October 7, 2013 / 6:35 AM / 4 years ago

CARE ratings for Indian debt instruments-Oct 7

Oct 7 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of October 4, 2013.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Alang Ship Breaking Corporation       ST Bk Fac          CARE A4+       260     Reaffirmed
Amalgamated Bean Coffee Trading Ltd   ST Bk Fac          CARE A1+       783     Reaffirmed
Amalgamated Bean Coffee Trading Ltd   CP/ STD #          CARE A1+       500     Reaffirmed
#standalone
Amalgamated Bean Coffee Trading Ltd   ST Fac from FIs    CARE A1+       20      Reaffirmed
Bhikkamal Chhotelal Exim Pvt. Ltd.    ST Bk Fac          CARE A4        613.5   Reaffirmed
(enhanced from Rs.57.00 crore)
Capital First Ltd                     ST Debt Programme  CARE A1+       9000    Reaffirmed
Dhanlaxmi Solvex Pvt Ltd              ST Bk Fac          CARE A4+       1335.2  Reaffirmed
(enhanced from Rs.78.00 cr)
Eastern Bearings Pvt Ltd              ST Bk Fac          CARE A4+       80      Assigned
IL&FS Transportation Networks Ltd.    ST Bk Fac - TL     CARE A1        6500    Reaffirmed
IL&FS Transportation Networks Ltd.    ST Bk Fac - TL     CARE A /       6200    Reaffirmed
                                                         CARE A1  
Jamipol Ltd                           ST Bk Fac          CARE A1+       10      Assigned
JSW Infrastructure Ltd                ST Bk Fac          CARE A1        100     Revised from
                                                                                CARE A2+
Kays Jewels Pvt Ltd                   ST Bk Fac          CARE A3        60      Reaffirmed
Kriti Industries (India) Ltd          ST Bk Fac          CARE A3        30      Assigned
P. Patel Ship Breaking Company        ST Bk Fac          CARE A4+       580     Reaffirmed
Panchmahal Steel Ltd.                 ST Bk Fac          CARE A3        920     Reaffirmed
Suwarna Buildcon Pvt Ltd              ST Bk Fac          CARE A4        70      Assigned
The Indian Hotels Co. Ltd             ST Bk Fac          CARE A1+       545     Reaffirmed
(reduced from 170cr)

LONG TERM RATINGS:
-------------------
Aashirwad Industries Pvt Ltd          LT Bk Fac          CARE B+        132     Assigned
Alang Ship Breaking Corporation       LT Bk Fac          CARE BB        30      Reaffirmed
Amalgamated Bean Coffee Trading Ltd   LT Bk Fac          CARE A+        1950    Reaffirmed
Amalgamated Bean Coffee Trading Ltd   LT Fac from FIs    CARE A+        1126    Reaffirmed
Amalgamated Bean Coffee Trading Ltd   NCD                CARE A+        500     Reaffirmed
Anubhav Hydel Power Pvt Ltd           LT Bk Fac@         CARE BBB- (SO) 350     Assigned
                                                         In-principle
Bengal Aerotropolis Projects Ltd.     LT Bk Fac - TL     CARE BBB-      3300    Reaffirmed
Bergweff Organic India Pvt Ltd        LT Bk Fac          CARE BB+       114.4   Revised from
                                                                                CARE BB-
Bhikkamal Chhotelal Exim Pvt. Ltd.    LT Bk Fac          CARE BB-       75      Reaffirmed
(enhanced from Rs.6.50 crore)
Capital First Ltd                     Perpetual Debt     CARE AA        1500    Reaffirmed
Capital First Ltd                     LT Bk Fac          CARE AA+       45000   Reaffirmed
Capital First Ltd                     NCD                CARE AA+       10500   Reaffirmed
Capital First Ltd                     Non Convertible    CARE AA+       2000    Reaffirmed
                                      Subordinated
                                      Debentures
Central Bank Of India                 CD Programme       -              300000  On notice of
                                                                                withdrawal
Central Bank Of India                 Upper Tier II      CARE AA-       22850   Reaffirmed
                                      Bonds
Central Bank Of India                 Lower Tier II BondsCARE AA        14373   Reaffirmed
Cimaron Constructions Pvt Ltd         LT Bk Fac@         CARE BBB- (SO) 420     Assigned
                                                         In-principle
@ to be backed by an unconditional irrevocable corporate guarantee of Grenko Energies Private
Limited (GEPL, rated CARE BBB-) to the extent of rated amount.
