March 19, 2015 / 6:53 AM / 3 years ago

CARE ratings for Indian debt instruments-Mar 19

Mar 19 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 18, 2015.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Agarwal Coal Corporation Pvt. Ltd.    ST Bk Fac          CARE A1        750     Assigned
Agarwal Fuel Corporation Pvt. Ltd.    ST Bk Fac          CARE A1        200     Assigned
Agarwal Transport Corporation Pvt. LtdST Bk Fac          CARE A1        5       Assigned
Bharat Ship Breakers Corporation      ST Bk Fac          CARE A4+       663     Reaffirmed

Caparo Maruti Ltd                     ST Bk Fac          CARE A1        87.5    Reaffirmed
Caparo Maruti Ltd                     Proposed CP*       CARE A1        125     Reaffirmed
*carved out of sanctioned working capital limits
Dhairya International                 ST Bk Fac          CARE A4        40      Assigned
Filteration Engineers India Pvt Ltd   ST Bk Fac          -              -       Suspended
Gangotri Sarangpur Sujalpur Tollway   ST Bk Fac          CARE A4+       33.7    Reaffirmed
Pvt Ltd
Hyquip Systems Ltd                    ST Bk Fac          CARE D         270     Reaffirmed
Hyquip Technologies Ltd               ST Bk Fac          CARE D         13      Reaffirmed
(reduced from Rs 10 Cr)
Kanwar Enterprises Pvt Ltd            ST Bk Fac          CARE A3        210     Reaffirmed
Khosla Profil Pvt. Ltd.               ST Bk Fac          CARE A3        450     Reaffirmed
(enhanced from Rs 33 Cr)
Kunstocom India Ltd                   ST Bk Fac          CARE A3        60      Reaffirmed
Mahadev Ship Breakers Pvt Ltd         ST Bk Fac          CARE A4        45      Reaffirmed
(enhanced from Rs. 40.90 Cr)
Neelachal Ispat Nigam Ltd             ST Bk Fac          CARE A4        1570.5  Reaffirmed
Oxygen Infrastructure And Developers  ST Bk Fac          CARE D         20      Revised from
Pvt Ltd                                                                         CARE A4
Raghuvir Cotex Pvt Ltd                ST Bk Fac          CARE A4        20      Reaffirmed
Ranbaxy Laboratories Ltd              ST Bk Fac          CARE A1+       6000    Reaffirmed
Rhc Holding Pvt Ltd                   CP/NCDs (CP/NCD)   CARE A1        6000    Reaffirmed
(enhanced from 400 Cr)
Rohit Ferro Tech Ltd                  ST Bk Fac          CARE A4        3526.3  Reaffirmed
Sanghi Brothers (Indore) Pvt Ltd      ST Bk Fac          CARE A4+       150     Reaffirmed
Sharon Bio-Medicine Ltd               ST Bk Fac          CARE A4        253.2   Reaffirmed
                                      (Non-Fund Based)
Shonan Engineering Works Pvt Ltd      ST Bk Fac          CARE A4        170     Reaffirmed
(enhanced from Rs 13.50 Cr)
Shri Shyam Global Pvt. Ltd.           ST Bk Fac          CARE A4        40      Assigned
Shyam Steel Industries Ltd            ST Bk Fac          CARE A3        311.6   Reaffirmed
(reduced from Rs 51.16 Cr)
Sova Ispat Ltd                        ST Bk Fac *        CARE A3 (SO)   297.5   Reaffirmed
*backed by unconditional & irrevocable guarantee extended by Shyam Steel Industries Limited
The Ruby Mills Ltd                    Bk Fac-Non-FB -    CARE A4        128     Reaffirmed
                                      ST- BG/LC
Vinaykumar & Co.                      ST Bk Fac          CARE A4        40      Assigned

LONG TERM RATINGS:
-------------------
A B Crops Pvt Ltd                     Bk Fac             -              -       Suspended
A.B. Cotspin India Ltd                Bk Fac             -              -       Suspended
AB Chem (India)                       Bk Fac             -              -       Suspended
AB Chemicals India Pvt Ltd            Bk Fac             -              -       Suspended
AB Infra Investments Pvt Ltd          Bk Fac             -              -       Suspended
Agarwal Coal Corporation Pvt. Ltd.    LT Bk Fac          CARE A         500     Assigned
Agarwal Fuel Corporation Pvt. Ltd.    LT Bk Fac          CARE A         150     Assigned
Agarwal Transport Corporation Pvt. LtdLT Bk Fac          CARE A         200     Assigned
Apex Fibre India Ltd                  Bk Fac             -              -       Suspended
Asreddy Infratech Pvt Ltd             Bk Fac             -              -       Suspended
Babu Banarasi Das Educational Society Bk Fac             -              -       Suspended
Banco Aluminium Ltd                   LT Bk Fac          CARE A-        100     Reaffirmed
Banco Aluminium Ltd                   LT/ST Bk Fac       CARE A-/       250     Reaffirmed
                                                         CARE A1 
Bharat Ship Breakers Corporation      LT/ST Bk Fac       CARE BB+/CARE  90      Reaffirmed
