CRISIL ratings for Indian debt instruments-Aug 23

Thu Aug 23, 2012 10:26am IST

Aug 23 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of August 22, 2012.

COMPANY                                 INSTRUMENT            RATING       AMOUNT  MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------       -----   ---------
SHORT TERM RATINGS:
-------------------
BASF India Ltd                          CP                    CRISIL A1+   600     Reaffirmed
Bengal Tea & Fabrics Ltd                BG                    CRISIL A4+   14      Downgraded
                                                                                   from CRISIL
                                                                                   A3+
Bengal Tea & Fabrics Ltd                LOC                   CRISIL A4+   72      Downgraded
                                                                                   from CRISIL
                                                                                   A3+
Bengal Tea & Fabrics Ltd                Export Packing Credit CRISIL A4+   125     Downgraded
                                                                                   from CRISIL
                                                                                   A3+
Cardio Fitness (India) Pvt Ltd          LOC                   CRISIL A4+   60      Assigned
Cardio Fitness (India) Pvt Ltd          BG                    CRISIL A4+   10      Assigned
Cytech Coatings Pvt Ltd                 LOC                   CRISIL A4    40      Assigned
Cytech Coatings Pvt Ltd                 Foreign Bill          CRISIL A4    30      Assigned
                                        Discounting
Cytech Coatings Pvt Ltd                 BG                    CRISIL A4    2       Assigned
Extal International Exports Pvt Ltd     Discounting           CRISIL A4    110*    Assigned
*Includes sub-limit of Rs.90 Million for Packing Credit
Extal International Exports Pvt Ltd     Proposed Packing      CRISIL A4    50      Assigned
                                        Credit
F. Serajuddin Exports Pvt Ltd           Export Packing Credit CRISIL A4+   150     Downgraded
                                                                                   from CRISIL
                                                                                   A3+
Good Health Agro Tech Pvt Ltd           LOC                   CRISIL A4+   940     Downgraded
                                                                                   from CRISIL
                                                                                   A3+
Jagdamba Cereals Udyog Pvt Ltd          LOC                   CRISIL A4+   2.5     Downgraded
                                                                                   from CRISIL
                                                                                   A3
K. Venkata Raju Engineers & Contractors BG                    CRISIL A4    250     Reaffirmed
Kamarhatty Co Ltd                       Bill                  CRISIL A4+   20      Reaffirmed
                                        Purchase-Discounting
                                        Fac
KGF Cottons Pvt Ltd                     LOC                   CRISIL A4+   325     Downgraded
                                                                                   from CRISIL
                                                                                   A3+
Kirloskar Ferrous Industries Ltd        LOC                   CRISIL A1    3300    Downgraded
                                                                                   from CRISIL
                                                                                   A1+
Kirloskar Ferrous Industries Ltd        Proposed Bill         CRISIL A1    500     Downgraded
                                        Discounting Fac                            from CRISIL
                                                                                   A1+
Kirloskar Ferrous Industries Ltd        Proposed LOC          CRISIL A1    2000    Downgraded
                                                                                   from CRISIL
                                                                                   A1+
Labindia Instruments Pvt Ltd            BG                    CRISIL A1    128.8   Suspended
NCC Ltd                                 BG                    CRISIL A2+   60575   Downgraded
                                                                                   from CRISIL
                                                                                   A1
NCC Ltd                                 LOC                   CRISIL A2+   5000    Downgraded
                                                                                   from CRISIL
                                                                                   A1
NCC Ltd                                 ST Loan               CRISIL A2+   4925    Downgraded
                                                                                   from CRISIL
                                                                                   A1
NCC Ltd                                 CP                    CRISIL A2+   3000    Downgraded
                                                                                   from CRISIL
                                                                                   A1
North Eastern Carrying Corporation Ltd  BG                    CRISIL A3    50      Reaffirmed
Prathyusha Chemicals and Fertilisers    LOC                   CRISIL A4    120     Upgraded
Ltd                                                                                from CRISIL
                                                                                   D
Pristine Switchgears India Pvt Ltd      LOC                   CRISIL A4    15      Assigned
Pristine Switchgears India Pvt Ltd      BG                    CRISIL A4    20      Assigned
Ragunath Oils and Fats Pvt Ltd          Import LOC Limit      CRISIL A4+   30      Assigned
Ragunath Oils and Fats Pvt Ltd          LOC                   CRISIL A4+   970     Assigned
Sai Chemicals Pvt Ltd                   LOC                   CRISIL A4+   25      Assigned
Shiny Knitwear                          BG                    CRISIL A3+   1.5     Reaffirmed
Shiny Knitwear                          Foreign Bill Purchase CRISIL A3+   100     Reaffirmed
Shiny Knitwear                          Packing Credit        CRISIL A3+   100     Reaffirmed
Shiny Knitwear                          Standby Line of CreditCRISIL A3+   40      Reaffirmed
Shiny Knitwear Pvt Ltd                  Export Packing Credit CRISIL A3+   50      Reaffirmed
Shiny Knitwear Pvt Ltd                  Foreign Bill          CRISIL A3+   30      Reaffirmed
                                        Discounting
Shiny Knitwear Pvt Ltd                  LOC                   CRISIL A3+   2       Reaffirmed
Shiny Knitwear Pvt Ltd                  Standby Line of CreditCRISIL A3+   16      Reaffirmed
Shree Prakash Textiles (Gujarat) Pvt    Inland/Import LOC     CRISIL A4+   2.5     Reaffirmed
Ltd
Shyam Metalics and Energy Ltd           BG                    CRISIL A2+   100     Reaffirmed
Shyam Metalics and Energy Ltd           LOC                   CRISIL A2+   653.5   Reaffirmed
Shyam Sel and Power Ltd                 CP                    CRISIL A2+   150     Assigned
Shyam Sel and Power Ltd                 BG                    CRISIL A2+   250     Reaffirmed
Shyam Sel and Power Ltd                 LOC                   CRISIL A2+   2280    Reaffirmed

