February 23, 2017 / 6:26 AM / 6 months ago

CRISIL ratings for Indian debt instruments-Feb 23

    Feb 23 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of February 22, 2017.


COMPANY                                INSTRUMENT          RATING        AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                 ----------          ------        -----   ---------
SHORT TERM RATINGS:
-------------------
20 Microns Ltd                          BG                 CRISIL A4+     20      Reaffirmed
20 Microns Ltd                          Foreign Exchange   CRISIL A4+     20.8    Reaffirmed
                                        Forward
20 Microns Ltd                          Inland/Import LOC  CRISIL A4+     270     Reaffirmed
Alok Ingots (Mumbai) Pvt Ltd            BG                 CRISIL A4+     10      Upgraded from
                                                                                  CRISIL A4
Alok Ingots (Mumbai) Pvt Ltd            LOC                CRISIL A4+     50      Upgraded from
                                                                                  CRISIL A4
Aqua Alloys Pvt Ltd                     BG                 CRISIL A3      40      Reaffirmed
Aqua Alloys Pvt Ltd                     Foreign            CRISIL A3      10      Reaffirmed
                                        Discounting Bill
                                        Purchase#
# Interchangeable with cash credit
Aqua Alloys Pvt Ltd                     Inland/Import LOC  CRISIL A3      10      Reaffirmed
Aqua Alloys Pvt Ltd                     Packing Credit*    CRISIL A3      20      Reaffirmed
* Interchangeable with cash credit
Aqua Alloys Pvt Ltd                     Sales Bill         CRISIL A3      20      Reaffirmed
                                        Discounting
Britto Amusements Pvt Ltd               BG                 CRISIL A4+     2.3     Reaffirmed
Dr. Lal Pathlabs Ltd                    BG                 CRISIL A1+     5       Reassigned
Eastern Copper Manufacturing Company    BG                 CRISIL D       20      Downgraded
Pvt Ltd                                                                           from CRISIL A4
Eastern Copper Manufacturing Company    CC                 CRISIL D       38.8    Downgraded
Pvt Ltd                                                                           from CRISIL A4
Eastern Copper Manufacturing Company    Foreign            CRISIL D       30      Downgraded
Pvt Ltd                                 Discounting Bill                          from CRISIL A4
                                        Purchase
Ellenbarrie Tea And Industries Ltd      BG                 CRISIL A4      5       Assigned
Enayat Overseas                         Export Packing     CRISIL A3      270     Upgraded
                                        Credit & Export                           from CRISIL
                                        Bills Negotiation/Foreign Bill discountingA4+
Ethix Clothing                          BG                 CRISIL A4+     30      Reaffirmed
Kartik Construction Company             BG                 CRISIL A4      30      Reaffirmed
KKSPUN India Ltd                        BG                 CRISIL A2+     2970    Upgraded from
                                                                                  CRISIL A2
KKSPUN India Ltd                        LOC                CRISIL A2+     420     Upgraded from
                                                                                  CRISIL A2
KKSPUN India Ltd                        Proposed BG        CRISIL A2+     1630    Upgraded from
                                                                                  CRISIL A2
Mili Steels Pvt Ltd                     LOC                CRISIL A4+     80      Reaffirmed
R.K.Engineers Sales Ltd                 BG                 CRISIL A3+     450     Assigned
Ratnamani Metals and Tubes Ltd          LOC & BG#          CRISIL A1+     7885    Reaffirmed
#Interchangeable with buyer's credit/supplier's credit
SFO Technologies Pvt Ltd                Proposed ST Bk     CRISIL A2+     174     Assigned
                                        Loan Fac
SFO Technologies Pvt Ltd                Packing Credit     CRISIL A2+     2065    Assigned
SFO Technologies Pvt Ltd                LOC                CRISIL A2+     426     Assigned
Unique Ship Breaking Corporation        LOC                CRISIL A4+     400     Assigned
Vodafone India Ltd                      LOC & BG*          CRISIL A1+     169903.8Reaffirmed
* Interchangeable between Vodafone India Ltd and Vodafone Mobile Services Ltd
Vodafone India Ltd                      Proposed ST Bk     CRISIL A1+     5113.9  Reaffirmed
                                        Loan Fac
Vodafone Mobile Services Ltd            LOC & BG*          CRISIL A1+     30780   Reaffirmed
Vodafone Mobile Services Ltd            Proposed ST Bk     CRISIL A1+     3369.2  Reaffirmed
                                        Loan Fac
Vodafone Mobile Services Ltd            ST Loan            CRISIL A1+     6278.2  Reaffirmed
Vodafone Mobile Services Ltd            CP                 CRISIL A1+     20000   Reaffirmed
Wellbore Engineering Company            BG                 CRISIL D       6       Downgraded
                                                                                  from CRISIL A4
Yazdani Steel and Power Ltd             LOC                CRISIL D       63.2    Downgraded
