December 19, 2016 / 6:16 AM / in 10 months

CRISIL ratings for Indian debt instruments-Dec 19

Dec 19 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of December 16, 2016.

COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Agro Tech Foods Ltd                     BG~                CRISIL A1+     250     Reaffirmed
Agro Tech Foods Ltd                     LOC~               CRISIL A1+     50      Reaffirmed
~ Fully interchangeable with fund-based limits
Agro Tech Foods Ltd                     LOC & BG~          CRISIL A1+     250     Reaffirmed
~ Fully interchangeable with fund-based limits
Anupam Rasayan India Ltd                BG                 CRISIL A2      4       Reaffirmed
Anupam Rasayan India Ltd                LOC                CRISIL A2      116     Reaffirmed
Cikautxo India Pvt Ltd                  LOC                CRISIL A4+     10      Assigned
Crown Steel Company                     Foreign Exchange   CRISIL A4      9.5     Reaffirmed
                                        Forward
Crown Steel Company                     LOC                CRISIL A4      425     Reaffirmed
Delta Crop Sciences Pvt Ltd             BG                 CRISIL A4      10      Assigned
ECap Equities Ltd                       ST Debt Programme  CRISIL A1+     6000    Reaffirmed
Glenmark Pharmaceuticals Ltd            BG                 CRISIL A1+     100     Reaffirmed
Glenmark Pharmaceuticals Ltd            LOC                CRISIL A1+     1000    Reaffirmed
Glenmark Pharmaceuticals Ltd            Proposed ST Bk     CRISIL A1+     4500    Reaffirmed
                                        Loan Fac
Glenmark Pharmaceuticals Ltd            ST Loan            CRISIL A1+     7200    Reaffirmed
Huhtamaki PPL Ltd                       LOC & BG           CRISIL A1+     619     Reaffirmed
International Steel Corporation         LOC                CRISIL A4+     480     Reaffirmed
Kay Kay Trading Co.                     LOC                CRISIL A4+     20      Assigned
Kesh Knitwear Pvt Ltd                   Export Packing     CRISIL A4+     35      Assigned
                                        Credit & Export
                                        Bills Negotiation/
                                        Foreign Bill 
                                        discounting
Kesh Knitwear Pvt Ltd                   LOC                CRISIL A4+     5       Assigned
Mahindra Lifespace Developers Ltd       BG^                CRISIL A1+     250     Reaffirmed
Mahindra Lifespace Developers Ltd       Proposed BG^       CRISIL A1+     250     Reaffirmed
^Includes Import & Inland LC 's
Paranjape Autocast Pvt Ltd              BG                 CRISIL A1      5       Reaffirmed
Paranjape Autocast Pvt Ltd              Export Packing     CRISIL A1      10      Reaffirmed
                                        Credit
Pearl Insulations Pvt Ltd               BG                 CRISIL A4+     40      Assigned
Pearl Insulations Pvt Ltd               LOC                CRISIL A4+     60      Assigned
Praj HiPurity Systems Ltd               LOC & BG           CRISIL A1      200     Reaffirmed
Prem Henna Pvt Ltd                      Pre Shipment CreditCRISIL A4+     45.3    Reaffirmed
Pudumjee Paper Products Ltd             LOC & BG           CRISIL A2      1500    Reaffirmed
Ramnarayan Contractor                   BG                 CRISIL A4+     100     Assigned
Salzer Electronics Ltd                  BG                 CRISIL A1      88.4    Reaffirmed
Salzer Electronics Ltd                  LOC                CRISIL A1      160     Reaffirmed
Sap Print Solutions Pvt Ltd             Overdraft Fac      CRISIL A3      70      Assigned
Sap Print Solutions Pvt Ltd             BG                 CRISIL A3      50      Assigned
Shree Balaji Enterprise Pvt Ltd         BG                 CRISIL A4+     12.5    Suspended
Shree Shyam Pipes Pvt Ltd               BG                 CRISIL A4      10      Suspended
Shree Shyam Pipes Pvt Ltd               LOC                CRISIL A4      15      Suspended
Simplon Ceramic Pvt Ltd                 BG                 CRISIL A4      10      Reaffirmed
Sri Balambika Textile Mills Pvt Ltd     BG                 CRISIL A4+     15.5    Upgraded from
                                                                                  CRISIL A4
Sri Balambika Textile Mills Pvt Ltd     LOC                CRISIL A4+     10      Upgraded from
                                                                                  CRISIL A4
Sun Pharmaceutical Industries Ltd       BG@                CRISIL A1+     260     Reaffirmed
@ Fully Interchangeable with letter of credit
