May 17, 2017 / 5:32 AM / 3 months ago

CRISIL ratings for Indian debt instruments-May 17

    May 17 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of May 16, 2017.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Airvision India Pvt Ltd                 LOC                CRISIL A4      70      Reaffirmed
Issuer Not Cooperating;
Ajanta Industries                       Packing Credit     CRISIL A4      71.5    Downgraded
                                                                                  from CRISIL
                                                                                  A4+
Issuer Not Cooperating
AKS Construction Pvt Ltd                BG                 CRISIL A4      59      Downgraded
                                                                                  from CRISIL
                                                                                  A4+
Issuer Not Cooperating
Allen Reinforced Plastics Pvt Ltd       BG                 CRISIL A4      77      Downgraded
                                                                                  from CRISIL
                                                                                  A4+
Issuer Not Cooperating
Benara Autos Pvt Ltd                    BG                 CRISIL D       2.5     Downgraded
                                                                                  from CRISIL A4
Benara Autos Pvt Ltd                    LOC                CRISIL D       2.5     Downgraded
                                                                                  from CRISIL A4
Benara Autos Pvt Ltd                    Packing Credit     CRISIL D       15      Downgraded
                                                                                  from CRISIL A4
Bhagwati Lacto Vegetarian Exports Pvt   LOC                CRISIL A4      15      Downgraded
Ltd                                                                               from CRISIL
                                                                                  A4+
Issuer Not Cooperating
Dilip Buildcon Ltd                      Proposed NFBL      CRISIL A1      2488.9  Assigned
Dilip Buildcon Ltd                      Non-FBL            CRISIL A1      40322   Assigned
Dilip Buildcon Ltd                      CP Programme       CRISIL A1      1000    Assigned
DTDC Express Ltd                        LOC & BG           CRISIL A2+     110     Reaffirmed
Global Footwear                         Packing Credit in  CRISIL A4+     60      Reaffirmed
                                        Foreign Currency
Gurudev Motors Pvt Ltd                  LOC & BG           CRISIL A3      19      Assigned
Hatsun Agro Product Ltd                 Capex LOC          CRISIL A1      1400    Reaffirmed
Hatsun Agro Product Ltd                 Proposed ST Bk     CRISIL A1      630     Reaffirmed
                                        Loan Fac
Hatsun Agro Product Ltd                 CP                 CRISIL A1      1500    Reaffirmed
Ignis International Industries Pvt Ltd  LOC                CRISIL A4+     140     Upgraded from
                                                                                  CRISIL A4
Jewel Star                              Post Shipment      CRISIL A4+     205     Reaffirmed
                                        Credit
Jewel Star                              Proposed Export    CRISIL A4+     105     Reaffirmed
                                        Packing Credit
Keaum Organics Pvt Ltd                  BG                 CRISIL A4      3.2     Upgraded from
                                                                                  CRISIL D
Koyo Granito LLP                        BG                 CRISIL A4      30      Reassigned
Mashreq Bank Psc.                       CDs Programme      CRISIL A1+     1000    Assigned
Murudeshwar Ceramics Ltd                BG                 CRISIL A4+     49.5    Upgraded from
                                                                                  CRISIL A4
Murudeshwar Ceramics Ltd                LOC                CRISIL A4+     377     Upgraded from
                                                                                  CRISIL A4
PCK Cotton Pvt Ltd                      BG                 CRISIL A4      0.1     Reaffirmed
PCK Cotton Pvt Ltd                      Packing Credit     CRISIL A4      40      Reaffirmed
Perlei Textiles Pvt Ltd                 Foreign Bill       CRISIL A4+     80      Reaffirmed
                                        Discounting
Perlei Textiles Pvt Ltd                 LOC                CRISIL A4+     20      Reaffirmed
R. Suresh and Co.                       Export Packing     CRISIL A4      71      Reaffirmed
                                        Credit
R. Suresh and Co.                       Post Shipment      CRISIL A4      114     Reaffirmed
                                        Credit
Rajdeep Buildcon Pvt Ltd                BG                 CRISIL A2      3200    Upgraded from
                                                                                  CRISIL A3+
