CRISIL ratings for Indian debt instruments-Nov 26

Nov 26 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of November 23, 2012.

COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
------ ---------- ------ ----- ---------
SHORT TERM RATINGS:
-------------------
Aero Club BG CRISIL A2 29.7 Reaffirmed
Aero Club Foreign LOC CRISIL A2 83.8 Reaffirmed
Aero Club LOC CRISIL A2 698 Reaffirmed
Apollo Tyres Ltd LOC@ CRISIL A1+ 6750 Reaffirmed
@Interchangeable with bank guarantee
Apollo Tyres Ltd CP Programme CRISIL A1+ 9000 Reaffirmed
Art N Glass Inc BG CRISIL A3+ 17 Reaffirmed
Art N Glass Inc LOC CRISIL A3+ 16 Reaffirmed
B&H Texfab Pvt Ltd Packing Credit CRISIL A4 60 Assigned
Bharat Dynamics Ltd Proposed LOC CRISIL A1+ 1 Assigned
Bharat Dynamics Ltd BG CRISIL A1+ 0.1 Assigned
Bharat Dynamics Ltd Foreign LOC CRISIL A1+ 3 Assigned
Bhima Jewellers LOC CRISIL A3+ 250 Assigned
Binjusaria Metal Box Company LOC CRISIL A4 207 Reaffirmed
Capricorn Oils Ltd BG CRISIL A4 6 Reaffirmed
Capricorn Oils Ltd LOC CRISIL A4 40 Reaffirmed
Descon Ltd LOC & BG CRISIL A4+ 75 Assigned
Devashish Infrastructure Pvt Ltd LOC and BG CRISIL A4+ 40 Assigned
Dewa Projects Pvt Ltd BG CRISIL A4+ 5 Assigned
Electro Teknica Switchgears Pvt Ltd BG CRISIL A4 45 Downgraded
from CRISIL
A4+
Electro Teknica Switchgears Pvt Ltd LOC CRISIL A4 5 Downgraded
from CRISIL
A4+
Ganga Acrowools Ltd LOC CRISIL A4+ 120 Reaffirmed
Global Power Systems LOC CRISIL A4 10 Reaffirmed
Global Power Systems BG CRISIL A4 25 Reaffirmed
GVV Constructions Pvt Ltd BG CRISIL A3 190 Reaffirmed
Joneja Bright Steels Pvt Ltd Bill CRISIL A3 10 Reaffirmed
Purchase-Discounting
Fac
Joneja Bright Steels Pvt Ltd LOC CRISIL A3 20 Reaffirmed
Jugal Kishore Kashmiri Lal LOC CRISIL A4 100 Assigned
Kalpataru Power Transmission Ltd LOC & BG CRISIL A1+ 26502 Reaffirmed
Kalpataru Power Transmission Ltd ST Debt CRISIL A1+ 1000 Reaffirmed
MTAR Technologies Pvt Ltd Export Packing Credit CRISIL A2+ 150 Downgraded
from CRISIL
A1
MTAR Technologies Pvt Ltd Standby Line of CreditCRISIL A2+ 50 Downgraded
from CRISIL
A1
MTAR Technologies Pvt Ltd LOC CRISIL A2+ 150 Downgraded
from CRISIL
A1
MTAR Technologies Pvt Ltd BG CRISIL A2+ 850 Downgraded
from CRISIL
A1
Narayani Coke Pvt Ltd LOC CRISIL A4+ 400 Reaffirmed
Nitson and Amitsu Pvt Ltd BG CRISIL A4+ 60.5 Reaffirmed
Nitson and Amitsu Pvt Ltd LOC CRISIL A4+ 10 Reaffirmed
Nitson and Amitsu Pvt Ltd Proposed BG CRISIL A4+ 30 Reaffirmed
Nitson and Amitsu Pvt Ltd Proposed LOC CRISIL A4+ 5 Reaffirmed
Orient Bell Ltd LOC & BG CRISIL A2 301 -
Palriwal Industries Pvt Ltd BG CRISIL A4+ 20 Reaffirmed
Palriwal Industries Pvt Ltd LOC CRISIL A4+ 80 Reaffirmed
Palriwal Industries Pvt Ltd BG CRISIL A4+ 200 Reaffirmed
Palriwal Industries Pvt Ltd LOC CRISIL A4+ 800 Reaffirmed
