February 24, 2017 / 8:05 AM / in 5 months

CRISIL ratings for Indian debt instruments-Feb 24

24 Min Read

    Feb 24 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of February 23, 2017.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Adwaith Lakshmi Industries Ltd          BG                 CRISIL A3+     10      Reaffirmed
Adwaith Lakshmi Industries Ltd          LOC                CRISIL A3+     60      Reaffirmed
Adwaith Lakshmi Industries Ltd          Packing Credit     CRISIL A3+     20      Reaffirmed
Balkrishna Industries Ltd               LOC & BG           CRISIL A1+     250     Notice of
                                                                                  Withdrawal
Balkrishna Industries Ltd               LOC & BG*          CRISIL A1+     3600    Reaffirmed
*Amount outstanding as on March 31, 2015
Balkrishna Industries Ltd               Packing Credit     CRISIL A1+     500     Notice of
                                                                                  Withdrawal
*Amount outstanding as on March 31, 2015
Balkrishna Industries Ltd               Packing Credit     CRISIL A1+     4550    Reaffirmed
*Amount outstanding as on March 31, 2015
Blue Star Malleable Pvt Ltd             BG                 CRISIL A4+     95      Reaffirmed
*Amount outstanding as on March 31, 2015
Brijbasi Fire Safety Systems Pvt Ltd    Proposed ST Bk     CRISIL A4+     10      Assigned
                                        Loan Fac
*Amount outstanding as on March 31, 2015
Brijbasi Fire Safety Systems Pvt Ltd    BG                 CRISIL A4+     30      Assigned
Buildquick Infrastructure Pvt Ltd       BG                 CRISIL A4      25      Assigned;
                                                                                  Suspension
                                                                                  Revoked
Chinmay Construction                    BG                 CRISIL A4+     150     Assigned;
                                                                                  Suspension
                                                                                  Revoked
Coco Latex Exports Pvt Ltd              BG                 CRISIL A2      10      Upgraded from
                                                                                  CRISIL A3+
Coco Latex Exports Pvt Ltd              Packing Credit     CRISIL A2      20      Upgraded from
                                                                                  CRISIL A3+
Duroflex Pvt Ltd                        BG                 CRISIL A2      5       Upgraded from
                                                                                  CRISIL A3+
Duroflex Pvt Ltd                        Foreign LOC        CRISIL A2      60      Upgraded from
                                                                                  CRISIL A3+
Duroflex Pvt Ltd                        LOC                CRISIL A2      42      Upgraded from
                                                                                  CRISIL A3+
Esdee Paints Ltd                        BG                 CRISIL A1      1       Reaffirmed
Esdee Paints Ltd                        LOC                CRISIL A1      5       Reaffirmed
Furnace Fabrica India Ltd               BG*                CRISIL A3+     1580    Reaffirmed
*Letter of Credit and Bank Guarantee are interchangeable
Furnace Fabrica India Ltd               LOC*               CRISIL A3+     300     Reaffirmed
*Letter of Credit and Bank Guarantee are interchangeable
Furnace Fabrica India Ltd               Proposed BG*       CRISIL A3+     1393.8  Reaffirmed
*Letter of Credit and Bank Guarantee are interchangeable
Furnace Fabrica India Ltd               Proposed LOC       CRISIL A3+     609.5   Reaffirmed
General Security and Information        BG                 CRISIL A4+     120     Assigned;
Services Pvt Ltd                                                                  Suspension
                                                                                  Revoked
Geojit Financial Services Ltd           BG                 CRISIL A1      510     Reaffirmed
Geojit Financial Services Ltd           Proposed BG        CRISIL A1      100     Reaffirmed
GMM Pfaudler Ltd                        BG*                CRISIL A1+     300     Reaffirmed
*Fully interchangeable with each other
GMM Pfaudler Ltd                        LOC*               CRISIL A1+     200     Reaffirmed
*Fully interchangeable with each other
Indcon Projects and Equipment Ltd       BG                 CRISIL A4      135     Reaffirmed
Indcon Projects and Equipment Ltd       LOC                CRISIL A4      15      Reaffirmed
*Includes sub-limit of Rs.12 crore of export packing credit
Indus Motor Company Pvt Ltd             BG                 CRISIL A3+     50      Upgraded from
                                                                                  CRISIL A3+
Inox Air Products Pvt Ltd               LOC^               CRISIL A1+     690.5   Reaffirmed
Inox Air Products Pvt Ltd               Proposed LOC       CRISIL A1+     179.5   Reaffirmed
Inox Air Products Pvt Ltd               Proposed ST Bk     CRISIL A1+     250     Reaffirmed
                                        Loan Fac
KAD Housing Pvt Ltd                     BG                 CRISIL A4+     15      Assigned
Lambodhara Textiles Ltd                 BG                 CRISIL A4+     8       Reaffirmed
Lambodhara Textiles Ltd                 LOC                CRISIL A4+     15      Reaffirmed
NED Energy Ltd                          LOC & BG           CRISIL A3      450     Reaffirmed
