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CRISIL ratings for Indian debt instruments-Mar 14
March 14, 2017 / 5:16 AM / 8 months ago

CRISIL ratings for Indian debt instruments-Mar 14

   Mar 14 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of March 10, 2017.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                          (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
ABA Builders Ltd                        LOC                CRISIL A4+     350     Reaffirmed
Arun Oil Trade                          LOC                CRISIL A3      150     Reaffirmed
Arun Rega Bakery Machineries Pvt Ltd    BG                 CRISIL A4+     10      Assigned
Butterfly Gandhimathi Appliances Ltd    LOC                CRISIL A2      900     Downgraded
                                                                                  from CRISIL
                                                                                  A2+
Butterfly Gandhimathi Appliances Ltd    Proposed Bill      CRISIL A2      200     Downgraded
                                        Discounting Fac                           from CRISIL
                                                                                  A2+
Forech India Pvt Ltd                    BG                 CRISIL A2      150     Reaffirmed
Forech India Pvt Ltd                    Foreign Bill       CRISIL A2      30      Reaffirmed
                                        Discounting
Forech India Pvt Ltd                    LOC                CRISIL A2      300     Reaffirmed
Forech India Pvt Ltd                    Post Shipment      CRISIL A2      110     Reaffirmed
                                        Credit
Forech India Pvt Ltd                    Pre Shipment CreditCRISIL A2      20      Reaffirmed
Ginni Filaments Ltd                     BG                 CRISIL A4+     25.3    Reaffirmed
Ginni Filaments Ltd                     Bill Discounting   CRISIL A4+     100     Reaffirmed
Ginni Filaments Ltd                     Export Packing     CRISIL A4+     120     Reaffirmed
                                        Credit
Ginni Filaments Ltd                     LOC                CRISIL A4+     449.1   Reaffirmed
Ginni Filaments Ltd                     Proposed NFBL      CRISIL A4+     125.6   Reaffirmed
JMT Auto Ltd                            BG                 CRISIL A4      10      Issuer not
                                                                                  Cooperating
                                                                                  and Downgraded
                                                                                  from 
                                                                                  CRISIL A4+;
Removed from Rating Watch with Negative Implications
JMT Auto Ltd                            Bill Discounting   CRISIL A4      10      Issuer not
                                                                                  Cooperating
                                                                                  and Downgraded
                                                                                  from 
                                                                                  CRISIL A4+; 
Removed from Rating Watch with Negative Implications
JMT Auto Ltd                            LOC                CRISIL A4      440     Issuer not
                                                                                  Cooperating
                                                                                  and Downgraded
                                                                                  from
                                                                                  CRISIL A4+;
Removed from Rating Watch with Negative Implications
Kavit Industries                        LOC                CRISIL A4      23.4    Reaffirmed
KLJ Developers Pvt Ltd                  BG                 CRISIL A3      320     Reaffirmed
M and B Footwear Pvt Ltd                LOC & BG           CRISIL A2      150     Upgraded from
                                                                                  CRISIL A3+
Magnum Mi Steel Pvt Ltd                 Foreign Exchange   CRISIL A2      30      Upgraded from
                                        Forward                                   CRISIL A3+
Paramount Conductors Ltd                LOC                CRISIL A4      60      Reaffirmed
Phooltas Transrail Ltd                  BG                 CRISIL A4+     540     Downgraded
                                                                                  from CRISIL
                                                                                  A3+; 
Placed on Rating Watch with Negative Implications
Phooltas Transrail Ltd                  LOC                CRISIL A4+     20      Downgraded
                                                                                  from CRISIL
                                                                                  A3+; 