Qutone Ceramic Pvt Ltd Import LOC Limit^ CRISIL A4+ 53 Assigned
^Includes a sub limit of Rs 13.0 Million for Bank Guarantee
Rabo India Finance Ltd Intraday Limit CRISIL A1+ 1000 Reaffirmed
Rabo India Finance Ltd CD Programme CRISIL A1+ 5000 Reaffirmed
Riviera Home Furnishings Pvt Ltd Export Packing Credit*CRISIL A2 643.5 Reaffirmed
* Interchangeable with Foreign Bills Discounting
S. K. Construction BG CRISIL A4 40 Assigned
Sadhu Ram Jai Parkash LOC CRISIL A4 100 Assigned
Shambhulal A Shah & Company Factoring/ Forfaiting CRISIL A4+ 130 Downgraded
from CRISIL
A3
Shilpa Steel & Power Ltd BG CRISIL A3+ 750 Reaffirmed
Siddhartha Enterprises LOC CRISIL A4 10 Assigned
Siddhartha Enterprises BG CRISIL A4 20 Assigned
Texmo Industries LOC & BG CRISIL A1 170 Reaffirmed
The New Ball Bearing Company BG CRISIL A4+ 0.5 Reaffirmed
TTK Prestige Ltd LOC & BG CRISIL A1+ 400 Reaffirmed
TTK Prestige Ltd ST Loan CRISIL A1+ 948 Reaffirmed
TTK Prestige Ltd CP CRISIL A1+ 250 Reaffirmed
Vijay Fire Vehicles and Pumps Ltd BG CRISIL A4+ 50 Assigned
Virtus Exports and Imports Pvt Ltd BG CRISIL A4+ 110 Reaffirmed

LONG TERM RATINGS:
-------------------
Abharan Jewellers Pvt Ltd CC CRISIL BBB 70 Assigned
Abharan Jewellers Pvt Ltd TL CRISIL BBB 18.3 Assigned
Aero Club CC CRISIL BBB+ 430 Reaffirmed
Aero Club Foreign Currency CRISIL BBB+ 1000 Reaffirmed
Demand Loan
Aero Club Overdraft Fac CRISIL BBB+ 290 Reaffirmed
Aero Club TL CRISIL BBB+ 200 Reaffirmed
Aero Club WC Demand Loan CRISIL BBB+ 480 Reaffirmed
All India Society for Electronics & TL CRISIL BBB- 150 Assigned
Computer Technology
Apollo Tyres Ltd CC Limit* CRISIL AA 10000 Reaffirmed
* Interchangeable with working capital demand loan
Apollo Tyres Ltd LT Loans CRISIL AA 500 Reaffirmed
Apollo Tyres Ltd NCDs CRISIL AA 1000 Assigned
Apollo Tyres Ltd NCDs CRISIL AA 2000 Reaffirmed
Apollo Tyres Ltd NCDs CRISIL AA 2000 Reaffirmed
Apollo Tyres Ltd NCDs CRISIL AA 1000 Reaffirmed
Apollo Tyres Ltd NCDs CRISIL AA 1250 Reaffirmed
Art N Glass Inc CC CRISIL BBB 115 Reaffirmed
Art N Glass Inc Standby Line of CreditCRISIL BBB 12 Reaffirmed
Art N Glass Inc TL CRISIL BBB 125 Reaffirmed
Atul Resorts & Hospitality India Pvt LtdTL CRISIL BB- 800 Assigned
B&H Texfab Pvt Ltd TL CRISIL B 31.9 Assigned
B&H Texfab Pvt Ltd Proposed LT Bk Loan CRISIL B 58.1 Assigned
Fac
Bhima Jewellers CC CRISIL BBB 1400 Assigned
Bhima Jewellers Proposed LT Bk Loan CRISIL BBB 850 Assigned
Binjusaria Metal Box Company CC CRISIL B+ 30 Reaffirmed
Binjusaria Metal Box Company Standby Line of CreditCRISIL B+ 30 Reaffirmed
Brahmaputra Papers Pvt Ltd CC CRISIL B- 30 Upgraded
from CRISIL
C
Brahmaputra Papers Pvt Ltd TL CRISIL B- 55.3 Upgraded
from CRISIL
D
