April 9, 2013 / 6:22 AM / 4 years ago

CARE ratings for Indian debt instruments-Apr 9

Apr 9 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of April 8, 2013.
COMPANY                                 INSTRUMENT            RATING       AMOUNT  MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------       -----   ---------
SHORT TERM RATINGS:
-------------------
Aasra Foundations                       ST Bk Fac             CARE A4      36.7    Assigned
AHW Steels Ltd                          ST Bk Fac             CARE A4+     250     Reaffirmed
(reduced from 30 CR)
Amman-TRY Sponge & Power Pvt Ltd        ST Bk Fac             CARE A4+     100     Reaffirmed
Apex Tubes Pvt Ltd                      ST Bk Fac             CARE A4      150     Reaffirmed
Arch Pharmalabs Ltd                     ST Bk Fac             CARE D       4250    Revised from
                                                                                   CARE A4+
Arch Pharmalabs Ltd                     ST Loan               CARE D       1000    Revised from
                                                                                   CARE A4+
Arohan Financial Services Pvt. Ltd      Series A1 PTCs        CARE A2 (SO) 34.9    Assigned
ATC Tires Pvt Ltd                       ST Bk Fac             CARE A2      750     Placed on
                                                                                   credit watch
C. P. Bagal & Co                        ST Bk Fac             CARE A4      24      Reaffirmed
Corporation (Nhava Sheva) Ltd           ST Bk Fac             CARE A2      600     Reaffirmed
Cyber Media India Ltd                   ST Bk Fac             CARE A4      18.1    Revised from
                                                                                   CARE A3
(Reduced from 3.81)
Devi Construction Company Pvt. Ltd      ST Bk Fac             CARE A3      250     Reaffirmed
Eastern Healthcare                      ST Bk Fac             CARE A4+     6.5     Reaffirmed
Emami Biotech Ltd                       ST Bk Fac             CARE A3      17296.3 Reaffirmed
(reduced from 1,762.00 CR)
Ennore Tank Terminals Pvt Ltd           ST Bk Fac             CARE A3      120     Reaffirmed
Filatex India Ltd                       ST Bk Fac             CARE A3      3000    Reaffirmed
Filteration Engineers India Pvt Ltd     ST Bk Fac             CARE A4      62.5    Reaffirmed
(enhanced from 4 CR)
Havells India Ltd                       ST Bk Fac             CARE A1+     4110    Reaffirmed
(enhanced from 385.0)
Indian Potash Ltd                       ST Bk Fac             CARE A1      75500   Reaffirmed
Indian Potash Ltd                       CP (Carved Out of     CARE A1      4000    Reaffirmed
                                        WC limits)
Jay Chemicals                           ST Bk Fac             CARE A3      87      Reaffirmed
Jewelex India Pvt Ltd (JIPL)            ST Bk Fac             CARE A2+     60      Reaffirmed
Jindal Steel & Power Ltd                ST Bk Fac             CARE A1+     57998   Assigned
Jindal Steel & Power Ltd                CPs Programme         CARE A1+     15000   Assigned
Logistics India Ltd                     ST Bk Fac             CARE A3      650     Reaffirmed
M/s Nalli Chinnasami Chetty             ST Bk Fac             CARE A2      60      Reaffirmed
Neo Capricon Plaza Pvt Ltd              ST Bk Fac             CARE A4      50      Reaffirmed
Neoteric Infomatique Ltd (NIL)          ST Bk Fac             CARE A3      1490    Reaffirmed
(enhanced from 146 CR)
NHC Foods Ltd                           ST Bk Fac             CARE A4+     150     Reaffirmed
Panchshil Infrastructure Holdings       ST Bk Fac             CARE A3(SO)  120     Reaffirmed
Pvt Ltd (PIHPL)
Plastene Polyfilms Ltd                  ST Bk Fac             CARE A4      100     Reaffirmed
Poly-Mech Components Pvt Ltd            ST Bk Fac             CARE A4      30.8    Assigned
Priority Gold Pvt Ltd                   ST Bk Fac@            CARE A3(SO)  800     Assigned
