March 7, 2017 / 6:25 AM / 4 months ago

CRISIL ratings for Indian debt instruments-Mar 7

23 Min Read

    Mar 7 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of March 6, 2017.


COMPANY                               INSTRUMENT           RATING        AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                                ----------           ------        -----    ---------
SHORT TERM RATINGS:
-------------------
Arya Energy Ltd                         BG                 CRISIL A4+     5       Reaffirmed
Bindal Smelting Pvt Ltd                 LOC                CRISIL A4+     20      Reaffirmed
Clean Science and Technology Pvt Ltd    BG                 CRISIL A2+     2.5     Upgraded from
                                                                                  CRISIL A2
Clean Science and Technology Pvt Ltd    LOC                CRISIL A2+     150     Upgraded from
                                                                                  CRISIL A2
Deccan Fine Chemicals India Pvt Ltd     LOC & BG           CRISIL A1      750     Upgraded from
                                                                                  CRISIL A2+
Deccan Fine Chemicals India Pvt Ltd     Packing Credit in  CRISIL A1      2000    Upgraded from
                                        Foreign Currency                          CRISIL A2+
ECL Finance Ltd                         ST Debt Issue*     CRISIL A1+     30000   Assigned
*Assigned for initial/ follow-on public offer financing on episodic basis.
ECL Finance Ltd                         ST Debt Issue*     CRISIL A1+     20000   Assigned
*Assigned for initial/ follow-on public offer financing on episodic basis.
ECL Finance Ltd                         ST Debt Issue*     CRISIL A1+     25000   Withdrawal
*Assigned for initial/ follow-on public offer financing on episodic basis.
ECL Finance Ltd                         ST Debt Issue*     CRISIL A1+     7500    Reaffirmed
*Assigned for initial/ follow-on public offer financing on episodic basis.
ECL Finance Ltd                         ST Debt Issue*     CRISIL A1+     25000   Reaffirmed
*Assigned for initial/ follow-on public offer financing on episodic basis.
ECL Finance Ltd                         ST Debt            CRISIL A1+     36000   Reaffirmed
ECL Finance Ltd                         ST Prin Protected  CRISIL PP- MLD 12000   Reaffirmed
                                        Mkt Linked Deb     A1 + r
Edelweiss Commodities Services Ltd      ST Bk Fac          CRISIL A1+     600     Reaffirmed
Edelweiss Commodities Services Ltd      Standby LOC        CRISIL A1+     1520    Reaffirmed
Edelweiss Commodities Services Ltd      ST Debt            CRISIL A1+     70000   Reaffirmed
Edelweiss Commodities Services Ltd       ST Debt Issue*    CRISIL A1+     40000   Assigned
*Assigned for initial/ follow-on public offer financing on episodic basis.
Edelweiss Commodities Services Ltd       ST Debt Issue*    CRISIL A1+     20000   Assigned
*Assigned for initial/ follow-on public offer financing on episodic basis.
Edelweiss Commodities Services Ltd       ST Debt Issue*    CRISIL A1+     5000    Reaffirmed
*Assigned for initial/ follow-on public offer financing on episodic basis.
Edelweiss Commodities Services Ltd       ST Debt Issue*    CRISIL A1+     25000   Reaffirmed
*Assigned for initial/ follow-on public offer financing on episodic basis.
Edelweiss Commodities Services Ltd       ST Debt Issue*    CRISIL A1+     15000   Reaffirmed
*Assigned for initial/ follow-on public offer financing on episodic basis.
Edelweiss Commodities Services Ltd       ST Debt Issue*    CRISIL A1+     10000   Reaffirmed
*Assigned for initial/ follow-on public offer financing on episodic basis.
