January 6, 2015 / 5:13 AM / 3 years ago

CARE ratings for Indian debt instruments-Jan 6

16 Min Read

Jan 6 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of January 5, 2015.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Admiron Life Sciences Pvt Ltd         ST Bk Fac          CARE A4        60      Reaffirmed
Ador Welding Ltd                      ST Bk Fac          CARE A1+       240     Reaffirmed
Agarwal Marketing And Services(Energy)ST Bk Fac          CARE A4        75      Reaffirmed
Pvt. Ltd.
Banerjee Auto Corporation             ST Bk Fac          CARE A4        7       Reaffirmed
Chetak Tollways Ltd                   ST Bk Fac          CARE A3        255.6   Reaffirmed
Datta Agro Services Pvt Ltd           ST Bk Fac          CARE D         250     Revised from
                                                                                CARE A4
Deepkiran Foods Pvt Ltd               ST Bk Fac          CARE A1        5       Reaffirmed
Drt-Anthea Aroma Chemicals Pvt Ltd    ST Bk Fac          CARE A2        960     Revised from
                                                                                CARE A3+
Enkay Texfab Pvt. Ltd.                ST Bk Fac          CARE A4        1.2     Reaffirmed
Indian Armour Systems Pvt Ltd         ST Bk Fac          CARE A4        38      Assigned
Jindal Stainless Steelway Ltd         ST Bk Fac          CARE A4+       900     Revised from
                                                                                CARE A4
Jjco Press Metal Pvt. Ltd             ST Bk Fac          CARE A4        10      Assigned
Ksk Energy Ventures Ltd               ST Bk Fac          CARE A3        3800    Reaffirmed
(Reduced from 425.50)
Precision Camshafts Ltd               ST Bk Fac          CARE A3+       320     Revised from
                                                                                CARE A3
Prime Retail India. Ltd               ST Bk Fac          CARE A4+       5       Reaffirmed
Rolex Cycles Pvt Ltd                  ST Bk Fac          CARE A4        100     Assigned
Rolex Processors Pvt Ltd              ST Bk Fac          CARE A4        10.5    Reaffirmed
Shalco Industries Pvt Ltd             ST Bk Fac          CARE A4        80      Reaffirmed
Sharda Educational Trust              ST Bk Fac          CARE A4+       400     Revised from
                                                                                CARE A3
(Enhanced from Rs 20.00 crore)
Shriram City Union Finance Ltd        Proposed CP Issue  CARE A1+       5000    Assigned
Skaps Industries (India) Pvt Ltd      ST Bk Fac          CARE A3+       440     Reaffirmed
Smaat India Pvt Ltd                   ST Bk Fac          CARE A3+       300     Revised from
                                                                                CARE A3
(Enhanced from 20 CR)
Sun Face Ceramic                      ST Bk Fac          CARE A4        10      Reaffirmed
(Reduced from 0.70 CR)
Tata Housing Development Company Ltd  CP/STD (Standalone)CARE A1+       4000    Reaffirmed
Tibrewala Electronics Ltd             ST Bk Fac          CARE A2        237.6   Reaffirmed
TT Ltd                                ST Bk Fac          CARE A4        2010    Revised from
                                                                                CARE A4+
(Enhanced from 186 CR)
Veer Metal Industries Pvt. Ltd        ST Bk Fac          CARE A4        5       Reaffirmed
Vinod Kumar Pandey                    ST Bk Fac          CARE A4        40      Assigned
Visa Steel Ltd                        ST Bk Fac          CARE D         5400    Revised from
                                                                                CARE A4

LONG TERM RATINGS:
-------------------
Ariston Tiles Ltd                     LT Bk Fac          CARE BB-       100     Assigned
Ariston Tiles Ltd                     LT/ST Bk Fac       CARE BB- /CARE 30      Assigned
                                                         A4+
Admiron Life Sciences Pvt Ltd         LT Bk Fac          CARE BB-       493.9   Reaffirmed
(Reduced from 53 CR)
Ador Welding Ltd                      LT Bk Fac          CARE AA        275     Reaffirmed
Agarwal Marketing And Services(Energy)LT Bk Fac          CARE BB-       35      Revised from
Pvt. Ltd.                                                                       CARE BB
Avh Pvt Ltd (Earlier Known As Avh     LT Bk Fac          CARE BBB-      1263.6  Reaffirmed
Chemicals P Ltd)
Banerjee Auto Corporation             LT Bk Fac          CARE BB-       52      Reaffirmed
