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CARE ratings for Indian debt instruments-Mar 20
March 20, 2012 / 4:57 AM / 6 years ago

CARE ratings for Indian debt instruments-Mar 20

Mar 20 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 19, 2012.	
	
	
COMPANY                             INSTRUMENT           RATING        AMOUNT      MOVEMENT	
                                                                       (RS.MLN)	
-------                             ----------           ------        -------     ---------	
SHORT TERM RATINGS:	
-------------------	
Accord Communications Ltd           ST Bk Fac           CARE A4         60         Revised from	
                                                                                   CARE A4+	
Basti Sugar Mills Co Ltd.           ST Bk Fac           CARE A4         50         Assigned	
Beehive Communications Pvt Ltd      ST Bk Fac (Backed   CARE A1+ (SO)   50         Assigned	
                                    by FD)@	
@ The short term loans of Rs.5 crore (of which Rs.2.47 crore is outstanding as on December 31,
2011) are backed by a Fixed Deposit (FD) of Rs.5.43 crore maintained by the company with Indian
Bank. The FD can be closed only once the loan against FD has been repaid or else the proceeds
from the FD will go towards repayment of the loan, since the FD has been pledged as security for
the loan with the bank. 	
Bla Infrastructure Pvt. Ltd.        ST Bk Fac           CARE A4         140        Reaffirmed	
Comp-U-Learn Tech India Ltd         ST Bk Fac           CARE A4         10         Revised from	
                                                                                   CARE A4+	
Coral Ceramic Pvt Ltd.              ST Bk Fac           CARE A4         12.5       Assigned	
Coral Granito Pvt Ltd.              ST Bk Fac           CARE A4         52.5       Assigned	
Coral Plus Ceramic Pvt Ltd.         ST Bk Fac           CARE A4         10         Assigned	
Dhansar Engineering Company (P) Ltd.ST Bk Fac           CARE A3+        100        Revised from	
                                                                                   CARE A3	
Reduced from Rs.39.0 crore	
Doaba Rolling Mills Pvt Ltd.        ST Bk Fac           CARE D          25         Revised from	
                                                                                   CARE A4	
Haridwar Iron & Ispat Rollings Ltd  ST Bk Fac           CARE D          50         Reaffirmed	
Indostar Capital Finance Pvt Ltd.   CP                  CARE A1+        1000       Enhanced	
                                                                                   from Rs.50	
                                                                                   crore	
Klassic Constructions Pvt. Ltd.     ST Non-Fund based   CARE A4         230        Reaffirmed	
                                    Bk Fac -BG	
Klassic Constructions Pvt. Ltd.     ST Non-Fund based   CARE A4         20         Reaffirmed	
                                    Bk Fac -LOC	
L&T Mutual Fund                     ST Bk Facility*     CARE A1+        2500       Assigned	
*Facility is extended to 16 debt schemes of L&T Mutual Fund	
Lanco Infratech Ltd                 Proposed CP         CARE A3         1000       Revised from	
                                    Programme*                                     CARE A2+	
*carved out of the sanctioned working capital limits	
Orient Abrasives Ltd                ST Bk Fac           CARE A1+        40         Reaffirmed	
Reduced from Rs 8 crore	
Orient Refractories Ltd             ST Bk Fac           CARE A1+        50         Assigned	
Poggen Amp Nagarsheth Powertronics  ST Bk Fac           CARE A3         195        Reaffirmed	
Pvt. Ltd	
Prafful Overseas Pvt Ltd            ST Bk Fac           CARE A4         272.9      Reaffirmed	
Enhanced from Rs 13.35 Cr	
Precision Electronics Ltd           ST Bk Fac           CARE A3+        100        Assigned	
Precision Granites Pvt Ltd          ST Bk Fac           CARE A4         7          Assigned	
Raj-Sneh Auto India Pvt Ltd         ST Bk Fac           CARE A4         52         Assigned	
S. S. Alloys & Steel Industries     ST Bk Fac           CARE A4         10         Assigned	
Sahdevjewellers                     ST Bk Fac           CARE A4         364        Assigned	
Sahdevjewellers                     ST Bk Fac           CARE A4         360        Assigned	
                                    (proposed)	
Sistema Shyam Teleservices Ltd      ST Bk Fac (PBG)*    CARE A1+(SO)    2420       Reaffirmed	
* Performance Bank Guarantee (PBG) - Subject to a 100% cash collateral	
Sistema Shyam Teleservices Ltd      ST Bk Fac (FBG) @   CARE A2(SO)     2500       Reaffirmed	
Reduced from Rs.605.00 cr; @Financial Bank Guarantee (FBG) - Backed by unconditional and
irrevocable corporate guarantees provided by Sistema JSFC and Shyam Basic Infrastructure
Projects Private Ltd in the ratio of 74:26	
Utkarsh Tubes & Pipes Ltd           ST Bk Fac           CARE A3         656        Reaffirmed	
	
