CRISIL ratings for Indian debt instruments-Sep 24

Mon Sep 24, 2012 1:25pm IST

Sep 24 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of September 21, 2012.

COMPANY                                 INSTRUMENT            RATING       AMOUNT  MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------       -----   ---------
SHORT TERM RATINGS:
-------------------
Aryan Energy Pvt Ltd                    BG                    CRISIL A3+   200     Reaffirmed
B.E. Billimoria and Company Ltd         BG                    CRISIL A1    4017.8  Reaffirmed
B.E. Billimoria and Company Ltd         Buyer Credit Limit    CRISIL A1    117.2   Reaffirmed
B.E. Billimoria and Company Ltd         Cash Management       CRISIL A1    20      Reaffirmed
                                        Service
B.E. Billimoria and Company Ltd         Foreign Exchange Fac  CRISIL A1    10      Reaffirmed
B.E. Billimoria and Company Ltd         LOC                   CRISIL A1    150     Reaffirmed
B.E. Billimoria and Company Ltd         LOC Bill Discounting  CRISIL A1    50      Reaffirmed
Cornelius Pharmaceuticals Pvt Ltd       LOC                   CRISIL A4    50      Assigned
Cornelius Pharmaceuticals Pvt Ltd       Foreign Discounting   CRISIL A4    80      Assigned
                                        Bill Purchase
Cornelius Pharmaceuticals Pvt Ltd       BG                    CRISIL A4    1.5     Assigned
Global Coal and Mining Pvt Ltd          BG                    CRISIL A1    1000    Reaffirmed
Inox Wind Ltd                           LOC                   CRISIL A1    3250    Reaffirmed
Inox Wind Ltd                           Proposed LOC          CRISIL A1    1450    Reaffirmed
Inox Wind Ltd                           CP                    CRISIL A1    1000    Assigned
Kunnam Granite Works                    Export Packing Credit CRISIL A4    120     Assigned
Kunnam Granite Works                    Foreign Bill          CRISIL A4    5       Assigned
                                        Discounting
Lincoln Pharmaceuticals Ltd             BG                    CRISIL A3+   20      Reaffirmed
Lincoln Pharmaceuticals Ltd             LOC                   CRISIL A3+   100     Reaffirmed
Microscan Computers Pvt Ltd             BG                    CRISIL A4+   260     Reaffirmed
Neeru Enterprises                       Packing Credit        CRISIL A4+   70      Assigned
Neeru Enterprises                       LOC                   CRISIL A4+   130     Assigned
Neeru Enterprises                       Foreign Bill Purchase*CRISIL A4+   90      Assigned
* Interchangable with Packing Credit to the extent of Rs.20.0 Million
Pan International                       Bill Discounting      CRISIL A4+   115     Reaffirmed
                                        under LOC
Pan International                       Export Packing Credit CRISIL A4+   8       Reaffirmed
Pan International                       LOC & BG              CRISIL A4+   5       Reaffirmed
Pan International                       Proposed ST Bk Loan   CRISIL A4+   82      Reaffirmed
                                        Fac
R.A.K. Ceramics India Pvt Ltd           LOC & BG              CRISIL A2+   355     Reaffirmed
R.A.K. Ceramics India Pvt Ltd           Proposed ST Bk Loan   CRISIL A2+   50      Reaffirmed
                                        Fac
Raj Associates                          BG                    CRISIL A4    48.5    Assigned
Shriram Transport Finance Company Ltd   BG Fac                CRISIL A1+   27075   Reaffirmed
Shriram Transport Finance Company Ltd   ST Debt Programme     CRISIL A1+   20000   Reaffirmed
Sitapuram Power Ltd                     LOC & BG              CRISIL A3+   50      Downgraded
                                                                                   from CRISIL
                                                                                   A2
Spectrum Coal and Power Ltd             BG                    CRISIL A1    350     Reaffirmed
The Seksaria Biswan Sugar Factory Ltd   LOC and BG            CRISIL A2    40      Assigned
United Ship Breaking Co                 LOC                   CRISIL A4+   350     Assigned

MEDIUM TERM RATINGS:
-------------------
Shriram Transport Finance Company Ltd   FD Programme          FAA+                 Reaffirmed

