April 20, 2017 / 6:37 AM / 3 months ago

CRISIL ratings for Indian debt instruments-Apr 20

14 Min Read

   Apr 20 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of April 19, 2017.

COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                          (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Aspinwall and Co. Ltd                   Export Packing     CRISIL A3+     200     Reaffirmed
                                        Credit
Aspinwall and Co. Ltd                   LOC & BG           CRISIL A3+     45      Reaffirmed
Balaji Enterprises - Patna              BG                 CRISIL A4+     60      Assigned
ECap Equities Ltd                       ST Debt (Enhanced  CRISIL A1+     7500    Reaffirmed
                                        from Rs.600 Crore) 
Imperial Readymade Garments Factory     LOC                CRISIL A4+     35      Assigned
India Pvt Ltd
Imperial Readymade Garments Factory     Export Packing     CRISIL A4+     85      Assigned
India Pvt Ltd                           Credit
Ivcon                                   BG                 CRISIL A4+     15.5    Assigned
Nelito Systems Ltd                      BG                 CRISIL A2+     160     Reaffirmed
Power Grid Corporation of India Ltd     BG                 CRISIL A1+     6000    Reaffirmed
Power Grid Corporation of India Ltd     LOC                CRISIL A1+     16000   Reaffirmed
Pratipa Cashews                         Bill Discounting   CRISIL A4+     30      Reaffirmed
Pratipa Cashews                         Standby Line of    CRISIL A4+     12.8    Reaffirmed
                                        Credit
RSV Constructions Pvt Ltd               BG                 CRISIL A4+     150     Reaffirmed
Sri S. Subbiah and Company              BG                 CRISIL A4      30      Reaffirmed
Tata Motors Finance Ltd                 ST Debt            CRISIL A1+     10000   Reaffirmed
*The common independent director on the boards of CRISIL and Tata Motors Finance 
Ltd did not participate in the rating committee meeting and the rating
process for these instruments.
Tata Motors Finance Solutions Ltd       CP Programme       CRISIL A1+     20000   Reaffirmed

LONG TERM RATINGS:
-------------------
Afras Cashew Traders                    CC                 CRISIL BB-     47.6    Upgraded
                                                                                  from
                                                                                  CRISIL B+
Afras Cashew Traders                    LT Loan            CRISIL BB-     3.6     Upgraded 
                                                                                  from
                                                                                  CRISIL B+
Aspinwall and Co. Ltd                   CC                 CRISIL BBB     5       Reaffirmed
Aspinwall and Co. Ltd                   Export Packing     CRISIL BBB     455     Outlook
                                        Credit                                    revised 
                                                                                  from
                                                                                  and 
                                                                                  rating 
                                                                                  reaffirmed
Aspinwall and Co. Ltd                   LT Loan            CRISIL BBB     200     Outlook
                                        Credit                                    revised 
                                                                                  from
                                                                                  and 
                                                                                  rating 
                                                                                  reaffirmed
Aspinwall and Co. Ltd                   Overdraft          CRISIL BBB     90      Assigned
Aspinwall and Co. Ltd                   Proposed LT Bk     CRISIL BBB     1       Assigned
                                        Loan Fac
Balaji Enterprises - Patna              CC                 CRISIL BB-     120     Assigned
Dharampal Pipe and Tubes Pvt Ltd        CC                 CRISIL B       70      Reaffirmed
Health-Tech Chhattisgarh Pvt Ltd        CC                 CRISIL BB+     20      Upgraded from
                                                                                  CRISIL BB
Health-Tech Chhattisgarh Pvt Ltd        Proposed LT Bk     CRISIL BB+     44.2    Upgraded from
                                        Loan Fac                                  CRISIL BB
Health-Tech Chhattisgarh Pvt Ltd        TL                 CRISIL BB+     40      Upgraded from
                                                                                  CRISIL BB
Hi-Quality Foods & Beverages Pvt Ltd    TL                 CRISIL B-      150     Downgraded
                                                                                  from CRISIL B
Imperial Readymade Garments Factory     CC                 CRISIL BB-     20      Assigned
India Pvt Ltd
Ivcon                                   CC                 CRISIL BB      60      Assigned
Jay Durga Enzymatic Pvt Ltd             TL                 CRISIL B+      20      Assigned
Jay Durga Enzymatic Pvt Ltd             CC                 CRISIL B+      50      Assigned
Jay Durga Enzymatic Pvt Ltd             Proposed LT Bk     CRISIL B+      30      Assigned
                                        Loan Fac
Kanpur Packagers Pvt Ltd                CC                 CRISIL BB-     29.4    Upgraded from
                                                                                  CRISIL B
Kanpur Packagers Pvt Ltd                Proposed LT Bk     CRISIL BB-     15.6    Upgraded from
                                        Loan Fac                                  CRISIL B
Kanpur Packagers Pvt Ltd                TL                 CRISIL BB-     80      Upgraded from
                                                                                  CRISIL B
Nelito Systems Ltd                      CC                 CRISIL A-      120     Reaffirmed
Nelito Systems Ltd                      TL                 CRISIL A-      70      Reaffirmed
Pancham Jewellers Pvt Ltd               CC                 CRISIL BB      240     Upgraded from
                                                                                  CRISIL BB
Pancham Jewellers Pvt Ltd               Standby Line of    CRISIL BB      10      Upgraded from
                                        Credit                                    CRISIL BB
PMR Infrastractures Pvt Ltd             Proposed Overdraft CRISIL B       40      Assigned
                                        Fac
PMR Infrastractures Pvt Ltd             Secured Overdraft  CRISIL B       10      Assigned
                                        Fac
Power Grid Corporation of India Ltd     CC                 CRISIL AAA     3000    Reaffirmed
Pratipa Cashews                         Export Packing     CRISIL BB-     50      Reaffirmed
                                        Credit
Pratipa Cashews                         TL                 CRISIL BB-     7.2     Reaffirmed
Raipur Kerala Samajam                   TL                 CRISIL BB+     60      Reaffirmed
Rose Metals                             CC                 CRISIL BB-     50      Assigned
Rose Metals                             Proposed CC Limit  CRISIL BB-     50      Assigned
RSV Constructions Pvt Ltd               CC                 CRISIL BB+     100     Reaffirmed
Sanjeev Industrial Corporation          CC                 CRISIL BB      125     Upgraded from
                                                                                  CRISIL BB-
Satluj Spintex Ltd                      CC                 CRISIL B+      970     Issuer Not
                                                                                  Co-operating; 
                                                                                  Downgraded 
                                                                                  from
                                                                                  CRISIL BBB-*
*Issuer did not cooperate; based on best-available information