Rajdeep Buildcon Pvt Ltd                Proposed LOC       CRISIL A2      460     Upgraded from
                                                                                  CRISIL A3+
Ram Kumar Ramesh Kumar                  Overdraft          CRISIL A4      20      Reaffirmed
Issuer Not Cooperating
Rayon Textile India Pvt Ltd             LOC                CRISIL A4      15      Reaffirmed
Issuer Not Cooperating
RVJ Overseas Pvt Ltd                    BG                 CRISIL A4      90      Reaffirmed
RVJ Overseas Pvt Ltd                    Proposed NFBL      CRISIL A4      20      Assigned
S.J.R. Infrastructure Pvt Ltd           BG                 CRISIL A4      50      Downgraded
                                                                                  from CRISIL
                                                                                  A4+
Issuer Not Cooperating
Sondhi Ram Gian Chand                   BG                 CRISIL A4      48.6    Assigned
Spectra Chemicals                       LOC                CRISIL A4      66      Reaffirmed
Tan Singh Chouhan                       BG                 CRISIL A4      175     Reaffirmed
Issuer Not Cooperating
Tusar Fabengineers Pvt Ltd              BG                 CRISIL A4      40      Assigned
Zarina Leather Exports                  Packing Credit     CRISIL A4      9       Assigned

LONG TERM RATINGS:
-------------------
A J Packaging Ltd                       Overdraft          CRISIL B       90      Downgraded
                                                                                  from CRISIL
                                                                                  BB+
A. N. R. Cotton Traders                 CC                 CRISIL B       110     Downgraded
                                                                                  from CRISIL B+
A. N. R. Cotton Traders                 Proposed CC Limit  CRISIL B       20      Downgraded
                                                                                  from CRISIL B+
Airvision India Pvt Ltd                 LT Bk Fac          CRISIL B       10      Downgraded
                                                                                  from CRISIL B+
Airvision India Pvt Ltd                 Open CC            CRISIL B       65      Downgraded
                                                                                  from CRISIL B+
Airvision India Pvt Ltd                 Proposed TL        CRISIL B       59.5    Downgraded
                                                                                  from CRISIL B+
Ajanta Industries                       CC                 CRISIL B       60      Downgraded
                                                                                  from CRISIL BB
Ajanta Industries                       Proposed LT Bk     CRISIL B       8.5     Downgraded
                                        Loan Fac                                  from CRISIL BB
AKS Construction Pvt Ltd                CC                 CRISIL B       7.5     Downgraded
                                                                                  from CRISIL
                                                                                  BB-
AKS Construction Pvt Ltd                Proposed BG        CRISIL B       71      Downgraded
                                                                                  from CRISIL
                                                                                  BB-
AKS Construction Pvt Ltd                Proposed CC Limit  CRISIL B       12.5    Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Allen Reinforced Plastics Pvt Ltd       CC                 CRISIL B       60      Downgraded
                                                                                  from CRISIL BB
Allen Reinforced Plastics Pvt Ltd       Proposed LT Bk     CRISIL B       413     Downgraded
                                        Loan Fac                                  from CRISIL BB
Alpsco Graintech Pvt Ltd                CC                 CRISIL B       15      Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Alpsco Graintech Pvt Ltd                Foreign LOC        CRISIL B       23      Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Alpsco Graintech Pvt Ltd                Proposed LT Bk     CRISIL B       3       Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BB-
Alpsco Graintech Pvt Ltd                TL                 CRISIL B       19      Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Benara Autos Pvt Ltd                    CC                 CRISIL D       25      Downgraded
                                                                                  from CRISIL B+
Benara Autos Pvt Ltd                    Foreign Bill       CRISIL D       5       Downgraded
                                        Discounting                               from CRISIL B+
Benara Autos Pvt Ltd                    Standby FB Limits  CRISIL D       4       Downgraded
                                                                                  from CRISIL B+
