May 14, 2014 / 5:13 AM / 3 years ago

CRISIL ratings for Indian debt instruments-May 14

May 14 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of May 13, 2014.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Ajay Industrial Corporation Ltd       LOC                CRISIL A3+     110     Assigned
Basu & Co Road Contractors Pvt Ltd    BG                 CRISIL A4      25      Downgraded
                                                                                from CRISIL
                                                                                A4+
Crystal Roadways Pvt Ltd              TL                 CRISIL D       98.7    Downgraded
                                                                                from CRISIL
                                                                                A4
ESBI Glasses Pvt Ltd                  BG                 CRISIL A4      2.5     Reaffirmed
ESBI Glasses Pvt Ltd                  LOC                CRISIL A4      7       Reaffirmed
Essar Ferro Alloys Company            BG                 CRISIL A4      5       Reaffirmed
Forbes & Co. Ltd                      LOC#               CRISIL A1+     705     Reaffirmed
# Interchangeable with bank guarantee up to Rs.155 million; with buyer's
 credit and bank guarantee up to Rs.550 million
Forbes & Co. Ltd                      Proposed NFBL      CRISIL A1+     100     Reaffirmed
GNA Axles Ltd                         BG                 CRISIL A3+     5       Reaffirmed
GNA Axles Ltd                         LOC                CRISIL A3+     50      Reaffirmed
Gulshan Rai Jain II                   BG                 CRISIL A4+     75      Assigned
Gulshan Rai Jain II                   BG                 CRISIL A4+     75      Assigned
Inderjit Mehta Construction Pvt Ltd   BG                 CRISIL A3      470     Upgraded from
                                                                                CRISIL A4+
Jagat Gouri Rice Mill                 BG                 CRISIL A4      1.5     Assigned
Kandoi Transport Ltd                  BG                 CRISIL A4+     30      Reaffirmed
Krishna Industries (Bhavnagar)        LOC                CRISIL A4+     10      Assigned
Mahadeva Steel Mills Pvt Ltd          BG                 CRISIL A4+     3       Reaffirmed
Mahadeva Steel Mills Pvt Ltd          LOC                CRISIL A4+     10      Reaffirmed
Model Exims (India) Pvt. Ltd.         Packing Credit     CRISIL A3      10      Assigned
SBEM Pvt Ltd                          BG                 CRISIL A4      10      Reaffirmed
SBEM Pvt Ltd                          Foreign Exchange   CRISIL A4      10      Reaffirmed
                                      Forward
SBEM Pvt Ltd                          LOC                CRISIL A4      5       Reaffirmed
SMJ Eximp Ltd                         BG                 CRISIL A3      150     Reaffirmed
SMJ Eximp Ltd                         LOC                CRISIL A3      700     Reaffirmed
Sri Padmavati Energy Solutions (India)Proposed ST Bk     CRISIL A4+     90      Assigned
Pvt Ltd                               Loan Fac
Sri Padmavati Energy Solutions (India)Bill Discounting   CRISIL A4+     60      Assigned
Pvt Ltd
Standard Chartered Investments and    ST Debt Programme  CRISIL A1+             Reaffirmed
Loans (India) Ltd
The Paper Products Ltd                LOC & BG           CRISIL A1+     80      Reaffirmed
The Paper Products Ltd                Proposed LOC & BG  CRISIL A1+     360     Reaffirmed
Thomas Cook (India) Ltd               BG                 CRISIL A1+ #   670
Thomas Cook (India) Ltd               LOC                CRISIL A1+ #   200
Turakhia Ferromet Pvt Ltd             LOC*               CRISIL A3+     2000    Reaffirmed
* Includes a sublimit for buyer's credit up to the limit of Rs.750 million
Tarapur Transformers Ltd.             BG                 CRISIL D       130     Downgraded
                                                                                from CRISIL
                                                                                A4+
Tarapur Transformers Ltd.             LOC                CRISIL D       50      Downgraded
                                                                                from CRISIL
                                                                                A4+

LONG TERM RATINGS:
-------------------
Ajay Industrial Corporation Ltd       CC                 CRISIL BBB     375     Reaffirmed
Anitha Texcot (India) Pvt Ltd         CC                 CRISIL B       200     Assigned
Anitha Texcot (India) Pvt Ltd         CC                 CRISIL B       200     Assigned
Basu & Co Road Contractors Pvt Ltd    CC                 CRISIL B+      45      Downgraded
                                                                                from CRISIL
                                                                                BB-
