CARE ratings for Indian debt instruments-Apr 5

Fri Apr 5, 2013 11:15am IST

Apr 5 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of April 4, 2013.

COMPANY                             INSTRUMENT           RATING        AMOUNT      MOVEMENT
                                                                      (RS.MLN)
-------                             ----------           ------        -------     ---------
SHORT TERM RATINGS:
-------------------
Anand Mould Steels Pvt Ltd          ST Bk Fac           CARE A4         120        Assigned
Anand Mould Steels Pvt Ltd          Proposed ST Bk Fac  CARE A4         30         Assigned
Aquatech Solutions Pvt Ltd          ST Bk Fac           CARE A4         25         Assigned
Bhushan Steel Ltd                   PTC (PTC)*          CARE A1 (SO)    1000       Assigned

*PTCs to be issued by the BSL CRPS Mar 2011 Trust backed by Cumulative Redeemable Preference
Shares (CRPS) issued by Bhushan Steel Ltd.
Biomax Fuels Ltd                    ST Bk Fac           CARE D          700        Reaffirmed
Bhushan Steel Ltd                   PTC                 CARE A1 (SO)    1000       Withdrawn
Biotech Vision Care Pvt Ltd         ST Bk Fac           CARE A2         20         Reaffirmed
Creative Chain Stores Pvt Ltd       ST Bk Fac           CARE A4+        378.5      Reaffirmed
Ideas Engineers                     ST Bk Fac           CARE A4         32.5       Assigned
Indison Agro Foods Ltd              ST Bk Fac           CARE A3         350        Reaffirmed
JMT Auto Ltd.                       ST Bk Fac           CARE A3+        540        Revised from
                                                                                   CARE A3
JSW Cement Ltd                      ST Bk Fac           CARE A3+        3950       Reaffirmed
                                    (Non-fund based)
Karnataka Hybrid Micro Devices Ltd  ST Bk Fac           CARE A4         10         Assigned
Latiyal Handicrafts Pvt Ltd         ST Bk Fac           CARE A4         104.5      Reaffirmed
Madhav Marbles And Granites Ltd     ST Bk Fac           CARE A3+        65         Revised from
                                                                                   CARE A3
Pet Metal Pvt Ltd                   ST Bk Fac           CARE A4         20         Reaffirmed
Rajlaxmi Agrotech India Pvt. Ltd    ST Bk Fac           CARE A4         90         Assigned
Reacon Engineers (India) Pvt Ltd    ST Bk Fac           CARE A3         2520       Reaffirmed
Schutz Dishman Biotech Ltd          ST Bk Fac           CARE A3+        73.5       Reaffirmed
Seyadu Beedi Company                ST Bk Fac           CARE A3         20         Reaffirmed
The Indian Hotels Co. Ltd           ST Bk Fac           CARE A1+        1700       Reaffirmed
Vishal Infraglobal Pvt Ltd          ST Bk Fac           CARE A4         240        Reaffirmed