@ backed by unconditional and irrevocable corporate guarantee of Priority Jewels Private
Rasi Graphics Pvt Ltd                   ST Bk Fac             CARE A4+     3       Reaffirmed
Rathna Offset Printers                  ST Bk Fac             CARE A4+     1.5     Reaffirmed
Shambhu Mahadev Sugar & Allied          ST Bk Fac             CARE A4      130     Notice of
Industries Ltd                                                                     Withdrawal
Shirpur Gold Refinery Ltd               ST Bk Fac             CARE A3      3300    Reaffirmed
Sitapuram Power Ltd                     ST Bk Fac             CARE A3+     137.5   Assigned
SKS Microfinance Ltd                    Series A1 PTCs        CARE A1+(SO) 692.9   Assigned
SKS Microfinance Ltd                    Series A1 PTCs        CARE A1+(SO) 599.6   Assigned
SKS Microfinance Ltd                    Series A1 PTCs        CARE A1+(SO) 400     Assigned
Sundaram Multi Pap Ltd                  ST Bk Fac             CARE A4      21      Revised from
                                                                                   CARE A3
TCPL Packaging Ltd                      ST Bk Fac             CARE A2      90      Reaffirmed
(reduced from Rs.10 crore)
Texplas Textile India Pvt Ltd           ST Bk Fac             CARE A4      170     Reaffirmed
The Punjab State Co-operative           ST Bk Fac             CARE A3      5000    Reaffirmed
Supply & Marketing Federation
(Enhanced from 437.5)
UAL Industries Ltd                      ST Bk Fac             CARE A2+     550     Revised from
                                                                                   CARE A2
V.I.P. Industries Ltd                   CP                    CARE A1      200     Withdrawn

LONG TERM RATINGS:
-------------------
Aasra Foundations                       LT Bk Fac             CARE B+      854     Assigned
AHW Steels Ltd                          LT Bk Fac             CARE BB+     762.8   Reaffirmed
(reduced from 79.75 CR)
Amman-TRY Sponge & Power Pvt Ltd        LT Bk Fac             CARE BB+     165.5   Reaffirmed
Apex Tubes Pvt Ltd                      LT Bk Fac             CARE BB      275.2   Reaffirmed
Arch Pharmalabs Ltd                     LT Loans              CARE D       7587.5  Revised from
                                                                                   CARE BB+
Arch Pharmalabs Ltd                     LT Bk Fac             CARE D       5750    Revised from
                                                                                   CARE BB+
ATC Tires Pvt Ltd                       LT Bk Fac             CARE A-      75157.6 Placed on
                                                                                   credit watch
Berggruen Hotels Pvt. Ltd               LT Bk Fac             CARE BBB-    1131.8  Reaffirmed
BVG India Ltd                           LT Bk Fac             CARE A-      7357.1  Reaffirmed
(reduced from Rs 775 crore)
C. P. Bagal & Co                        LT Bk Fac             CARE BB      26      Reaffirmed
Chandraudai Automobiles Pvt Ltd         LT Bk Fac             CARE BB+     120     Assigned
Reclassification of bank facilities from short-term to long-term.The short term rating assigned
to the bank facilities stands withdrawn with immediate effect
Corporation (Nhava Sheva) Ltd           LT Bk Fac             CARE BBB+    3301.3  Reaffirmed
Cyber Media India Ltd                   LT Bk Fac             CARE BB+     120     Revised from
                                                                                   CARE BBB-
(Reduced from 12.06)
Dakshin Haryana Bijli Vitran Nigam      Issuer Rating         CARE BB-(Is) -       Reaffirmed
Ltd
Datamatics Financial Services Ltd       LT Bk Fac             CARE BBB+    414.7   Reaffirmed
(DFSL)
Datamatics Financial Services Ltd       LT/ST Bk Fac          CARE BBB+    36      Reaffirmed
(DFSL)                                                        /CARE A3+
