operating income in 2013-14 and in the
first 10 months of 2014-15, which has been accompanied by an expansion in its profit margins due to
favourable raw material price movements. The company has also adopted a changed inventory policy, under
which the company now procures inventory on the basis of expected consumption over the next 1-2 months,
this has resulted in reduced working capital borrowings. The firms capital structure has also benefitted from
equity infusion by the promoters. Higher profitability, coupled with lower debt and equity infusion has resulted
in significant improvement in capitalization and debt coverage indicators. Further, the rating continues to
factor in the promoters significant experience and long track record in mustard oil and related products;
strong regional market presence in mustard oil segment; and favourable demand prospects for edible oil in
India. However, the rating is constrained by the high business risks associated with the edible oil (and related
products) industry including high competitive intensity and fragmentation; vulnerability of profitability of
domestic edible oil players to import pressures and changes in duty differential between crude and refined oil;
exposure to commodity price and agro-climatic risks and risks inherent in the partnership form of business.
Going forward, sustainability of profitability notwithstanding the fluctuations in the commodity prices, efficient
working capital management and capacity utilisation would be the key rating sensitivities. Further, any large
debt funded capital expenditure would be a rating monitorable.
Firm Profile
SHI manufactures mustard oil and mustard cake and has mustard seed crushing capacity of 60,000 tonnes
per annum (TPA). The firm was established as a partnership firm in 1959 and its operations are managed by
the Aggarwal family. The firm mainly operates in the branded retail segment, primarily in the states of Bihar,
Jharkhand, Orissa and the North-East, through its registered brand Engine.
Recent Results
The firm achieved an operating income of Rs. 195.90 crore with a Profit After Tax (PAT) of Rs. 3.71 crore in
FY14, as against an operating income of Rs. 157.40 crore and a PAT of Rs. 1.14 crore in the previous year.
As per estimates, the firm posted revenues of Rs. 183.92 crore in the first ten months of FY 15.
February 2015
Analyst Contacts:
vivek@icraindia.com
PRESS RELEASE
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I C R A Limited
March 12, 2015
Long term rating revised for bank facilities of Ganga Papers

India Ltd. to [ICRA]BB-; outlook on the long term rating is
Stable
ICRA has revised its long term rating to [ICRA]BB- (pronounced ICRA double B minus) from [ICRA]BB
(pronounced ICRA double B) and reaffirmed its short term rating at [ICRA]A4 (pronounced ICRA A four) on
the Rs. 14.00 Cr.^ bank limits of Ganga Papers India Limited (GPIL). The outlook on the long term rating is
Stable.
The revision in rating takes into account GPILs deterioration in financial profile as reflected by fall in
profitability margins mainly owing to high foreign exchange losses incurred during the year as a significant
proportion of raw material requirements are met through imports. The rating remains constrained by GPILs
adverse capital structure along with modest debt protection metrics and the highly fragmented and
competitive nature of the paper industry. The rating also takes into account the vulnerability of companys
profitability to fluctuations in the prices of key input costs viz. raw material and power.
The rating, however, continues to positively factor in the established track record of the promoters in the paper
industry, GPILs diversified product portfolio and favourable demand prospects for paper industry over the
medium term.
Company Profile
GPIL (formerly Kasat Paper and Pulp Ltd) was incorporated in 1985. The company manufactures kraft paper
and newsprint paper at its manufacturing facilities located in Pune, Maharashtra with total manufacturing
capacity of 31000 metric tonnes per annum (MTPA). The company has 1.4 MW turbine primarily used for
meeting captive power requirements.
The company was initially promoted by Mr Shrikant Mohanlal Kasat in 1985 and was taken public in 1996.
The company was declared sick company and was registered with BIFR in 2003 due to adverse operating
conditions. The plant remained non-operational between 2003 and 2006. Under the BIFR rehabilitation
programme, it was taken over by new promoters, Mr Ramesh Chaudhary and Mr. Sharwan Kumar Kanodia in
2006. The new promoters infused around Rs 30 Crore in the business in form of equity and unsecured loans.
As a part of BIFR process, all the term loans were repaid while repayments under deferred sales tax scheme
were deferred till 2018-19.
Recent Results
As per its audited financials for 2013-14, GPIL reported a net profit of Rs. 1.30 crore on an operating income
of Rs. 67.94 crore against a net profit of Rs. 2.62 crore on an operating income of Rs. 63.65 crore in the
previous year.
February 2015
Analyst Contacts:
vivek@icraindia.com
^

For complete rating scale and definitions, please refer to ICRA's website www.icra.in or other ICRA Rating Publications
PRESS RELEASE
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I C R A Limited
March 12, 2015
Ratings of [ICRA]BB-/[ICRA]A4 reaffirmed on the bank

facilities of Ganga Bag Udyog Pvt. Ltd.; Outlook on the longterm rating is Stable
ICRA has reaffirmed its long term rating of [ICRA]BB- (pronounced ICRA double B minus) and short term
rating of [ICRA]A4 (pronounced ICRA A four) on the Rs. 18.74 Cr.^ bank limits of Ganga Bag Udyog Private
Limited (GBUPL). The outlook on the long term rating is Stable.
The ratings reaffirmation factors in the favourable long-term demand prospects of HDPE bags and poly woven
sacks from the fertiliser, cement industries and strong support from group companies which are also engaged
in manufacturing of similar products. However the ratings remain constrained by the companys weak financial
profile as characterised by low profitability margins, high gearing and modest debt coverage indicators and
tight liquidity position as reflected by almost full utilisation of working capital limits. The ratings also factor in
the vulnerability of profitability to fluctuations in polymer prices; high competitive intensity in the industry along
with sector concentration risk as a major proportion of revenue is derived from fertiliser sector and companys
low bargain power with its customers and suppliers.
The ratings, however, continue to positively factor in the established track record of the promoters in the
HDPE/PP woven sacks industry and established customer base in the fertilizer and cement sectors in Uttar
Pradesh, with customer profile including large reputed customers.
Company Profile
GBUPL, incorporated as a proprietorship concern of Mr. R.K. Chaudhary in 1983 to supply jute bags to
cement companies, was reconstituted in the year 1994 as a private limited company. Later, GBUPL began
manufacturing and supplying plastic woven sacks to the fertiliser and cement industry in UP. In 2003, GBUPL
inducted the Tulsyan family as directors and the company took over the plastic woven sacks manufacturing
plant of Essel Mining at Jagdishpur, Lucknow. The plant was established as a unit of GBUPL under the name
of Quality Packaging. Later, GBUPL established another unit by the name of Shree Packaging at Varanasi in
the year 2005. Currently, GBUPL, through its sub-units Quality Packaging and Shree Packaging, is engaged
in the manufacturing of various types of high density polyethylene (HDPE) as well as polypropylene (PP) bags
and sacks, which are primarily supplied to fertiliser manufacturers in UP and neighbouring states. The
combined capacity of the company is 17000 metric tonnes per annum (MTPA).
Ganga Group is a collaboration of the Chaudhary and Tulsyan families. The group is engaged in various
businesses: polywoven sacks through the entities GBUPL, Neel Kamal Polytex Industries Private Limited,
Quality Woven Sacks Private Limited and RAS Polytex Private Limited; paper through the entities Ganga
Papers India Limited and Ganga Pulp & Papers Private Limited; and sponge iron and billet manufacturing
through Shanti Gopal Concast Limited.
Recent Results
As per its audited financials for 2013-14, GBUPL reported a net profit of Rs. 0.06 crore on an operating
income of Rs. 86.79 crore against a net profit of Rs. 0.14 crore on an operating income of Rs. 89.77 crore in
the previous year.
February 2015

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I C R A Limited
Analyst Contacts:
vivek@icraindia.com
PRESS RELEASE
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I C R A Limited
March 12, 2015
Ratings of [ICRA]BB/[ICRA]A4 reaffirmed on the bank

facilities of Quality Woven Sacks Pvt. Ltd.; Outlook on the
long-term rating is Stable
ICRA has reaffirmed its long term rating of [ICRA]BB (pronounced ICRA double B) and short term rating of
[ICRA]A4 (pronounced ICRA A four) on the Rs. 24.85 Cr.^ bank limits of Quality Woven Sacks Private Limited
(QWSPL). The outlook on the long term rating is Stable.
The ratings reaffirmation factors in the favourable long-term demand prospects of poly woven sacks from the
cement industry and strong support from group companies which are also engaged in manufacturing of similar
products. However, the ratings remain constrained by the companys financial profile as characterised by
modest profitability margins, high gearing and moderate debt coverage indicators. The ratings also factor in
the vulnerability of profitability to fluctuations in polymer prices; high competitive intensity in the industry along
with companys low bargaining power with its customers and suppliers.
The ratings, however, continue to positively factor in the established track record of the promoters in the
HDPE/PP woven sacks industry and established customer base in the fertilizer and cement sectors in Madhya
Pradesh, with customer profile including large reputed customers. Further, the company has fiscal benefits
from the MP government, which leads to healthy profitability vis-a-vis other industry players.
Company Profile
QWSPL was incorporated in Rewa (MP) in 2007 by the Ganga Group, primarily to cater the needs of Maihar
Cements Satna (MP) plant. The company manufactures polypropylene (PP) bags for the MP-based cement
industry. QWSPL has a manufacturing capacity of 8000 metric tonnes per annum (MTPA).
businesses: polywoven sacks through the entities Ganga Bag Udyog Private Limited, Neel Kamal Polytex
Industries Private Limited and Ras Polytex Private Limited; paper through the entities Ganga Papers India
Limited and Ganga Pulp & Papers Private Limited; and sponge iron and billet manufacturing through Shanti
Gopal Concast Limited.
Recent Results
In 2013-14, QWSPL reported a net profit of Rs. 0.44 crore on an operating income of Rs. 64.54 crore against
a net profit of Rs. 0.37 crore on an operating income of Rs. 62.81 crore in the previous year.
February 2015
Analyst Contacts:
vivek@icraindia.com