LONG TERM RATINGS:
-------------------
B.E. Billimoria and Company Ltd         CC                    CRISIL A     730     Reaffirmed
B.E. Billimoria and Company Ltd         Proposed LT Bk Loan   CRISIL A     30      Reaffirmed
                                        Fac
B.E. Billimoria and Company Ltd         WC TL                 CRISIL A     450     Reaffirmed
B.E. Billimoria and Company Ltd         TL                    CRISIL A     1000    Reaffirmed
B.E. Billimoria and Company Ltd         WC Demand Loan        CRISIL A     1250    Reaffirmed
Capital Retreat Pvt Ltd                 LT Loan               CRISIL B-    220     Assigned
Capital Retreat Pvt Ltd                 Proposed LT Bk Loan   CRISIL B-    230     Assigned
                                        Fac
Cornelius Pharmaceuticals Pvt Ltd       LT Loan               CRISIL B-    28.5    Assigned
Cornelius Pharmaceuticals Pvt Ltd       CC                    CRISIL B-    50      Assigned
Darashaw & Company Pvt Ltd              CC                    CRISIL BBB   1500    Reaffirmed
Darashaw & Company Pvt Ltd              Overdraft Fac         CRISIL BBB   4800    Reaffirmed
Darashaw & Company Pvt Ltd              Proposed LT Bk Loan   CRISIL BBB   700     Reaffirmed
                                        Fac
Diya Systems (Mangalore) Pvt Ltd        Foreign Currency TL   CRISIL BB+   280     Reaffirmed
Global Coal and Mining Pvt Ltd          CC                    CRISIL A+    400     Reaffirmed
Global Coal and Mining Pvt Ltd          TL                    CRISIL A+    430     Reaffirmed
Guru Nanak Rice & General Mill          CC                    CRISIL B-    100     Assigned
Guru Nanak Rice & General Mill          TL                    CRISIL B-    32.5    Assigned
Indian Council for International Amity  CC/ Overdraft Fac     CRISIL BBB+  20      Upgraded
                                                                                   from CRISIL
                                                                                   BBB
Indian Council for International Amity  Proposed TL           CRISIL BBB+  70.8    Upgraded
                                                                                   from CRISIL
                                                                                   BBB
Indian Council for International Amity  TL                    CRISIL BBB+  60      Upgraded
                                                                                   from CRISIL
                                                                                   BBB
Inox Wind Ltd                           CC                    CRISIL A-    650     Reaffirmed
Inox Wind Ltd                           LOC*                  CRISIL A-    100     Reaffirmed
* Cash Credit Limit of Rs.100 Million is the sub-limit of Letter of Credit/Buyer's Credit.
Inox Wind Ltd                           Proposed CC Limit     CRISIL A-    1550    Reaffirmed
K.D.Agencies Pvt Ltd                    CC                    CRISIL BB-   105     Reaffirmed
Kems Forgings Ltd                       CC                    CRISIL B+    135     Reaffirmed
Kems Forgings Ltd                       LT Loan               CRISIL B+    93.7    Reaffirmed
Kunnam Granite Works                    WC TL                 CRISIL B+    27      Assigned
Lincoln Pharmaceuticals Ltd             CC                    CRISIL BBB+  320     Reaffirmed
Lincoln Pharmaceuticals Ltd             Rupee TL              CRISIL BBB+  43.3    Reaffirmed

