March 7, 2014 / 5:38 AM / 3 years ago

CARE ratings for Indian debt instruments-Mar 7

Mar 7 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 6, 2014.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                      (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Bajrang Agro Industries Pvt Ltd       ST Bk Fac          CARE A3+       15      Revised from
                                                                                CARE A3
Bhoruka Power Corporation Ltd         ST Bk Fac/FB       CARE A2+       150     Reaffirmed
Bhoruka Power Corporation Ltd         ST Bk Fac/Non-fund CARE A2+       120     Reaffirmed
                                      Based
(reduced from 15.00cr)
Bhushan Energy Ltd                    ST Bk Fac          CARE A3        6750    Revised from
                                                                                CARE A2
BP Ergo Ltd                           ST Bk Fac          CARE A3        130     Reaffirmed
(Reduced from 25.00cr)
Chettinad Cement Corporation Ltd      ST Bk Fac          CARE A1+       1300    Reaffirmed
Engineers Enterprises                 ST Bk Fac          CARE A4        10      Reaffirmed
IND Barath Thermal Power Ltd          ST Bk Fac          CARE A4        750     Assigned
Kanoria Chemicals & Industries Ltd.   ST Bk Fac          CARE A1+       300     Reaffirmed
Kanoria Chemicals & Industries Ltd.   ST debt (incl. CP) CARE A1+       400     Reaffirmed
Maithan Ispat Ltd.                    ST Bk Fac          CARE D         1448.5  Reaffirmed
Manav Rachna International University ST Bk Fac          CARE A4        118     Reaffirmed
Mangalam Ventures Ltd                 ST Bk Fac          CARE A4+       20      Reaffirmed
(enhanced from Rs.1cr)
Pradeep Metals Ltd                    ST Bk Fac          CARE A3        400     Reaffirmed
Ravi Infrabuild Projects Pvt Ltd      ST Bk Fac          CARE A3        80      Reaffirmed
Taxmann Publications Pvt Ltd          ST Bk Fac          CARE A3        20      Assigned
Training Ship Rahaman (Tsr)           Proficiency in     CARE Grade 1   -       Reaffirmed
                                      Survival Craft &
                                      Rescue Boats (PSCRB)
Training Ship Rahaman (Tsr)           Advanced Fire      CARE Grade 1   -       Reaffirmed
                                      Fighting (AFF)
Training Ship Rahaman (Tsr)           Proficiency in     CARE Grade 1   -       Reaffirmed
                                      Medical First Aid
                                      (MFA)
Training Ship Rahaman (Tsr)           Fire Prevention &  CARE Grade 1   -       Reaffirmed
                                      Fire Fighting
                                      (FPFF)
Training Ship Rahaman (Tsr)           Personal Survival  CARE Grade 1   -       Reaffirmed
                                      Techniques (PST)
Training Ship Rahaman (Tsr)           Personal Safety &  CARE Grade 1   -       Reaffirmed
                                      Social
                                      Responsibilities (PSSR)
Training Ship Rahaman (Tsr)           Elementary First   CARE Grade 1   -       Reaffirmed
                                      Aid (EFA)
Training Ship Rahaman (Tsr)           Oil Tanker         CARE Grade 1   -       Reaffirmed
                                      Familiarization
                                      (TFAM)
Training Ship Rahaman (Tsr)           Global Maritime    CARE Grade 1   -       Reaffirmed
                                      Distress and
                                      Safety System (GMDSS)
Training Ship Rahaman (Tsr)           Diploma in         CARE Grade 1   -       Reaffirmed
                                      Nautical Science