                                                         A4+
Bindals Sponnge Industries Ltd        Bk Fac             -              -       Suspended
Bluebird Software Pvt Ltd             Bk Fac             -              -       Suspended
Byreddy Vishnu Vardhan Reddy          LT Bk Fac          CARE B+        65      Assigned
Caparo Maruti Ltd                     LT Bk Fac          CARE A+        1488.2  Reaffirmed
Dhairya International                 LT/ST Bk Fac       CARE B+/       110     Reaffirmed
                                                         CARE A4 
Emerald Lands (India) Pvt Ltd         Bk Fac             -              -       Suspended
Essar Steel Mauritius Ltd             LT Bk Fac          -              -       Withdrawn
Filteration Engineers India Pvt Ltd   LT Bk Fac          -              -       Suspended
Friends & Friends Shipping Pvt Ltd    LT Bk Fac          CARE BB        200     Reaffirmed
Friends Mercantile Pvt Ltd            LT Bk Fac          CARE BB        244     Reaffirmed
G.I. Industries Pvt Ltd               Bk Fac             -              -       Suspended
Galaxy Dream Home Developers Pvt Ltd  GALAXY NORTH       -              -       Suspended
                                      AVENUE - II
Gangotri Sarangpur Sujalpur Tollway   LT Bk Fac          CARE B-        200     Reaffirmed
Pvt Ltd
GGL Hotel & Resort Co. Ltd            LT Bk Fac          CARE BBB+      2031    Reaffirmed
(enhanced from Rs 130 Cr)
GH Crop Science Pvt Ltd               Bk Fac             -              -       Suspended
Ghanshyam Das Rungta Foundation       LT Bk Fac          CARE BB+       356.2   Revised from
                                                                                CARE BB-
(enhanced from Rs. 26.95 Cr)
Ginni Filaments Ltd                   Bk Fac             -              -       Suspended
Greenko Bagewadi Wind Energies Pvt LtdLT Bk Fac^         CARE A- (SO)   1800    Assigned
^ Backed by unconditional and irrevocable corporate guarantee of Greenko Energies Private
Limited (rated CARE A- ).
Greenko Hatkoti Energy Pvt Ltd        LT Bk Fac^         CARE A- (SO)   1470    Assigned
^ Backed by unconditional and irrevocable corporate guarantee of Greenko Energies Private
Limited (rated CARE A- ).
H R Minerals & Alloys Pvt Ltd         Bk Fac             -              -       Suspended
HM Overseas Pvt Ltd                   Bk Fac             -              -       Suspended
Hyquip Systems Ltd                    LT Bk Fac          CARE D         53.8    Reaffirmed
(reduced from Rs 8.75 Cr)
Hyquip Technologies Ltd               LT Bk Fac          CARE D         21.4    Reaffirmed
(reduced from Rs 4.42 Cr)
Jagdamba Liquified Steels Ltd         Bk Fac             -              -       Suspended
Jagdamba Power & Alloys Ltd           Bk Fac             -              -       Suspended
Jagson International Ltd              Bk Fac             -              -       Suspended
Kabir Gems                            Bk Fac             -              -       Suspended
Kanwar Enterprises Pvt Ltd            LT Bk Fac          CARE BBB-      70      Reaffirmed
Khosla Profil Pvt. Ltd.               LT Bk Fac          CARE BBB-      273.9   Reaffirmed
(enhanced from Rs 17.94 Cr)
Kunstocom India Ltd                   LT Bk Fac          CARE BBB-      177.2   Reaffirmed
Lakshmi Builders And Developers       Bk Fac             -              -       Suspended
Mahadev Ship Breakers Pvt Ltd         LT Bk Fac          CARE BB        60      Reaffirmed
(enhanced from Rs. 5 Cr)
Mahalaxmi Polypack Pvt Ltd            Bk Fac             -              -       Suspended
Makino Automotives                    LT Bk Fac          CARE BBB-      50      Assigned
Moti Ram Sunil Kumar                  LT Bk Fac          CARE B         66.7    Assigned
Neelachal Ispat Nigam Ltd             LT Bk Fac (CC)     CARE B-        1400    Reaffirmed
Nidhaan Buildcon Pvt Ltd              LT Bk Fac          CARE BB-       200     Reaffirmed
Nimitaya Hotels And Resorts Ltd       Bk Fac             -              -       Suspended
NS Papers Ltd                         Bk Fac             -              -       Suspended
Oxygen Infrastructure And Developers  LT Bk Fac          CARE D         80      Revised from
Pvt Ltd                                                                         CARE B+
Pacific Development Corporation Ltd   Bk Fac             -              -       Suspended
Perla Hydro Power Pvt Ltd             LT Bk Fac^         CARE A-(SO)    340     Assigned
^ Backed by unconditional and irrevocable corporate guarantee of Greenko Energies Private
Limited (rated CARE A- ).
