July 16, 2012 / 6:33 AM / in 5 years

CRISIL ratings for Indian debt instruments-Jul 16

Jul 16 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of July 13, 2012.

COMPANY                                 INSTRUMENT            RATING       AMOUNT  MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------       -----   ---------
SHORT TERM RATINGS:
-------------------
Aishwarya Industries                    LOC                   CRISIL A4+   100     Assigned
Alfa Steel Building Solutions           BG                    CRISIL A4+   5       Assigned
Alfa Steel Building Solutions           LOC                   CRISIL A4+   25      Assigned
Andhra Organics Ltd                     LOC & BG              CRISIL A1+   60      Suspended
Arun Engineering Projects Pvt Ltd       BG                    CRISIL A4    110     Reaffirmed
Bailey Hydropower Pvt Ltd               Packing Credit        CRISIL A4    90      Reaffirmed
Bailey Hydropower Pvt Ltd               LOC & BG              CRISIL A4    15      Reaffirmed
Deluxe Knitting Mill                    Foreign Bill          CRISIL A4    30      Reaffirmed
                                        Discounting*
* Rs.9.00 Million of bills discounting limit interchangeable with packing credit facility
Deluxe Knitting Mill                    Packing Credit        CRISIL A4    70      Reaffirmed
Deluxe Knitting Mill                    Proposed ST Bk Loan   CRISIL A4    20      Reaffirmed
                                        Fac
G.S. Auto International Ltd             LOC                   CRISIL A3+   10      Reaffirmed
Gandhi Special Tubes Ltd                LOC & BG              CRISIL A1+   70      Suspended
Gupta Power Infrastructure Ltd          BG                    CRISIL A2    4100    Reaffirmed
Gupta Power Infrastructure Ltd          BG                    CRISIL A2    550#    Reaffirmed
#Includes Sub-limit of Rs. 192 Million for Packing Credit in Foreign Currency &
Fully interchangeable with bill discounting; interchangeable with packing credit
Gupta Power Infrastructure Ltd          Bill Discounting      CRISIL A2    600     Reaffirmed
Gupta Power Infrastructure Ltd          Foreign LOC*          CRISIL A2    1685    Reaffirmed
*Fully interchangeable with bill discounting; interchangeable with packing credit up to Rs.250
Million
Gupta Power Infrastructure Ltd          Foreign LOC*        CRISIL A2    165     Reaffirmed
*Fully interchangeable with bill discounting; interchangeable with packing credit up to Rs.250
Million & 100% one-way interchangeability from Bank Guarantee limit to leeter of credit
Jindal Agro Mills Pvt Ltd               LOC                   CRISIL A4+   200     Assigned
JLC Electromet Pvt Ltd                  Export Packing Credit CRISIL A1    100     Upgraded
                                                                                   from CRISIL
                                                                                   A2
JLC Electromet Pvt Ltd                  LOC                   CRISIL A1    423.8   Upgraded
                                                                                   from CRISIL
                                                                                   A2
K Mohan and Company (Exports) Pvt Ltd   Export Packing Credit CRISIL A3    400     Reaffirmed
K Mohan and Company (Exports) Pvt Ltd   LOC                   CRISIL A3    50      Reaffirmed
K Mohan and Company (Exports) Pvt Ltd   BG                    CRISIL A3    15      Reaffirmed
K Mohan and Company (Exports) Pvt Ltd   Proposed ST Bk Loan   CRISIL A3    754.2   Reaffirmed
                                        Fac
Koso India Pvt Ltd                      LOC                   CRISIL A2    10      Reaffirmed
Koso India Pvt Ltd                      BG                    CRISIL A2    80      Reaffirmed
M.K.Engineering                         BG                    CRISIL A4+   90      Reaffirmed
Narayani Ispat Pvt Ltd                  BG                    CRISIL A4+   20      Reaffirmed
Narayani Ispat Pvt Ltd                  LOC                   CRISIL A4+   130     Reaffirmed
Narayani Steels Pvt Ltd                 BG                    CRISIL A4+   40      Reaffirmed
Narayani Steels Pvt Ltd                 LOC                   CRISIL A4+   145     Reaffirmed
NELCO Ltd                               CP                    CRISIL A1    150     Reaffirmed
NELCO Ltd                               ST Loan               CRISIL A1    300     Reaffirmed
NELCO Ltd                               LOC & BG              CRISIL A1    762.5   Reaffirmed
NELCO Ltd                               Proposed ST Bk Loan   CRISIL A1    35.7    Reaffirmed
                                        Fac
Tata Sons Ltd                           CP                    CRISIL A1+   26250   Reaffirmed
Vesuvius India Ltd                      LOC & BG              CRISIL A1+   250     Suspended
Yokogawa India Ltd                      LOC & BG              CRISIL A1+   2400    Reaffirmed
Yokogawa India Ltd                      Proposed ST Bk Loan   CRISIL A1+   50      Reaffirmed
                                        Fac

