CARE ratings for Indian debt instruments-Jan 9

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)