January 27, 2015 / 5:53 AM / 3 years ago

CARE ratings for Indian debt instruments-Jan 27

Jan 27 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of January 23, 2015.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                      (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aegis (Gas) Lpg Pvt Ltd               ST Bk Fac#         CARE A1+(SO)   150     Reaffirmed
#Backed by an unconditional and irrevocable corporate guarantee provided by the Aegis Logistics
Ltd [ALL, rated CARE AA- / A1+]
Ascent Hotels Pvt Ltd                 ST Bk Fac          CARE A4        230     Reaffirmed
B.R. Goyal Infrastructure Pvt Ltd     ST Bk Fac          CARE A3        30      Reaffirmed

BSL Ltd                               ST Bk Fac          CARE A3        1169    Reaffirmed
(enhanced from Rs. 109.50 Cr)
Ceat Ltd                              ST Non-fund Bk Fac CARE A1+       9000    Revised from
                                                                                CARE A1
Ceat Ltd                              Proposed CP (CP)   CARE A1+       500     Revised from
                                      issue*                                    CARE A1
*Carved out of sanctioned working capital limits of the company
Idea Sales Agencies Pvt Ltd           ST Bk Fac          CARE A4        13.5    Reaffirmed
IL&FS Transportation Networks Ltd.    ST Bk Fac - TL     CARE A1        330     Reaffirmed
(enhanced from Rs.455 crore)
IL&FS Transportation Networks Ltd.    CP                 CARE A1        4000    Reaffirmed
Jaypee Sports International Ltd       ST Bk Fac          CARE A3        3240.4  Reaffirmed
Pacific Paper Products                ST Bk Fac          CARE D         30      Revised from
                                                                                CARE A4
Precot Meridian Ltd                   ST Bk Fac          CARE A3        445     Reaffirmed
(reduced from Rs. 47 Cr)
Premco Rail Engineers Ltd.            ST Bk Fac          CARE A3        550     Assigned
Redstone Granito Pvt. Ltd.            ST Bk Fac          CARE A4        60      Assigned
Smart Card It Solutions Ltd           ST Bk Fac          CARE A4        60      Assigned

