CARE ratings for Indian debt instruments-Jan 15

Tue Jan 15, 2013 10:28am IST

Jan 15 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of January 14, 2013.


COMPANY                             INSTRUMENT           RATING        AMOUNT      MOVEMENT
                                                                       (RS.MLN)
-------                             ----------           ------        -------     ---------
SHORT TERM RATINGS:
-------------------
Best IT World (India) Pvt. Ltd.     ST Bk Fac           CARE A2         1100       Revised from
                                                                                   CARE A2+
Enhanced from Rs 55 Cr
Devanshi Powers Ltd                 ST Bk Fac           CARE A4         70         Reaffirmed

Enhanced from Rs 40 Cr
Finar Ltd                           ST Bk Fac           CARE A3         40         Reaffirmed
Girija Infra Projects Pvt Ltd       ST Bk Fac           CARE A4         30         Assigned
Ifci Factors Ltd                    CP                  CARE A1+ (SO)*  3000       Enhanced
                                                                                   from Rs 200
                                                                                   Cr
* backed by Letter of Comfort of IFCI Ltd.
Jagson International Ltd            ST Bk Fac           CARE A3         965        Reaffirmed
Jaypee Sports International Ltd     Non-fund Based ST   CARE A3         2000       Reaffirmed
                                    Bk Fac
Jesons Industries Ltd               ST Bk Fac           CARE A4+        1105       Reaffirmed
JPL Industries Ltd                  ST Bk Fac           CARE A4         2          Reaffirmed
Nishant Infin Pvt Ltd               ST Bk Fac           CARE A4         150        Assigned
NTPC Ltd                            ST Bk Fac           CARE A1+        33000      Reaffirmed
ONGC Tripura Power Company Ltd      ST Bk Fac           CARE A1+        4000       Reaffirmed
Enhanced from Rs 100 Cr
Prakashini Holding Pvt. Ltd         ST Bk Fac           CARE A4         20         Reaffirmed
Rituraj Holdings Pvt Ltd            ST Bk Fac           CARE A4+        1.2        Assigned
Shree Jindal Soya Ltd               ST Bk Fac           CARE A4         500        Assigned
Spotless Laundry Services Ltd       ST Bk Fac           CARE D          90         Reaffirmed
Teesta Agro Industries Ltd          ST Bk Fac           CARE A4+        250        Assigned
Vikram Iron And Steel Company Pvt   ST Bk Fac           CARE A4         7.5        Assigned
Ltd
Zenith Metaplast Pvt. Ltd.          ST Bk Fac           CARE A4         170        Assigned

