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CARE ratings for Indian debt instruments-Jan 10
January 10, 2013 / 5:33 AM / 5 years ago

CARE ratings for Indian debt instruments-Jan 10

Jan 10 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of January 9, 2013.


COMPANY                             INSTRUMENT           RATING        AMOUNT      MOVEMENT
                                                                       (RS.MLN)
-------                             ----------           ------        -------     ---------
SHORT TERM RATINGS:
-------------------
Advinus Therapeutics Ltd            ST Bk Fac           CARE A3         50         Reaffirmed
Aircel Cellular Ltd.                ST Bk Fac           CARE A2+                   Withdrawn
Apar Industries Ltd                 ST Bk Fac           CARE A1+        16645.3    Reaffirmed
Reduced from Rs 2257.90 Cr

Arvind Lifestyle Brands Ltd         ST Bk Fac           CARE A2+ (SO)   430        Reaffirmed
Enhanced from Rs 23 Cr
Avaneetha Textiles Pvt Ltd          ST Bk Fac           CARE A4+        57.6       Reaffirmed
Banswara Syntex Ltd                 ST Bk Fac           CARE A3         550        Reaffirmed
Bnc Power Projects Ltd              ST Bk Fac           CARE A3         80         Reaffirmed
Ceat Ltd                            ST Bk Fac           CARE A3+        6750       Reaffirmed
                                    (Non-Fund Based)
Reduced from Rs 700 Cr
Dishnet Wireless Ltd                ST Bk Fac           CARE A2+                   Withdrawn
Gallantt Metal Ltd                  ST Bk Fac           CARE A3+        1250       Reaffirmed
Infrastil Global Impex Pvt Ltd.     ST Bk Fac           CARE A4         200        Assigned
Jk Sugar Ltd                        ST Bk Fac           CARE A4         80         Reaffirmed
Kei Industries Ltd                  Corporate           CGR 3                      Reaffirmed
                                    Governance Rating
Kokila Cotton Industries            ST Bk Fac           CARE A4         100        Assigned
M/S India Nets                      ST Bk Fac           CARE A1 (SO)    51         Reaffirmed
Nakoda Products                     ST Bk Fac           CARE A4         47.8       Reaffirmed
Navneet Ginning & Pressing Pvt Ltd  ST Bk Fac           CARE A4         50         Reaffirmed
Pengg Usha Martin Wires Pvt Ltd.    ST Bk Fac           CARE A3         25         Reaffirmed
Promac Engineering Industries Ltd   ST Bk Fac -Non      CARE A3         2171       Reaffirmed
                                    Fund Based
Enhanced from Rs 212 Cr
Rashtriya Metal Industries Ltd      ST Bk Fac           CARE A4         697.2      Revised from
                                                                                   CARE A3
Rr Fab Constructions                ST Bk Fac           CARE A4         45         Assigned
Shiv Edibles Ltd                    ST Bk Fac           CARE A3+        50         Reaffirmed
Enhanced from Rs 3.75 Cr
Tufropes Pvt. Ltd.                  ST Bk Fac           CARE A1         55         Reaffirmed
Uae Exchange & Financial Services   ST Bk Fac           CARE A3+        1200       Credit Watch
Ltd
Enhanced from Rs 20 Cr

