CARE ratings for Indian debt instruments-Jan 9

Wed Jan 9, 2013 11:45am IST

Jan 9 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of January 8, 2013.

COMPANY                             INSTRUMENT           RATING        AMOUNT      MOVEMENT
                                                                       (RS.MLN)
-------                             ----------           ------        -------     ---------
SHORT TERM RATINGS:
-------------------
3F Industries Ltd                   ST Bk Fac           CARE A2         4350       Revised from
                                                                                   CARE A2+
(enhanced from Rs 211.60 Cr)
Aircel Ltd                          ST Bk Fac           CARE A2+(SO)    2400       Revised from
                                                                                   CARE A2+
(reduced from Rs.2,550 crore)
Anil Ltd                            ST Bk Fac           CARE A2         632.5      Revised from
                                                                                   CARE A2+
Asm Traxim Pvt Ltd                  ST Bk Fac           CARE A4         50         Reaffirmed
B.S.E.S (India) Pvt Ltd.            ST Bk Fac           CARE A4+        8.3        Assigned
Electronic Relays (India) Pvt Ltd   ST Bk Fac           CARE A4         25.3       Assigned
Fibretec                            LT/ST Bk Fac        CARE D          10         Revised from
                                                                                   CARE A4
Garware Polyester Ltd               ST Bk Fac           CARE A3+        3256.9     Revised from
                                                                                   CARE A2+
(enhanced from Rs 300.10 Cr)
Gulshan Polyols Ltd                 ST Bk Fac           CARE A1         25.1       Reaffirmed
Innoventive Industries Ltd          CP (Standalone)     CARE A2         500        Assigned
Mbd Printographics Pvt Ltd          ST Bk Fac           CARE A4         52.5       Revised from
                                                                                   CARE A3
Nsil Exports Ltd                    ST Bk Fac           CARE A4+        733.5      Reaffirmed
Shiva Corporation (India) Ltd.      ST Bk Fac           CARE A3         130        Reaffirmed
Srei Equipment Finance Pvt. Ltd     ST Debt (including  CARE A1+        7500       Reaffirmed
                                    CP)*
* by earmarking fund based working capital limit
Srei Equipment Finance Pvt. Ltd     ST Debt (including  CARE A1+        2500       Reaffirmed
                                    CP)
Srei Equipment Finance Pvt. Ltd     ST Bk Fac           CARE A1+        12500      Reaffirmed
Topworth Steel & Power Pvt. Ltd     ST Bk Fac           CARE A4+        4964       Reaffirmed
Trident Ltd                         ST Bk Fac           CARE A2         7000       Reaffirmed
Turakhia Polymers Pvt. Ltd          Bk Fac              CARE A4                    Suspended

LONG TERM RATINGS:
-------------------
3F Industries Ltd                   LT Bk Fac           CARE BBB+       2910.2     Revised from
                                                                                   CARE A-
(enhanced from Rs 219.73 Cr)
3F Oil Palm Agrotech Pvt Ltd        LT Bk Fac @         CARE BBB+(SO)   143        Revised from
                                                                                   CARE A-(SO)
(reduced from Rs 15.86 Cr)@ backed by unconditional irrevocable guarantee provided by 3F
Industries Limited
Abg Cement Ltd                      LT Bk Fac           CARE B          14940      Revised from
                                                                                   CARE BB-
Abg Energy (Gujarat) Ltd            LT Bk Fac           CARE B          3193.8     Revised from
                                                                                   CARE BB-
Aircel Cellular Ltd                 LT Bk Fac @         CARE BBB+ (SO)  185000     Revised from
                                                                                   CARE BBB+
(reduced from Rs.21,800 crore) (@ backed by the commitment from the promoter (Maxis) to infuse
funds as per the Sponsor Support Agreement