Training Ship Rahaman (Tsr)           Pre Sea General    CARE Grade 1   -       Reaffirmed
                                      Purpose Ratings
                                      (PSR)
Training Ship Rahaman (Tsr)           Pre Sea Saloon     CARE Grade 1   -       Reaffirmed
                                      Ratings (PSRS)
Training Ship Rahaman (Tsr)           Three Years B. Sc. CARE Grade 1   -       Withdrawn
                                      Nautical Science
                                      course
Upper India Steel Manufacturing And   ST Bk Fac          CARE A4        205     Revised from
Engineering Company Ltd                                                         CARE A4+
Vaibhav Yarn Mills Pvt Ltd            ST Bk Fac          CARE A4        40      Reaffirmed
(Enhanced from 3cr)
Willmore Ply Pvt Ltd                  ST Bk Fac          CARE A4        10      Assigned

LONG TERM RATINGS:
-------------------
Acer Granito Pvt Ltd                  LT Bk Fac          CARE BB        108.7   Reaffirmed
(reduced from 13.89cr)
Acer Granito Pvt Ltd                  LT/ST Bk Fac       CARE BB /CARE  26.5    Reaffirmed
                                                         A4
AGR Automobiles Pvt Ltd               LT Bk Fac          CARE BB        113.5   Reaffirmed
Asian Lakto Industries Ltd            LT Bk Fac          CARE BB-       133.6   Revised from
                                                                                CARE B+
(reduced from 5.58cr)
Bajrang Agro Industries Pvt Ltd       LT Bk Fac          CARE BBB       200     Reaffirmed
Beehive Communications Pvt Ltd        Bk Fac             CARE BB+       -       Assigned
Bhavnagar Energy Company Ltd.         LT Bk Fac          CARE A-        29940   Reaffirmed
Bhoruka Power Corporation Ltd         LT Bk Fac /TL      CARE A-        1249.8  Reaffirmed
(reduced from 127.83cr)
Bhoruka Power Corporation Ltd         LT Bk Fac /CC      CARE A-        80      Reaffirmed
(reduced from 10.00cr)
Bhushan Energy Ltd                    LT Bk Fac          CARE BBB-      17855.1 Revised from
                                                                                CARE A-
BP Ergo Ltd                           LT Bk Fac          CARE BBB-      277.5   Reaffirmed
(Increased from 25.00cr)
Chettinad Cement Corporation Ltd      LT Bk Fac          CARE AA-       5972    Reaffirmed
East And West Builders                Bk Fac             -              -       Suspended
Engineers Enterprises                 LT Bk Fac          CARE BB        26      Reaffirmed
Engineers Enterprises                 LT/ ST Bk Fac      CARE BB /CARE  52.5    Reaffirmed
                                                         A4
Food Corporation Of India             Bond Issue*        CARE AAA (SO)  80000   Assigned
*backed by the unconditional and irrevocable guarantee of Government of India (GoI).
Fort Projects Pvt Ltd                 LT Bk Fac          CARE BB        88      Assigned
HDPL Infrastructure Ltd               LT Bk Fac          CARE BB+       400     Reaffirmed
HDPL Infrastructure Ltd               Long/ST Bk Fac     CARE BB+/ A4+  2100    Reaffirmed
IND Barath Thermal Power Ltd          LT Bk Fac          CARE BB        11489.2 Reaffirmed
Kanoria Chemicals & Industries Ltd.   LT Bk Fac          CARE AA-       1380    Reaffirmed
(reduced from 149.2cr)
Kanoria Chemicals & Industries Ltd.   Long/ST Bk Fac     CARE AA- /CARE 235     Reaffirmed
                                                         A1+
Keimed Pvt Ltd                        LT Bk Fac          CARE BBB+      480     Reaffirmed
(reduced from 58.27cr)
Lucky Pharmaceuticals Pvt Ltd         LT Bk Fac          CARE BBB+ (SO) 100     Reaffirmed
