December 22, 2016 / 5:48 AM / 8 months ago

CRISIL ratings for Indian debt instruments-Dec 22

Dec 22 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of December 21, 2016.


COMPANY                                INSTRUMENT          RATING         AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                 ----------          ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Alicon Castalloy Ltd                    LOC Bill           CRISIL A2+     50      Reaffirmed
                                        Discounting
Alicon Castalloy Ltd                    LOC & BG           CRISIL A2+     122     Reaffirmed
Andhra Pradesh Gas Power Corporation LtdLOC & BG           CRISIL A1      1000    Reaffirmed
Biophore India Pharmaceuticals Pvt Ltd  Overdraft Fac      CRISIL A4+     20      Assigned
Cedar Decor Pvt Ltd                     LOC                CRISIL A3+     28.8    Reaffirmed
Chakkra Coal India Pvt Ltd              Overdraft Fac      CRISIL A4      25      Assigned
Chakkra Coal India Pvt Ltd              Inland/Import LOC  CRISIL A4      60      Assigned
Continental Engines Pvt Ltd             Export Packing     CRISIL A2      280     Reaffirmed
                                        Credit
Continental Engines Pvt Ltd             LOC & BG           CRISIL A2      400     Reaffirmed
Continental Engines Pvt Ltd             Post Shipment      CRISIL A2      225     Reaffirmed
                                        Credit
Continental Engines Pvt Ltd             Standby Export     CRISIL A2      46      Reaffirmed
                                        Packing Credit
Corey Organics Pvt Ltd                  LOC                CRISIL A4      30      Reaffirmed
D. K. Chauhan                           BG                 CRISIL A4+     40      Reaffirmed
Daawat Foods Ltd                        LOC & BG           CRISIL A2      75      Reaffirmed
Daawat Foods Ltd                        Proposed LOC & BG  CRISIL A2      30      Reaffirmed
DETAILS                                 Foreign Bill       CRISIL A4      54      Reaffirmed
                                        Exchange
DETAILS                                 Packing Credit     CRISIL A4      120     Reaffirmed
DETAILS                                 Proposed NFBL      CRISIL A4      16      Reaffirmed
DETAILS                                 Proposed Packing   CRISIL A4      10      Assigned
                                        Credit*
*Adhoc Limit
Electro Circuit Systems                 BG                 CRISIL A4      40      Assigned
Gts Coal Sales                          BG                 CRISIL A4+     25      Assigned
Gts Coal Sales                          Overdraft Fac      CRISIL A4+     35      Assigned
*Interchangeable with bill discounting
Hero Motocorp Ltd                       Non-FBL            CRISIL A1+     1280    Reaffirmed
Hero Motocorp Ltd                       Non-FBL#           CRISIL A1+     500     Reaffirmed
# combined facility not to exceed the total sanction amount    
Hero Motocorp Ltd                       CP                 CRISIL A1+     160     Reaffirmed
Jind Industrial And Manufacturing Works BG                 CRISIL A4      3       Assigned
Pvt Ltd
Kamala International Exim Pvt Ltd       Foreign Bill       CRISIL A1      5       Upgraded from
                                        Discounting                               CRISIL A2+
Kamala International Exim Pvt Ltd       Foreign Exchange   CRISIL A1      46.5    Upgraded from
                                        Forward                                   CRISIL A2+
Kumar Enterprises                       BG                 CRISIL A4+     40      Assigned
LT Foods Ltd                            LOC                CRISIL A2      80      Reaffirmed
LT Foods Ltd                            LOC & BG           CRISIL A2      640     Reaffirmed
Maple Mouldings Pvt Ltd                 LOC                CRISIL A3+     50      Reaffirmed
Motilal Oswal Financial Services Ltd    CP Programme       CRISIL A1+     2500    Reaffirmed
Motilal Oswal Group Companies           CP Programme       CRISIL A1+     2500    Reaffirmed
Motilal Oswal Group Companies           CP Programme       CRISIL A1+     7000    Reaffirmed
Motilal Oswal Securities Ltd            CP Programme       CRISIL A1+     7000    Reaffirmed
Moyalan Agro Pipes                      Overdraft Fac      CRISIL A4      70      Reaffirmed
Nature Bio-Foods Ltd                    LOC & BG           CRISIL A2      20      Reaffirmed
Nitta Gelatin India Ltd                 Bill Pur -         CRISIL A2+     360     Reaffirmed
                                        Discounting Fac
Nitta Gelatin India Ltd                 LOC & BG           CRISIL A2+     39.1    Reaffirmed
Nitta Gelatin India Ltd                 Line of Credit     CRISIL A2+     64      Reaffirmed
Nitta Gelatin India Ltd                 Packing Credit     CRISIL A2+     319     Reaffirmed
Photon Energy Systems Ltd               BG                 CRISIL A4      160     Reaffirmed
Photon Energy Systems Ltd               LOC                CRISIL A4      300     Reaffirmed
Piem Hotels Ltd                         BG                 CRISIL A1+     100     Reaffirmed
* Interchangeable with bank guarantee limits
Piem Hotels Ltd                         Proposed ST Bk     CRISIL A1+     400     Reaffirmed
                                        Loan Fac
Positive Metering Pumps India Pvt Ltd   BG                 CRISIL A4+     17.5    Reaffirmed
Raghunath Agro Industries Pvt Ltd       LOC & BG           CRISIL A2      50      Reaffirmed
Rajkumar Forge Ltd                      Post Shipment      CRISIL A4+     50      Reaffirmed
                                        Credit
Ravi Foods Pvt Ltd                      BG                 CRISIL A1      50      Upgraded from
                                                                                  CRISIL A2+
Ravi Foods Pvt Ltd                      Inland/Import LOC  CRISIL A1      50      Upgraded from
                                                                                  CRISIL A2+
Ravi Foods Pvt Ltd                      Packing Credit in  CRISIL A1      140     Upgraded from
                                        Foreign Currency                          CRISIL A2+
Sami Spices and Herbs Pvt Ltd           Foreign Exchange   CRISIL A4      12.5    Reaffirmed
                                        Forward
Small Industries Development Bank of    CP Programme       CRISIL A1+     20000   Reaffirmed
India
State Bank of Travancore                CD Programme       CRISIL A1+     105000  Reaffirmed
United Overseas Bank Ltd                CD Programme       CRISIL A1+     2000    Reaffirmed
Vaibhu Infra Tech India Pvt Ltd         BG                 CRISIL A4      30      Assigned
* Outstanding as on November 30, 2016
Vairam Enterprises                      BG                 CRISIL A4+     30      Reaffirmed
Vairam Enterprises                      LOC                CRISIL A4+     20      Reaffirmed

