March 5, 2019 / 4:36 AM / 9 months ago

CRISIL ratings for Indian debt instruments-Mar 5

    Mar 5 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of March 4, 2019.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Alps Chemicals Pvt Ltd                  LOC & BG           CRISIL A2      20      Upgraded from
                                                                                  CRISIL A3+
Alps Chemicals Pvt Ltd                  Packing Credit     CRISIL A2      180     Upgraded from
                                                                                  CRISIL A3+
Blue Diamond Leders                     LOC                CRISIL A4+     14.6    Reaffirmed
Elppe Chemicals Pvt Ltd                 LOC                CRISIL A3+     110     Upgraded from
                                                                                  CRISIL A3
Elppe Chemicals Pvt Ltd                 Packing Credit     CRISIL A3+     65      Upgraded from
                                                                                  CRISIL A3
Fancy Fittings Ltd                      BG                 CRISIL A4+     6       Downgraded
                                                                                  from CRISIL A3
Fancy Fittings Ltd                      LOC                CRISIL A4+     120     Downgraded
                                                                                  from CRISIL A3
Jain Brothers                           Letter Of GuaranteeCRISIL A4+     9.8     Assigned
Konvertor Packaging Solutions Pvt Ltd   BG                 CRISIL A4+     10      Assigned
Medall Healthcare Pvt Ltd               BG                 CRISIL A2+     50      Reaffirmed
Medall Healthcare Pvt Ltd               Proposed BG        CRISIL A2+     3       Reaffirmed
Medall Healthcare Pvt Ltd               Proposed ST Bk     CRISIL A2+     217     Reaffirmed
                                        Loan Fac
PNB Housing Finance Ltd                 CP Programme       CRISIL A1+     260000
Prime Shoes                             BG                 CRISIL A4+     1       Reaffirmed
Prime Shoes                             LOC                CRISIL A4+     2.5     Reaffirmed
Prime Shoes                             Packing Credit     CRISIL A4+     40      Reaffirmed
Rajapalayam Mills Ltd                   Foreign Exchange   CRISIL A1      30      Reaffirmed
                                        Forward@
@earlier rated as Derivative facility 
Rajapalayam Mills Ltd                   LOC#               CRISIL A1      400     Reaffirmed
#Interchangeable with buyers credit to the extent of Rs 15 crore  
Ratnam Stone Exports                    Packing Credit     CRISIL A4+     65      Reaffirmed
S R Constructions - Bangalore           BG                 CRISIL A3+     220     Reaffirmed
S R Constructions - Bangalore           Non-FBL            CRISIL A3+     2350    Reaffirmed
S R Constructions - Bangalore           Proposed NFBL      CRISIL A3+     390     Reaffirmed
Sandvik Asia Pvt Ltd                    LOC & BG^          CRISIL A1+     1273    Reaffirmed
^Short-term limit and PCFC limit are interchangeable
Sandvik Asia Pvt Ltd                    Packing Credit#    CRISIL A1+     375     Reaffirmed
#Buyer's credit fully interchangeable with packing credit
Shreedhar Cotsyn Pvt Ltd                Foreign Bill       CRISIL A4+     500     Reaffirmed
                                        Negotiation
Sowmiya Spinners Pvt Ltd                BG                 CRISIL A3+     21.8    Reaffirmed
Sowmiya Spinners Pvt Ltd                LOC                CRISIL A3+     110     Reaffirmed
TPF Engineering Pvt Ltd                 BG                 CRISIL A4+     145     Reaffirmed
Vitane Biologics Pvt Ltd                Import LOC Limit   CRISIL A4+     20      Reaffirmed
Wellknown Polyesters Ltd                CP                 CRISIL A1+             Assigned
 
MEDIUM TERM RATINGS:
-------------------
PNB Housing Finance Ltd                 FD Programme       FAAA           185000
 
LONG TERM RATINGS:
-------------------
Alok Industries                         CC                 CRISIL A-      20      Reaffirmed
Alok Masterbatches Pvt Ltd              CC                 CRISIL A-      300     Reaffirmed
Alok Masterbatches Pvt Ltd              Proposed WC Fac    CRISIL A-      24.5    Reaffirmed
Alok Masterbatches Pvt Ltd              WC Fac             CRISIL A-      400     Reaffirmed
Alok Masterbatches Pvt Ltd              Rupee TL           CRISIL A-      125.5   Reaffirmed
Alps Chemicals Pvt Ltd                  CC                 CRISIL BBB+    10      Upgraded from
                                                                                  CRISIL BBB