Chetak Tollways Ltd                   LT Bk Fac          CARE BBB-      2290    Reaffirmed
Chetak Tollways Ltd                   LT/ST Bk Fac       CARE BBB-      1950    Reaffirmed
                                                         /CARE A3
Clarion Power Corporation Ltd         Bk Fac             -              -       Suspended
Datta Agro Services Pvt Ltd           LT Bk Fac          CARE D         132.8   Revised from
                                                                                CARE BB
Deepkiran Foods Pvt Ltd               LT/ST Bk Fac       CARE A/CARE A1 100     Reaffirmed
Drt-Anthea Aroma Chemicals Pvt Ltd    LT Bk Fac          CARE A-        66.6    Revised from
                                                                                CARE BBB+
(reduced from Rs. 12.75 crore)
Enkay Texfab Pvt. Ltd.                LT Bk Fac          CARE BB        72.2    Reaffirmed
Era Realtors Pvt Ltd                  LT Bk Fac          -              -       Withdrawn
Gandevikar Jewellers Pvt Ltd          LT Bk Fac          CARE BBB-      330     Reaffirmed
Ganesham Electrotech Supermarket Pvt  LT Bk Fac          CARE BB        140     Reaffirmed
Ltd
Gati Motors Pvt. Ltd                  LT Bk Fac          CARE B+        107.1   Reaffirmed
(reduced from 13.57 CR)
Gaurav Earthmoving Equipments Ltd.    Bk Fac             -              -       Suspended
Icici Prudential Capital Protection   Close-Ended        CARE AAAmfs(SO)-       Assigned
Oriented Fund VIII Plan A-J           Capital
                                      Protection 
                                      Oriented Fund
Indian Armour Systems Pvt Ltd         LT Bk Fac          CARE BB        30      Assigned
Jindal Cotex Ltd                      Bk Fac             -              -       Suspended
Jindal Medicot Ltd                    Bk Fac             -              -       Suspended
Jindal Specialty Textiles Ltd         Bk Fac             -              -       Suspended
Jindal Stainless Steelway Ltd         LT Bk Fac          CARE BB(SO)    179.4*  Reaffirmed
* backed by unconditional and irrevocable corporate guarantee provided by Nalwa Sons Investments
Ltd
Jindal Stainless Steelway Ltd         LT Bk Fac          CARE BB+       1029.7  Revised from
                                                                                CARE BB
Jjco Press Metal Pvt. Ltd             LT Bk Fac          CARE BB        134.9   Assigned
Ketan Construction Ltd                Bk Fac             -              -       Suspended
Ksk Energy Ventures Ltd               LT Bk Fac          CARE BBB-      1000    Reaffirmed
(Reduced from 202.50)
Ksk Energy Ventures Ltd               LT/ST Bk Fac       CARE BBB-      5000    Reaffirmed
                                                         /CARE A3
Lakshmi Jalavidyut Krishna Ltd        LT Bk Fac          CARE BB        940     Revised from
                                                                                CARE BB+
Landmark Developers                   Bk Fac             -              -       Suspended
Limtex Agri Udyog Ltd.                Bk Fac             -              -       Suspended
Magma Fincorp Ltd                     Series A1 PTC      CARE AA(SO)    1057.4  Assigned
Magma Fincorp Ltd                     Series A2 PTC      CARE AA(SO)    55.7    Assigned
Magma Fincorp Ltd                     Liquidity Facility CARE AAA(SO)   13.9    Assigned
Magma Fincorp Ltd                     Second Loss        CARE BBB-(SO)  103.5   Assigned
                                      Facility (SL)
Mahendra Sponge & Power Ltd.          Bk Fac             -              -       Suspended
Mahendra Strips Pvt Ltd.              Bk Fac             -              -       Suspended
Mantena Infratech Pvt Ltd             LT Bk Fac          CARE B+        120     Reaffirmed
National Bank For Agriculture And     LT Instruments     CARE AAA       128190  Reaffirmed
Rural Development
Pegma Resources Pvt Ltd               LT Bk Fac          CARE B         146.2   Reaffirmed
Pradeep Cotton Pvt Ltd                LT Bk Fac          CARE B+        98.3    Reaffirmed
(Reduced from 10.22 CR)
Precision Camshafts Ltd               LT Bk Fac          CARE BBB+      1541.5  Revised from
                                                                                CARE BBB
Precision Camshafts Ltd               LT/ST Bk Fac       CARE BBB+      475     Revised from