MEDIUM TERM RATINGS:
-------------------
Small Industries Development Bank of    FD Programme       FAAA           -       Reaffirmed
India

Hero Motocorp Ltd                       FD                 FAAA           -       Reaffirmed

LONG TERM RATINGS:
-------------------
Alicon Castalloy Ltd                    CC                 CRISIL A-      1150    Reaffirmed
Alicon Castalloy Ltd                    TL                 CRISIL A-      10      Assigned
Andhra Pradesh Gas Power Corporation LtdCC                 CRISIL A       400     Reaffirmed

Andhra Pradesh Gas Power Corporation LtdProposed LT Bk     CRISIL A       100     Reaffirmed
                                        Loan Fac
Bengal Investments Ltd                  Bill Discounting   CRISIL BB      70      Reaffirmed
Bengal Investments Ltd                  TL                 CRISIL BB      40      Reaffirmed
Biophore India Pharmaceuticals Pvt Ltd  Proposed LT Bk     CRISIL BB      320     Assigned
                                        Loan Fac
Biophore India Pharmaceuticals Pvt Ltd  Foreign Currency TLCRISIL BB      60      Assigned
Cedar Decor Pvt Ltd                     CC                 CRISIL BBB     240     Reaffirmed
*Includes subordinated term loan of Rs 0.3 billion
Cedar Decor Pvt Ltd                     LT Loan            CRISIL BBB     4.1     Reaffirmed
Cedar Decor Pvt Ltd                     Proposed LT Bk     CRISIL BBB     89      Reaffirmed
                                        Loan Fac
Cedar Decor Pvt Ltd                     Standby Line of    CRISIL BBB     20      Assigned
                                        Credit
Chakkra Coal India Pvt Ltd              Proposed LT Bk     CRISIL B       5       Assigned
                                        Loan Fac
Chakkra Coal India Pvt Ltd              Bill Discounting   CRISIL B       70      Assigned
Continental Engines Pvt Ltd             CC                 CRISIL BBB+    220     Reaffirmed
Continental Engines Pvt Ltd             Proposed LT Bk     CRISIL BBB+    59      Reaffirmed
                                        Loan Fac
Continental Engines Pvt Ltd             TL                 CRISIL BBB+    290     Reaffirmed
Corey Organics Pvt Ltd                  CC                 CRISIL B+      140     Upgraded from
                                                                                  CRISIL B
Corey Organics Pvt Ltd                  Proposed LT Bk     CRISIL B+      89.4    Upgraded from
                                        Loan Fac                                  CRISIL B
Corey Organics Pvt Ltd                  TL                 CRISIL B+      5.6     Upgraded from
                                                                                  CRISIL B
D. K. Chauhan                           CC                 CRISIL BB-     50      Downgraded
                                                                                  from CRISIL BB
D. K. Chauhan                           Proposed LT Bk     CRISIL BB-     40      Downgraded
                                        Loan Fac                                  from CRISIL BB
D. K. Chauhan                           Standby Line of    CRISIL BB-     5       Downgraded
                                        Credit                                    from CRISIL BB
Daawat Foods Ltd                        Proposed LT Bk     CRISIL BBB+    550     Reaffirmed
                                        Loan Fac
Daawat Foods Ltd                        TL                 CRISIL BBB+    1220    Reaffirmed
Daawat Foods Ltd                        WC Fac             CRISIL BBB+    3250    Reaffirmed
Dukes Products India Ltd                CC                 CRISIL A       150     Upgraded from
                                                                                  CRISIL A-
Electro Circuit Systems                 CC                 CRISIL B+      25      Assigned
Electro Circuit Systems                 Proposed LT Bk     CRISIL B+      35      Assigned
                                        Loan Fac
Gts Coal Sales                          TL                 CRISIL BB      15      Assigned
Hari Bhog Overseas                      TL                 CRISIL B       15      Assigned
Hari Bhog Overseas                      Proposed TL        CRISIL B       5       Assigned