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I C R A Limited
March 12, 2015
Ratings of [ICRA]BB/[ICRA]A4 reaffirmed on the bank

facilities of Ras Polytex Pvt. Ltd.; Outlook on the long-term
rating is Stable
ICRA has reaffirmed its long term rating of [ICRA]BB (pronounced ICRA double B) and short term rating of
[ICRA]A4 (pronounced ICRA A four) on the Rs. 12.47 Cr.^ bank limits of Ras Polytex Private Limited (RPPL).
The outlook on the long term rating is Stable.
The ratings reaffirmation factors in the favourable long-term demand prospects of high density poly ethylene
(HDPE) bags and poly woven sacks from the fertiliser, cement industries and strong support from group
companies which are also engaged in manufacturing of similar products. However the ratings remain
constrained by the companys financial profile as characterised by low profitability margins, high gearing,
weak debt coverage indicators and tight liquidity position as reflected by almost full utilisation of working
capital limits. The ratings also factor in the vulnerability of profitability to fluctuations in polymer prices; high
competitive intensity in the industry along with companys low bargain power with its customers and suppliers.
The ratings, however, continue to positively factor in the established track record of the promoters in the poly
woven sacks industry and established customer base in the fertilizer and cement sectors in Uttar Pradesh,
with customer profile including large reputed customers.
Company Profile
RPPL is a private limited company and was incorporated in the year 1999. The company is a part of the
Ganga Group of companies and is promoted by Mr. R.K. Chaudhary. RPPL manufactures polypropylene (PP)
bags primarily for the UP-based cement industry. The company was established at Varanasi (U.P.) to cater to
the demand of the cement industries in that region. The company currently has a manufacturing capacity of
6,000 metric tonnes per annum (MTPA).
businesses: polywoven sacks through the entities RPPL, Ganga Bag Udyog Private Limited, Neel Kamal
Polytex Industries Private Limited and Quality Woven Sacks Private Limited; paper through the entities Ganga
Papers India Limited and Ganga Pulp & Papers Private Limited; and sponge iron and billet manufacturing
through Shanti Gopal Concast Limited.
Recent Results
As per its audited financials for 2013-14, RPPL reported a net profit of Rs. 0.58 crore on an operating income
of Rs. 52.06 crore against a net profit of Rs. 0.99 crore on an operating income of Rs. 48.30 crore in the
previous year.
February 2015
Analyst Contacts:
vivek@icraindia.com
^

For complete rating scale and definitions, please refer to ICRA's website www.icra.in or other ICRA Rating
Publications
PRESS RELEASE
Page 26
I C R A Limited
March 12, 2015
Rating of [ICRA]B- and [ICRA]A4 reaffirmed for bank

facilities of Setmax Ceramic
ICRA has reaffirmed the [ICRA]B- (pronounced as ICRA B minus) rating to the Rs. 2.78 crore * (reduced from
Rs. 3.95 crore) term loan and Rs. 3.50 crore cash credit facility (enhanced from Rs. 2.50 crore) of Setmax
Ceramic (SC). ICRA has also reaffirmed the [ICRA]A4 (pronounced ICRA A four) rating to the Rs. 1.50 crore
short term non-fund based bank guarantee facility (enhanced from Rs. 1.00 crore) of SC.
The ratings reaffirmation continue to reflect the firms relatively small scale of operations, weak financial profile
on account of its stretched liquidity position, moderate profitability indicators and adverse capital structure
owing to debt funded capital expenditure. The ratings are further constrained by the competitive business
environment in which the firm operates limiting improvement in realizations, single product portfolio limiting its
ability to supply to institutional buyers and vulnerability of its profitability to cyclicality inherent in real estate
industry and to adverse fluctuations in raw material & fuel prices.
The ratings, however positively factors in the promoters extensive experience in the ceramic industry, and
favorable location of the plant with its proximity to raw material sources.
Company Profile
Setmax Ceramic (SC) was established as partnership firm in 2010. It is currently managed by partners Mr.
Hardik Ghodasara and Mr. Vinod Bhadja. The promoters have been involved in the ceramic industry for past
many years through manufacturing and trading of ceramic products and have established SC to cater
domestic porcelain tiles market. The firm is involved in manufacturing and supplying body clay with installed
capacity of 91,250 MT per annum and manufacturing of porcelain floor tiles with installed capacity of 43,800
MT per annum. The commercial production of body clay was commenced in July 2010 while production of
porcelain floor tiles commenced in April 2012. The manufacturing facility of SC is located at Wakaner, Gujarat.
Recent Results
During FY2014, the firm reported profit after tax of Rs. 0.35 crore on an operating income of Rs. 17.66 crore
as against profit after tax of Rs. 0.10 crore on an operating income of Rs. 17.33 crore in FY 2013.
February 2015
Analyst Contacts:

Publications.
PRESS RELEASE
Page 27
I C R A Limited
March 12, 2015
Rating revised for bank loans of R. Jaykumar & Co. to

[ICRA]D
ICRA has revised the short-term rating assigned to the Rs. 6.50 crore* fund based bank facilities of R.
Jaykumar & Co. (RJC) to [ICRA]D (pronounced ICRA D) from [ICRA]A4 (pronounced as ICRA A four).
The rating revision reflects delays in debt servicing by the firm on account of a stretched liquidity position.
About the Company
Incorporated in 1994 as a partnership concern by Mr. Arvind Bodra, Mr. Jerambhai Bodra, Mr. Nitin Bodra,
and Mr. Bhagwanbhai Bodra; R Jaykumar & Co. is primarily engaged in the business of trading cut and
polished diamonds. Prior to FY11, the firm was also engaged in manufacturing cut and polished dimaonds by
outsourcing its processing work to other units in Surat, Gujarat. The firm derives most of its revenue from
exports.
For the full year FY14, the firm reported a profit after tax of Rs. 0.33 crore on a topline of Rs. 23.75 crore, as
compared to a profit after tax of Rs. 0.20 crore for FY13 on a topline of Rs. 21.39 crore.
March 2015
For further details, please contact:
Analyst Contacts:
Mr. Subrata Ray (Tel. No. +91 22 30470050)
subrata@icraindia.Com
1 crore = 100 lakh = 10 million

For a complete rating scale and definitions, please refer to ICRA's website (www.icra.in)or other ICRA
ratingpublications.
PRESS RELEASE
Page 28
I C R A Limited
March 12, 2015
Ratings of [ICRA]B assigned for bank facilities of Jaldhara

Ginning Factory.
The long-term rating of [ICRA]B (pronounced ICRA B) has been assigned to the Rs. 6.50 crore * cash credit
facility and the Rs. 1.68 crore term loan facility of Jaldhara Ginning Factory (JGF).
The assigned ratings are constrained by risk associated with stabilization of plant and possible stress on debt
servicing ability in case ramp up of cash flows is lower than anticipated. The ratings are further constrained by
highly competitive and fragmented industry structure owing to low entry barriers which is expected to keep
margins under pressure and vulnerability of the firms profitability to the adverse fluctuations in raw cotton
prices, which are subject to seasonality and crop harvest. ICRA also notes that JGF is a partnership concern
and any substantial withdrawal from capital account in future could adversely impact the credit profile of the
firm.
The ratings, however, favourably take into account thepast experience of the promoters in the cotton industry
and the favorable location of the firms manufacturing facility in Botad giving easy access to raw material.
Firm Profile
Established in January 2014, Jaldhara Ginning Factory has set up a cotton ginning and pressing facility at
Botad in Gujarat. The plant is equipped with 24 ginning machines and 1 pressing machine with a
manufacturing capacity of 400 bales per day.
March 2015
Analyst Contacts:
100 lakhs = 1 crore = 10 million

For complete rating scale and definitions, please refer to ICRAs website icra.in or other ICRA Rating Publications.
PRESS RELEASE
Page 29
I C R A Limited
March 12, 2015
Long-term rating of [ICRA]B+ and short-term rating of

[ICRA]A4 reaffirmed for the bank facilities of Payal
Petropack Private Limited
ICRA has reaffirmed its long-term rating of [ICRA]B+ (pronounced ICRA B plus) on the Rs. 8 crore cash credit
facility and its short term rating of [ICRA]A4 (pronounced ICRA A four) on the Rs. 28 crore short term non fund
based facility of Payal Petropack Private Limited (PPPL).
The ratings reaffirmation factors in the de-growth in the revenues of the company in 2013-14 (Operating
income declined to Rs. 107.20 crore in 2013-14 from Rs. 120.63 crore in 2012-13) attributable to the
fluctuations in foreign exchange rates and decline in trading activity of the company; however, the demand
outlook for plasticizers remains favourable across a diverse set of end user industries such as footwear,
cables, leather, paint etc.
The ratings continue to be constrained by the intense competition in the poly-vinyl chloride (PVC) plasticizer
industry from the organised as well as unorganised sector; low bargaining power with suppliers; vulnerability
of profitability to fluctuations in commodity prices and to foreign currency fluctuations. The ratings further take
into account the weak financial profile of the company characterised by weak return and coverage indicators
with ROCE of 13.61%, interest coverage of 1.23 times and TD/OBDITA of 4.99 times during 2013-14 and thin
operating margins (2.81% in 2013-14) due to the low value add nature of trading business. The ratings
however, favourably factor in the long track record of the Payal group in the plasticizers industry; the
established relations of the company with domestic and international suppliers and the operational synergies
of the Payal Group, with several companies being in the same line of business.
Company Profile
The Payal group is engaged in the manufacture and trading of primary and secondary plasticizers and other
PVC compounds/additives. The group manufactures a range of products such as DOP (Dioctyle phthalate),
DBP (Dibutyl phthalate), CPW (Cholrinated Paraffin wax) etc. These products find application in various
industries such as footwear, leather, cable etc. Payal Petropack Private Limited (PPPL) was established as a
proprietorship firm (Payal Petropack) by Mr. R. P. Gupta in 1994. The firm was reconstituted as a private
limited company in March 2008. Based out of Delhi, PPPL trades in primary and secondary plasticizers,
polyvinyl chloride, alcohols and solvents.
In 2013-14, PPPL reported a net profit of Rs. 1.06 crore on an operating income of Rs. 107.20 crore against
net profit of Rs. 1.91 crore on an operating income of Rs. 120.63 crore in 2012-13.
Group Companies Profile
Payal Polyplast Private Limited is engaged in the manufacture of primary plasticizers and secondary
plasticizers with its facility located in Daman. It was established as a partnership firm (Payal Polymers) by Mr.
R. P. Gupta and his family members. The firm was reconstituted as a private limited company in January
2009. The company has an installed capacity of 48,000 metric tons per annum (MTPA).
Payal Petrochem Private Limited was established by Mr. R P Gupta and his family members in 2010- 11. The
company manufactures primary and secondary plasticizers at its facility located in Dahej (Gujarat). The
company has a production capacity of 78,000 MTPA.
Payal Polycompounds Private Limited was established as a partnership firm (Nikhil Plastics) in 1990 by Mr. R.
P. Gupta and his family members and was reconstituted as a private limited company in 2008-09. It
manufactures PVC compounds at its facility in Delhi.
February 2015
PRESS RELEASE
Page 30
I C R A Limited
Analyst Contacts:
vivek@icraindia.com
PRESS RELEASE
Page 31
I C R A Limited
March 12, 2015
Ratings of [ICRA]BB reaffirmed for bank facilities of GM