Delhi Duty Free Services Pvt. Ltd.    LT Bk Fac          CARE A-        2153.2  Revised from
                                                                                CARE BBB+
Delhi Duty Free Services Pvt. Ltd.    LT/ ST Bk Fac      CARE A-/CARE   120     Revised from
                                                         A2+                    CARE
                                                                                BBB+/CARE A2
Dhanlaxmi Solvex Pvt Ltd              LT Bk Fac          CARE BB+       98      Reaffirmed
(reduced from Rs.13.34 cr)
Dhanlaxmi Solvex Pvt Ltd              LT/ ST Bk Fac      CARE BB+ /CARE 1730    Reaffirmed
                                                         A4+
(enhanced from Rs.126.00 cr)
Dr.Agarwal'S Eye Hospital Ltd         LT Bk Fac          CARE BBB-      315.5   Reaffirmed
(enhanced from 26.32 cr)
Eastern Bearings Pvt Ltd              LT Bk Fac          CARE BB        111.4   Assigned
Eastern Bearings Pvt Ltd              LT/ ST Bk Fac      CARE BB/CARE   5       Assigned
                                                         A4+
GMR Energy Ltd                        Non Cumulative     CARE BBB+ (SO) 2708    Reaffirmed
                                      Redeemable
                                      Preference Share (RPS) #
#RPS holds unconditional and irrevocable short fall undertaking from GMR Holdings Ltd, (GHL)
backed by the Non Disposable Undertaking (NDU) agreement on equity shares of GMR Infrastructure
Ltd. (GIL) held by GHL such that these give a cover of at least 2 times the outstanding amounts
under the facility 
GMR Energy Ltd                        NCDs (NCD) @       CARE BBB+ (SO) 7880    Reaffirmed
(Reduced from796.0 cr)@ NCDs holds unconditional and irrevocable short fall undertaking from GIL
backed by NDU agreement on 19% equity shares of GEL and GMR
GMR Infrastructure (Mauritius) Ltd    LT Bk Fac @        CARE BBB+ (SO) 3264    Reaffirmed
(reduced from 403.09 cr) @ backed by Unconditional and irrevocable corporate guarantee provided
by GMR Infrastructure Ltd. (GIL) #GBP denominated term loan
HIM Kailash Hydro Power Pvt Ltd       LT Bk Fac@         CARE BBB- (SO) 300     Assigned
                                                         In-principle
(@ to be backed by an unconditional irrevocable corporate guarantee of Grenko Energies Private
Limited (GEPL, rated CARE BBB-) to the extent of rated amount
Homeland Energy Group Ltd             LT Bk Fac @        CARE BBB+ (SO) 192     Reaffirmed
(reduced from 159.54 cr)
Hydro Pvt Ltd                         LT Bk Fac@         CARE BBB- (SO) 350     Assigned
                                                         In-principle
@ to be backed by an unconditional irrevocable corporate guarantee of Grenko Energies Private
Limited (GEPL, rated CARE BBB-) to the extent of rated amount.
