March 7, 2013 / 6:07 AM / 5 years ago

CARE ratings for Indian debt instruments-Mar 7

Mar 7 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 6, 2013.


COMPANY                             INSTRUMENT           RATING        AMOUNT      MOVEMENT
                                                                       (RS.MLN)
-------                             ----------           ------        -------     ---------
SHORT TERM RATINGS:
-------------------
Arham Petrochem Pvt Ltd             ST Bk Fac           CARE A4         150        Reaffirmed
Chemtrols Industries Ltd            ST Bk Fac- Fund     CARE A3         565        Revised from
                                    Based                                          CARE A3+
(enhanced from 52cr)
Chemtrols Industries Ltd            ST Bk Fac- Non      CARE A3         1785       Revised from
                                    Fund Based                                     CARE A3+
(enhanced from 148.50cr)
Crystal Crop Protection Pvt Ltd     ST Bk Fac           CARE A1         1700       Revised from
                                                                                   CARE A2+
(Enhanced from 129.00 cr)
D Thakkar Construction Pvt Ltd      ST Bk Fac- Non      CARE A4         200        Revised from
                                    Fund Based                                     CARE A3
Dsg Papers Pvt Ltd                  ST Bk Fac           CARE A4         50         Assigned
Nand Trading Pvt Ltd                ST Bk Fac           CARE A4         35         Assigned
Nav Durga Fuel Pvt. Ltd             ST Bk Fac           CARE A4         80         Reaffirmed
(reduced from 8.7 CR)
Omkar Realtors And Developers Pvt   ST Bk Fac- TL       CARE A3         750        Reaffirmed
Ltd
Omkar Realtors And Developers Pvt   ST Bk Fac -         CARE A3         500        Reaffirmed
Ltd                                 Non-fund Based
Parekh Aluminex Ltd                 ST Bk Fac           CARE D          4950       Revised from
                                                                                   CARE A4
Sanjay Trade Corporation            ST Bk Fac           CARE A4         300        Reaffirmed
Shapers Construction Ltd            ST Bk Fac           CARE A3+        260        Assigned
Star Ship Breaking Corporation      ST Bk Fac           CARE A4         300        Reaffirmed
Super Agri Seeds P. Ltd.            ST Bk Fac           CARE A4         10         Reaffirmed
Techno Fab Manufacturing Ltd        ST Bk Fac           CARE A4         325        Reaffirmed
Varad Fertilizers                   ST Bk Fac           CARE A4         0.3        Assigned
Vascular Concepts Ltd               ST Bk Fac           CARE A3         60         Reaffirmed
Virtuous Urja Ltd                   ST Bk Fac           CARE A2+ (SO)   2250       Revised from
                                                                                   CARE A1 (SO)
@ backed by unconditional and irrevocable corporate guarantee provided by Genus Power
Infrastructure Limited (GPIL) (Enhanced from Rs. 90 crore CR)
West Bengal State Electricity       ST debt (including  CARE A1         600        Reaffirmed
Transmission Company Ltd            CP)

