CARE ratings for Indian debt instruments-Nov 22

Thu Nov 22, 2012 10:47am IST

Nov 22 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of November 21, 2012.

COMPANY                             INSTRUMENT           RATING        AMOUNT      MOVEMENT
                                                                       (RS.MLN)
-------                             ----------           ------        -------     ---------
SHORT TERM RATINGS:
-------------------
Aegis Logistics Ltd                 ST Bk Fac           CARE A1+        2150       Reaffirmed
Bharat Hotels Ltd                   CP/ST NCD           CARE A1+        -          Assigned
Emami Paper Mills Ltd               ST Bk Fac           CARE A1         700        Revised from
                                                                                   CARE A1+
Essar Oil Ltd.                      ST Bk Fac           CARE A2(SO)%    17000      
(Invoice Discounting Facilities)
Hindustan Aegis Lpg Ltd             ST Bk Fac           CARE A1+(SO)    1500       Reaffirmed
Guaranteed by irrevocable, unconditional corporate guarantee from Aegis Logistics Limited (ALL),
rated CARE AA and A1+
Hindustan Aegis Lpg Ltd             ST Bk Fac           CARE A1+(SO)    250        Reaffirmed
Guaranteed by irrevocable, unconditional corporate guarantee from Aegis Logistics Limited (ALL),
rated CARE AA and A1+
Hindustan Aegis Lpg Ltd             ST Bk Fac           CARE A3         750        Reaffirmed
Hira Ferro Alloys Ltd               ST Bk Fac           CARE A3         450        Revised from
                                                                                   CARE A3+
Maharashtra Solvent Extraction Pvt  ST Bk Fac           CARE A3         2.5        Assigned
Ltd
Patel Jiva Sales Pvt Ltd            ST Bk Fac           CARE A4         170        Assigned
Rohan & Rajdeep Infrastructure      ST Bk Fac           CARE A4         10         Reaffirmed
Sanjay Soya Pvt Ltd                 ST Bk Fac           CARE A3         14         Assigned
Super Spinning Mills Ltd            ST Bk Fac           CARE A4         600        Assigned
The Malayala Manorama Co Ltd        ST Bk Fac           CARE A1+        1100       Reaffirmed
Vasoo Builders Pvt Ltd              ST Bk Fac           CARE A4         25         Reaffirmed
(reduced from 7.0 CR)

LONG TERM RATINGS:
-------------------
Aegis Logistics Ltd                 LT Bk Fac           CARE AA-        267.7      Revised from
                                                                                   CARE AA
Aegis Logistics Ltd                 NCD                 CARE AA-        750*       Revised from
                                                                                   CARE AA
* Rs.25.00 crore proposed
Andhra Expressway Ltd               LT Bk Fac           CARE AA         1265.2     Reaffirmed
Emami Paper Mills Ltd               ST debt programme   -               -          withdrawn
Emami Paper Mills Ltd               LT Bk Fac           CARE A          2000       Reaffirmed
Hira Ferro Alloys Ltd               LT Bk Fac           CARE BBB-       693.6      Revised from
                                                                                   CARE BBB
Logistics Pvt Ltd.                  LT Bk Fac           CARE BBB+       85.1       Reaffirmed
Logistics Pvt Ltd.                  LT/ST Bk Fac        CARE BBB+       245        Reaffirmed
                                                        /CARE A3+
Maha Hotel Projects P. Ltd          LT Bk Fac           CARE BB         300        Assigned
Maharashtra Solvent Extraction Pvt  LT Bk Fac           CARE BBB-       420        Assigned
Ltd
Patel Jiva Sales Pvt Ltd            LT Bk Fac           CARE B+         68.5       Assigned
Patna Highway Projects Ltd          LT Bk Fac           CARE BBB-       8460       Revised from
                                                                                   CARE BBB
Rohan & Rajdeep Infrastructure      LT Bk Fac           CARE BB         174.9      Reaffirmed
(reduced from Rs.22.33 CR)
Sanjay Soya Pvt Ltd                 LT Bk Fac           CARE BBB-       272.5      Assigned
Sea Lord Containers Ltd             LT Bk Fac           CARE AA-(SO)    511.9*     Revised from
                                                                                   CARE AA(SO)
*The bank facilities are guaranteed by unconditional and irrevocable corporate guarantee by
Aegis Logistics Ltd. (ALL), rated CARE AA- and A1+ .
Sea Lord Containers Ltd             ST Bk Fac           CARE AA-(SO)    35*        Revised from
                                                                                   CARE AA(SO)
*The bank facilities are guaranteed by unconditional and irrevocable corporate guarantee by
Aegis Logistics Ltd. (ALL), rated CARE AA- and A1+ .
Super Spinning Mills Ltd            LT Bk Fac           CARE BB         369.5      Assigned
Super Spinning Mills Ltd            LT/ST Bk Fac        CARE BB /CARE   1103.6     Assigned
                                                        A4
Syndicate Bank                      Lower Tier II Bonds CARE AA+        10000      Reaffirmed
The Malayala Manorama Co Ltd        LT Bk Fac           CARE AA         696.8      Reaffirmed
(Reduced from 85.34 CR)
Vasoo Builders Pvt Ltd              LT Bk Fac           CARE B+         61         Revised from
                                                                                   CARE BB
(reduced from 9.7 CR)
Victory Spinning Mills Ltd          LT Bk Fac           CARE B          372.3      Reaffirmed
(enhanced from 16.48 CR)
Yashomati Hospitals Pvt Ltd         LT Bk Fac TL        CARE D          322.5      Revised from
                                                                                   CARE BBB-
(reduced from 34.02 CR)
--------------------------------------------------------------------------------------------
$: 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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