Sovereign Diamonds Ltd                  Bill Discounting      CRISIL A4+   5       Reaffirmed
Star Organic Foods Inc                  Foreign Bill Purchase CRISIL A4+   20      Assigned
Structural Solutions Pvt Ltd            BG                    CRISIL A4+   155     Reaffirmed
Surana Ventures Ltd                     BG                    CRISIL A4+   130     Reaffirmed
Surana Ventures Ltd                     LOC                   CRISIL A4+   280     Reaffirmed
Sure Safety Solutions Pvt Ltd           LOC & BG              CRISIL A4+   57.5    Reaffirmed
Thandiram Textiles Pvt Ltd              LOC*                  CRISIL A4    125     Assigned
*Fully interchangeable with Buyer's Credit of Rs. 125 Million
Tinna Overseas Ltd                      BG                    CRISIL A3    100     Reaffirmed
Varks Engineers Pvt Ltd                 BG                    CRISIL A4+   60      Reaffirmed
Yazdani International Pvt Ltd           Export Packing Credit CRISIL A4+   450     Downgraded
                                                                                   from CRISIL
                                                                                   A3+

MEDIUM TERM RATINGS:
-------------------
BASF India Ltd                          FD                    FAAA                 Reaffirmed

LONG TERM RATINGS:
-------------------
A. U. Housing Finance Pvt Ltd           Proposed LT Bk Loan   CRISIL BBB+  1000    Assigned
                                        Fac
BASF India Ltd                          NCD                   CRISIL AAA   800     Reaffirmed
Bengal Tea & Fabrics Ltd                CC                    CRISIL BB+   236     Downgraded
                                                                                   from CRISIL
                                                                                   BBB
Bengal Tea & Fabrics Ltd                Proposed LT Bk Loan   CRISIL BB+   196.4   Downgraded
                                        Fac                                        from CRISIL
                                                                                   BBB
Bengal Tea & Fabrics Ltd                TL                    CRISIL BB+   506.6   Downgraded
                                                                                   from CRISIL
                                                                                   BBB
Cardio Fitness (India) Pvt Ltd          CC                    CRISIL BB    60      Assigned
Cytech Coatings Pvt Ltd                 TL                    CRISIL B+    5       Assigned
Cytech Coatings Pvt Ltd                 CC                    CRISIL B+    20      Assigned
Ganesh Media Pvt Ltd                    CC                    CRISIL B-    150     Assigned
Good Health Agro Tech Pvt Ltd           CC                    CRISIL BB+   200     Downgraded
                                                                                   from CRISIL
                                                                                   BBB
Good Health Agro Tech Pvt Ltd           TL                    CRISIL BB+   75      Downgraded
                                                                                   from CRISIL
                                                                                   BBB
Jagaran Microfin Pvt Ltd                Proposed LT Bk Loan   CRISIL BB-   1500    Withdrawal
                                        Fac
Jagdamba Cereals Udyog Pvt Ltd          CC                    CRISIL BB+   150     Downgraded
                                                                                   from CRISIL
                                                                                   BBB-
Jagdamba Cereals Udyog Pvt Ltd          Proposed LT Bk Loan   CRISIL BB+   17.5    Downgraded
                                        Fac                                        from CRISIL
