September 17, 2012 / 7:43 AM / 5 years ago

CRISIL ratings for Indian debt instruments-Aug 17

Sep 17 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of September 14, 2012.


COMPANY                                 INSTRUMENT            RATING       AMOUNT  MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------       -----   ---------
SHORT TERM RATINGS:
-------------------
Ador Powertron Ltd                      Bill Discounting      CRISIL A2    100     Downgraded
                                                                                   from CRISIL
                                                                                   A2+
Ador Powertron Ltd                      LOC                   CRISIL A2    25      Downgraded
                                                                                   from CRISIL
                                                                                   A2+
Ador Powertron Ltd                      BG                    CRISIL A2    180     Downgraded
                                                                                   from CRISIL
                                                                                   A2+
Amrit Exports Pvt Ltd                   BG                    CRISIL A4+   5       Reaffirmed
Amrit Exports Pvt Ltd                   Foreign Bill Purchase CRISIL A4+   100     Reaffirmed
Amrit Exports Pvt Ltd                   Inland/Import LOC     CRISIL A4+   10      Reaffirmed
Amrit Exports Pvt Ltd                   Packing Credit        CRISIL A4+   182.5   Reaffirmed
Amrutha Constructions Pvt Ltd           BG                    CRISIL A4    130     Reaffirmed
BBK Shoes                               BG                    CRISIL A3+   22.5    Assigned
Dorf-Ketal Chemicals India Pvt Ltd      WC Loan               CRISIL A1    391.7   Reaffirmed
G.C. Chemie Pharmie Ltd                 Proposed Overdraft FacCRISIL A2    3       Assigned
G.C. Chemie Pharmie Ltd                 LOC                   CRISIL A2*^  260     Assigned
* Interchangeable with buyer's credit of Rs.60 million.^ Interchangeable with buyer's credit of
Rs.180 Million.
ICICI Securities Primary Dealership Ltd ST Debt               CRISIL A1+   18000   Reaffirmed
International Coil Ltd                  BG*                   CRISIL A4    38.5    Downgraded
                                                                                   from CRISIL
                                                                                   A4+
* Letter of Credit fully interchangeable with bank guarantee
International Coil Ltd                  LOC*                  CRISIL A4    37.5    Downgraded
                                                                                   from CRISIL
                                                                                   A4+
* Letter of Credit fully interchangeable with bank guarantee
Kannappan Iron and Steel Company Pvt LtdLOC#                  CRISIL A4+   300     Reaffirmed
#50% one way inter changeability from Bank Guarantee to Letter of Credit Limit
Kannappan Iron and Steel Company Pvt LtdBG#                   CRISIL A4+   30      Reaffirmed
#50% one way inter changeability from Bank Guarantee to Letter of Credit Limit
Lahoty Brothers Pvt Ltd                 LOC                   CRISIL A4+   90      Reaffirmed
Madan Udyog Pvt Ltd                     BG                    CRISIL A4    2.5     Assigned
Madan Udyog Pvt Ltd                     LOC                   CRISIL A4    5       Assigned
Maheshwari Coal Benefication and        BG                    CRISIL D     20      Downgraded
Infrastructure Pvt Ltd                                                             from CRISIL
                                                                                   A4
Punya Coal Roadlines                    BG                    CRISIL A4+   50      Upgraded
                                                                                   from CRISIL
                                                                                   A4
Punya Coal Roadlines                    LOC                   CRISIL A4+   40      Upgraded
                                                                                   from CRISIL
                                                                                   A4
R.P.P Infra Projects Ltd                BG                    CRISIL A3    500     Reaffirmed
R.P.P Infra Projects Ltd                LOC                   CRISIL A3    200     Reaffirmed
Refex Energy Ltd                        LOC                   CRISIL A4+   100     Assigned
Refex Energy Ltd                        BG                    CRISIL A4+   192     Assigned
Sesa Goa Ltd                            BG                    CRISIL A1+   500     Reaffirmed
Sesa Goa Ltd                            Foreign Bill          CRISIL A1+   2500    Reaffirmed
                                        Discounting
Sesa Goa Ltd                            LOC                   CRISIL A1+   3070    Reaffirmed
Sesa Goa Ltd                            LOC and BG^           CRISIL A1+   2000    Reaffirmed
^Interchangeable with letter of undertaking
Sesa Goa Ltd                            Packing Credit in     CRISIL A1+   5000    Reaffirmed
                                        Foreign Currency
Sikkim Ferro Alloys Ltd                 LOC**                 CRISIL A3+   375     Assigned
** Fully interchangeable with Buyer's Credit
Sri Balaji Forest Products Pvt Ltd      LOC*                  CRISIL A4+   425     Reaffirmed
*Sublimit of buyer's credit of Rs.300 Million and of bank guarantee of Rs.5 Million
The Shalimar Works (1980) Ltd           Proposed ST Bk Loan   CRISIL A4    271.4   Assigned
                                        Fac
The Shalimar Works (1980) Ltd           BG                    CRISIL A4    271.1   Assigned
Utkarsh Industries Pvt Ltd              LOC                   CRISIL A4    25      Reaffirmed
Vemb Lifestyle Pvt Ltd                  Post Shipment Credit  CRISIL A4+   90      Assigned
Vemb Lifestyle Pvt Ltd                  Packing Credit        CRISIL A4+   30      Assigned
VIL International Pvt Ltd               LOC                   CRISIL A4*   90      Reaffirmed
*Includes Bank guarantee of Rs.5.00 Million

