October 13, 2016 / 6:01 AM / in a year

CRISIL ratings for Indian debt instruments-Oct 13

Oct 13 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of October 12, 2016.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
A. B. Kanisha Timbers                   LOC                CRISIL A4      37.5    Assigned
Anant Commodities Pvt Ltd               Packing Credit     CRISIL A4+     350     Downgraded
                                                                                  from CRISIL
                                                                                  A3+
Anant Commodities Pvt Ltd               Proposed ST Bk     CRISIL A4+     50      Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  A3+
Anucool Industrial Aids Pvt Ltd         BG                 CRISIL A4+     30      Reaffirmed
Apollo Tyres Ltd                        LOC^               CRISIL A1+     5470    Reaffirmed
^Interchangeable with bank guarantee/letter of undertaking or acceptances for buyers
credit/packing credit
Apollo Tyres Ltd                        CP                 CRISIL A1+     9000    Reaffirmed
Aquamall Water Solutions Ltd            BG                 CRISIL A1+     20      Reaffirmed
Aquamall Water Solutions Ltd            LOC                CRISIL A1+     100     Reaffirmed
Aquamall Water Solutions Ltd            Sales Bill         CRISIL A1+     100     Reaffirmed
                                        Discounting
Axis Bank Ltd                           CD                 CRISIL A1+     350000  Reaffirmed
Bhaskar Resources Pvt Ltd               BG                 CRISIL A4+     30      Assigned
Daga Global Chemicals Pvt Ltd           BG                 CRISIL A3      20      Reaffirmed
Daga Global Chemicals Pvt Ltd           Bill Discounting*  CRISIL A3      70      Reaffirmed
*Includes letter of credit-backed usance bill discounting to the extent of Rs 50 million, and
usance bill discounting to the extent of Rs 20 million, which is fully interchangeable with
letter of credit-backed usance bill discounting

Daga Global Chemicals Pvt Ltd           Cheque Discounting CRISIL A3      2       Reaffirmed
Daga Global Chemicals Pvt Ltd           LOC                CRISIL A3      675     Reaffirmed
Forbes and Co. Ltd                      LOC^               CRISIL A1+     155     Reaffirmed
^Interchangeable with bank guarantee
Forbes and Co. Ltd                      LOC@               CRISIL A1+     550     Reaffirmed
@Interchangeable with buyer's credit and bank guarantee
Forbes and Co. Ltd                      CP Programmes      CRISIL A1+     300     Reaffirmed
Hardayal Infra Projects Pvt Ltd         Proposed BG        CRISIL A4+     164.9   Assigned
Hardayal Infra Projects Pvt Ltd         BG                 CRISIL A4+     250     Assigned
Hatsun Agro Product Ltd                 CP                 CRISIL A1      1500    Reaffirmed
Jennex Granite Industries Pvt Ltd       Import LOC Limit   CRISIL A4      40      Downgraded
                                                                                  from CRISIL
                                                                                  A4+
Jennex Granite Industries Pvt Ltd       Post Shipment      CRISIL A4      140     Downgraded
                                        Credit@                                   from CRISIL
                                                                                  A4+
@Includes sublimit of Rs. 70 million of pre shipment credit facility
Mittapalli Agro Products Pvt Ltd        BG                 CRISIL A4+     5       Reaffirmed
Mittapalli Agro Products Pvt Ltd        Foreign Exchange   CRISIL A4+     5       Reaffirmed
                                        Forward
Navbharat Nirman Company                BG                 CRISIL A4      53      Reaffirmed
Navbharat Nirman Company                Proposed ST Bk     CRISIL A4      1.2     Reaffirmed
                                        Loan Fac
PC Jeweller Ltd                         Foreign Exchange   CRISIL A1      500     Reaffirmed
                                        Forward
PC Jeweller Ltd                         LOC                CRISIL A1      12744.4 Reaffirmed
Rajlaxmi Construction                   BG                 CRISIL A4+     120     Reaffirmed
Tata Motors Finance Ltd                 BG                 CRISIL A1+     7.1     Reaffirmed
Tata Motors Finance Ltd                 Proposed BG        CRISIL A1+     5.75    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.