	
LONG TERM RATINGS:	
-------------------	
Accord Communications Ltd           LT Bk Fac           CARE BB         90         Revised from	
                                                                                   CARE BB+	
Ahmedabad Municipal Corporation     Bonds Issue         CARE AA         269        Reaffirmed	
                                    Series-2005	
Basti Sugar Mills Co Ltd.           LT Bk Fac           CARE BB+        500        Assigned	
Beehive Communications Pvt Ltd      LT Bk Fac (Fund     CARE BB+        70         Assigned	
                                    Based)	
Bhubaneshwar Expressways Pvt. Ltd.  LT Bk Fac           CARE BBB-       1550       Assigned	
Bla Infrastructure Pvt. Ltd.        LT Bk Fac           CARE BB         89         Reaffirmed	
Reduced from Rs.10.7 Cr	
C.A.V. Cotton Mills Ltd             Bk Fac              C/PR4                      Suspended	
Comp-U-Learn Tech India Ltd         LT Bk Fac           CARE BB         90         Revised from	
                                                                                   CARE BB+	
Coral Ceramic Pvt Ltd.              LT Bk Fac           CARE BB         60         Assigned	
Coral Granito Pvt Ltd.              LT Bk Fac           CARE BB         465.6      Assigned	
Coral Plus Ceramic Pvt Ltd.         LT Bk Fac           CARE BB-        54.7       Assigned	
Corrtech Trenchless Pvt Ltd         Bk Fac*             CARE BB+        696        Assigned	
                                                        (SO)/ A4 (SO)	
*backed by joint and several, unconditional and irrevocable corporate guarantee of Corrtech
International Private Limited (rated CARE BB+/CARE A4) and Trenchless Engineering Services
Private Limited.	
DB Power (Mp) Ltd.                  LT FB Bk Fac        CARE BBB        29560      Assigned	
DB Power (Mp) Ltd.                  LT Non-fund Based   CARE BBB        3400       Assigned	
                                    Bk Fac	
Deepak Fertilisers And              NCD                 CARE AA         2500       Reaffirmed	
Petrochemicals Corporation Ltd	
Dhansar Engineering Company (P) Ltd.LT Bk Fac           CARE BBB        2134       Revised from	
                                                                                   CARE BBB-	
Enhanced from Rs.184.4 crore	
Dhansar Engineering Company (P) Ltd.Bk Fac              CARE BBB/A3+    30         Revised from	
                                                                                   CARE BBB-/A3	
Doaba Rolling Mills Pvt Ltd.        LT Bk Fac           CARE D          70         Revised from	
                                                                                   CARE C	
Durgesh Block & China Glass Works   Bk Fac              --                         Suspended	
Ltd	
Eco Cane Sugar Energy Ltd           Bk Fac              A(SO)                      Suspended	
Garden Palace Hotels & Resorts Pvt. Bk facility (TL)    --                         Suspended	
Ltd	
Gokaldas Intimatewear Pvt Ltd       LT Bk Fac - TL      CARE BBB        9.7        Revised from	
                                                                                   CARE BBB-	
Reduced from Rs.1.95 Cr	
Gokaldas Intimatewear Pvt Ltd       LT FB Bk Fac-CC     CARE BBB        120        Revised from	
                                                                                   CARE BBB-	
Haridwar Iron & Ispat Rollings Ltd  LT Bk Fac           CARE D          600        Reaffirmed	
Hem Bhattad                         LT Bk Fac           CARE D          1465.7     Reaffirmed	
Imc Ltd                             Issuer Rating       CARE A- (Is)               Reaffirmed	
Jamna Auto Industries Ltd           Bk Fac              BBB-/PR3                   Suspended	
Kalthia Engineering And             LT Bk Fac           CARE BBB+       96.4       Reaffirmed	
Construction Ltd	
Kalthia Engineering And             Bk Fac              CARE BBB+ /A2   260        Reaffirmed	
Construction Ltd	