MEDIUM TERM RATINGS:
-------------------
Newlink Overseas Finance Ltd        FD                  CARE BBB (FD)   180        Reaffirmed
LONG TERM RATINGS:
-------------------
Amar Cottex Pvt Ltd                 LT Bk Fac           CARE B          76.5       Reaffirmed
Enhanced from Rs 5 Cr
B.M. Gupta Estates Pvt Ltd          LT Bk Facility      CARE D          199.8      Reaffirmed
Best It World (India) Pvt. Ltd.     LT Bk Fac           CARE BBB        500        Revised from
                                                                                   CARE BBB+
Enhanced from Rs 25 Cr
Devanshi Powers Ltd                 LT Bk Fac           CARE B+         60         Reaffirmed
Reduced from Rs 70 Cr
Dharti Cotton Pvt Ltd               LT Bk Fac           CARE B          80         Reaffirmed
Reduced from Rs 8.83 Cr
Ecomotel Hotel Ltd                  LT Bk Fac           CARE D          180        Reaffirmed
Enercon Wind Farms (Hindustan) Pvt  LT Bk Fac           CARE BBB-*      2121.6     Revised from
Ltd                                                                                CARE BBB*
*The rating remains under credit watch in view of the ongoing dispute between the two promoter
groups of Enercon India Limited (EIL, rated CARE BBB/CARE A3+ with Credit Watch), with regard to
management control of the company. CARE will continue to monitor the developments in this regard
in future and will take a further view on the ratings once the implications of these
developments on the credit quality of the company are clear.
Finar Ltd                           LT Bk Fac           CARE BBB-       149.5      Reaffirmed
Finar Ltd                           Bk Fac              CARE BBB- /A3   1          Reaffirmed
Future Value Retail Ltd             NCD                 CARE A          6000       Credit Watch
Enhanced from Rs.500 crore
Girija Infra Projects Pvt Ltd       LT Bk Fac           CARE BB         270        Assigned
IFCI Factors Ltd                    LT NCD              CARE A-         1000       Assigned
Jagson International Ltd            LT Bk Fac           CARE BBB-       3447.5     Reaffirmed
Jaypee Sports International Ltd     FB LT Bk Fac        CARE BBB        10568      Reaffirmed
Jaypee Sports International Ltd     Non-fund Based LT   CARE BBB        1000       Reaffirmed
                                    Bk Fac
Jesons Industries Ltd               LT Bk Fac           CARE BB+        522.1      Reaffirmed
Jpl Industries Ltd                  LT Bk Fac           CARE BB         279.8      Reaffirmed
Knowledge Vistas Ltd.               LT Bk Fac           CARE D          370        Revised from
                                                                                   CARE BB-(SO)
Lavasa Corporation Ltd              DDCD I (B)          CARE C (SO)*    500        credit watch
Lavasa Corporation Ltd              NCD - IV            CARE C (SO)*    2500       credit watch
Lavasa Corporation Ltd              Bk Fac              CARE D          11930      Reaffirmed
Lavasa Corporation Ltd              DDCD I (A)          CARE D          1100       Revised from
                                                                                   CARE C (SO)
Lavasa Corporation Ltd              DDCD III (B)        CARE D          500        Revised from
                                                                                   CARE C (SO)
Lavasa Corporation Ltd              NCD I               CARE D          1000       Reaffirmed
Lavasa Corporation Ltd              NCD II              CARE D          1050       Revised from
                                                                                   CARE C (SO)
Lavasa Corporation Ltd              NCD II              CARE D          2250       Reaffirmed
Luxmi Rice Mills                    Bk Fac              --                         Suspended
Magma Fincorp Ltd.                  Proposed Unsecured  CARE AA         1600       Assigned
                                    Subordinated Tier
                                    II Debt (Series VIII)
MEP Cotton Ltd                      Bk Fac              --                         Suspended
Mittatex Exports Pvt. Ltd           Bk Fac              --                         Suspended
Nagpur Seoni Expressway Ltd         LT Bk Fac           CARE A-         2150.4#    Assigned
#Rupee equivalent of $38.40 Million of External Commercial Borrowing (ECB) converted at 1$ = Rs.
56
Nanibala Cold Storage Pvt. Ltd      Bk Fac              --                         Suspended
Neogem India Ltd                    Bk Fac              --                         Suspended
Nigam Cold Storage Pvt. Ltd         LT Bk Fac           CARE D          66.1       Revised from
                                                                                   CARE C
Nishant Infin Pvt Ltd               LT Bk Fac           CARE BB         50         Assigned
NTPC Ltd                            Long-TL             CARE AAA        565770     Reaffirmed
NTPC Ltd                            LT Bk Fac           CARE AAA        2000       Reaffirmed
NTPC Ltd                            Various LT Bonds    CARE AAA        87035      Reaffirmed
NTPC Ltd                            LT Bond Programme   CARE AAA        20000      Reaffirmed
                                    for FY13
ONGC Tripura Power Company Ltd      LT Bk Fac           --                         Reaffirmed
                                    (Proposed
                                    Term-loan)
ONGC Tripura Power Company Ltd      LT Bk Fac           CARE A+         2400       Reaffirmed
Reduced from Rs 540 Cr
Pantaloon Retail (India) Ltd        LT NCD              CARE A          2250       Reaffirmed
Pantaloon Retail (India) Ltd        Proposed LT NCD     CARE A          3750       Reaffirmed
Enhanced from Rs.275 crore
Prakashini Holding Pvt. Ltd         LT Bk Fac           CARE B+         80         Reaffirmed
Rituraj Holdings Pvt Ltd            LT Bk Fac           CARE BB+        62.8       Assigned
Rituraj Holdings Pvt Ltd            Bk Fac              CARE BB+ /A4+   63.9       Assigned
Shree Jindal Soya Ltd               LT Bk Fac           CARE BB         30         Assigned
Sovereign Developers And            LT Bk Fac           CARE BB+        1000       Assigned
Infrastructure Ltd
Spotless Laundry Services Ltd       LT Bk Fac           CARE D          100        Reaffirmed
Teesta Agro Industries Ltd          LT Bk Fac           CARE BB+        245        Assigned
Usha Spincoat Pvt Ltd               LT Bk Fac           CARE B          372.6      Assigned
Vaishnavi Estates Pvt Ltd           LT Bk Fac           CARE BB-        120        Assigned
Vikram Iron And Steel Company Pvt   LT Bk Fac           CARE B          87         Assigned
Ltd
Vincent Edukare Pvt Ltd             LT Bk Fac           CARE BB         240        Reaffirmed
Zenith Metaplast Pvt. Ltd.          LT Bk Fac           CARE BB         724.6      Assigned
--------------------------------------------------------------------------------------------
$: 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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