August 5, 2013 / 6:19 AM / 4 years ago

CRISIL ratings for Indian debt instruments-Aug 5

Aug 5 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of August 2, 2013.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Abhiraj Engicon Pvt Ltd               BG                 CRISIL A4+     25      Reaffirmed
Akay Flavours & Aromatics Pvt Ltd     BG                 CRISIL A2      7.5     Reaffirmed
Akay Flavours & Aromatics Pvt Ltd     LOC                CRISIL A2      7.5     Reaffirmed
Arora Matthey Ltd                     BG                 CRISIL A4+     25      Reaffirmed
Atibir Industries Co. Ltd             BG                 CRISIL A3      120     Assigned
Atibir Industries Co. Ltd             LOC                CRISIL A3      2400    Assigned
Bhairavnath Poultry Farms Pvt Ltd     BG                 CRISIL A4      15      Reaffirmed
Bharat Seats Ltd                      LOC                CRISIL A3      80      Assigned
Bharat Seats Ltd                      BG                 CRISIL A3      15      Assigned
Bharat Seats Ltd                      Bill Discounting   CRISIL A3      250     Assigned
Contec Airflow Engineers Pvt Ltd      BG                 CRISIL A4+     7.5     Reaffirmed
Contec Airflow Engineers Pvt Ltd      LOC                CRISIL A4+     7.5     Reaffirmed
G.S. Alloy Castings Ltd               LOC                CRISIL A4      5       Reaffirmed
Hero FinCorp Ltd                      ST Bk Fac          CRISIL A1+     3550    Reaffirmed
Hero FinCorp Ltd                      ST Debt            CRISIL A1+     1500    Reaffirmed
Indo Unique Flame Ltd                 BG                 CRISIL A3+     350     Reaffirmed
Industrial Safety Products Pvt Ltd    Packing Credit*    CRISIL A4+     200     Reaffirmed
*Two way interchangeability of up to Rs.100 million between Packing Credit and Foreign Bill
Purchase/Foreign Bill Discounting
Industrial Safety Products Pvt Ltd    Foreign Bill       CRISIL A4+     550     Reaffirmed
                                      Purchase**
** Fully interchangeable with Foreign Bill Discounting
Industrial Safety Products Pvt Ltd    Standby /Foreign   CRISIL A4+     150     Reaffirmed
                                      Bill Discounting
Kalindee Rail Nirman Engineers Ltd    LOC                CRISIL A3+#    340     
Kalindee Rail Nirman Engineers Ltd    BG                 CRISIL A3+#    3540    
Kalindee Rail Nirman Engineers Ltd    Proposed ST Bk     CRISIL A3+#    470     
Kalindee Rail Nirman Engineers Ltd    Standby Line of    CRISIL A3+#     50      
                                      Credit                                    
Kalindee Rail Nirman Engineers Ltd    LOC & BG           CRISIL A3+#    200     
Lovely Offset Printers Pvt Ltd        BG                 CRISIL A4+     30      Reaffirmed
Lovely Offset Printers Pvt Ltd        Packing Credit     CRISIL A4+     5       Reaffirmed
Mahindra and Mahindra Financial       ST Bk Fac          CRISIL A1+     8       Reaffirmed
Services Ltd
Mahindra and Mahindra Financial       ST Debt Programme* CRISIL A1+     40000   Reaffirmed
Services Ltd
* The common independent director on the boards of CRISIL and Mahindra & Mahindra Financial
Services Ltd did not participate in the Rating Committee Meeting
R.S.Concast Ltd                       LOC                CRISIL A4+     20      Reaffirmed
R.S.Concast Ltd                       Standby LOC        CRISIL A4+     10.5    Reaffirmed
Shubham Chemicals and Solvents Ltd    BG                 CRISIL A4+     90      Reaffirmed
Shubham Chemicals and Solvents Ltd    LOC                CRISIL A4+     150     Reaffirmed
Shubham Chemicals and Solvents Ltd    LOC & BG           CRISIL A4+     60      Reaffirmed
Stainlay India Pvt Ltd                Export Packing     CRISIL A4+     70      Reaffirmed
                                      Credit*
*Interchangeable both ways between packing credit and foreign bill
disounting/purchase/negotiation.