Sun Pharmaceutical Industries Ltd       LOC$$              CRISIL A1+     790     Reaffirmed
$$ Fully Interchangeable with bank guarantee
Surin Automotive Pvt Ltd                Bill               CRISIL A2+     50      Upgraded from
                                        Pur-Discounting Fac                       CRISIL A2
Surin Automotive Pvt Ltd                LOC & BG           CRISIL A2+     100     Upgraded from
                                                                                  CRISIL A2
Suvidha Engineers India Pvt Ltd         BG                 CRISIL A3+     600     Reaffirmed
Suvidha Engineers India Pvt Ltd         Bill Discounting   CRISIL A3+     80      Reaffirmed
TIM Delhi Airport Advertising Pvt Ltd   BG                 CRISIL A1+     100     Assigned
Usha Corporation Ltd                    BG                 CRISIL A3      10      Suspended
Viridis Biopharma Pvt Ltd               Packing Credit     CRISIL A3+     5       Reaffirmed
Western Carriers India Ltd              BG                 CRISIL A3+     50      Assigned

LONG TERM RATINGS:
-------------------
Agro Tech Foods Ltd                     CC*                CRISIL A+      350     Reaffirmed
* Fully-interchangeable with working capital demand loan/export credit/bill discounting
Agro Tech Foods Ltd                     CC^                CRISIL A+      600     Reaffirmed
^ Fully-interchangeable with vendor financing; interchangeable with EPC up to Rs 100 million
Agro Tech Foods Ltd                     WC Demand Loan#    CRISIL A+      550     Reaffirmed
# Interchangeable with overdraft facility up to Rs 100 million
Agro Tech Foods Ltd                     WC Loan$           CRISIL A+      420     Reaffirmed
$ Fully-interchangeable with vendor financing; interchangeable with overdraft facility up to Rs
150 million
Anupam Rasayan India Ltd                CC                 CRISIL BBB+    35      Reaffirmed
Anupam Rasayan India Ltd                CC/ Overdraft Fac  CRISIL BBB+    30      Reaffirmed
Anupam Rasayan India Ltd                Export Packing     CRISIL BBB+    1125    Reaffirmed
                                        Credit
Anupam Rasayan India Ltd                Proposed LT Bk     CRISIL BBB+    20      Reaffirmed
                                        Loan Fac
Anupam Rasayan India Ltd                TL                 CRISIL BBB+    1760    Reaffirmed
Cikautxo India Pvt Ltd                  CC                 CRISIL BB+     95      Assigned
Cikautxo India Pvt Ltd                  Export Packing     CRISIL BB+     105     Assigned
                                        Credit & Export
                                        Bills Negotiation/Foreign Bill discounting#
#Including sublimit of CC of Rs.29 million and LC or BG of Rs.10 million

Cikautxo India Pvt Ltd                  Proposed LT Bk     CRISIL BB+     17.5    Assigned
                                        Loan Fac
Cikautxo India Pvt Ltd                  TL                 CRISIL BB+     22.5    Assigned
Crown Steel Company                     CC                 CRISIL B+      50      Reaffirmed
Delta Crop Sciences Pvt Ltd             WC Demand Loan     CRISIL B+      20      Assigned
Delta Crop Sciences Pvt Ltd             Proposed LT Bk     CRISIL B+      20      Assigned
                                        Loan Fac
Delta Crop Sciences Pvt Ltd             CC                 CRISIL B+      50      Assigned
Glenmark Pharmaceuticals Ltd            CC                 CRISIL AA-     3250    Reaffirmed
Glenmark Pharmaceuticals Ltd            LT Loan            CRISIL AA-     1000    Reaffirmed
Glenmark Pharmaceuticals Ltd            WC Demand Loan     CRISIL AA-     1450    Reaffirmed
Huhtamaki PPL Ltd                       CC & WC demand loanCRISIL AA-     127.5   Reaffirmed
Huhtamaki PPL Ltd                       Proposed LT Bk     CRISIL AA-     3.5     Reaffirmed
                                        Loan Fac
International Steel Corporation         CC                 CRISIL BB-     70      Reaffirmed
Kasegaon Education Society              TL                 CRISIL B+      126     Upgraded from
                                                                                  CRISIL B
Kay Kay Trading Co.                     CC                 CRISIL BB-     70      Assigned
Kesh Knitwear Pvt Ltd                   TL                 CRISIL BB-     18.7    Assigned
Kesh Knitwear Pvt Ltd                   Proposed LT Bk     CRISIL BB-     6.3     Assigned
                                        Loan Fac
Keshvi Developers Pvt Ltd               TL                 CRISIL D       300     Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Kumar Elastomech Pvt Ltd                CC/ Overdraft Fac  CRISIL BBB     20      Assigned
