November 14, 2012 / 6:57 AM / 5 years ago

CRISIL ratings for Indian debt instruments-Nov 14

Nov 14 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of November 12, 2012.

COMPANY                                 INSTRUMENT            RATING       AMOUNT  MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------       -----   ---------
SHORT TERM RATINGS:
-------------------
A B Chem (India)                        LOC                   CRISIL A4+   100     Reaffirmed
A B Chem (India)                        Proposed ST Bk Loan   CRISIL A4+   200     Reaffirmed
                                        Fac
Arcee Ispat Udyog Ltd                   LOC and BG            CRISIL A4+   60      Reaffirmed
Asian Fab Tec Ltd                       Proposed ST Bk Loan   CRISIL A3    180     Reaffirmed
                                        Fac
Asian Fab Tec Ltd                       BG                    CRISIL A3    320     Reaffirmed
Batlivala & Karani Securities India Pvt BG                    CRISIL A3+   370     Downgraded
Ltd                                                                                from CRISIL
                                                                                   A2
Cache Furniture Ltd                     LOC                   CRISIL D     70      Downgraded
                                                                                   from CRISIL
                                                                                   A4
Dhar Construction Company               BG                    CRISIL A4+   200     Reaffirmed
Epson Vitrified Pvt Ltd                 BG                    CRISIL A4    12.5    Reaffirmed
Famy Care Ltd                           LOC & BG              CRISIL A1+   425     Reaffirmed
Flovel Energy Pvt Ltd                   BG                    CRISIL A3    565     Upgraded
                                                                                   fromCRISIL
                                                                                   A4+
Flovel Energy Pvt Ltd                   LOC                   CRISIL A3    310     Upgraded
                                                                                   fromCRISIL
                                                                                   A4+
Flovel Energy Pvt Ltd                   Bill Discounting      CRISIL A3    79.8    Upgraded
                                                                                   fromCRISIL
                                                                                   A4+
G H Crop Science Pvt Ltd                LOC                   CRISIL A4+   280     Reaffirmed
Gehlot Tractors Pvt Ltd                 Standby Line of CreditCRISIL A4+   9       Reaffirmed
Govik Electricals Pvt Ltd               Buyer Credit Limit    CRISIL A2    50      Reaffirmed
Hitaishi KK Manufacturing Company Pvt   Foreign Bill          CRISIL A4    58.8    Reaffirmed
Ltd                                     Discounting
Hitaishi KK Manufacturing Company Pvt   LOC                   CRISIL A4    25      Reaffirmed
Ltd
Hitaishi KK Manufacturing Company Pvt   Packing Credit        CRISIL A4    100     Reaffirmed
Ltd
ING Vysya Bank Ltd                      CDs                   CRISIL A1+   80000   Reaffirmed
Jai Hanuman Udyog Ltd                   BG                    CRISIL A4+   4       Reaffirmed
Jindal Worldwide Ltd                    BG                    CRISIL A3    40      Upgraded
                                                                                   fromCRISIL
                                                                                   A4+
Jindal Worldwide Ltd                    LOC                   CRISIL A3    460     Upgraded
                                                                                   fromCRISIL
                                                                                   A4+
Kalika Steel Alloys Pvt Ltd             BG                    CRISIL A3    50      Reaffirmed
Kalika Steel Jalna Pvt Ltd              BG                    CRISIL A3    4.7     Reaffirmed
Kalika Steel Jalna Pvt Ltd              Proposed ST Bk Loan   CRISIL A3    5.5     Reaffirmed
                                        Fac
Kridhan Infra Solutions Pvt Ltd         LOC                   CRISIL A4    50      Assigned
Krishna Coke (India) Pvt Ltd            LOC                   CRISIL D     40      Downgraded
                                                                                   from CRISIL
                                                                                   A4+
Krishnae Constructions                  BG                    CRISIL A4+   40      Reaffirmed
Laborate Pharmaceuticals India Ltd      Packing Credit        CRISIL A2    143.4   Upgraded
                                                                                   fromCRISIL
                                                                                   A3+
Lift and Shift India Pvt Ltd            Buyers' Credit Limit  CRISIL A3+   240     Downgraded