Bhagwati Lacto Vegetarian Exports Pvt   CC                 CRISIL B       3000    Downgraded
Ltd                                                                               from CRISIL
                                                                                  BB-
Bhagwati Lacto Vegetarian Exports Pvt   Corporate Loan     CRISIL B       400     Downgraded
Ltd                                                                               from CRISIL
                                                                                  BB-
Bhagwati Lacto Vegetarian Exports Pvt   Proposed LT Bk     CRISIL B       15      Downgraded
Ltd                                     Loan Fac                                  from CRISIL
                                                                                  BB-
Bhagwati Lacto Vegetarian Exports Pvt   TL                 CRISIL B       70      Downgraded
Ltd                                                                               from CRISIL
                                                                                  BB-
Dilip Buildcon Ltd                      TL                 CRISIL A+      4323.1  Assigned
Dilip Buildcon Ltd                      CC                 CRISIL A+      18196   Assigned
DTDC Express Ltd                        CC                 CRISIL A-      700     Reaffirmed
DTDC Express Ltd                        Proposed LT Bk     CRISIL A-      580     Reaffirmed
                                        Loan Fac
DTDC Express Ltd                        TL                 CRISIL A-      300     Reaffirmed
Global Footwear                         Bill Discounting   CRISIL BB-     20      Reaffirmed
Global Footwear                         Proposed LT Bk     CRISIL BB-     32.3    Reaffirmed
                                        Loan Fac
Global Footwear                         TL                 CRISIL BB-     37.7    Reaffirmed
Godavari Khore Namdeoraoji Parjane      CC                 CRISIL B+      80      Reaffirmed
Patil Taluka Sahakari Dudh Utpadak
Sangh Ltd
Godavari Khore Namdeoraoji Parjane      Proposed LT Bk     CRISIL B+      10      Reaffirmed
Patil Taluka Sahakari Dudh Utpadak      Loan Fac
Sangh Ltd
Godavari Khore Namdeoraoji Parjane      TL                 CRISIL B+      30      Reaffirmed
Patil Taluka Sahakari Dudh Utpadak
Sangh Ltd
Grandeur Agrotech Pvt Ltd               CC                 CRISIL B+      50      Reaffirmed
Grandeur Agrotech Pvt Ltd               TL                 CRISIL B+      2.5     Reaffirmed
Gujarat Forgings Pvt Ltd                CC                 CRISIL BBB+    100     Reaffirmed
Gurudev Motors Pvt Ltd                  TL                 CRISIL BBB-    93      Assigned
Gurudev Motors Pvt Ltd                  Inventory Funding  CRISIL BBB-    210     Assigned
                                        Fac
Hatsun Agro Product Ltd                 CC                 CRISIL A       1400    Reaffirmed
Hatsun Agro Product Ltd                 LT Loan            CRISIL A       4800    Reaffirmed
Hatsun Agro Product Ltd                 Proposed LT Bk     CRISIL A       770     Reaffirmed
                                        Loan Fac
HDFC Credila Financial Services Pvt Ltd NCD                CRISIL AAA     2000    Upgraded from
                                                                                  CRISIL AA+
HDFC Credila Financial Services Pvt Ltd NCD                CRISIL AAA     3000    Upgraded from
                                                                                  CRISIL AA+
HDFC Credila Financial Services Pvt Ltd NCD                CRISIL AAA     6000    Upgraded from
                                                                                  CRISIL AA+
HDFC Credila Financial Services Pvt Ltd Subordinated Debt  CRISIL AAA     1000    Upgraded from
                                                                                  CRISIL AA+
Ignis International Industries Pvt Ltd  CC                 CRISIL BB-     40      Upgraded from
                                                                                  CRISIL B+
Jewel Star                              Export Packing     CRISIL BB+     40      Upgraded from
                                        Credit                                    CRISIL BB
Keaum Organics Pvt Ltd                  CC                 CRISIL B-      13      Upgraded from
                                                                                  CRISIL D
Keaum Organics Pvt Ltd                  Proposed LT Bk     CRISIL B-      20.1    Upgraded from
                                        Loan Fac                                  CRISIL D
Keaum Organics Pvt Ltd                  TL                 CRISIL B-      18.7    Upgraded from
                                                                                  CRISIL D
Koyo Granito LLP                        CC                 CRISIL B       70      Reaffirmed
Koyo Granito LLP                        LT Loan            CRISIL B       170     Reaffirmed
Murudeshwar Ceramics Ltd                CC                 CRISIL BB-     725.8   Upgraded from
                                                                                  CRISIL B+