MEDIUM TERM RATINGS:
-------------------
Cent Bank Home Finance Ltd              FD Programme          FA-          -       Reaffirmed
Shriram City Union Finance Ltd          FD Programme          FAA          -       Reaffirmed
Tata Sons Ltd                           FD                    FAA          -       Reaffirmed

LONG TERM RATINGS:
-------------------
Advani Hotels and Resorts (India) Ltd   LT Loan               CRISIL BBB-  30      Assigned
Advani Hotels and Resorts (India) Ltd   Proposed LT Bk Loan   CRISIL BBB-  270     Assigned
                                        Fac
Aishwarya Industries                    CC                    CRISIL BB-   400     Assigned
Aishwarya Industries                    TL                    CRISIL BB-   243     Assigned
Alfa Steel Building Solutions           Proposed LT Bk Loan   CRISIL BB-   2.8     Assigned
                                        Fac
Alfa Steel Building Solutions           CC                    CRISIL BB-   45      Assigned
Alfa Steel Building Solutions           LT Loan               CRISIL BB-   47.2    Assigned
Ameet Metaplast Pvt Ltd                 CC                    CRISIL B     30      Assigned
Ameet Metaplast Pvt Ltd                 TL                    CRISIL B     87.5    Assigned
Andhra Organics Ltd                     CC*                   CRISIL A+    350     Suspended
*Interchangeable with PCFC/PC/REBA/FDBP/CUBD
Andhra Pradesh Power Finance            Bonds                 CRISIL A     45042   Reaffirmed
Corporation Ltd                                               (SO)
Andhra Pradesh Power Finance            Bonds                 CRISIL A     10000   Assigned
Corporation Ltd                                               (SO)
Andhra Pradesh Power Finance            Bond Series II/2000   CRISIL A(SO) 9.8     Reaffirmed
Corporation Ltd
Andhra Pradesh Power Finance            Bond Series I/2001    CRISIL A(SO) 173.5   Reaffirmed
Corporation Ltd
Andhra Pradesh Power Finance            Bond Series II/2001   CRISIL A(SO) 365.9   Reaffirmed
Corporation Ltd
Andhra Pradesh Power Finance            Bond Series III/2001  CRISIL A(SO) 1123.5  Reaffirmed
Corporation Ltd
Andhra Pradesh Power Finance            Bond Series IV/2001   CRISIL A(SO) 999.7   Reaffirmed
Corporation Ltd
Andhra Pradesh Power Finance            Bond Series V/2001    CRISIL A(SO) 585     Reaffirmed
Corporation Ltd
Andhra Pradesh Power Finance            Bond Series I/2002    CRISIL A(SO) 665.8   Reaffirmed
Corporation Ltd