Edelweiss Commodities Services Ltd       ST Debt Issue*    CRISIL A1+     25000   Withdrawal
Edelweiss Finance and Investments Ltd   ST Debt            CRISIL A1+     -       Reaffirmed
Edelweiss Finance and Investments Ltd   ST Debt Issue      CRISIL A1+     -       Assigned
Edelweiss Finance and Investments Ltd   ST Principal       CRISIL PP -    715     Reaffirmed
                                        Protected Mkt      MLD A1 + r 
                                        Linked Deb
Edelweiss Financial Services Ltd        ST Debt Issue*     CRISIL A1+     35000   Assigned
*Assigned for initial public offering/ open offer financing on episodic basis
Edelweiss Financial Services Ltd        ST Debt Issue*     CRISIL A1+     10000   Assigned
*Assigned for initial public offering/ open offer financing on episodic basis
Edelweiss Financial Services Ltd        ST Debt Issue*     CRISIL A1+     30000   Withdrawal
*Assigned for initial public offering/ open offer financing on episodic basis
Edelweiss Financial Services Ltd        ST Debt Issue*     CRISIL A1+     25000   Reaffirmed
*Assigned for initial public offering/ open offer financing on episodic basis
Edelweiss Financial Services Ltd        ST Debt Issue*     CRISIL A1+     30000   Reaffirmed
*Assigned for initial public offering/ open offer financing on episodic basis
Edelweiss Financial Services Ltd        ST Debt            CRISIL A1+     63500   Reaffirmed
Excel Industries Ltd                    Channel Financing  CRISIL A2+     50      Reaffirmed
Excel Industries Ltd                    Inland/Import LOC  CRISIL A2+     450     Reaffirmed
Excel Industries Ltd                    Overdraft          CRISIL A2+     10      Reaffirmed
Excel Industries Ltd                    Proposed BG        CRISIL A2+     35      Reaffirmed
Excel Industries Ltd                    ST Loan            CRISIL A2+     250     Reaffirmed
Excel Industries Ltd                    Supplier Bill      CRISIL A2+     100     Reaffirmed
                                        Discounting
Galaxy Glass Products Pvt Ltd           BG                 CRISIL A4      20      Reaffirmed
Granite Mart Ltd                        Bill Discounting   CRISIL A4      135     Reaffirmed
Granite Mart Ltd                        LOC                CRISIL A4      50      Reaffirmed
Granite Mart Ltd                        Packing Credit     CRISIL A4      80      Reaffirmed
INFINA Finance Pvt Ltd                  ST Debt Issue      -                      Reaffirmed
INFINA Finance Pvt Ltd                  CP Issue           CRISIL A1+     135000  Assigned
INFINA Finance Pvt Ltd                  ST Debt            CRISIL A1+     3500    Reaffirmed
Kailash Healthcare Ltd                  BG                 CRISIL A2      20      Reaffirmed
Kailash Hospitals Ltd                   BG                 CRISIL A2      10      Reaffirmed
Karam Industries                        LOC                CRISIL A2      100     Reaffirmed
M. R. Dairy Products Pvt Ltd            Packing Credit     CRISIL A4+     50      Assigned
M/S. S.K. Agarwalla                     BG                 CRISIL A4+     120     Assigned
Maan Aluminium Ltd                      BG                 CRISIL A4+     55      Downgraded
                                                                                  from CRISIL A3
Maan Aluminium Ltd                      Foreign Exchange   CRISIL A4+     4.5     Downgraded
                                        Forward                                   from CRISIL A3
Maan Aluminium Ltd                      LOC                CRISIL A4+     90.5    Downgraded
                                                                                  from CRISIL A3
P N International                       BG                 CRISIL A2      5       Reaffirmed
P N International                       Buyer`s Credit     CRISIL A2      65      Reaffirmed
P N International                       Foreign            CRISIL A2      190     Reaffirmed
                                        Discounting Bill
                                        Purchase
P N International                       LOC                CRISIL A2      30      Reaffirmed
Peacock Apparels Pvt Ltd                BG                 CRISIL A3      5       Reaffirmed