Stainlay India Pvt Ltd                Proposed ST Bk     CRISIL A4+     22.5    Reaffirmed
                                      Loan Fac
Stainlay India Pvt Ltd                Foreign Bill       CRISIL A4+     7.5     Reaffirmed
                                      Discounting*
*Interchangeable both ways between packing credit and foreign bill
disounting/purchase/negotiation.
Tata Capital Ltd                      CP Programme*      CRISIL A1+     15000   Reaffirmed
* The common independent director on CRISIL's and Tata Capital Ltd's board did not participate
in the rating committee meeting and rating process of this instrument.
The Great Eastern Institute of        Pre-Sea Training   Grade 1        -       Assigned
Maritime Studies                      for Graduate
                                      Engineers
The Great Eastern Institute of        Pre-Sea Diploma in Grade 1        -       Assigned
Maritime Studies                      Nautical Science
The Great Eastern Institute of        Pre-Sea Training   Grade 1        -       Assigned
Maritime Studies                      for Electro
                                      Technical Officer
The Great Eastern Institute of        Electronic Chart   Grade 1        -       Assigned
Maritime Studies                      Display and
                                      Information System
Uttam (Bharat) Electricals Pvt Ltd    BG                 CRISIL A4+     104.2   Assigned
Uttam (Bharat) Electricals Pvt Ltd    LOC                CRISIL A4+     100     Assigned
Vedic Resorts & Hotels Pvt Ltd        BG                 CRISIL A4      0.9     Upgraded from
                                                                                CRISIL D
Velocis Systems Pvt Ltd               BG                 CRISIL A4+     110^    Reaffirmed
^ One way interchangeable with cash credit upto Rs.10 million


MEDIUM TERM RATINGS:
-------------------
Hero FinCorp Ltd                      FD                 FAAA           -       Reaffirmed
Mahindra and Mahindra Financial       FD Programme*      FAAA                   Reaffirmed
Services Ltd
* The common independent director on the boards of CRISIL and Mahindra & Mahindra Financial
Services Ltd did not participate in the Rating Committee Meeting


LONG TERM RATINGS:
-------------------
Abhiraj Engicon Pvt Ltd               CC                 CRISIL B+      62.5    Reaffirmed
Abhiraj Engicon Pvt Ltd               TL                 CRISIL B+      7.5     Reaffirmed
Admach Auto Industries India Pvt Ltd  CC                 CRISIL BB+     90      Reaffirmed
Admach Auto Industries India Pvt Ltd  Proposed LT Bk     CRISIL BB+     20      Reaffirmed
                                      Loan Fac
Admach Auto Industries India Pvt Ltd  Standby Line of    CRISIL BB+     15      Reaffirmed
                                      Credit
Admach Auto Industries India Pvt Ltd  TL                 CRISIL BB+     95      Reaffirmed
Akay Flavours & Aromatics Pvt Ltd     Packing Credit     CRISIL BBB+    183.1   Reaffirmed
Akay Flavours & Aromatics Pvt Ltd     TL                 CRISIL BBB+    30      Reaffirmed
Arora Matthey Ltd                     CC                 CRISIL BB      125     Reaffirmed
Arora Matthey Ltd                     Buyer Credit Limit CRISIL BB      20      Reaffirmed
Arora Matthey Ltd                     Proposed LT Bk     CRISIL BB      2.5     Reaffirmed
                                      Loan Fac
Atibir Industries Co. Ltd             CC                 CRISIL BBB-    2180    Assigned
Atibir Industries Co. Ltd             Proposed LT Bk     CRISIL BBB-    251.5   Assigned
                                      Loan Fac
Atibir Industries Co. Ltd             TL                 CRISIL BBB-    548.5   Assigned
Bhairavnath Poultry Farms Pvt Ltd     CC                 CRISIL B+      40      Reaffirmed
Bhairavnath Poultry Farms Pvt Ltd     TL                 CRISIL B+      125     Reaffirmed
Bharat Seats Ltd                      Proposed LT Bk     CRISIL BBB-    8.6     Assigned
                                      Loan Fac
Bharat Seats Ltd                      FCNR (B) LT Loan   CRISIL BBB-    582.9   Assigned
Bharat Seats Ltd                      CC                 CRISIL BBB-    102     Assigned
Contec Airflow Engineers Pvt Ltd      CC                 CRISIL BB-     65      Reaffirmed
Contec Airflow Engineers Pvt Ltd      Proposed LT Bk     CRISIL BB-     16.9    Reaffirmed
                                      Loan Fac
Contec Airflow Engineers Pvt Ltd      Rupee TL           CRISIL BB-     8.7     Reaffirmed
