December 5, 2016 / 6:11 AM / 8 months ago

CRISIL ratings for Indian debt instruments-Dec 5

24 Min Read

Dec 5 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of December 2, 2016.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
A.S. Shipping Agencies Pvt Ltd          LOC                CRISIL A3      530     Reaffirmed
Amar Singh Chawal Wala                  Packing Credit     CRISIL A2+     850     Reaffirmed
Auckland International Ltd              LOC                CRISIL A4+     7.5     Suspended
Axis Bank Ltd                           CD                 CRISIL A1+     350000  Reaffirmed
Bharat Steel Yard Pvt Ltd               LOC                CRISIL A4+     60      Reassigned
BKB Transport Pvt Ltd                   BG                 CRISIL A4      400     Suspended
BMW Steels Ltd                          BG                 CRISIL A4+     50      Suspended
BMW Steels Ltd                          LOC                CRISIL A4+     30      Suspended
Chhotanagpur Ispat Pvt Ltd              BG                 CRISIL A4      10      Suspended
DMR Builders Pvt Ltd                    BG                 CRISIL A4+     80      Reaffirmed
Global Galvanizers Pvt Ltd              LOC                CRISIL A4      20      Suspended
JPM Exports Pvt Ltd                     Bill Discounting   CRISIL A4+     50      Suspended
JPM Exports Pvt Ltd                     Packing Credit     CRISIL A4+     250     Suspended
Kakinada Seaports Ltd                   BG                 CRISIL A2+     833.6   Reaffirmed
Krishi Rasayan Exports Pvt Ltd          Buyer Credit Limit CRISIL A2+     350     Reaffirmed
Krishi Rasayan Exports Pvt Ltd          LOC##              CRISIL A2+     150$$   Reaffirmed
$$ Includes sublimit of Rs 150 million for buyer's credit
Krishi Rasayan Exports Pvt Ltd          LOC##              CRISIL A2+     200^^   Reaffirmed
^^ Includes sublimit of Rs 150 million for buyer's credit 
Krishi Rasayan Exports Pvt Ltd          LOC##              CRISIL A2+     850!!   Reaffirmed
!! Includes sublimits of Rs 850 million for buyer's credit, Rs 10 million for bank guarantee
Krishi Rasayan Exports Pvt Ltd          LOC##              CRISIL A2+     425@    Reaffirmed
@ Includes sublimits of Rs 425 million for buyer's credit/letter of undertaking for buyer's
credit, Rs 150 million for bank guarantee
Krishi Rasayan Exports Pvt Ltd          Proposed Buyer     CRISIL A2+     815     Reaffirmed
                                        Credit Limit
Kuldip Oswal Hosiery Mills Pvt Ltd      LOC                CRISIL A4+     5       Suspended
Madura Coats Pvt Ltd                    LOC^^              CRISIL A1+     2000    Reaffirmed
^^ Interchangeable with other non-fund-based limits
Millenium Cement Company Pvt Ltd        BG                 CRISIL A4      5       Suspended
Narayana Hrudayalaya Ltd                LOC & BG           CRISIL A1      150     Reaffirmed
Pokarna Engineered Stone Ltd            Packing Credit     CRISIL A4+     390     Reaffirmed
Pokarna Ltd                             LOC                CRISIL A4+     140     Reaffirmed
Pokarna Ltd                             Packing Credit     CRISIL A4+     130     Reaffirmed
Quality Engineering Works               BG                 CRISIL A4      80      Assigned
Rugs Mart                               Foreign Bill       CRISIL A4+     30      Suspended
                                        Purchase
Rugs Mart                               Import LOC Limit   CRISIL A4+     15      Suspended
Rugs Mart                               Packing Credit     CRISIL A4+     30      Suspended
Sanga Automobiles Pvt Ltd               BG                 CRISIL A4      11.7    Suspended
Shree Khodiyar Engineers India Pvt Ltd  BG                 CRISIL A4+     165     Reaffirmed
Shree Padmavati Engineers India Pvt Ltd BG                 CRISIL A4+     165     Reaffirmed
Siddheshwari Industries Pvt Ltd         BG                 CRISIL A3+     10      Assigned
Siddheshwari Industries Pvt Ltd         LOC                CRISIL A3+     165     Assigned
Siddheshwari Industries Pvt Ltd         Non-FBL            CRISIL A3+     6       Assigned
Srishti Constructions                   BG                 CRISIL A4      107.5   Reaffirmed
Steel and Metal Tubes India Ltd         BG                 CRISIL A4+     97.5    Suspended
Sulphur Mills Ltd                       BG                 CRISIL A1+     5       Reaffirmed
Sulphur Mills Ltd                       Foreign Bill       CRISIL A1+     40      Reaffirmed
                                        Purchase
Sulphur Mills Ltd                       LOC                CRISIL A1+     80      Reaffirmed
Sulphur Mills Ltd                       Proposed ST Bk     CRISIL A1+     4.2     Reaffirmed
                                        Loan Fac

LONG TERM RATINGS:
-------------------
A.S. Shipping Agencies Pvt Ltd          CC                 CRISIL BBB-    70      Reaffirmed
A.S. Shipping Agencies Pvt Ltd          LT Loan            CRISIL BBB-    300     Reaffirmed
Adani Power Ltd                         BG                 CRISIL BB-     11654   Revised
                                                                                  from
                                                                                  CRISIL BB+
Adani Power Ltd                         LOC                CRISIL BB-     31120   Revised
                                                                                  from
                                                                                  CRISIL BB+
Adani Power Ltd                         LT Loan            CRISIL BB-     183287.3Revised
                                                                                  from
                                                                                  CRISIL BB+
Adani Power Ltd                         WC Fac             CRISIL BB-     4000    Revised
                                                                                  from
                                                                                  CRISIL BB+
Adani Power Ltd                         Proposed FB Bk     CRISIL BB+     3250    Withdrawal
                                        Limits*
* Interchangeable with non-fund-based and working capital facilities.