Murudeshwar Ceramics Ltd                TL                 CRISIL BB-     26.2    Upgraded from
                                                                                  CRISIL B+
Nagpur Sortex                           CC                 CRISIL BB      150     Upgraded from
                                                                                  CRISIL BB-
Nagpur Sortex                           LT Loan            CRISIL BB      52.5    Upgraded from
                                                                                  CRISIL BB-
Nagpur Sortex                           Proposed LT Bk     CRISIL BB      47.5    Upgraded from
                                        Loan Fac                                  CRISIL BB-
O. P. Chains Co.                        CC                 CRISIL BB-     160     Upgraded from
                                                                                  CRISIL B+
PCK Cotton Pvt Ltd                      CC                 CRISIL B+      85      Reaffirmed
PCK Cotton Pvt Ltd                      Packing Credit     CRISIL B+      114.9   Reaffirmed
Perlei Textiles Pvt Ltd                 LT Bk Fac          CRISIL BB      21      Reaffirmed
Perlei Textiles Pvt Ltd                 Packing Credit     CRISIL BB      150     Reaffirmed
Perlei Textiles Pvt Ltd                 Proposed LT Bk     CRISIL BB      79      Reaffirmed
                                        Loan Fac
Pujaris Educational Trust               CC                 CRISIL B       2.5     Reaffirmed
Pujaris Educational Trust               LT Loan            CRISIL B       40      Reaffirmed
Pujaris Educational Trust               Proposed LT Bk     CRISIL B       25      Reaffirmed
                                        Loan Fac
Pure Milk Products Pvt Ltd              CC                 CRISIL D       374.8   Reaffirmed
Issuer Not Cooperating
Pure Milk Products Pvt Ltd              Proposed LT Bk     CRISIL D       9.8     Reaffirmed
                                        Loan Fac
Issuer Not Cooperating
Pure Milk Products Pvt Ltd              TL                 CRISIL D       135.4   Reaffirmed
Issuer Not Cooperating
Pure Milk Products Pvt Ltd              WC Demand Loan     CRISIL D       110     Reaffirmed
Issuer Not Cooperating
R. S. Enterprises (Ludhiana)            CC                 CRISIL D       140     Reaffirmed
Issuer Not Cooperating
R. S. Enterprises (Ludhiana)            Foreign Exchange   CRISIL D       30      Reaffirmed
                                        Forward
Issuer Not Cooperating
R. S. Enterprises (Ludhiana)            Proposed LT Bk     CRISIL D       29.5    Reaffirmed
                                        Loan Fac
Issuer Not Cooperating
R. S. Enterprises (Ludhiana)            TL                 CRISIL D       60.5    Reaffirmed
Issuer Not Cooperating
R.B.Rungta Steels and Food Products Pvt TL                 CRISIL BB-     20      Assigned
Ltd
R.B.Rungta Steels and Food Products Pvt CC                 CRISIL BB-     50      Assigned
Ltd
R.B.Rungta Steels and Food Products Pvt Proposed LT Bk     CRISIL BB-     15      Assigned
Ltd                                     Loan Fac
Radhika Infra Estate Pvt Ltd            LT Loan            CRISIL D       135.4   Reaffirmed
                                                           (Issuer Not
                                                           Cooperating)
Issuer Not Cooperating
Rajdeep Buildcon Pvt Ltd                CC                 CRISIL BBB+    760     Upgraded from
                                                                                  CRISIL BBB
Ram Kumar Ramesh Kumar                  CC                 CRISIL B-      60      Reaffirmed
Ramayna Ispat Pvt Ltd                   CC                 CRISIL BB-     177.5   Reaffirmed
Ramayna Ispat Pvt Ltd                   Proposed FB Bk     CRISIL BB-     2.5     Reaffirmed
                                        Limits
Ramnik Power and Alloys Pvt Ltd         CC                 CRISIL B-      30      Upgraded from
                                                                                  CRISIL D
Ramnik Power and Alloys Pvt Ltd         Proposed WC Fac    CRISIL B-      184.4   Upgraded from
                                                                                  CRISIL D
Ramnik Power and Alloys Pvt Ltd         TL                 CRISIL B-      35.6    Upgraded from
                                                                                  CRISIL D
Rayon Textile India Pvt Ltd             CC                 CRISIL B+      50      Reaffirmed
Rayon Textile India Pvt Ltd             Proposed LT Bk     CRISIL B+      30      Reaffirmed
                                        Loan Fac
Rayon Textile India Pvt Ltd             TL                 CRISIL B+      15      Reaffirmed
RVJ Overseas Pvt Ltd                    CC                 CRISIL B       50      Downgraded
                                                                                  from CRISIL B+
S.J.R. Infrastructure Pvt Ltd           Lease Rental       CRISIL B+      150     Downgraded