                                                                                   BBB-
K. Venkata Raju Engineers & Contractors CC                    CRISIL B-    90      Reaffirmed
Kamarhatty Co Ltd                       CC                    CRISIL BB+   50      Reaffirmed
Kamarhatty Co Ltd                       LT Loan               CRISIL BB+   54.9    Reaffirmed
KGF Cottons Pvt Ltd                     CC                    CRISIL BB+   236     Downgraded
                                                                                   from CRISIL
                                                                                   BBB
KGF Cottons Pvt Ltd                     TL                    CRISIL BB+   60      Downgraded
                                                                                   from CRISIL
                                                                                   BBB
Kirloskar Ferrous Industries Ltd        CC                    CRISIL A+    1200    Reaffirmed
Kirloskar Ferrous Industries Ltd        Proposed CC Limit     CRISIL A+    1400    Reaffirmed
Kirloskar Ferrous Industries Ltd        Proposed TL           CRISIL A+    1000    Reaffirmed
Labindia Instruments Pvt Ltd            CC                    CRISIL A     60      Suspended
Labindia Instruments Pvt Ltd            LT Loan               CRISIL A     30      Suspended
NCC Ltd                                 NCD                   CRISIL A-    2000    Downgraded
                                                                                   from CRISIL
                                                                                   A+/Negative
NCC Ltd                                 NCD                   CRISIL A-    2000    Downgraded
                                                                                   from CRISIL
                                                                                   A+/Negative
NCC Ltd                                 CC                    CRISIL A-    11500   Downgraded
                                                                                   from CRISIL
                                                                                   A+/Negative
North Eastern Carrying Corporation Ltd  CC                    CRISIL BBB-  420     Reaffirmed
North Eastern Carrying Corporation Ltd  Proposed LT Bk Loan   CRISIL BBB-  10      Reaffirmed
                                        Fac
Prathyusha Chemicals and Fertilisers    CC                    CRISIL B-    49      Upgraded
Ltd                                                                                from CRISIL
                                                                                   D
Prathyusha Chemicals and Fertilisers    TL                    CRISIL B-    38      Upgraded
Ltd                                                                                from CRISIL
                                                                                   D
Prathyusha Chemicals and Fertilisers    Proposed CC Limit     CRISIL B-    23      Upgraded
Ltd                                                                                from CRISIL
                                                                                   D
Pristine Switchgears India Pvt Ltd      TL                    CRISIL B+    65      Assigned
Pristine Switchgears India Pvt Ltd      Proposed WC Fac       CRISIL B+    7.5     Assigned
Pristine Switchgears India Pvt Ltd      CC                    CRISIL B+    62.5    Assigned
Sagar Educational Society               Overdraft Fac         CRISIL BB    45      Assigned
Sagar Educational Society               TL                    CRISIL BB    25      Assigned
Sai Chemicals Pvt Ltd                   TL                    CRISIL BB+   69.8    Assigned
Sai Chemicals Pvt Ltd                   CC                    CRISIL BB+   55      Assigned