Aircel Ltd                          LT Bk Fac           CARE BBB+ (SO)  192600     Revised from
                                                                                   CARE BBB+
(reduced from Rs.22,060 crore)
Anil Ltd                            LT Bk Fac           CARE A-         4052.6     Reaffirmed
Anil Ltd                            LT secured NCD      CARE A-         250        Reaffirmed
                                    Issue
Anil Ltd                            Proposed LT         CARE A-         750        Assigned
                                    secured NCD Issue
Asm Traxim Pvt Ltd                  LT Bk Fac           CARE BB         450        Reaffirmed
B.S.E.S (India) Pvt Ltd.            LT Bk Fac           CARE BB+        68.1       Assigned
Balar Fabrics Pvt Ltd               LT Bk Fac           CARE BB         200        Reaffirmed
Dasari Builders Pvt Ltd             LT Bk Fac           CARE BBB-       150        Reaffirmed
Dishnet Wireless Ltd                LT Bk Fac @         CARE BBB+ (SO)  191000     Revised from
                                                                                   CARE BBB+
(reduced from Rs.21,900 crore)
Edu Smart Services Pvt. Ltd.        LT Bk Fac           CARE A- (SO)    1887.6     Revised from
                                                                                   CARE A+ (SO)
(reduced from Rs 232 Cr)
Educomp Solutions Ltd               Receivables         CARE A- (SO)    4040.8     Revised from
                                    Assignment Facility                            CARE A+ (SO)
(reduced from Rs 410 Cr)
Electronic Relays (India) Pvt Ltd   LT Bk Fac           CARE B          20         Assigned
Fibretec                            ST Bk Fac           CARE D          52.8       Revised from
                                                                                   CARE C
Fibretec                            LT/ST Bk Fac        CARE D          10         Revised from
                                                                                   CARE A4
Garware Polyester Ltd               LT Bk Fac           CARE BBB+       1645.1     Revised from
                                                                                   CARE A-
(enhanced from Rs 70.25 Cr)
Garware Polyester Ltd               LT/ST Bk Fac        CARE            466.6      Revised from
                                                        BBB+/CARE A3+              CARE A-/CARE
                                                                                   A2+
(enhanced from Rs 14.66 Cr)
Gulshan Polyols Ltd                 LT Bk Fac           CARE A          477        Reaffirmed
(reduced from Rs. 80.31 Cr)
Himalyan Expressway Ltd             LT Bk Fac           CARE BBB        3000       Reaffirmed
India Land Infrastructure           LT Bk Fac           CARE BBB+       389.5      Reaffirmed
Development Pvt Ltd
(reduced from Rs 49.50 crore)
Indiabulls Infraestate Ltd          LT Bk Fac           CARE A+(SO)     6000       Assigned
Indiabulls Properties Pvt Ltd       LT Bk Fac           CARE A-         10745.9    Reaffirmed
(Enhanced from Rs. 852.75 Cr)
Indiabulls Properties Pvt Ltd       LT Bk Fac           CARE A+(SO)     4275       Reaffirmed
(reduced from Rs 439.47 Cr)
Indiabulls Real Estate Company Pvt  LT Bk Fac           CARE BBB+       10350      Reaffirmed
Ltd
(Enhanced from Rs. 650 Cr)
Knr Muzaffarpur Barauni Tollways    LT Bk Fac           CARE BBB-       2500       Assigned
Pvt. Ltd
Mbd Printographics Pvt Ltd          LT Bk Fac           CARE BB         275.8      Revised from
                                                                                   CARE BBB
Nsil Exports Ltd                    LT Bk Fac           CARE BB+        300        Reaffirmed
Nsl Properties Pvt. Ltd.            LT Bk Fac           CARE BBB-       949.7      Reaffirmed
O.P. Jindal Global University       LT Bk Fac           CARE AA+(SO)    2200       Reaffirmed
Platina Steels Pvt Ltd              LT Bk Fac           CARE B-         160        Assigned
Rccl Infrastructure Ltd             LT Fac              CARE BBB-       171.5      Reaffirmed
Samrudhi Sugars Ltd                 LT Bk Fac (Secured  CARE BB-        463.1      Revised from