Devsons Products                      CC                 CRISIL BB-     145     Assigned
East Coast Distributors Pvt Ltd       CC                 CRISIL BB      150     Downgraded
                                                                                from CRISIL
                                                                                BB+
East Coast Distributors Pvt Ltd       Proposed LT Bk     CRISIL BB      70      Downgraded
                                      Loan Fac                                  from CRISIL
                                                                                BB+
Euro India Fresh Foods Pvt Ltd        CC                 CRISIL B+      30      Upgraded from
                                                                                CRISIL B-
Euro India Fresh Foods Pvt Ltd        Proposed LT Bk     CRISIL B+      237     Upgraded from
                                      Loan Fac                                  CRISIL B-
Euro India Fresh Foods Pvt Ltd        TL                 CRISIL B+      83      Upgraded from
                                                                                CRISIL B-
G.S. Alloy Castings Ltd               CC                 CRISIL B+      50      Upgraded from
                                                                                CRISIL C
GVK Bagodara Vasad Expressway Pvt Ltd BG                 -              442     Withdrawal
GVK Bagodara Vasad Expressway Pvt Ltd TL                 CRISIL BBB-    8917.7  Reaffirmed
Hero FinCorp Ltd                      NCDs               CRISIL AA+     1000    Reaffirmed
Hero FinCorp Ltd                      NCDs               CRISIL AA+     500000  Reaffirmed
Hero FinCorp Ltd                      CC Fac             CRISIL AA+     470     Reaffirmed
Hero FinCorp Ltd                      TL*                CRISIL AA+     650     Reaffirmed
* Interchangeable between cash credit facility and short-term bank facility to the extent of
Rs.1000 million
Himalayiya Ayurvedic Yog Evam         LT Loan            CRISIL B-      50      Reaffirmed
Prakarti Chikitsa Sansthan
Indo Unique Flame Ltd                 CC                 CRISIL BBB     100     Reaffirmed
K N Infra Projects Pvt Ltd            Proposed LT Bk     CRISIL D       5       Downgraded
                                      Loan Fac                                  from CRISIL B-
K N Infra Projects Pvt Ltd            TL                 CRISIL D       115     Downgraded
                                                                                from CRISIL B-
K Three Electronics Pvt Ltd           CC                 CRISIL BB-     30      Reaffirmed
K Three Electronics Pvt Ltd           TL                 CRISIL BB-     30      Reaffirmed
Kalindee Rail Nirman Engineers Ltd    Proposed LT Bk     CRISIL BBB#    230     
                                      Loan Fac                                  
Kalindee Rail Nirman Engineers Ltd    CC                 CRISIL BBB#    870     Placed on
Lovely Offset Printers Pvt Ltd        CC                 CRISIL BB      150     Downgraded
                                                                                from CRISIL
                                                                                BB+
Lovely Offset Printers Pvt Ltd        Line of Credit     CRISIL BB      50      Downgraded
                                                                                from CRISIL
                                                                                BB+
Lovely Offset Printers Pvt Ltd        LT Loan            CRISIL BB      35      Downgraded
                                                                                from CRISIL
                                                                                BB+
Mahindra and Mahindra Financial       NCDs*              CRISIL AA+     5000    Assigned
Services Ltd
* The common independent director on the boards of CRISIL and Mahindra & Mahindra Financial
Services Ltd did not participate in the Rating Committee Meeting
Mahindra and Mahindra Financial       NCDs               CRISIL AA+     85500   Reaffirmed
Services Ltd
Mahindra and Mahindra Financial       Subordinated Debt  CRISIL AA+     10500   Reaffirmed
Services Ltd                          Programme
Mahindra and Mahindra Financial       CC                 CRISIL AA+     10      Reaffirmed
Services Ltd
Mahindra and Mahindra Financial       LT Bk Fac          CRISIL AA+     106.02  Reaffirmed
Services Ltd