Nitta Gelatin India Ltd                 Bill Purchase -    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
P.B.I Construction Company              BG                 CRISIL A4+     65      Reaffirmed
P.B.I Construction Company              Overdraft          CRISIL A4+     30      Reaffirmed
PTC India Financial Services Ltd        CP                 CRISIL A1+     15000   Reaffirmed
QUA Water Technologies Pvt Ltd          BG                 CRISIL A4+     10      Reaffirmed
QUA Water Technologies Pvt Ltd          LOC                CRISIL A4+     10      Reaffirmed
Sheela Foam Ltd                         BG                 CRISIL A1      50      Reaffirmed
Sheela Foam Ltd                         LOC                CRISIL A1      200     Reaffirmed
Team Interventure Exports India Pvt Ltd Foreign Bill       CRISIL D       1270    Downgraded
                                        Purchase                                  from CRISIL A3
Team Interventure Exports India Pvt Ltd Proposed ST Bk     CRISIL D       130     Downgraded
                                        Loan Fac                                  from CRISIL A3
Time Mauser Industries Pvt Ltd          LOC & BG           CRISIL A4+     70      Reaffirmed
TPL Plastech Ltd                        BG                 CRISIL A1      5       Reaffirmed
TPL Plastech Ltd                        LOC                CRISIL A1      444.5   Reaffirmed
Veevee Controls Pvt Ltd                 BG                 CRISIL A3+     70      Assigned


LONG TERM RATINGS:
-------------------
Aditya Birla Solar Ltd                  Proposed LT Bk     CRISIL A-      400     Reaffirmed
                                        Loan Fac
Aditya Birla Solar Ltd                  TL*                CRISIL A-      2600    Assigned
*Interchangeable with bill discounting and working capital demand loan
Adwaith Lakshmi Industries Ltd          CC/ Overdraft Fac  CRISIL BBB     80      Reaffirmed
Adwaith Lakshmi Industries Ltd          Foreign Currency TLCRISIL BBB     50      Reaffirmed

Adwaith Lakshmi Industries Ltd          Proposed LT Bk     CRISIL BBB     50.8    Reaffirmed
                                        Loan Fac
Andhra Pradesh State Financial          9.48% Bond Series  CRISIL BB+     2000    @
Corporation                             V/2012*
*Amount outstanding as on March 31, 2015
Andhra Pradesh State Financial          8.7% Bond Series   CRISIL BB+     774     @
Corporation                             II/2008* 
*Amount outstanding as on March 31, 2015
Andhra Pradesh State Financial          Bond Series        CRISIL BB+     800     @
Corporation                             III/2008*
*Amount outstanding as on March 31, 2015
Andhra Pradesh State Financial          Bond Series        CRISIL BB+     1210    @
Corporation                             IV/2010*
*Amount outstanding as on March 31, 2015
Andhra Pradesh State Financial          Bonds Series VII & CRISIL BB+     2080    @
Corporation                             VIII/2014*
*Amount outstanding as on March 31, 2015
Balkrishna Industries Ltd               CC                 CRISIL AA-     100     Reaffirmed
Balkrishna Industries Ltd               Proposed LT Bk     CRISIL AA-     1750    Reaffirmed
                                        Loan Fac
Bhoomee Land Developers and Builders    TL                 CRISIL BB      92.5    Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Blue Star Malleable Pvt Ltd             CC                 CRISIL BB      55      Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Brijbasi Fire Safety Systems Pvt Ltd    Foreign LOC        CRISIL BB      10      Assigned
Brijbasi Fire Safety Systems Pvt Ltd    CC                 CRISIL BB      30      Assigned
Buildquick Infrastructure Pvt Ltd       CC                 CRISIL B+      45      Assigned;
                                                                                  Suspension
                                                                                  Revoked
Chinmay Construction                    CC                 CRISIL BB+     50      Assigned;
                                                                                  Suspension
                                                                                  Revoked
Coco Latex Exports Pvt Ltd              Bill Discounting   CRISIL BBB+    40      Upgraded from
                                                                                  CRISIL BBB
Coco Latex Exports Pvt Ltd              Foreign LOC        CRISIL BBB+    35      Upgraded from
                                                                                  CRISIL BBB
Duroflex Pvt Ltd                        Bill Discounting   CRISIL BBB+    10      Upgraded from
                                                                                  CRISIL BBB
Duroflex Pvt Ltd                        CC                 CRISIL BBB+    120     Upgraded from
                                                                                  CRISIL BBB
Duroflex Pvt Ltd                        Overdraft          CRISIL BBB+    125     Upgraded from
                                                                                  CRISIL BBB
Duroflex Pvt Ltd                        TL                 CRISIL BBB+    18      Upgraded from
                                                                                  CRISIL BBB
Edelweiss Asset Reconstruction Co. Ltd  LT Bk Fac*         CRISIL AA-     500     Reaffirmed
*Interchangeable between long-term and short-term
Esdee Paints Ltd                        CC                 CRISIL A       280     Reaffirmed
Esdee Paints Ltd                        Proposed TL        CRISIL A       15.8    Reaffirmed