Placed on Rating Watch with Negative Implications
Qmax Test Equipments Pvt Ltd            BG                 CRISIL A4+     120     Reaffirmed
Qmax Test Equipments Pvt Ltd            Foreign Bill       CRISIL A4+     20      Reaffirmed
                                        Discounting
Qmax Test Equipments Pvt Ltd            Overdraft          CRISIL A4+     20      Reaffirmed
Qmax Test Equipments Pvt Ltd            Packing Credit     CRISIL A4+     60      Reaffirmed
Rana Denim Pvt Ltd                      BG                 CRISIL A4+     18.8    Upgraded from
                                                                                  CRISIL A4
Rathi Bars Ltd                          LOC                CRISIL A3+     12.5    Reaffirmed
Speedcrafts Ltd                         BG                 CRISIL A4+     50      Downgraded
                                                                                  from CRISIL
                                                                                  A3+; 
Placed on Rating Watch with Negative Implications 
Speedcrafts Ltd                         LOC                CRISIL A4+     35      Downgraded
                                                                                  from CRISIL
                                                                                  A3+; 
Placed on Rating Watch with Negative Implications 
State Bank of Travancore                CD Programme       CRISIL A1+     105000  Reaffirmed
Supreme Polymers Pvt Ltd                BG                 CRISIL A4+     30      Reaffirmed
Supreme Polymers Pvt Ltd                LOC                CRISIL A4+     45      Reaffirmed
TRK Textile India Pvt Ltd               BG                 CRISIL A4+     10      Assigned
TRK Textile India Pvt Ltd               LOC                CRISIL A4+     60      Assigned
United India Shoe Corporation Pvt Ltd   BG#                CRISIL A4      5       Reaffirmed
# 50% one way interchangeable to LC
United India Shoe Corporation Pvt Ltd   LOC                CRISIL A4      85      Reaffirmed
Urvarak Abhikaran Neemuch Pvt Ltd       BG                 CRISIL A4+     35      Reaffirmed
VMT Spinning Co. Ltd                    BG                 CRISIL A1+     10      Reaffirmed
VMT Spinning Co. Ltd                    LOC & BG           CRISIL A1+     40      Reaffirmed


LONG TERM RATINGS:
-------------------
Aatash Power Pvt Ltd                    Proposed LT Bk     CRISIL BBB-    87.9    Reaffirmed
                                        Loan Fac
Aatash Power Pvt Ltd                    TL                 CRISIL BBB-    192.1   Reaffirmed
Amarparkash Rice Exports Pvt Ltd        CC                 CRISIL D       45      Reaffirmed
Amarparkash Rice Exports Pvt Ltd        TL                 CRISIL D       95      Reaffirmed
Arun Oil Trade                          CC                 CRISIL BBB-    100     Reaffirmed
Arun Rega Bakery Machineries Pvt Ltd    CC                 CRISIL BB-     75      Assigned
Asian Spices                            Foreign Bill       CRISIL BB      67.5    Assigned
                                        Discounting
Bhima Boutique Pvt Ltd                  CC                 CRISIL BB+     370     Reaffirmed
Butterfly Gandhimathi Appliances Ltd    CC                 CRISIL BBB+    2050    Downgraded
                                                                                  from CRISIL A-
Butterfly Gandhimathi Appliances Ltd    LT Loan            CRISIL BBB+    770     Downgraded
                                                                                  from CRISIL A-
Butterfly Gandhimathi Appliances Ltd    Proposed TL        CRISIL BBB+    100     Downgraded
                                                                                  from CRISIL A-
Butterfly Gandhimathi Appliances Ltd    Proposed WC Fac    CRISIL BBB+    250     Downgraded
                                                                                  from CRISIL A-
Butterfly Gandhimathi Appliances Ltd    TL                 CRISIL BBB+    110     Downgraded
                                                                                  from CRISIL A-
C.I.Builders Pvt Ltd                    LT Loan            CRISIL BB-     100     Reaffirmed
C.I.Builders Pvt Ltd                    Mortgage Loan Fac  CRISIL BB-     64.4    Reaffirmed
C.I.Builders Pvt Ltd                    Overdraft          CRISIL BB-     175     Reaffirmed
Crafts India Industries                 CC                 CRISIL B       12.5    Assigned
Crafts India Industries                 LT Loan            CRISIL B       42.1    Assigned
Dewan and Sons                          Export Packing     CRISIL BBB     100     Upgraded from
                                        Credit                                    CRISIL BBB-
Dewan and Sons                          Foreign Bill       CRISIL BBB     150     Upgraded from
                                        Purchase                                  CRISIL BBB-