Bhoomika Infrabuildcon Pvt Ltd        Proposed LT Bk     CRISIL B       5       Assigned
                                      Loan Fac
Bhoomika Infrabuildcon Pvt Ltd        TL                 CRISIL B       135     Assigned
Binod Car World Pvt Ltd               CC                 CRISIL BB-     60      Upgraded 
                                                                                from
                                                                                CRISIL B+
Binod Car World Pvt Ltd               Proposed LT Bk     CRISIL BB-     14.5    Upgraded from
                                      Loan Fac                                  CRISIL B+
Chain N Chains Jewels Ltd             CC                 CRISIL BB+     120     Assigned
Chain N Chains Jewels Ltd             Proposed LT Bk     CRISIL BB+     80      Assigned
                                      Loan Fac
Crystal Roadways Pvt Ltd              BG                 CRISIL D       1.3     Downgraded
                                                                                from CRISIL
                                                                                B-
D B Malls Pvt Ltd                     TL                 CRISIL D       2750    Suspended
ESBI Glasses Pvt Ltd                  CC                 CRISIL B+      50      Reaffirmed
ESBI Glasses Pvt Ltd                  TL                 CRISIL B+      31.6    Reaffirmed
Essar Ferro Alloys Company            CC                 CRISIL B+      70      Reaffirmed
Forbes & Co. Ltd                      CC*                CRISIL AA-     370     Reaffirmed
* Interchangeable with packing credit and working capital loans
Forbes & Co. Ltd                      Proposed FB Bk     CRISIL AA-     516.1   Reaffirmed
                                      Limits
Forbes & Co. Ltd                      Proposed LT Bk     CRISIL AA-     556.3   Reaffirmed
                                      Loan Fac
Forbes & Co. Ltd                      TL                 CRISIL AA-     372.6   Reaffirmed
GNA Axles Ltd                         CC                 CRISIL BBB     190     Reaffirmed
GNA Axles Ltd                         Overdraft Fac      CRISIL BBB     460     Reaffirmed
GNA Axles Ltd                         TL                 CRISIL BBB     1095    Reaffirmed
Gulshan Rai Jain II                   CC                 CRISIL BB      75      Assigned
Gulshan Rai Jain II                   CC                 CRISIL BB      75      Assigned
Hilton Motors                         CC                 CRISIL D       7       Reaffirmed
Hilton Motors                         Inventory Funding  CRISIL D       80      Reaffirmed
                                      Fac
Hilton Motors                         TL                 CRISIL D       8       Reaffirmed
Inderjit Mehta Construction Pvt Ltd   CC                 CRISIL BBB-    130     Upgraded from
                                                                                CRISIL BB+
J.C. Brothers Jewellers               CC                 CRISIL BBB-    300     Reaffirmed
J.C. Brothers Jewellers               Proposed CC Limit  CRISIL BBB-    50      Reaffirmed
J.C. Brothers Retail Pvt Ltd          CC                 CRISIL BB+     620     Downgraded
                                                                                from CRISIL
                                                                                BBB
J.C. Brothers Retail Pvt Ltd          TL                 CRISIL BB+     140     Downgraded
                                                                                from CRISIL
                                                                                BBB
Jagat Gouri Rice Mill                 TL                 CRISIL B       31.5    Assigned
Jagat Gouri Rice Mill                 Proposed LT Bk     CRISIL B       47      Assigned
                                      Loan Fac
Jagat Gouri Rice Mill                 CC                 CRISIL B       60      Assigned
Kandoi Transport Ltd                  CC                 CRISIL BB+     280     Reaffirmed
Krishna Industries (Bhavnagar)        TL                 CRISIL BB-     19      Assigned
Krishna Industries (Bhavnagar)        Proposed LT Bk     CRISIL BB-     10      Assigned
                                      Loan Fac
Krishna Industries (Bhavnagar)        CC                 CRISIL BB-     100     Assigned
Maa Bhuasuni Roller Flour Mills       CC                 CRISIL B+      60      Reaffirmed
Mahadeva Steel Mills Pvt Ltd          CC                 CRISIL BB-     70      Reaffirmed
Mahadeva Steel Mills Pvt Ltd          Proposed LT Bk     CRISIL BB-     42.4    Reaffirmed
                                      Loan Fac
Mahadeva Steel Mills Pvt Ltd          TL                 CRISIL BB-     4.6     Reaffirmed
Malabar Institute of Medical Sciences CC                 CRISIL BBB     45      Reaffirmed
Ltd.
Malabar Institute of Medical Sciences TL                 CRISIL BBB     563.3   Reaffirmed
Ltd.