Hari Bhog Overseas                      CC                 CRISIL B       60      Assigned
Hari Bhog Overseas                      Proposed CC Limit  CRISIL B       20      Assigned
Hero Motocorp Ltd                       FB Fac#            CRISIL AAA     250     Reaffirmed
# combined facility not to exceed the total sanction amount
Hero Motocorp Ltd                       FB Fac*            CRISIL AAA     6250    Reaffirmed
*Funded Facility interchangeable with non-funded lines
Hero Motocorp Ltd                       FB Fac             CRISIL AAA     771     Reaffirmed
Hero Motocorp Ltd                       NCD                CRISIL AAA     150     Reaffirmed
Hindok Exports Ltd                      CC                 CRISIL B+      75      Reaffirmed
Hindok Exports Ltd                      LT Loan            CRISIL B+      25      Reaffirmed
ICICI Prudential Banking                PSU Debt Fund      CRISIL AAAmfs  -       Reaffirmed
Intercontinental Infrastructure Ltd     LT Loan            CRISIL B-      268.5   Assigned
Intercontinental Infrastructure Ltd     Proposed LT Bk     CRISIL B-      500     Assigned
                                        Loan Fac
Jind Industrial And Manufacturing Works TL                 CRISIL B+      21.8    Assigned
Pvt Ltd
Jind Industrial And Manufacturing Works Proposed LT Bk     CRISIL B+      47.2    Assigned
Pvt Ltd                                 Loan Fac
Jind Industrial And Manufacturing Works CC                 CRISIL B+      48      Assigned
Pvt Ltd
Joy Coffee Curing Works                 Proposed Overdraft CRISIL BB-     32.5    Assigned
                                        Fac
Joy Coffee Curing Works                 Secured Overdraft  CRISIL BB-     97.5    Assigned
                                        Fac
Kamala International Exim Pvt Ltd       Proposed LT Bk     CRISIL A       48.5    Upgraded from
                                        Loan Fac                                  CRISIL A-
Kumar Enterprises                       Secured Overdraft  CRISIL BB      50      Assigned
                                        Fac
# Interchangeable with LC limits of Rs. 50 Million
Kumar Enterprises                       TL                 CRISIL BB      15      Assigned
* Interchangeable with bank guarantee limits
LT Foods Ltd                            Proposed LT Bk     CRISIL BBB+    277.5   Reaffirmed
                                        Loan Fac
LT Foods Ltd                            Proposed WC Fac    CRISIL BBB+    650     Reaffirmed
LT Foods Ltd                            TL                 CRISIL BBB+    800     Reaffirmed
LT Foods Ltd                            WC Fac             CRISIL BBB+    9427.5  Reaffirmed
Maple Mouldings Pvt Ltd                 CC                 CRISIL BBB     60      Reaffirmed
Maple Mouldings Pvt Ltd                 Proposed LT Bk     CRISIL BBB     12.1    Reaffirmed
                                        Loan Fac
Maple Mouldings Pvt Ltd                 Standby Line of    CRISIL BBB     10      Reaffirmed
                                        Credit
Moyalan Agro Pipes                      Proposed LT Bk     CRISIL B+      10      Reaffirmed
                                        Loan Fac
Mundra Agro Pvt Ltd                     CC                 CRISIL B       77.5    Reaffirmed
Mundra Agro Pvt Ltd                     Proposed LT Bk     CRISIL B       47      Reaffirmed
                                        Loan Fac
Mundra Agro Pvt Ltd                     TL                 CRISIL B       140.5   Reaffirmed
Nature Bio-Foods Ltd                    Proposed LT Bk     CRISIL BBB+    35      Reaffirmed
                                        Loan Fac
Nature Bio-Foods Ltd                    WC Fac             CRISIL BBB+    1070    Reaffirmed
Ninaniya Estates Ltd                    TL                 CRISIL B       325     Reaffirmed
Nitta Gelatin India Ltd                 CC                 CRISIL A-      70      Reaffirmed
Nitta Gelatin India Ltd                 LT Loan            CRISIL A-      123     Reaffirmed
Opel Auto Products Pvt Ltd              CC                 CRISIL BB      80      Reaffirmed
Opel Auto Products Pvt Ltd              Proposed LT Bk     CRISIL BB      10      Reaffirmed
                                        Loan Fac