                                                                                  from CRISIL A4

LONG TERM RATINGS:
-------------------
20 Microns Ltd                          CC                 CRISIL BB      610     Upgraded
                                                                                  from CRISIL
                                                                                  BB-
20 Microns Ltd                          Corporate Loan     CRISIL BB      141.3   Upgraded
                                                                                  from CRISIL
                                                                                  BB-
20 Microns Ltd                          Funded Interest TL CRISIL BB      127.9   Upgraded
                                                                                  from CRISIL
                                                                                  BB-
20 Microns Ltd                          LT Loan            CRISIL BB      540.7   Upgraded
                                                                                  from CRISIL
                                                                                  BB-
20 Microns Ltd                          Proposed LT Bk     CRISIL BB      19.3    Upgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BB-
20 Microns Nano Minerals Ltd            CC                 CRISIL BB      45      Upgraded from
                                                                                  CRISIL BB-
20 Microns Nano Minerals Ltd            Proposed LT Bk     CRISIL BB      37      Upgraded from
                                        Loan Fac                                  CRISIL BB-
20 Microns Nano Minerals Ltd            TL                 CRISIL BB      38      Upgraded from
                                                                                  CRISIL BB-
Alok Ingots (Mumbai) Pvt Ltd            CC                 CRISIL BB-     90      Upgraded from
                                                                                  CRISIL B+
Alok Ingots (Mumbai) Pvt Ltd            Proposed LT Bk     CRISIL BB-     119.7   Upgraded from
                                        Loan Fac                                  CRISIL B+
Alok Ingots (Mumbai) Pvt Ltd            TL                 CRISIL BB-     36      Upgraded from
                                                                                  CRISIL B+
Aqua Alloys Pvt Ltd                     CC                 CRISIL BBB-    40      Reaffirmed
Aqua Alloys Pvt Ltd                     Proposed LT Bk     CRISIL BBB-    30      Reaffirmed
                                        Loan Fac
Arora Yarn Pvt Ltd                      Buyer`s Credit     CRISIL B       10      Reaffirmed
Arora Yarn Pvt Ltd                      CC                 CRISIL B       40      Reaffirmed
Arora Yarn Pvt Ltd                      TL                 CRISIL B       18.6    Reaffirmed

Aster DM Healthcare (Trivandrum) Pvt LtdLT Loan            CRISIL A-(SO)  3000    Assigned
Bansal Starch And Foods Pvt Ltd         CC                 CRISIL B       10      Reaffirmed
Bansal Starch And Foods Pvt Ltd         LT Loan            CRISIL B       44      Reaffirmed
Bansal Starch And Foods Pvt Ltd         Proposed LT Bk     CRISIL B       6       Reaffirmed
                                        Loan Fac
Bls Impex Pvt Ltd                       CC                 CRISIL B+      150     Reaffirmed
Britto Amusements Pvt Ltd               Proposed LT Bk     CRISIL BB-     7.7     Reaffirmed
                                        Loan Fac
Britto Amusements Pvt Ltd               Secured Overdraft  CRISIL BB-     80      Reaffirmed
                                        Fac
Dhariwal Industries Pvt Ltd             CC                 CRISIL BB      110     Reaffirmed
Dhariwal Industries Pvt Ltd             TL                 CRISIL BB      588.7   Assigned
Dhariwal Industries Pvt Ltd             Secured Overdraft  CRISIL BB      60      Assigned
                                        Fac
Dhariwal Industries Pvt Ltd             Proposed LT Bk     CRISIL BB      203.9   Assigned
                                        Loan Fac
Dr. Lal Pathlabs Ltd                    CC                 CRISIL AA-     255     Reaffirmed
Dr. Lal Pathlabs Ltd                    Proposed LT Bk     CRISIL AA-     340     Reaffirmed
                                        Loan Fac
Eastern Copper Manufacturing Company    Bill Discounting   CRISIL D       20      Downgraded
Pvt Ltd                                                                           from CRISIL C
Eastern Copper Manufacturing Company    LOC                CRISIL D       50      Downgraded
Pvt Ltd                                                                           from CRISIL C
Eastern Copper Manufacturing Company    Proposed FB Bk     CRISIL D       46.2    Downgraded
Pvt Ltd                                 Limits                                    from CRISIL C
Eastern Copper Manufacturing Company    WC TL              CRISIL D       45      Assigned
Pvt Ltd
Ellenbarrie Tea And Industries Ltd      Proposed FB Bk     CRISIL B+      17.5    Assigned
                                        Limits
Ellenbarrie Tea And Industries Ltd      LT Loan            CRISIL B+      15      Assigned
Ellenbarrie Tea And Industries Ltd      CC                 CRISIL B+      42.5    Assigned
