CRISIL ratings for Indian debt instruments-Jul 11

Wed Jul 11, 2012 10:38am IST

Jul 11 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of July 10, 2012.

COMPANY                                 INSTRUMENT            RATING       AMOUNT  MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------       -----   ---------
SHORT TERM RATINGS:
-------------------
Alpha Pharma Daman Pvt Ltd              LOC                   CRISIL A1    49      Suspended
Associated Cashew Industries            Export Packing Credit*CRISIL A3+   100     Downgraded
                                                                                   from CRISIL
                                                                                   A2
*Interchangeable with Letter of Credit
Bansal Overseas                         Export Packing Credit CRISIL A4+   250     Reaffirmed
Bhavani Industries                      Packing Credit        CRISIL A1    75      Reaffirmed
Bhavani Industries                      Proposed ST Bk Loan   CRISIL A1    5.2     Reaffirmed
                                        Fac
Bloom Seal Containers Pvt Ltd           LOC                   CRISIL A3    10      Reaffirmed
Choice Cashew Industries                Packing Credit*       CRISIL A3+   50      Downgraded
                                                                                   from CRISIL
                                                                                   A2
* Interchangeable with Letter of Credit
DNH Spinners                            BG                    CRISIL A3+   17.5    Suspended
DNH Spinners                            LOC                   CRISIL A3+   50      Suspended
Girna Infraprojects Pvt Ltd             BG                    CRISIL A4    200     Assigned
Global Air Transport Services Pvt Ltd   BG                    CRISIL A3    200     Assigned
Global Aviation Services Pvt Ltd        BG                    CRISIL A3    200     Reaffirmed
Jash Engineering Ltd                    BG                    CRISIL A2    100     Upgraded
                                                                                   from CRISIL
                                                                                   A3+
Jash Engineering Ltd                    LOC                   CRISIL A2    60      Upgraded
                                                                                   from CRISIL
                                                                                   A3+
JMW India Pvt Ltd                       LOC & BG              CRISIL A3    30      Suspended
Lekh Raj Narinder Kumar                 BG                    CRISIL A4+   10      Upgraded
                                                                                   from CRISIL
                                                                                   A4
Lekh Raj Narinder Kumar                 Packing Credit        CRISIL A4+   680     Upgraded
                                                                                   from CRISIL
                                                                                   A4
Lekh Raj Narinder Kumar                 Purchase Bill         CRISIL A4+   390*    Upgraded
                                        Discounting                                from CRISIL
                                                                                   A4
* Includes Rs.275 Million fully interchangeable with packing credit
M Abdul Rehuman Kunju                   Foreign Bill Purchase CRISIL A3+   25      Downgraded
                                                                                   from CRISIL
                                                                                   A2
M Abdul Rehuman Kunju                   LOC                   CRISIL A3+   25      Downgraded
                                                                                   from CRISIL
                                                                                   A2
M Abdul Rehuman Kunju                   Packing Credit*       CRISIL A3+   50      Downgraded
                                                                                   from CRISIL
                                                                                   A2
* Interchangeable with Letter of Credit
Modern Transformers Pvt Ltd             BG                    CRISIL A3    100     Suspended
Modern Transformers Pvt Ltd             LOC                   CRISIL A3    5       Suspended
Priyadarshini Polysacks Ltd             BG                    CRISIL A3+   5       Reaffirmed
Priyadarshini Polysacks Ltd             Standby Line of CreditCRISIL A3+   15      Reaffirmed
R Suresh & Co.                          Export Packing Credit CRISIL A4    71      Reaffirmed
R Suresh & Co.                          Post Shipment Credit  CRISIL A4    114     Reaffirmed
Sarra Motors Pvt Ltd                    BG                    CRISIL A4+   20      Assigned
Shakti International Pvt Ltd            LOC                   CRISIL A3    750     Reaffirmed