Dewan and Sons                          Standby Line of    CRISIL BBB     40      Upgraded from
                                        Credit                                    CRISIL BBB-
Dewan India                             Export Packing     CRISIL BBB-    25      Reaffirmed
                                        Credit
Dewan India                             Foreign Bill       CRISIL BBB-    25      Reaffirmed
                                        Purchase
Dewan India                             Standby LOC        CRISIL BBB-    10      Reaffirmed
Edelweiss Asset Reconstruction Co. Ltd  LT Bk Fac*         CRISIL AA-     500     Reaffirmed
*Interchangeable between long-term and short-term
Edelweiss Asset Reconstruction Co. Ltd  Proposed LT Bk     CRISIL AA-     5000    Assigned
                                        Loan Fac*
*Interchangeable between long-term and short-term
Forech India Pvt Ltd                    CC                 CRISIL BBB+    185     Reaffirmed
Forech India Pvt Ltd                    TL                 CRISIL BBB+    140     Assigned
Forech India Pvt Ltd                    Proposed LT Bk     CRISIL BBB+    125     Assigned
                                        Loan Fac
Fortpoint Automotive (Cars) Pvt Ltd     CC                 CRISIL B-      130     Reaffirmed
Fortpoint Automotive (Cars) Pvt Ltd     CC/ Overdraft Fac  CRISIL B-      50      Reaffirmed
Fortpoint Automotive (Cars) Pvt Ltd     Inventory Funding  CRISIL B-      492.5   Reaffirmed
                                        Fac
Fortpoint Automotive (Cars) Pvt Ltd     Proposed LT Bk     CRISIL B-      166.8   Reaffirmed
                                        Loan Fac
Fortpoint Automotive (Cars) Pvt Ltd     TL                 CRISIL B-      160.7   Assigned
Ginni Filaments Ltd                     CC                 CRISIL BB-     1750.3  Reaffirmed
Ginni Filaments Ltd                     Proposed FB Bk     CRISIL BB-     229.7   Reaffirmed
                                        Limits
Ginni Filaments Ltd                     Proposed TL        CRISIL BB-     307.3   Reaffirmed
Ginni Filaments Ltd                     TL                 CRISIL BB-     1603.9  Reaffirmed
Ginni Filaments Ltd                     WC TL              CRISIL BB-     188.8   Reaffirmed
H.P. International - Chandigarh         CC                 CRISIL B+      117.5   Assigned
Jaishree Krishna and Company            CC                 CRISIL B       100     Assigned
JMT Auto Ltd                            CC                 CRISIL B+      670     Issuer not
                                                                                  Cooperating
                                                                                  and Downgraded
                                                                                  from
                                                                                  CRISIL BB; 
Removed from Rating Watch with Negative Implications
JMT Auto Ltd                            Rupee TL           CRISIL B+      240     Issuer not
                                                                                  Cooperating
                                                                                  and Downgraded
                                                                                  from 
                                                                                  CRISIL BB;
Removed from Rating Watch with Negative Implications
JMT Auto Ltd                            TL                 CRISIL B+      550     Issuer not
                                                                                  Cooperating
                                                                                  and Downgraded
                                                                                  from
                                                                                  CRISIL BB; 
Removed from Rating Watch with Negative Implications
JMT Auto Ltd                            WC TL              CRISIL B+      80      Issuer not
                                                                                  Cooperating
                                                                                  and Downgraded
                                                                                  from 
                                                                                  CRISIL BB; 
Removed from Rating Watch with Negative Implications
Kavit Industries                        CC                 CRISIL B-      50      Reaffirmed
Kavit Industries                        TL                 CRISIL B-      6.6     Reaffirmed
KLJ Developers Pvt Ltd                  CC                 CRISIL BBB-    450     Reaffirmed
KLJ Realtech Pvt Ltd                    TL                 CRISIL BBB-    450     Reaffirmed
Kuttanadu Vikasana Samithy              Proposed LT Bk     CRISIL D       11.5    Downgraded
                                        Loan Fac                                  from CRISIL B
