CARE ratings for Indian debt instruments-Jan 15

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)