August 5, 2013 / 7:19 AM / 4 years ago

CARE ratings for Indian debt instruments-Aug 5

Aug 5 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of August 2, 2013.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Bhushan Steel Ltd                     ST Bk Fac          CARE A1        10000   Reaffirmed
                                      (Short-TL)
(reduced from 1,500cr)
Bhushan Steel Ltd                     PTC (PTCs)         CARE A1 (SO)   1000    Reaffirmed

Bhushan Steel Ltd                     ST Bk Fac (Working CARE A1+       51840   Reaffirmed
                                      Capital)
(enhanced from 4,204cr)
Bhushan Steel Ltd                     CP/ST Debt         CARE A1+       13000   Reaffirmed
                                      Programme*
*Carved out of sanctioned working capital limits
Binani Cement Ltd                     ST Bk Fac          CARE A2+       4360    Revised from
                                                                                CARE A2
Durga Marble And Minerals             ST Bk Fac          CARE A4        72      Assigned
International Trade Links Pvt Ltd     ST Bk Fac          CARE A4        248.5   Assigned
Janki Corp Ltd                        ST Bk Fac          CARE A4+       860     Reaffirmed
Jyoti Ltd                             ST Bk Fac          CARE D         1367.4  Revised from
                                                                                CARE A4
(enhanced from Rs.68.39 crore)
K.P.R Fertilizers Ltd                 ST Bk Fac          CARE A3        3015    Reaffirmed
(enhanced from Rs.273 crore)
Pawar Electro Systems Pvt Ltd         ST Bk Fac          CARE A3        85      Revised
                                                                                from
                                                                                CARE A4+
Rajesh Steel & Wire Industries        ST Bk Fac          CARE A4        50      Reaffirmed
(enhanced from 3cr)
Suncity Projects Pvt. Ltd.            ST Bk Fac          CARE A4+       1520    Assigned
Surat Textile Mills Ltd               ST Bk Fac          CARE A3        250     Assigned


LONG TERM RATINGS:
-------------------
All India Federation Of Educational   LT Bk Fac          CARE BBB-      94.9    Assigned
Association
Aquatech Solutions Pvt Ltd            Bk Fac                            125     Withdrawn
Bhushan Steel Ltd                     Subordinate Debt   CARE A         1000    Reaffirmed
Bhushan Steel Ltd                     Cumulative         CARE A         885     Reaffirmed
                                      Redeemable PS-I
                                      (CRPS-I)
Bhushan Steel Ltd                     Cumulative         CARE A/CARE A1 1000    Reaffirmed
                                      Redeemable PS-II
                                      (CRPS-II)
Bhushan Steel Ltd                     LT Bk Fac          CARE A+        296760.2Reaffirmed
(enhanced from 19,664.38cr)
Bhushan Steel Ltd                     NCD Programme-I    CARE A+        15000   Reaffirmed
Bhushan Steel Ltd                     NCD Programme-II   CARE A+        8000    Reaffirmed
Binani Cement Ltd                     LT Bk Fac          CARE BBB+      17252.3 Reaffirmed
EMS Infracon Pvt Ltd                  LT Bk Fac          CARE BB+       100     Assigned
EMS Infracon Pvt Ltd                  LT/ST Bk Fac       CARE BB+/CARE  600     Assigned
                                                         A4+
Flotech Engineering Pvt Ltd           LT Bk Fac          CARE BB+       82.7    Revised
                                                                                from
                                                                                CARE BB
Flotech Engineering Pvt Ltd           LT/ST Bk Fac       CARE BB+/CARE  5       Revised 
                                                         A4+                    from 
                                                                                CARE BB/
                                                                                CARE A4
Gravita India Ltd                     Bk Fac                                    Suspended
International Trade Links Pvt Ltd     LT Bk Fac          CARE B-        27.3    Assigned
Jamnadas & Co                         LT Bk Fac          CARE B+        85      Assigned
Janki Corp Ltd                        LT Bk Fac          CARE BB+       4149.6  Reaffirmed
Jyoti Ltd                             LT Bk Fac          CARE D         2764.6  Revised from
                                                                                CARE BB
(enhanced from Rs.275.33 crore)
Jyoti Ltd                             LT/ST Bk Fac       CARE D         5483.5  Revised from
                                                                                CARE BB/CARE
                                                                                A4
(reduced from Rs.600.54 crore)
K.P.R Fertilizers Ltd                 LT Bk Fac          CARE BBB-      1786.9  Revised from
                                                                                CARE BBB
(reduced from Rs 234.17 crore)
Kurukshetra Expressway Pvt Ltd        LT Bk Fac          CARE BBB       7940.6  Reaffirmed
Lodha Developers Ltd                  Bk Fac                                    Withdrawn
Narbheram Vishram                     LT Bk Fac          CARE A-        2700    Assigned
Pawar Electro Systems Pvt Ltd         LT Bk Fac          CARE BBB-      220.1   Revised from
                                                                                CARE BB+
Rajesh Steel & Wire Industries        LT Bk Fac          CARE BB-       200     Reaffirmed
(enhanced from 5cr)
SEFPL Direct Assignment March '11 - IiAssignee Payouts   CARE AAA(SO)           Withdrawn
Shree Ramkrishna Oil Industries       LT Bk Fac          CARE B+        105.5   Assigned
SNJ Sugars And Products Ltd           LT Bk Fac          CARE BB        300     Assigned
SNJ Sugars And Products Ltd           LT Bk Fac*         CARE BB+ (SO)  350     Assigned
*Backed by unconditional and irrevocable corporate guarantee of SNJ Distilleries P Ltd (SDPL,
rated CARE BB+)
SRR Projects Pvt Ltd                  Bk Fac                                    Suspended
Suncity Projects Pvt. Ltd.            LT Bk Fac          CARE BB+       750     Assigned
Surat Textile Mills Ltd               LT Bk Fac          CARE BBB-      50      Assigned
Vinayraj Metal Pvt Ltd                LT Bk Fac          CARE B+        47.4    Assigned
Vinayraj Metal Pvt Ltd                LT/ST Bk Fac       CARE B+/CARE A44       Assigned
Zanira Property Pvt Ltd               LT Bk Fac          CARE BB-       220     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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