December 31, 2013 / 5:12 AM / 4 years ago

CARE ratings for Indian debt instruments-Dec 31

Dec 31 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 30, 2013.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                      (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Acme Fabrik Plast Company             ST Bk Fac          CARE A3        10      Reaffirmed
Amko Exports                          ST Bk Fac          CARE A4+       23.6    Reaffirmed
Balkrishna Paper Mills Ltd            ST Bk Fac          CARE A3        70      Reaffirmed
(enhanced from Rs. 5.00 crore)

Casa Décor Pvt Ltd                    ST Bk Fac          CARE A1(SO)*   70      Reaffirmed
* The ratings factor in credit enhancement in the form of unconditional and irrevocable Letter
of Awareness extended by Tata Housing Development Company Limited to the lenders of Casa Décor
Pvt Ltd (CDPL) ensuring payment of the obligations on the bank facilities
Casa Décor Pvt Ltd                    ST Bk Fac          CARE A3        25      Reaffirmed
Central Bank Of India                 CD Programme       CARE A1+       300000  Reaffirmed
Concastjawasa Road Projects Pvt Ltd   ST Bk Fac (Non     CARE A3        40      Assigned
                                      -fund based)
D.P. Enterprises                      ST Bk Fac @        CARE A3(SO)    150     Reaffirmed
@ Backed by unconditional and irrevocable corporate guarantee of Amir Chand Jagdish Kumar
Exports Ltd. (ACJL)
D.Thakkar Constructions Pvt Ltd       ST Bk Fac          CARE A4        1400    Reaffirmed
Excel Source International Pvt Ltd    ST Bk Fac          CARE A4        170     Assigned
Livon Ceramic                         ST Bk Fac          CARE A4        16      Reaffirmed
R.K. Overseas                         ST Bk Fac @        CARE A3(SO)    350     Reaffirmed
@ Backed by an unconditional and irrevocable corporate guarantee of Amir Chand Jagdish Kumar
Exports Ltd (ACJL)
Salasar Balaji Ship Breakers Pvt Ltd  ST Bk Fac NFB      CARE A4        1000    Reaffirmed
(enhanced from Rs. 60 cr)
Senthilkumar Textile Mills Pvt Ltd    ST Bk Fac          CARE A4        3.1     Reaffirmed
Shalimar Paints Ltd.                  ST Bk Fac          CARE A1        82.5    Reaffirmed
(enhanced from 0.40 Cr)
Shyam Polyspin Pvt Ltd                ST Bk Fac          CARE A4        20      Reaffirmed
Spectrum Johnson Tiles Pvt Ltd        ST Bk Fac          CARE A3        12      Reaffirmed
Tata Housing Development Co. Ltd      CP                 CARE A1+       1500    Reaffirmed
Tata Teleservices (Maharashtra) Ltd   ST Bk Fac          CARE A1        14162.1 Reaffirmed
Unison Forging Ltd                    ST Bk Fac          CARE A4        7       Assigned
Venus Texspin Ltd                     ST Bk Fac          CARE A3        252.5   Assigned