Model Exims (India) Pvt. Ltd.         Proposed LT Bk     CRISIL BBB-    175     Assigned
                                      Loan Fac
Model Exims (India) Pvt. Ltd.         Foreign Bill       CRISIL BBB-    15      Assigned
                                      Purchase
Nilkanth Cotton Industries            CC                 CRISIL BB-     70      Reaffirmed
R. K. International - Gurgaon         TL                 CRISIL B       15      Assigned
R. K. International - Gurgaon         Standby Line of    CRISIL B       5       Assigned
                                      Credit
R. K. International - Gurgaon         CC                 CRISIL B       70      Assigned
R. K. International - Gurgaon         Proposed LT Bk     CRISIL B       60      Assigned
                                      Loan Fac
Radhika Cottex Pvt. Ltd.              CC                 CRISIL         70      Notice of
                                                         B(Notice of            Withdrawal
                                                         Withdrawal)
Radhika Cottex Pvt. Ltd.              Proposed LT Bk     CRISIL         0.7     Notice of
                                      Loan Fac           B(Notice of            Withdrawal
                                                         Withdrawal)
Rime Rich Foods Pvt Ltd               Proposed LT Bk     CRISIL BB-     20      Assigned
                                      Loan Fac
Rime Rich Foods Pvt Ltd               LT Loan            CRISIL BB-     80      Assigned
Rime Rich Foods Pvt Ltd               Overdraft Fac      CRISIL BB-     40      Assigned
SBEM Pvt Ltd                          CC                 CRISIL B+      25      Reaffirmed
SBEM Pvt Ltd                          TL                 CRISIL B+      30      Reaffirmed
Shivali Udyog (I) Ltd                 CC                 CRISIL D       230     Downgraded
                                                                                from CRISIL
                                                                                BB-
Shivali Udyog (I) Ltd                 Proposed LT Bk     CRISIL D       85.8    Downgraded
                                      Loan Fac                                  from CRISIL
                                                                                BB-
Shree Balaji Coal Traders Ltd         CC                 CRISIL BBB-    400     Reaffirmed
Shree Balaji Coal Traders Ltd         Proposed CC Limit  CRISIL BBB-    250     Reaffirmed
Shree Balaji Coal Traders Ltd         Standby Fund Based CRISIL BBB-    50      Reaffirmed
                                      WC
SMJ Eximp Ltd                         CC                 CRISIL BBB-    100     Reaffirmed
Sri Channabasaveshwara Swamy Rural    CC                 CRISIL BB      20      Upgraded from
Education Society(R.)                                                           CRISIL BB-
Sri Channabasaveshwara Swamy Rural    LT Loan            CRISIL BB      96      Upgraded from
Education Society(R.)                                                           CRISIL BB-
Sri Padmavati Energy Solutions (India)Proposed LT Bk     CRISIL BB-     25      Assigned
Pvt Ltd                               Loan Fac
Sri Padmavati Energy Solutions (India)CC                 CRISIL BB-     25      Assigned
Pvt Ltd
Standard Chartered Investments and    NCDs               CRISIL AAA             Upgraded from
Loans (India) Ltd                                                               CRISIL AA+
Standard Chartered Investments and    Equity-Linked      CRISIL PP -            Upgraded from
Loans (India) Ltd                     Debentures         MLD AAAr               CRISIL PP-MLD
                                                                                AA+r
Surya Pelle                           CC                 CRISIL BB      110     Notice of
                                                                                Withdrawal
Suryodaya College of Engineering &    CC                 CRISIL D       2.5     Downgraded
Technology                                                                      from CRISIL
                                                                                B-
Suryodaya College of Engineering &    TL                 CRISIL D       60      Downgraded
Technology                                                                      from CRISIL
                                                                                B-
Tarapur Transformers Ltd.             CC                 CRISIL D       120     Downgraded
                                                                                from CRISIL
                                                                                BB-
Tarapur Transformers Ltd.             Proposed LT Bk     CRISIL D       142.5   Downgraded
                                      Loan Fac                                  from CRISIL
                                                                                BB-
Tarapur Transformers Ltd.             Rupee TL           CRISIL D       50      Downgraded
                                                                                from CRISIL
                                                                                BB-
The Jorehaut Tea Ltd                  Proposed LT Bk     CRISIL BB+     150     Reaffirmed
                                      Loan Fac
The Paper Products Ltd                CC                 CRISIL AA-     55.8    Reaffirmed
The Paper Products Ltd                Proposed WC Fac    CRISIL AA-     1       Reaffirmed
The Paper Products Ltd                WC Demand Loan     CRISIL AA-     223.2   Reaffirmed
Thomas Cook (India) Ltd               BG#                CRISIL AA-     600     Removed from
                                                                                Rating  watch
                                                                                with Developing
                                                                                Implications 
                                                                                and rating 
                                                                                Reaffirmed
Thomas Cook (India) Ltd               CC*                CRISIL AA-     2270    Removed from
                                                                                Rating  watch
                                                                                with Developing
                                                                                Implications 
                                                                                and rating 
                                                                                Reaffirmed
Thomas Cook (India) Ltd               Overdraft Fac      CRISIL AA-     650     Removed from
                                                                                Rating  watch
                                                                                with Developing
                                                                                Implications 
                                                                                and rating 
                                                                                Reaffirmed
Thomas Cook (India) Ltd               Proposed LT Bk     CRISIL AA-     160     Removed from
                                      Loan Fac                                  Rating  watch
                                                                                with Developing 
                                                                                Implications
                                                                                and rating 
                                                                                Reaffirmed
Turakhia Ferromet Pvt Ltd             CC                 CRISIL BBB     50      Reaffirmed
Vishwas Tubes India Ltd               CC                 CRISIL B+      215     Reaffirmed
Vishwas Tubes India Ltd               Proposed LT Bk     CRISIL B+      3.6     Reaffirmed
                                      Loan Fac
Vishwas Tubes India Ltd               TL                 CRISIL B+      6.4     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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