Kumar Elastomech Pvt Ltd                LT Loan            CRISIL BBB     50      Assigned
Kumar Elastomech Pvt Ltd                Proposed LT Bk     CRISIL BBB     8       Assigned
                                        Loan Fac
Mahindra Lifespace Developers Ltd       Proposed LT Bk     CRISIL AA-     4500    Reaffirmed
                                        Loan Fac
Mahindra World City (Jaipur) Ltd        CC                 CRISIL A       500     Reaffirmed
Mahindra World City (Jaipur) Ltd        NCD                CRISIL A+      6500    Reaffirmed
Mahindra World City (Jaipur) Ltd        NCD                CRISIL A+      2500    Reaffirmed
Maksons Industries Pvt Ltd              CC                 CRISIL BBB     70      Upgraded from
                                                                                  CRISIL BBB-
Maksons Industries Pvt Ltd              TL                 CRISIL BBB     8.2     Upgraded from
                                                                                  CRISIL BBB-
Maksons Industries Pvt Ltd              WC TL              CRISIL BBB     29.2    Upgraded from
                                                                                  CRISIL BBB-
MAMONI Cold Storage Pvt Ltd             CC                 CRISIL B-      70      Assigned
Marine Container Services (India) Pvt   Proposed Foreign   CRISIL BBB     300     Reaffirmed
Ltd                                     Currency TL
Natural Technofab                       Proposed LT Bk     CRISIL B       5.2     Assigned
                                        Loan Fac
Natural Technofab                       CC                 CRISIL B       37.5    Assigned
Natural Technofab                       LT Bk Fac          CRISIL B       47.3    Assigned
OB Infrastructure Ltd                   NCD                CRISIL BBB(SO) 2712000 Reaffirmed
(Reduced from Rs.3.49 Billion)
Paranjape Autocast Pvt Ltd              CC                 CRISIL A       80      Reaffirmed
Paranjape Autocast Pvt Ltd              Proposed LT Bk     CRISIL A       98      Reaffirmed
                                        Loan Fac
Pearl Insulations Pvt Ltd               CC                 CRISIL BB-     50      Assigned
Pearl Insulations Pvt Ltd               Proposed LT Bk     CRISIL BB-     14      Assigned
                                        Loan Fac
Pentagon Premises Pvt Ltd               Drop Line          CRISIL BB-     117.5   Assigned
                                        Overdraft Fac
Pentagon Premises Pvt Ltd               Proposed LT Bk     CRISIL BB-     382.5   Assigned
                                        Loan Fac
Praj HiPurity Systems Ltd               CC                 CRISIL A+      500     Reaffirmed
Prem Henna Pvt Ltd                      CC                 CRISIL BB-     310     Reaffirmed
Prem Henna Pvt Ltd                      Proposed LT Bk     CRISIL BB-     413.2   Reaffirmed
                                        Loan Fac
Prem Henna Pvt Ltd                      TL                 CRISIL BB-     31.5    Reaffirmed
Pudumjee Paper Products Ltd             CC                 CRISIL BBB+    500     Reaffirmed
Pudumjee Paper Products Ltd             Proposed LT Bk     CRISIL BBB+    388.9   Reaffirmed
                                        Loan Fac
Pudumjee Paper Products Ltd             TL                 CRISIL BBB+    111.1   Reaffirmed
Ramnarayan Contractor                   Secured Overdraft  CRISIL BB      20      Assigned
                                        Fac
Reena Tinaaz Pvt Ltd                    CC                 CRISIL BBB-    900     Reaffirmed
Salzer Electronics Ltd                  CC                 CRISIL A-      732.5   Reaffirmed
Salzer Electronics Ltd                  Foreign LOC        CRISIL A-      70      Reaffirmed
Salzer Electronics Ltd                  TL                 CRISIL A-      514.9   Reaffirmed
Sap Print Solutions Pvt Ltd             TL                 CRISIL BBB-    30      Assigned
Sap Print Solutions Pvt Ltd             CC                 CRISIL BBB-    100     Assigned
Sapphire Projects Pvt Ltd               LT Loan            CRISIL BB+     230     Assigned
Saraswathy Enterprisers                 LT Loan            CRISIL B-      110     Suspended
Shree Balaji Enterprise Pvt Ltd         CC                 CRISIL BB+     60      Suspended
Shree Balaji Enterprise Pvt Ltd         Proposed LT Bk     CRISIL BB+     52.5    Suspended
                                        Loan Fac
Shree Shyam Pipes Pvt Ltd               CC                 CRISIL B+      30      Suspended