Enayat Overseas                         Proposed FB Bk     CRISIL BBB-    39      Upgraded from
                                        Limits                                    CRISIL BB+
Enayat Overseas                         TL                 CRISIL BBB-    36.9    Upgraded from
                                                                                  CRISIL BB+
Ess Emm Enterprises                     CC                 CRISIL B       70      Downgraded
                                                                                  from CRISIL B+
Ess Emm Enterprises                     Proposed TL        CRISIL B       180     Downgraded
                                                                                  from CRISIL B+
Ethix Clothing                          CC                 CRISIL BB+     270     Upgraded from
                                                                                  CRISIL BB
Govardhan Ispat (India) Pvt Ltd         CC                 CRISIL BB      84.7    Assigned
Govardhan Ispat (India) Pvt Ltd         LT Loan            CRISIL BB      117.8   Assigned
Goyal Rice Mills - Moonak (Punjab)      Warehouse FinancingCRISIL B       80      Assigned
Goyal Rice Mills - Moonak (Punjab)      CC                 CRISIL B       50      Assigned
Goyal Rice Mills - Moonak (Punjab)      TL                 CRISIL B       14      Assigned
Gurudeva Charitable Trust               Proposed LT Bk     CRISIL B-      45      Reaffirmed
                                        Loan Fac
Gurudeva Charitable Trust               Secured Overdraft  CRISIL B-      60      Reaffirmed
                                        Fac
Gurudeva Charitable Trust               TL                 CRISIL B-      105     Reaffirmed
Gurudeva Charitable Trust               WC Demand Loan     CRISIL B-      60      Reaffirmed
Jagmohan Motors Ltd                     CC                 CRISIL BBB     250     Upgraded
                                                                                  from CRISIL
                                                                                  BBB-
Jagmohan Motors Ltd                     Channel Financing  CRISIL BBB     95      Upgraded
                                                                                  from CRISIL
                                                                                  BBB-
Jagmohan Motors Ltd                     Proposed LT Bk     CRISIL BBB     5       Upgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BBB-
Kartik Construction Company             CC                 CRISIL B       40      Reaffirmed
Karuppaswamy Builders Pvt Ltd           TL                 CRISIL B+      50      Assigned
KKSPUN India Ltd                        CC                 CRISIL A-      600     Upgraded
                                                                                  from CRISIL
                                                                                  BBB+
KKSPUN India Ltd                        Standby Line of    CRISIL A-      100     Upgraded
                                        Credit                                    from CRISIL
                                                                                  BBB+
KKSPUN India Ltd                        TL                 CRISIL A-      480     Upgraded
                                                                                  from CRISIL
                                                                                  BBB+
Maa Kamakhya Multipurpose Himghar Pvt   Proposed LT Bk     CRISIL B-      120     Reaffirmed
Ltd                                     Loan Fac
Manjunatha Agro Foods LLP               Proposed CC Limit  CRISIL B       100     Assigned
Manjunatha Agro Foods LLP               Proposed LT Bk     CRISIL B       20      Assigned
                                        Loan Fac
Mili Steels Pvt Ltd                     CC                 CRISIL BB      40      Reaffirmed
Mili Steels Pvt Ltd                     Proposed LT Bk     CRISIL BB      50      Reaffirmed
                                        Loan Fac
Mili Steels Pvt Ltd                     WC Demand Loan     CRISIL BB      120     Reaffirmed
Nagarsheth Shipbreakers                 Line of Credit     CRISIL D       850     Reaffirmed
R M Dhariwal (HUF)                      CC                 CRISIL BB      70      Reaffirmed
R M Dhariwal (HUF)                      TL                 CRISIL BB      152     Assigned
R M Dhariwal (HUF)                      Proposed LT Bk     CRISIL BB      128     Assigned
                                        Loan Fac
R.K.Engineers Sales Ltd                 CC                 CRISIL BBB     30      Assigned
R.K.Engineers Sales Ltd                 Proposed FB Bk     CRISIL BBB     40      Assigned
                                        Limits
Ratnamani Metals and Tubes Ltd          CC*                CRISIL AA      675     Reaffirmed
*Interchangeable with export packing credit/packing credit in foreign currency
SFO Technologies Pvt Ltd                Proposed LT Bk     CRISIL A-      750     Assigned
                                        Loan Fac
SFO Technologies Pvt Ltd                LT Loan            CRISIL A-      85      Assigned
Shagun Realty                           LT Loan            CRISIL BB-     200     Downgraded
                                                                                  from CRISIL BB
