CRISIL ratings for Indian debt instruments-Feb 15

Feb 15 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of February 14, 2013.

COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
------ ---------- ------ ----- ---------
SHORT TERM RATINGS:
-------------------
Aakriti Constructions and BG CRISIL A4+ 85 Reaffirmed
Developments Ltd
Able Group Trading Contractors BG CRISIL A4 15 Assigned
Avtar and Company BG CRISIL A4+ 25 Assigned
Eastern Piling and Construction Pvt BG CRISIL A4 50 Reaffirmed
Ltd
Inyati Footwears Ltd LOC CRISIL A3+ 15 Reaffirmed
Joharilal Agarwala Sales Pvt Ltd BG CRISIL A4+ 50 Suspended
KLJ Poly Alloys BG CRISIL A1 10 Placed on
Notice of Notice of
Withdrawal Withdrawal
KLJ Poly Alloys LOC CRISIL A1 Placed on
Notice of Notice of
Withdrawal Withdrawal
KPIT Cummins Infosystems Ltd BG CRISIL A1+ 20 Assigned
Kumaragiri Spinners Ltd BG CRISIL A4 7 Upgraded
from
CRISIL D
Ludhiana Beverages Pvt Ltd BG CRISIL A1 2.5 Reaffirmed
Ludhiana Beverages Pvt Ltd LOC CRISIL A1 2.5 Reaffirmed
Lanco Amarkantak Power Ltd LOC CRISIL D 340 Downgraded
from
CRISIL A4+
Lanco Amarkantak Power Ltd BG CRISIL D 340 Downgraded
from
CRISIL A4+
Lanco Amarkantak Power Ltd BG* CRISIL D 680 Downgraded
from
CRISIL A4+
*Fungible with letter of credit
Magnum Clothing Pvt Ltd Bill Purchase - CRISIL A4 100 Reaffirmed
Discounting Fac
Magnum Clothing Pvt Ltd LOC CRISIL A4 30 Reaffirmed
Magnum Clothing Pvt Ltd Packing Credit CRISIL A4 30 Reaffirmed
Magnum Clothing Pvt Ltd Post Shipment CRISIL A4 5 Reaffirmed
Credit*
* Advance against Duty Drawback
Manpho Exports LOC CRISIL A4 5 Reaffirmed
Mastek Ltd LOC CRISIL A1 100** Notice of
Notice of
Withdrawal
**Interchangeable with bank guarantee
Mayfair Hotels & Resorts Ltd BG CRISIL A4+ 10 Reaffirmed
Model Tanners (India) Pvt Ltd LOC CRISIL A3+ 66 Reaffirmed
Neuland Laboratories Ltd BG CRISIL A4 10 Upgraded
from
CRISIL D
Neuland Laboratories Ltd Bill Discounting CRISIL A4 100 Upgraded
from
CRISIL D
Needs Sri Sai Traders Pvt Ltd BG CRISIL D 30 Downgraded
from
CRISIL A4+
Needs Sri Sai Traders Pvt Ltd LOC CRISIL D 30 Downgraded
from
CRISIL
A4+Pearl Global Industries Ltd LOC CRISIL A3 1250 Assigned
Pearl Global Industries Ltd Bill Discounting CRISIL A3 520 Assigned
Pearl Global Industries Ltd Export Packing CRISIL A3 630 Assigned
Credit
Phoenix Foils Pvt Ltd LOC CRISIL A4+ 90 Assigned
Phoenix Foils Pvt Ltd Proposed LOC CRISIL A4+ 40 Assigned
Prasam Exports Packing Credit CRISIL A4+ 25 Assigned
PSR Elecon Pvt Ltd BG CRISIL A4+ 70 Reaffirmed
Radharaman Plywood Industries Pvt BG CRISIL A4+ 2 Reaffirmed
Ltd
Radharaman Plywood Industries Pvt Foreign LOC CRISIL A4+ 40 Reaffirmed
Ltd
Radhika Exports Bill Purchase - CRISIL A4+ 100 Reaffirmed
Discounting Fac
Radhika Exports Packing Credit CRISIL A4+ 75.0* Reaffirmed
*Fully interchangeable with bills discounting facility
Rama Phosphates Ltd LOC CRISIL A3 220 Upgraded
from
CRISIL A4+
Rasi Nutri Foods BG CRISIL A3+ 30 Downgraded
from
CRISIL A2
Shashi Timber & Plywood Industries BG CRISIL A4+ 1 Reaffirmed
Pvt Ltd
Shashi Timber & Plywood Industries Foreign LOC CRISIL A4+ 25 Reaffirmed