Adani Power Ltd                         Proposed LT Bk     CRISIL BB+     13748.7 Withdrawal
                                        Loan Fac
Adani Power Ltd                         Proposed WC Fac    CRISIL BB+     12000   Withdrawal
Amar Singh Chawal Wala                  CC                 CRISIL A-      50      Reaffirmed
Ample Textech Pvt Ltd                   BG                 CRISIL D       4.1     Suspended
Ample Textech Pvt Ltd                   CC                 CRISIL D       5       Suspended
Ample Textech Pvt Ltd                   TL                 CRISIL D       76.5    Suspended
Auckland International Ltd              CC                 CRISIL BB+     82.5    Suspended
Axis Bank Ltd                           Tier I Bonds       CRISIL AA      35000   Assigned
                                        Issue  (Under
                                        Basel III)
Axis Bank Ltd                           Infrastructure     CRISIL AAA     32050   Reaffirmed
                                        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
Badrinath Cotton                        CC                 CRISIL B+      65      Suspended
Bhagwan Auto Products                   CC                 CRISIL BB      25      Upgraded from
                                                                                  CRISIL B+
Bhagwan Auto Products                   Proposed CC Limit  CRISIL BB      4.1     Upgraded from
                                                                                  CRISIL B+
Bhagwan Auto Products                   TL                 CRISIL BB      69.1    Upgraded from
                                                                                  CRISIL B+
Bharat Steel Yard Pvt Ltd               CC                 CRISIL BB+     140     Reaffirmed
Bharat Steel Yard Pvt Ltd               Channel Financing  CRISIL BB+     50      Reaffirmed
Bharat Steel Yard Pvt Ltd               Proposed LT Bk     CRISIL BB+     50      Assigned
                                        Loan Fac
Bhartiyam Educational and Social        Proposed LT Bk     CRISIL B       0.9     Suspended
Welfare Society                         Loan Fac
Bhartiyam Educational and Social        TL                 CRISIL B       84.5    Suspended
Welfare Society
BKB Transport Pvt Ltd                   CC                 CRISIL B-      230     Suspended
BKB Transport Pvt Ltd                   LT Loan            CRISIL B-      43      Suspended
BMW Steels Ltd                          CC                 CRISIL BB      40      Suspended
BMW Steels Ltd                          LT Loan            CRISIL BB      5       Suspended
BSR Poultry Farm                        CC                 CRISIL BB-     115     Reaffirmed
BSR Poultry Farm                        LT Loan            CRISIL BB-     30.6    Reaffirmed
BSR Poultry Farm                        Proposed LT Bk     CRISIL BB-     4.4     Reaffirmed
                                        Loan Fac
Chetmani Ornaments Pvt Ltd              CC                 CRISIL BB-     250     Reaffirmed
Chhotanagpur Ispat Pvt Ltd              CC                 CRISIL B+      44      Suspended
Cynosure Manik's Auto Centre            CC                 CRISIL BB      100     Suspended
Digicall Teleservices Pvt Ltd           Overdraft Fac      CRISIL B+      150     Reaffirmed
Digicall Teleservices Pvt Ltd           Proposed LT Bk     CRISIL B+      26.4    Reaffirmed
                                        Loan Fac
Digicall Teleservices Pvt Ltd           TL                 CRISIL B+      23.6    Reaffirmed
DMR Builders Pvt Ltd                    CC                 CRISIL BB      100     Reaffirmed
Flywheel Logistics Pvt Ltd              CC                 CRISIL BB+     400     Suspended
Giribaba Tradelink Pvt Ltd              Proposed LT Bk     CRISIL B+      75      Suspended
                                        Loan Fac
Global Galvanizers Pvt Ltd              CC                 CRISIL B+      80      Suspended
Greenwood High Trust                    Drop Line          CRISIL A       54.5    Upgraded from
                                        Overdraft Fac                             CRISIL A-
Greenwood High Trust                    LT Loan            CRISIL A       30.7    Upgraded from
                                                                                  CRISIL A-
Greenwood High Trust                    Proposed LT Bk     CRISIL A       324.8   Upgraded from
                                        Loan Fac                                  CRISIL A-
Greenwood High Trust                    Proposed Overdraft CRISIL A       10      Upgraded from