Sharma Construction Co-Amritsar         CC                 CRISIL BB-     50      Assigned
Sharma Construction Co-Amritsar         TL                 CRISIL BB-     10      Assigned
Shree Krishna Homes Pvt Ltd             TL                 CRISIL BB      140     Reaffirmed
Signet Corporation                      TL                 CRISIL B       90      Assigned
Silver Oak Shops and Office             TL                 CRISIL B+      413.2   Reaffirmed
Co-Operative Housing Society Ltd
Sri Krishna Nutritions India Pvt Ltd    CC                 CRISIL BB-     65      Reaffirmed
Sri Krishna Nutritions India Pvt Ltd    TL                 CRISIL BB-     35      Reaffirmed
Tata Capital Financial Services Ltd     Perpetual Bonds    CRISIL AA      -       Upgraded from
                                                                                  CRISIL AA-
Tata Capital Financial Services Ltd     NCD                CRISIL AA+     -       Reaffirmed
Tata Capital Financial Services Ltd     Subordinated Debt  CRISIL AA+     -       Reaffirmed
Unique Ship Breaking Corporation        CC#                CRISIL BB-     50      Assigned
#Fully interchangeable with Letter of credit facility
USK Agro Sciences                       CC                 CRISIL B       50      Assigned
USK Agro Sciences                       LT Loan            CRISIL B       15      Assigned
Veekesy Slippers India Pvt Ltd          CC                 CRISIL BB+     70      Upgraded from
                                                                                  CRISIL BB
Veekesy Slippers India Pvt Ltd          Proposed LT Bk     CRISIL BB+     15      Upgraded from
                                        Loan Fac                                  CRISIL BB
Veekesy Slippers India Pvt Ltd          TL                 CRISIL BB+     15      Upgraded from
                                                                                  CRISIL BB
Vision Metalik Company                  CC                 CRISIL B+      40      Reaffirmed
Vision Metalik Company                  TL                 CRISIL B+      58      Reaffirmed
Vodafone India Ltd                      CC & WC demand loanCRISIL AA      15000   Reaffirmed
Vodafone India Ltd                      External           CRISIL AA      1990.4  Reaffirmed
                                        Commercial
                                        Borrowings^
^ Facility of Rs.199.03 crore is INR equivalent of USD 44 million hedged at Rs.45.2350/USD
Vodafone India Ltd                      LOC & BG*          CRISIL AA      30000   Reaffirmed
* Interchangeable between Vodafone India Ltd and Vodafone Mobile Services Ltd
Vodafone India Ltd                      LT Loan            CRISIL AA      1000    Reaffirmed
Vodafone India Ltd                      Proposed LT Bk     CRISIL AA      22780   Reaffirmed
                                        Loan Fac
Vodafone Mobile Services Ltd            External           CRISIL AA      4171.7  Reaffirmed
                                        Commercial
                                        Borrowings^
^ Facility of Rs.417.17 crore is INR equivalent of USD 92 million hedged at Rs.45.2350/USD    
Vodafone Mobile Services Ltd            LT Bk Fac          CRISIL AA      4772.5  Reaffirmed
Vodafone Mobile Services Ltd            Rupee TL           CRISIL AA      628.4   Reaffirmed
Vodafone Mobile Services Ltd            NCD*               CRISIL AA      35000   Reaffirmed
*The above NCDs were earlier subordinated to external debt. Now, the subordination clause has
been removed.
Vodafone Mobile Services Ltd            NCD*               CRISIL AA      40000   Reaffirmed
*The above NCDs were earlier subordinated to external debt. Now, the subordination clause has
been removed.
Wellbore Engineering Company            CC                 CRISIL D       10      Downgraded
                                                                                  from CRISIL B+
Wellbore Engineering Company            Proposed LT Bk     CRISIL D       68.5    Downgraded
                                        Loan Fac                                  from CRISIL B+
Wellbore Engineering Company            TL                 CRISIL D       35.5    Downgraded
                                                                                  from CRISIL B+
Yazdani Steel and Power Ltd             CC                 CRISIL D       166.1   Downgraded
                                                                                  from CRISIL C
Yazdani Steel and Power Ltd             Funded Interest TL CRISIL D       54.2    Downgraded
                                                                                  from CRISIL C
Yazdani Steel and Power Ltd             Proposed FB Bk     CRISIL D       100.7   Downgraded
                                        Limits                                    from CRISIL C
Yazdani Steel and Power Ltd             TL                 CRISIL D       473.8   Downgraded
                                                                                  from CRISIL C
Yazdani Steel and Power Ltd             WC TL              CRISIL D       114.4   Downgraded
                                                                                  from CRISIL C
--------------------------------------------------------------------------------------------
$: 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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