Pvt Ltd
Sri Vela Smelters Pvt Ltd LOC CRISIL A4+ 140 Reaffirmed
Style N Supply Pvt Ltd BG CRISIL A4 5 Reaffirmed
Techno Electric & Engg Co Ltd BG@ CRISIL A1+ 1600 Assigned
@ Rs.600 Million interchangeable with Rs.100 Million of Letter of Credit and
Rs.50 Million of Overdraft limit
Techno Electric & Engg Co Ltd Bill Discounting$ CRISIL A1+ 15 Assigned
$ Interchangeable with Letter of Credit
Techno Electric & Engg Co Ltd LOC & BG CRISIL A1+ 5383.5 Assigned
Techno Electric & Engg Co Ltd ST Loan# CRISIL A1+ 250 Assigned
# Rs.50 Million interchangeable with Letter of Credit, Bank Guarantee
Techser Power Solutions Pvt Ltd BG CRISIL A3 35 Reaffirmed
Techser Power Solutions Pvt Ltd LOC CRISIL A3 30 Reaffirmed
Tirupati Plywood Industries BG CRISIL A4+ 3 Reaffirmed
Tirupati Plywood Industries Foreign LOC CRISIL A4+ 45 Reaffirmed
TSS Projects and Industries Pvt Ltd Export Packing CRISIL A4 230 Suspended
Credit*
* Also Foreign Bill Discounting facility available
TSS Projects and Industries Pvt Ltd Foreign LOC** CRISIL A4 80 Suspended

**Also Indian Letter of Credit facility available
Vallabh Fabriks Ltd LOC* CRISIL A4+ 2.5 Reaffirmed
* Bank Guarantee limit of Rs.2 Million is a sub-limit of Letter of Credit limit.
Versatile Mobile Distributors Pvt BG CRISIL A4 20 Assigned
Ltd

LONG TERM RATINGS:
-------------------
Aakriti Constructions and CC CRISIL BB- 440 Downgraded
Developments Ltd from
CRISIL BB-
Able Group Trading Contractors CC CRISIL B 55 Assigned
Avtar and Company Secured Overdraft CRISIL BB+ 29.1 Assigned
Fac
Avtar and Company Proposed Long - CRISIL BB+ 15.9 Assigned
Term Bk Loan Fac
Avtar and Company CC CRISIL BB+ 30 Assigned
Chhavan Engineering Works Overdraft Fac CRISIL B 55 Assigned
Chhavan Engineering Works Proposed LT Bk CRISIL B 32.5 Assigned
Loan Fac
Eastern Piling and Construction Pvt CC CRISIL B+ 50 Reaffirmed
Ltd
Godavari Edible Bran Oil Ltd CC CRISIL B+ 200 Suspended
Godavari Edible Bran Oil Ltd LT Loan CRISIL B+ 72 Suspended
Grameen Financial Services Pvt Ltd Series A1 PTCsß CRISIL A+(SO)100 Upgraded
-Arktos IFMR Capital 2012 from CRISIL
AA-(SO)
ßSeries A1 PTCs are entitled to receive interest on 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 maturity date of the PTCs
(ultimate payment structure).
Grameen Financial Services Pvt Ltd Series A2 PTCsß CRISIL A+(SO)10.9 Upgraded
-Arktos IFMR Capital 2012 from CRISIL
AA-(SO)
ßSeries A1 PTCs are entitled to receive interest on 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 maturity date
of the PTCs (ultimate payment structure).
Grameen Financial Services Pvt Ltd Senior Assignee CRISIL AAA(SO)199.3$ Upgraded
-Chiron IFMR Capital 2012 Payouts@ from CRISIL
AA+(SO)
$Additionally, Rs.67.8 million and Rs.55.9 million in the form of subordination
of cash flows, expected to be collected over and above the scheduled payouts
promised to the Senior Assignee payouts and Junior Assignee payouts,
respectively, also provide credit support to the same.
@ The Senior Assignee is entitled to receive interest on a fortnightly basis.