Shiva Wheels Pvt Ltd                    Standby Line of CreditCRISIL A4    2.3     Upgraded
                                                                                   from CRISIL
                                                                                   D
Shiva Wheels Pvt Ltd                    Inventory Funding Fac CRISIL A4    15      Upgraded
                                                                                   from CRISIL
                                                                                   D
Shree Balaji Coal Traders Ltd           LOC                   CRISIL A3    200     Reaffirmed
Shreehari Associates Pvt Ltd            LOC                   CRISIL A4+   50      Assigned
Shreehari Associates Pvt Ltd            Letter Of Guarantee   CRISIL A4+   350     Assigned
Siddhartha Logistics Company Pvt Ltd    BG                    CRISIL A3+   25      Suspended
Siddhartha Logistics Company Pvt Ltd    Proposed ST Bk Loan   CRISIL A3+   20      Suspended
                                        Fac
SMJ Eximp Ltd                           BG                    CRISIL A3    250     Reaffirmed
SMJ Eximp Ltd                           Bill Discounting      CRISIL A3    75      Reaffirmed
                                        under LOC
Sri Kalyani Agro Products & Industries  LOC                   CRISIL A4    20      Reaffirmed
Ltd
Suolificio Linea Italia (India) Pvt Ltd LOC                   CRISIL A3    10      Suspended
Supreme Cashew Industries               Export Packing Credit*CRISIL A3+   100     Downgraded
                                                                                   from CRISIL
                                                                                   A2
* Interchangeable with Letter of Credit
Supreme Cashew Industries               LOC                   CRISIL A3+   10      Downgraded
                                                                                   from CRISIL
                                                                                   A2
Triton Valves Ltd                       BG                    CRISIL A2    2       Downgraded
                                                                                   from CRISIL
                                                                                   A2+
Triton Valves Ltd                       LOC@                  CRISIL A2    90      Downgraded
                                                                                   from CRISIL
                                                                                   A2+
@Includes Rs.50 Million interchangeable with buyers credit
Triton Valves Ltd                       Proposed ST Bk Loan   CRISIL A2    88.9    Downgraded
                                        Fac                                        from CRISIL
                                                                                   A2+
Virchow Petrochemicals Pvt Ltd          BG                    CRISIL A3+   5       Suspended
Virchow Petrochemicals Pvt Ltd          LOC                   CRISIL A3+   85      Suspended
Vodafone India Ltd                      ST Debt               CRISIL A1+   50000   Reaffirmed
Vodafone India Ltd                      LOC & BG*             CRISIL A1+   45.5    Reaffirmed
* Interchangeable among Vodafone India Ltd and its seven subsidiaries: Vodafone South Ltd,
Vodafone Digilink Ltd, Vodafone East Ltd, Vodafone Spacetel Ltd, Vodafone Cellular Ltd, Vodafone
Mobile Services Ltd, and Vodafone West Ltd 
Vodafone India Ltd                      ST Loan#              CRISIL A1+   14.4475 Reaffirmed
#Re-allocated from total short-term loan facilities aggregating Rs.60.0 Billion of Vodafone
India Ltd and its subsidiaries
Vodafone India Ltd                      Proposed ST Bk Loan   CRISIL A1+   10.0525 Reaffirmed
                                        Fac#
#Re-allocated from total short-term loan facilities aggregating Rs.60.0 Billion of Vodafone
India Ltd and its subsidiaries


LONG TERM RATINGS:
-------------------
Alpha Pharma Daman Pvt Ltd              CC                    CRISIL A     75      Suspended
Alpha Pharma Daman Pvt Ltd              Proposed LT Bk Loan   CRISIL A     61.8    Suspended
                                        Fac
Bansal Overseas                         CC*                   CRISIL BB-   50      Reaffirmed
* Inter-changeability between CC and EPC of Rs.25 Million
Bansal Overseas                         Proposed LT Bk Loan   CRISIL BB-   90      Reaffirmed
                                        Fac
Bansal Overseas                         Standby Line of CreditCRISIL BB-   60      Reaffirmed
Bhavani Industries                      LT Loan               CRISIL A-    180.7   Reaffirmed
Bhavani Industries                      Buyer Credit Limit    CRISIL A-    157.6   Reaffirmed
Bhavani Industries                      CC                    CRISIL A-    75      Reaffirmed
Bloom Seal Containers Pvt Ltd           CC                    CRISIL BBB-  25      Reaffirmed