                                    TL)                                            CARE BB
(reduced from Rs 54.93 Cr)
Samrudhi Sugars Ltd                 LT Bk Fac (Fund     CARE BB-        132        Revised from
                                    Based Working                                  CARE BB
                                    Capital Limits)
Shiva Corporation (India) Ltd.      LT Bk Fac           CARE BBB-       70         Reaffirmed
Spc Infrastructure Pvt Ltd          LT / ST Bk Fac      CARE            200        Reaffirmed
                                                        BBB-/CARE A3
Srei Equipment Finance Pvt. Ltd     Perpetual Debt      CARE A+         375        Reaffirmed
                                    Instrument (Series
                                    I)
Srei Equipment Finance Pvt. Ltd     Secured Bonds       CARE AA         2832.2     Reaffirmed
                                    (Series VII -
                                    Tranche I)
Srei Equipment Finance Pvt. Ltd     Secured Bonds       CARE AA         2985       Reaffirmed
                                    (Series VII -
                                    Tranche II)
Srei Equipment Finance Pvt. Ltd     Secured Bonds       CARE AA         4182.8     Revalidated
                                    (Series VII -
                                    Tranche III)
Srei Equipment Finance Pvt. Ltd     Secured Bonds       CARE AA         6705       Reaffirmed
                                    (Series X)
Srei Equipment Finance Pvt. Ltd     LT Bk Fac           CARE AA         119478.9   Reaffirmed
Srei Equipment Finance Pvt. Ltd     Tier II Unsecured   CARE AA-        1000       Reaffirmed
                                    NCD (Series II)
Srei Equipment Finance Pvt. Ltd     Tier II Unsecured   CARE AA-        1000       Reaffirmed
                                    NCD (Series III)
Srei Equipment Finance Pvt. Ltd     Tier II Unsecured   CARE AA-        1000       Reaffirmed
                                    NCD(Series IV -
                                    Tranche I)
Srei Equipment Finance Pvt. Ltd     Tier II Unsecured   CARE AA-        750        Reaffirmed
                                    NCD(Series IV -
                                    Tranche II)
Srei Equipment Finance Pvt. Ltd     Tier II Unsecured   CARE AA-        250        Revalidated
                                    NCD(Series IV -
                                    Tranche III)
Srei Equipment Finance Pvt. Ltd     Tier II Unsecured   CARE AA-        900        Revalidated
                                    NCD (Series V)
Srei Equipment Finance Pvt. Ltd     Tier II Unsecured   CARE AA-        1430       Reaffirmed
                                    NCD (Series VI)
Sri Jyoti Renewable Energy Pvt Ltd  Bk Fac              CARE B+                    Suspended
Topworth Steel & Power Pvt. Ltd     LT Bk Fac           CARE BB+        2866.6     Reaffirmed
Trident Ltd                         LT Bk Fac           CARE BBB        13620.4    Reaffirmed
Trident Ltd                         LT/ST Bk Fac        CARE BBB        5000       Reaffirmed
Trinity Beverages Pvt. Ltd.         LT Bk Fac           CARE D          385.8      Revised from
                                                                                   CARE BB+
Trinity Beverages Pvt. Ltd.         ST Bk Fac           CARE D          67.5       Revised from
                                                                                   CARE A4+
Truetzschler India Pvt. Ltd.        LT Bk Fac           CARE A          160        Assigned
Truetzschler India Pvt. Ltd.        LT / ST Bk Fac      CARE A /CARE    100        Assigned
                                                        A1
Vardhman Adarsh Ispat Pvt Ltd       LT Bk Fac           CARE BB-        71.8       Assigned
Vasishta Constructions P. Ltd.      LT Bk Fac           CARE B+         560        Reaffirmed
(enhanced from Rs.10 Cr)
Vasishta Constructions P. Ltd.      LT / ST Bk Fac      CARE B+/CARE    1625       Reaffirmed
                                                        A4
(enhanced from Rs.77.50 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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