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CARE ratings for Indian debt instruments-Mar 13
March 13, 2015 / 5:37 AM / in 3 years

CARE ratings for Indian debt instruments-Mar 13

Mar 13 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 12, 2015.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Arvind Ltd                            CP issue (Carved  CARE A1+       2000    Reaffirmed
                                      Out)
Arvind Ltd                            CP issue           CARE A1+       3000    Reaffirmed
                                      (Standalone) @
(enhanced from Rs.200 crore)@ Arvind Limited has given an undertaking to keep the sanctioned
fund-based working capital limits unutilized to the extent of the CP issue of Rs.300 crore. The
Bank limits to the extent of Rs.300 crore will be kept unutilized throughout the tenure of the
instrument. 
Edelweiss Securities Ltd              Proposed CP (CP)   CARE A1+       10000   Assigned
                                      issue
Emrald Resilient Tyre Manufacturers PvST Bk Fac          CARE A4        295     Assigned
Ltd
Facilities Of Vishal Fashions Pvt Ltd ST Bk Fac          CARE A3        7.5     Assigned
Foods & Inns Ltd                      ST Bk Fac          CARE A4+       367.5   Assigned
Indo Rama Synthetics (India) Ltd      ST Bk Fac          CARE A3        800     Assigned
Integrated Rubian Exports Public      ST Bk Fac          CARE A4        60      Reaffirmed
Limtied
Kay Kay Exports                       ST Bk Fac          CARE A4        24      Reaffirmed
Nabha Power Ltd                       Bk Fac-Non-FB - ST CARE A1        2500    Reaffirmed
Navneet Education Ltd.                ST Debt Programme  CARE A1+       2000*   Assigned
                                      (including CP
                                      issue)
* Overall, the Short Term Debt (including Commercial Paper) borrowings of the company shall not
exceed Rs.200 crore.
Peppermint Clothing Pvt Ltd           ST Bk Fac          CARE A4        20      Assigned
Real Strips Ltd                       ST Bk Fac          CARE A3        725     Reaffirmed
Rs Development And Constructions IndiaST Bk Fac          CARE A4        80      Reaffirmed
Pvt Ltd
S J Contracts Pvt Ltd                 ST Bk Fac          CARE A3        220     Assigned
Shree Ambica Board Industries         ST Bk Fac          CARE D         30      Assigned
Srei Infrastructure Finance Ltd       STD programme      CARE A1+       30000   Reaffirmed
                                      (including CP)
Srei Infrastructure Finance Ltd       ST Bk Fac          CARE A1+       15000   Reaffirmed
                                      (Non-Fund Based)
Trans Damodar Coal Mining Pvt Ltd     ST Bk Fac          CARE A3        350     Continues on
                                                                                credit watch
Virgo Aluminum Ltd                    ST Bk Fac          CARE A3        277.5   Assigned
Virgo Industries                      ST Bk Fac          CARE A2+       160     Assigned
West Coast Ingots Pvt Ltd             ST Bk Fac          CARE A4        110     Reaffirmed
(Enhanced from 8 CR)

LONG TERM RATINGS:
-------------------
Apex Steel Pvt Ltd                    LT Bk Fac          CARE B+        120     Assigned
Ariha Chemicals Pvt Ltd               LT Bk Fac          CARE B+        145     Assigned
Badhri Spinning Mills Pvt Ltd         LT Bk Fac          CARE B-        305.1   Assigned
Cauvery Power Generation Chennai Pvt  Bk Fac             -              -       Suspended
Ltd
Ceedeeyes It Parks Pvt Ltd            Bk Fac             -              -       Suspended
Ceedeeyes Software Technology Park PvtBk Fac             -              -       Suspended
Ltd
Ceedeeyes Standard Towers Pvt Ltd     Bk Fac             -              -       Suspended
Emmay Logistics (India) Pvt Ltd       Bk Fac             -              -       Withdrawn
Emrald Resilient Tyre Manufacturers PvLT Bk Fac          CARE BB+       250.3   Assigned
Ltd
Facilities Of Vishal Fashions Pvt Ltd LT Bk Fac          CARE BBB-      985.1   Reaffirmed
Foods & Inns Ltd                      LTL                CARE BB+       99.8    Assigned
Foods & Inns Ltd                      LT Bk Fac          CARE BB+       1302.7  Revised from
                                                                                CARE B+
Indo Rama Synthetics (India) Ltd      LT Bk Fac          CARE BBB-      315.5   Assigned
Indo Rama Synthetics (India) Ltd      LT/ST Bk Fac       CARE BBB-      7884.5  Assigned
                                                         /CARE A3
Integrated Rubian Exports Public      LT Bk Fac          CARE BB-       39.3    Revised from
Limtied                                                                         CARE B+
Ishwar Raj Beverages Pvt. Ltd.        LT Bk Fac          CARE D         91.5    Assigned
Jakhotia Plastics Pvt Ltd             Bk Fac             -              -       Withdrawn
Jre Infra Pvt Ltd                     LT Bk Fac          CARE BBB-      1446.4  Placed under
                                                                                credit watch    
                                                                         