Lincoln Pharmaceuticals Ltd             Standby LOC           CRISIL BBB+  30      Reaffirmed
Lincoln Pharmaceuticals Ltd             Supplier Line of      CRISIL BBB+  19.2    Reaffirmed
                                        Credit
Microscan Computers Pvt Ltd             CC                    CRISIL BB    50      Reaffirmed
Microscan Computers Pvt Ltd             TL                    CRISIL BB    290     Reaffirmed
Millennium Aero Dynamics Pvt Ltd        CC*                   CRISIL B     45      Assigned
*Includes the Bank Guarantee of Rs. 10.00 Million
Millennium Aero Dynamics Pvt Ltd        WC Demand Loan        CRISIL B     15      Assigned
Neeru Enterprises                       CC                    CRISIL BB+   10      Assigned
Neeru Enterprises                       Proposed LTBk Loan FacCRISIL BB+   50      Assigned
Orchid Industries Pvt Ltd               CC                    CRISIL B+    140     Upgraded
                                                                                   from CRISIL B
Orchid Industries Pvt Ltd               Proposed LT Bk Loan   CRISIL B+    16.8    Upgraded
                                        Fac                                        from CRISIL B
Orchid Industries Pvt Ltd               TL                    CRISIL B+    43.2    Upgraded
                                                                                   from CRISIL B
P.I. Jewellers Pvt Ltd                  CC                    CRISIL BB-   160     Reaffirmed
Padmavati Pulp & Paper Mills            CC                    CRISIL B+    80      Reaffirmed
Padmavati Pulp & Paper Mills            Proposed LT Bk Loan   CRISIL B+    55.4    Reaffirmed
                                        Fac
Padmavati Pulp & Paper Mills            TL                    CRISIL B+    54.6    Reaffirmed
PVR bluO Entertainment Ltd              TL                    CRISIL BBB-  150     Assigned
R.A.K. Ceramics India Pvt Ltd           CC*                   CRISIL A-    830     Reaffirmed
* Includes Rs.150.0 Million interchangeable with short-term loan/packing credit/buyers
credit/export bill discounting; Includes Rs.520.0 Million interchangeable with packing
credit/buyers credit/export bill discounting
R.A.K. Ceramics India Pvt Ltd           Foreign Currency TL   CRISIL A-    520     Reaffirmed
R.A.K. Ceramics India Pvt Ltd           Proposed LT Bk Loan   CRISIL A-    447     Reaffirmed
                                        Fac
R.A.K. Ceramics India Pvt Ltd           WC Demand Loan        CRISIL A-    250     Reaffirmed
Raj Associates                          Proposed LT Bk Loan   CRISIL B+    16      Assigned
                                        Fac
Raj Associates                          CC                    CRISIL B+    20      Assigned
Ritu Shipping Pvt Ltd                   CC                    CRISIL B     150     Assigned
Shri Santkrupa Cotton Industries        TL                    CRISIL C     14      Assigned
Shri Santkrupa Cotton Industries        CC                    CRISIL C     50      Assigned
Shri Santkrupa Cotton Industries        Proposed LT Bk Loan   CRISIL C     6       Assigned
                                        Fac
Shriram Transport Finance Company Ltd   LT Bk Fac             CRISIL AA    71545.2 Assigned
Shriram Transport Finance Company Ltd   Proposed LT Bk Loan   CRISIL AA    35879.8 Assigned
                                        Fac
Shriram Transport Finance Company Ltd   CC/WC Demand Loan*    CRISIL AA    53412.5 Reaffirmed
*Rs.1.75 billion of cash credit/working capital demand loan facility is interchangeable with
bank guarantee facility.
Shriram Transport Finance Company Ltd   Proposed CC Fac*      CRISIL AA    4087.5  Reaffirmed
*interchangeable with working capital demand loans
Shriram Transport Finance Company Ltd   BG Fac                CRISIL AA    8000    Reaffirmed
Shriram Transport Finance Company Ltd   NCD Issue             CRISIL AA    5000    Reaffirmed
Shriram Transport Finance Company Ltd   NCD Issue             CRISIL AA    5000    Reaffirmed
Shriram Transport Finance Company Ltd   NCDs                  CRISIL AA    41000   Reaffirmed
Shriram Transport Finance Company Ltd   Subordinated Debt     CRISIL AA    7000    Reaffirmed
                                        Issue (Tier-II Bonds) 
Sitapuram Power Ltd                     CC                    CRISIL BBB   200     Downgraded
                                                                                   from CRISIL
                                                                                   BBB+
Sitapuram Power Ltd                     LT Loan               CRISIL BBB   500     Downgraded
                                                                                   from CRISIL
                                                                                   BBB+
Spectrum Coal and Power Ltd             CC                    CRISIL A+    650     Reaffirmed
Spectrum Coal and Power Ltd             Foreign Currency TL   CRISIL A+    1739.8  Reaffirmed
Spectrum Coal and Power Ltd             TL                    CRISIL A+    1850    Reaffirmed
The Seksaria Biswan Sugar Factory Ltd   CC                    CRISIL BBB+  1000    Assigned
The Seksaria Biswan Sugar Factory Ltd   TL                    CRISIL BBB+  52      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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