Exports; rated amount enhanced
ICRA has reaffirmed the [ICRA]BB (pronounced ICRA double B) rating to the Rs. 24.00 crore1 (enhanced from
Rs. 20.00 crore) fund based cash credit and channel finance facilities of GM Exports 2 (GME). The outlook on
the long term rating is Stable. ICRA has also reaffirmed the [ICRA]A4 (pronounced ICRA A four) rating to the
Rs. 6.50 crore non-fund based facilities of GME.
The reaffirmation of the ratings takes into account the small scale of operations of GME, its low net worth
base in comparison to the credit risk undertaken by the firm for its overall sales, high working capital
requirements in relation to profits, high gearing levels and weak debt coverage indicators. The ratings are
further constrained by instances of withdrawal of capital common to partnership firms. However, the ratings
continue to favourably factor in the long track record of GME in polymer distribution business, established
association with Gas Authority of India Limited (GAIL) and customers, diversified customer profile and steady
domestic demand prospects for polymers.
Company Profile
Going forward, the firm is expected to achieve growth in volumes driven by increased production from the
GAIL plant for (HDPE/LLDPE) products and steady demand outlook for polymers. However, the firms profits
and cash generation would continue to be influenced by its ability to manage working capital effectively.
Recent Results
For the financial year 2013-14, the firm reported an operating income of Rs. 9.98 crore and profit after tax of
Rs 0.44 crore as against Rs. 16.87 crore of operating income and Rs. 0.25 crore of profit after tax for the
financial year 2012-13.
February 2015
Analyst Contacts:
PRESS RELEASE
Page 32
I C R A Limited
March 12, 2015
Rating revised to [ICRA]BBB (stable) and [ICRA]A3+ for

bank facilities of Duke Plasto Technique Pvt. Ltd.
ICRA has revised the long term rating assigned to the Rs. 1.05 crore (reduced from Rs. 1.41 crore) term loan
and Rs. 13.25 crore cash credit facility of Duke Plasto Technique Pvt Ltd (DPTPL) to [ICRA]BBB
(pronounced ICRA Triple B) from [ICRA]BBB- (pronounced ICRA Triple B minus). The long term rating carries
a stable outlook. ICRA has also revised the short term rating assigned to the Rs. 3.00 crore non fund based
facilities of DPTPL to [ICRA]A3+ (pronounced ICRA A three plus) from [ICRA]A3 (pronounced ICRA A three).
The revision in ratings factors in the in the strong growth in operating income over the past 5 years and
financial risk profile consisting of steady profit margins and reduced gearing level supported by sturdy growth
in net worth of the company and comfortable working capital intensity. The ratings also continue to incorporate
the diversified product portfolio of the company consisting of PVC pipes and submersible pumps; wide
distribution network of the company with pan India presence and diversified sales channels along with an
established brand name.
The assigned ratings, however, continue to be constrained by highly competitive and fragmented nature of
submersible pump and pipe industry and vulnerability of profitability to raw material price fluctuations though
partly mitigated by the companys ability to revise prices during adverse movements. ICRA further notes that
as the company caters to domestic and agricultural segment, the demand for submersible pumps is highly
susceptible to the prevailing monsoon conditions.
Company Profile
Established in 1998, Duke Plasto Technique Pvt Ltd. (DPTPL) is engaged in manufacturing of UPVC pipes
and submersible pumps. The operations are managed primarily by Mr. Prabhudas Patel, Mr. Shantilal Patel,
Mr. Dinesh Patel and Mr. Ramesh Patel. The company is located at Palanpur (Gujarat) and has an installed
capacity to manufacture 60,000 pumps and 10,200 MT of pipes per annum. The company is ISO 9001:2008
certified with experienced technical and managerial staff.
Recent Results
During FY 2014, the company reported a profit after tax of Rs. 4.81 crore on an operating income of Rs.
180.95 crore.
February 2015
Analyst Contacts:
PRESS RELEASE
Page 33
I C R A Limited
March 12, 2015
Long term rating of [ICRA]BBB+ (Stable) assigned for bank

facilities of Subhasri Pigments Private Limited and
reaffirmed short term rating at [ICRA]A3+; rated amount
enhanced
ICRA has assigned long term rating of [ICRA]BBB+ (pronounced ICRA triple B plus) to the Rs. 12.57 crore
term loans of Subhasri Pigments Private Limited * (SPPL). The outlook assigned to the long term rating is
Stable. ICRA has reaffirmed the short term rating of [ICRA]A3+ (pronounced ICRA A three plus) assigned to
the Rs. 14.40 crore Foreign Bill Purchase of (SPPL).
The rating reaffirmation takes into account the comfortable financial risk profile of the company characterized
by healthy profitability, sound debt coverage indicators and comfortable capital structure. The rating further
takes into account the companys long track record in the business of manufacturing phthalocyanine pigments
such as Green 7, Green 36, Beta Blue and its long-term supply agreement with Sun Chemical as well as the
diverse applications of the product profile across various industries which partly insulates the company from
downturn in any particular industry. The rating further takes into account the locational advantages by virtue of
the companys proximity to ports and its presence in the chemical belt of the country which provides easy
access to raw material sources. ICRA also notes the cost savings and quality consistency expected from
backward integration of operations with company being in midst of setting up of CPC Blue manufacturing unit.
The rating however remains constrained by the exposure of the companys profitability to movement in raw
material prices, its weak bargaining power with customers that are leading players in the industry, and stiff
competitive pressures from larger players in the industry. The ratings are further constrained by vulnerability
of its profitability to currency fluctuations.
Company Profile
Subhasri Pigments Private Limited (SPPL) was incorporated in 1989 and is engaged in the production of
Phthalocyanine Pigment Green-7, Pigment Green-36 and Pigment Beta Blue. The manufacturing facility is
located in Gujarat Industrial Development Corporation (GIDC) Industrial Estate, Ankleshwar. Currently, SPPL
operates from two units whereby its Unit-1 has an installed production capacity of 1,920 Tonnes per annum
(TPA) of green pigment and Unit-2 has an installed 720 TPA of beta blue pigment with more than 90% of the
production exported to countries like USA, UK, Europe, Australia, Mexico, Latin America, China, etc. The
companys products find applications in a number of industries including textiles, paints, printing inks, plastics,
rubber etc.
Recent Results
For the year ended 31st March 2014, SPPL has reported an operating income of Rs. 118.50 crore and profit
after tax (PAT) of Rs. 10.80 crore as against an operating income of Rs. 97.10 crore and PAT of Rs. 10.28
crore for the year ended 31st March 2013.
February 2015
Publications.
PRESS RELEASE
Page 34
I C R A Limited
Analyst Contacts:
PRESS RELEASE
Page 35
I C R A Limited
March 12, 2015
ICRA suspends long term rating for bank lines of Manjeera

Projects
ICRA has suspended the long term rating of [ICRA]B+ (pronounced ICRA B plus) assigned to Rs. 35.00 crore *
crore* bank facilities of Manjeera Projects. The suspension follows ICRAs inability to carry out a rating
surveillance in the absence of the requisite information from the company.
February 2015
Analyst Contacts:

For complete rating scale and definitions, please refer to ICRAs Website, www.icra.in, or any of the ICRA Rating
Publications
PRESS RELEASE
Page 36
I C R A Limited
March 12, 2015
Rating of [ICRA]AAA with stable outlook assigned to fresh

Rs 160 crore of sub-ordinated debt programme of India
Infradebt Limited
ICRA has assigned [ICRA]AAA (pronounced ICRA triple A) rating with stable outlook to the fresh Rs 160 crore
NCD programme of India Infradebt Limited (Infradebt).
The ratings reflect the strength of the Promoters of Infradebt (ICICI Bank Limited, Bank of Baroda, Citicorp
Finance (India) Limited and Life Insurance Corporation of India Limited) as well as the tight regulatory
framework governing IDF-NBFCs, which are expected to provide high degree of certainty to Infradebts
business profile. RBI guidelines necessitate IDF-NBFCs to invest in debt securities of only PPP infrastructure
projects that have completed at least one year of commercial operations. For each exposure, IDF-NBFCs
must be a party to a Tripartite Agreement with the Concessionaire and the Project Authority for ensuring a
termination payment by Authority in the event of default. The IDF-NBFC is entitled to all rights, titles, interests
and security at par with the existing senior lenders on a pari-passu basis. In the event of a financial default of
the concessionaire, the IDF-NBFCs shall have first priority on the termination payments. While there is little
precedence of termination of any project in India, the contractual agreement of IDF-NBFC with the Authority
involving payment of guarantee fees by the IDF-NBFC to the Authority grant comfort to the arrangement.
Infradebt shall ensure that its exposure to any project is capped at a level such that it is fully covered by the
termination amount. This is also in line with the RBI guidelines that cap the IDF-NBFC exposure to 85% of the
total debt of the project as assessed by the concerned concessionary authority at the time of tendering the
project.
The ratings also factor in the comfortable liquidity position in the medium term as a result of RBI guidelines
that stipulate that IDF-NBFCs can raise resources through issue of bonds of minimum 5 year maturity. Since
the IDF-NBFC can invest only in projects that have completed at least one year of commercial operations, the
repayment can start immediately. Further, subject to compliance of conditions stipulated by CBDT, the income
of IDF-NBFC shall be exempt from tax. Thus, the entity can park the excess funds in fixed deposits and still
get acceptable level of return. In case of foreign currency borrowing, Infradebt shall undertake suitable steps
to mitigate foreign exchange risk to the extent possible.
The ratings would be sensitive to the credit quality of the Authority for projects in which Infradebt may take
exposures. Currently, Infradebt is focused on NHAI road projects only and in the medium term the company is
likely to restrict its exposures to Central Government undertakings. The cap on individual exposure and group
exposure pursuant to RBI & CBDT guidelines is likely to restrict the ticket size of its exposures and also inhibit
Infradebt from lending in sectors such as ports, airports, power etc. that have high ticket size requirements.
While in the long term Infradebt could foray into infrastructure sectors other than roads, the share of road
projects is still expected to be around 75% of the overall portfolio. The sectoral concentration risk is however
mitigated by the fact that though the traffic on different road stretchesthe key factor determining earnings
capacity of toll road SPV companies--could be correlated on account of macroeconomic factors, local issues
would still have substantial impact on the traffic thereby lowering the correlation.
PRESS RELEASE
Page 37
I C R A Limited
One of the key clauses in the tripartite agreement would be that the IDF-NBFC shall have first charge on the
termination payments. The willingness of the senior lenders to offload assets wherein commercial operations
have commenced and to cede first charge on termination payment could be a challenge for the growth of IDFNBFCs. While the business growth of IDF-NBFCs will be driven by dual benefits of lower-than-senior lenders
interest rates and flexible repayment options, the current slowdown in infrastructure and the constraints on
foraying into sectors other than road as explained earlier, limits the growth potential of IDF-NBFCs especially
in the near to medium term. From credit point of view, however, this is a comforting factor as the leverage of
the entity is expected to remain moderate.
Company profile
India Infradebt Limited:
Infradebt is the first Infrastructure Debt Fund (IDF) under non-banking finance company structure set up by
ICICI Bank Limited, Bank of Baroda, Citicorp Finance (India) Limited and Life Insurance Corporation of India
Limited in February-2013 with an equity capital of Rs. 300 crore. ICICI Bank group is the largest shareholder
with 31% stake followed by Bank of Baroda with 30%, Citicorp Finance India with 29% and Life Insurance
Corporation of India with balance 10%.
February 2015
Analyst Contacts:
Mr. Karthik Srinivasan (Tel No +91 22 6169 3368)
karthiks@icraindia.com
PRESS RELEASE
Page 38
I C R A Limited
March 12, 2015
ICRA upgrades rating of Manjeera Retail Holdings Pvt.