Jre Infra Pvt Ltd                     LT Bk Fac          CARE BBB-      206.6   Placed under
                                      (Subordinate Debt)                        credit watch    
                                                                          
Jre Infra Pvt Ltd                     LT/ST Bk Fac       CARE BBB-      100     Placed under
                                                         /CARE A3               credit watch    
                                                                          
Jupiter Lifeline Hospitals Ltd        LT Bk Fac(TL)      CARE BBB+      442     Revised from
                                                                                CARE BBB
Jupiter Lifeline Hospitals Ltd        LT Bk Fac(FB)      CARE BBB+      250     Revised from
                                                                                CARE BBB
Kakade Healthcare Pvt Ltd             Bk Fac             -              -       Suspended
Kalyan Sangam Infratech Ltd           Bk Fac             -              -       Suspended
Kay Kay Exports                       LT Bk Fac          CARE B+        95      Reaffirmed
Kyori Oremin Ltd                      Bk Fac             -              -       Suspended
Lucky Automotives Pvt Ltd             LT Bk Fac          CARE D         55      Revised from
                                                                                CARE B+
(Reduced from 10.00 CR )
M.P. Jewellers (Bs) & Co.             LT Bk Fac          CARE BB        150     Assigned
Mani Tirumala Projects Pvt Ltd        Bk Fac             -              -       Withdrawn
Methra Industries India Pvt Ltd       LT Bk Fac          CARE D         137.9   Assigned
Mod Age Consultants & Advisory ServiceNCD ISSUE          CARE B-        250     Reaffirmed
Pvt Ltd
Nabha Power Ltd                       Bk Fac-FB - LT-TL  -              66760   withdrawn
Nabha Power Ltd                       Bk Fac-FB -        CARE A         5240    Reaffirmed
                                      LT-ECB*
Nabha Power Ltd                       Bk Fac-FB -        CARE A         7500    Reaffirmed
                                      LT-Working Capital
                                      Limits
Nabha Power Ltd                       Bk Fac-Non-FB -    CARE A         800     Reaffirmed
                                      LT-Bk Guarantees 
Nanu Ram Goyal & Co.                  LT Bk Fac          CARE BB+       250     Reaffirmed
(Enhanced from 14 CR)
Navayuga Infotech Pvt Ltd             LT Bk Fac@         CARE BBB- (SO) 650     Reaffirmed
(reduced from 85 CR) 
@ backed by Letter of Comfort (LOC) of Navayuga Engineering Company Ltd (rated CARE BBB+/CARE
A2).
Navayuga Infotech Pvt Ltd             LT/ST Bk Fac       CARE BBB-      868.4   Reaffirmed
                                                         (SO)/CARE A3
                                                         (SO)(reduced from 107 CR) 
Network Systems And Technologies Pvt  Bk Fac             -              -       Withdrawn
Ltd
Nirman Developers                     LT Bk Fac          CARE B+        140     Assigned
Orchid Exim India Pvt Ltd             Bk Fac             -              -       Suspended
P.Kishanchand Textiles Pvt Ltd        Bk Fac             -              -       Suspended
Peppermint Clothing Pvt Ltd           LT Bk Fac          CARE B+        82.2    Assigned
Rajasthan Hybrids Pvt Ltd             LT Bk Fac          CARE BB        50      Assigned
Real Strips Ltd                       LT Bk Fac          CARE BBB-      790     Reaffirmed
Rs Development And Constructions IndiaLT Bk Fac          CARE BB        250     Reaffirmed
Pvt Ltd
S J Contracts Pvt Ltd                 LT Bk Fac          CARE BBB-      130     Assigned
S.P.S. Hospitality And Entertainment  LT Bk Fac          CARE D         157.5   Assigned
Pvt Ltd
Sakal Auto                            Bk Fac             -              -       Suspended
Santosh Overseas Ltd                  Bk Fac             -              -       Suspended
Scm Silks Pvt Ltd                     LT Bk Fac          CARE BBB+      500     Assigned
Shivam Traders                        Proposed LT Bk Fac CARE BBB       500     Reaffirmed
                                      - CC
Shree Ambica Board Industries         LT Bk Fac          CARE D         23.1    Assigned
Shri Saptashringi Ispat Pvt Ltd       Bk Fac             -              -       Suspended
Srei Infrastructure Finance Ltd       LT infrastructure  CARE AA-       248.9   Reaffirmed
                                      bond
Srei Infrastructure Finance Ltd       Unsecured          CARE AA-       500     Reaffirmed
                                      subordinated Tier
                                      II NCDs (Series I)
Srei Infrastructure Finance Ltd       Unsecured          CARE AA-       2000    Reaffirmed