                                                         /CARE A3+              CARE BBB /
                                                                                CARE A3
Prime Retail India. Ltd               LT Bk Fac          CARE BB+       250     Reaffirmed
Reliance Capital Ltd                  Subordinated Debt  CARE AA+       20000   Reaffirmed
                                      issue
Reliance Capital Ltd                  LT debt Programme  CARE AAA       220000  Reaffirmed
Reliance Capital Ltd                  Principal          CARE PP- MLD   10000   Reaffirmed
                                      Protected 
                                      Market  AAA
                                      Linked Debentures
Rolex Cycles Pvt Ltd                  LT Bk Fac          CARE BB-       127.5   Assigned
Rolex Processors Pvt Ltd              LT Bk Fac          CARE B         117.1   Reaffirmed
S.M. Associates                       LT/ST Bk Fac       -              -       Suspended
Sai Renewable Power Pvt Ltd           Bk Fac             -              -       Suspended
Sanginita Chemicals Pvt Ltd           LT/ST Bk Fac       CARE BB+/CARE  220     Reaffirmed
                                                         A4+
Shalco Industries Pvt Ltd             LT Bk Fac          CARE B+        40      Reaffirmed
Sharda Educational Trust              LT Bk Fac          CARE BB+       2142.5  Revised from
                                                                                CARE BBB-
(Reduced from Rs. 236.99 crore)
Shivangi Polysack Pvt Ltd             LT Bk Fac          CARE BB-       127.5   Assigned
Shree Rayon Pvt. Ltd.                 LT Bk Fac          CARE BB+       55      Revised from
                                                                                CARE BB
[Size reduced from Rs.5.70 CR]
Shree Stambh Colonizers               Bk Fac             -              -       Suspended
Shubh Fabrics Ltd                     LT Bk Fac          CARE BB-       65      Reaffirmed
Singaraya Hills Green Power Genco Pvt Bk Fac             -              -       Suspended
Ltd
Skaps Industries (India) Pvt Ltd      LT Bk Fac          CARE BBB+      13      Revised from
                                                                                CARE BBB
Smaat India Pvt Ltd                   LT Bk Fac          CARE BBB       350     Revised from
                                                                                CARE BBB-
(Enhanced from 25 CR)
Spectrum Ethers Ltd                   Bk Fac             -              -       Suspended
Stage Door                            LT Bk Fac          CARE B         80      Assigned
Sun Face Ceramic                      LT Bk Fac          CARE BB        48.4    Revised from
                                                                                CARE BB-
(Reduced from 5.23 CR)
Suresh Dharmavat & Associates         LT Bk Fac          CARE B+        57.6    Reaffirmed
(Reduced from 10 CR)
Suryavamsi Farms Pvt Ltd              LT Bk Fac          CARE B+        75      Revised from
                                                                                CARE B
Tata Housing Development Company Ltd  LT/ST Bk Fac       CARE AA/CARE   5250    Reaffirmed
                                                         A1+
Tibrewala Electronics Ltd             LT Bk Fac          CARE BBB+      140     Reaffirmed
Todarmull Infrastructures Pvt Ltd     Bk Fac             -              -       Suspended
Transindia Logistics Park Pvt Ltd     Bk Fac             -              -       Withdrawn
TT Ltd                                LT Bk Fac          CARE BB        1671    Revised from
                                                                                CARE BB+
(Reduced from 199.93 CR)
Veer Metal Industries Pvt. Ltd        LT Bk Fac          CARE BB        82.5    Revised from
                                                                                CARE BB-
Venilaxmi Import And Export Ltd       Bk Fac             -              -       Withdrawn
Vinod Kumar Pandey                    LT Bk Fac          CARE BB        50      Assigned
Visa Steel Ltd                        LT Bk Fac          CARE D         23804.8 Revised from
                                                                                CARE BB
--------------------------------------------------------------------------------------------
$: 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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