M and B Footwear Pvt Ltd                CC                 CRISIL BBB+    250     Upgraded from
                                                                                  CRISIL BBB
M.M.G. Holdings Pvt Ltd                 LT Loan            CRISIL B       142.8   Reaffirmed
M.M.G. Holdings Pvt Ltd                 Proposed LT Bk     CRISIL B       35.4    Reaffirmed
                                        Loan Fac
Magnum Mi Steel Pvt Ltd                 CC                 CRISIL BBB+    150     Upgraded from
                                                                                  CRISIL BBB
Magnum Mi Steel Pvt Ltd                 TL                 CRISIL BBB+    17.3    Upgraded from
                                                                                  CRISIL BBB
Metro Plywoods                          CC                 CRISIL B+      50      Assigned
Modi Motors Agencies Pvt Ltd            CC                 CRISIL BBB-    140     Reaffirmed
Modi Motors Agencies Pvt Ltd            Inventory Funding  CRISIL BBB-    520     Reaffirmed
                                        Fac
Modi Motors Agencies Pvt Ltd            Overdraft          CRISIL BBB-    25      Reaffirmed
Modi Motors Agencies Pvt Ltd            TL                 CRISIL BBB-    185     Reaffirmed
Mula Sahakari Sakhar Karkhana Ltd       TL                 CRISIL B       182.5   Reaffirmed
Mundhra Bullion Pvt Ltd                 Proposed WC Fac    CRISIL BB+     150     Upgraded from
                                                                                  CRISIL BB
Paramount Conductors Ltd                CC                 CRISIL B       110     Reaffirmed
Paramount Conductors Ltd                Proposed LT Bk     CRISIL B       42.5    Reaffirmed
                                        Loan Fac
Paramount Conductors Ltd                TL                 CRISIL B       7.5     Reaffirmed
Patwa Marketing Pvt Ltd                 CC                 CRISIL BB      80      Reaffirmed
Phooltas Transrail Ltd                  CC                 CRISIL BB+     40      Downgraded
                                                                                  from CRISIL
                                                                                  BBB/Negative;
Placed on Rating Watch with Negative Implications
Phooltas Transrail Ltd                  Proposed LT Bk     CRISIL BB+     1       Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BBB/Negative;
Placed on Rating Watch with Negative Implications
Phooltas Transrail Ltd                  Standby Line of    CRISIL BB+     5       Downgraded
                                        Credit                                    from CRISIL
                                                                                  BBB/Negative;
Placed on Rating Watch with Negative Implications
Prem Henna Pvt Ltd                      CC                 CRISIL BB-     480     Reaffirmed
Prem Henna Pvt Ltd                      Proposed LT Bk     CRISIL BB-     200.6   Reaffirmed
                                        Loan Fac
Prem Henna Pvt Ltd                      Rupee TL           CRISIL BB-     24.1    Reaffirmed
Prem Henna Pvt Ltd                      TL                 CRISIL BB-     95.3    Reaffirmed
Qmax Test Equipments Pvt Ltd            TL                 CRISIL BB      45      Upgraded from
                                                                                  CRISIL BB-
Rana Denim Pvt Ltd                      CC                 CRISIL BB-     80      Upgraded from
                                                                                  CRISIL B+
Rana Denim Pvt Ltd                      LT Loan            CRISIL BB-     66.1    Upgraded from
                                                                                  CRISIL B+
Rana Denim Pvt Ltd                      Proposed LT Bk     CRISIL BB-     65.1    Upgraded from
                                        Loan Fac                                  CRISIL B+
Rana Denim Pvt Ltd                      WC Demand Loan     CRISIL BB-     70      Upgraded from
                                                                                  CRISIL B+
Rathi Bars Ltd                          CC                 CRISIL BBB     250     Reaffirmed
Rathi Bars Ltd                          Proposed LT Bk     CRISIL BBB     37.5    Reaffirmed
                                        Loan Fac
Regent Resorts and Properties Pvt Ltd   CC                 CRISIL BB-     20      Reaffirmed
Regent Resorts and Properties Pvt Ltd   Proposed LT Bk     CRISIL BB-     192.5   Reaffirmed
                                        Loan Fac
Regent Resorts and Properties Pvt Ltd   TL                 CRISIL BB-     40      Reaffirmed
RM Dairy Products LLP                   CC                 CRISIL B+      80      Assigned
RM Dairy Products LLP                   TL                 CRISIL B+      149     Assigned
