July 14, 2017 / 5:30 AM / 10 days ago

CRISIL ratings for Indian debt instruments-Jul 14

19 Min Read

    Jul 14 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of July 13, 2017.

COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Akas Medical                            BG                 CRISIL A4      6       Reaffirmed
Akas Medical                            LOC                CRISIL A4      10.8    Reaffirmed
Benzo Chem Industries Pvt Ltd           BG                 CRISIL A2+     15      Reaffirmed
Benzo Chem Industries Pvt Ltd           LOC*               CRISIL A2+     80      Reaffirmed
*Fully interchangeable with bank guarantee
Chemco Plastic Industries Pvt Ltd       BG                 CRISIL A2      20      Upgraded from
                                                                                  CRISIL A3+
Chemco Plastic Industries Pvt Ltd       LOC                CRISIL A2      135     Upgraded from
                                                                                  CRISIL A3+
Chemi Pack India Pvt Ltd                LOC                CRISIL A2+(SO) 80      Reaffirmed
Dallu Construction Company              BG                 CRISIL A4+     45      Assigned
Goodwill Impex Ltd                      Foreign Exchange   CRISIL A4      5       Assigned
                                        Forward
GVK Biosciences Pvt Ltd                 Buyer`s Credit@    CRISIL A1+     300     Reaffirmed
@Interchangeable with Letter of Credit.
Inogent Laboratories Pvt Ltd            BG                 CRISIL A1      20      $
Inogent Laboratories Pvt Ltd            LOC*               CRISIL A1      150     $
Joyguru Cold Storage Pvt Ltd            BG                 CRISIL A4      0.7     Reaffirmed
Karad Projects And Motors Ltd           LOC$               CRISIL A2      250     Reaffirmed
$ Fully interchangeable with buyers credit and interchangeable with Bank guarantee to the extent
of Rs.10 crore.
Khushbu Enterprise - Mumbai             BG                 CRISIL A4      30      Assigned
OSAW Agro Industries Pvt Ltd            BG                 CRISIL A4+     20      Reaffirmed
P. Mangatram Jewellers Pvt Ltd          Packing Credit in  CRISIL A4      100     Notie of
                                        Foreign Currency                          Withdrawal
Issuer Not Cooperating
Plastiblends India Ltd                  LOC & BG           CRISIL A1      46      Reaffirmed
Prasad and Company (Project Works) Ltd  BG*                CRISIL A4+     3130    Reaffirmed
*Includes Rs 30 crore interchangeable with letter of credit
Prasad and Company (Project Works) Ltd  BG                 CRISIL A4+     2750    Reaffirmed
RKEC Projects Ltd                       BG                 CRISIL A4+     300     Reaffirmed
Speciality Sintered Products Pvt Ltd    BG                 CRISIL A4+     4       Reaffirmed
Symed Labs Ltd                          BG                 CRISIL A2+     20      Reaffirmed
Symed Labs Ltd                          LOC                CRISIL A2+     350     Reaffirmed
V-Guard Industries Ltd                  ST Debt (Including CRISIL A1+     600     Reaffirmed
                                        CP)

LONG TERM RATINGS:
-------------------
Aizawl Municipal Corporation            Corporate Credit   CCR BB         0       Reaffirmed
                                        Rating
Akas Medical                            CC                 CRISIL B+      74.2    Reaffirmed
Akas Medical                            LT Loan            CRISIL B+      28.2    Reaffirmed
Benzo Chem Industries Pvt Ltd           Export Packing     CRISIL A-      170     Reaffirmed
                                        Credit & Export
                                        Bills Negotiation/
                                        Foreign Bill 
                                        discounting^
^Interchangeable with cash credit to the extent of Rs 6 crore
Benzo Chem Industries Pvt Ltd           Proposed LT Bk     CRISIL A-      235     Reaffirmed
                                        Loan Fac
Chemco Plastic Industries Pvt Ltd       CC                 CRISIL BBB+    240     Downgraded
                                                                                  from CRISIL
                                                                                  BBB
Chemco Plastic Industries Pvt Ltd       External           CRISIL BBB+    80      Downgraded
                                        Commercial                                from CRISIL
                                        Borrowings                                BBB
Chemco Plastic Industries Pvt Ltd       Foreign Currency TLCRISIL BBB+    73.8    Downgraded
                                                                                  from CRISIL
                                                                                  BBB
Chemco Plastic Industries Pvt Ltd       Proposed LT Bk     CRISIL BBB+    27.7    Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BBB
Chemco Plastic Industries Pvt Ltd       Rupee TL           CRISIL BBB+    123.5   Downgraded
                                                                                  from CRISIL
                                                                                  BBB
Chemi Pack India Pvt Ltd                CC                 CRISIL A-(SO)  35      Reaffirmed
Creaative Powertech Pvt Ltd             CC                 CRISIL B+      20      Reaffirmed
Creaative Powertech Pvt Ltd             Proposed LT Bk     CRISIL B+      260     Reaffirmed
                                        Loan Fac
Dallu Construction Company              CC                 CRISIL BB-     45      Assigned
Goodwill Impex Ltd                      Standby Line of    CRISIL B+      10      Assigned
                                        Credit
Goodwill Impex Ltd                      LT Loan            CRISIL B+      5       Assigned
Goodwill Impex Ltd                      Foreign Bill       CRISIL B+      10      Assigned
                                        Discounting
Goodwill Impex Ltd                      CC                 CRISIL B+      10      Assigned
Goodwill Impex Ltd                      Export Packing     CRISIL B+      40      Assigned
                                        Credit
GVK Biosciences Pvt Ltd                 LT Loan            CRISIL A+      163.7   Reaffirmed
GVK Biosciences Pvt Ltd                 Proposed LT Bk     CRISIL A+      653.3   Reaffirmed
                                        Loan Fac
GVK Biosciences Pvt Ltd                 WC Fac*            CRISIL A+      708     Reaffirmed
*Interchangeable with letter of credit/buyers credit/bank guarantee
GVK Biosciences Pvt Ltd                 WC Fac             CRISIL A+      75      Reaffirmed
Hyderabad Security and Offset Printers  CC                 CRISIL BB+     90      Upgraded from
Ltd                                                                               CRISIL BB
Hyderabad Security and Offset Printers  Proposed LT Bk     CRISIL BB+     51.5    Upgraded from
Ltd                                     Loan Fac                                  CRISIL BB