Vedanta Ltd                             Non-FBL*           CRISIL A1+     142.2   Reaffirmed
* Non fund based Limits of Rs15 billion are interchangeable with Fund Based Limits
Vedanta Ltd                             ST Debt (Including CRISIL A1+     138500
                                        CP Programme)

LONG TERM RATINGS:
-------------------
A. B. Kanisha Timbers                   Proposed WC Fac    CRISIL B+      17.9    Assigned
A. B. Kanisha Timbers                   CC                 CRISIL B+      12.5    Assigned
Anucool Industrial Aids Pvt Ltd         CC                 CRISIL BB      120     Reaffirmed
Apollo Tyres Ltd                        CC**               CRISIL AA+     9490    Reaffirmed
**Interchangeable with working capital demand loan/foreign currency non-pepatriable(B)/buyers
credit/overdraft/foreign bill discounting/export bill receivabl
Apollo Tyres Ltd                        LT Loan            CRISIL AA+     500     Reaffirmed
Apollo Tyres Ltd                        Proposed LT Bk     CRISIL AA+     1790    Reaffirmed
                                        Loan Fac
Apollo Tyres Ltd                        NCD                CRISIL AA+     3000    Assigned
Apollo Tyres Ltd                        NCD                CRISIL AA+     3250    Reaffirmed
Apollo Tyres Ltd                        NCD                CRISIL AA+     1000    Reaffirmed
Apollo Tyres Ltd                        NCD                CRISIL AA+     1250    Withdrawal
Apollo Tyres Ltd                        NCD                CRISIL AA+     1000    Withdrawal
Aquamall Water Solutions Ltd            CC & WC demand loanCRISIL AA-     380     Reaffirmed
Aquamall Water Solutions Ltd            Proposed FB Bk     CRISIL AA-     150     Reaffirmed
                                        Limits
Aquamall Water Solutions Ltd            WC Demand Loan     CRISIL AA-     500     Reaffirmed
Ashirvad Pipes Pvt Ltd                  CC*                CRISIL A+      650     Reaffirmed
*Fully interchangeable with line of credit; foreign currency non-resident (B) loan, export
packing credit/packing credit in foreign currency (EPC/PCFC), inlan
Ashirvad Pipes Pvt Ltd                  External           CRISIL A+      379.3   Reaffirmed
                                        Commercial
                                        Borrowings
Ashirvad Pipes Pvt Ltd                  TL                 CRISIL A+      2337.9  Reaffirmed
Ashirvad Pipes Pvt Ltd                  WC Demand Loan     CRISIL A+      1350    Reaffirmed
Avi Agri Business Pvt Ltd               Export Packing     CRISIL BBB-    2000    Reaffirmed
                                        Credit
Avi Agri Business Pvt Ltd               LT Loan            CRISIL BBB-    270     Reaffirmed
Axis Bank Ltd                           Infrastructure     CRISIL AAA     32050   Assigned
                                        Bonds
Axis Bank Ltd                           Tier II Bonds      CRISIL AAA     20000   Reaffirmed
                                        Issue (Under Basel
                                        III)
Axis Bank Ltd                           Tier II Bonds      CRISIL AAA     25000   Reaffirmed
                                        Issue (Under Basel
                                        III)
Axis Bank Ltd                           Tier II Bonds      CRISIL AAA     8500    Reaffirmed
                                        issue (Under Basel
                                        III)
Axis Bank Ltd                           Infrastructure     CRISIL AAA     50000   Reaffirmed
                                        Bonds Issue
Axis Bank Ltd                           Infrastructure     CRISIL AAA     60000   Reaffirmed
                                        Bonds Issue
Bhaskar Resources Pvt Ltd               CC                 CRISIL BB      40      Assigned
Daga Global Chemicals Pvt Ltd           Overdraft Fac^     CRISIL BBB-    160     Reaffirmed
^Includes secured overdraft facility against book debts to the extent of Rs 160 million, which
is also fully interchangeable with foreign currency loan 
Daga Global Chemicals Pvt Ltd           Proposed LT Bk     CRISIL BBB-    23      Reaffirmed
                                        Loan Fac
Euroamer Garuda Resorts (India) Pvt Ltd Proposed LT Bk     CRISIL BB      170     Reaffirmed
                                        Loan Fac
Forbes and Co. Ltd                      CC*                CRISIL AA-     370     Reaffirmed
*Interchangeable between packing credit and working capital loans
Forbes and Co. Ltd                      Proposed FB Bk     CRISIL AA-     606.2   Reaffirmed
                                        Limits
Forbes and Co. Ltd                      Proposed LT Bk     CRISIL AA-     873.3   Reaffirmed
                                        Loan Fac
Forbes and Co. Ltd                      TL                 CRISIL AA-     65.5    Reaffirmed
Forbes and Co. Ltd                      NCD                CRISIL AA-     1000    Reaffirmed
Forbes Technosys Ltd                    NCD                CRISIL AA-(SO) 500     Reaffirmed
Hardayal Infra Projects Pvt Ltd         TL                 CRISIL BB      5.1     Assigned
Hardayal Infra Projects Pvt Ltd         Proposed CC Limit  CRISIL BB      30      Assigned
Hardayal Infra Projects Pvt Ltd         CC                 CRISIL BB      50      Assigned