                                                                                   from CRISIL
                                                                                   A2
Lift and Shift India Pvt Ltd            BG                    CRISIL A3+   70      Downgraded
                                                                                   from CRISIL
                                                                                   A2
Lift and Shift India Pvt Ltd            CC                    CRISIL BBB   4       Downgraded
                                                                                   from CRISIL
                                                                                   A2
Ludhiana Steel Rolling Mills            LOC                   CRISIL A3    100     Reaffirmed
Micro Labs Ltd                          Packing Credit        CRISIL A1+   2000    Reaffirmed
Microfinish Valves Pvt Ltd              Packing Credit        CRISIL A1    50      Reaffirmed
Microfinish Valves Pvt Ltd              BG**                  CRISIL A1    200     Reaffirmed
** Interchangeable with Foreign Letter of Credit
Novatech Projects (I) Pvt Ltd           BG                    CRISIL A4+   240     Assigned
Pansuriya Exim                          Post-Shipment Credit  CRISIL A3    80      Reaffirmed
Pansuriya Exim                          Packing Credit        CRISIL A3    50      Reaffirmed
Pansuriya Exim                          Proposed ST Bk Loan   CRISIL A3    170     Reaffirmed
                                        Fac
Prakash Chemicals International Pvt Ltd Packing Credit        CRISIL A4+   270     Reaffirmed
Punjab Lighting Industries Ltd          BG                    CRISIL A4+   35      Assigned
Rashtriya Ispat Nigam Ltd               ST Debt               CRISIL A1+   10000   Reaffirmed
Shivam Autotech Ltd                     LOC                   CRISIL A4+   320     Downgraded
                                                                                   from CRISIL
                                                                                   A2
Sikkim Ferro Alloys Ltd                 LOC**                 CRISIL A3+   375     Reaffirmed
** Fully interchangeable with Buyer's Credit
Sikkim Ferro Alloys Ltd                 Proposed ST Bk Loan   CRISIL A3+   800     Reaffirmed
                                        Fac
Sikkim Ferro Alloys Ltd                 Overdraft Fac^        CRISIL A3+   200     Reaffirmed
^ Fully interchangeable with Letter of Credit & Buyer's Credit
South India Sponge Iron Pvt Ltd         BG                    CRISIL A4+   0.5     Assigned
South India Sponge Iron Pvt Ltd         LOC                   CRISIL A4+   10      Assigned
Srikanth International                  Export Packing Credit CRISIL A4+   120     Reaffirmed
Srikanth International                  LOC                   CRISIL A4+   10      Reaffirmed
Srikanth International                  Proposed ST Bk Loan   CRISIL A4+   14.1    Reaffirmed
                                        Fac
Sundaram Exports                        Post-Shipment Credit  CRISIL A4+   162.8   Reaffirmed
Sundaram Exports                        Post-Shipment Credit* CRISIL A4+   207.2   Reaffirmed
*Includes sublimit of Rs.50.0 Million of Packing Credit

Thermo Cables Ltd                       BG                    CRISIL A3    410     Upgraded
                                                                                   fromCRISIL
                                                                                   BB+
Thermo Cables Ltd                       LOC                   CRISIL A3    30      Reaffirmed
Thermo Polymers Pvt Ltd                 LOC                   CRISIL A3    5       Upgraded
                                                                                   fromCRISIL
                                                                                   A4+
Usha Impex                              LOC                   CRISIL A4    150     Assigned
Vadilal Industries Ltd                  LOC and BG            CRISIL A3+   120     Reaffirmed
Vallabh Textiles Co. Ltd                LOC & BG              CRISIL A4    182.5   Downgraded
                                                                                   from CRISIL
                                                                                   A4+
MEDIUM TERM RATINGS:
-------------------
ING Vysya Bank Ltd                      FD Programme          FAAA                 Reaffirmed

LONG TERM RATINGS:
-------------------
A B Chem (India)                        CC                    CRISIL BB    25      Reaffirmed
A B Chem (India)                        Proposed LT Bk Loan   CRISIL BB    16.4    Reaffirmed
                                        Fac
A B Chem (India)                        TL                    CRISIL BB    8.6     Reaffirmed
Arcee Ispat Udyog Ltd                   CC                    CRISIL BB-   400     Reaffirmed
Arcee Ispat Udyog Ltd                   Rupee TL              CRISIL BB-   45.8    Reaffirmed