LONG TERM RATINGS:
-------------------

Ador Powertron Ltd                      CC                    CRISIL BBB+  90      Downgraded
                                                                                   from CRISIL
                                                                                   A-
Ador Powertron Ltd                      Proposed LT Bk Loan   CRISIL BBB+  5       Downgraded
                                        Fac                                        from CRISIL
                                                                                   A-
Amrit Exports Pvt Ltd                   Overdraft Fac         CRISIL BB    10      Reaffirmed
Amrit Exports Pvt Ltd                   TL                    CRISIL BB    81.4    Reaffirmed
Amrutha Constructions Pvt Ltd           LT Loan               CRISIL B+    30      Reaffirmed
Amrutha Constructions Pvt Ltd           Overdraft Fac         CRISIL B+    150     Reaffirmed
BBK Shoes                               TL                    CRISIL BBB   67.5    Assigned
BBK Shoes                               Proposed LT Bk Loan   CRISIL BBB   10      Assigned
                                        Fac
Call Express Construction (India) Pvt   Proposed TL           CRISIL B     550     Assigned
Ltd
Dorf-Ketal Chemicals India Pvt Ltd      Proposed LT Bk Loan   CRISIL A     333.3   Reaffirmed
                                        Fac
Dorf-Ketal Chemicals India Pvt Ltd      TL                    CRISIL A     167     Reaffirmed
Dorf-Ketal Chemicals India Pvt Ltd      WC Fac                CRISIL A     1040    Reaffirmed