Hari Om Rice Mill Pvt Ltd               CC                 CRISIL BB      200     Reaffirmed
Hatsun Agro Product Ltd                 CC                 CRISIL A       1000    Reaffirmed
Hatsun Agro Product Ltd                 LT Loan            CRISIL A       4080    Reaffirmed
Hatsun Agro Product Ltd                 Proposed LT Bk     CRISIL A       2920    Reaffirmed
                                        Loan Fac
Hatsun Agro Product Ltd                 WC Loan            CRISIL A       1000    Reaffirmed
Jennex Granite Industries Pvt Ltd       Secured Overdraft  CRISIL B+      50      Downgraded
                                        Fac                                       from CRISIL
                                                                                  BB-
Kameshwar Industries                    CC                 CRISIL B       80      Reaffirmed
Kameshwar Industries                    Proposed LT Bk     CRISIL B       37.8    Reaffirmed
                                        Loan Fac
Kameshwar Industries                    TL                 CRISIL B       12.2    Reaffirmed
Kogta Financial India Ltd               CC                 CRISIL BB+     500     Reaffirmed
Kogta Financial India Ltd               TL                 CRISIL BB+     50      Reaffirmed
Kogta Financial India Ltd               Subordinated NCDs* CRISIL BB+     150     Reaffirmed
Lord Krishna Rice Mills - Gangoh        CC                 CRISIL B+      80      Reaffirmed
Lord Krishna Rice Mills - Gangoh        Proposed CC Limit  CRISIL B+      20      Reaffirmed
Mittapalli Agro Products Pvt Ltd        Export Packing     CRISIL BB-     390     Reaffirmed
                                        Credit
Nagpur Distillers Pvt Ltd               CC                 CRISIL BB      60      Reaffirmed
Nagpur Distillers Pvt Ltd               TL                 CRISIL BB      15      Reaffirmed
Navbharat Nirman Company                CC                 CRISIL B       25.8    Reaffirmed
Patidar Boards Pvt Ltd                  CC                 CRISIL BB-     60      Upgraded from
                                                                                  CRISIL B+
Patidar Boards Pvt Ltd                  LT Loan            CRISIL BB-     160     Upgraded from
                                                                                  CRISIL B+
PC Jeweller Ltd                         CC                 CRISIL A       22863.5 Reaffirmed
PC Jeweller Ltd                         LT Loan            CRISIL A       870     Reaffirmed
PC Jeweller Ltd                         Proposed BG        CRISIL A       8.9     Reaffirmed
PC Jeweller Ltd                         Proposed CC Limit  CRISIL A       378.2   Reaffirmed
PC Jeweller Ltd                         Proposed TL        CRISIL A       5       Reaffirmed
PC Jeweller Ltd                         Proposed Standby   CRISIL A       910     Reaffirmed
                                        Line of Credit
PC Jeweller Ltd                         Standby Line of    CRISIL A       1090    Reaffirmed
                                        Credit
Radhe Cotton                            CC                 CRISIL B+      75      Reaffirmed
Radhe Cotton                            TL                 CRISIL B+      16.6    Reaffirmed
Rajlaxmi Construction                   CC                 CRISIL BB-     130     Downgraded
                                                                                  from CRISIL
                                                                                  BB
Rajlaxmi Construction                   Proposed LT Bk     CRISIL BB-     50      Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BB
Rangoli Particle Boards Pvt Ltd         CC                 CRISIL B+      50      Reaffirmed
Rangoli Particle Boards Pvt Ltd         Proposed LT Bk     CRISIL B+      25      Reaffirmed
                                        Loan Fac
Rangoli Particle Boards Pvt Ltd         TL                 CRISIL B+      50      Reaffirmed
Satya Trucking Pvt Ltd                  Inventory Funding  CRISIL BB      45      Reaffirmed
                                        Fac
Satya Trucking Pvt Ltd                  Proposed LT Bk     CRISIL BB      260     Reaffirmed
                                        Loan Fac
Shri Ganesh Agro Industries             CC                 CRISIL B       45      Assigned
Shri Ganesh Agro Industries             WC Demand Loan     CRISIL B       30      Assigned
Shri Ganesh Agro Products               TL                 CRISIL B       45      Assigned
Shri Ganesh Agro Products               WC Fac             CRISIL B       45      Assigned
Sir Shadi Lal Enterprises Ltd           CC                 CRISIL C       710     Reaffirmed
Sir Shadi Lal Enterprises Ltd           Proposed LT Bk     CRISIL C       404.5   Reaffirmed
                                        Loan Fac
Sir Shadi Lal Enterprises Ltd           SEFASU Loan        CRISIL C       185.5   Reaffirmed
Sir Shadi Lal Enterprises Ltd           WC TL              CRISIL C       700     Reaffirmed
SRM Transports India Pvt Ltd            Overdraft Fac      CRISIL BB      30      Reaffirmed
SRM Transports India Pvt Ltd            Proposed LT Bk     CRISIL BB      167     Reaffirmed
                                        Loan Fac
SRM Transports India Pvt Ltd            TL                 CRISIL BB      58      Reaffirmed