Ltd. to [ICRA]B+
ICRA has upgraded the long term rating for Rs. 314.00 crore* fund based limits of Manjeera Retail Holdings
Private Limited (MRHPL) to [ICRA]B+ (pronounced ICRA B plus) from[ICRA]B (pronounced ICRA B) earlier.
The rating revision takes into account creation of DSRA of 3 months and refinancing of the earlier LRD loans
taken for Manjeera Trinity Mall. Longer tenor of the current LRD loan and reduced interest rates has resulted
in lower debt servicing burden and the rental income from the mall would be sufficient to take care of the debt
repayments. Further, 3 out of the 4 projects being taken up are complete and the 4 th one is due for completion
in March 2014, limiting execution and funding risks. ICRA continues to draw comfort from long standing
experience of the promoters in real estate industry.
The rating however, continues to remain constrained by high market risk associated with the MTC complex
(commercial project) which has achieved only 6% bookings till date; MTC was initially scheduled for
completion in March 2011 and subsequently March 2013 but the completion of the complex has been delayed
further by around a year owing to the bifurcation of the State of Andhra Pradesh. Given the low marketing
success achieved so far, MRHPL intends to first lease out the property and then sell it. The construction loans
taken for MTC have been rescheduled and repayment for the same would commence in October 2015.
MRHPL has also a mortgage loan of Rs. 50 crore which is due for repayment in October 2014. Getting
additional tenants into the shopping mall would be critical so that the mortgage loan can be converted into a
lease rental discounting loan.
Company Profile
Manjeera Retail Holdings Private Limited is a special purpose vehicle created in 2007 for the development of
2.075 million sft mixed use real estate development at Kukatpally, Hyderabad. Manjeera Majestic Homes
(residential) 0.35 million sft; Manjeera Majestic Commercial (retail cum office) 0.33 million sft; Manjeera
Trinity Mall (cum multiplex) 0.45 million sft and Manjeera Trinity Corporate (office) 0.95 million sft under
JDA with APHB (Andhra Pradesh Housing Board) with a revenue sharing agreement (5%). The entire
development is spread across 8.295 acres.
February, 2015
Analyst Contacts:

Publications.
PRESS RELEASE
Page 39
I C R A Limited
March 12, 2015
ICRA has assigned SP 4E grading to Forever Green Solar
Grading Drivers
ICRA has assigned SP 4E* grading to Forever Green Solar (FGS), indicating Weak Performance
Capability and Poor Financial Strength of the channel partner to undertake off-grid solar projects. The
grading is valid till 25th February, 2017 after which it will be kept under surveillance.
Strengths
Satisfactory feedback from suppliers on involvement and information flow
Positive outlook and growth prospects for solar industry assisted by favourable
government policies
Risk Factors
Limited track record of promoters in solar power installations as EPC in off-grid and ongrid segment with firm starting operations from December 2014
Small order book of 300 KWp to be completed over a period of 4 months providing
revenue visibility in the near term
Moderate technical competence and adequacy of the manpower for current scale of
operations
Large number of organized and unorganized players in solar PV space indicating high
level of competition leading to pressure on margins
Low net worth of the promoters of Rs 5.87 crore.
SI Related Business Weak Performance Capability
Promoters Track Record: Mr. K. Srikanth, managing partner, is an electrical engineer

and has an experience of over 10 years in electrical installations and civil construction
projects. He has ventured in-to solar power business in December 2014 and FGS
proposes to be a system integrator and EPC for both on-grid connected and off-grid
projects; they have work orders for 4 projects in hand for installing solar PV system of
300 KWp to be completed over a period of 4 months.
Technical competence and adequacy of manpower: FGS has a 10 member technical
team having an experience of 3-5 years including sales managers, site engineers, site
supervisors, and quality engineers. All members of the team hold technical degrees or
diplomas and are adequate for the limited scale of current operations.
Quality of suppliers and tie ups: FGS has tied up to procure materials such as SPV
modules, module mounting structures, batteries from local suppliers like Vega Solar
Energy Pvt.Ltd., Refusol invertors, Pranitha Techno Fabs etc. As per the feedback from
the suppliers, they are satisfied with the involvement, information flow of FGS.
Customer and O&M Network: FGS is yet to commence the solar power PV installations
and hence no feedback was available. FGS do not have any O & M arrangements for its
customers as on date and it plans to open service centers with increase in scale of
operations.
Solar Photovoltaic
PRESS RELEASE
Page 40
Financial Strength Poor

Financial Strength
I C R A Limited
Revenues
Return on Capital Employed (RoCE)
Total Outside Liabilities / Tangible
Net worth
Interest Coverage Ratio
Net-Worth
Current Ratio
Relationship with bankers
Nil; operations started only in December 2014

Nil
Nil
Nil
Net worth of the FGS and its promoters is Rs 5.87
crore
Nil
Bankers are satisfied with the company
The overall financial profile of the company is Poor.

February 2015
Analyst Contacts:
PRESS RELEASE
Page 41
I C R A Limited
March 12, 2015
Rating of [ICRA]B assigned for the bank facilities of Sri

Duraiappa Stores
ICRA has assigned long-term rating of [ICRA]B (pronounced ICRA B) to the Rs. 6.00 crore fund based
facilities of Sri Duraiappa Stores (the Firm)*.
While arriving at the ratings, ICRA has considered the consolidated operational and financial risk profiles of
Sri Duraiappa & Co, Sri Duraiappa Stores and Sri Duraiappa Agency. The entities are collectively referred to
as the Group.
The rating takes into consideration the significant experience of the promoters in the edible oil trading
business of over three decades and the healthy growth in the Groups operating income aided by growth in
volumes over the years. The rating is, however, constrained by the Groups weak financial profile
characterized by thin profit margins inherent to the nature of the business with limited value addition, weak
capital structure with a high gearing of 3.4 times as on March 31, 2014 on account of low accruals and
promoter drawings, and stretched coverage indicators. The rating is further constrained by the Groups
relatively small scale of operations which limits its financial flexibility and the susceptibility of its profit margins
to volatility in edible oil prices. The impact is, however, mitigated to some extent from diversification benefit
provided by income from two convenience stores run by the Group.
Firm Profile
Sri Duraiappa Stores was established as sole proprietorship in 2004 by Mr. S Murugan. The Firm is engaged
in the refined edible oil trading business in Chennai, Tamil Nadu. The Firm has two associate entities viz. Sri
Duraiappa Agency and Sri Duraiappa & Co which are also into similar line of business. The Group also
operates two convenience stores in Chennai (Alandur and Tambaram). The stores are located adjacent to the
warehouses for storing the oil. In Alandur, the warehouse-and-store complex is spread over an area of 7,600
sq. ft. while the one in Tambaram is spread over an area of 5,900 sq. ft.
Recent Results
The Firm reported a net profit of Rs. 0.1 crore on an operating income of Rs. 36.7 crore during 2013-14 as
against a net profit of Rs. 0.1 crore on an operating income of Rs. 32.6 crore during 2012-13.
March 2015
Analyst Contacts:
Publications.
PRESS RELEASE
Page 42
I C R A Limited
March 12, 2015
Rating of [ICRA]B assigned for the bank facilities of Sri