Peacock Apparels Pvt Ltd                Foreign Bill       CRISIL A3      15      Reaffirmed
                                        Discounting
Peacock Apparels Pvt Ltd                LOC                CRISIL A3      50      Reaffirmed
Peacock Apparels Pvt Ltd                Standby Line of    CRISIL A3      2.5     Reaffirmed
                                        Credit
Ring Forgings Pvt Ltd                   LOC                CRISIL A4      30      Reaffirmed
Sandhya Spinning Mill Ltd               Bill Discounting***CRISIL A3      120     Assigned
***- Interchangeable with Inland Bill Negotiation(IBN)/FBN/FBP/FBD/Advance against Collection
Bills(AACB) /Post Shipment in Foreign credit(PSFC)/Foreign Letter of Credit(FLC)/Foreign
Currency loan(FCL)/BG for Short term trade credit(STTC )
Sandhya Spinning Mill Ltd               Foreign Exchange   CRISIL A3      10      Assigned
                                        Forward
Sri Vishnu Shankar Mill Ltd             LOC                CRISIL A3      50      Assigned
Sri Vishnu Shankar Mill Ltd             BG                 CRISIL A3      3       Assigned
Sri Vishnu Shankar Mill Ltd             Foreign Exchange   CRISIL A3      20      Assigned
                                        Forward
Tirath Ram Ahuja Pvt Ltd                BG                 CRISIL A4      70      Reaffirmed
Tirath Ram Ahuja Pvt Ltd                Overdraft          CRISIL A4      12      Reaffirmed
Tirath Ram Ahuja Pvt Ltd                Proposed ST Bk     CRISIL A4      8       Reaffirmed
                                        Loan Fac
Universal Yarns and Tex Pvt Ltd         BG                 CRISIL A4+     54.3    Assigned

MEDIUM TERM RATINGS:
-------------------
Excel Industries Ltd                    FD                 FA             135     Reaffirmed

LONG TERM RATINGS:
-------------------
Aark India Educational Trust            Overdraft          CRISIL B       55      Reaffirmed
Amar Ujala Publications Ltd             CC                 CRISIL A       650     Reaffirmed
Arshad Cashew Industry                  CC                 CRISIL B+      49.5    Reaffirmed
Arshad Cashew Industry                  Proposed LT Bk     CRISIL B+      55.5    Reaffirmed
                                        Loan Fac
Arya Energy Ltd                         CC                 CRISIL BB+     75      Reaffirmed
Arya Energy Ltd                         Funded Interest TL CRISIL BB+     37      Reaffirmed
Arya Energy Ltd                         Proposed LT Bk     CRISIL BB+     6.1     Reaffirmed
                                        Loan Fac
Arya Energy Ltd                         TL                 CRISIL BB+     359     Reaffirmed
Bindal Smelting Pvt Ltd                 CC                 CRISIL BB      100     Reaffirmed
Bindal Smelting Pvt Ltd                 Proposed CC Limit  CRISIL BB      30      Reaffirmed
Cepro Building Systems Pvt Ltd          TL                 CRISIL BB-     54      Assigned
Cepro Building Systems Pvt Ltd          CC                 CRISIL BB-     60      Assigned
Cepro Building Systems Pvt Ltd          Proposed LT Bk     CRISIL BB-     6       Assigned
                                        Loan Fac
Clean Science and Technology Pvt Ltd    CC                 CRISIL A-      102     Upgraded from
                                                                                  CRISIL BBB+
Clean Science and Technology Pvt Ltd    Proposed LT Bk     CRISIL A-      267.5   Upgraded from
                                        Loan Fac                                  CRISIL BBB+
Deccan Fine Chemicals India Pvt Ltd     External           CRISIL A       510.1   Upgraded from
                                        Commercial                                CRISIL A-
                                        Borrowings
Deccan Fine Chemicals India Pvt Ltd     Foreign Currency TLCRISIL A       3529.5  Upgraded from
                                                                                  CRISIL A-
Deccan Fine Chemicals India Pvt Ltd     LT Unsecured Loan  CRISIL A       342.8   Upgraded from
                                                                                  CRISIL A-
Deccan Fine Chemicals India Pvt Ltd     Proposed LT Bk     CRISIL A       0.4     Upgraded from