Hyderabad Security and Offset Printers  TL                 CRISIL BB+     28      Upgraded from
Ltd                                                                               CRISIL BB
Inogent Laboratories Pvt Ltd            WC Fac%            CRISIL A       550     $
Inogent Laboratories Pvt Ltd            Proposed TL        CRISIL A+(SO)  570.3   Reaffirmed
Inogent Laboratories Pvt Ltd            TL                 CRISIL A+(SO)  129.7   Reaffirmed
JAS Equipment & Engineers Pvt Ltd       CC                 CRISIL B       55      Downgraded
                                                                                  from CRISIL B+
Issuer Not Cooperating
Joyguru Cold Storage Pvt Ltd            CC                 CRISIL B-      40.9    Reaffirmed
Joyguru Cold Storage Pvt Ltd            TL                 CRISIL B-      22      Reaffirmed
Joyguru Cold Storage Pvt Ltd            WC Loan            CRISIL B-      7.4     Reaffirmed
Karad Projects And Motors Ltd           CC#                CRISIL BBB+    100     Reaffirmed
#One way interchangeable with letter of credit and buyer's credit, and interchangeable with
working capital demand loan, and pre- and post-shipment export credit.
Karad Projects And Motors Ltd           LOC Bill           CRISIL BBB+    50      Reaffirmed
                                        Discounting
Karad Projects And Motors Ltd           Sales Bill         CRISIL BBB+    250     Reaffirmed
                                        Discounting*
* For sales to Kirloskar Brothers Ltd & Emerson Climate Technologies Ltd
Karnimata Cold Storage Ltd              CC                 CRISIL B       45      Reaffirmed
Karnimata Cold Storage Ltd              TL                 CRISIL B       75      Reaffirmed
Khushbu Enterprise - Mumbai             Proposed LT Bk     CRISIL B+      15      Assigned
                                        Loan Fac
Khushbu Enterprise - Mumbai             CC                 CRISIL B+      25      Assigned
Kohinoor Printers Pvt Ltd               CC                 CRISIL BB+     35      Reaffirmed
Kohinoor Printers Pvt Ltd               LT Loan            CRISIL BB+     12.4    Reaffirmed
Kohinoor Printers Pvt Ltd               Proposed FB Bk     CRISIL BB+     52.6    Reaffirmed
                                        Limits
Multi Food Products Pvt Ltd             CC                 CRISIL B+      40      Assigned
Multi Food Products Pvt Ltd             TL                 CRISIL B+      24.8    Assigned
Olympia Tech Park (Chennai) Pvt Ltd     Drop Line          CRISIL BBB+    290     Reaffirmed
                                        Overdraft Fac
Olympia Tech Park (Chennai) Pvt Ltd     LT Loan            CRISIL BBB+    3102    Reaffirmed
Olympia Tech Park (Chennai) Pvt Ltd     Proposed LT Bk     CRISIL BBB+    778     Assigned
                                        Loan Fac
OSAW Agro Industries Pvt Ltd            CC*                CRISIL BB      90      Reaffirmed
* Includes pre-shipment credit in foreign currency sublimit of Rs 1.5 crore and foreign outward
bills purchased sublimit of Rs 1.5 crore.
OSAW Agro Industries Pvt Ltd            Drop Line          CRISIL BB      37.5    Reaffirmed
                                        Overdraft Fac
OSAW Agro Industries Pvt Ltd            Secured Overdraft  CRISIL BB      50      Reaffirmed
                                        Fac
OSAW Agro Industries Pvt Ltd            TL                 CRISIL BB      2.5     Reaffirmed
P. Mangatram Jewellers Pvt Ltd          CC                 CRISIL B+      570     Notie of
                                                                                  Withdrawal
Issuer Not Cooperating
Planet Retail Holdings Pvt Ltd          CC                 CRISIL BB+     80      Upgraded from
                                                                                  CRISIL BB
Plastiblends India Ltd                  CC*                CRISIL A+      210     Reaffirmed
* Interchangeable with packing credit, buyer's credit, post-shipment credit in foreign currency,
working capital demand loan, and export bill discounting.
Plastiblends India Ltd                  Packing Credit     CRISIL A+      700     Reaffirmed
Plastiblends India Ltd                  Proposed FB Bk     CRISIL A+      4       Reaffirmed
                                        Limits
Plastiblends India Ltd                  CC^                CRISIL A+      200     Reaffirmed