S V Creditline Pvt Ltd                  PS                 CRISIL BB      150     Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Speedcrafts Ltd                         CC                 CRISIL BB+     240     Downgraded
                                                                                  from CRISIL
                                                                                  BBB/Negative;
Placed on Rating Watch with Negative Implications
Speedcrafts Ltd                         Proposed LT Bk     CRISIL BB+     192.2   Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BBB/Negative;
Placed on Rating Watch with Negative Implications
Speedcrafts Ltd                         Standby Line of    CRISIL BB+     20      Downgraded
                                        Credit                                    from CRISIL
                                                                                  BBB/Negative; 
Placed on Rating Watch with Negative Implications
Speedcrafts Ltd                         TL                 CRISIL BB+     89      Downgraded
                                                                                  from CRISIL
                                                                                  BBB/Negative; 
Placed on Rating Watch with Negative Implications
Sri Bhagyalakshmi Agro Foods Pvt Ltd    CC                 CRISIL BB      125     Assigned
State Bank of Travancore                Tier I Bonds       CRISIL AA+     3000    Assigned
                                        (Under Basel III) 
State Bank of Travancore                Tier I Bonds       CRISIL AA+     6000    Reaffirmed
                                        (Under Basel III) 
State Bank of Travancore                Upper Tier II      CRISIL AAA     2000    Withdrawal
                                        Bonds (Under Basel
                                        II)
State Bank of Travancore                Tier II Bonds      CRISIL AAA     12500   Reaffirmed
                                        (Under Basel III)
State Bank of Travancore                Lower Tier II      CRISIL AAA     2500    Reaffirmed
                                        Bonds (Under Basel
                                        II)
State Bank of Travancore                Upper Tier II      CRISIL AAA     8000    Reaffirmed
                                        Bonds (Under Basel
                                        II)
State Bank of Travancore                Perpetual Tier I   CRISIL AAA     1000    Reaffirmed
                                        Bonds (Under Basel
                                        II) 
Sukra Jewels                            CC                 CRISIL BB-     100     Reaffirmed
Supreme Polymers Pvt Ltd                CC                 CRISIL BB      95      Reaffirmed
Supreme Polymers Pvt Ltd                Corporate Loan     CRISIL BB      20      Reaffirmed
Supreme Polymers Pvt Ltd                Proposed LT Bk     CRISIL BB      7       Reaffirmed
                                        Loan Fac
Swastik Denim Pvt Ltd                   CC                 CRISIL B+      15      Reaffirmed
Swastik Denim Pvt Ltd                   TL                 CRISIL B+      73      Reaffirmed
TRK Textile India Pvt Ltd               CC                 CRISIL BB-     240     Assigned
TRK Textile India Pvt Ltd               LT Loan            CRISIL BB-     210.5   Assigned
United India Shoe Corporation Pvt Ltd   Export Packing     CRISIL B       287     Reaffirmed
                                        Credit*
* Sublimit FBD - Non LC of Rs 5 Cr
United India Shoe Corporation Pvt Ltd   LT Loan            CRISIL B       200     Reaffirmed
United India Shoe Corporation Pvt Ltd   Proposed LT Bk     CRISIL B       10      Assigned
                                        Loan Fac
Urvarak Abhikaran Neemuch Pvt Ltd       CC                 CRISIL BB      60      Reaffirmed
Urvarak Abhikaran Neemuch Pvt Ltd       Proposed LT Bk     CRISIL BB      67.5    Reaffirmed
                                        Loan Fac
Vel Castings Pvt Ltd                    CC                 CRISIL B       10      Assigned
Vel Castings Pvt Ltd                    TL                 CRISIL B       110     Assigned
VMT Spinning Co. Ltd                    CC#                CRISIL AA-     60      Reaffirmed
#Interchangeable with Packing Credit and Bill Discounting
VMT Spinning Co. Ltd                    CC*                CRISIL AA-     90      Reaffirmed
*Interchangeable with Packing Credit & includes sub limit of Rs 2.5 crores for 
Foreign Bills Purchase/ Foreign Bills Discounting facilities
VMT Spinning Co. Ltd                    Proposed TL        CRISIL AA-     264     Reaffirmed
VMT Spinning Co. Ltd                    Proposed WC Fac    CRISIL AA-     5.5     Reaffirmed
VMT Spinning Co. Ltd                    TL                 CRISIL AA-     470.5   Reaffirmed
--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

CRISIL may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222 , E-mail at
rru.data@thomsonreuters.com)

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