Duraiappa Agency
ICRA has assigned long-term rating of [ICRA]B (pronounced ICRA B) to the Rs. 9.00 crore fund based
facilities of Sri Duraiappa Agency (the Firm)*.
While arriving at the ratings, ICRA has considered the consolidated operational and financial risk profiles of
Sri Duraiappa & Co, Sri Duraiappa Stores and Sri Duraiappa Agency. The entities are collectively referred to
as the Group.
The rating takes into consideration the significant experience of the promoters in the edible oil trading
business of over three decades and the healthy growth in the Groups operating income aided by growth in
volumes over the years. The rating is, however, constrained by the Groups weak financial profile
characterized by thin profit margins inherent to the nature of the business with limited value addition, weak
capital structure with a high gearing of 3.4 times as on March 31, 2014 on account of low accruals and
promoter drawings, and stretched coverage indicators. The rating is further constrained by the Groups
relatively small scale of operations which limits its financial flexibility and the susceptibility of its profit margins
to volatility in edible oil prices. The impact is, however, mitigated to some extent from diversification benefit
provided by income from two convenience stores run by the Group.
Firm Profile
Sri Duraiappa Agency was established as sole proprietorship in 1990 by Mr. S Gopal. The Firm is engaged in
the refined edible oil trading business in Chennai, Tamil Nadu. The Firm has two associate entities viz. Sri
Duraiappa Stores and Sri Duraiappa & Co which are also into similar line of business. The Group also
operates two convenience stores in Chennai (Alandur and Tambaram). The stores are located adjacent to the
warehouses for storing the oil. In Alandur, the warehouse-and-store complex is spread over an area of 7,600
sq. ft. while the one in Tambaram is spread over an area of 5,900 sq. ft.
Recent Results
The Firm reported a net profit of Rs. 0.2 crore on an operating income of Rs. 57.6 crore during 2013-14 as
against a net profit of Rs. 0.1 crore on an operating income of Rs. 49.6 crore during 2012-13.
March 2015
Analyst Contacts:
Publications.
PRESS RELEASE
Page 43
I C R A Limited
March 12, 2015
ICRA assigns rating of [ICRA]BB+(Stable) to the bank

facilities of Jewel Classic Hotels Private Limited
ICRA has assigned a rating of [ICRA] BB+ (pronounced (ICRA double B plus)* for the Rs. 10.00 crore long
term bank facilities of Jewel Classic Hotels Private Limited (JCH). The outlook on the long term rating is
Stable.
The assigned rating takes into account the significant experience of JCHs promoters in the hospitality
industry in Karnal, as well as low competition faced by the company with respect to its flagship 5-star property
Noor Mahal due to absence of similar hotels in the vicinity. Noor Mahal contributes ~75-80% of the
companys yearly revenue and would be the main revenue driver for the company in the medium term given
the currently free room inventory in the hotel and stagnant revenue contribution from the companys other
hotel, Hotel Jewels. Further, the favourable repayment schedule of the outstanding term loan with
repayments staring only in June 2016 provides comfort in terms of debt servicing as the company is currently
required to service only interest charges of ~Rs 8 crore compared to operational profit of ~Rs 12 crore. ICRA
also notes that the company has begun pre-paying the outstanding term loan during FY15 from its operational
surpluses.
The rating is, however, constrained by low occupancy levels in Noor Mahal since September 2013, when an
additional 62 rooms were made operational and its relatively weak debt coverage metrics given its modest
accruals compared to debt level of ~Rs 60 crore. Occupancy levels for Noor Mahal, which peaked at ~97% in
February 2013, declined to ~52% in December 2013, following inventory additions. Occupancy levels have
improved since then at a very slow pace; occupancy in September and October 2014 was ~60%.
The ability of JCH to improve occupancy levels for both its hotels, especially in Noor Mahal given its large
room inventory of ~50 rooms remaining unoccupied, without a significant adverse impact on ARRs would be a
key rating sensitivity going forward.
Recent Results
The company reported Operating Income (OI) of Rs. 16.2 crore, Operating Profit before Depreciation, Interest
and Tax (OPBDIT) of Rs. 8.0 crore and Net Profit After Tax of Rs. 1.3 crore in the seven months ending
November 2014. Further the company has started pre-paying the outstanding term loan and has paid ~Rs 3-4
crore during the current fiscal year.
Company Profile
JCH was incorporated in 1994 as a proprietary firm by Mr. Manbeer Choudhary with an objective of operating
hotel properties in the Karnal region (Haryana). It became a private limited company in August 1997. The
company began operations with a 54 room four-star hotel property named Hotel Jewels spread over an area
of 43,056 sq. ft. in Karnal. JCH started operations of its five-star hotel property Noor Mahal in June 2010
operating 62 rooms (out of 125 rooms). The remaining 63 rooms started operations from September 2013.
With its two operational hotel properties, the promoters have nearly 18 years of experience in the hotel
business.
March 2015
For complete rating definition please refer to ICRA Website www.icra.in or any of the ICRA Rating Publications
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I C R A Limited
Analyst Contacts:
vivek@icraindia.com
PRESS RELEASE
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I C R A Limited
March 12, 2015
Ratings of [ICRA]BB (Stable) and [ICRA]A4 reaffirmed for

bank facilities of Servotech India Limited
The long-term rating of [ICRA]BB (pronounced ICRA double B) has been reaffirmed for the Rs. 8 crore *
(enhanced from Rs. 5.70) of fund-based limits of Servotech India Limited (SIL). The short-term rating of
[ICRA]A4 (pronounced ICRA A four) has been reaffirmed for the Rs. 3.50 crore (reduced from Rs. 5.00 crore)
of non-fund-based limits of SIL. The outlook on the long-term rating is Stable.
The reaffirmation of the ratings continues to reflect the modest financial risk profile of the company
characterized by small scale of operations, weak profitability position and moderate capital structure. The
ratings also take into account the companys dependence of future revenue growth and order inflows on
capacity additions in the edible oil industry, and the vulnerability of profitability to sharp increases in
commodity prices given the fixed-price nature of contracts.
The ratings, however, factor in positively the experience of the promoters and established track record of the
company in the turnkey supply of plant and machinery for the edible oil segment, with a reputed customer
profile; and the healthy order book position driven by favourable demand indicators.
Company Profile
Servotech India Limited (SIL) is primarily engaged in turnkey supplies of plant and machinery catering to the
edible oil industry, and the company has a track record spanning four decades in the same. The present
Directors/management has been involved with SIL since the 1980s, when they acquired the company from
the earlier promoters. SIL was incorporated as a public limited company in 1987.The companys main area of
business is the design and supply of fabricated machinery and equipment for solvent extraction plants, oil
mills, edible oil refineries, oil seed processing etc, and it has set-up its fabrication facility at Tarapur
(Maharashtra).
For year-ended March 31, 2014, the company has reported Profit after Tax (PAT) of Rs. 0.81 crore on an
Operating Income (OI) of Rs. 64.96 crore as compared to a PAT of Rs. 0.67 crore on an operating income of
Rs. 59.07crore in the year-ended March 31, 2013.
March 2015
Analyst Contacts:

Publications.
PRESS RELEASE
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I C R A Limited
March 12, 2015
Ratings upgraded to [ICRA]BB+ and [ICRA]A4+ for the bank

limits of Shanti G.D. Ispat & Power Pvt. Ltd.; Stable outlook
retained
ICRA has upgraded the long-term rating assigned to the Rs. 41.50 crore* term loans and Rs. 16.00 crore fundfund-based bank facilities of Shanti G.D. Ispat & Power Pvt. Ltd. (SGDIPL) to [ICRA]BB+ (pronounced ICRA
double B plus) from [ICRA]BB- (pronounced ICRA double B minus). The outlook on the long-term rating is
stable. Also, ICRA has upgraded the short-term rating assigned to the Rs. 1.00 crore non-fund based bank
facilities of SGDIPL to [ICRA]A4+ (pronounced as ICRA A four plus) from [ICRA]A4 (pronounced as ICRA A
four).2
The rating upgrade takes into consideration the significant increase in SGDIPLs operating income and an
improvement in its profitability during the first 10 months in 2014-15. The ratings also factor in the companys
long term power purchase agreement (PPA) with the Chhattisgarh State Power Distribution Company Limited
(CSPDCL) for sale of upto 90% of the power generation, which reduces SGDIPLs offtake risks and business
uncertainties to an extent. However, this also exposes the company to client concentrations risks, since any
significant delay in its payments from CSPDCL may adversely impact SGDIPLs liquidity position. The ratings
are also supported by the low fuel supply risk for the project with adequate availability of rice husk and coal in
the region; though the company is exposed to the seasonality associated with cropping pattern of rice. The
ratings are, however, constrained by SGDIPLs high working capital requirement on account of a delay in
payment from CSPDCL leading to high debtor level and SGDIPLs aggressive capital structure at present,
though long term loans from the promoters have favourable repayment terms. ICRA believes, significant
delays in payments from CSPDCL would adversely impact SGDIPLs liquidity position. Additionally, risk
associated with the volatility in the prices of rice husk and coal, could adversely impact SGDIPLs profitability.
Going forward, optimum plant load factor (PLF) of SGDIPLs power plant and healthy cashflows would be a
key rating sensitivity.
Company Profile
SGDIPL is promoted by the Raipur based Agrawal family. The company has a 15 MW bio-mass based power
plant in Janjgir-Champa of Chhattisgarh, which was commissioned in September 2013. The company has
tied-up the Power Purchase Agreement (PPA) for the sale of upto 90% of power with CSPDCL. The power
plant utilises mainly rice husk from its adjoining area as fuel.
Recent Results
In 2013-14, as per the audited financial statements, SGDIPL reported an operating income of Rs. 23.20 crore
and a net profit of Rs. 0.44 crore. During the first ten months in 2014-15, the company reported an operating
income of Rs. 51.37 crore and profit before tax of Rs. 3.75 crore.
March 2015
Analyst Contacts:
Mr. Jayanta Roy, (Tel. No. +91-33-22876617 / 22800008)
jayanta@icraindia.com
Mr. Jayanta Chatterjee (Tel. No. +91 33 7150 1100)
*

Publications.
PRESS RELEASE
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I C R A Limited
March 12, 2015
Ratings of [ICRA]BB- (Stable) reaffirmed on the bank

facilities of Goel Exim India Private Limited
ICRA has reaffirmed its long term rating of [ICRA]BB- (pronounced ICRA double B minus) on the Rs 50 crore*
(reduced from Rs 125 crore) bank facilities of Goel Exim India Private Limited (GEIPL) . The outlook on the
long term rating is Stable.
ICRAs rating continues to factor in GEIPLs established presence in trading and distribution of gold and in the
gold jewellery business, and moderate demand growth prospects for gold jewellery in India, over the medium
to long term. ICRA also takes note of the removal of regulatory restrictions by the Reserve Bank of India (RBI)
which are expected to positively impact the supply of gold and reduce the funding cost for gold procurement.
The ratings are, however, constrained by the highly competitive nature of the gold jewellery industry,
characterised by many organized and unorganized players, resulting in low profitability margins; the sensitivity
of gold demand to the fluctuations in gold prices and regulatory changes; high geographical concentration risk
and susceptibility of profitability to adverse movements in gold prices. The ratings also take into account the
companys moderately weak financial profile characterised by high gearing levels and low debt coverage
indicators; and tight liquidity position as reflected in high utilisation of working capital limits.
Significant increase in working capital intensity or material decline in volumes resulting in deterioration of
profitability and debt coverage metrics would be a key rating sensitivity going forward.
Company Profile
GEIPL was incorporated in 2004 and is a part of the Delhi based Shree Raj Mahal Group, which is engaged in
the manufacturing, wholesale and retail sales of gold and diamond. GEIPL has also acquired two partnership
firms, namely, Shree Ganpati Impex and Bhavya Gold in 2010, the partners of both the firms are shareholders
of the company. GEIPL has presence largely in gold jewellery, which contributes to more than 90% of its
revenues and its customers are primarily wholesalers and retailers based in New Delhi.
Recent Results
GEIPL reported a turnover of Rs. 528.91 crore and a net profit of Rs. 3.49 crore in 2013-14, as against a
turnover of Rs. 516.69 crore and a net profit of Rs. 3.45 crore in the previous year.
March 2015
Analyst Contacts:
vivek@icraindia.com