PunjAB State Transmission Corporation LT Bk Fac          CARE BBB-      3026.8  Assigned
Ltd
Raghuvir Cotex Pvt Ltd                LT Bk Fac #        CARE B         220     Reaffirmed
# Long-term rating assigned to the term loan facility has been withdrawn as it has been fully
repaid.
Rakesh Fuel Pvt Ltd                   Bk Fac             -              -       Suspended
Ranbaxy Laboratories Ltd              LT Bk Fac          CARE AAA       3000    Revised from
                                                                                CARE AA
Ranbaxy Laboratories Ltd              LT instruments     CARE AAA       5000    Revised from
                                      (NCD)                                     CARE AA
Reacon Engineers (India) Pvt Ltd      Bk Fac             -              -       Suspended
Regent Granito (India) Ltd            Bk Fac             -              -       Suspended
Rkc Infrabuilt Pvt Ltd                LT Bk Fac          CARE BBB       250     Assigned
Rohit Ferro Tech Ltd                  LT Bk Fac          CARE B+        13611   Revised from
                                                                                CARE BB-
Sachin Pulses                         Bk Fac             -              -       Suspended
Sanghi Brothers (Indore) Pvt Ltd      LT Bk Fac          CARE BB+       798.2   Reaffirmed
SDS Solar Pvt Ltd                     Bk Fac             -              -       Suspended
Sharon Bio-Medicine Ltd               LT Bk Fac (TL)     CARE BB        1213.1  Reaffirmed
Sharon Bio-Medicine Ltd               LT Bk Fac (Fund    CARE BB        4000    Reaffirmed
                                      Based)
Shonan Engineering Works Pvt Ltd      LT Bk Fac          CARE BB        77.2    Reaffirmed
(enhanced from Rs 5.66 Cr)
Shree Bhageshwari Papers Ltd          Bk Fac             -              -       Suspended
Shri Shyam Global Pvt. Ltd.           LT Bk Fac          CARE BB        20      Assigned
Shrigopal Rameshkumar Sales Pvt Ltd   Bk Fac             -              -       Suspended
Shyam Steel Industries Ltd            LT Bk Fac          CARE BBB       2917.7  Reaffirmed
(reduced from Rs 397.49 Cr)
Shyam Steel Industries Ltd            LT/ST Bk Fac       CARE BBB/      320     Reaffirmed
                                                         CARE A3
(enhanced from Rs 12.00 Cr)
Simhapuri Expressway Ltd              LT Bk Fac          CARE BBB-      20400   Reaffirmed
Sneha Kinetic Power Projects Pvt Ltd  LT Bk Fac          CARE A-(SO)    5210    Revised from
                                                                                CARE BBB-
Somila TexfAB (India) Pvt Ltd         LT Bk Fac          CARE BB-       59.4    Reaffirmed
Sova Ispat Ltd                        LT Bk Fac *        CARE BBB(SO)   914.2   Reaffirmed
(reduced from Rs. 107.97 Cr)*backed by unconditional & irrevocable guarantee extended by Shyam
Steel Industries Limited
SPR Buildtech Ltd                     Imperial Estate    -              -       Suspended
                                      project
Sree Harsha Developers                LT Bk Fac          CARE B+        79.6    Reaffirmed
(Reduced from Rs. 10 crore)
Sukh Sagar Synthetics Pvt Ltd         LT Bk Fac          CARE BB-       75      Revised from
                                                                                CARE B+
Tarunika Gaur Housing & Construction  LT Bk Fac          CARE D         40      Revised from
Ltd                                                                             CARE B-
Tarunika Gaur Housing & Construction  LT/ST Bk Fac       CARE D         59.7    Revised from
Ltd                                                                             CARE B-/CARE
                                                                                A4
Technology House India Pvt Ltd        LT Bk Fac          CARE A-(SO)    470     Revised from
                                                                                CARE BBB-
The Ruby Mills Ltd                    Bk Fac-FB - LT-TL  CARE BB-       3783.4  Reaffirmed
The Ruby Mills Ltd                    Bk Fac-FB - LT-CC  CARE BB-       230     Reaffirmed
Value Point Systems Pvt Ltd           Bk Fac             -              -       Suspended
Vinaykumar & Co.                      LT/ST Bk Fac       CARE B+/       110     Reaffirmed
                                                         CARE A4
Vivekananda Paddy Mills Pvt Ltd       Bk facility        -              -       Suspended
--------------------------------------------------------------------------------------------
$: 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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