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CARE ratings for Indian debt instruments-Apr 5
April 5, 2012 / 6:17 AM / in 6 years

CARE ratings for Indian debt instruments-Apr 5

Apr 5 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of April 4, 2012.	
	
	
COMPANY                             INSTRUMENT           RATING        AMOUNT      MOVEMENT	
                                                                       (RS.MLN)	
-------                             ----------           ------        -------     ---------	
	
SHORT TERM RATINGS:	
-------------------	
Bhanwardeep Copper Strips Pvt Ltd   ST Bk Fac           CARE A4         37.5       Reaffirmed	
Bhushan Power & Steel Ltd           ST Bk Fac           CARE A1         26000      Revised from	
                                                                                   CARE A2+	
Bhushan Power & Steel Ltd           CP/STD/NCD (carved  CARE A1         7500       Reaffirmed	
                                    out of sanctioned	
                                    working capital limits)	
Bhushan Power & Steel Ltd           ST Unsecured Loans  CARE A2+        17000      Reaffirmed	
Backbone Projects Ltd.              ST Bk Fac           CARE D          900        Assigned	
Bhushan Power & Steel Ltd           STD/CP/NCD          CARE A2+        5000       Reaffirmed	
                                    (standalone)	
Bvg India Ltd                       Proposed CP issue   CARE A2+        1000       Withdrawn	
                                    (carved out of	
                                    working capital limits)	
Finar Chemicals Ltd                 ST Bk Fac           CARE A3         15         Reaffirmed	
Future Supply Chain Solution Ltd    ST Bk Fac           CARE A3         30         Assigned	
Globe Cotyarn Pvt Ltd.              ST Bk Fac           CARE A4         21         Reaffirmed	
Globe Ecologistics Ltd              ST Bk Fac           CARE A3         300        Reaffirmed	
Golden Seam Textiles Pvt. Ltd       ST Bk Fac           CARE A4         135        Reaffirmed	
Goraya Straw Board Mills Pvt Ltd.   ST Bk Fac           CARE A4+        0.5        Reaffirmed	
Gupta Coal India Ltd                ST Bk Fac           CARE A3+        12000      Reaffirmed	
Holy Faith International Pvt Ltd    ST Bk Fac           CARE A3         20         Reaffirmed	
Kail Ltd                            ST Bk Fac@          CARE A1 (SO)    2753       Assigned	
@Backed by an unconditional and irrevocable corporate guarantee extended 
by Videocon Industries Limited for timely servicing of the debt obligations.	
Kail Ltd                            ST Bk Fac           CARE A3         50         Assigned	
M S Marketing Enterprises Pvt Ltd   ST Bk Fac           CARE A4+        21         Reaffirmed	
Pacific Development Corporation Ltd ST Bk Fac           CARE A3         98.8       Assigned	
Raj Rayon Industries Ltd            ST Non-fund Based   CARE A4+        390        Reaffirmed	
                                    Bk Fac	
Ratnesh Metal Industries Pvt. Ltd   ST Bk Fac           CARE A4         350        Assigned	
Sanjay Chemicals (India) Pvt Ltd    ST Bk Fac           CARE A4         782.5      Reaffirmed	
Satec Envir Engineering (India)     ST Bk Fac           CARE A3         88.7       Assigned	
Pvt. Ltd	
Somnath Cotton Pvt Ltd              ST Bk Fac           CARE A4         40         Reaffirmed	
Techno Electronics Ltd.             ST Bk Fac@          CARE A1 (SO)    1670       Assigned	
@Backed by an unconditional and irrevocable corporate guarantee extended
by Videocon Industries Limited for timely servicing of the debt obligations.	
Techno Electronics Ltd.             ST Bk Fac           CARE A3         80         Assigned	
Turakhia Polymers Pvt Ltd           ST Bk Fac           CARE A4         90         Reaffirmed	
	