                                        Loan Fac                                  CRISIL A-
DLF Emporio Ltd                         NCD Issue          CRISIL AA(SO)  5250    Reaffirmed
DLF Emporio Ltd                         NCD Issue          CRISIL AA(SO)  3750    Reaffirmed
ECL Finance Ltd                         LT Principal       CRISIL PP-     5000    Reaffirmed
                                        Protected Market   MLD AAr
                                        Linked Debentures 
ECL Finance Ltd                         Prin Protected     CRISIL PP-    11900   Reaffirmed
                                        Equity Linked Deb  MLD AAr
ECL Finance Ltd                         Prin Protected     CRISIL PP-    350     Reaffirmed
                                        Commoptionally     MLD AAr
                                        convertible debentureity Linked Deb
ECL Finance Ltd                         LT Bk Fac          CRISIL AA      11800   Reaffirmed
ECL Finance Ltd                         Overdraft          CRISIL AA      13300   Reaffirmed
ECL Finance Ltd                         WC Demand Loan     CRISIL AA      1200    Reaffirmed
ECL Finance Ltd                         NCDs               CRISIL AA      20000   Reaffirmed
ECL Finance Ltd                         NCDs               CRISIL AA      9300    Reaffirmed
Edelweiss Commodities Services Ltd      LT Bk Fac          CRISIL AA      3250    Reaffirmed
Edelweiss Commodities Services Ltd      Overdraft          CRISIL AA      7000    Reaffirmed
Edelweiss Commodities Services Ltd      NCD                CRISIL AA      10000   Reaffirmed
Edelweiss Commodities Services Ltd      NCD                CRISIL AA      10000   Reaffirmed
Edelweiss Commodities Services Ltd      PS                 CRISIL AA      1050    Reaffirmed
Edelweiss Finance and Investments Ltd   NCD                CRISIL AA      -       Reaffirmed
Edelweiss Finance and Investments Ltd   PS                 CRISIL AA      -       Reaffirmed
Excel Industries Ltd                    CC*                CRISIL A-      650     Reaffirmed
* Interchangeable with export packing credit, foreign bills discounting, and inland bills
discounting.
Excel Industries Ltd                    Rupee TL           CRISIL A-      200     Reaffirmed
Galaxy Glass Products Pvt Ltd           CC                 CRISIL B+      50      Reaffirmed
Govind Rubber Ltd                       BG                 CRISIL D       35      Reaffirmed
Govind Rubber Ltd                       Bill Discounting   CRISIL D       42.9    Reaffirmed
Govind Rubber Ltd                       Bills - Inland     CRISIL D       12.6    Reaffirmed
Govind Rubber Ltd                       CC                 CRISIL D       401.8   Reaffirmed
Govind Rubber Ltd                       LOC                CRISIL D       286     Reaffirmed
Govind Rubber Ltd                       Packing Credit     CRISIL D       36      Reaffirmed
Govind Rubber Ltd                       Proposed LT Bk     CRISIL D       366.5   Reaffirmed
                                        Loan Fac
Govind Rubber Ltd                       TL                 CRISIL D       109.2   Reaffirmed
Govind Rubber Ltd                       WC Demand Loan     CRISIL D       210     Reaffirmed
Granite Mart Ltd                        CC                 CRISIL B       5       Reaffirmed
Granite Mart Ltd                        Proposed LT Bk     CRISIL B       63      Reaffirmed
                                        Loan Fac
Kailash Healthcare Ltd                  CC                 CRISIL BBB+    260     Reaffirmed
Kailash Healthcare Ltd                  Proposed LT Bk     CRISIL BBB+    76      Reaffirmed
                                        Loan Fac
Kailash Healthcare Ltd                  TL                 CRISIL BBB+    444     Reaffirmed
Kailash Hospitals Ltd                   CC                 CRISIL BBB+    15      Reaffirmed
Kailash Hospitals Ltd                   TL                 CRISIL BBB+    35      Reaffirmed
Karam Industries                        CC                 CRISIL BBB+    200     Reaffirmed
M. R. Dairy Products Pvt Ltd            CC                 CRISIL BB      400     Reaffirmed