Bloom Seal Containers Pvt Ltd           Proposed LT Bk Loan   CRISIL BBB-  13.7    Reaffirmed
                                        Fac
Bloom Seal Containers Pvt Ltd           TL                    CRISIL BBB-  36.3    Reaffirmed
Chaddami Lal Jagdish Saran Charitable   TL                    CRISIL D     80      Downgraded
Trust                                                                              from CRISIL
                                                                                   BB-
Devi Shakuntala Thakral Charitable      Overdraft Fac         CRISIL BBB+  300     Suspended
Foundation
Dinodia Educational Society             Proposed LT Bk Loan   CRISIL D     5.2     Assigned
                                        Fac
Dinodia Educational Society             TL                    CRISIL D     81.2    Assigned
DNH Spinners                            CC*                   CRISIL BBB   145     Suspended
*Interchangeable with Letter of Credit amounting to Rs.50 Million
DNH Spinners                            LT Loan               CRISIL BBB   284.6   Suspended
DNH Spinners                            Proposed LT Bk Loan   CRISIL BBB   10.5    Suspended
                                        Fac
Elixir Enterprises and Hotels Pvt Ltd   Overdraft Fac         CRISIL D     10      Assigned
Elixir Enterprises and Hotels Pvt Ltd   LT Loan               CRISIL D     264.4   Assigned
Elixir Enterprises and Hotels Pvt Ltd   BG                    CRISIL D     15.6    Assigned
Elixir Enterprises and Hotels Pvt Ltd   CC                    CRISIL D     50      Assigned
Evergreen Enterprises                   Proposed LT Bk Loan   CRISIL B     50      Assigned
                                        Fac
Girna Infraprojects Pvt Ltd             CC                    CRISIL B+    15      Assigned
Jash Engineering Ltd                    CC*                   CRISIL BBB+  170     Upgraded
                                                                                   from CRISIL
                                                                                   BBB
Jash Engineering Ltd                    Corporate Loan        CRISIL BBB+  50      Upgraded
                                                                                   from CRISIL
                                                                                   BBB
Inclusive of Export Packing Credit of Rs.60.0 Million
Jash Engineering Ltd                    TL                    CRISIL BBB+  70      Upgraded
                                                                                   from CRISIL
                                                                                   BBB
JMW India Pvt Ltd                       CC                    CRISIL BBB-  110     Suspended
Karnani Solvex Pvt Ltd                  CC                    CRISIL BB    60      Reaffirmed
Karnani Solvex Pvt Ltd                  Rupee TL              CRISIL BB    87      Reaffirmed
Lekh Raj Narinder Kumar                 CC                    CRISIL BB-   20      Upgraded
                                                                                   from CRISIL
                                                                                   B+
Lekh Raj Narinder Kumar                 TL                    CRISIL BB-   1.1     Upgraded
                                                                                   from CRISIL
                                                                                   B+
Modern Transformers Pvt Ltd             CC                    CRISIL BBB-  30      Suspended
Patel Timber Corporation                CC                    CRISIL D     12      Assigned
Patel Timber Corporation                TL                    CRISIL D     11.8    Assigned
Pertinent Infra and Energy Ltd          Proposed LT Bk Loan   CRISIL B+    0.9     Reaffirmed
                                        Fac
Pertinent Infra and Energy Ltd          TL                    CRISIL B+    69.1    Reaffirmed
Pristine Industries Ltd                 CC                    CRISIL BB-   60      Reaffirmed
Pristine Industries Ltd                 Proposed LT Bk Loan   CRISIL BB-   7       Reaffirmed
                                        Fac
Pristine Industries Ltd                 TL                    CRISIL BB-   73      Reaffirmed
Priyadarshini Polysacks Ltd             CC                    CRISIL BBB   175     Reaffirmed
Priyadarshini Polysacks Ltd             Proposed LT Bk Loan   CRISIL BBB   108.4   Reaffirmed
                                        Fac
Priyadarshini Polysacks Ltd             TL                    CRISIL BBB   160.9   Reaffirmed
Ruchita Gold Pvt Ltd                    CC*                   CRISIL BB+   550     Upgraded
                                                                                   from CRISIL
                                                                                   BB-
* interchangeable with gold loan to the extent of Rs 200 Million and fully interchangeable with
bank guarantee.