^ Interchangeable with letter of credit, buyer's credit, working capital demand loan,
pre-shipment credit and post-shipment credit upto Rs.20 crore and bank guarantee upto Rs.10
crore.
Prasad and Company (Project Works) Ltd  CC                 CRISIL BB+     1050    Reaffirmed
Provet Pharma Pvt Ltd                   CC                 CRISIL B+      134     Reaffirmed
Ralin Polymers Pvt Ltd                  CC*                CRISIL BB+     130     Upgraded from
                                                                                  CRISIL BB
* Buyers Credit limit is sub-limit of Cash Credit facility
Ralin Polymers Pvt Ltd                  Proposed LT Bk     CRISIL BB+     25.8    Upgraded from
                                        Loan Fac                                  CRISIL BB
Ralin Polymers Pvt Ltd                  TL                 CRISIL BB+     78.5    Upgraded from
                                                                                  CRISIL BB
RKEC Projects Ltd                       CC                 CRISIL BB+     90      Reaffirmed
Sai Whitegold                           CC                 CRISIL B+      30      Assigned
Sai Whitegold                           TL                 CRISIL B+      40      Assigned
Sonata Information Technology Ltd       CC*                CRISIL A       400     Reaffirmed
Sonata Information Technology Ltd       CC*                CRISIL A       600     Reaffirmed
*Fully interchangeable with working capital loan
Sonata Information Technology Ltd       WC Fac^            CRISIL A       3400    Reaffirmed
^Interchangeable with Bank Guarantee
Sonata Software Ltd                     WC Fac*            CRISIL A       500     Reaffirmed
*Fully interchangeable between fund- and non-fund-based limits
Speciality Sintered Products Pvt Ltd    CC                 CRISIL BB      100     Reaffirmed
Speciality Sintered Products Pvt Ltd    LT Loan            CRISIL BB      108.6   Reaffirmed
Speciality Sintered Products Pvt Ltd    Proposed CC Limit  CRISIL BB      15.3    Reaffirmed
Speciality Sintered Products Pvt Ltd    TL                 CRISIL BB      188.1   Reaffirmed
Stonemen Crafts India Pvt Ltd           Rupee TL           CRISIL BBB     40      Assigned
Stonemen Crafts India Pvt Ltd           Overdraft          CRISIL BBB     50      Assigned
Stonemen Crafts India Pvt Ltd           Packing Credit     CRISIL BBB     110     Assigned
Surya Narayan Agro Pvt Ltd              CC                 CRISIL B-      20      Downgraded
                                                                                  from CRISIL B
Issuer Not Cooperating
Surya Narayan Agro Pvt Ltd              Proposed LT Bk     CRISIL B-      5       Downgraded
                                        Loan Fac                                  from CRISIL B
Issuer Not Cooperating
Surya Narayan Agro Pvt Ltd              TL                 CRISIL B-      30      Downgraded
                                                                                  from CRISIL B
Issuer Not Cooperating
Symed Labs Ltd                          CC#                CRISIL A-      650     Reaffirmed
#Interchangeable with packing credit/packing credit in foreign currency.
Symed Labs Ltd                          Proposed LT Bk     CRISIL A-      180     Reaffirmed
                                        Loan Fac
Symed Labs Ltd                          TL                 CRISIL A-      200     Reaffirmed
Trivandrum Apollo Towers Pvt Ltd        LT Loan            CRISIL D       150     Downgraded
                                                                                  from CRISIL B
Urban Heights Sarjapur                  TL                 CRISIL BB      200     Assigned
Vertice Global Pvt Ltd                  CC                 CRISIL B-      20      Reaffirmed
Vertice Global Pvt Ltd                  LT Loan            CRISIL B-      119     Reaffirmed
Vertice Global Pvt Ltd                  Proposed LT Bk     CRISIL B-      1       Reaffirmed
                                        Loan Fac
Wave Hospitality Pvt Ltd                TL                 CRISIL BB+     1400    Upgraded from
                                                                                  CRISIL BB-
--------------------------------------------------------------------------------------------
$: 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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