February 3, 2014 / 7:13 AM / 4 years ago

CARE ratings for Indian debt instruments-Feb 3

Feb 3 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of January 31, 2014.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                      (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Anil Bioplus Ltd                      ST Bk Fac          CARE A4+%      25      
Anil Ltd                              ST Bk Fac          CARE A2%       650     
Atlantis Products Pvt Ltd             ST Bk Fac          CARE A4+       5       Reaffirmed
Deepak Spinners Ltd                   ST Bk Fac          CARE A3        120     Revised from
                                                                                CARE A4+
Harman Plastic Industries             ST Bk Fac          CARE A3+       1.2     Assigned
Hitek Engineering Services            ST Bk Fac          CARE A4+       210     Reaffirmed
(Enhanced from Rs.20 crore)
IL&FS Financial Services Ltd.         ST Debt programme  CARE A1+       7500    Reaffirmed
Jindal Stainless Steelway Ltd         ST Bk Fac          CARE A4        900     Revised from
                                                                                CARE A3
Max Signage Industries Pvt Ltd        ST Bk Fac*         CARE A3(SO)    70      Reaffirmed
* backed by unconditional and irrevocable corporate guarantee provided by Max Flex & Imaging
Systems Limited (Rated CARE BBB-/A3)
Nouvasys Solutions Pvt Ltd            Bk Fac             CARE A4                Withdrawn
Rajiv Petrochemicals Pvt Ltd          ST Bk Fac          CARE A4+       437.5   Reaffirmed
Ray Engineering Ltd                   ST Bk Fac          CARE A3        425     Reaffirmed
(reduced from 48.50 Cr)

LONG TERM RATINGS:
-------------------
Akme Fincon Ltd                       LT Bk Fac          CARE BB+       110     Revised from
                                                                                CARE BB
(enhanced from Rs.6.24 crore)
Akme Fintrade (India) Ltd.            LT Bk Fac          CARE BB+       320     Revised from
                                                                                CARE BB
(enhanced from Rs.15.00 crore)
Ambey Iron Pvt Ltd                    Bk Fac             CARE D                 Suspended
Anil Bioplus Ltd                      LT Bk Fac          CARE BB+%      1035    
(reduced from Rs.103.83 crore)
Anil Ltd                              LT Bk Fac          CARE A-%       4432.5  
(enhanced by Rs.100.00 crore)
Arfin India Ltd                       LT Bk Fac          CARE BB        237     Assigned
Ashapura Intimates Fashion Ltd        LT Bk Fac          CARE BBB-      500     Revised from
                                                                                CARE BB+
Atlantis Products Pvt Ltd             LT Bk Fac          CARE BB        54      Revised from
                                                                                CARE BB-
Atlantis Products Pvt Ltd             LT/ST Bk Fac       CARE BB/CARE   200     Revised from
                                                         A4+                    CARE BB-/CARE
                                                                                A4+
Bhaskar Tea & Industries Ltd.         Bk Fac             CARE BB-/CARE          Suspended
                                                         A4
City Union Bank Ltd                   Lower Tier II BondsCARE A+        400     Reaffirmed
Deepak Spinners Ltd                   LT Bk Fac          CARE BBB-      1566.3  Revised from
                                                                                CARE BB+
Harman Plastic Industries             LT Bk Fac          CARE BBB       59.5    Assigned
Hitek Engineering Services            LT Bk Fac          CARE BB+       100     Reaffirmed
Hotel Babylon Inn Pvt Ltd.            Bk Fac             CARE BB                Suspended
IDBI Bank Ltd                         Lower Tier II      CARE AA+       700     Reaffirmed
                                      Bonds$
$transferred from erstwhile IDBI Homefinance Ltd.
IDBI Bank Ltd                         Flexibonds*                       8.9     Withdrawn
*CARE has withdrawn the rating assigned to the Flexibonds of IDBI Bank Ltd. aggregating to 
Rs.0.89 crore with immediate effect, due to extinguishment of the said instrument as the bank
has fully repaid the amounts under the said issue and there is no amount outstanding under the
issue as on date
IIFCL Mutual Fund - Idf Series I      Debt Fund Series 1 CARE AAA               Assigned
                                                         (MF-IDF)
IL&FS Financial Services Ltd.         NCD                CARE AAA       5000    Assigned
IL&FS Financial Services Ltd.         NCD                CARE AAA       5000    Reaffirmed
IL&FS Financial Services Ltd.         Subordinated debt  CARE AAA       8000    Reaffirmed
Jai Ambey Iron & Steels Ltd           Bk Fac             CARE D                 Suspended
Jindal Stainless Steelway Ltd         LT Bk Fac          CARE BB        1235.4  Revised from
                                                                                CARE BBB-
Jindal Stainless Steelway Ltd         LT Bk Fac@         CARE BBB (SO)  229.9   Revised from
                                                                                CARE BBB-
@ backed by unconditional and irrevocable corporate guarantee provided by Nalwa Sons Investments
Ltd
Max Signage Industries Pvt Ltd        LT Bk Fac*         CARE BBB-(SO)  78.3    Revised from
                                                                                CARE BBB+
* backed by unconditional and irrevocable corporate guarantee provided by Max Flex & Imaging
Systems Limited (Rated CARE BBB-/A3)
Rajiv Petrochemicals Pvt Ltd          LT Bk Fac          CARE BB-       108.5   Reaffirmed
Ray Engineering Ltd                   LT Bk Fac          CARE BBB-      65      Reaffirmed
(reduced from 6.57 Cr)
Sun Indchemicals Pvt Ltd              LT Bk Fac          CARE BB        95      Reaffirmed
Sun Indchemicals Pvt Ltd              LT/ST Bk Fac       CARE BB/CARE   7.5     Reaffirmed
                                                         A4
Times Steel And Power Ltd             LT Bk Fac          CARE BB-       220     Reaffirmed
Venkateshwara Cotton Mills            LT Bk Fac          CARE B         94      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 7222/3317 7222, E-mail at rru.data@thomsonreuters.com)

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