Ruchita Gold Pvt Ltd                    Proposed LT Bk Loan   CRISIL BB+   450     Upgraded
                                        Fac                                        from CRISIL
                                                                                   BB-
Sai Point Automobiles Pvt Ltd           CC                    CRISIL B+    75      Assigned
Sai Point Automobiles Pvt Ltd           Proposed LT Bk Loan   CRISIL B+    10      Assigned
                                        Fac
Sarra Motors Pvt Ltd                    Proposed LT Bk Loan   CRISIL BB-   35      Assigned
                                        Fac
Sarra Motors Pvt Ltd                    CC                    CRISIL BB-   25      Assigned
Shakti International Pvt Ltd            CC*                   CRISIL BBB-  150     Reaffirmed
*Interchangeable with letter of credit
Shiva Wheels Pvt Ltd                    CC                    CRISIL B-    15      Upgraded
                                                                                   from CRISIL
                                                                                   D
Shiva Wheels Pvt Ltd                    TL                    CRISIL B-    14.2    Upgraded
                                                                                   from CRISIL
                                                                                   D
Shiva Wheels Pvt Ltd                    Proposed LT Bk Loan   CRISIL B-    13.5    Upgraded
                                        Fac                                        from CRISIL
                                                                                   D
Shree Abjibapa Education & Charitable   TL                    CRISIL D     69.5    Assigned
Trust
Shree Balaji Coal Traders Ltd           CC                    CRISIL BBB-  330     Reaffirmed
Shree Balaji Coal Traders Ltd           Proposed Long- Term   CRISIL BBB-  20      Reaffirmed
                                        Bk Loan Fac
Shreehari Associates Pvt Ltd            TL                    CRISIL BB    140.4   Assigned
Shreehari Associates Pvt Ltd            Proposed LT Bk Loan   CRISIL BB    340.6   Assigned
                                        Fac
Shreehari Associates Pvt Ltd            CC                    CRISIL BB    159     Assigned
Siddhartha Logistics Company Pvt Ltd    CC                    CRISIL BBB   15      Suspended
Siddhartha Logistics Company Pvt Ltd    LT Loan               CRISIL BBB   3       Suspended
Siddhartha Logistics Company Pvt Ltd    Proposed LT Bk Loan   CRISIL BBB   20      Suspended
                                        Fac
Singh Natural Resource Pvt Ltd          CC                    CRISIL B+    60      Assigned
Sri Kalyani Agro Products & Industries  CC                    CRISIL B     180     Reaffirmed
Ltd
Sri Kalyani Agro Products & Industries  TL                    CRISIL B     84.7    Reaffirmed
Ltd
Suolificio Linea Italia (India) Pvt Ltd CC                    CRISIL BBB-  32.5    Suspended
Suolificio Linea Italia (India) Pvt Ltd Proposed LT Bk Loan   CRISIL BBB-  17.5    Suspended
                                        Fac
SVG Exports Pvt Ltd                     CC                    CRISIL BBB   268     Suspended
Tara Sales Ltd                          CC                    CRISIL B+    180     Assigned
Tata Capital Financial Services Ltd     NCDs*                 CRISIL AA+   1000    Assigned
*The common independent director on the boards of CRISIL Ltd and Tata Capital Financial Services
Ltd did not participate in the rating committee meeting and rating process for these instruments
Tata Capital Financial Services Ltd     Perpetual Bonds       CRISIL AA+   1000    Reaffirmed
                                        Programme *
*The common independent director on the boards of CRISIL Ltd and Tata Capital Financial Services
Ltd did not participate in the rating committee meeting and rating process for these instruments
Triton Valves Ltd                       CC*                   CRISIL BBB+  420     Downgraded
                                                                                   from CRISIL
                                                                                   A-
*Includes Rs.120 Million interchangeable with letter of credit
Triton Valves Ltd                       LT Loan               CRISIL BBB+  319.1   Downgraded
                                                                                   from CRISIL
                                                                                   A-
Triton Valves Ltd                       Proposed LT Bk Loan   CRISIL BBB+  80      Downgraded
                                        Fac                                        from CRISIL
                                                                                   A-
Virchow Petrochemicals Pvt Ltd          CC*                   CRISIL BBB   100     Suspended
*Interchangeable with Bill Discounting upto Rs.95.00 Million.
Vodafone India Ltd                      Rupee TL*             CRISIL AA    56.5    Reaffirmed
* Interchangeable among Vodafone India Ltd and its seven subsidiaries: Vodafone South Ltd,
Vodafone Digilink Ltd, Vodafone East Ltd, Vodafone Spacetel Ltd, Vodafone Cellular Ltd, Vodafone
Mobile Services Ltd, and Vodafone West Ltd 
Vodafone India Ltd                      Proposed Rupee TL*    Withdrawal   63.5    Reaffirmed
raj Integrated Textile Park Ltd        TL                    CRISIL BB-   360     Reaffirmed

--------------------------------------------------------------------------------------------
$: 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

CRISIL 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@thomsonreuters.com)
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