CARE ratings for Indian debt instruments-Nov 14

Wed Nov 14, 2012 11:55am IST

Nov 14 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of November 12, 2012.


COMPANY                             INSTRUMENT           RATING        AMOUNT      MOVEMENT
                                                                       (RS.MLN)
-------                             ----------           ------        -------     ---------
SHORT TERM RATINGS:
-------------------
Ang Industries Ltd.                 ST Bk Fac           CARE D          572.6      Revised from
                                                                                   CARE A4
Alfa Ica (India) Ltd                ST Bk Fac           CARE A3         23         Reaffirmed
Cherma'S Exquisite Ltd              ST Bk Fac           CARE A4         65         Reaffirmed
Forace Polymers Pvt. Ltd            ST Bk Fac           CARE A4         75         Reaffirmed
Kirti Stampings Pvt Ltd.            ST Bk Fac           CARE A4         60         Reaffirmed

Kuvarba Cotton Industries           ST Bk Fac           CARE A4         50         Assigned
M/S. Nalli Chinnasami Chetty        ST Bk Fac           CARE A2         60         Assigned
Manaj Infraconstruction Ltd.        ST Bk Fac           CARE A2+ (SO)   350        Reaffirmed
                                    (Non-fund Based)@
@ Backed by joint and several, unconditional and irrevocable corporate guarantee issued by Man
Infraconstruction Ltd (MIL, rated CARE A-/A2+).
Marvel Dyers & Processors Pvt Ltd.  ST Bk Fac           CARE A4         3          Reaffirmed
Nalwa Steel And Power Ltd           ST Bk Fac           CARE A1         55.7       Reaffirmed
Narola Gems                         ST Bk Fac           CARE A4+        8          Assigned
Rolex Processors Pvt Ltd.           ST Bk Fac           CARE A4         10.5       Assigned
Sanathan Textiles Pvt Ltd           ST Bk Fac           CARE A3         200        Revised from
                                                                                   CARE A2
Shriram Epc Ltd                     ST Bk Fac           CARE A3         20470      Assigned
Simplex Infrastructures Ltd.        STD/ CP@            CARE A1+        9500       Reaffirmed
@ carved out of working capital limits
Simplex Infrastructures Ltd.        STD/ CP             CARE A1+        3500       Reaffirmed
Sks Microfinance Ltd                Series A1 PTCs      CARE A1+ (SO)              Assigned
South Asia Lpg Company Pvt Ltd      ST Bk Fac           CARE A1+        40         Reaffirmed
Umiya Cot Fibres                    ST Bk Fac           CARE A4         50         Assigned