Satluj Spintex Ltd                      Proposed LT Bk     CRISIL B+      12.5    Issuer Not
                                        Loan Fac                                  Co-operating;
                                                                                  Downgraded
                                                                                  from 
                                                                                  CRISIL BBB-*
*Issuer did not cooperate; based on best-available information
Satluj Spintex Ltd                      TL                 CRISIL B+      1217.5  Issuer Not
                                                                                  Co-operating; 
                                                                                  Downgraded 
                                                                                  from 
                                                                                  CRISIL BBB-*
*Issuer did not cooperate; based on best-available information
Sri S. Subbiah and Company              CC                 CRISIL B+      200     Reaffirmed
Sri S. Subbiah and Company              Standby Line of    CRISIL B+      20      Reaffirmed
                                        Credit
Tata Motors Finance Ltd                 Perpetual Bonds    CRISIL A+      4150    Reaffirmed
*The common independent director on the boards of CRISIL and Tata Motors Finance 
Ltd did not participate in the rating committee meeting and the rating
process for these instruments.
Tata Motors Finance Ltd                 NCD*               CRISIL AA      20000   Reaffirmed
*The common independent director on the boards of CRISIL and Tata Motors Finance 
Ltd did not participate in the rating committee meeting and the rating
process for these instruments.
Tata Motors Finance Ltd                 NCD *              CRISIL AA      30000   Reaffirmed
*The common independent director on the boards of CRISIL and Tata Motors Finance 
Ltd did not participate in the rating committee meeting and the rating
process for these instruments.
Tata Motors Finance Ltd                 NCD *              CRISIL AA      50000   Reaffirmed
*The common independent director on the boards of CRISIL and Tata Motors Finance 
Ltd did not participate in the rating committee meeting and the rating
process for these instruments.
Tata Motors Finance Ltd                 Subordinated Debt  CRISIL AA      14000   Reaffirmed
                                        Programme 
*The common independent director on the boards of CRISIL and Tata Motors Finance 
Ltd did not participate in the rating committee meeting and the rating
process for these instruments.
Tata Motors Finance Solutions Ltd       NCDs               CRISIL AA      20000   Reaffirmed
Tata Motors Finance Solutions Ltd       Subordinated Debt  CRISIL AA      2000    Reaffirmed
Ultra Ready Mix Concrete Pvt Ltd        CC                 CRISIL B+      250     Reaffirmed
Ultra Ready Mix Concrete Pvt Ltd        LT Loan            CRISIL B+      196.8   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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