LONG TERM RATINGS:
-------------------
Aadhar Housing Finance Pvt. Ltd.    LT Bk Fac           CARE AA (SO)    2500       Assigned
(enhanced from Rs.100 crore
AMR Power Pvt Ltd                   LT Bk Fac           CARE BBB- (SO)  840.7      Assigned
Anand Mould Steels Pvt Ltd          LT Bk Fac           CARE B+         45         Assigned
Anush Finlease & Construction Pvt   LT Bk Fac           CARE C          823.9      Reaffirmed
Ltd
Aquatech Solutions Pvt Ltd          LT Bk Fac           CARE C          100        Assigned
Asian Construction Company          LT Bk Fac           CARE BB+        62.5       Reaffirmed
Asian Construction Company          Long-tem/ST Bk Fac  CARE BB+/CARE   40         Reaffirmed
                                                        A4+
Bhushan Aviation Ltd                LT Bk Fac           CARE BBB-       227.4      Reaffirmed
(reduced from 30.33)
Biomax Fuels Ltd                    LT Bk Fac           CARE D          282.5      Reaffirmed
Biotech Vision Care Pvt Ltd         LT Bk Fac           CARE BBB+       19.7       Reaffirmed
(reduced from 5.95)
Biotech Vision Care Pvt Ltd         LT/ST Bk Fac        CARE            102        Reaffirmed
                                                        BBB+/CARE A2
(enhanced from 7.45)
BRG Infrastructure Ltd              LT Bk Facility      CARE BB+        58.6       Revised from
                                                                                   CARE BB
Chakrapani Vyapar Pvt Ltd           FB working capital  CARE BB-        100        Suspended
                                    limits
ECS Info Tech Pvt Ltd               Bk Fac              -                          Suspended
Gayatri Hotels And Theatres Pvt Ltd LT Bk Fac           CARE D          364.4      Revised from
                                                                                   CARE B+
(reduced from 38.46)
Gold Star Jewellery Pvt. Ltd        Bk Fac              CARE BBB-       500        Suspended
Ideas Engineers                     LT Bk Fac           CARE BB         20         Assigned
Indison Agro Foods Ltd              LT Bk Fac           CARE BBB-       392.8      Reaffirmed
Indison Agro Foods Ltd              LT/ST Bk Fac        CARE            150        Reaffirmed
                                                        BBB-/CARE A3
JMT Auto Ltd.                       LT Bk Fac           CARE BBB        1280.6     Reaffirmed
JSW Cement Ltd                      LT Bk Fac (Fund     CARE BBB        13055.8    Reaffirmed
                                    based)
(reduced from 1,318.10)
Karnataka Hybrid Micro Devices Ltd  LT Bk Fac           CARE BB         92.7       Assigned
Latiyal Handicrafts Pvt Ltd         LT Bk Fac           CARE BB         16.7       Reaffirmed
Madhav Marbles And Granites Ltd     LT Bk Fac           CARE BBB        183.8      Revised from
                                                                                   CARE BBB-
Madhav Marbles And Granites Ltd     LT/ST Bk Fac        CARE BBB/CARE   16.5       Revised from
                                                        A3+                        CARE
                                                                                   BBB-/CARE A3
Mahindra Engineering Services Ltd   Bk Fac              CARE AA-                   Notice of
                                                                                   Withdrawal
Moon Spinners Ltd                   LT Bk Fac           CARE BB+        165.4      Reaffirmed
Naresh Kumar Rajendra Kumar         Bk Fac              CARE B /CARE               Suspended
                                                        A4
Octaga Green Power & Sugar Company  Bk Fac              CARE D          405.8      Suspended
Ltd
P.P Charitable Trust                Bk facility         -               -          Withdrawn
Pet Metal Pvt Ltd                   LT Bk Fac           CARE B          88.8       Revised from
                                                                                   CARE B+
Pet Metal Pvt Ltd                   LT/ST Bk Fac        CARE B/CARE A4  20         Revised from
                                                                                   CARE B+/CARE
                                                                                   A4
Raj Rajendra Textile Exports Ltd    LT and ST Fac       CARE BB+                   Suspended
                                                        /CARE A4+
Rajlaxmi Agrotech India Pvt. Ltd    LT Bk Fac           CARE B-         25         Assigned
Ray Engineering Ltd                 LT Bk Fac (Fund     CARE BBB-       65         Reaffirmed
                                    Based)
(enhanced from 3.50)
Ray Engineering Ltd                 LT Bk Fac(Non Fund  CARE BBB-       0.7        Reaffirmed
                                    Based)
(reduced from 0.35)
Ray Engineering Ltd                 Long/ST Bk Fac      CARE BBB-       485        Reaffirmed
                                    (Non Fund Based)    /CARE A3
(enhanced from 35.00)
Reacon Engineers (India) Pvt Ltd    LT Bk Fac           CARE BBB-       1194       Revised from
                                                                                   CARE BBB
Reacon Engineers (India) Pvt Ltd    LT/ST Bk Fac        CARE BBB-       250        Revised from
                                                        /CARE A3                   CARE BBB /
                                                                                   CARE A3
Rithwik Energy Generation Pvt Ltd   LT Bk Fac           CARE BBB- (SO)  811.2      Assigned
S. B. Reshellers Pvt Ltd            Bk Fac              -                          Suspended
Schutz Dishman Biotech Ltd          LT Bk Fac           CARE BBB        3          Reaffirmed
Seyad Cotton Mills Ltd              LT Bk Fac           CARE BB+        126.7      Reaffirmed
Seyadu Beedi Company                LT Bk Fac           CARE BBB-       518.6      Reaffirmed
Shri Ramdev Cotspin                 LT Fac              CARE B                     Suspended
Snj Distillers Pvt Ltd              LT Bk Fac           CARE BB+        985.5      Revised from
                                                                                   CARE BBB-
(enhanced from 44.40)
Sri Dhanalakshmi Sizing And         Bk Fac              CARE BB /CARE              Suspended
Spinning Mills                                          A4
Star Wire (India) Vidyut Pvt Ltd    LT Bk Fac           CARE BB-        434.4      Reaffirmed
The Indian Hotels Co. Ltd           LT NCD (Series I    CARE AA+        15860      Reaffirmed
                                    to VII)
(Reduced from 1,650)
The Indian Hotels Co. Ltd           LT Bk Fac           CARE AA+        2000       Reaffirmed
Today Hotels Pvt Ltd                Bk Fac              CARE BBB+                  Suspended
                                                        /CARE A2
Vishal Infraglobal Pvt Ltd          LT Bk Fac           CARE BB-        103.4      Reaffirmed
Vishal Infraglobal Pvt Ltd          LT/ST Bk Fac        CARE BB-        10         Reaffirmed
                                                        /CARE A4
--------------------------------------------------------------------------------------------
$: 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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