M/S. S.K. Agarwalla                     TL                 CRISIL BB      20      Assigned
M/S. S.K. Agarwalla                     CC                 CRISIL BB      70      Assigned
Maan Aluminium Ltd                      Bill Discounting   CRISIL BB+     20      Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
Maan Aluminium Ltd                      CC                 CRISIL BB+     150     Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
P N International                       CC                 CRISIL BBB+    20      Reaffirmed
Peacock Apparels Pvt Ltd                Packing Credit     CRISIL BBB-    40      Reaffirmed
Rajapalayam Textile Ltd                 CC*                CRISIL BBB-    110     Assigned
*Buyers credit to the extent of Rs.9.56 Cr as sublimit to Cash Credit(CC)
Rajapalayam Textile Ltd                 TL                 CRISIL BBB-    45.8    Assigned
Ring Forgings Pvt Ltd                   CC                 CRISIL B+      60      Reaffirmed
Ring Forgings Pvt Ltd                   TL                 CRISIL B+      10      Reaffirmed
Sai Spacecon India Pvt Ltd              CC                 CRISIL D       25      Reaffirmed
Sai Spacecon India Pvt Ltd              Proposed LT Bk     CRISIL D       267.5   Reaffirmed
                                        Loan Fac
Sai Spacecon India Pvt Ltd              TL                 CRISIL D       307.5   Reaffirmed
Sandhya Spinning Mill Ltd               TL                 CRISIL BBB-    304.7   Assigned
Sandhya Spinning Mill Ltd               Corporate Loan     CRISIL BBB-    200     Assigned
Sandhya Spinning Mill Ltd               CC*                CRISIL BBB-    415     Assigned
* - Interchangeable with short-term loans; includes sublimit of Packing Credit (PC)/ Packing
Credit Foreign Currency (PCFC)/ Working Capital demand Loan(WCDL)
Sandhya Spinning Mill Ltd               WC Demand Loan#    CRISIL BBB-    100     Assigned
# - Interchangeable with EPC/PCFC/FBD/Post shipment credit in foreign currency(PSCFC)/Purchase
Bills discounting (PBD)/LC/BC; includes sublimit of Cash credit
Sandhya Spinning Mill Ltd               WC TL              CRISIL BBB-    450     Assigned
Sandhya Spinning Mill Ltd               CC**               CRISIL BBB-    150     Assigned
**-Interchangeable with Export packing credit(EPC)/PC/PCFC/Foreign Bill Negotiation(FBN)/Foreign
Bills Purchase(FBP)/Foreign Bills Discounting(FBD)/Letter of Credit and Bills
Discounting(LCBD)/Clean Bill Discounting(CBD)/Letter of Credit(LC)/Buyers credit(BC)/Bank
Guarantee(BG); includes sublimit of WCDL to the extent of Rs 7.50  crs
Sandhya Spinning Mill Ltd               CC@                CRISIL BBB-    215     Assigned
@ - Interchangeable with short-term loans
Shiv Carriers Roadways Pvt Ltd          TL                 CRISIL B       125     Reaffirmed
Sri Vishnu Shankar Mill Ltd             Corporate Loan     CRISIL BBB-    500     Assigned
Sri Vishnu Shankar Mill Ltd             CC*                CRISIL BBB-    210     Assigned
* Interchangeable with export packing credit (EPC)/ packing credit in foreign currency (PCFC)
Sri Vishnu Shankar Mill Ltd             TL                 CRISIL BBB-    248.3   Assigned
Sri Vishnu Shankar Mill Ltd             WC TL              CRISIL BBB-    400     Assigned
Sri Vishnu Shankar Mill Ltd             CC**               CRISIL BBB-    450     Assigned
** Interchangeable with EPC/PCFC/ FBN/ FBP/ FBD
Sri Vishnu Shankar Mill Ltd             CC@                CRISIL BBB-    220     Assigned
@ Interchangeable with short term loan/EPC/ letter of credit/bank guarantee/ buyer's credit
Sri Vishnu Shankar Mill Ltd             CC                 CRISIL BBB-    200     Assigned
Thanjavur Spinning Mill Ltd             TL                 CRISIL BB+     58.3    Assigned
Thanjavur Spinning Mill Ltd             CC                 CRISIL BB+     100     Assigned
Thanjavur Spinning Mill Ltd             Corporate Loan     CRISIL BB+     350     Assigned
Thanjavur Spinning Mill Ltd             CC*                CRISIL BB+     125     Assigned
* Includes buyers credit sublimit of Rs 2.64 crore
Universal Yarns and Tex Pvt Ltd         CC                 CRISIL BB      65.7    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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