January 22, 2013 / 5:19 AM / 5 years ago

CARE ratings for Indian debt instruments-Jan 22

Jan 22 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of January 21, 2013.

COMPANY                             INSTRUMENT           RATING        AMOUNT      MOVEMENT
                                                                       (RS.MLN)
-------                             ----------           ------        -------     ---------
SHORT TERM RATINGS:
-------------------
Abhay Cotex Pvt. Ltd.               ST Bk Fac           CARE A4         18         Reaffirmed
Atharva Infrastructure              ST Bk Fac           CARE A4         35         Assigned
Birla Shloka Edutech Ltd            ST Bk Fac           CARE A4         50         Revised from
                                                                                   CARE A3

Cadiz Pharmaceuticals Pvt Ltd       ST Bk Fac*          CARE A1+ (SO)   10         Assigned
*Bank Guarantee has been sanctioned against 100% cash collateral
Cadiz Pharmaceuticals Pvt Ltd       ST Bk Fac           CARE A4         50         Assigned
Devu Tools Pvt Ltd                  ST Bk Fac           CARE A4         90         Reaffirmed
Heligo Charters Pvt Ltd             ST Bk Fac           CARE A4         312        Reaffirmed
M/S Starlite                        ST Bk Fac (FB)      CARE A4         170        Reaffirmed
Priyadarshi Purnanada Automobile    ST Bk Fac           CARE A4         7.5        Reaffirmed
Pvt Ltd

LONG TERM RATINGS:
-------------------
Abhay Cotex Pvt. Ltd.               LT Bk Fac           CARE BB-        522.8      Reaffirmed
Aditya Polymers & Chemicals (India) LT Bk Fac           CARE BB         780.3      Reaffirmed
Pvt Ltd
Artheon Battery Company Pvt Ltd     LT Bk Fac           CARE B-         285        Assigned
Ashok Leyland Nissan Vehicles Ltd   LT Bk Fac           CARE A          5000       Assigned
Asian Hotels (East) Ltd.            Issuer Rating       CARE A (Is)     -          Assigned
Atharva Infrastructure              LT Bk Fac           CARE BB-        190        Assigned
Bergweff Organic India Pvt Ltd      LT Bk Fac           CARE BB-        70.5       Reaffirmed
Birla Shloka Edutech Ltd            LT Bk Fac           CARE BB         360        Revised from
                                                                                   CARE BBB-
(reduced from Rs.40 crore)
Cadiz Pharmaceuticals Pvt Ltd       LT Bk Fac           CARE B          14         Assigned
Delhi Cargo Service Center Pvt. Ltd ST FB Facility*     -               -          Withdrawn
*Facility stands withdrawn
Delhi Cargo Service Center Pvt. Ltd LT Bk Fac           CARE BB+        1752.3     Revised from
                                                                                   CARE BBB-
Devu Tools Pvt Ltd                  LT Bk Fac           CARE BB         176.1      Reaffirmed
Duke Sponge & Iron Pvt. Ltd         LT Bk Fac           CARE B          150        Reaffirmed
Fairdeal Supplies Ltd               Bk Fac              -               -          Suspended
Harisons Steel Ltd                  Bk Fac              CARE BB-/CARE   -          Suspended
                                                        A4
Hdb Financial Services Ltd          Subordinated Debt   CARE AAA        2500       Assigned
Heligo Charters Pvt Ltd             LT Bk Fac           CARE BB         1193       Reaffirmed
Il&Fs Financial Services Ltd.       Subordinated Debt   CARE AAA        1000       Assigned
Il&Fs Tamil Nadu Power Company Ltd  LT FB Bk Fac - TL   CARE BBB        44600      Reaffirmed
Jasleen Enterprises                 LT Bk Fac           CARE C          90         Assigned
Jmc Projects (India) Ltd.           LT Bk Fac           CARE A+         4816       Reaffirmed
(enhanced from Rs.424.33 crore)
Jmc Projects (India) Ltd.           LT/Short- Term Bk   CARE A+ /CARE   23500      Reaffirmed
                                    Fac                 A1+
Krishnaveni Fertilizers Pvt. Ltd.   Bk Fac              CARE D          -          Suspended
Mohan Project Contractors Pvt. Ltd  LT Bk Fac           CARE BB+ (SO)   100        Reaffirmed
Mohan Project Contractors Pvt. Ltd  LT/ST Bk Fac        CARE BB+        200        Reaffirmed
                                                        (SO)/CARE A4+
                                                        (SO)
Morgan Stanley India Capital Pvt    Secured Guaranteed  CARE PP- MLD    253        Withdrawn
Ltd.                                Redeemable          AAA (SO)
                                    Non-Convertible Equity Linked Debentures
Mvr Infrastructure And Tollways     LT Bk Fac*          CARE A-(SO)     2259.9     revised from
Pvt. Ltd.                                                                          CARE C,
                                                                                   Removal from
credit watch
* backed by unconditional and irrevocable corporate guarantee provided by IRB Infrastructure
Developers Limited
Nissan Ashok Leyland Powertrain Ltd LT Bk Fac           CARE A          850        Assigned
Nuziveedu Seeds Ltd (Erstwhile      LT Bk Fac           CARE A+         2999       Reaffirmed
Nuziveedu Seeds Pvt Ltd)
(enhanced from Rs.231.45 crore)
Priyadarshi Purnanada Automobile    LT Bk Fac           CARE BB-        60.6       Reaffirmed
Pvt Ltd
Samoj Cotton Industries             LT Bk Fac           CARE B-         73.4       Reaffirmed
(Enhanced from 5.80)
Sky Foundations                     LT Bk Fac           CARE B+         70.8       Reaffirmed
Swadhaar Finserve Pvt Ltd           Series A1 PTCs      CARE A (SO)     75         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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