Opel Auto Products Pvt Ltd              TL                 CRISIL BB      10      Reaffirmed
Photon Energy Systems Ltd               CC                 CRISIL B-      60      Reaffirmed
Photon Energy Systems Ltd               Proposed LT Bk     CRISIL B-      57.7    Reaffirmed
                                        Loan Fac
Photon Energy Systems Ltd               WC Demand Loan     CRISIL B-      20      Reaffirmed
Positive Metering Pumps India Pvt Ltd   CC                 CRISIL BB-     35      Reaffirmed
Positive Metering Pumps India Pvt Ltd   Proposed LT Bk     CRISIL BB-     32.5    Reaffirmed
                                        Loan Fac
Positive Metering Pumps India Pvt Ltd   TL                 CRISIL BB-     25      Reaffirmed
Raghunath Agro Industries Pvt Ltd       TL                 CRISIL BBB+    75      Reaffirmed
Raghunath Agro Industries Pvt Ltd       WC Fac             CRISIL BBB+    1000    Reaffirmed
Rajkumar Forge Ltd                      CC                 CRISIL BB-     50      Reaffirmed
Ravi Foods Pvt Ltd                      CC                 CRISIL A       250     Upgraded from
                                                                                  CRISIL A-
Ravi Foods Pvt Ltd                      Export Packing     CRISIL A       800     Upgraded from
                                        Credit                                    CRISIL A-
Ravi Foods Pvt Ltd                      Proposed LT Bk     CRISIL A       100     Upgraded from
                                        Loan Fac                                  CRISIL A-
Ravi Foods Pvt Ltd                      Standby FB Limits  CRISIL A       110     Upgraded from
                                                                                  CRISIL A-
Sami Spices and Herbs Pvt Ltd           Foreign Bill       CRISIL B+      115     Upgraded from
                                        Discounting                               CRISIL B
Sami Spices and Herbs Pvt Ltd           Proposed LT Bk     CRISIL B+      40      Upgraded from
                                        Loan Fac                                  CRISIL B
Small Industries Development Bank of    Bonds              CRISIL AAA     14000   Reaffirmed
India
 (Reduced from Rs.28.3 Billion)
Smartak Footcare Pvt Ltd                CC                 CRISIL BB+     47.5    Reaffirmed
Smartak Footcare Pvt Ltd                LT Loan            CRISIL BB+     42.5    Reaffirmed
Sri Lakshmi Venkata Narayana Rice       CC/ Overdraft Fac  CRISIL BB      350     Reaffirmed
Industries
Sri Shreesha Rice Industries            CC                 CRISIL B+      90      Assigned
Sri Shreesha Rice Industries            LT Loan            CRISIL B+      40      Assigned
Sri Shreesha Rice Industries            Standby Line of    CRISIL B+      10      Assigned
                                        Credit
State Bank of Travancore                Tier I Bonds       CRISIL AA+     6000    Assigned
                                        (Under Basel III) 
State Bank of Travancore                Perpetual Tier I   CRISIL AAA     1000    Reaffirmed
                                        Bonds (Under Basel
                                        II) 
State Bank of Travancore                Tier II Bonds      CRISIL AAA     12500   Reaffirmed
                                        (Under Basel III) 
State Bank of Travancore                Lower Tier II      CRISIL AAA     2500    Reaffirmed
                                        Bonds (Under Basel
                                        II) 
State Bank of Travancore                Upper Tier II      CRISIL AAA     10000   Reaffirmed
                                        Bonds (Under Basel
                                        II)
U4iC International Pvt Ltd              Bill Discounting   CRISIL BBB+    50      Reaffirmed
U4iC International Pvt Ltd              CC                 CRISIL BBB+    50      Reaffirmed
Vaibhu Infra Tech India Pvt Ltd         LT Loan            CRISIL B+      5       Assigned
Vaibhu Infra Tech India Pvt Ltd         CC                 CRISIL B+      30      Assigned
Vairam Enterprises                      CC                 CRISIL BB-     25      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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