Brahmaputra Papers Pvt Ltd Proposed LT Bk Loan CRISIL B- 29.7 Upgraded
Fac from CRISIL
D
Capricorn Oils Ltd CC* CRISIL C 45 Reaffirmed
*Sub limit of Rs.15.0 million against Book Debt
Classic Papers TL CRISIL D 28 Assigned
Classic Papers Proposed LT Bk Loan CRISIL D 15 Assigned
Fac
Classic Papers CC CRISIL D 30 Assigned
Classic Papers Proposed CC Limit CRISIL D 20 Assigned
Descon Ltd CC CRISIL BB 75 Assigned
Devashish Infrastructure Pvt Ltd TL CRISIL BB 8 Assigned
Devashish Infrastructure Pvt Ltd Overdraft Fac CRISIL BB 60 Assigned
Dewa Projects Pvt Ltd CC CRISIL BB+ 50 Assigned
Dewa Projects Pvt Ltd TL CRISIL D 2870 Assigned
Diamond Solvex Pvt Ltd CC CRISIL B+ 115 Reaffirmed
Diamond Solvex Pvt Ltd Overdraft Fac CRISIL B+ 6.8 Reaffirmed
Diamond Solvex Pvt Ltd Proposed LT Bk Loan CRISIL B+ 9.2 Reaffirmed
Fac
Diamond Solvex Pvt Ltd TL CRISIL B+ 29 Reaffirmed
Eastern Media Ltd CC* CRISIL D 105 Reaffirmed
*includes Standby Line of Credit Rs. 5.00 million
Eastern Media Ltd LOC CRISIL D 20 Reaffirmed
Eastern Media Ltd LT Loan CRISIL D 125 Reaffirmed
Electro Teknica Switchgears Pvt Ltd CC CRISIL BB- 15 Downgraded
from CRISIL
BB
Ganga Acrowools Ltd CC* CRISIL BB- 215 Reaffirmed
* Includes sublimit of Rs. 130 million for Export packing credit (EPC)/foreign bill discounting
(FBD). State bank of India has sanctioned both way inter-changeabilit
Ganga Acrowools Ltd CC# CRISIL BB- 116 Reaffirmed
# includes sublimit of Rs. 75 million for Export packing credit (EPC)/foreign bill discounting
(FBD). Bank of Baroda has sanctioned both way inter-changeability betw
Ganga Acrowools Ltd CC& CRISIL BB- 89 Reaffirmed
& Includes sublimit of Rs. 55 million for Export packing credit (EPC)/foreign bill discounting
(FBD).State bank of Patiala has sanctioned both way inter-changeabilit
Ganga Acrowools Ltd Rupee TL CRISIL BB- 935 Reaffirmed
Ganga Acrowools Ltd Standby Line of CreditCRISIL BB- 50 Reaffirmed
Global Power Systems CC CRISIL C 20 Reaffirmed
Global Power Systems Proposed Long- Term CRISIL C 35 Reaffirmed
Bk Loan Fac
GVV Constructions Pvt Ltd CC CRISIL BBB- 76 Reaffirmed
GVV Constructions Pvt Ltd TL CRISIL BBB- 28.6 Reaffirmed
J S Designer Ltd TL CRISIL D 50 Assigned
J S Designer Ltd LOC CRISIL D 100 Assigned
J S Designer Ltd Letter Of Guarantee CRISIL D 20 Assigned
J S Designer Ltd Export Packing Credit^CRISIL D 600 Assigned
^ Rs.450 million includes the inner limit of 370 million for Export Packing Credit
J S Designer Ltd Foreign Bill CRISIL D 400 Assigned
Discounting*
* Includes the inner limit of 330 million for Export Packing Credit
Janalakshmi Financial Services Pvt Ltd Star JFSKMB Nov 2012- CRISIL 150.7 Assigned
Series A1 PTCs A+(SO) %&
%The common independent director on the boards of CRISIL and Janalakshmi Financial Services Pvt.