Publications
PRESS RELEASE
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I C R A Limited
March 12, 2015
Rating of [ICRA]A+(Stable) assigned to the Non Convertible

Debentures Programme of IFMR Capital Finance Private
Limited
ICRA has assigned the [ICRA]A+ (pronounced ICRA A plus) rating to the Rs.150.00 crore* Non Convertible
Debenture Programmes(NCD) of IFMR Capital Finance Private Limited (IFMR Capital or the Company) .The
outlook on the rating is stable. Apart from the above, ICRA has the [ICRA]A+ (pronounced ICRA A plus)
rating with a stable outlook outstanding on the Rs.156.40 crore other NCD programmes, Rs. 7.50 crore
subordinated debt programme and Rs. 300.00 crore bank lines of the company. ICRA also has the [ICRA]A1+
(pronounced ICRA A one plus) rating outstanding on the Rs.150.00 crore Commercial Paper programme of
IFMR Capital.
The rating factors in the IFMR Capitals strong governance and management team, its committed Board level
support from the IFMR Group, good underwriting and monitoring mechanisms and, a comfortable
capitalisation profile (provisional gearing of 3.1x and provisional networth of Rs.207 crore as in Jan 2015).The
rating also factors in IFMR Capitals, ability to grow business volumes profitably (PAT/ATA of 4.1% for
10MFY2015 as compared to 2.9% in FY2014) while maintaining a good asset quality (NIL delinquencies as in
Jan 2015) and diversity in earnings in the form of fee based income (About 40% of the total operating income
income for 10MFY2015) . ICRA takes note of IFMR Capitals exposures to entities with marginal borrower
profile, higher risk associated with investments / guarantees extended to these entities and increasing
exposure to new asset classes (small business loans, affordable housing finance and commercial vehicle
finance). The above is offset to an extent by the established risk management and monitoring systems put in
place by the company. IFMR Capital has a well matched liquidity profile presently, with access to varied
lenders, including banks, FIs and investors. Going forward, however it would be critical for the company to
secure longer tenure funding as it increases exposure to the newer asset classes.
IFMR Capital reported total business volume of (via own book and from other sources for the clients) about
Rs. 4,500 crore in the first ten months of the current financial year as compared to Rs.3,500 crore during the
during Financial Year (FY) 2014. The company has also diversified its exposures to entities with secured
asset classes during FY2014 and in the current financial year. The proportion of the total business from the
microfinance segment has moderated to 68% for the 10MFY2015 as compared to 84% in FY2014 (92% in
FY2013). The strong growth was backed by an increase in the clientele to over 60 from about 44 as in March
2014. Increase in number of partners as well as enhancement in the engagement level, by offering various
financing solutions to them, augurs well for growth in business volumes and profitability of the company over
the medium term. Majority of IFMR Capitals new partners added in the recent past have been in secured
asset classes. Consequently, the share of business from the secured asset classes has increased to about
32% as in 10MFY2015 as compared 16% in FY2014 (8% in FY2013). While ICRA takes cognisance of the
diversification into other asset classes by the company, which is expected to reduce portfolio concentration on
the microfinance segment; the companys ability to scale its business volumes in the new segment without a
significant increase in credit costs would be critical from a credit perspective. Further, the company would
continue to be exposed risks associated with small and medium sized NBFCs, which have an average credit
profile.

Publications.
Profit after tax as a proportion of average total assets
Total income less operating expenses
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As in January 2015, the company had an on-book exposure (loans and investments) of about Rs. 776 crore,
of which about 18% were exposures to subordinated instruments; it would therefore be critical for IFMR
Capital to maintain strict control over asset quality. ICRA however takes comfort from IFMR Capitals prudent
origination norms and rigorous monitoring system, good asset quality of the underlying loans, as well as quick
amortization of the underlying pools, which are likely to partly mitigate the risks associated with such
exposures.
IFMR Capitals gearing was moderate at about 3.1 times (provisional) as in January 2015, supported by the
equity infusion early in the financial year. Leapfrog Financial Inclusion India Holdings Limited (Leapfrog)
infused equity of about Rs.175 crore into IFMR Trust Group, out of which Rs.100 crore was infused into IFMR
Capital over the period March 2014-May 2014; this along with good internal generation has resulted in the
improvement of its, which stood at about Rs. 207 crore in January 2015 vis a vis Rs. 72 crore in March
2013.The above is likely to support the medium term growth plans of the company; while ICRA notes that
IFMR Capital would be required to secure additional equity by 2016-2017 to maintain a prudent risk adjusted
gearing of about 4-4.5 times, the IFMR Trust Groups established investor relationships and its good financial
performance may facilitate securing equity in a timely manner.
The companys liquidity profile is comfortable with a well-matched ALM profile but the tenure of the newer
asset classes are typically longer than the existing portfolio. IFMR has the financial flexibility with access to
domestic and overseas institutional investors and healthy lender relations; it would be critical for the company
to secure longer term funds to match fund longer tenure assets going forward.
ICRA takes note of the high share of IFMR Capitals share of fee based income about 41% (as a proportion of
total operating income) in 9MFY2015 (64% in FY2014) as compared to 49% for 9MFY2014. The increased
business volumes following addition of new clients in the secured asset classes and increase in the loan book
(grew by 3 times over December 2013 levels, while the investment book declined by about 10%), supported
the overall income growth of the company. The increase in the business volumes resulted in rationalisation of
the operating costs over a larger base as the same moderated to about 5% for 9MFY2015 as compared to
about 6% in FY2014 (6.5% in FY2013). The companys net profits increased to Rs 21.9 crore (provisional) for
9MFY2015 as compared to Rs.3.7 crore for 9MFY2014.The Company reported a healthy return on networth
of about 16% (annualised, provisional) for 9MFY2014. Going forward, ability of the company to maintain a
sizeable proportion of the fee based income, securing equity capital and controlling credit cost would be
critical from a credit perspective.
Company Profile
IFMR Capital is a systemically important non-banking finance company and is part of the Chennai based,
IFMR Trust Group. The company was promoted by IFMR Trust, however post the recent equity infusion by
Leapfrog and, the organisation restructuring within the group under which the equity holdings of some of the
key entities of the group were transferred from IFMR Trust to IFMR Holdings Private Limited (IFHPL), IFHPL
has 59% equity holding in IFMR Capital, while the remaining is held by Leapfrog. The company is engaged in
providing diversified financing solutions to Microfinance Institutions (MFIs) and to entities engaged in providing
affordable housing finance, commercial vehicle finance and small business loans. As a policy, the company
invests in all securitization transactions arranged by the company, typically in the subordinated tranche. The
company also provides loans-to-originate portfolio that can be securitised at a later date apart from other
structured debt products including guarantees. As in January 2015, of the total asset base of Rs. 894 crore,
15% was deployed in investments in subordinated tranches of retail loan pools while 70% was deployed in
loans to small and medium NBFCs.
In the ten months ended FY2015, the company reported a provisional net profit of Rs.24.7 crore on a total
income of Rs.115.5 crore and an asset base of Rs. 894.1. In FY2014, the company reported a net profit of Rs.
12.1 crore on a total income of Rs.76.0 crore and an asset base of Rs.543.3 crore.
February 2015
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Analyst Contacts:
Ms. Vibha Batra, (Tel. No. +91-124-4545 302)
vibha@icraindia.com
PRESS RELEASE
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I C R A Limited
March 12, 2015
Rating of [ICRA]BB- (Stable) reaffirmed for bank facilities of

Shree Ramkrushna Ginning & Oil Industries
ICRA has reaffirmed the [ICRA]BB- (pronounced ICRA double B minus) rating to the Rs. 9.90 crore cash
credit facility of Shree Ramkrushna Ginning & Oil Industries (SRGOI) *. The outlook on the long term rating is
stable.
The reaffirmation of rating continues to take note of Shree Ramkrushna Ginning & Oil Industries (SRGOI)
modest scale of operation and financial profile characterized by low profitability, modest debt coverage
indicators and stretched capital structure due to high working capital borrowings. ICRA also takes note of the
highly competitive and fragmented industry structure with the limited value additive nature of operations which
leads to pressure on profitability. The rating further incorporates the vulnerability of margins to adverse
movements in agricultural produce prices which are dependent on agroclimatic conditions, government
regulations on MSP and export and international demand. Also, being a partnership firm, any substantial
withdrawal by the partners has an adverse impact on the capital structure of the firm.
The rating, however, continues to factor in the experience of the partners in the cotton industry and the
favourable location of the firm, giving it easy access to high quality raw cotton. The rating also considers the
forward integration in crushing facilities providing additional revenues, diversification, and growth in operating
income, followed by increased volume and realization.
Firm Profile
Shree Ramkrushna Ginning & Oil Industries (SRGOI) was incorporated as a partnership firm in the year 1998
by Mr. Lavjibhai Bhavanbhai Kakasaniya and seven family members. It is engaged in the ginning and
pressing of raw cotton and crushing of cottonseeds. The manufacturing unit is located in Tankara, Rajkot
district of Gujarat. It currently has 30 double roller ginning machines, one automatic pressing machine and 12
expellers with the installed capacity to produce 250 cotton bales, 9-10 MT cottonseed oil and 90-95 MT of
cottonseed oil cake per day (24 hours operation).
Recent Results
In FY14, the firm reported an operating income of Rs. 91.92 crore and net profit of Rs. 0.59 crore.
March 2015
Analyst Contacts:
Publications.
PRESS RELEASE
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I C R A Limited
March 12, 2015
Rating of [ICRA]BB- (Stable) reaffirmed for the bank lines of

