December 10, 2012 / 8:08 AM / 5 years ago

CARE ratings for Indian debt instruments-Dec 10

Dec 10 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 7, 2012.

COMPANY                             INSTRUMENT           RATING        AMOUNT      MOVEMENT
                                                                       (RS.MLN)
-------                             ----------           ------        -------     ---------
SHORT TERM RATINGS:
-------------------
Aksharchem (India) Ltd.             ST Bk Fac           CARE A3         10         Reaffirmed
Amicus Oil & Chemicals Pvt. Ltd.    ST Bk Fac           CARE A4         2.5        Assigned
Asahi Songwon Colors Ltd            ST Bk Fac           CARE A1+        270        Reaffirmed
(enhanced by Rs.14 crore)

Caparo Maruti Ltd                   ST Bk Fac           CARE A1+        165        Reaffirmed
Caparo Maruti Ltd                   CP (Carved out of   CARE A1+        125        Reaffirmed
                                    working capital
                                    limits)
Caparo Mi Steel Processing Pvt Ltd  ST Bk Fac           CARE A3         27.5       Reaffirmed
Frost International Ltd             ST Bk Fac           CARE A3         25150      Reaffirmed
(enhanced from Rs.1,805.00 crore)
Kothari Products Ltd                LT/ST Bk Fac        CARE A3         13450      Reaffirmed
Malladi Drugs And Pharmaceuticals   ST Bk Fac           CARE A4         185        Reaffirmed
Ltd
(enhanced from Rs. 18.20 Cr)
Monnet Ispat & Energy Ltd           ST Bk Fac           CARE A1+        3475       Reaffirmed
(enhanced from Rs 50 Cr)
Monnet Ispat & Energy Ltd           ST CP/NCD           CARE A1+        2500       Reaffirmed
                                    Programme-I*
*Carved out of working capital limits
Monnet Ispat & Energy Ltd           CP Programme-II     CARE A1+        1500       Reaffirmed
Precision Metals                    ST Bk Fac           CARE A3+        80         Revised from
                                                                                   CARE A3
Precision Metals                    ST Bk Fac           CARE A3+        30         Revised from
                                                                                   CARE A3
Sharon Bio Medicine Ltd.            ST Bk Fac %         CARE A3         70         Revised from
                                                                                   CARE A1
Sharon Bio Medicine Ltd.            ST/LT Bk Fac %      CARE A3         180        Revised from
                                                                                   CARE A1
Shruti Fashions Pvt Ltd             ST Bk Fac           CARE A4         3.6        Reaffirmed
Veer Metal Industries Pvt Ltd       ST Bk Fac           CARE A4         50         Reaffirmed
Venus Wire Industries Pvt Ltd.      ST Bk Fac           CARE A3+        224        Revised from
                                                                                   CARE A3
LONG TERM RATINGS:
-------------------
Aaria Gold Pvt Ltd                  Bk Fac              CARE BB                    Suspended
Aksharchem (India) Ltd.             LT/ST Bk Fac        CARE BBB-       150        Reaffirmed
                                                        /CARE A3
Amicus Oil & Chemicals Pvt. Ltd.    LT Bk Fac           CARE BB-        57.1       Assigned
Anil Steel Works                    LT Bk Fac           CARE B-         120        Assigned
Asahi Songwon Colors Ltd            LT Bk Fac           CARE A+         423.5      Reaffirmed
(enhanced by Rs.33 crore)
Asahi Songwon Colors Ltd            LT/ST Bk Fac        CARE A+ /CARE   450        Reaffirmed
                                                        A1+
(enhanced by Rs.6.60 crore)
Asian Granito India Ltd.            Bk Fac              CARE A                     Suspended
Betul Oil Ltd.                      Bk Fac              CARE            1405.8     withdrawn
                                                        BBB-/CARE A3
Bharat Petroresources Ltd           LT Bk Fac           CARE A+         111397     Reaffirmed
Caparo Engineering India Ltd        LT Bk Fac           CARE D          5030.5     Reaffirmed
(reduced from Rs. 593.23 Cr)