                                      subordinated Tier
                                      II NCDs (Series II)
Srei Infrastructure Finance Ltd       Unsecured          CARE AA-       500     Reaffirmed
                                      subordinated Tier
                                      II NCDs (Series III)
Srei Infrastructure Finance Ltd       Unsecured          CARE AA-       2500    Reaffirmed
                                      subordinated Tier
                                      II NCDs (Series IV)
Srei Infrastructure Finance Ltd       Unsecured          CARE AA-       2500    Reaffirmed
                                      subordinated Tier
                                      II NCDs (Series V)
Srei Infrastructure Finance Ltd       Unsecured          CARE AA-       25644.9 Reaffirmed
                                      subordinated Tier
                                      II NCDs (Series VI)
Srei Infrastructure Finance Ltd       Secured Redeemable CARE AA-       50      Reaffirmed
                                      Bonds (Series I)
Srei Infrastructure Finance Ltd       Secured Redeemable CARE AA-       4280    Reaffirmed
                                      Bonds (Series II)
Srei Infrastructure Finance Ltd       Secured Redeemable CARE AA-       2500    Reaffirmed
                                      Bonds (Series III)
Srei Infrastructure Finance Ltd       Secured Redeemable CARE AA-       4832.7  Reaffirmed
                                      Bonds (Series IV)
Srei Infrastructure Finance Ltd       Secured Redeemable CARE AA-       4685.9  Reaffirmed
                                      Bonds (Series V)
Srei Infrastructure Finance Ltd       Secured Redeemable CARE AA-       2026.5  Reaffirmed
                                      Bonds (Series VII)
Srei Infrastructure Finance Ltd       Proposed Secured   CARE AA-       137.3   Reaffirmed
                                      Redeemable Bonds
                                      (Series IV)
Srei Infrastructure Finance Ltd       Proposed Secured   CARE AA-       0.3     Reaffirmed
                                      Redeemable Bonds
                                      (Series V)
Srei Infrastructure Finance Ltd       Proposed Secured   CARE AA-       2000    Reaffirmed
                                      Redeemable Bonds
                                      (Series VI)
Srei Infrastructure Finance Ltd       Proposed Secured   CARE AA-       373.5   Reaffirmed
                                      Redeemable Bonds
                                      (Series VII)
Srei Infrastructure Finance Ltd       Proposed Secured   CARE AA-       10000   Reaffirmed
                                      Redeemable Bonds
                                      (Series VIII)
Srei Infrastructure Finance Ltd       Proposed Secured   CARE AA-       1738.6  Reaffirmed
                                      Redeemable Bonds
                                      (Series IX)
Srei Infrastructure Finance Ltd       Secured Redeemable CARE AA-       3261.4  Reaffirmed
                                      Bonds (Series IX)
Srei Infrastructure Finance Ltd       LT Bk Fac (Fund    CARE AA-       125740.6Reaffirmed
                                      Based)
The Chennai Silks                     LT Bk Fac          CARE BBB+      500     Assigned
Trans Damodar Coal Mining Pvt Ltd     LT Bk Fac          CARE BBB-      267     Continues on
                                                                                credit watch
(reduced from 61.17 CR)
Unicorn Textile Pvt Ltd               Bk Fac             -              -       Withdrawn
Usha Spincoat Pvt Ltd                 LT Bk Fac          CARE BB-       312.8   Revised from
                                                                                CARE B+
(Reduced from 33.91 CR)
Veekay Prints Pvt Ltd                 LT Bk Fac          CARE BBB-      145.2   Reaffirmed
Vipul Motors Pvt Ltd                  Bk Fac             -              -       Suspended
Virgo Aluminum Ltd                    LT Bk Fac          CARE BBB       347.5   Assigned
Virgo Industries                      LT Bk Fac          CARE A-        125     Assigned
Vishwa Infrastrucures And Services PvtLT Bk Fac          CARE B         4827.1  Revised from
Ltd                                                                             CARE C
(enhanced from 332.74 CR)
Vishwa Infrastrucures And Services PvtLT/ST Bk Fac       CARE B /CARE A44940    Revised from
Ltd                                                                             CARE C / CARE
                                                                                A4
(reduced from 560.87 CR)
West Coast Ingots Pvt Ltd             LT Bk Fac          CARE B         60      Reaffirmed
(Enhanced from 5 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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