Esdee Paints Ltd                        TL                 CRISIL A       101.5   Reaffirmed
Essee Metal Containers Pvt Ltd          CC                 CRISIL BB      43      Upgraded from
                                                                                  CRISIL BB-
Essee Metal Containers Pvt Ltd          TL                 CRISIL BB      40.5    Upgraded from
                                                                                  CRISIL BB-
Furnace Fabrica India Ltd               CC#                CRISIL BBB     50      Reaffirmed
#Interchangeable with Letter of Credit & Bank Guarantee
Furnace Fabrica India Ltd               CC                 CRISIL BBB     400     Reaffirmed
Furnace Fabrica India Ltd               Foreign Currency TLCRISIL BBB     60      Reaffirmed
Furnace Fabrica India Ltd               Proposed CC Limit  CRISIL BBB     466.6   Reaffirmed
Furnace Fabrica India Ltd               Proposed LT Bk     CRISIL BBB     312.8   Reaffirmed
                                        Loan Fac
Furnace Fabrica India Ltd               Rupee TL           CRISIL BBB     150     Reaffirmed
General Security and Information        CC                 CRISIL BB-     35      Assigned;
Services Pvt Ltd                                                                  Suspension
                                                                                  Revoked
GMM Pfaudler Ltd                        CC                 CRISIL AA-     200     Reaffirmed
Golden Apple                            CC                 CRISIL B+      90      Assigned
Golden Apple                            LT Loan            CRISIL B+      180     Assigned
Indcon Projects and Equipment Ltd       CC                 CRISIL B+      135     Reaffirmed
Indus Motor Company Pvt Ltd             CC                 CRISIL BBB     150     Upgraded from
                                                                                  CRISIL BBB
Indus Motor Company Pvt Ltd             Inventory Funding  CRISIL BBB     2490    Upgraded from
                                        Fac                                       CRISIL BBB
Indus Motor Company Pvt Ltd             LT Loan            CRISIL BBB     130     Upgraded from
                                                                                  CRISIL BBB
Inox Air Products Pvt Ltd               CC*                CRISIL AA      695.9   Reaffirmed
*Interchangeable with bill discounting and working capital demand loan
Inox Air Products Pvt Ltd               Proposed CC Limit  CRISIL AA      34.1    Reaffirmed
Inox Air Products Pvt Ltd               Proposed LT Bk     CRISIL AA      2650    Reaffirmed
                                        Loan Fac
Jeya Sathya Agro Food Products Pvt Ltd  CC                 CRISIL B       140     Upgraded from
                                                                                  CRISIL B-
KAD Housing Pvt Ltd                     Overdraft          CRISIL BB-     45      Assigned
KAD Housing Pvt Ltd                     CC                 CRISIL BB-     60      Assigned
Keva Fragrances Pvt Ltd                 Proposed LT Bk     CRISIL A+      80      Reaffirmed
                                        Loan Fac
Keva Fragrances Pvt Ltd                 WC Demand Loan*    CRISIL A+      120     Reaffirmed
YR
*Includes sub-limit of Rs.12 crore of export packing credit
Lalchand Gem & Jewellers Pvt Ltd        CC                 CRISIL BB-     150     Reaffirmed
Lambodhara Textiles Ltd                 CC                 CRISIL BB+     235     Reaffirmed
Lambodhara Textiles Ltd                 LT Loan            CRISIL BB+     372     Reaffirmed
Luni Power Company Pvt Ltd              TL                 CRISIL D       150     Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Montage Promoters Pvt Ltd               CC                 CRISIL BB-     85      Reaffirmed
*Letter of Credit and Bank Guarantee are interchangeable
Montage Promoters Pvt Ltd               Proposed LT Bk     CRISIL BB-     85.5    Reaffirmed
                                        Loan Fac
*Letter of Credit and Bank Guarantee are interchangeable
Montage Promoters Pvt Ltd               TL                 CRISIL BB-     9.5     Reaffirmed
NED Energy Ltd                          CC                 CRISIL BBB-    550     Reaffirmed
NED Energy Ltd                          Rupee TL           CRISIL BBB-    50      Reaffirmed
Nitta Gelatin India Ltd                 CC                 CRISIL A-      70      Reaffirmed
Nitta Gelatin India Ltd                 LT Loan            CRISIL A-      123     Reaffirmed
P.B.I Construction Company              CC                 CRISIL BB      35      Reaffirmed
PTC India Financial Services Ltd        LT Bk Fac          CRISIL A+      10000   Reaffirmed
PTC India Financial Services Ltd        NCD                CRISIL A+      2150    Reaffirmed
QUA Water Technologies Pvt Ltd          CC                 CRISIL BB      30      Reaffirmed
QUA Water Technologies Pvt Ltd          Proposed LT Bk     CRISIL BB      130     Reaffirmed
                                        Loan Fac
Rajdhani Paints Pvt Ltd                 CC                 CRISIL BB      150     Assigned
S H Kelkar And Co. Ltd                  Proposed LT Bk     CRISIL A+      200     Reaffirmed
                                        Loan Fac
S H Kelkar And Co. Ltd                  WC Demand Loan*    CRISIL A+      1670    Reaffirmed
*Includes sub-limit of Rs 95 crore export packing credit facility; sub-limit of Rs 20 crore
overdraft facility, sub-limit of Rs 40 crore bills discounting facility; sub-limit of Rs 20
crore letter of credit facility/bank guarantee.