                                        Fac                                       CRISIL A-
Jain Amar Clothing Pvt Ltd              CC                 CRISIL BBB     355     Reaffirmed
Jain Amar Clothing Pvt Ltd              Overdraft Fac*     CRISIL BBB     22.5    Reaffirmed
* Merchant establishment overdraft limit
Jain Amar Clothing Pvt Ltd              TL                 CRISIL BBB     132.5   Reaffirmed
JPM Exports Pvt Ltd                     Proposed LT Bk     CRISIL BB      10      Suspended
                                        Loan Fac
Kakinada Seaports Ltd                   LT Loan            CRISIL A-      9243.4  Reaffirmed
Kakinada Seaports Ltd                   Proposed LT Bk     CRISIL A-      73      Reaffirmed
                                        Loan Fac
KB Lubes Pvt Ltd                        CC                 CRISIL D       49      Downgraded
                                                                                  from CRISIL B
KB Lubes Pvt Ltd                        TL                 CRISIL D       13.9    Downgraded
                                                                                  from CRISIL B
Krishi Rasayan Exports Pvt Ltd          CC#                CRISIL A-      300$    Reaffirmed
$ Includes sublimits of Rs 300 million of working capital demand loan, Rs 100 million for
pre-shipment export credit, Rs 100 million for post shipment credit/foreign bills
purchased/discounted (foreign bill purchased/ foreign bill discounting).
Krishi Rasayan Exports Pvt Ltd          CC#                CRISIL A-      510^    Reaffirmed
^Includes sublimits of Rs. 440 million for WCDL, Rs.440million for buyer's credit, Rs. 100
million for export bill negotiation, Rs. 440 million for LC.
Krishi Rasayan Exports Pvt Ltd          CC#                CRISIL A-      900     Reaffirmed
Kuldip Oswal Hosiery Mills Pvt Ltd      CC                 CRISIL BB      50      Suspended
Kuldip Oswal Hosiery Mills Pvt Ltd      Medium TL          CRISIL BB      75.6    Suspended
Kuldip Oswal Hosiery Mills Pvt Ltd      Proposed LT Bk     CRISIL BB      39.4    Suspended
                                        Loan Fac
Lala Munni Lal Mange Ram Charitable     CC                 CRISIL BBB+    200     Suspended
Trust
Lala Munni Lal Mange Ram Charitable     Proposed LT Bk     CRISIL BBB+    100     Suspended
Trust                                   Loan Fac
Lala Munni Lal Mange Ram Charitable     TL                 CRISIL BBB+    150     Suspended
Trust
Madura Coats Pvt Ltd                    CC^                CRISIL AA-     500     Reaffirmed
^ Interchangeable with other fund-based limits
Manappuram Finance Ltd                  TL                 CRISIL AA-     2500    Reaffirmed
Meridian Medical Research and Hospital  Proposed CC Limit  CRISIL A+(SO)  57.6    Reaffirmed
Ltd
Meridian Medical Research and Hospital  Proposed TL        CRISIL A+(SO)  250     Reaffirmed
Ltd
Meridian Medical Research and Hospital  TL                 CRISIL A+(SO)  332.4   Reaffirmed
Ltd
Millenium Cement Company Pvt Ltd        CC                 CRISIL B       70      Suspended
Millenium Cement Company Pvt Ltd        Proposed LT Bk     CRISIL B       15      Suspended
                                        Loan Fac
Narayana Hrudayalaya Ltd                CC                 CRISIL A+      450     Reaffirmed
Narayana Hrudayalaya Ltd                Proposed LT Bk     CRISIL A+      1400    Withdrawal
                                        Loan Fac
Narayana Hrudayalaya Surgical Hospital  LT Loan            CRISIL A+(SO)  350     Withdrawal
Pvt Ltd
Narayana Hrudayalaya Surgical Hospital  Overdraft Fac      CRISIL A+(SO)  50      Reaffirmed
Pvt Ltd
Nivia Synthetics Pvt Ltd                CC                 CRISIL BBB-    60      Suspended
Nivia Synthetics Pvt Ltd                Proposed LT Bk     CRISIL BBB-    25      Suspended
                                        Loan Fac
Nivia Synthetics Pvt Ltd                TL                 CRISIL BBB-    15      Suspended
Pokarna Engineered Stone Ltd            LT Loan            CRISIL BB+     945     Upgraded from
                                                                                  CRISIL BB-
Pokarna Engineered Stone Ltd            Proposed LT Bk     CRISIL BB+     165     Upgraded from
                                        Loan Fac                                  CRISIL BB-
Pokarna Ltd                             CC                 CRISIL BB+     100     Upgraded from
                                                                                  CRISIL BB-
Pokarna Ltd                             External           CRISIL BB+     405     Upgraded from