Srinivasa Agro Products, rated amount enhanced
ICRA has reaffirmed [ICRA]BB- (pronounced ICRA double B minus) to the Rs. 15.00 crore (revised from Rs.
12.00 crore)* long term fund based limits of Srinivasa Agro Products (SAP). The outlook for the long term
rating is stable.
The rating reaffirmation continues to factor in the long experience of the management in the cotton seed oil
business, favourable demand outlook for cotton seed cake and oil, along with various by-products generating
revenues for the firm and location advantage arising from SAPs presence in the oil seed growing belt of
Guntur District in Andhra Pradesh. The rating is however constrained by the exposure to risks associated with
raw material prices and availability due to its dependence on externalities such as monsoon and seasonality
of the cotton seed. The rating also factors in intense competition from organized and unorganized players
along with low value addition nature of the product. Also, the rating takes into account the highly fragmented
edible oil industry with threats from imports and cheaper substitutes like palm oil. The financial profile of the
firm continuous to remain weak as reflected by low profitability, high gearing of 2.92 times as on 31st March
2014 and weak coverage indicators as reflected in interest coverage at 1.54 times and Total Debt/OPBIDT at
6.31 times as on 31st March 2014. ICRA also notes that SAP is a partnership firm and any significant
withdrawals from the capital account would affect its net worth and thereby have an adverse impact on the
capital structure.
Company Profile
Established in 1991, Srinivasa Agro Products is engaged in delintering and processing of cotton seed
(installed capacity of 185 MTPD) to extract and market crude cotton seed oil along with various by-products
which include C.S.U.D. Cake, Hulls and Linters. The manufacturing facility is favourably located in the Guntur
district of Andhra Pradesh which is a hub for the cottonseed business in the state. The partnership firm is
owned and managed by Mr. Srinivasa Rao who has two decades of industry experience.
Recent Results
As per audited financials for FY14, SAP reported an operating income of Rs. 63.02 crore with profit after tax of
Rs. 0.19 crore as against Rs. 60.95 crore of operating income with profit after tax of Rs. 0.29 crore in FY13.
March 2015
Analyst Contacts:

For complete rating scale and definitions, please refer to ICRAs website http://www.icra.in or other ICRA Rating
Publications.
PRESS RELEASE
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I C R A Limited
March 12, 2015
Ratings upgraded for bank loans of Visual Percept Solar

Projects Pvt. Ltd. to [ICRA]AICRA has revised upwards the long term rating assigned to Rs 231 crore* term loan of Visual Percept Solar
Projects Private Limited (VPSPPL) to [ICRA]A- (pronounced ICRA A minus) from [ICRA]BBB (pronounced
ICRA triple B). The outlook on the rating is Stable.
The revision in the rating takes into account the stable performance of VPSPPLs solar power plant for the last
three years of operation, which has led to healthy and timely cash flows to the company. ICRA notes that
VPSPPL has utilized the cash to consistently meet its quarterly debt obligations well in advance for the past
few quarters. In spite of such early repayments, the cash balance at the end of February 2015 was healthy,
which supports the liquidity position of the company. With a substantial reduction in interest rate, in the recent
past, debt coverage indicators are expected to improve going forward. Also with cashflows expected to remain
stable, at least over the medium term, ICRA expects VPSPPLs capital structure, particularly on a net debt
basis, to improve. The rating also factors in the use of internationally proven crystalline silicon cell technology
for power generation, the international repute of the equipment suppliers to the plant, although ICRA notes
that adequate technical performance record of imported equipment in Indian conditions is still not available,
given the early stage of the solar photo voltaic industry in India. Moreover, solar PV panels are exposed to the
risk of gradual degradation in efficiency. The risks arising out of the same are mitigated to an extent by
comprehensive acceptance tests and the long term minimum performance warranty provided by the
equipment manufacturers. Also ICRA sensitivity indicates that the cash flows would be adequate for debt
servicing even after assuming some degradation of module efficiencies, going forward.
The rating is constrained by the moderate level of business returns that the project is likely to generate.
Moreover, the viability of power generation from the plant is contingent upon the continuation of the favorable
power purchase tariff being provided by GUVNL (rated [ICRA]A (Stable) / [ICRA]A1). Also the company is
exposed to counter party credit risks with GUVNL being the sole offtaker of power from the plant, though
ICRA notes that collections have been timely so far.
The rating continues to be supported by structural features like presence of debt service reserve account
(DSRA) for two quarters of debt obligations, revolving letter of credit in favour of the company equivalent to
one months power sales and termination clause in the power purchase agreement (PPA).
Company Profile
Visual Percept Solar Projects Private Limited (VPSPPL) is promoted and wholly owned by Talma Chemical
Industries Pvt Ltd (TCIPL). Balrampur Chimi Mills Ltd (BCML) is also an investor in the company, having
invested Rs 40.50 crore in the form of debentures. VPSPPL has been set up to develop, manage and operate
a 25 MW Solar Photo Voltic (PV) power plant at Surel in Surendranagar, Gujarat. The company has entered
into a 25 year Power Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam Limited (GUVNL) with a feed
in tariff of Rs 15 per unit for first 12 years and Rs 5 per unit thereafter. The entire 25 MW power plant was
commissioned in January 2012.

Publications
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Recent Results
During 2013-14, VPSPPL registered a profit after tax of Rs 18.35 crore on the back of net sales of Rs 57.94
crore as against a profit after tax of Rs 15.43 crore on the back of net sales of Rs 56.97 crore in 2012-13.
March 2015
Analyst Contacts:
Mr. Jayanta Roy, (Tel. No. +91-33-22876617 / 22800008)
jayanta@icraindia.com
Mr. Jayanta Chatterjee (Tel. No. +91 33 7150 1100)
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I C R A Limited
March 12, 2015
Ratings reaffirmed for the bank facilities of Anugraha Valve

Castings Limited at [ICRA]A- and [ICRA]A2+; outlook on the
long term rating is stable
ICRA has reaffirmed the long term rating outstanding on the Rs. 8.56 crore (reduced from Rs. 27.00 crore)
term loans of Anugraha Valve Castings Limited at ICRA]A- (pronounced ICRA A minus). ICRA has also
reaffirmed the short term rating outstanding on the Rs. 45.00 crore short term fund based facilities, Rs. 45.00
crore short term fund based sub-limit facility, Rs. 7.87 crore (revised from Rs. 12.00 crore) short term nonfund based limits and Rs.3.0 crore short term non-fund based sub-limit facilities of the company at [ICRA]A2+
(pronounced ICRA A two plus)*. The outlook on the long term rating is Stable.
The reaffirmation in the ratings considers the promoters large experience in steel castings industry and
AVCLs strong financial profile marked by healthy profitability indicators and robust debt protection metrics.
The ratings also consider AVCLs strong client profile, its long standing relationship and steady orders over
the last 5 years; although the company is exposed to customer concentration risk with top-3 clients adding
~55% of total sales during 9m 2014-15. The ratings however remain constrained by AVCLs high
concentration to the European geography with almost entire sales made to the customers in Europe;
accordingly demand slowdown in Europe had impacted AVCLs sales performance in the last two years.
Following revenue de-growth of 12% in 2013-14, AVCLs revenues de-grew by 11% during 9m 2014-15 as the
company faced sharp cut in realizations (down 14%) even as volume off-take from its customers remained
flattish despite the weak demand conditions in user industries (chemicals, oil and gas etc). Lower realizations
coupled with adverse steel prices translated to a sharp decline in operating margins (by over 500 bps) during
9M 2014-15; but the net margins remained strong as the company applied its accruals to pre-pay the term
loans thus limiting its interest outgo. Strong cash accruals coupled with limited dependence on working capital
loans supports the improvement in debt indicators. During 2013-14, AVCL added a new foundry to meet the
future order requirements of its customers, however maintaining the capacity utilization at optimal levels will
be contingent upon the recovery in demand (from its end user industries) in Europe. Going forward, stable
order flows and companys ability to sustain the margins and debt indicators will be key credit monitorables.
Company Profile
Incorporated in 1993 in Coimbatore, Anugraha Valve Castings Limited (AVCL), is a steel casting foundry
manufacturing industrial valves and valve components. AVCL manufactures steel valves in different shapes
and sizes according to the design specifications provided by the customers, primarily catering to requirements
of engineering, petroleum, chemicals and gas industries. In 2007-08, the company merged its group
company, Graha Industries Private Limited (GIPL) with itself. While the company catered to local demand in
the initial years, post 1999, AVCL started exporting steel castings to European companies and has since
focussed exclusively on overseas clients and built strong relationships over the years. AVCL currently exports
around 97% of its output to the European countries, especially to Germany, France and Italy.
Recent Results
As per the provisional figures, the companys profit before taxes for the nine month period ending December
2012 stood at Rs. 21.6 crore on an operating income of Rs. 150.3 crore. For 2013-14, the company reported a
profit after tax of Rs. 27.9 crore on an operating income of Rs. 215.3 crore.
March 2015
Publications
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Analyst Contacts:
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I C R A Limited
March 12, 2015
ICRA places the Issuer rating of Cairn India Limited on

notice of withdrawal
ICRA has placed the issuer rating of IrAAA (pronounced IR triple A) with stable outlook assigned to Cairn
India Limited on a notice of withdrawal for a period of two months at the request of the company before being
withdrawn*. The issuer rating will be withdrawn after two months from the date of this withdrawal notice.
Company Profile
Cairn India Limited (CIL) was formed in August 2006 to take over most of the Indian E&P assets of Cairn
Energy Plc (CEP) (a UK listed company) comprising 2 production; 1 development and 10 exploratory blocks.
The acquisition involved part issue of equity by CIL to CEP and part cash payment. CIL funded the cash
payment to its parent through proceeds of an IPO (in Dec 06/Jan 07). On August 16, 2010, the promoter
group of CIL announced its intent to sell up to a majority stake in the Company to the Vedanta Group. In Dec
2011, the Vedanta group completed the acquisition of 58.5% stake in Cairn India Limited for a total
consideration of US$ 8.67 billion. The corporate structure of the Vedanta group was changed in CY13 as part
of which Vedanta Resources [rated Ba1 (Negative) by Moodys] stake in Cairn India was moved to Sesa
Sterlite. As on December 31, 2014, the shareholding pattern of CIL was as follows: Vedanta group (59.883%),
Cairn UK Holdings Limited (9.821%), FIIs (14.950%), other Institutions (11.092%), others (4.254%).
March 2015
Analyst Contacts:
vivek@icraindia.com
* For complete rating scale and definitions please refer to ICRA's Website www.icra.in or other ICRA Rating
Publications
PRESS RELEASE
Page 58
I C R A Limited
March 12, 2015
Rating of [ICRA]B+ assigned on the bank facilities of Adarsh