Khivraj Motors Pvt Ltd              LT Bk Fac           CARE BBB        320.6      Reaffirmed	
Enhanced from Rs 26.80 Cr	
Klassic Constructions Pvt. Ltd.     LT Fund based Bk    CARE BB+        125        Reaffirmed	
                                    Fac -CC	
Lanco Infratech Ltd                 Proposed LT NCD     CARE BBB-       1000       Revised from	
                                                                                   CARE BBB+	
M/S Bhavani Gems                    LT Bk Fac (TL)      --                         Withdrawn	
M/S Bhavani Gems                    LT/ST Bk Fac (Fund  CARE BBB/A2     4600       Reaffirmed	
                                    Based)	
Morgan Stanley India Capital Pvt.   Secured Guaranteed  CARE PP-MLD     577        Reaffirmed	
Ltd                                 Redeemable          AAA (SO)	
                                    Non-Convertible Equity Linked Debentures	
N.S.K. Builders Pvt. Ltd.           Bk Fac              --                         Suspended	
Orient Abrasives Ltd                LT Bk Fac           CARE A+         591.1      Reaffirmed	
Reduced from Rs.88.65 crore	
Orient Refractories Ltd             LT Bk Fac           CARE A+         400        Assigned	
P.P. Rubber Products Pvt Ltd        LT Bk Fac           CARE B+         106.8      Assigned	
Poggen Amp Nagarsheth Powertronics  LT Bk Fac           CARE BBB-       357        Reaffirmed	
Pvt. Ltd	
Reduced from Rs.39.42 Cr	
Prafful Overseas Pvt Ltd            LT Bk Fac           CARE BB         1285.3     Revised from	
                                                                                   CARE BB+	
Enhanced from Rs 89.92 Cr	
Precision Electronics Ltd           LT Bk Fac           CARE BBB-       31.6       Assigned	
Precision Granites Pvt Ltd          LT Bk Fac           CARE BB-        100.6      Assigned	
Raghuvir Ginning Factory            LT Bk Fac           CARE B          102.2      Reaffirmed	
Rajasthan Liquors Ltd               Bk Fac              BB+                        Suspended	
Raj-Sneh Auto India Pvt Ltd         LT Bk Fac           CARE BB         244.1      Assigned	
Rare Townships Pvt Ltd              LT Bk Fac           CARE BB         3207.5     Reaffirmed	
Rashleela Enterprises Pvt Ltd       Bk Fac              BBB-                       Suspended	
S. S. Alloys & Steel Industries     LT Bk Fac           CARE BB-        50.6       Assigned	
Sahakar Global Ltd                  Bk Fac              CARE BBB/ A3    1190       Reaffirmed	
Enhanced from Rs 52 Cr	
Sangeeth Textiles Ltd               Bk Fac              C/PR4                      Suspended	
Shiraguppi Sugar Works Ltd          Bk Fac              BB                         Suspended	
Shri Mookambiga Spinning Mills Ltd  Bk Fac              --                         Suspended	
Simandhar Construction              LT Bk Fac           CARE BB+        40         Reaffirmed	
Simandhar Construction              Bk Fac              CARE BB+ /A4+   140        Reaffirmed	
Sintex Infra Projects Ltd           LT Bk Fac           CARE A          1000       Assigned	
Sintex Infra Projects Ltd           Bk Fac              CARE A /A1      2500       Assigned	
Sri Vasudeva Textiles Ltd           Bk Fac              C/PR4                      Suspended	
Tirupati Starch & Chemicals Ltd     LT Bk Fac           CARE BB+        235        Assigned	
Utkarsh Tubes & Pipes Ltd           LT Bk Fac           CARE BBB        896        Reaffirmed	
Vipul Modern Buildcon Pvt Ltd       Non-fund Based Bk   CARE BB-/ A4    100        Assigned	
                                    Fac	
Vipul Modern Buildcon Pvt Ltd       FB Bk Fac           CARE BB-/ A4    1          Assigned	
Voltamp Transformers Ltd.           LT Bk Fac           CARE AA-        100        Assigned	
Voltamp Transformers Ltd.           Bk Fac              CARE AA-/ A1+   3130       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, E-mail at rru.data@reuters.com)

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