Asian Fab Tec Ltd                       Proposed LT Bk Loan   CRISIL BBB-  180     Reaffirmed
                                        Fac
Asian Fab Tec Ltd                       CC                    CRISIL BBB-  320     Reaffirmed
Batanagar Education and Research Trust  TL                    CRISIL B     110     Upgraded
                                                                                   fromCRISIL
                                                                                   B-
Cache Furniture Ltd                     CC                    CRISIL D     180     Downgraded
                                                                                   from CRISIL
                                                                                   B
Cache Furniture Ltd                     Standby Line of CreditCRISIL D     35      Downgraded
                                                                                   from CRISIL
                                                                                   B
Cache Furniture Ltd                     LT Loan               CRISIL D     20      Downgraded
                                                                                   from CRISIL
                                                                                   B
Chalimeda Feeds Pvt Ltd                 CC                    CRISIL BBB-  100     Reaffirmed
Chalimeda Feeds Pvt Ltd                 TL                    CRISIL BBB-  12      Reaffirmed
Churiwal Commercial Company Pvt Ltd     CC                    CRISIL BB+   100     Reaffirmed
Dhar Construction Company               CC                    CRISIL BB+   200     Reaffirmed
Dhar Construction Company               Proposed LT Bk Loan   CRISIL BB+   100     Reaffirmed
                                        Fac
Epson Vitrified Pvt Ltd                 CC                    CRISIL B+    50      Upgraded
                                                                                   fromCRISIL B
Epson Vitrified Pvt Ltd                 Rupee TL              CRISIL B+    118.5   Upgraded
                                                                                   fromCRISIL B
Famy Care Ltd                           CC^                   CRISIL A+    775     Reaffirmed
^Of which, Rs.325 million is fully interchangeable with packing credit and Rs.450 million is
fully interchangeable with packing credit, letter of credit, and bank guarantee
Flovel Energy Pvt Ltd                   CC*^                  CRISIL BBB-  62.5    Upgraded
                                                                                   fromCRISIL
                                                                                   BB+
* Includes a sub limit of Rs.35.0 Million for Working Capital Demand Loan and a sub limit of
Rs.35.0 Million for Export Packing Credit/Packing Credit in Foreign Currency. ^ One way
interchangeability to the extent of 50% from Letter of Credit limit to Bank Guarantee limit
Flovel Energy Pvt Ltd                   TL                    CRISIL BBB-  42.7    Upgraded
                                                                                   fromCRISIL
                                                                                   BB+
G H Crop Science Pvt Ltd                CC                    CRISIL BB    50      Reaffirmed
G H Crop Science Pvt Ltd                Proposed CC           CRISIL BB    20      Reaffirmed
Gehlot Enterprises Pvt Ltd              CC                    CRISIL BB    120     Reaffirmed
Gehlot Enterprises Pvt Ltd              TL                    CRISIL BB    25      Reaffirmed
Gehlot Motors Pvt Ltd                   CC                    CRISIL BB    110*    Reaffirmed
* Includes a sub limit of Rs.15 Million on Book Debts
Gehlot Motors Pvt Ltd                   TL                    CRISIL BB    25      Reaffirmed
Gehlot Tractors Pvt Ltd                 CC                    CRISIL BB-   60      Downgraded
                                                                                   from CRISIL
                                                                                   BB
Gehlot Tractors Pvt Ltd                 WC Demand Loan        CRISIL BB-   10      Downgraded
                                                                                   from CRISIL
                                                                                   BB
Govik Electricals Pvt Ltd               Buyer Credit Limit*   CRISIL BBB+  100     Reaffirmed
*Interchangeable with cash credit limit to the extent of Rs.100 Million
Govik Electricals Pvt Ltd               CC                    CRISIL BBB+  100     Reaffirmed
Hitaishi KK Manufacturing Company Pvt   LT Loan               CRISIL B+    12      Upgraded
Ltd                                                                                fromCRISIL
                                                                                   B+
ING Vysya Bank Ltd                      Lower Tier II Bonds   CRISIL AA    6000    Assigned