Surinder Kumar and Company              CC                 CRISIL BB-     250     Reaffirmed
T.R.Chemicals Ltd                       BG                 CRISIL D       10      Assigned;
                                                                                  Suspension
                                                                                  Revoked
T.R.Chemicals Ltd                       CC                 CRISIL D       90      Assigned;
                                                                                  Suspension
                                                                                  Revoked
T.R.Chemicals Ltd                       Funded Interest TL CRISIL D       8.6     Assigned;
                                                                                  Suspension
                                                                                  Revoked
T.R.Chemicals Ltd                       Proposed LT Bk     CRISIL D       28.8    Assigned;
                                        Loan Fac                                  Suspension
                                                                                  Revoked
T.R.Chemicals Ltd                       TL                 CRISIL D       19.1    Assigned;
                                                                                  Suspension
                                                                                  Revoked
T.R.Chemicals Ltd                       WC TL              CRISIL D       13.5    Assigned;
                                                                                  Suspension
                                                                                  Revoked
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                 CC & WC demand     CRISIL AA      40.48   Reaffirmed
                                        loan*
* Only cash credit facility, not interchangeable with working capital demand loan facility for
the following: Andhra Bank Rs 1.0 billion, IDBI Bank Rs 100 million, and Syndicate Bank Rs 100
million; For Standard Chartered Bank cash credit/working capital demand loan limit of Rs 1.5
billion, Rs 1.05 billion is interchangeable with term loan 

Tata Motors Finance Ltd                 LT Bk Fac**        CRISIL AA      70.263  Reaffirmed
** For South Indian Bank- Rs 0.25 billion of term loan is interchangeable with CC
Tata Motors Finance Ltd                 Proposed CC Limit# CRISIL AA      6.8     Reaffirmed
# Facility is fungible with long-term bank facility
Tata Motors Finance Ltd                 Proposed LT Bk     CRISIL AA      76.208  Reaffirmed
                                        Loan Fac
Tata Motors Finance Ltd                 NCDs^              CRISIL AA      20000   Assigned
^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                 NCDs^              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                 NCDs^              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.
Uptime Infratel Services India Pvt Ltd  BG                 CRISIL D       5       Suspended
Uptime Infratel Services India Pvt Ltd  CC                 CRISIL D       40      Suspended
Uptime Infratel Services India Pvt Ltd  Proposed LT Bk     CRISIL D       30      Suspended
                                        Loan Fac
Uptime Infratel Services India Pvt Ltd  WC TL              CRISIL D       40      Suspended
Vedanta Ltd                             External           CRISIL AA-     33.09   Reaffirmed
                                        Commercial
                                        Borrowings
Vedanta Ltd                             FB Fac**           CRISIL AA-     37.12   Reaffirmed
**Fund based Limits are completely interchangeable with Non Fund based Limits
Vedanta Ltd                             LT Loan            CRISIL AA-     2.55    Reaffirmed
Vedanta Ltd                             Proposed LT Bk     CRISIL AA-     10.48   Reaffirmed
                                        Loan Fac
Vedanta Ltd                             Rupee TL           CRISIL AA-     10      Reaffirmed
Vedanta Ltd                             TL                 CRISIL AA-     145.25  Reaffirmed
Vedanta Ltd                             NCD                CRISIL AA-     12500
Vedanta Ltd                             NCD                CRISIL AA-     15000
Vedanta Ltd                             NCD                CRISIL AA-     111000
Vedanta Ltd                             NCD                CRISIL AA-     21000
Vindhya Cereals Pvt Ltd                 CC                 CRISIL B       320     Downgraded
                                                                                  from CRISIL
                                                                                  B+
Vindhya Cereals Pvt Ltd                 Proposed LT Bk     CRISIL B       16.2    Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  B+
Vindhya Cereals Pvt Ltd                 TL                 CRISIL B       43.8    Downgraded
                                                                                  from CRISIL
                                                                                  B+
--------------------------------------------------------------------------------------------
$: 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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