Ltd. did not participate in the rating exercise; &Series A1 PTCs are
Janalakshmi Financial Services Pvt Ltd Star JFSKMB Nov 2012- CRISIL 16.7 Assigned
Series A2 PTCs BB+(SO) %&
%The common independent director on the boards of CRISIL and Janalakshmi Financial Services
Pvt. Ltd. did not participate in the rating exercise; &Series A1 PTCs are entitled to receive
interest on a fortnightly basis; there is an expected schedule for principal repayments for
Series A1 PTCs; however, the structure allows for principal payments to be made by the maturity
date of the PTCs (ultimate payment structure)
Joneja Bright Steels Pvt Ltd CC CRISIL BBB- 60 Reaffirmed
Joneja Bright Steels Pvt Ltd Proposed LT Bk Loan CRISIL BBB- 28 Reaffirmed
Fac
Joneja Bright Steels Pvt Ltd Rupee TL CRISIL BBB- 56 Reaffirmed
Jugal Kishore Kashmiri Lal CC CRISIL B+ 19 Assigned
K. K. Tex Enterprises TL CRISIL B 12.5 Assigned
K. K. Tex Enterprises CC CRISIL B 37.5 Assigned
K. K. Tex Enterprises Proposed LT Bk Loan CRISIL B 20 Assigned
Fac
Kalpataru Power Transmission Ltd CC* CRISIL AA 3760 Reaffirmed
*Interchangeable with overdraft.
Kalpataru Power Transmission Ltd Advance Against CRISIL AA 1010 Reaffirmed
Retention Money
Modern Solar Pvt Ltd CC CRISIL B 140 Assigned
Modern Solar Pvt Ltd TL CRISIL B 70 Assigned
MTAR Technologies Pvt Ltd CC CRISIL A- 250 Downgraded
from CRISIL
A
MTAR Technologies Pvt Ltd TL CRISIL A- 180 Downgraded
from CRISIL
A
Narayani Coke Pvt Ltd CC CRISIL BB- 60 Reaffirmed
Narayani Coke Pvt Ltd TL CRISIL BB- 40 Reaffirmed
Narsingh Ispat Ltd CC** CRISIL BB+ 150 Reaffirmed
*Sub Limit of Rs.50 Million as Letter of Credit
Narsingh Ispat Ltd TL CRISIL BB+ 10 Reaffirmed
Narsingh Ispat Ltd CC** CRISIL BB+ 150 Reaffirmed
**Sub Limit of Rs.50 Million as Letter of Credit
Narsingh Ispat Ltd TL CRISIL BB+ 10 Reaffirmed
Netwing Technologies Pvt. Ltd CC* CRISIL B+ 192 Reaffirmed
*Includes a sub-limit for Bill Discounting of Rs 145.0 Million.
Netwing Technologies Pvt. Ltd TL CRISIL B+ 8 Reaffirmed
Nitson and Amitsu Pvt Ltd CC CRISIL BB+ 12.5 Reaffirmed
Nitson and Amitsu Pvt Ltd Proposed CC Limit CRISIL BB+ 5 Reaffirmed
Orient Bell Ltd CC & WC Demand Loan** CRISIL BBB+ 957 -
* *Includes sub limit of packing credit to the extent of Rs.50 Million
Orient Bell Ltd Proposed LT Bk Loan CRISIL BBB+ 548 -
Fac
Orient Bell Ltd TL CRISIL BBB+ 554 -
Palriwal Industries Pvt Ltd CC CRISIL BB- 230 Reaffirmed
Palriwal Industries Pvt Ltd LT Loan CRISIL BB- 60 Reaffirmed
Palriwal Industries Pvt Ltd Proposed LT Bk Loan CRISIL BB- 10 Reaffirmed
Fac
Palriwal Industries Pvt Ltd CC CRISIL BB- 2300 Reaffirmed
Palriwal Industries Pvt Ltd LT Loan CRISIL BB- 600 Reaffirmed
Palriwal Industries Pvt Ltd Proposed LT Bk Loan CRISIL BB- 100 Reaffirmed
Fac