Sharda Oil Industries Pvt Ltd           CC                    CRISIL BB    80      Assigned
Shiny Knitwear                          LT Loan               CRISIL BBB   117.8   Reaffirmed
Shiny Knitwear Pvt Ltd                  LT Loan               CRISIL BBB   104     Reaffirmed
Shree Prakash Textiles (Gujarat) Pvt    CC                    CRISIL BB+   75      Reaffirmed
Ltd
Shree Prakash Textiles (Gujarat) Pvt    TL                    CRISIL BB+   58.5    Reaffirmed
Ltd
Shyam Metalics and Energy Ltd           CC                    CRISIL A-    1290    Reaffirmed
Shyam Metalics and Energy Ltd           TL                    CRISIL A-    4356.5  Reaffirmed
Shyam Sel and Power Ltd                 CC*                   CRISIL A-    1500    Reaffirmed
*Interchangeable with Letter of Credit to the extent of Rs. 350 Million
Shyam Sel and Power Ltd                 TL                    CRISIL A-    4970    Reaffirmed
Sovereign Diamonds Ltd                  CC                    CRISIL BB-   135     Reaffirmed
Star Aqua International Pvt Ltd         CC                    CRISIL BB-   50      Assigned
Star Organic Foods Inc                  TL                    CRISIL BB-   20      Assigned
Star Organic Foods Inc                  CC                    CRISIL BB-   50      Assigned
Structural Solutions Pvt Ltd            Overdraft Fac         CRISIL BB    5       Reaffirmed
Structural Solutions Pvt Ltd            Overdraft Fac*        CRISIL BB    30      Reaffirmed
*Fully interchangeable with Letter of Credit
Surana Ventures Ltd                     CC                    CRISIL BB+   90      Reaffirmed
Surana Ventures Ltd                     Proposed LT Bk Loan   CRISIL BB+   650     Reaffirmed
                                        Fac
Sure Safety Solutions Pvt Ltd           CC                    CRISIL BB    15      Reaffirmed
Sure Safety Solutions Pvt Ltd           WC Demand Loan        CRISIL BB    17.5    Reaffirmed
Thandiram Textiles Pvt Ltd              CC                    CRISIL B     125     Assigned
Tinna Overseas Ltd                      CC                    CRISIL BBB-  110     Reaffirmed
Tinna Overseas Ltd                      TL                    CRISIL BBB-  6.6     Reaffirmed
Tirumala Milk Products Pvt Ltd          CC                    CRISIL A     390     Suspended
Tirumala Milk Products Pvt Ltd          LT Loan               CRISIL A     75.3    Suspended
Total Packaging Services                CC                    CRISIL BBB-  200     Reaffirmed
Total Packaging Services                Standby Line of CreditCRISIL BBB-  30      Reaffirmed
Total Packaging Services                Rupee TL              CRISIL BBB-  20      Reaffirmed
Umarpur Rice Mills Pvt Ltd              TL                    CRISIL D     23.4    Assigned
Umarpur Rice Mills Pvt Ltd              TL                    CRISIL D     7.7     Assigned
Umarpur Rice Mills Pvt Ltd              TL^                   CRISIL D     6.9     Assigned
^includes sub limit of Letter of Credit of Rs 6.00 Million
Umarpur Rice Mills Pvt Ltd              BG                    CRISIL D     2       Assigned
Umarpur Rice Mills Pvt Ltd              CC                    CRISIL D     90      Assigned
Varks Engineers Pvt Ltd                 CC                    CRISIL BB    180     Reaffirmed
VKS Projects Ltd                        CC                    CRISIL BB    91.2    Reaffirmed
VSB Educational Trust                   Proposed LT Bk Loan   CRISIL BB+   37.5    Assigned
                                        Fac
VSB Educational Trust                   CC                    CRISIL BB+   10      Assigned
VSB Educational Trust                   LT Loan               CRISIL BB+   272.5   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

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 / 3317 7222, E-mail at
rru.data@thomsonreuters.com)
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