IL&FS Transportation Networks Ltd.    LT Bk Fac - TL     CARE A         6500    Reaffirmed
IL&FS Transportation Networks Ltd.    NCD                CARE A         10000   Reaffirmed
Jamipol Ltd                           LT / ST Bk Fac     CARE AA- /CARE 190     Assigned
                                                         A1+
Jamipol Ltd                           LT Bonds           CARE AAA       12660   Reaffirmed
Jamipol Ltd                           Proposed Tax-free  CARE AAA       10000   Assigned
                                      Bond Issue
JSW Infrastructure Ltd                LT Bk Fac          CARE A+        2509    Revised from
                                                                                CARE A
(reduced from 265 Cr)
Kays Jewels Pvt Ltd                   LT Bk Fac          CARE BBB-      112.3   Reaffirmed
(reduced from Rs.11.45 crore)
Kriti Industries (India) Ltd          LT Bk Fac          CARE BBB-      532.4   Reaffirmed
(reduced from Rs.56.82 crore)
Kriti Industries (India) Ltd          LT/ ST Bk Fac      CARE BBB-      858.5   Reaffirmed
                                                         /CARE A3
(enhanced from Rs.85.36 crore)
Lands End Properties Ltd              NCD                CARE AA+ (SO)  5210    Reaffirmed
(reduced from 525 cr)
Lokmangal Mauli Industries Ltd        LT Bk Fac (TL)     CARE B+        1834.7  Revised from
                                                                                CARE B
Mentor India Ltd                      LT Bk Fac^         CARE BB        200     Reaffirmed
^Rating suspension revoked
Narayan Developers                    LT Bk Fac          CARE BB-       100     Assigned
P. Patel Ship Breaking Company        LT Bk Fac          CARE BB        60      Reaffirmed
Panchmahal Steel Ltd.                 LT Bk Fac          CARE BBB-      600     Reaffirmed
Quatrro Global Services Pvt Ltd       LT Bk Fac          CARE BBB+      226.9   Revised from
                                                                                CARE BBB
(reduced from 24.72 Cr)
Quatrro Global Services Pvt Ltd       LT/ ST Bk Fac      CARE BBB+/CARE 300     Revised from
                                                         A3+                    CARE BBB/CARE
                                                                                A3
Scope E-Knowledge Centre Pvt Ltd      LT Bk Fac          CARE BBB+ (SO) 46.7    Revised from
                                                                                CARE BBB (SO)
(reduced from 6.78 cr)
Shree Sai Developers                  LT Fac             CARE B+        100     Assigned
Shree Siddhi Vinayak Creations Pvt LtdLT Bk Fac          CARE B         100     Assigned
Sri Jaibalaji Steel Rolling Mills Ltd LT Bk Fac          CARE C         225.9   Reaffirmed
(reduced from Rs. 25.27 crore)
Sri Sai Krishna Hydro Energies Pvt LtdLT Bk Fac@         CARE BBB- (SO) 650     Assigned
                                                         In-principle
(@ to be backed by an unconditional irrevocable corporate guarantee of Grenko Energies Private
Limited (GEPL, rated CARE BBB-) to the extent of rated amount
Suwarna Buildcon Pvt Ltd              LT Bk Fac          CARE BB        130     Assigned
Tarela Power Ltd                      LT Bk Fac@         CARE BBB- (SO) 420     Assigned
                                                         In-principle
(@ to be backed by an unconditional irrevocable corporate guarantee of Grenko Energies Private
Limited (GEPL, rated CARE BBB-) to the extent of rated amount
Tata Power Renewable Energy Ltd       LT Bk Fac- CC      CARE A         40      Reaffirmed
Tata Power Renewable Energy Ltd       ST Bk Fac- BG/LOC  CARE A         310     Reaffirmed
Tata Power Renewable Energy Ltd       LT Bk Fac- TL      CARE A+ (SO)   980     Assigned
Tata Power Renewable Energy Ltd       LT Bk Fac- TL      CARE A+ (SO)   2448.2  Reaffirmed
The Indian Hotels Co. Ltd             LT NCD (Series I   CARE AA+       15860   Reaffirmed
                                      to VII)
The Indian Hotels Co. Ltd             LT Bk Fac          CARE AA+       2130    Reaffirmed
(increased from 200 cr)
--------------------------------------------------------------------------------------------
$: 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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