Devi Construction Company Pvt. Ltd      LT Bk Fac             CARE BBB     49      Reaffirmed
Diganta Investment and Finance Co       LT Bk Fac             CARE BBB-    100     Reaffirmed
Ltd
Eastern Healthcare                      LT Bk Fac             CARE BB+     59.5    Reaffirmed
Emami Biotech Ltd                       LT Bk Fac             CARE BBB     4195.9  Reaffirmed
(reduced from 518.87 CR)
Ennore Tank Terminals Pvt Ltd           LT Bk Fac             CARE BBB-    2850    Reaffirmed
Filatex India Ltd                       LT Bk Fac             CARE BBB-    3313.3  Reaffirmed
Filteration Engineers India Pvt Ltd     LT Bk Fac             CARE B+      36.4    Reaffirmed
(enhanced from 2CR)
Geo Biotechnologies India Pvt Ltd       LT Bk Fac             CARE BB-     120     Reaffirmed
(GBIPL)
GGL Hotel & Resort Company Ltd          LT Bk Fac             CARE BBB+    825.7   Reaffirmed
GVK Coal (Tokisud) Company Pvt Ltd.     LT Bk Fac             CARE BBB-    2250    Reaffirmed
Havells India Ltd                       LT Bk Fac             CARE AA      3100    Reaffirmed
HPCL - Mittal Energy Ltd                LT / ST Bk Fac        CARE AA-/    3000    Reaffirmed
                                                              CARE A1+
Indian Potash Ltd                       LT Bk Fac             CARE A       12000   Reaffirmed
Jalan Maple Shelters                    LT Bk Fac             CARE BB-     250     Assigned
Jay Chemicals                           LT Bk Fac             CARE BBB-    110.7   Reaffirmed
Jewelex India Pvt Ltd (JIPL)            LT Bk Fac             CARE A-      5850    Reaffirmed
Jindal Steel & Power Ltd                LT Bk Fac             CARE AA+    154801.1 Assigned
Jindal Steel & Power Ltd                NCD Programme-I       CARE AA+     5000    Assigned
Jindal Steel & Power Ltd                NCD Programme-II      CARE AA+     10000   Assigned
Jindal Steel & Power Ltd                NCD Programme-III     CARE AA+     16120   Assigned
Jindal Steel & Power Ltd                Proposed NCD          CARE AA+     1000    Reaffirmed
L&T Infrastructure Development          NCD                   CARE AA      1800    Reaffirmed
Projects Ltd
(reduced from 200 CR)
Logistics India Ltd                     LT Bk Fac             CARE BBB-    257.5   Reaffirmed
M/s Nalli Chinnasami Chetty             LT Bk Fac             CARE BBB+    117.1   Reaffirmed
M/s Nalli NKR Trust                     LT Bk Fac             CARE BBB+    107.6   Reaffirmed
M/s. Parthas                            LT Bk Fac             CARE BB      173     Reaffirmed
Manjara Charitable Trust                LT Bk Fac             CARE BBB-    400     Reaffirmed
Mody Enterprise (Mody)                  LT Bk Fac             CARE BB      250     Reaffirmed
Mody Enterprise (Mody)                  LT/ST Bk Fac          CARE BB /    75      Reaffirmed
                                                              CARE A4
Nakoda Unique Gold Pvt Ltd              LT/ST Bk Fac          CARE BB- /   200     Reaffirmed
                                                              CARE A4
Nalli Trust                             LT Bk Fac             CARE BBB+    625.2   Assigned
Neo Capricon Plaza Pvt Ltd              LT Bk Fac             CARE B+      970     Revised from
                                                                                   CARE B
Neoteric Infomatique Ltd (NIL)          LT Bk Fac-TL          CARE BBB-    160     Assigned
Neoteric Infomatique Ltd (NIL)          LT Bk Fac             CARE BBB-    660     Reaffirmed
NHC Foods Ltd                           LT Bk Fac             CARE BB+     27      Reaffirmed
Nila Infrastructures Ltd                LT Bk Fac             CARE BB+     69.6    Reaffirmed
(reduced by Rs.2.50 crore)
Nila Infrastructures Ltd                LT/ST Bk Fac          CARE BB+ /   40      Reaffirmed
                                                              CARE A4+