LONG TERM RATINGS:
-------------------
Aegis (Gas) Lpg Pvt Ltd               Proposed NCD       CARE AA-(SO)   750     Assigned
                                      Issue##
##Backed by an unconditional and irrevocable corporate guarantee to be provided by the Aegis
Logistics Ltd [ALL, rated CARE AA- / A1+]. The final rating would be assigned on submission and
verification of guarantee document to the satisfaction of CARE. 
Ascent Hotels Pvt Ltd                 LT Bk Fac          CARE C         50      Reaffirmed
Ashok Motors                          LT Bk Fac          CARE B+        150     Reaffirmed
Reduced from 16 Cr
B.R. Goyal Infrastructure Pvt Ltd     LT Bk Fac          CARE BBB       177     Reaffirmed
B.R. Goyal Infrastructure Pvt Ltd     LT/ST Bk Fac       CARE BBB/CARE  385     Reaffirmed
                                                         A3
BSL Ltd                               LT Bk Fac          CARE BBB       1065.8  Reaffirmed
(reduced from Rs. 116.13 Cr)
Ceat Ltd                              LT FB Bk Fac #     CARE A+        4363.9  Revised from
                                                                                CARE A
Ceat Ltd                              LT FB Bk Fac       CARE A+        5000    Revised from
                                                                                CARE A
Cleta Real Estate Pvt. Ltd.           Secured NCD - I^   CARE BB+       750     Reaffirmed
^Backed by Personal Guarantee of the promoter Mr. Sameer Gehlaut and structured payment
mechanism with Non-Disposal Undertaking on certain assets of the promoter.
Cleta Real Estate Pvt. Ltd.           Secured NCD - II^  CARE BB+(SO)   1000    Reaffirmed
^Backed by Personal Guarantee of the promoter Mr. Sameer Gehlaut and structured payment
mechanism with Non-Disposal Undertaking on certain assets of the promoter.
ECL Finance Ltd                       Retail Bonds       CARE AA        3000    Assigned
ECL Finance Ltd                       Retail Bonds       CARE AA        5000    Reaffirmed
ECL Finance Ltd                       Retail Subordinate CARE AA        3000    Reaffirmed
                                      Debt
ECL Finance Ltd                       Subordinate Debt   CARE AA        1000    Reaffirmed
ESS Kay Auto Finance Pvt. Ltd         LT Bk Fac          CARE BBB       2150    Reaffirmed
(Enhanced from Rs. 90 Cr)
Garg And Company                      LT Bk Fac          CARE B+        116.9   Reaffirmed
Idea Sales Agencies Pvt Ltd           LT Bk Fac          CARE B         130     Reaffirmed
(enhanced from Rs. 9 Cr )
IL&FS Transportation Networks Ltd.    LT Bk Fac - TL     CARE A         12570   Reaffirmed
(enhanced from Rs.1,137 crore)
IL&FS Transportation Networks Ltd.    LT NCD             CARE A         5000    Reaffirmed
IL&FS Transportation Networks Ltd.    LT/ST Bk Fac       CARE A/CARE A1 6200    Reaffirmed
Jaypee Sports International Ltd       LT Bk Fac          CARE BBB-      9855.5  Revised from
                                                                                CARE BBB
Jaypee Sports International Ltd       LT Instruments     CARE BBB-      1000    Reaffirmed
                                      (Compulsorily
                                      Convertible Debentures)#
# CCDs rank subordinate to senior debt with reference to annual debt service obligations
Jaypee Sports International Ltd       LT Bk Fac@         CARE BBB-(SO)  4856.5  Revised from
                                                                                CARE A- (SO)
@ backed by unconditional and irrevocable corporate guarantees provided by Jaiprakash Associates
Ltd
Kayval Krupa Petroleum                Bk Fac             -              -       Suspended
Madhav Cotton Ginning And Pressing    LT Bk Fac          CARE D         240     Revised from
Factory                                                                         CARE B+
Margdarshak Financial Services Ltd    LT Bk Fac          CARE BBB-      500     Reaffirmed
Metro Shoes Ltd.                      LT/ST Bk Fac       CARE AA/CARE   250     Assigned
                                                         A1+
Navayuga Udupi Tollway Pvt Ltd        LT Bk Fac          CARE BB+       4684.6  Reaffirmed
(reduced from Rs. 472 Cr)
Pacific Paper Products                LT Bk Fac          CARE D         97.4    Revised from
                                                                                CARE BB-
Pacific Paper Products                LT/ST Bk Fac       CARE D         50      Revised from
                                                                                CARE BB- /
                                                                                CARE A4
Precot Meridian Ltd                   LT Bk Fac          CARE BBB-      2506.6  Reaffirmed
(enhanced from Rs. 241.97 Cr)
Precot Meridian Ltd                   LT/ST Bk Fac       CARE BBB-/CARE 2035    Reaffirmed
                                                         A3
(enhanced from Rs. 179 Cr)
Premco Rail Engineers Ltd.            LT Bk Fac          CARE BBB-      125     Reaffirmed
Rashtriya Ispat Nigam Ltd             NCD (NCD) issue    CARE AA        20000   Revised from
                                                                                CARE AA+
Redstone Granito Pvt. Ltd.            LT Bk Fac          CARE B+        140     Assigned
Smart Card It Solutions Ltd           LT Bk Fac          CARE B+        460     Assigned
STFCL Direct Assignment Dec'11        Assignee Payouts   CARE AAA(SO)   -       Withdrawn
STFCL Direct Assignment Dec'11        Second Loss        CARE BBB(SO)   -       Withdrawn
                                      Facility
STFCL Direct Assignment Mar'12-I      Assignee Payouts   CARE AAA(SO)   -       Withdrawn
STFCL Direct Assignment Mar'12-I      Second Loss        CARE BBB(SO)   -       Withdrawn
                                      Facility
Surya Cons Pvt Ltd                    Bk Fac             -              -       Suspended
Unitech Auotmobiles Pvt Ltd           LT Bk Fac          CARE B         600     Reaffirmed
Yes Bank Ltd                          Infrastructure     CARE AA+       10000   Assigned
                                      Bonds
--------------------------------------------------------------------------------------------
$: 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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