Caparo Engineering India Ltd        ST Bk Fac           CARE D          1190       Reaffirmed
(reduced from Rs. 125 Cr)
Caparo Maruti Ltd                   LT Bk Fac           CARE A+         1047.1     Revised from
                                                                                   CARE AA-
Caparo Mi Steel Processing Pvt Ltd  LT Bk Fac           CARE BBB-       230.2      Reaffirmed
Divya Corporation                   Bk Fac              CARE BB-                   Suspended
                                                        /CARE A4
Dungsam Cement Corporation Ltd.     LT Bk Fac           CARE BB+        4100       Revised from
                                                                                   CARE BBB-
Emmay Logistics (India) Pvt Ltd.    LT Bk Fac           CARE BB         1000       Assigned
Firefly Energy Ltd                  Bk Fac              CARE BB /CARE              Suspended
                                                        A4
Frost International Ltd             LT Bk Fac           CARE BBB-       173.7      Revised from
                                                                                   CARE BBB
(enhanced from Rs.15.05 crore)
India Infrastructure Finance        LT TFBs             CARE AAA        100000     Assigned
Company Ltd
Indostar Capital Finance Pvt Ltd.   Bk Fac              CARE AA-        10000      Reaffirmed
Jaypee Powergrid Ltd                LT Bk Fac           CARE BBB+       7054.3     Revised from
                                                                                   CARE BBB
(enhanced from Rs.700 crore)
Kothari Products Ltd                LT Bk Fac           CARE BBB        50         Reaffirmed
M S Marketing Enterprises Pvt Ltd   Bk Fac              CARE BB+/CARE              Suspended
                                                        A4+
Malladi Drugs And Pharmaceuticals   LT Bk Fac           CARE BB+        1071       Reaffirmed
Ltd
(reduced from Rs. 115.19 Cr)
Monnet Ispat & Energy Ltd           LT Bk Fac           CARE AA-        36689.8    Reaffirmed
(enhanced from Rs 3,723 crore)
Monnet Ispat & Energy Ltd           NCDs-I              CARE AA-        3000       Reaffirmed
Monnet Ispat & Energy Ltd           Proposed NCDs-II    CARE AA-        5000       Reaffirmed
Monnet Ispat & Energy Ltd           Proposed NCDs-III   CARE AA-        2500       Reaffirmed
Ratnabhumi Developers Pvt Ltd       Bk Fac              CARE BB                    Suspended
Rohit Infra Projects Pvt Ltd        Bk Fac              CARE BB/CARE               Suspended
                                                        A4
Sharon Bio Medicine Ltd.            LT Loans %          CARE BBB-       348.8      Revised from
                                                                                   CARE A-
Sharon Bio Medicine Ltd.            LT Bk Fac %         CARE BBB-       2625       Revised from
                                                                                   CARE A-
Shruti Fashions Pvt Ltd             LT Bk Fac           CARE BB+        73.4       Reaffirmed
Shruti Fashions Pvt Ltd             LT/ST Bk Fac        CARE BB+/CARE   50         Assigned
                                                        A4
Sri Jagdamba Ginning And Pressing   Bk Fac              CARE BB+/CARE              Suspended
Pvt Ltd                                                 A4+
Vapi Care Pharma Pvt Ltd            Bk Fac              CARE                       Suspended
                                                        BBB-/CARE A3
Veer Metal Industries Pvt Ltd       LT Bk Fac           CARE BB-        82.5       Reaffirmed
Venus Wire Industries Pvt Ltd.      LT/ST Bk Fac        CARE BBB/CARE   305.8      Revised from
                                                        A3+                        CARE
                                                                                   BBB-/CARE A3
Veritas Bioventions Pvt Ltd         Bk Fac              CARE BB-                   Suspended
--------------------------------------------------------------------------------------------
$: 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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