	
LONG TERM RATINGS:	
-------------------	
	
Abhijeet Toll Road Karnataka Ltd    LT Bk Fac           CARE BBB-(SO)   1330       Assigned	
Alps Industries Ltd                 Bk Fac              -               -          Suspended	
Arss Infrastructure Projects Ltd    Bk Fac              -               -          Suspended	
Aufpl Direct Assignment Mar 12-I    Assignee Payouts    CARE A+  (SO)              Assigned	
Aufpl Direct Assignment Mar 12-II   Assignee Payouts    CARE AAA (SO)              Assigned	
Aufpl Direct Assignment Mar 12-II   Second Loss         CARE BBB (SO)              Assigned	
                                    Facility (SL)	
Aufpl Direct Assignment Mar 12-III  Assignee Payouts    CARE AAA (SO)              Assigned	
Aufpl Direct Assignment Mar 12-III  Second Loss         CARE BBB (SO)              Assigned	
                                    Facility (SL)	
Backbone Projects Ltd.              LT Bk Fac           CARE D          199.5      Assigned	
Bhanwardeep Copper Strips Pvt Ltd   LT Bk Fac           CARE B          46.6       Reaffirmed	
Bhushan Power & Steel Ltd           LT Bk Fac           CARE A-         206000     Reaffirmed	
Brijbhoomi Expressway Pvt. Ltd      LT Bk Fac           CARE BBB        1622.7     Assigned	
Earth Minerals Company Ltd          LT / ST Bk Fac      CARE BBB (SO)   136.4      Reaffirmed	
Essar Bulk Terminal Ltd             LT Bk Fac           CARE BBB+       13600      Revised from	
                                                                                   CARE BBB	
Essar Bulk Terminal Ltd             LT / ST Bk Fac      CARE BBB+/A3+   400        Revised from	
                                                                                   CARE BBB/A3	
Fastway Transmissions Pvt. Ltd      LT Bk Fac           CARE BB+        297.5      Assigned	
Finar Chemicals Ltd                 LT Bk Fac           CARE BBB-       147.8      Reaffirmed	
Finar Chemicals Ltd                 LT / ST Bk Fac      CARE BBB-       1          Reaffirmed	
                                                        /CARE A3	
Future Supply Chain Solution Ltd    LT Bk Fac           CARE BBB        1450.6     Reaffirmed	
Ganesh Ginning Factory              LT Bk Fac           CARE B-         70         Assigned	
Globe Cotyarn Pvt Ltd.              LT Bk Fac           CARE BB         385        Reaffirmed	
Globe Ecologistics Ltd              LT Bk Fac           CARE BBB        460        Reaffirmed	
Golden Seam Textiles Pvt. Ltd       LT Bk Fac           CARE BB-        136        Reaffirmed	
Goraya Straw Board Mills Pvt Ltd.   LT Bk Fac           CARE BB+        49.5       Reaffirmed	
Gupta Coal India Ltd                LT Bk Fac           CARE BBB        3242       Reaffirmed	
Gupta Energy Pvt Ltd                LT Bk Fac           CARE BBB (SO)   4208.9     Reaffirmed	
Hlf Direct Assignment - March 12    Assignee Payouts    CARE AAA (SO)              Assigned	
Hlf Direct Assignment - March 12    Second Loss         CARE BBB (SO)              Assigned	
                                    Facility (SL)	
Holy Faith International Pvt Ltd    LT Bk Fac           CARE BBB        200        Reaffirmed	
Ibhfl Direct Assignment - March 12  Assignee Payouts    CARE AA+ (SO)              Assigned	
I	
Ibhfl Direct Assignment - March 12  Assignee Payouts    CARE AA+ (SO)              Assigned	
Ii	
Ibhfl Direct Assignment - March 12  Assignee Payouts    CARE AA+ (SO)              Assigned	
Iii	
Il&Fs Energy Development Co Ltd     LT Bk Fac           CARE A-         2140       Assigned	
Intec Capital Ltd                   LT Bk Fac           CARE BBB        2500       Reaffirmed	
Enhanced from Rs.130 Crore	
J. Kishore Exports                  Bk Fac              -               -          Suspended	
Kail Ltd                            LT Bk Fac@          CARE A-(SO)     2750       Assigned	
@Backed by an unconditional and irrevocable corporate guarantee extended
by Videocon Industries Limited for timely servicing of the debt obligations.	
Kail Ltd                            LT Bk Fac           CARE BBB        4312.5     Assigned	
L&T Infrastructure Finance Co Ltd   LT Bk Fac           CARE AA+        74966      Reaffirmed	
M S Marketing Enterprises Pvt Ltd   LT Bk Fac           CARE BB+        100        Reaffirmed	
M/S. Trend Setters                  LT Bk Fac           CARE BB         100        Reaffirmed	
Mody Enterprise                     LT Bk Fac           CARE BB         200        Reaffirmed	
Mody Enterprise                     LT / ST Bk Fac      CARE BB/CARE    75         Reaffirmed	
                                                        A4	
Neelkamal Realtors And Builders     LT Bk Fac           CARE D          668.8      Reaffirmed	
Pvt. Ltd	
Notandas Jewellers Pvt Ltd          LT Bk Fac           CARE BBB-       250        Reaffirmed	
Pacific Development Corporation Ltd LT Bk Fac           CARE BBB-       2330.5     Assigned	
Raj Rayon Industries Ltd            LT FB Bk Fac        CARE BB+        650        Reaffirmed	
Ratnesh Metal Industries Pvt. Ltd   LT Bk Fac           CARE BB+        491.3      Assigned	
Ridham Synthetics Pvt Ltd.          LT Bk Fac           CARE BB         157.9      Reaffirmed	
Sanjay Chemicals (India) Pvt Ltd    LT Bk Fac           CARE BB+        33.5       Reaffirmed	
Satec Envir Engineering (India)     LT Bk Fac           CARE BBB -      411.3      Assigned	
Pvt. Ltd	
Shri Jagannath Educational Health   LT Bk Fac -         CARE BB         48         Reaffirmed	
And Charitable Trust                Sanctioned TL	
Shri Jagannath Educational Health   LT Bk Fac -         CARE BB         60         Reaffirmed	
And Charitable Trust                Proposed TL	
Somnath Cotton Pvt Ltd              LT Bk Fac           CARE B          60         Reaffirmed	
Sunny Vista Realtors Pvt Ltd        LT Bk Fac           CARE BBB-       6167.9     Reaffirmed	
Techno Electronics Ltd.             LT Bk Fac@          CARE A-(SO)     4067.1     Assigned	
@Backed by an unconditional and irrevocable corporate guarantee extended	
by Videocon Industries Limited for timely servicing of the debt obligations.	
Techno Electronics Ltd.             LT Bk Fac           CARE BBB        1120       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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