                                        Commercial                                CRISIL BB-
                                        Borrowings
Pokarna Ltd                             Foreign            CRISIL BB+     170     Upgraded from
                                        Documentary Bills                         CRISIL BB-
                                        Purchase
Pokarna Ltd                             LT Loan            CRISIL BB+     285.7   Upgraded from
                                                                                  CRISIL BB-
Pokarna Ltd                             TL                 CRISIL BB+     79.3    Upgraded from
                                                                                  CRISIL BB-
Power Finance Corporation Ltd           CC*                CRISIL AAA     75      Reaffirmed
*Limit for working capital-working capital demand loan/overdraft facility/cash credit/line of
credit/bank guarantee. Limit includes long-term and short-term facilities. Total working capital
borrowings not to exceed board-approved limit of Rs 75.0 billion.
Power Finance Corporation Ltd           TL                 CRISIL AAA     110     Reaffirmed
Quality Engineering Works               CC                 CRISIL B+      60      Assigned
R.N. Laboratories Pvt Ltd               Export Packing     CRISIL BBB     160     Suspended
                                        Credit
S G Projects Ltd                        CC                 CRISIL BB      200     Suspended
Sanga Automobiles Pvt Ltd               CC                 CRISIL B-      120     Suspended
Sanga Automobiles Pvt Ltd               Proposed LT Bk     CRISIL B-      2.3     Suspended
                                        Loan Fac
Sanga Automobiles Pvt Ltd               TL                 CRISIL B-      16      Suspended
Sharvi Traders Pvt Ltd                  CC                 CRISIL BB      60      Assigned
Shivam Traders                          CC                 CRISIL B-      65      Suspended
Shree Khodiyar Engineers India Pvt Ltd  CC                 CRISIL BB-     30      Reaffirmed
Shree Padmavati Engineers India Pvt Ltd CC                 CRISIL BB-     30      Reaffirmed
Siddheshwari Industries Pvt Ltd         CC                 CRISIL BBB     250     Assigned
Siddheshwari Industries Pvt Ltd         LT Loan            CRISIL BBB     99      Assigned
Sridurga Retail Pvt Ltd                 CC                 CRISIL BB-     41.5    Suspended
Sridurga Retail Pvt Ltd                 TL                 CRISIL BB-     14.6    Suspended
Srishti Constructions                   CC                 CRISIL B+      25      Reaffirmed
Srishti Constructions                   Proposed LT Bk     CRISIL B+      47.5    Reaffirmed
                                        Loan Fac
Starburst Motors Pvt Ltd                CC                 CRISIL B       70      Suspended
Starburst Motors Pvt Ltd                LT Loan            CRISIL B       25      Suspended
Starburst Motors Pvt Ltd                Proposed CC Limit  CRISIL B       80      Suspended
Starburst Motors Pvt Ltd                Proposed TL        CRISIL B       35      Suspended
Steel and Metal Tubes India Ltd         CC                 CRISIL BB-     90      Suspended
Stesalit Ltd                            CC                 CRISIL C       300     Suspended
Stesalit Ltd                            Proposed LT Bk     CRISIL C       50      Suspended
                                        Loan Fac
Sulphur Mills Ltd                       CC                 CRISIL A+      10      Reaffirmed
Swapna Motors Pvt Ltd                   CC                 CRISIL B+      140     Suspended
Swapna Motors Pvt Ltd                   TL                 CRISIL B+      49      Suspended
Tirupati Jute Industries Ltd            BG                 CRISIL D       10      Suspended
Tirupati Jute Industries Ltd            CC                 CRISIL D       113     Suspended
Tirupati Jute Industries Ltd            LOC                CRISIL D       50      Suspended
Tirupati Jute Industries Ltd            Proposed LT Bk     CRISIL D       24.5    Suspended
                                        Loan Fac
Tirupati Jute Industries Ltd            TL                 CRISIL D       27.5    Suspended
Vee Kay Enterprises                     CC                 CRISIL B       67.5    Suspended
Vee Kay Enterprises                     TL                 CRISIL B       15.4    Suspended
VGP Marine Kingdom Pvt Ltd              TL                 CRISIL B+      687     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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