There is an expected schedule for principal repayments for the Senior Assignee
payouts and Junior Assignee payouts; however, the structure allows for principal
payments to be made by the legal final maturity date
of the payouts (ultimate payment structure)
Grameen Financial Services Pvt Ltd Junior Assignee CRISIL AAA(SO)11.9 Upgraded
-Chiron IFMR Capital 2012 Payouts@ from
CRISIL
AA+(SO)
@The Senior Assignee is entitled to receive
interest on a fortnightly basis. There is an expected schedule for principal
repayments for the Senior Assignee payouts and Junior Assignee payouts;
however, the structure allows for principal payments to be made by the
legal final maturity date of the payouts (ultimate payment structure)
Grameen Financial Services Pvt Ltd Series A1 PTCsß CRISIL AAA(SO)158.6 Upgraded
-Gaia IFMR Capital 2012 from CRISIL
AA(SO)
ßSeries A1 PTCs are entitled to receive interest on 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 maturity
date of the PTCs (ultimate payment structure).
Grameen Financial Services Pvt Ltd Series A1 PTCsß CRISIL AAA(SO)29.7 Upgraded
-Gaia IFMR Capital 2012 from CRISIL
AA(SO)
ßSeries A1 PTCs are entitled to receive interest on 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 maturity
date of the PTCs (ultimate payment structure).*Additionally, Rs.68.5 million
and Rs.38.7 million in the form of subordination of cash flows, expected to be
collected over and above the scheduled payouts promised to the Series A1 PTCs
and Series A2 PTCs, respectively, also provide credit support to the same.
Indiabulls Income Fund Indiabulls Income CRISIL AAAmfs- Assigned
Fund
Inyati Footwears Ltd Bill Discounting CRISIL BBB 60 Reaffirmed
Inyati Footwears Ltd Export Packing CRISIL BBB 30 Reaffirmed
Credit
Inyati Footwears Ltd Proposed LT Bk CRISIL BBB 30 Reaffirmed
Loan Fac
Joharilal Agarwala Sales Pvt Ltd CC CRISIL BB+ 160 Suspended
Kerala Cars Pvt Ltd CC CRISIL BB+ 30 Assigned
Kerala Cars Pvt Ltd Inventory Funding CRISIL BB+ 229.8 Assigned
Fac
Kerala Cars Pvt Ltd LT Loan CRISIL BB+ 21.7 Assigned
KLJ Poly Alloys CC CRISIL A 70 Placed on
Notice of
Withdrawal
KPIT Cummins Infosystems Ltd CC CRISIL AA- 2234.5 Assigned
KPIT Cummins Infosystems Ltd TL CRISIL AA- 1095.5 Assigned
Kumaragiri Spinners Ltd CC CRISIL B 90 Upgraded
from
CRISIL D
Kumaragiri Spinners Ltd LT Loan CRISIL B 143.6 Upgraded
from
CRISIL D
Ludhiana Beverages Pvt Ltd CC CRISIL A 270* Reaffirmed
*includes standby line of credit of Rs.20 million
Ludhiana Beverages Pvt Ltd TL CRISIL A 100 Reaffirmed
Magnum Clothing Pvt Ltd LT Loan CRISIL B- 6 Reaffirmed
Magnum Clothing Pvt Ltd Proposed LT Bk CRISIL B- 2.2 Reaffirmed
Loan Fac
Manappuram Finance Ltd CC & WC demand loan CRISIL A+ 8000 Reaffirmed
Manappuram Finance Ltd Proposed LT Bk CRISIL A+ 1150 Reaffirmed
Loan Fac
Manappuram Finance Ltd TL CRISIL A+ 150 Reaffirmed
Manappuram Finance Ltd WC Demand Loan CRISIL A+ 700 Reaffirmed
Manpho Exports CC CRISIL B- 40 Reaffirmed
Manpho Exports Proposed LT Bk CRISIL B- 20 Reaffirmed
Loan Fac
Mastek Ltd CC CRISIL A+ 40 Notice of
Withdrawal