Shree Shyam Pipes Pvt Ltd               Corporate Loan     CRISIL B+      40      Suspended
Simplon Ceramic Pvt Ltd                 CC                 CRISIL B       20      Reaffirmed
Simplon Ceramic Pvt Ltd                 Proposed LT Bk     CRISIL B       15      Reaffirmed
                                        Loan Fac
Simplon Ceramic Pvt Ltd                 TL                 CRISIL B       70      Reaffirmed
Sri Balambika Textile Mills Pvt Ltd     CC                 CRISIL BB-     250     Upgraded from
                                                                                  CRISIL B+
Sri Balambika Textile Mills Pvt Ltd     Proposed LT Bk     CRISIL BB-     50      Upgraded from
                                        Loan Fac                                  CRISIL B+
Sri Balambika Textile Mills Pvt Ltd     TL                 CRISIL BB-     130     Upgraded from
                                                                                  CRISIL B+
Sri Gajpati Foods Pvt Ltd               CC                 CRISIL B+      25      Upgraded from
                                                                                  CRISIL B
Sri Gajpati Foods Pvt Ltd               Proposed LT Bk     CRISIL B+      5.3     Upgraded from
                                        Loan Fac                                  CRISIL B
Sri Gajpati Foods Pvt Ltd               TL                 CRISIL B+      29.7    Upgraded from
                                                                                  CRISIL B
Sri Ganapathy Enterprises               Bill Discounting   CRISIL BB      10      Reaffirmed
Sri Ganapathy Enterprises               CC                 CRISIL BB      90      Reaffirmed
Sri Ganapathy Enterprises               LT Loan            CRISIL BB      20      Assigned
Sun Pharmaceutical Industries Ltd       CC$                CRISIL AAA     710     Reaffirmed
$ Interchangeable with working capital demand loan; fully interchangeable with non-fund-based
facilities
Surin Automotive Pvt Ltd                CC                 CRISIL A-      630     Upgraded from
                                                                                  CRISIL BBB+
Surin Automotive Pvt Ltd                TL                 CRISIL A-      300.4   Upgraded from
                                                                                  CRISIL BBB+
Synergia Life Sciences Pvt Ltd          CC                 CRISIL BBB     20      Reaffirmed
Synergia Life Sciences Pvt Ltd          Proposed LT Bk     CRISIL BBB     33.5    Reaffirmed
                                        Loan Fac
Synergia Life Sciences Pvt Ltd          TL                 CRISIL BBB     46.5    Reaffirmed
Thenpandian Textile India Pvt Ltd       CC                 CRISIL B+      36      Reaffirmed
Thenpandian Textile India Pvt Ltd       Proposed LT Bk     CRISIL B+      6       Reaffirmed
                                        Loan Fac
Thenpandian Textile India Pvt Ltd       TL                 CRISIL B+      118     Reaffirmed
TIM Delhi Airport Advertising Pvt Ltd   LT Loan            CRISIL AA-     210     Assigned
TIM Delhi Airport Advertising Pvt Ltd   CC                 CRISIL AA-     290     Assigned
Ujwal Automotives Pvt Ltd               CC                 CRISIL BBB-    100     Assigned
Ujwal Automotives Pvt Ltd               Proposed Inventory CRISIL BBB-    70      Assigned
                                        Funding
Ujwal Automotives Pvt Ltd               Inventory Funding  CRISIL BBB-    130     Assigned
                                        Fac
Usha Corporation Ltd                    CC                 CRISIL BBB-    40      Suspended
Usha Corporation Ltd                    Proposed LT Bk     CRISIL BBB-    60      Suspended
                                        Loan Fac
Usha Corporation Ltd                    TL                 CRISIL BBB-    10      Suspended
Versa Drives Pvt Ltd                    CC                 CRISIL BB-     46      Assigned
Versa Drives Pvt Ltd                    TL                 CRISIL BB-     54      Assigned
Viridis Biopharma Pvt Ltd               CC                 CRISIL BBB     15      Reaffirmed
Viridis Biopharma Pvt Ltd               Proposed LT Bk     CRISIL BBB     26.4    Reaffirmed
                                        Loan Fac
Viridis Biopharma Pvt Ltd               TL                 CRISIL BBB     53.6    Reaffirmed
Western Carriers India Ltd              CC                 CRISIL BBB     530     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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