Alps Chemicals Pvt Ltd                  Proposed LT Bk     CRISIL BBB+    113.2   Upgraded from
                                        Loan Fac                                  CRISIL BBB
Avinash Developers Pvt Ltd              CC                 CRISIL BBB-    75      Reaffirmed
Avinash Developers Pvt Ltd              Lease Rental       CRISIL BBB-    710     Reaffirmed
                                        Discounting Loan
Avinash Developers Pvt Ltd              Proposed LT Bk     CRISIL BBB-    138     Reaffirmed
                                        Loan Fac
Avinash Developers Pvt Ltd              TL                 CRISIL BBB-    677     Reaffirmed
Balaji Action Buildwell                 CC                 CRISIL A       500     Reaffirmed
                                                                                  and Withdrawn
Balaji Action Buildwell                 LT Loan            CRISIL A       261.4   Reaffirmed
                                                                                  and Withdrawn
Balaji Action Buildwell                 Proposed LT Bk     CRISIL A       2038.6  Reaffirmed
                                        Loan Fac                                  and Withdrawn
Blue Diamond Leders                     Export Packing     CRISIL BB      72.5    Reaffirmed
                                        Credit
Blue Diamond Leders                     Foreign Bill       CRISIL BB      72.9    Reaffirmed
                                        Discounting
Elppe Chemicals Pvt Ltd                 Proposed LT Bk     CRISIL BBB     85      Upgraded from
                                        Loan Fac                                  CRISIL BBB-
Elppe Chemicals Pvt Ltd                 WC Fac             CRISIL BBB     150     Upgraded from
                                                                                  CRISIL BBB-
Fancy Fittings Ltd                      CC                 CRISIL BB+     210     Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
Fancy Fittings Ltd                      Corporate Loan     CRISIL BB+     16.7    Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
Fancy Fittings Ltd                      TL                 CRISIL BB+     90.4    Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
Jai Bhavani Poultry Farm                CC                 CRISIL B+      17.5    Reaffirmed
Jai Bhavani Poultry Farm                Rupee TL           CRISIL B+      42.5    Reaffirmed
Jain Brothers                           Proposed LT Bk     CRISIL BB-     40.2    Assigned
                                        Loan Fac
Jain Brothers                           Overdraft          CRISIL BB-     10      Assigned
Jain Brothers                           BG                 CRISIL BB-     40      Assigned
Konvertor Packaging Solutions Pvt Ltd   CC                 CRISIL BB+     70      Reaffirmed
Konvertor Packaging Solutions Pvt Ltd   Proposed WC Fac    CRISIL BB+     18.7    Reaffirmed
Konvertor Packaging Solutions Pvt Ltd   LT Loan            CRISIL BB+     50.7    Reaffirmed
Laxmi Hydraulics Pvt Ltd                CC                 CRISIL BBB-    112.3   Assigned
Laxmi Hydraulics Pvt Ltd                Proposed FB Bk     CRISIL BBB-    57.7    Assigned
                                        Limits
Medall Healthcare Pvt Ltd               CC & WC demand loanCRISIL A-      700     Reaffirmed
Medall Healthcare Pvt Ltd               LT Loan            CRISIL A-      810     Reaffirmed
Medall Healthcare Pvt Ltd               Proposed LT Bk     CRISIL A-      400     Reaffirmed
                                        Loan Fac
Narbada Dairy Foods And Farms Pvt Ltd   CC                 CRISIL B       10      Reaffirmed
Narbada Dairy Foods And Farms Pvt Ltd   Proposed LT Bk     CRISIL B       65      Reaffirmed
                                        Loan Fac
Narbada Dairy Foods And Farms Pvt Ltd   TL                 CRISIL B       79.4    Reaffirmed
PKP Processors                          CC                 CRISIL D       91      Downgraded
                                                                                  from CRISIL BB
PKP Processors                          Proposed LT Bk     CRISIL D       29      Downgraded
                                        Loan Fac                                  from CRISIL BB
PKP Processors                          TL                 CRISIL D       60      Downgraded
                                                                                  from CRISIL BB
PNB Housing Finance Ltd                 LT Loan            CRISIL AA+     11980   Reaffirmed
PNB Housing Finance Ltd                 Proposed LT Bk     CRISIL AA+     28020   Reaffirmed
                                        Loan Fac
