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Company News

CARE ratings for Indian debt instruments-May 4

May 4 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of May 3, 2012.	
	
	
COMPANY                             INSTRUMENT           RATING        AMOUNT      MOVEMENT	
                                                                       (RS.MLN)	
-------                             ----------           ------        -------     ---------	
SHORT TERM RATINGS:	
-------------------	
Future Agrovet Ltd                  ST Bk Fac#          CARE A2 (SO)    150        Credit Watch	
#backed by post dated cheque from PRIL	
Global Infonet Distribution Pvt Ltd ST Bk Fac           CARE A3+        1370       Assigned	
Icici Prudential Mutual Fund        ST Bk Facility*     CARE A1+        30000      Assigned	
	
*Facility is extended to 31 debt schemes of ICICI Prudential Mutual Fund	
Pantaloon Retail (India) Ltd        ST Bk Fac           CARE A1+        5500       Credit Watch	
Pantaloon Retail (India) Ltd        CP*                 CARE A1+        900        Credit Watch	
*carved out of working capital limits	
Seabase Impex Pvt. Ltd              ST Bk Fac@          CARE A2+ (SO)   500        Revised from	
                                                                                   CARE A1 (SO)	
@ backed by Letter of Comfort (LOC) of Navayuga Engineering Company Ltd (rated CARE A/CARE A1)	
Shah Time And Jewels Pvt Ltd        ST Bk Fac           CARE A4+        450        Assigned	
Sujali Tea & Industries Ltd.        ST Bk Fac           CARE A4         50         Assigned	
	
LONG TERM RATINGS:	
-------------------	
Dosa Sava Gadhavi                   LT Bk Fac           CARE BB-        52.3       Assigned	
Future Agrovet Ltd                  LT Bk Fac*          CARE A (SO)     350        Credit Watch	
*backed by irrevocable corporate guarantee from PRIL	
Future Agrovet Ltd                  LT Bk Fac^          CARE BBB+ (SO)  220        Credit Watch	
^backed by Letter of Comfort from PRIL	
Future Agrovet Ltd                  Bk Fac^             CARE BBB+       20         Credit Watch	
                                                        (SO) /A2	
^backed by Letter of Comfort from PRIL	
Future Value Retail Ltd             Compulsorily        CARE A (SO)     2500       Credit Watch	
                                    Convertible	
                                    Debentures*	
*Investor has put option on Pantaloon Retail (India) Ltd.	
Global Infonet Distribution Pvt Ltd Bk Fac              CARE BBB+ /A3+  130        Assigned	
Golden Sheet Glass (India) Pvt. Ltd.LT Bk Fac           CARE BB-        337.6      Assigned	
                                    (Proposed)	
IGE (India) Ltd                     LT Bk Fac*          CARE D          550.6      Revised from	
                                                                                   CARE BB	
*Lease Rentals Discounting Loan	
Navayuga Infotech Pvt. Ltd          LT Bk Fac@          CARE A- (SO)    850        Revised from	
                                                                                   CARE A (SO)	
@ backed by Letter of Comfort (LOC) of Navayuga Engineering Company Ltd (rated CARE A/CARE A1)	
Navayuga Infotech Pvt. Ltd          Bk Fac@             CARE A- (SO)/   1070       Revised from	
                                                        A2+(SO)                    CARE A (SO)	
                                                                                   /A1(SO)	
@ backed by Letter of Comfort (LOC) of Navayuga Engineering Company Ltd (rated CARE A/CARE A1)	
Pantaloon Retail (India) Ltd        LT Bk Fac           CARE A          23694.8    Credit Watch	
Pantaloon Retail (India) Ltd        LT NCD              CARE A          2500       Credit Watch	
Pantaloon Retail (India) Ltd        LT NCD              CARE A          2000       Credit Watch	
Pantaloon Retail (India) Ltd        LT NCD              CARE A          2250       Credit Watch	
Pantaloon Retail (India) Ltd        Proposed LT NCD     CARE A          2750       Credit Watch	
Sasi Anand Spinning Mills (India)   LT Bk Fac           CARE BB         241.8      Assigned	
Pvt Ltd	
Sasi Anand Spinning Mills (India)   Bk Fac              CARE BB /A4+    22.5       Assigned	
Pvt Ltd	
Seabase Impex Pvt. Ltd              LT Bk Fac@          CARE A- (SO)    900        Revised from	
                                                                                   CARE A (SO)	
@ backed by Letter of Comfort (LOC) of Navayuga Engineering Company Ltd (rated CARE A/CARE A1)	
Sigma Industrial Corporation        LT Bk Fac           CARE B+         100        Assigned	
Sujali Tea & Industries Ltd.        LT Bk Fac           CARE BB         123.8      Assigned	
Trishul Developers                  LT Bk Fac           CARE BB         100        Assigned	
--------------------------------------------------------------------------------------------	
$: 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, E-mail at rru.data@reuters.com)
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