October 1, 2014 / 5:13 AM / 3 years ago

CARE ratings for Indian debt instruments-Oct 1

Oct 1 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of September 30, 2014.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                      (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Arvind Ltd                            CP issue (Carved   CARE A1+       2000    Assigned
                                      Out)
Arvind Ltd                            CP issue           CARE A1+       2000    Reaffirmed
                                      (Standalone) *

(enhanced from Rs.100 crore) *Arvind Limited has given an undertaking to keep the sanctioned
fund-based working capital limits unutilized to the extent of the CP issue of Rs.200 crore. 
The Bank limits to the extent of Rs.200 crore will be kept unutilized throughout the
tenure of the instrument.
B L Lifesciences Pvt Ltd              ST Bk Fac          CARE A3+       100     Assigned
Bhakti Extraction Pvt Ltd             ST Bk Fac          CARE A4        50      Reaffirmed
(enhanced from 4.65cr)
Birla Corporation Ltd                 ST Bk Fac          CARE A1+       9580    Reaffirmed
Birla Corporation Ltd                 Ongoing ST Debt    CARE A1+       500     Reaffirmed
                                      (STD) programme*
Elin Electronics Ltd                  ST Bk Fac          CARE A2        95      Reaffirmed
Garg Casteels Pvt Ltd                 ST Bk Fac          CARE A4        30      Reaffirmed
GMR Hyderabad International Airport   ST Bk Fac          CARE A3+       1070    Revised from
Ltd                                                                             CARE A2
Godawari Power And Ispat Ltd          ST FB Bk           CARE A1        4960    Reaffirmed
Godawari Power And Ispat Ltd          CP/STD (carved out CARE A1        200     Reaffirmed
                                      of working capital)
HSIL Ltd                              CP (CP) issue*     CARE A1+       2000    Reaffirmed
*carved out of the sanctioned working capital limits of the company /(enhanced from Rs.160
crore)
J.K. Cement Ltd                       ST Bk Fac          CARE A1+       2500    Reaffirmed
J.K. Cement Ltd                       CP (CP)*           CARE A1+       1250    Reaffirmed
*carved out of working-capital limits
Jewelex International Pvt Ltd         ST Bk Fac (Non     CARE A2        -       Withdrawal
                                      Fund Based)
Liberty Shoes Ltd                     ST Bk Fac          CARE A2+       290     Assigned
Lotus Ornaments Pvt Ltd               ST Bk Fac          CARE A4        700     Reaffirmed
[enhanced from 55cr]

LONG TERM RATINGS:
-------------------
Aquafil Polymers Company Pvt Ltd      Bk Fac             CARE BB-       -       Suspended
                                                         /CARE A4
B L Lifesciences Pvt Ltd              LT Bk Fac          CARE BBB       241.9   Assigned
Bhakti Extraction Pvt Ltd             LT Bk Fac          CARE BB+       564.7   Revised from
                                                                                CARE BB
(reduced from 58.37cr
Birla Corporation Ltd                 LT Bk Fac          CARE AA+       1400    Reaffirmed
Birla Corporation Ltd                 Outstanding NCDs   CARE AA+       5000    Reaffirmed
                                      (Series I - IV)
Birla Corporation Ltd                 Long/ST Bk Fac     CARE AA+ /CARE 2000    Reaffirmed
                                                         A1+
Elin Electronics Ltd                  LT Bk Fac          CARE BBB+      472.5   Reaffirmed
(enhanced from 41.83CR)
Ezone Strips Pvt Ltd                  LT Bk Fac (Fund    CARE BB        320     Reaffirmed
                                      Based)
Ezone Strips Pvt Ltd                  LT Bk Fac (TL)     CARE BB        72.6    Reaffirmed
Garg Casteels Pvt Ltd                 LT Bk Fac          CARE B+        13.1    Reaffirmed
Garg Casteels Pvt Ltd                 LT/ST Bk Fac       CARE B+/CARE A4120     Reaffirmed
GMR Hyderabad International Airport   LT Bk Fac          CARE BBB+ %    12488.6 
Ltd                                                                             
Godawari Power And Ispat Ltd          LT FB Bk           CARE A         2470    Reaffirmed
Godawari Power And Ispat Ltd          NCD                CARE A         1250    Reaffirmed
Godawari Traders                      LT Bk Fac          CARE BB-       60      Reaffirmed
J.K. Cement Ltd                       LT Bk Fac          CARE AA-       20979.8 Reaffirmed
(Reduced from 2149.37CR)
J.K. Cement Ltd                       LT NCDs (NCD)      CARE AA-       6000    Reaffirmed
                                      (Aggregate)
Jewelex International Pvt Ltd         LT Bk Fac (Fund    CARE BBB+      -       Withdrawal
                                      based)
K.G.P. Gold Palace                    LT Bk Fac          CARE B+        90      Assigned
K.G.P. Jewellers                      LT Bk Fac          CARE B+        77.1    Assigned
Liberty Shoes Ltd                     LT Bk Fac          CARE A-        1232.8  Assigned
Natural Gold Pulse & Flour Mill       LT Bk Fac          CARE B         94.6    Assigned
Shakti Cotton Industries              LT Bk Fac          CARE B+        90      Reaffirmed
Spintech Textile Industries           LT Bk Fac          CARE B+        105     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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