PNB Housing Finance Ltd                 Lower Tier II BondsCRISIL AA+     4000
PNB Housing Finance Ltd                 Lower Tier II BondsCRISIL AA+     5000
PNB Housing Finance Ltd                 NCDs               CRISIL AA+     57000^
^including Rs.1100 crore, previously classified as bonds
Prime Shoes                             Foreign Bill       CRISIL BB      20      Reaffirmed
                                        Discounting
Prime Shoes                             Proposed LT Bk     CRISIL BB      56.5    Reaffirmed
                                        Loan Fac
Rajapalayam Mills Ltd                   CC                 CRISIL A       1300    Reaffirmed
Rajapalayam Mills Ltd                   LT Loan            CRISIL A       2774.3  Reaffirmed
Rajapalayam Mills Ltd                   Proposed LT Bk     CRISIL A       1026.1  Reaffirmed
                                        Loan Fac
Rajapalayam Mills Ltd                   WC Demand Loan**   CRISIL A       1037.1  Reaffirmed
**Includes Sub-limits of Rs. 13.71 Crores for Working Capital Term Loan, Rs. 20 Crores for Term
Loan, Rs. 50 Crores for purchase of bill discounting, Rs. 45 Crores for Foreign Bill
discounting, Rs. 15 Crores for letter for credit-backed bill discounting, Rs. 40 Crores for
Letter of Credit, Rs.60 Crores for Capex LC and Rs. 40 Crores for SBLC for Buyers Credit. 
Rajapalayam Mills Ltd                   WC Loan            CRISIL A       1950    Reaffirmed
Rajapalayam Mills Ltd                   WC TL              CRISIL A       107.1   Reaffirmed
Rajarathnam Construction Pvt Ltd        LT Loan            CRISIL B-      600     Migrated from
                                                                                  CRISIL D
(Issuer Not Cooperating)
S Homes                                 Proposed LT Bk     CRISIL D       2       Assigned
                                        Loan Fac
S Homes                                 TL                 CRISIL D       98      Assigned
S R Constructions - Bangalore           FB Fac             CRISIL BBB     12.5    Reaffirmed
S R Constructions - Bangalore           Non-FBL            CRISIL BBB     610     Reaffirmed
S R Constructions - Bangalore           Overdraft          CRISIL BBB     250     Reaffirmed
S R Constructions - Bangalore           Proposed WC Fac    CRISIL BBB     330     Reaffirmed
S R Constructions - Bangalore           Proposed FB Bk     CRISIL BBB     87.5    Reaffirmed
                                        Limits
Sandvik Asia Pvt Ltd                    CC*                CRISIL AA+     427     Reaffirmed
*Fully interchangeable with short-term loan
Shah Packwell Industries                CC                 CRISIL D       100     Migrated from
                                                                                  CRISIL D
(Issuer Not Cooperating)
Shah Packwell Industries                Proposed LT Bk     CRISIL D       25      Migrated from
                                        Loan Fac                                  CRISIL D
(Issuer Not Cooperating)
Shreedhar Cotsyn Pvt Ltd                Packing Credit     CRISIL BB      75      Upgraded from
                                                                                  CRISIL BB-
Six Sigma Medicare And Research Ltd     CC                 CRISIL B+      15      Assigned
Six Sigma Medicare And Research Ltd     TL                 CRISIL B+      195     Assigned
Sowmiya Spinners Pvt Ltd                CC                 CRISIL BBB     180     Reaffirmed
Sowmiya Spinners Pvt Ltd                LOC*               CRISIL BBB     110     Reaffirmed
*Fully interchangeable with cash credit
Sowmiya Spinners Pvt Ltd                Proposed LT Bk     CRISIL BBB     3.1     Reaffirmed
                                        Loan Fac
Sowmiya Spinners Pvt Ltd                Standby LOC        CRISIL BBB     25      Reaffirmed
Sowmiya Spinners Pvt Ltd                TL                 CRISIL BBB     90.1    Reaffirmed
Sowmiya Spinners Pvt Ltd                Warehouse Receipts CRISIL BBB     70      Reaffirmed
Swaroop Pharmaceuticals Pvt Ltd         CC                 CRISIL B+      65      Upgraded from
                                                                                  CRISIL C
TPF Engineering Pvt Ltd                 CC                 CRISIL BB+     10      Upgraded from
                                                                                  CRISIL BB
Vitane Biologics Pvt Ltd                CC                 CRISIL BB-     50      Reaffirmed
Vitane Biologics Pvt Ltd                TL                 CRISIL BB-     280     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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