LONG TERM RATINGS:
-------------------
Arg Royal Ensign Developers Pvt Ltd LT Bk Fac           CARE BB-        120        Assigned
Arham Petrochem Pvt Ltd             LT Bk Fac           CARE BB+        94.5       Reaffirmed
Bhairavnath Sugar Works Ltd         LT Bk Fac           CARE BB-        773.7      Reaffirmed
(Secured Term Loan) (reduced from 118.85cr)
Chemtrols Industries Ltd            LT Bk Fac- Fund     CARE BBB-       430        Revised from
                                    Based                                          CARE BBB
Chemtrols Industries Ltd            LT Bk Fac- TL       CARE BBB-       38.3       Revised from
                                                                                   CARE BBB
(reduced from 5.34)
Crystal Crop Protection Pvt Ltd     LT Bk Fac           CARE A          480        Revised from
                                                                                   CARE A-
Crystal Crop Protection Pvt Ltd     LT/ST Bk Fac        CARE A /CARE    50         Revised from
                                                        A1                         CARE A-/
                                                                                   CARE A2+
D Thakkar Construction Pvt Ltd      LT Bk Fac- Fund     CARE BB         550        Revised from
                                    Based                                          CARE BBB-
D Thakkar Construction Pvt Ltd      LT Bk Fac- TL       CARE BB         210.8      Revised from
                                                                                   CARE BBB-
D Thakkar Construction Pvt Ltd      LT/ ST Bk Fac -Non  CARE BB /CARE   1750       Revised from
                                    Fund Based          A4                         CARE BBB- /
                                                                                   CARE A3
Dsg Papers Pvt Ltd                  LT Bk Fac           CARE BB         309.4      Assigned
Gujarat Opthalmics Pvt Ltd          LT Bk Fac           CARE B+         89         Reaffirmed
(Enhanced from Rs. 8.65 crore)
Haveli Restaurant & Resorts         LT Bk Fac           CARE B+         456.2      Assigned
Katira Construction Ltd             LT Bk Fac           CARE BBB-       130.3      Revised from
                                                                                   CARE BB+
Katira Construction Ltd             LT/ST Bk Fac        CARE BBB-       280        Revised from
                                                        /CARE A3                   CARE BB+ /
                                                                                   CARE A4+
Nand Trading Pvt Ltd                LT Bk Fac           CARE BB         77         Assigned
Nav Durga Fuel Pvt. Ltd             LT Bk Fac           CARE B          995        Revised from
                                                                                   CARE BB+
(reduced from 118.78 CR)
Omkar Realtors And Developers Pvt   LT Bk Fac           CARE BBB-       11835      Revised from
Ltd                                                                                CARE BBB
Parekh Aluminex Ltd                 LT Bk Fac           CARE D          5180       Revised from
                                                                                   CARE BB
Parekh Aluminex Ltd                 Long/ST Bk Fac      CARE D          3320       Revised from
                                                                                   CARE BB /
                                                                                   CARE A4
Parekh Aluminex Ltd                 LT NCD              CARE D          1250       Revised from
                                                                                   CARE BB
Patel Bridge Nirman Pvt Ltd         LT Bk Fac           CARE BBB- %     1400
Patel Highway Management Pvt Ltd    LT Bk Fac           CARE BBB(SO)    1788.9     Assigned
@backed by unconditional and irrevocable corporate guarantee extended by Patel Infrastructure
Pvt Limited (PIPL: rated CARE BBB and CARE A3 ).
Sanjay Trade Corporation            LT Bk Fac           CARE B          50         Reaffirmed
Shapers Construction Ltd            LT Bk Fac           CARE BBB        10         Assigned
Shree Desai Cotton Industries       LT Bk Fac           CARE B+         64         Assigned
Shri Shyam Warehousing And Power    LT Bk Fac           CARE BB-        349        Reaffirmed
Pvt. Ltd.
(enhanced from 32.0 CR)
Star Ship Breaking Corporation      LT Bk Fac           CARE B          50         Reaffirmed
Super Agri Seeds P. Ltd.            LT Bk Fac           CARE BB+        268        Reaffirmed
Techno Fab Manufacturing Ltd        LT Bk Fac           CARE B          576.1      Reaffirmed
Techno Fab Manufacturing Ltd        LT/ST Bk Fac        CARE B /CARE    310        Reaffirmed
                                                        A4
Tikaula Sugar Mills Ltd             LT Bk Fac           CARE BB         863.8      Reaffirmed
Varad Fertilizers                   LT Bk Fac           CARE B+         52.5       Assigned
Vascular Concepts Ltd               LT Bk Fac           CARE BBB        180        Reaffirmed
West Bengal State Electricity       LT Secured          CARE A-         2500       Reaffirmed
Distribution Co. Ltd.               Redeemable
                                    Bonds-Series I Tranche I
West Bengal State Electricity       LT Secured          CARE A-         2500       Reaffirmed
Distribution Co. Ltd.               Redeemable
                                    Bonds-Series I Reaffirmed Tranche II
West Bengal State Electricity       LT Secured          CARE A-         5000       Reaffirmed
Distribution Co. Ltd.               Redeemable
                                    Bonds-Series II
West Bengal State Electricity       Proposed LT         CARE A-         10000      Assigned
Distribution Co. Ltd.               Secured Redeemable
                                    Bonds-Series III
West Bengal State Electricity       LT Bk Fac           CARE A          2500       Reaffirmed
Transmission Company Ltd
West Bengal State Electricity       Secured Redeemable  CARE A          1281       Reaffirmed
Transmission Company Ltd            Bonds - Series I
                                    Tranche I
West Bengal State Electricity       Proposed Secured    CARE A          170        Reaffirmed
Transmission Company Ltd            Redeemable Bonds -
                                    Series I Tranche II
West Bengal State Electricity       Secured Redeemable  CARE A          2500       Reaffirmed
Transmission Company Ltd            Bonds- Series II
                                    Tranche I
West Bengal State Electricity       Proposed Secured    CARE A          500        Reaffirmed
Transmission Company Ltd            Redeemable Bonds -
                                    Series II Tranche II
West Bengal State Electricity       Proposed Secured    CARE A          3000       Reaffirmed
Transmission Company Ltd            Redeemable Bonds -
                                    Series III
West Bengal State Electricity       Issuer rating       CARE A          -          Reaffirmed
Transmission Company Ltd
West Bengal State Electricity       Long/ST Bk Fac      CARE A /CARE    2400       Assigned
Transmission Company Ltd                                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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