Panchshil Infrastructure Holdings       LT Bk Fac             CARE BBB-(SO)1210.8  Reaffirmed
Pvt Ltd (PIHPL)
(reduced from 126.55 CR)
Plastene Polyfilms Ltd                  LT Bk Fac             CARE BB      80.6    Reaffirmed
Plastene Polyfilms Ltd                  Long/ST Bk Fac        CARE BB /    100     Reaffirmed
                                                              CARE A4
Poly-Mech Components Pvt Ltd            LT Bk Fac             CARE B       90.6    Assigned
R.C.P Infratech Pvt. Ltd                LT Bk Fac             CARE BB      401     Reaffirmed
(reduced from 52.0 CR)
Rasi Graphics Pvt Ltd                   LT Bk Fac             CARE BB+     25.1    Reaffirmed
Rathna Offset Printers                  LT Bk Fac             CARE BB+     25.6    Reaffirmed
Riddhi Siddhi Mall Management Pvt       LT Bk Fac (TL)        CARE BB+     271.4   Reaffirmed
Ltd
Shambhu Mahadev Sugar & Allied          LT Bk Fac (A)         CARE BB-     300     Reaffirmed
Industries Ltd
(enhanced from Rs.9.35
Shambhu Mahadev Sugar & Allied          LT Bk Fac (B)         CARE BB-     197.8   Notice of
Industries Ltd                                                                     Withdrawal
Sharda Ma Enterprises Pvt Ltd           LT Bk Fac             CARE BBB-    640     Reaffirmed
Shirpur Gold Refinery Ltd               LT Bk Fac             CARE BBB-    375     Reaffirmed
Sitapuram Power Ltd                     LT Bk Fac             CARE BBB     1300    Assigned
Sundaram Multi Pap Ltd                  LT Bk Fac             CARE BB+     773     Revised from
                                                                                   CARE BBB
Talwalkars Better Value Fitness Ltd     LT Bk Fac (TL)        CARE AA-     1443.5  Reaffirmed
(Enhanced from Rs.140.35 crore)
Talwalkars Better Value Fitness Ltd     LT NCD*               CARE AA-     300     Reaffirmed
*The outstanding NCDs would have tenure of six years with repayment in equal yearly instalments
at the end of fourth, fifth and sixth year from the date of allotment.
Talwalkars Better Value Fitness Ltd     LT NCD**              CARE AA-     250     Reaffirmed
**The outstanding NCDs would have tenure of six years with repayment in equal yearly instalments
at the end of fourth, fifth and sixth year from the date of allotment
TCPL Packaging Ltd                      LT Bk Fac             CARE BBB+    1682    Reaffirmed
(enhanced from Rs.130.98 crore)
Texplas Textile India Pvt Ltd           LT Bk Fac             CARE B+      660     Reaffirmed
The Punjab State Co-operative           LT Bk Fac             CARE BBB-    6125    Revised from
Supply & Marketing Federation                                                      CARE BBB
(Enhanced from 362.5 CR)
The Singareni Collieries Co. Ltd        LT Bk Fac             CARE AA      4310    Reaffirmed
(reduced from 589.75)
Timber Trail Travel Today Pvt Ltd       LT Bk Fac             CARE B+      136.5   Assigned
TVS Novotema Elastomeric                LT Bk Fac             CARE BBB-    146.2   Reaffirmed
Engineered Products Pvt Ltd
TVS Novotema Elastomeric                Long/ST Bk Fac        CARE BBB     10      Reaffirmed
Engineered Products Pvt Ltd                                   -/CARE A3
UAL Industries Ltd                      LT Bk Fac             CARE A       1183.8  Revised from
                                                                                   CARE A-
(enhanced from Rs.88.15 crore)
Ujjivan Financial Services Pvt Ltd      NCD                   CARE BBB+    290     Revised from
                                                                                   CARE BBB
Vaibavlaxmi Clean Energy LLP            LT Bk Fac             CARE BB      565.7   Reaffirmed
Yalamanchili Software Exports Ltd       LT Bk Fac             CARE BBB     98      Reaffirmed
--------------------------------------------------------------------------------------------
$: 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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