Qutone Ceramic Pvt Ltd TL CRISIL BB 94 Assigned
Qutone Ceramic Pvt Ltd Proposed LT Bk Loan CRISIL BB 3.6 Assigned
Fac
Qutone Ceramic Pvt Ltd CC* CRISIL BB 96.2 Assigned
*Includes a sub limit of Rs 66.0 Million
R.Piyarelall Import & Export Ltd CC CRISIL D 260 Downgraded
from CRISIL
BB
R.Piyarelall Import & Export Ltd LOC CRISIL D 550 Downgraded
from CRISIL
A4+
Rabo India Finance Ltd CC & WC demand loan CRISIL AAA 2000 Reaffirmed
Revive Realty Pvt Ltd LT Loan CRISIL BBB- 237.5 Reaffirmed
Revive Realty Pvt Ltd Proposed LT Bk Loan CRISIL BBB- 102.5 Reaffirmed
Fac
Riviera Home Furnishings Pvt Ltd TL CRISIL BBB+ 706.5 Reaffirmed
Ronix Polymer Pvt Ltd Proposed CC Limit CRISIL B 32.5 Assigned
Ronix Polymer Pvt Ltd Proposed LT Bk Loan CRISIL B 67.5 Assigned
Fac
S. K. Construction CC CRISIL B- 65 Assigned
Sadhu Ram Jai Parkash CC CRISIL B+ 19 Assigned
Sangamner -Loni Infrastructure Pvt Ltd Proposed LT Bk Loan CRISIL D 10 Downgraded
Fac from CRISIL
BB
Sangamner -Loni Infrastructure Pvt Ltd TL CRISIL D 140 Downgraded
from CRISIL
BB
Shambhulal A Shah & Company CC CRISIL BB 290 Downgraded
from CRISIL
BBB-
Shambhulal A Shah & Company WC Demand Loan CRISIL BB 110 Downgraded
from CRISIL
BBB-
Shilpa Steel & Power Ltd CC CRISIL BBB 800 Reaffirmed
Siddhartha Enterprises Proposed LT Bk Loan CRISIL B+ 55 Assigned
Fac
Siddhartha Enterprises CC CRISIL B+ 35 Assigned
Sikkim Breweries Ltd Rupee TL CRISIL D 300 Reaffirmed
Sundaram Steels CC* CRISIL B+ 30 Reaffirmed
*Includes a sublimit of Rs.10.0 million for Cash Credit- Book Debts
Sundaram Steels TL CRISIL B+ 25 Reaffirmed
Super Global Ltd CC CRISIL D 70 Reaffirmed
Super Global Ltd Rupee TL CRISIL D 100 Reaffirmed
Supreme Agrofoods Pvt Ltd CC CRISIL BBB- 100 Reaffirmed
Supreme Agrofoods Pvt Ltd Proposed CC Limit CRISIL BBB- 50 Reaffirmed
Supreme Agrofoods Pvt Ltd TL CRISIL BBB- 144 Reaffirmed
Texmo Industries CC CRISIL A 550 Reaffirmed
Texmo Industries CC* CRISIL A 300 Reaffirmed
Texmo Industries LT Loan CRISIL A 300 Reaffirmed
Texmo Industries Proposed TL CRISIL A 250 Reaffirmed
The New Ball Bearing Company CC CRISIL BB- 69.5 Reaffirmed
TTK Prestige Ltd LT Loan CRISIL AA- 2 Reaffirmed
TTK Prestige Ltd CC CRISIL AA- 600 Reaffirmed
U.K. Cement Pvt Ltd Proposed LT Bk Loan CRISIL B 520 Assigned
Fac
V.N.M.S. Ayyachamy Nadar & Bros CC CRISIL B 90 Assigned
Vijay Fire Vehicles and Pumps Ltd CC CRISIL BB 27.5 Assigned
Vijay Fire Vehicles and Pumps Ltd Proposed LT Bk Loan CRISIL BB 42.5 Assigned
Fac
Zuberi Fibres Pvt Ltd CC CRISIL D 212.5 Reaffirmed
Zuberi Fibres Pvt Ltd LOC CRISIL D 150 Reaffirmed
Zuberi Fibres Pvt Ltd Proposed LT Bk Loan CRISIL D 22.5 Reaffirmed
Fac
Zuberi Fibres Pvt Ltd Rupee TL CRISIL D 375 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 / 3317 7222 , E-mail at
rru.data@thomsonreuters.com)