LONG TERM RATINGS:
-------------------
Aadi Procon Pvt Ltd.                LT Bk Fac           CARE B+         200        Assigned
Advinus Therapeutics Ltd            LT Bk Fac (TL)      --                         Withdrawn
Reduced from Rs 105 Cr
Advinus Therapeutics Ltd            LT Bk Fac (Fund     CARE BBB-       200        Reaffirmed
                                    Based)
Advinus Therapeutics Ltd            LT NCD              CARE BBB-       2050       Reaffirmed
Reduced from Rs 215 Cr
Ambica Chemicals And Synthetics Pvt LT Bk Fac           CARE B-         50         Assigned
Ltd.
Apar Industries Ltd                 Bk Fac              --                         Withdrawn
Apar Industries Ltd                 LT Bk Fac           CARE A+         7143.7     Reaffirmed
Enhanced from Rs 48 Cr
Apar Industries Ltd                 Bk Fac              CARE A+ /A1+    3043       Reaffirmed
Enhanced from Rs 187.30 Cr
Arvind Lifestyle Brands Ltd         LT Bk Fac@          CARE A- (SO)    1850.5     Reaffirmed
Reduced from Rs 187.18 Cr; @ Backed by the unconditional and irrevocable corporate guarantee
extended by Arvind Ltd.
Arvind Lifestyle Brands Ltd         Bk Fac              CARE BBB/ A3+   50         Assigned
Asianlak Health Foods Ltd.          LT Bk Fac           CARE B+         130.7      Assigned
Avaneetha Textiles Pvt Ltd          LT Bk Fac           CARE BB+        989.6      Reaffirmed
Banswara Syntex Ltd                 LT Bk Fac           CARE BBB        7168.4     Reaffirmed
Better Value Leasing And Finance LtdCC Fac              CARE BBB-       270        Reaffirmed
Bnc Power Projects Ltd              LT Bk Fac           CARE BBB-       269.9      Reaffirmed
Ceat Ltd                            CP*                 --              200        Withdrawn
*CARE has withdrawn the rating assigned to the CP issue of CEAT, as the CP has not been placed
and there is no outstanding amount against the same.
Ceat Ltd                            LT Bk Fac (Fund     CARE BBB        11847.8    Reaffirmed
                                    Based)
Enhanced from Rs 838.73 Cr
Corporation Bank                    Lower Tier II       CARE AAA        5000       Reaffirmed
Corporation Bank                    Upper Tier II       CARE AAA        28500      Reaffirmed
Corporation Bank                    Perpetual Bonds     CARE AAA        7375       Reaffirmed
Dhampur Sugar Mills Ltd             LT Bk Fac           CARE BBB-       8295.8     Reaffirmed
Divi'S Laboratories Ltd             LT Bk Fac (TL)      --                         Withdrawn
Divi'S Laboratories Ltd             LT Bk Fac (Fund     CARE AA+        1040       Reaffirmed
                                    Based)
Divi'S Laboratories Ltd             Bk Fac (Non-Fund    CARE AA+ /A1+   1150       Reaffirmed
                                    Based)
Dtl Ancillaries Ltd                 Bk Fac              --                         Suspended
Enercon Wind Farms (India) Ltd      LT Bk Fac           CARE BBB+       350.4      credit watch
Gallantt Metal Ltd                  LT Bk Fac           CARE BBB        897.8      Reaffirmed
Godawari Green Energy Ltd.          LT Bk Fac           CARE BBB-       5790.6     Reaffirmed
Gujarat Coastal Construction Ltd    LT Bk Fac           CARE B+         259.8      Assigned
Harsh Intertrade Pvt Ltd            LT Bk Fac@          CARE BBB- (SO)  200        Assigned
@backed by unconditional and irrevocable corporate guarantee extended by J. P. Iscon Ltd. (JPIL;
rated CARE BBB-)
India Home Loans Ltd.               NCD                 CARE BB         200        Reaffirmed
Indo Asia Finance Ltd               LT Bk Fac           CARE BB+        296        Reaffirmed
Jk Sugar Ltd                        LT Bk Fac           CARE BB         445        Reaffirmed
Khandelwal Ginning And Pressing     LT Bk Fac           CARE B          61.9       Assigned
Kokila Cotton Industries            LT Bk Fac           CARE BB         180        Assigned
M/S India Nets                      LT Bk Fac           CARE A+ (SO)    109.5      Reaffirmed
M/S India Nets                      Bk Fac              CARE A+ (SO)    80         Reaffirmed
                                                        /A1 (SO)
Maharashtra State Electricity       LT Bk Facility      CARE A          10000      Reaffirmed
Transmission Company Ltd.           (Proposed)
Mb Power (Madhya Pradesh) Ltd       LT Bk Fac           CARE BBB-       49300      Reaffirmed
Nakoda Products                     LT Bk Fac           CARE B          50         Reaffirmed
Navneet Ginning & Pressing Pvt Ltd  LT Bk Fac           CARE BB         140        Reaffirmed
Param Exports                       LT Bk Fac           CARE BB+        148.5      Reaffirmed
Pengg Usha Martin Wires Pvt Ltd.    LT Bk Fac           CARE BBB-       200        Reaffirmed
Pengg Usha Martin Wires Pvt Ltd.    Bk Fac              CARE BBB- /A3   25         Reaffirmed
Phoenix Ventures                    LT Bk Fac           CARE B+         100        Assigned
Promac Engineering Industries Ltd   LT Bk Fac           CARE BBB        358        Reaffirmed
Reduced from Rs 69.96 Cr
Rana Steels India Ltd               LT Bk Fac           CARE BB         288.2      Assigned
Rana Steels India Ltd               Bk Fac              CARE BB /A4     40         Assigned
Rashtriya Metal Industries Ltd      LT Bk Fac           CARE BB         347.9      Revised from
                                                                                   CARE BBB-
Reduced from Rs 44.43 Cr
Rashtriya Metal Industries Ltd      Bk Fac              CARE BB/ A4     460        Revised from
                                                                                   CARE BBB-
Rr Fab Constructions                LT Bk Fac           CARE BB-        43.6       Assigned
Sarajit Food Products Pvt. Ltd.     LT Bk Fac           CARE BB-        69.1       Assigned
Serum Institute Of India Ltd        LT Bk Fac           CARE AAA        1550       Reaffirmed
Serum Institute Of India Ltd        Bk Fac              CARE AAA/ A1+   13500      Reaffirmed
Shiv Edibles Ltd                    LT Bk Fac           CARE BBB        400        Reaffirmed
Enhanced from Rs 25 Cr
Shivom Minerals Ltd                 LT Bk Fac           CARE BBB-       412.6      Reaffirmed
Span Diagnostics Ltd                Bk Fac              --                         Suspended
Sri Veera Venkata Satyanarayana Raw LT Bk Fac           CARE BB         144.9      Reaffirmed
& Boiled Rice Mill
Enhanced from Rs 14 Cr
Tata Teleservices Ltd               Series A PTC        CARE A+ (SO)               Withdrawn
Titan Tex Fab Pvt. Ltd.             LT Bk Fac           CARE B+         117.3      Reaffirmed
Tufropes Pvt. Ltd.                  LT Bk Fac           CARE A+         300        Reaffirmed
Tufropes Pvt. Ltd.                  Bk Fac              CARE A+ /A1     100        Reaffirmed
Uae Exchange & Financial Services   LT Bk Fac           CARE BBB+       5500       Credit Watch
Ltd
Enhanced from Rs 440 Cr
Valecha Badwani Sendhwa Tollways    LT Bk Fac           CARE BBB-       745        Assigned
Ltd.
You Broadband & Cable India Ltd     Bk Fac              --              250        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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