ING Vysya Bank Ltd                      Tier I Perpetual BondsCRISIL AA    3000    Assigned
ING Vysya Bank Ltd                      Lower Tier II Bonds   CRISIL AA    8000    Assigned
ING Vysya Bank Ltd                      Upper Tier II Bonds   CRISIL AA    2000    Assigned
ING Vysya Bank Ltd                      Tier I Perpetual BondsCRISIL AA    1000    Assigned
Jai Hanuman Udyog Ltd                   CC                    CRISIL BB+   90      Reaffirmed
Jindal Worldwide Ltd                    CC                    CRISIL BBB-  564     Upgraded
                                                                                   fromCRISIL
                                                                                   BB+
Jindal Worldwide Ltd                    Rupee TL              CRISIL BBB-  346     Upgraded
                                                                                   fromCRISIL
                                                                                   BB+
Joyalukkas India Pvt Ltd                Proposed LT Bk Loan   CRISIL A     1350    Reaffirmed
                                        Fac
Joyalukkas India Pvt Ltd                WC Demand Loan        CRISIL A     6700    Reaffirmed
Kalika Steel Alloys Pvt Ltd             CC                    CRISIL BBB-  100     Reaffirmed
Kalika Steel Alloys Pvt Ltd             TL                    CRISIL BBB-  130     Reaffirmed
Kalika Steel Jalna Pvt Ltd              CC                    CRISIL BBB-  60      Reaffirmed
Kalika Steel Jalna Pvt Ltd              Proposed LT Bk Loan   CRISIL BBB-  60.6    Reaffirmed
                                        Fac
Kalika Steel Jalna Pvt Ltd              TL                    CRISIL BBB-  22.1    Reaffirmed
Kalis Sparkling Water Pvt Ltd           CC                    CRISIL B+    10      Assigned
Kalis Sparkling Water Pvt Ltd           TL                    CRISIL B+    105     Assigned
Kridhan Infra Solutions Pvt Ltd         CC                    CRISIL B-    20      Assigned
Krishna Coke (India) Pvt Ltd            CC                    CRISIL D     50      Downgraded
                                                                                   from CRISIL
                                                                                   B+
Krishnae Constructions                  CC                    CRISIL BB    47.5    Reaffirmed
Laborate Pharmaceuticals India Ltd      CC                    CRISIL BBB+  300     Upgraded
                                                                                   fromCRISIL
                                                                                   BBB
Laborate Pharmaceuticals India Ltd      TL                    CRISIL BBB+  40      Upgraded
                                                                                   fromCRISIL
                                                                                   BBB
LSR Forge Pvt Ltd                       TL                    CRISIL BB    47      Reaffirmed
LSR Forge Pvt Ltd                       CC                    CRISIL BB    75      Reaffirmed
LSR Forge Pvt Ltd                       Proposed TL           CRISIL BB    48      Reaffirmed
Ludhiana Steel Rolling Mills            CC                    CRISIL BBB-  140     Reaffirmed
Micro Labs Ltd                          CC*                   CRISIL AA-   2300    Reaffirmed
*Fully interchangeable with Packing Credit
Microfinish Valves Pvt Ltd              CC/ Overdraft         CRISIL A     400     Reaffirmed
Microfinish Valves Pvt Ltd              Foreign Bill          CRISIL A     50      Reaffirmed
                                        Discounting*
* Interchangeable with Foreign Bill Exchange
Microfinish Valves Pvt Ltd              TL                    CRISIL A     290     Reaffirmed
Novatech Projects (I) Pvt Ltd           TL                    CRISIL BB    28      Assigned
Novatech Projects (I) Pvt Ltd           Proposed LT Bk Loan   CRISIL BB    182     Assigned
                                        Fac
Novatech Projects (I) Pvt Ltd           CC                    CRISIL BB    150     Assigned
Prakash Chemicals International Pvt Ltd Proposed LT Bk Loan   CRISIL BB+   200     Reaffirmed
                                        Fac
Punjab Lighting Industries Ltd          CC                    CRISIL BB-   95      Assigned
Punjab Lighting Industries Ltd          TL                    CRISIL BB-   18      Assigned
Rashtriya Ispat Nigam Ltd               LT Debt               CRISIL AA    20000   Assigned
Shah Sponge and Power Ltd               CC                    CRISIL BB+   100     Reaffirmed
Shah Sponge and Power Ltd               TL                    CRISIL BB+   250     Reaffirmed
Shah Sponge and Power Ltd               Proposed Long- Term   CRISIL BB+   290     Reaffirmed
                                        Bk Loan Fac
Shivam Autotech Ltd                     CC*                   CRISIL BB+   730     Downgraded
                                                                                   from CRISIL