Mastek Ltd CC CRISIL A+ 60* Withdrawal
*Interchangeable with Letter of credit and Bank guarantee up to Rs. 60.0 million
Mayfair Hotels & Resorts (Sikkim) CC CRISIL BB 4.4 Downgraded
Pvt Ltd from
CRISIL BB+
Mayfair Hotels & Resorts (Sikkim) Proposed LT Bk CRISIL BB 10 Downgraded
Pvt Ltd Loan Fac from
CRISIL BB+
Mayfair Hotels & Resorts (Sikkim) TL CRISIL BB 595 Downgraded
Pvt Ltd from
CRISIL BB+
Mayfair Hotels & Resorts Ltd CC CRISIL BB 30 Downgraded
from
CRISIL BB+
Mayfair Hotels & Resorts Ltd TL CRISIL BB 960 Downgraded
from
CRISIL BB+
Model Echoes Pvt Ltd Foreign Bill CRISIL BBB 37.5 Reaffirmed
Discounting
Model Echoes Pvt Ltd Packing Credit CRISIL BBB 17.5 Reaffirmed
Model Echoes Pvt Ltd Proposed LT Bk CRISIL BBB 15 Reaffirmed
Loan Fac
Neuland Laboratories Ltd CC CRISIL B+ 900 Upgraded
from
CRISIL D
Neuland Laboratories Ltd Proposed LT Bk CRISIL B+ 986.5 Upgraded
Loan Fac from
CRISIL D
Neuland Laboratories Ltd TL CRISIL B+ 603.5 Upgraded
from
CRISIL D
Phoenix Foils Pvt Ltd CC CRISIL BB- 75 Assigned
Phoenix Foils Pvt Ltd Proposed CC CRISIL BB- 15 Assigned
Phoenix Foils Pvt Ltd LT Loan CRISIL BB- 5.6 Assigned
Phoenix Foils Pvt Ltd Proposed LT Loan CRISIL BB- 49 Assigned
Pioneer Spinning and Weaving Mills CC CRISIL B+ 60 Reaffirmed
Ltd
Pioneer Spinning and Weaving Mills LT Loan CRISIL B+ 20 Reaffirmed
Ltd
Prasam Exports Proposed LT Bk CRISIL BB- 95 Assigned
Loan Fac
Prasam Exports CC CRISIL BB- 30 Assigned
PSR Elecon Pvt Ltd CC CRISIL BB- 30 Reaffirmed
Radharaman Plywood Industries Pvt CC CRISIL BB- 20 Reaffirmed
Ltd
Revashankar Gems Ltd Packing Credit CRISIL BB+ 171.5 Suspended
Revashankar Gems Ltd Post Shipment CRISIL BB+ 278.5 Suspended
Credit
Shashi Timber & Plywood Industries CC CRISIL BB- 20 Reaffirmed
Pvt Ltd
Shashi Timber & Plywood Industries Proposed LT Bk CRISIL BB- 4 Reaffirmed
Pvt Ltd Loan Fac
Sri Vela Smelters Pvt Ltd CC CRISIL BB- 270 Reaffirmed
Sri Vela Smelters Pvt Ltd LT Loan CRISIL BB- 12.5 Reaffirmed
Style N Supply Pvt Ltd CC CRISIL B 85 Reaffirmed
Surinder Sat Agro Foods CC CRISIL B 60 Reaffirmed
Techno Electric & Engg Co Ltd CC** CRISIL AA- 895 Assigned
** Rs.5 Million interchangeable with WCDL, Short Term Loan and FCNRB Loan and Export Credit
Techno Electric & Engg Co Ltd Overdraft Fac CRISIL AA- 5 Assigned
Techno Electric & Engg Co Ltd Proposed LT Bk CRISIL AA- 611.5 Assigned
Loan Fac
Techno Electric & Engg Co Ltd WC Demand Loan^ CRISIL AA- 400 Assigned
^ Fully interchangeable with Letter of Credit, Buyer's Credit and
Rs. 200 million interchangeable with Bank Guarantee
Techno Electric & Engg Co Ltd WC Demand Loan CRISIL AA- 200 Assigned
Tirupati Plywood Industries CC CRISIL BB- 40 Reaffirmed
TSS Projects and Industries Pvt Ltd CC CRISIL B 20 Suspended
Vallabh Fabriks Ltd CC CRISIL BB+ 30 Reaffirmed
Vallabh Fabriks Ltd Proposed LT Bk CRISIL BB+ 33.5 Reaffirmed
Loan Fac
Vallabh Fabriks Ltd TL CRISIL BB+ 24 Reaffirmed
Versatile Mobile Distributors Pvt CC CRISIL B+ 50 Assigned
Ltd
Yash Automotive Pvt Ltd CC CRISIL B+ 180 Downgraded
from
CRISIL BB-
Yash Automotive Pvt Ltd Proposed CC Limit CRISIL B+ 5.7 Downgraded