LONG TERM RATINGS:
-------------------
Aastha Minmet India Ltd               LT Bk Fac          CARE D         338.5   Assigned
Acme Fabrik Plast Company             LT Bk Fac          CARE BBB-      59.8    Reaffirmed
(reduced from 6.89 Cr)
Amko Exports                          LT Bk Fac          CARE BB+       107.2   Reaffirmed
Balkrishna Paper Mills Ltd            LT Bk Fac          CARE BBB-      670     Revised from
                                                                                CARE BBB
(enhanced from Rs.17.35 crore)
Balkrishna Paper Mills Ltd            LT/ST Bk Fac       CARE BBB-      170     Revised from
                                                         /CARE A3               CARE BBB
(enhanced from Rs. 10.00 crore)
Black Rose Industries Ltd             LT Bk Fac          CARE BB-       257.8   Assigned
Casa Décor Pvt Ltd                    LT Bk Fac          CARE A(SO)*    30      Reaffirmed
* The ratings factor in credit enhancement in the form of unconditional and irrevocable Letter
of Awareness extended by Tata Housing Development Company Limited to the lenders of Casa Décor
Pvt Ltd (CDPL) ensuring payment of the obligations on the bank facilities
Casa Décor Pvt Ltd                    LT Bk Fac          CARE BBB       20      Reaffirmed
Centenary Polytex Pvt Ltd             LT Bk Fac          CARE B+        96.4    Reaffirmed
(reduced from 10.13)
Central Bank Of India                 Upper Tier II BondsCARE A+        22850   Revised from
                                                                                CARE AA-
Central Bank Of India                 Lower Tier II BondsCARE AA-       14373   Revised from
                                                                                CARE AA
Concastjawasa Road Projects Pvt Ltd   LT Bk Fac (TL)     CARE BBB-      560.8   Assigned
Cosmopolitan Hospitals Pvt Ltd        LT Bk Fac          CARE BBB+      100     Reaffirmed
D.Thakkar Constructions Pvt Ltd       LT Bk Fac          CARE BB        748.2   Reaffirmed
DPS Contractors Pvt Ltd               LT Bk Fac          CARE BB-       20      Assigned
DPS Contractors Pvt Ltd               LT/ST Bk Fac       CARE BB-/CARE  130     Assigned
                                                         A4
H.K. Designs (India)                  LT/ST Bk Fac       CARE BBB/CARE  500     Revised from
                                                         A3                     CARE BBB-
HCG Constructions Pvt Ltd             LT Bk Fac          CARE B-        137.3   Reaffirmed
(reduced from 17.03 CR)
Indo Nabin Projects Ltd. (Erstwhile   LT Bk Fac          CARE BB        142.4   Reaffirmed
Indo Power Projects Ltd)
(reduced from 15.04 CR)
Indo Nabin Projects Ltd. (Erstwhile   LT/ST Bk Fac       CARE BB/CARE   1410    Reaffirmed
Indo Power Projects Ltd)                                 A4+
Infinium Precious Resources Ltd       LT Bk Fac          CARE BB        170     Reaffirmed
Livon Ceramic                         LT Bk Fac          CARE BB-       101.1   Reaffirmed
(reduced from 11.63 Cr)
MPR Wind Farms                        LT Bk Fac          CARE BBB-      155.7   Reaffirmed
(enhanced from 16.69 Cr)
Pramukh Gems                          LT Bk Fac (Fund    CARE BB        350     Assigned
                                      Based)
Rajeshree Cotex                       LT Bk Fac          CARE BB-       100     Assigned
Rajeshree Cotex                       LT/ST Bk Fac       CARE BB-/CARE  180     Assigned
                                                         A4
Rajeshree Industries India Pvt Ltd    LT Bk Fac          CARE BB-       200     Assigned
Salasar Balaji Ship Breakers Pvt Ltd  LT Bk Fac FB       CARE BB        100*    Reaffirmed
(enhanced from Rs. 7 cr) *CC is a sub limit of LC limits
Senthilkumar Textile Mills Pvt Ltd    LT Bk Fac          CARE BB        243.4   Reaffirmed
Shalimar Paints Ltd.                  LT Bk Fac          CARE A         1150    Reaffirmed
(enhanced from 70.00 Cr)
Shalimar Paints Ltd.                  LT/ST Bk Fac       CARE A /       685.5   Reaffirmed
(enhanced from 64.85 Cr)                                 CARE A1
Shri Ram Precisions                   LT Bk Fac #        CARE BB+ (SO)  150     Downgraded
                                                                                from CARE
                                                                                BBB- (SO)
# backed by the unconditional & irrevocable corporate guarantee extended by Shri Ram Multicom
Private Limited
Shyam Polyspin Pvt Ltd                LT Bk Fac          CARE B+        140     Reaffirmed
Spectrum Johnson Tiles Pvt Ltd        LT Bk Fac          CARE BBB-      139.8   Reaffirmed
(reduced from 14.20 Cr)
Subex Ltd                             LT Bk Fac FB       CARE BB+       1410    Reaffirmed
Subex Ltd                             LT/ST Bk Fac       CARE BB+/CARE  250     Reaffirmed
                                      FB/NFB             A4+
Tata Housing Development Co. Ltd      Bk Fac             CARE AA        2000    Reaffirmed
Tata Housing Development Co. Ltd      NCD                CARE AA        1500    Reaffirmed
(reduced from 225 CR)
Tata Teleservices (Maharashtra) Ltd   LT Bk Fac          CARE A         36959   Reaffirmed
Unison Forging Ltd                    LT Bk Fac          CARE B+        22.3    Assigned
Unison Forging Ltd                    LT/ST Bk Fac       CARE B+/CARE   30      Assigned
                                                         A4
Unity Jewels                          LT Bk Fac          CARE BBB       230     Revised from
                                                                                CARE BBB-
Venus Texspin Ltd                     LT Bk Fac          CARE BBB-      240.6   Assigned
Western Mp Infrastructure And Toll    LT Bk Fac          CARE A-        5580.8  Reaffirmed
Roads Pvt Ltd
--------------------------------------------------------------------------------------------
$: 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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