                                                                                   BBB+
*Interchangeable with Working Capital Demand Loans
Shivam Autotech Ltd                     Foreign Currency TL   CRISIL BB+   203.1   Downgraded
                                                                                   from CRISIL
                                                                                   BBB+
Shivam Autotech Ltd                     Rupee TL              CRISIL BB+   567.9   Downgraded
                                                                                   from CRISIL
                                                                                   BBB+
Sikkim Ferro Alloys Ltd                 CC@*                  CRISIL BBB   500     Reaffirmed
@ Fully interchangeable with Letter of Credit ,* Includes an Letter of Credit sub-limit of
Rs.100 million * 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
South India Sponge Iron Pvt Ltd         CC                    CRISIL BB-   85      Reaffirmed
South India Sponge Iron Pvt Ltd         Rupee TL              CRISIL BB-   6.1     Reaffirmed
South India Sponge Iron Pvt Ltd         Proposed LT Bk Loan   CRISIL BB-   8.4     Reaffirmed
                                        Fac
Srikanth International                  LT Loan               CRISIL BB-   38      Reaffirmed
Sundaram Steels Pvt Ltd                 CC                    CRISIL D     50      Assigned
Sundaram Steels Pvt Ltd                 TL                    CRISIL D     99.6    Assigned
Sunray Green Space Pvt Ltd              Proposed LT           CRISIL B     200     Assigned
Thermo Cables Ltd                       CC*                   CRISIL BBB-  400     Upgraded
                                                                                   fromCRISIL
                                                                                   BB+
*Export packing credit/Foreign Bills Discounting Sub-Limit of Rs.18.0 Million
Thermo Cables Ltd                       LT Loan               CRISIL BBB-  80      Upgraded
                                                                                   fromCRISIL
                                                                                   BB+
Thermo Cables Ltd                       Proposed LT Bk Loan   CRISIL BBB-  10      Reaffirmed
                                        Fac
Thermo Polymers Pvt Ltd                 CC                    CRISIL BBB-  65      Upgraded
                                                                                   fromCRISIL
                                                                                   BB+
Thermo Polymers Pvt Ltd                 LT Loan               CRISIL BBB-  20.1    Upgraded
                                                                                   fromCRISIL
                                                                                   BB+
Thermo Polymers Pvt Ltd                 Proposed LT Bk Loan   CRISIL BBB-  9.9     Reaffirmed
                                        Fac
Trisons Impex                           CC*                   CRISIL BBB   100     Reaffirmed
* Includes sub-limit of Letter of Credit of Rs.50.0 Million
Trisons Impex                           CC#                   CRISIL BBB   150     Reaffirmed
# Fully interchangeable with Letter of Credit
Trisons Impex                           Proposed LT Bk Loan   CRISIL BBB   450     Reaffirmed
                                        Fac
Usha Impex                              Overdraft Fac         CRISIL B     20      Assigned
Usha Impex                              CC                    CRISIL B     20      Assigned
Vadilal Industries Ltd                  CC                    CRISIL BBB   526.7   Reaffirmed
Vadilal Industries Ltd                  TL                    CRISIL BBB   603.3   Reaffirmed
Vallabh Textiles Co. Ltd                CC                    CRISIL B+    670     Downgraded
                                                                                   from CRISIL
                                                                                   BB
Vallabh Textiles Co. Ltd                Proposed LT Bk Loan   CRISIL B+    41.9    Downgraded
                                        Fac                                        from CRISIL
                                                                                   BB
Vallabh Textiles Co. Ltd                TL                    CRISIL B+    1205.6  Downgraded
                                                                                   from CRISIL
                                                                                   BB
Vimala Feeds Pvt Ltd                    CC                    CRISIL BBB-  170     Reaffirmed
Vimala Feeds Pvt Ltd                    TL                    CRISIL BBB-  112.5   Reaffirmed
Viva Books Pvt Ltd                      CC                    CRISIL BB+   100     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)

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