from
CRISIL BB-
Yash Automotive Pvt Ltd TL CRISIL B+ 14.3 Downgraded
from
CRISIL BB-
CC CRISIL BBB 150 Downgraded
from
CRISIL
BBB+
Model Tanners (India) Pvt Ltd Foreign Bill CRISIL BBB 250 Reaffirmed
Discounting
Model Tanners (India) Pvt Ltd Packing Credit CRISIL BBB 250 Reaffirmed
Model Tanners (India) Pvt Ltd Proposed LT Bk CRISIL BBB 264 Reaffirmed
Loan Fac
Rama Phosphates Ltd CC CRISIL BBB- 500 Upgraded
from
CRISIL BB
Rama Phosphates Ltd TL CRISIL BBB- 10 Upgraded
from
CRISIL BB
Techser Power Solutions Pvt Ltd CC CRISIL BBB- 80 Reaffirmed
Techser Power Solutions Pvt Ltd TL CRISIL BBB- 5.4 Reaffirmed
Techser Power Solutions Pvt Ltd Proposed LT Bk CRISIL BBB- 9.6 Reaffirmed
Loan Fac
A. U. Housing Finance Ltd CC CRISIL BBB+ 120 Reaffirmed
A. U. Housing Finance Ltd TL CRISIL BBB+ 1030 Reaffirmed
A. U. Housing Finance Ltd Proposed LT Bk CRISIL BBB+ 600 Reaffirmed
Loan Fac
Ayush Hospital & Trauma Care Pvt Ltd TL CRISIL D 94.5 Reaffirmed
Shri Raghu Nath Rai Memorial Overdraft Fac CRISIL D 40 Downgraded
Educational & Charitable Trust from
CRISIL B-
Shri Raghu Nath Rai Memorial TL CRISIL D 410.9 Downgraded
Educational & Charitable Trust from
CRISIL B-
Needs Sri Sai Traders Pvt Ltd CC CRISIL D 260 Downgraded
from
CRISIL BB-
JSR Developers Pvt Ltd TL CRISIL D 90 Assigned
V & V Pharma Industries CC CRISIL D 10 Assigned
V & V Pharma Industries Export Packing CRISIL D 15 Assigned
Credit
V & V Pharma Industries LT Loan CRISIL D 71.4 Assigned
Ankur Barter Pvt Ltd BG CRISIL D 30 Suspended
Ankur Barter Pvt Ltd CC CRISIL D 20 Suspended
Ankur Barter Pvt Ltd Proposed LT Bk CRISIL D 150 Suspended
Loan Fac
Lanco Amarkantak Power Ltd LT Loan CRISIL D 79047 Downgraded
from
CRISIL BB
Lanco Amarkantak Power Ltd CC CRISIL D 830 Downgraded
from
CRISIL BB
Lanco Amarkantak Power Ltd CC CRISIL D 830 Downgraded
from
CRISIL BB
Lanco Amarkantak Power Ltd Proposed LT Bk CRISIL D 6 Downgraded
Loan Fac from
CRISIL BB
Aglar Power Ltd BG CRISIL D 15 Suspended
Aglar Power Ltd LT Loan CRISIL D 151.4 Suspended
Aglar Power Ltd Proposed-TL CRISIL D 193.6 Suspended
Milico International Ltd CC CRISIL D 20 Suspended
Milico International Ltd LOC CRISIL D 30 Suspended
Milico International Ltd Rupee TL CRISIL D 60 Suspended
Mascot Impex (P) Ltd CC CRISIL D 40 Suspended
Mascot Impex (P) Ltd LOC CRISIL D 60 Suspended
Mascot Impex (P) Ltd Line of Credit CRISIL D 8 Suspended
Mascot Impex (P) Ltd Proposed LT Bk CRISIL D 42 Suspended
Loan Fac
Saha & Sarkar Saw Mill (P) Ltd CC CRISIL D 60 Suspended
Saha & Sarkar Saw Mill (P) Ltd LOC CRISIL D 104.5 Suspended
Saha & Sarkar Saw Mill (P) Ltd Line of Credit CRISIL D 15 Suspended
Saha & Sarkar Saw Mill (P) Ltd Proposed LT Bk CRISIL D 70.5 Suspended
Loan Fac
Birendra Chandra Saha CC CRISIL D 60 Suspended
Birendra Chandra Saha LOC CRISIL D 104.5 Suspended
Birendra Chandra Saha Line of Credit CRISIL D 15 Suspended
Birendra Chandra Saha Proposed LT Bk CRISIL D 70.5 Suspended
Loan Fac
--------------------------------------------------------------------------------------------
$: 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)