Synthetics Private Limited
ICRA has assigned its long term rating of [ICRA]B+ (pronounced ICRA B plus) on the Rs. 5.0 crore * fund
based limits, Rs. 2.0 crore term loans and Rs. 3.0 crore un-allocated limits of Adarsh Synthetics Private
Limited (ASPL).
The assigned ratings take into account promoters experience and track record in manufacturing of woven
fabrics and favorable location of its manufacturing facility facilitating availability of labor and raw material. The
ratings are however constrained by ASPLs moderate operating profitability due to commoditized nature of its
products and highly leveraged capital structure leading to modest debt coverage indicators. Synthetic fabric
manufacturing is characterized by competition from large number of players in the Bhilwara market. Moreover,
given the low entry barriers, ASPLs business is susceptible to new capacity additions in the industry.
Going forward the rating would remain sensitive to the ability of the company to improve its profitability, debt
coverage indicators and manage its working capital intensity.
Company Profile
Incorporated in 1987, and promoted by Mr. Gopal Krishan Jhanwar, ASPL manufactures synthetic fabric in
the plant situated in Bhilwara, Rajasthan. The company has 80 looms capable of manufacturing 36.47 Lakh
Metre per annum. The companys has diversified mix of customers engaged in trading as well as clothing.
Recent results:
The company reported an operating income of Rs. 37.53 crore and profit after tax of Rs. 0.08 crore in FY2014
as compared to an operating income of Rs. 32.97 crore and profit after tax of Rs. 0.08 crore in FY2013.
March2015
Analyst Contacts:
vivek@icraindia.com

For complete rating definition please refer to the ICRA website www.icra.in or any of the ICRA Rating Publications
PRESS RELEASE
Page 59
I C R A Limited
March 12, 2015
[ICRA]BB-/[ICRA]A4 rating reaffirmed for bank facilities of

Hari Hara Traders
ICRA has reaffirmed the [ICRA]BB- (pronounced ICRA double B minus) rating assigned to the Rs.8.00 Cr
fund based limits of Hari Hara Traders (HHT). ICRA has also reaffirmed the [ICRA]A4 (pronounced ICRA A
four) rating assigned to non-fund based limits of Rs. 4.00 Cr. The outlook on the long term rating is Stable.
The rating reaffirmation takes into account the small scale of operations in a highly fragmented and
competitive industry as well the trading nature of the business coupled with limited value addition which exerts
pressure on the margins leading to thin profitability margins. ICRA notes that the firm is exposed to high
customer concentration with top 10 customers contributing to 73% of the total sales in FY14 as well as high
geographic concentration risk with more than 90% of the sales in Andhra Pradesh followed by Tamil Nadu
and Karnataka. The rating is further constrained by the weak financial profile of the firm characterized by low
profitability and moderate gearing resulting into stretched coverage indicators as reflected in NCA-to-Total
Debt of 8.92% and OPBITDA-to-Interest & Finance Charges of 1.54x as on 31st March, 2014. The rating
however, favourably factors in the experience of promoters in the mild steel trading business resulting in
established relationships with suppliers as evidenced by the MoUs with reputed manufacturers such as Steel
Exchange India Limited, Narayana Steels, etc. The rating also favourably factors the healthy increase in
operating income of the firm by 3.21x from Rs. 74.13 Cr in FY13 to Rs. 238.23 Cr in FY14.
Firm Profile
Hari Hara Traders (HHT), setup in July 2012 is engaged in trading of steel and allied products such as Mild
Steel (MS) Ingots, Billets, MS Bars, MS Angles, MS Flats, Scrap, Sponge Iron etc. The sizes range from 8mm
to 25 mm. The firm was promoted by Mr. Ravi Kiran (Managing Partner) and Mr. D.Venu (Partner). Although,
the operations of the firm commenced in October 2012, the promoters have been engaged in similar business
for a decade.
According to audited FY14 financials, the firm registered an operating income of Rs. 238.23 Cr and net profit
of Rs. 0.45 Cr as compared to operating income of Rs. 74.13 Cr and net profit of Rs. 0.45 Cr. during FY13.
February 2015
Analyst Contacts:
PRESS RELEASE
Page 60
I C R A Limited
Registered Office
ICRA Limited
1105, Kailash Building, 11th Floor, 26, Kasturba Gandhi Marg, New Delhi 110001
Tel: +91-11-23357940-50, Fax: +91-11-23357014
Corporate Office
Mr. Vivek Mathur
Mobile: 9871221122
Email: vivek@icraindia.com
Building No. 8, 2nd Floor, Tower A, DLF Cyber City, Phase II, Gurgaon 122002
Ph: +91-124-4545310 (D), 4545300 / 4545800 (B) Fax; +91- 124-4050424
Mumbai
Mr. L. Shivakumar
Mobile: 9821086490
Email: shivakumar@icraindia.com
Kolkata
Mr. Jayanta Roy
Mobile: +91 9903394664
Email: jayanta@icraindia.com
1802, 18th Floor, Tower 3,

Indiabulls Finance Centre,
Senapati Bapat Marg,
Elphinstone, Mumbai 400013,
Board : +91-22-61796300; Fax: +91-22-24331390
Chennai
Mr. Jayanta Chatterjee
Mobile: 9845022459
Email: jayantac@icraindia.com
A-10 & 11, 3rd Floor, FMC Fortuna

234/3A, A.J.C. Bose Road
Kolkata700020
Tel +91-33-22876617/8839 22800008/22831411,
Fax +91-33-22870728
5th Floor, Karumuttu Centre

634 Anna Salai, Nandanam
Chennai600035
Tel: +91-44-45964300; Fax: +91-44 24343663
Ahmedabad
Mr. L. Shivakumar
Mobile: 989986490
907 & 908 Sakar -II, Ellisbridge,
Ahmedabad- 380006
Tel: +91-79-26585049, 26585494, 26584924; Fax: +9179-25569231
Hyderabad
Mobile: 9845022459
Bangalore
Bangalore
Mobile: 9845022459
'The Millenia'
Tower B, Unit No. 1004,10th Floor, Level 2 12-14, 1 & 2,
Murphy Road, Bangalore 560 008
Tel: +91-80-43326400; Fax: +91-80-43326409
Pune
Mr. L. Shivakumar
Mobile: 989986490
5A, 5th Floor, Symphony, S.No. 99, CTS 3909, Range Hills
Road, Shivajinagar,Pune-411 020
Tel: + 91-20-25561194-25560196; Fax: +91-20-25561231
4th Floor, Shobhan, 6-3-927/A&B. Somajiguda, Raj

Bhavan Road, Hyderabad500083
Tel:- +91-40-40676500
PRESS RELEASE
Page 61

ICRA Rating Press Releases For March 12, 2015

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ICRA Rating Press Releases For March 12, 2015

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I C R A Limited

ICRA RATING PRESS RELEASE

Shree Hari Industries

Jaldhara Ginning Factory

Forever Green Solar

Sri Duraiappa Stores

Sri Duraiappa Agency

Kapoor Oil Industries

Graphic Era Educational Society

Pioneer Globex Pvt. Ltd.

Ganga Papers India Ltd.

Ganga Bag Udyog Pvt. Ltd.

Quality Woven Sacks Pvt. Ltd.

Ras Polytex Pvt. Ltd.

Payal Petropack Private Limited

Subhasri Pigments Private Limited

Servotech India Limited

Goel Exim India Private Limited

Subhasri Pigments Private Limited

Jewel Classic Hotels Private Limited

Srinivasa Agro Products

Anugraha Valve Castings Limited

Hari Hara Traders

Sakthi Spintex Private Limited

Ganga Papers India Ltd.

R. Jaykumar & Co.

Under rating watch

Under rating watch with negative implications

Under rating watch with developing implications

Under rating watch with positive implications

Compulsorily Fully Convertible Bonds/Debentures

Supported by Stand by/Letter of Support

Ratings revised for bank facilities of Sakthi Spintex Private

Rating of [ICRA]B reaffirmed for bank facilities of Kapoor Oil

100 lakh = 1 crore = 10 million

Rating of [ICRA]BBB- (Stable) reaffirmed for bank facilities

100 lakh = 1 crore = 10 million

Rating of [ICRA]A4 reaffirmed to the bank facilities of

100 lakh = 1 crore = 10 million

Rating for bank loans of Texport Industries Private Limited

Long term rating upgraded for the bank facilities of Incap

ICRA suspends ratings for bank facilities of Sunborne

Long term rating revised for the bank facilities of C. S.

100 lakh = 1 crore = 10 million

Rating of [ICRA]AAA (stable) assigned to Rs 10306.8305

Amount in Rs. Crore^

100 lakh = 1 crore = 10 million

Ratings of [ICRA]B+ and [ICRA]A4 reaffirmed for bank

100 lakh = 1 crore = 10 million

Ratings of [ICRA]BB- and [ICRA]A4 assigned to the bank

Rating of long term bank facility of Shree Hari Industries

Long term rating revised for bank facilities of Ganga Papers

100 lakh = 1 crore = 10 million

Ratings of [ICRA]BB-/[ICRA]A4 reaffirmed on the bank

100 lakh = 1 crore = 10 million

Ratings of [ICRA]BB/[ICRA]A4 reaffirmed on the bank

100 lakh = 1 crore = 10 million

Ratings of [ICRA]BB/[ICRA]A4 reaffirmed on the bank

100 lakh = 1 crore = 10 million

Rating of [ICRA]B- and [ICRA]A4 reaffirmed for bank

100 lakh = 1 crore = 10 million

Rating revised for bank loans of R. Jaykumar & Co. to

1 crore = 100 lakh = 10 million