Andhra Pradesh Power Finance            Bond Series II/2002   CRISIL A(SO) 473.8   Reaffirmed
Corporation Ltd
Andhra Pradesh Power Finance            Bond Series I/2004    CRISIL A(SO) 5140    Reaffirmed
Corporation Ltd
Andhra Pradesh Power Finance            Bond Series I/2005    CRISIL A(SO) 5972    Reaffirmed
Corporation Ltd
Andhra Pradesh Power Finance            Bond Series I/2010    CRISIL A(SO) 10533   Reaffirmed
Corporation Ltd
Andhra Pradesh Power Finance            Bonds                 CRISIL A(SO) 9000    Reaffirmed
Corporation Ltd
Andhra Pradesh Power Finance            Bonds                 CRISIL A(SO) 10000   Reaffirmed
Corporation Ltd
Arun Engineering Projects Pvt Ltd       CC                    CRISIL B     80      Reaffirmed
Chandrawati Education Society           Overdraft Fac         CRISIL BBB   80      Reaffirmed
Chandrawati Education Society           Proposed LT Bk Loan   CRISIL BBB   48.4    Reaffirmed
                                        Fac
G.S. Auto International Ltd             CC                    CRISIL BBB   109.2   Reaffirmed
Gandhi Special Tubes Ltd                CC                    CRISIL A+    25      Suspended
Glastronix                              TL                    CRISIL BB+   50      Reaffirmed
Glastronix                              CC                    CRISIL BB+   70      Reaffirmed
Glastronix                              Proposed TL           CRISIL BB+   120     Reaffirmed
Gupta Power Infrastructure Ltd          CC*                   CRISIL BBB+  432     Reaffirmed
*Fully interchangeable with bill discounting; interchangeable with packing credit up to Rs.250
Million
Gupta Power Infrastructure Ltd          CC#                   CRISIL BBB+  198     Reaffirmed
# Fully interchangeable with Packing Credit
Gupta Power Infrastructure Ltd          CC@                   CRISIL BBB+  352     Reaffirmed
@ Interchangeable with Export packing credit with sub-limit of Rs. 375 Million and Working
Capital Demand Loan /FCNR up to Rs.100 Million
Gupta Power Infrastructure Ltd          CC                    CRISIL BBB+  224     Reaffirmed
Gupta Power Infrastructure Ltd          WC Demand Loan**      CRISIL BBB+  600     Reaffirmed
**Working Capital Demand Loan includes Sub-limit of Rs. 270 Million FCNR
Gupta Power Infrastructure Ltd          WC Demand Loan##      CRISIL BBB+  794     Reaffirmed
##Includes Sub-limit of Rs. 192 Million for Packing Credit in Foreign Currency
Gupta Power Infrastructure Ltd          TL                    CRISIL BBB+  611.4   Reaffirmed
Gupta Power Infrastructure Ltd          Proposed LT Bk Loan   CRISIL BBB+  13.7    Reaffirmed
                                        Fac
Inox Renewables Ltd                     Proposed LT Bk Loan   CRISIL BBB+  70      Assigned
                                        Fac
Inox Renewables Ltd                     TL                    CRISIL BBB+  4930    Assigned
Jindal Agro Mills Pvt Ltd               TL                    CRISIL BB    5       Assigned
Jindal Agro Mills Pvt Ltd               CC                    CRISIL BB    65      Assigned
JLC Electromet Pvt Ltd                  CC                    CRISIL A-    70      Upgraded
                                                                                   from CRISIL
                                                                                   BBB+
Koso India Pvt Ltd                      CC                    CRISIL BBB+  90*     Reaffirmed
*Fully interchangeable with export packing credit /post shipment credit to the extent of
Rs.90.00 Million.
M.K.Engineering                         CC                    CRISIL BB-   20      Reaffirmed
MRG Promoters Pvt Ltd                   Proposed TL           CRISIL B     350     Downgraded
                                                                                   from CRISIL
                                                                                   B+
Narayani Ispat Pvt Ltd                  CC                    CRISIL BB-   200     Reaffirmed
Narayani Steels Pvt Ltd                 CC                    CRISIL BB-   165     Reaffirmed
NELCO Ltd                               LT Loan               CRISIL A     10.2    Reaffirmed
NELCO Ltd                               CC                    CRISIL A     285     Reaffirmed
NELCO Ltd                               Proposed TL           CRISIL A     75      Reaffirmed
Sai Spurthi Power Pvt Ltd               LT Loan               CRISIL BBB   315     Reaffirmed
Sairam Suitings Pvt Ltd                 Proposed LT Bk Loan   CRISIL B+    7       Assigned
                                        Fac
Sairam Suitings Pvt Ltd                 CC                    CRISIL B+    45      Assigned
Sairam Suitings Pvt Ltd                 TL                    CRISIL B+    15      Assigned
Shriram City Union Finance Ltd          ST Debt Programme     CRISIL A+    8500    Reaffirmed
Enhanced from Rs.3.2 Billion
Shriram City Union Finance Ltd          Subordinated Debt     CRISIL AA-   1500    Reaffirmed
                                        Issue
Shriram City Union Finance Ltd          NCD Issue             CRISIL AA-   7700    Reaffirmed
Tata Sons Ltd                           NCD                   CRISIL AAA   7500    Assigned
Tata Sons Ltd                           NCD                   CRISIL AAA   133780  Reaffirmed
(Reduced from Rs.138.45 billion)
Today Tea Ltd                           CC                    CRISIL BB-   80      Reaffirmed
Vesuvius India Ltd                      Proposed LT Bk Loan   CRISIL AA    165     Suspended
                                        Fac
Vesuvius India Ltd                      Overdraft Fac         CRISIL AA    40      Suspended
Vesuvius India Ltd                      WC Demand Loan*       CRISIL AA    125     Suspended
*Interchangeable with export facility - D/P, export facility- D/A, preshipment packing loan, 
working capital loan-FCY, working capital loan - finance, factor
Vir Electro Engineering Pvt Ltd         TL                    CRISIL D     87.5    Assigned
Yokogawa India Ltd                      CC                    CRISIL AA-   120     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, E-mail at rru.data@thomsonreuters.com)

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