                                        Discounting Loan                          from CRISIL BB
S.J.R. Infrastructure Pvt Ltd           Proposed LT Bk     CRISIL B+      100     Downgraded
                                        Loan Fac                                  from CRISIL BB
Saisha Enterprises Pvt Ltd              Proposed LT Bk     CRISIL D       60.8    Reaffirmed
                                        Loan Fac
Issuer Not Cooperating
Saisha Enterprises Pvt Ltd              TL                 CRISIL D       64.2    Reaffirmed
Issuer Not Cooperating
Sanjana Cryogenic Storages Ltd          TL                 CRISIL A-      400     Reassigned
Shiv Shakti Re-Rolling Mills Pvt Ltd    CC                 CRISIL B       85      Downgraded
                                                                                  from CRISIL B+
Shree Rani Sati Overseas Pvt Ltd        CC                 CRISIL B       80      Downgraded
                                                                                  from CRISIL B+
Shree Rani Sati Overseas Pvt Ltd        TL                 CRISIL B       51.1    Downgraded
                                                                                  from CRISIL B+
Shri Rameshwar Sahakari Sakhar Karkhana CC                 CRISIL C       300     Reaffirmed
Ltd
Sondhi Ram Gian Chand                   CC                 CRISIL B+      9       Assigned
Spectra Chemicals                       CC                 CRISIL B       15      Reaffirmed
Sree Skandha Food Processing India Pvt  CC                 CRISIL BB-     140     Reaffirmed
Ltd
Sri Rama Pharmaceutical Distributors    CC                 CRISIL B       150     Downgraded
                                                                                  from CRISIL B+
Issuer Not Cooperating
SVS Marine Services Pvt Ltd             CC                 CRISIL BB+     47.5    Upgraded from
                                                                                  CRISIL BB-
SVS Marine Services Pvt Ltd             Proposed LT Bk     CRISIL BB+     134.2   Upgraded from
                                        Loan Fac                                  CRISIL BB-
SVS Marine Services Pvt Ltd             TL                 CRISIL BB+     322.5   Upgraded from
                                                                                  CRISIL BB-
Tan Singh Chouhan                       Overdraft          CRISIL B       120     Reaffirmed
Thousu Periyakkal Educational Health    CC                 CRISIL D       16      Reaffirmed
and Charitable Trust                                       (Issuer Not
                                                           Cooperating)
Thousu Periyakkal Educational Health    LT Loan            CRISIL D       189.4   Reaffirmed
and Charitable Trust                                       (Issuer Not
                                                           Cooperating)
Thousu Periyakkal Educational Health    Overdraft          CRISIL D       27      Reaffirmed
and Charitable Trust                                       (Issuer Not
                                                           Cooperating)
Tulasi Seeds Pvt Ltd                    CC                 CRISIL B       650     Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Tulasi Seeds Pvt Ltd                    Proposed LT Bk     CRISIL B       30      Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BB-
Tusar Fabengineers Pvt Ltd              Rupee TL           CRISIL B+      50      Assigned
Tusar Fabengineers Pvt Ltd              CC                 CRISIL B+      10      Assigned
Ujala Pumps Pvt Ltd                     CC                 CRISIL D       300     Reaffirmed
Issuer Not Cooperating
Ujala Pumps Pvt Ltd                     LOC                CRISIL D       180     Reaffirmed
Issuer Not Cooperating
Ujala Pumps Pvt Ltd                     Rupee TL           CRISIL D       70      Reaffirmed
Issuer Not Cooperating
Vasavi Estates                          CC                 CRISIL B+      100     Downgraded
                                                                                  from CRISIL BB
Issuer Not Cooperating
Vibrant Global Salt Pvt Ltd             CC                 CRISIL BB-     110     Reaffirmed
Vibrant Global Salt Pvt Ltd             TL                 CRISIL BB-     172.5   Reaffirmed
Vizag Companys Steel                    CC                 CRISIL D       150     Reaffirmed
Issuer Not Cooperating
Vizag Companys Steel                    Proposed LT Bk     CRISIL D       30      Reaffirmed
                                        Loan Fac
Issuer Not Cooperating
Zarina Leather Exports                  Bill Discounting   CRISIL B       45      Assigned
Zarina Leather Exports                  CC                 CRISIL B       70      Assigned
Zarina Leather Exports                  Proposed LT Bk     CRISIL B       26      Assigned
                                        Loan Fac
--------------------------------------------------------------------------------------------
$: 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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