M. Tarun Diamonds Pvt Ltd             LT/ST Bk Fac       CARE BB+/ A4+  400     Reaffirmed
Maithan Ispat Ltd.                    LT Bk Fac          CARE D         6007.5  Reaffirmed
(reduced from 608.48cr)
Man Structurals Pvt Ltd               LT Bk Fac          CARE BBB-      484.8   Reaffirmed
(enhanced from Rs.37.50 crore)
Man Structurals Pvt Ltd               LT / ST Bk Fac     CARE BBB-      915     Reaffirmed
                                                         /CARE A3
(enhanced from Rs.82 crore)
Manav Rachna International University LT Bk Fac          CARE BB-       203.6   Revised from
                                                                                CARE B-
(reduced from 33.00cr)
Mangalam Ventures Ltd                 LT Bk Fac          CARE BB+       95      Reaffirmed
(reduced from Rs.11.23cr)
Maru Transmission Service Co. Ltd     LT Bk Fac          CARE BBB-      2011.5  Assigned
Mascot Forge Pvt Ltd                  Bk Fac             CARE BB+       -       Suspended
                                                         /CARE A4+
Meher Distributors Pvt Ltd            LT Bk Fac          CARE BBB+ (SO) 200     Reaffirmed
(enhanced from 17cr)
N Ranga Rao & Sons                    LT Bk Fac          CARE BBB+      1500    Revised from
                                                                                CARE BBB
(reduced from 175cr)
Palepu Pharma Pvt Ltd                 LT Bk Fac          CARE BBB+ (SO) 300     Reaffirmed
(enhanced from 23cr)
Pradeep Metals Ltd                    LT Bk Fac          CARE BBB-      244.5   Reaffirmed
Radheshyam Ginning Pressing Pvt Ltd   LT Bk Fac          CARE B+        100     Reaffirmed
Ravi Infrabuild Projects Pvt Ltd      LT / ST Bk Fac     CARE BBB-      550     Reaffirmed
                                                         /CARE A3
Robo Silicom Pvt Ltd                  LT Bk Fac          CARE BB-       193.6   Reaffirmed
(reduced from 21.31cr)
Robo Silicom Pvt Ltd                  LT/ST Bk Fac       CARE BB-/      10      Reaffirmed
(reduced from 2.50cr)                                    CARE A4
Roselabs Polymers Ltd                 Bk Fac             CARE B         -       Suspended
Shiv-Vani Oil & Gas Exploration       LT Bk Fac          CARE D         14234.5 Reaffirmed
Services Ltd
Shiv-Vani Oil & Gas Exploration       LT Bk Fac          CARE D         2000    Reaffirmed
Services Ltd
Shiv-Vani Oil & Gas Exploration       LT /ST Bk Fac      CARE D         5105    Reaffirmed
Services Ltd
Shrijee Motors                        LT Bk Fac          CARE BB-       69      Reaffirmed
SM JDB Estate Pvt Ltd                 LT Bk Fac          CARE B+        256     Assigned
Sumedha Vehicles Pvt Ltd              LT Bk Fac          CARE BB        100     Reaffirmed
Sundaram Bnp Paribas Home Finance Ltd LT Bk Fac          CARE AA+       7750    Reaffirmed
(enhanced from 400cr)
Sunrise Polypack Pvt Ltd              LT Bk Fac          CARE BB-       108.1   Reaffirmed
Taxmann Publications Pvt Ltd          LT Bk Fac          CARE BBB-      30      Assigned
The KTM Jewellery Ltd                 LT Bk Fac          CARE BBB       297     Assigned
Upper India Steel Manufacturing And   LT Bk Fac          CARE BB        600     Revised from
Engineering Company Ltd                                                         CARE BB+
Vaibhav Yarn Mills Pvt Ltd            LT Bk Fac          CARE B+        259.7   Reaffirmed
(Enhanced from 23.07cr)
Vardhman Pharma Distributors Pvt Ltd  LT Bk Fac          CARE BBB+ (SO) 207.5   Reaffirmed
(enhanced from 16.75cr)
Willmore Ply Pvt Ltd                  LT Bk Fac          CARE B         32.5    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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