LONG TERM RATINGS:
-------------------
Advinia Healthcare (India) Pvt. Ltd.LT Bk Fac           CARE BBB-       1470       Reaffirmed
Alfa Ica (India) Ltd                Bk Fac              CARE BBB-       100        Reaffirmed
Ang Industries Ltd.                 LT Bk Fac           CARE D          706.9      Revised from
                                                                                   CARE B
Asset Motors Pvt. Ltd.              Bk Fac              CARE --                    Suspended
Bharatkumar Indrasen Trading Pvt.   Bk Fac              CARE --                    Suspended
Ltd.
Cherma'S Exquisite Ltd              LT Bk Fac           CARE BB         260.7      Revised from
                                                                                   CARE BB-
Reduced from Rs 32.43 Cr
Claridge Energy Llp                 LT Bk Fac#          CARE BBB- (SO)  80         Assigned
# backed by the unconditional & irrevocable corporate guarantee extended by Oricon Enterprises
Ltd.
Forace Polymers Pvt. Ltd            LT Bk Fac           CARE BB-        102.8      Revised from
                                                                                   CARE B+
Reduced from Rs 11.06 Cr
Forace Polymers Pvt. Ltd            Bk Fac              CARE BB- /A4    625        Revised from
                                                                                   CARE B+ /A4
Enhanced from Rs 50.50 Cr
Hdfc Asset Management Co. Ltd       HDFC Liquid Fund    CARE AAAmfs                Assigned
Hdfc Asset Management Co. Ltd       HDFC Cash           CARE AAAmfs                Assigned
                                    Management Fund-
                                    Savings Plan
Hdfc Asset Management Co. Ltd       HDFC Cash           CARE AAAmfs                Assigned
                                    Management Fund -
                                    Treasury Advantage Plan
Hdfc Asset Management Co. Ltd       HDFC Floating Rate  CARE AAAmfs                Assigned
                                    Income Fund - ST
                                    Plan
Ifci Ltd                            LT Bonds            CARE A+         12000      Assigned
Kirti Stampings Pvt Ltd.            LT Bk Fac           CARE BB         60         Reaffirmed
Kuvarba Cotton Industries           LT Bk Fac           CARE BB         130        Assigned
M/S. Nalli Chinnasami Chetty        LT Bk Fac           CARE BBB+       117.1      Assigned
M/S. Nalli Nkr Trust                LT Bk Fac           CARE BBB+       107.6      Assigned
M/S. Nalli Trust                    LT Bk Fac           CARE BBB+       625.2      Assigned
Man Infraconstruction Ltd           LT Bk Fac (Fund     CARE A-         1000       Reaffirmed
                                    Based)
Man Infraconstruction Ltd           Bk Fac (Non-fund    CARE A- /A2+    2500*      Reaffirmed
                                    Based)
*includes Short-term Non-fund Based Facilities of Rs.23 crore as sub-limit.
Maruti Fertochem Ltd                Bk Fac              CARE BB+ /A4    310        Revised from
                                                                                   CARE
                                                                                   BB+/CARE A4+
Reduced from Rs 67 Cr
Marvel Dyers & Processors Pvt Ltd.  LT Bk Fac           CARE B+         181.7      Reaffirmed
Enhanced from Rs 17.41 Cr
Nalwa Steel And Power Ltd           LT Bk Fac           CARE A+         187.5      Reaffirmed
Narola Gems                         Bk Fac              CARE BB+ /A4+   110        Reaffirmed
Nirmal Lifestyle Ltd                Proposed NCD        CARE BB         1050       Assigned
Prem Jain Ispat Udyog Pvt. Ltd.     LT Bk Facility      CARE BB-        211.8      Assigned
Rolex Processors Pvt Ltd.           LT Bk Fac           CARE C          154.6      Assigned
Sanathan Textiles Pvt Ltd           LT Bk Fac           CARE BBB-       2041.3     Revised from
                                                                                   CARE BBB+
Shrinath Shikshan Prasarak Mandal   LT Bk Fac (FB)      CARE D          146        Revised from
                                                                                   CARE BB-
Shriram Epc Ltd                     LT Bk Fac           CARE BBB-       7936.1     Assigned
Shriram Epc Ltd                     Bk Fac              CARE BBB- /A3   750        Assigned
Simplex Infrastructures Ltd.        LT Bk Fac           CARE AA         18000      Reaffirmed
Simplex Infrastructures Ltd.        NCD                 CARE AA         750        Reaffirmed
Simplex Infrastructures Ltd.        Proposed LT         CARE AA         1250       Reaffirmed
                                    borrowing
                                    (including NCDs)
Simplex Infrastructures Ltd.        Bk Fac              CARE AA /A1+    85000      Reaffirmed
South Asia Lpg Company Pvt Ltd      LT Bk Fac           CARE AA+        1236.8     Reaffirmed
Srei Infrastructure Finance Ltd     Mezzanine Capital   CARE --         131.7      Withdrawn
Suraj Tubes India Pvt Ltd           LT Bk Fac           CARE B+         115.5      Assigned
Umiya Cot Fibres                    LT Bk Fac           CARE BB         130        Assigned
Umiya Flexifoam Pvt Ltd             LT Bk Fac           CARE BB         9.6        Reaffirmed
Umiya Flexifoam Pvt Ltd             Bk Fac              CARE BB /A4+    125        Reaffirmed
Videocon Industries Ltd             Bk Fac              CARE --                    Suspended
--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

CARE may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222/3317 7222, E-mail at rru.data@thomsonreuters.com)
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