August 13, 2014 / 4:58 AM / 3 years ago

CARE ratings for Indian debt instruments-Aug 13

Aug 13 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of August 12, 2014.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                      (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Vinati Organics Ltd                   LT Bk Fac          CARE A1        621.3   Revised from
                                                                                CARE A2+
Godhani Gems Pvt Ltd                  Bk Fac - Non-fund  CARE A3        27.5    Revised from
                                      Based - ST -                              CARE A4+
                                      Forward Contract
(Reduced from Rs.4.92 Cr)
Intec Capital Ltd                     CP                 CARE A1+(SO)   100     Reaffirmed
Milan Developers And Builders Pvt Ltd ST Bk Fac          CARE A4        98.5    Assigned
S.D. Corporation Pvt Ltd              CP @               CARE A1+(SO)   500     -
@credit enhancement in the form of unconditional, irrevocable and continuing Corporate Guarantee
provided by Shapoorji Pallonji & Company Ltd. 
S.D. Corporation Pvt Ltd              CP @               CARE A1+(SO)   2250    Reaffirmed
@credit enhancement in the form of unconditional, irrevocable and continuing Corporate Guarantee
provided by Shapoorji Pallonji & Company Ltd. 
Vinati Organics Ltd                   ST Bk Fac          CARE A1        838.4   Revised from
                                                                                CARE A-
    
LONG TERM RATINGS:
-------------------
Vinati Organics Ltd                   LT / ST Bk Fac     CARE A /CARE A1450     Revised from
                                                                                CARE A- /
                                                                                CARE A2+
AAA Roller Flour Mills Pvt Ltd        LT Bk Fac          CARE B+        150     Assigned
Aquagel Chemicals (Bhavnagar) Pvt Ltd LT / ST Bk Fac     CARE A /CARE A150      Reaffirmed
Bhaskar Urade And Brothers            LT Bk Fac          CARE B+        55      Assigned
Calyx Telecommunication Pvt Ltd       LT Bk Fac          CARE B+        150     Assigned
Faery Estates Pvt Ltd                 LT Bk Fac for      CARE AA-(SO)   2200    Assigned
                                      Tower A*
*backed by an unconditional and irrevocable revolving Debt Service Reserve Account (DSRA)
guarantee from Shapoorji Pallonji & Co. Ltd (SPCL) for maintenance of debt service reserve
equivalent an amount equaling to amount payable towards one quarter interest and one quarter
principal for immediately succeeding quarter throughout the tenure of the 
facility"
Faery Estates Pvt Ltd                 LT Bk Fac for      CARE AA-(SO)   2650    Assigned
                                      Tower B ^
^to be backed by an unconditional and irrevocable revolving Debt Service Reserve Account (DSRA)
guarantee from SPCL for maintenance of debt service reserve equivalent to an amount equaling to
amount payable towards one quarter interest and one quarter principal for immediately succeeding
quarter throughout the tenure of the facility. The 'in-principle' rating will be confirmed after
the execution and verification of the transaction documents to the satisfaction of CARE. 
Faery Estates Pvt Ltd                 LT Bk Fac for      CARE AA-(SO)   2650    Assigned
                                      Tower C^
^to be backed by an unconditional and irrevocable revolving Debt Service Reserve Account (DSRA)
guarantee from SPCL for maintenance of debt service reserve equivalent to an amount equaling to
amount payable towards one quarter interest and one quarter principal for immediately succeeding
quarter throughout the tenure of the facility. The 'in-principle' rating will be confirmed after
the execution and verification of the transaction documents to the satisfaction of CARE. 
Godhani Gems Pvt Ltd                  Bk Fac - FB - LT-  CARE BBB-      2100    Revised from
                                      EPC/PSC                                   CARE BB+
(enhanced from Rs.165 Cr)
Gujarat Credo Minerals Industries Ltd LT Bk Fac          CARE BBB       190     Assigned
Intec Capital Ltd                     LT Bk Fac          CARE BBB+      6750    Reaffirmed
Jaiprakash Power Ventures Ltd         LT Bk Fac          CARE BBB+      194949.1-
Jindal Rail Infrastructure Ltd        LT Bk Fac          CARE BBB-(SO)  1507    Reaffirmed
Madhu Silica Pvt Ltd                  LT Bk Fac          CARE AA        344.5   Revised from
                                                                                CARE AA-
Madhu Silica Pvt Ltd                  LT / ST Bk Fac     CARE AA /CARE  350     Revised from
                                                         A1+                    CARE AA- /
                                                                                CARE A1+
Milan Developers And Builders Pvt Ltd LT Bk Fac          CARE B+        15.8    Assigned
Rajarambapu Patil Sahakari Sakhar     LT Bk Fac          CARE BB        5000    Assigned
Karkhana Ltd
Shri Saiprasad Rice Mills             LT Bk Fac          CARE B+        55      Assigned
Timarpur Okhla Waste Management CompanLT Bk Fac          CARE BBB-(SO)  1313.3  Reaffirmed
Pvt Ltd
Tommy Hilfiger Arvind Fashion Pvt Ltd LT Bk Fac          CARE A+(SO)    450     Revised from
                                                                                CARE A(SO)
(reduced from Rs.50)  @ The above bank facilities are backed by the unconditional and
irrevocable corporate guarantee of Arvind Limited (Arvind; rated: CARE A+ and CARE A1+) 
--------------------------------------------------------------------------------------------
$: 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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