Mahindra and Mahindra Financial       Proposed LT Bk     CRISIL AA+     13.66   Reaffirmed
Services Ltd                          Loan Fac
R.S.Concast Ltd                       CC                 CRISIL BB+     85      Upgraded from
                                                                                CRISIL BB-
R.S.Concast Ltd                       Proposed LT Bk     CRISIL BB+     4.5     Upgraded from
                                      Loan Fac                                  CRISIL BB-
R.V.M Education Pvt Ltd               TL                 CRISIL D       200     Downgraded
                                                                                from CRISIL B-
Sagar Motors                          Proposed LT Bk     CRISIL B+      5       Assigned
                                      Loan Fac
Sagar Motors                          CC                 CRISIL B+      15      Assigned
Sagar Motors                          Electronic Dealer  CRISIL B+      50      Assigned
                                      Financing
                                      Scheme(e-DFS)
Shubham Chemicals and Solvents Ltd    CC                 CRISIL BB-     100     Reaffirmed
Siddhi Ganesh Metal Pvt Ltd           CC                 CRISIL B+      20      Reaffirmed
Siddhi Ganesh Metal Pvt Ltd           Electronic Dealer  CRISIL B+      150     Reaffirmed
                                      Financing Scheme
                                      (e-DFS)
Tata Capital Ltd                      Preference Share   CRISIL AA+     1000    Assigned
                                      Issue*
* The common independent director on CRISIL's and Tata Capital Ltd's board did not participate
in the rating committee meeting and rating process of this instrument.
Tata Capital Ltd                      Preference Share   CRISIL AA+     7500    Reaffirmed
                                      Issue*
* The common independent director on CRISIL's and Tata Capital Ltd's board did not participate
in the rating committee meeting and rating process of this instrument.
Tata Capital Ltd                      Preference Share   CRISIL AA+     1000    Reaffirmed
                                      Issue*
* The common independent director on CRISIL's and Tata Capital Ltd's board did not participate
in the rating committee meeting and rating process of this instrument.
Tata Capital Ltd                      Preference Share   CRISIL AA+     2500    Reaffirmed
                                      Issue*
* The common independent director on CRISIL's and Tata Capital Ltd's board did not participate
in the rating committee meeting and rating process of this instrument. 
Tata Capital Ltd                      Preference Share   CRISIL AA+     1500    Reaffirmed
                                      Issue*
* The common independent director on CRISIL's and Tata Capital Ltd's board did not participate
in the rating committee meeting and rating process of this instrument.
Tata Capital Ltd                      Preference Share   CRISIL AA+     2500    Reaffirmed
                                      Issue*
* The common independent director on CRISIL's and Tata Capital Ltd's board did not participate
in the rating committee meeting and rating process of this instrument.
Uttam (Bharat) Electricals Pvt Ltd    CC                 CRISIL BB+     89      Assigned
Uttam (Bharat) Electricals Pvt Ltd    TL                 CRISIL BB+     1.8     Assigned
Varsha Printing Inks Mfg. Co.         CC                 CRISIL BB      70      Reaffirmed
Varsha Printing Inks Mfg. Co.         Proposed Long-     CRISIL BB      27.5    Reaffirmed
                                      Term Bk Loan Fac
Varsha Printing Inks Mfg. Co.         TL                 CRISIL BB      2.5     Reaffirmed
Vedic Resorts & Hotels Pvt Ltd        CC                 CRISIL B+      40      Upgraded from
                                                                                CRISIL D
Vedic Resorts & Hotels Pvt Ltd        LT Loan            CRISIL D       143.6   Withdrawal
Vedic Resorts & Hotels Pvt Ltd        Proposed LT Bk     CRISIL D       0.5     Withdrawal
                                      Loan Fac
Velocis Systems Pvt Ltd               CC                 CRISIL BB+     160     Reaffirmed
Velocis Systems Pvt Ltd               BG                 CRISIL BB+     10      Reaffirmed
Velocis Systems Pvt Ltd               TL                 CRISIL BB+     4.6     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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