Eden Transport Pvt Ltd                  TL                    CRISIL D     97.8    Assigned
Gargo Motors Ltd                        CC                    CRISIL B+    50      Reaffirmed
Gargo Motors Ltd                        Channel Financing     CRISIL B+    50      Reaffirmed
Govindam Projects Pvt Ltd               CC                    CRISIL BB    60      Assigned
ICICI Securities Primary Dealership Ltd Tier II Bond          CRISIL AAA   12500   Reaffirmed
(reduced from Rs.1500 million)
ICICI Securities Primary Dealership Ltd Tier III Bond         CRISIL AAA   5000    Withdrawn
ICICI Securities Primary Dealership Ltd Tier III Bond         CRISIL AAA   23500   Withdrawn
ICICI Securities Primary Dealership Ltd Tier III Bond         CRISIL AAA   8500    Reaffirmed
ICICI Securities Primary Dealership Ltd Tier III Bond         CRISIL AAA   30000   Reaffirmed
International Coil Ltd                  CC                    CRISIL B+    150     Downgraded
                                                                                   from CRISIL
                                                                                   BB+
Janaa Industries                        CC                    CRISIL B+    30      Assigned
Janaa Industries                        LT Loan               CRISIL B+    27      Assigned
Kalokhe Stone Crusher                   CC                    CRISIL D     5       Assigned
Kalokhe Stone Crusher                   TL                    CRISIL D     47.8    Assigned
Kannappan Iron and Steel Company Pvt LtdCC                    CRISIL BB+   210.6   Downgraded
                                                                                   from CRISIL
                                                                                   BB
Lahoty Brothers Pvt Ltd                 CC                    CRISIL BB-   60      Reaffirmed
Madan Udyog Pvt Ltd                     CC                    CRISIL B     45      Assigned
Madan Udyog Pvt Ltd                     TL                    CRISIL B     27.7    Upgraded
                                                                                   from CRISIL
                                                                                   B-
Madan Udyog Pvt Ltd                     Proposed LT Bk Loan   CRISIL B     9.8     Upgraded
                                        Fac                                        from CRISIL
                                                                                   B-
Madan Udyog Pvt Ltd                     Proposed CC Limit     CRISIL B     20      Upgraded
                                                                                   from CRISIL
                                                                                   B-
Maheshwari Coal Benefication and        CC                    CRISIL D     60      Downgraded
Infrastructure Pvt Ltd                                                             from CRISIL
                                                                                   B+
Maheshwari Coal Benefication and        TL                    CRISIL D     66      Downgraded
Infrastructure Pvt Ltd                                                             from CRISIL
                                                                                   B+
Punya Coal Roadlines                    CC                    CRISIL BB-   50      Upgraded
                                                                                   from CRISIL
                                                                                   B+
R.P.P Infra Projects Ltd                CC                    CRISIL BBB-  650     Reaffirmed
Rathore Freight Carriers                CC                    CRISIL D     52.5    Reaffirmed
Rathore Freight Carriers                Proposed LT Bk Loan   CRISIL D     9       Reaffirmed
                                        Fac
Rathore Freight Carriers                Rupee TL              CRISIL D     37.5    Reaffirmed
Refex Energy Ltd                        CC                    CRISIL BB+   50      Assigned
Sesa Goa Ltd                            LT Loan               CRISIL A+    2750    Withdrawn
Sesa Goa Ltd                            Proposed LT Bk Loan   CRISIL A+    1000    #
                                        Fac
Sesa Goa Ltd                            CC                    CRISIL AA+   130     Reaffirmed
Sesa Goa Ltd                            LOC*                  CRISIL AA+   1000    Reaffirmed
*Facility contracted for capital expenditure
Shakti Yarn Pvt Ltd                     CC                    CRISIL BB    180     Reaffirmed
Shivpriya Fabrics Pvt Ltd               CC                    CRISIL B     10      Downgraded
                                                                                   from CRISIL
                                                                                   B+
Shivpriya Fabrics Pvt Ltd               LT Loan               CRISIL B     40      Downgraded
                                                                                   from CRISIL
                                                                                   B+
Shivpriya Fabrics Pvt Ltd               Proposed LT Bk Loan   CRISIL B     20      Downgraded
                                        Fac                                        from CRISIL
                                                                                   B+
Sikkim Ferro Alloys Ltd                 CC*                   CRISIL BBB   500     Reaffirmed
* Includes an Letter of Credit sub-limit of Rs.100 million
Sikkim Ferro Alloys Ltd                 CC#                   CRISIL BBB   300     Reaffirmed
# Fully interchangeable with Letter of Credit 
Sri Balaji Forest Products Pvt Ltd      CC                    CRISIL BB+   250     Reaffirmed
Sri Balaji Forest Products Pvt Ltd      Proposed LT Bk Loan   CRISIL BB+   8.4     Reaffirmed
                                        Fac
Sri Balaji Forest Products Pvt Ltd      TL                    CRISIL BB+   53      Reaffirmed
The Shalimar Works (1980) Ltd           CC                    CRISIL C     7.5     Assigned
Utkarsh Industries Pvt Ltd              CC                    CRISIL B-    155     Downgraded
                                                                                   from CRISIL
                                                                                   B
Utkarsh Industries Pvt Ltd              Warehouse Receipts    CRISIL B-    100     Downgraded
                                                                                   from CRISIL
                                                                                   B
Vemb Lifestyle Pvt Ltd                  CC                    CRISIL BB+   50      Assigned
VIL International Pvt Ltd               CC                    CRISIL C     35      Reaffirmed
VIL International Pvt Ltd               Proposed LT Bk Loan   CRISIL C     7.5     Reaffirmed
                                        Fac
Vinayak Cotton Mills Pvt Ltd            CC                    CRISIL B+    30      Assigned
Vinayak Cotton Mills Pvt Ltd            TL                    CRISIL B+    50      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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