SAN Automotive Industries Pvt Ltd       CC                 CRISIL BB-     55      Reaffirmed
SAN Automotive Industries Pvt Ltd       Overdraft          CRISIL BB-     52.5    Reaffirmed
SAN Automotive Industries Pvt Ltd       Proposed TL        CRISIL BB-     12.5    Reaffirmed
Savute Textiles Pvt Ltd                 CC                 CRISIL BB-     135     Upgraded from
                                                                                  CRISIL B+
Scan Energy and Power Ltd               CC                 CRISIL D       590     Reaffirmed
Scan Energy and Power Ltd               LOC                CRISIL D       70      Reaffirmed
Scan Energy and Power Ltd               LT Loan            CRISIL D       808.3   Reaffirmed
Sheela Foam Ltd                         Buyer’s Credit     CRISIL A+      520     Upgraded from
                                                                                  CRISIL A
Sheela Foam Ltd                         CC                 CRISIL A+      480     Upgraded from
                                                                                  CRISIL A
Sheela Foam Ltd                         Proposed LT Bk     CRISIL A+      382.7   Upgraded from
                                        Loan Fac                                  CRISIL A
Sparsh Fab Textiles Pvt Ltd             CC                 CRISIL BB      50      Upgraded from
                                                                                  CRISIL B+
Sparsh Fab Textiles Pvt Ltd             Rupee TL           CRISIL BB      60      Upgraded from
                                                                                  CRISIL B+
Sri Chaitanya Rice Mill - East Godavari CC                 CRISIL B+      160     Assigned
The Jamshri Ranjitsinghji Spinning And  CC                 CRISIL BB-     120     Reaffirmed
Weaving Mills Co. Ltd
Enhanced from Rs.1250 Crore
Time Mauser Industries Pvt Ltd          CC                 CRISIL BB+     130     Reaffirmed
Time Mauser Industries Pvt Ltd          Corporate Loan     CRISIL BB+     50      Reaffirmed
TPL Plastech Ltd                        CC                 CRISIL A       385     Reaffirmed
TPL Plastech Ltd                        LT Loan            CRISIL A       86.1    Reaffirmed
TPL Plastech Ltd                        Proposed LT Bk     CRISIL A       6.4     Reaffirmed
                                        Loan Fac
Vasanth and Co                          CC                 CRISIL A-      250     Reaffirmed
Vasanth and Co                          LT Loan            CRISIL A-      95.8    Reaffirmed
Vasanth and Co                          Proposed CC Limit  CRISIL A-      154.2   Reaffirmed
Vasanth and Co                          WC Demand Loan     CRISIL A-      50      Reaffirmed
Veevee Controls Pvt Ltd                 TL                 CRISIL BBB     5       Assigned
Veevee Controls Pvt Ltd                 Proposed BG        CRISIL BBB     25      Assigned
Veevee Controls Pvt Ltd                 CC                 CRISIL BBB     20      Assigned
Victorian Marketing Pvt Ltd             CC                 CRISIL B       85      Reaffirmed
Vishal Mega Mart Pvt Ltd                Proposed LT Bk     CRISIL BBB-    137.1   Reaffirmed
                                        Loan Fac
Vishal Mega Mart Pvt Ltd                TL                 CRISIL BBB-    2488    Reaffirmed
Yokogawa India Ltd                      CC                 CRISIL AA-     100     Reaffirmed
Yokogawa India Ltd                      LOC & BG           CRISIL AA-     2890    Reaffirmed
Zephyr Fabric Trading LLP               CC                 CRISIL BB+     180     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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