June 9, 2020 / 8:19 AM / 2 months ago

CRISIL ratings for Indian debt instruments-Jun 9

   Jun 9  - Below are the ratings awarded by Credit Rating Information Service of India (CRISIL)
for local debt instruments as of June 8, 2020.


COMPANY                                INSTRUMENT        RATING        AMOUNT MOVEMENT
                                                                      (RS.MLN)
------                                 ----------        ------        -----  ---------
SHORT TERM RATINGS:
-------------------
Continental Warehousing Corporation    BG#               CRISIL A1     500    -
(Nhava Seva) Ltd
(Continues on 'Rating Watch with Developing Implications'; Rating Withdrawn. 
#Fund-based sub-limit of Rs 40 crore)
Continental Warehousing Corporation    CC**              CRISIL A1     400    -
(Nhava Seva) Ltd
(Continues on 'Rating Watch with Developing Implications'; Rating Withdrawn. 
**Working capital demand loan sub-limit of Rs 40 crore)
Continental Warehousing Corporation    Proposed LT Bk    CRISIL A1     28.4   -
(Nhava Seva) Ltd                       Loan Fac
(Continues on 'Rating Watch with Developing Implications'; Rating Withdrawn)
Continental Warehousing Corporation    TL                CRISIL A1     3940   -
(Nhava Seva) Ltd
(Continues on 'Rating Watch with Developing Implications'; Rating Withdrawn)
Indus Towers Ltd                       BG                CRISIL A1+    1500   Reaffirmed
Indus Towers Ltd                       Overdraft*        CRISIL A1+    10500  Reaffirmed
(*Interchangeable with Working Capital Demand Loan)
Indus Towers Ltd                       ST Loan           CRISIL A1+    15500  Reaffirmed
Indus Towers Ltd                       ST Loan*          CRISIL A1+    10000  Reaffirmed
(*Interchangeable with Working Capital Demand Loan)
Indus Towers Ltd                       ST Loan^          CRISIL A1+    3000   Reaffirmed
(^Interchangeable with overdraft)
Indus Towers Ltd                       CP                CRISIL A1+    25000  Reaffirmed
KNR Constructions Ltd                  LOC & BG          CRISIL A1+    13700  Reaffirmed
KNR Constructions Ltd                  Proposed LOC & BG CRISIL A1+    1400   Reaffirmed
Saraswathi Engineering Construction Pvt BG               CRISIL A4     45     Reaffirmed
Ltd
Texspin Bearings Ltd                   Bill Discounting  CRISIL A2+    50     Reaffirmed
Texspin Bearings Ltd                 CC & WC demand loan CRISIL A2+    150    Reaffirmed
Texspin Bearings Ltd                   Foreign Exchange  CRISIL A2+    12.8   Reaffirmed
                                       Fac
Thangamman Textiles - Coimbatore       BG                CRISIL A4     3.9    Reaffirmed
Uniclan HealthCare Pvt Ltd             Import LOC Limit  CRISIL A4     15     Assigned
Uniclan HealthCare Pvt Ltd             BG                CRISIL A4     15     Assigned
Vandana Timber Pvt Ltd                 LOC               CRISIL A4+    150    Reaffirmed


LONG TERM RATINGS:
-------------------
Alliance Infrastructure Projects Pvt Ltd NCD             CRISIL        1700   -
                                                         B+/Stable
(ISSUER NOT COOPERATING: Revised from 'CRISIL BB+/Stable ISSUER NOT COOPERATING)
Ashoka Highways (Bhandara) Ltd         Rupee TL          CRISIL        1540   Reaffirmed
                                                         BBB+/Stable
Ashoka Highways (Bhandara) Ltd         NCD               CRISIL        1700   Reaffirmed
                                                         BBB+/Stable
Ashoka Highways (Durg) Ltd             Project Loan      CRISIL        2050   -
                                                         BBB/Stable
(Downgraded from 'CRISIL BBB+/Stable')
Campus Student Communities Pvt Ltd     NCD               CRISIL        300    -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Migrated from 'CRISIL BB-/Stable')
CHW Forge Pvt Ltd                      Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Continental Warehousing Corporation    BG#               -             500    Withdrawn
(Nhava Seva) Ltd
(#Fund-based sub-limit of Rs 40 crore)
Continental Warehousing Corporation    CC**              -             400    Withdrawn
(Nhava Seva) Ltd
(**Working capital demand loan sub-limit of Rs 40 crore)
Continental Warehousing Corporation    Proposed LT Bk    -             28.4   Withdrawn
(Nhava Seva) Ltd                       Loan Fac
Continental Warehousing Corporation    TL                -             3940   Withdrawn
(Nhava Seva) Ltd
Indus Towers Ltd                       Proposed LT Bk    CRISIL AA+    47500  Reaffirmed
                                       Loan Fac
(Continues on 'Rating Watch with Negative Implications')
Indus Towers Ltd                       TL                CRISIL AA+    27000  Assigned
(Continues on 'Rating Watch with Negative Implications')
Indus Towers Ltd                       Bond              CRISIL AA+    25000  -
KNR Constructions Ltd                  CC                CRISIL        1380   Reaffirmed
                                                         AA-/Stable
KNR Constructions Ltd                  LOC & BG          CRISIL        900    Reaffirmed
                                                         AA-/Stable
KNR Constructions Ltd                  LT Loan           CRISIL        500    Reaffirmed
                                                         AA-/Stable
KNR Constructions Ltd                  Proposed CC Limit CRISIL        120    Reaffirmed
                                                         AA-/Stable
Machino Polymers Ltd                   Rating Advisory   -             -      -
(CRISIL vide its publication dated May 30, 2020 highlighted the aspect of 
non-co-operation by Machino Polymers Limited)
Muthoot Fincorp Ltd                    NCD               CRISIL        -      Final Rating
                                                         AA+(CE)/Stable
(Converted from Provisional Rating to Final Rating)
Muthu Silk House                       CC                CRISIL        65     Reaffirmed
                                                         B+/Stable
Ozone Infra Con Pvt Ltd                NCD               CRISIL        780    -
                                                         B+/Stable
(ISSUER NOT COOPERATING: Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING')
Parasakthi Agencies                    CC                CRISIL        55     Reaffirmed
                                                         BB-/Stable
Parasakthi Agencies                    TL                CRISIL        5      Reaffirmed
                                                         BB-/Stable
Samunnati Agro Solutions Pvt Ltd       Proposed LT Bk    CRISIL        700    Assigned
                                       Loan Fac          BBB+/Stable
Saraswathi Engineering Construction Pvt CC/ Overdraft Fac CRISIL       45     Reaffirmed
Ltd                                                      B+/Stable
Saraswathi Engineering Construction Pvt Proposed Overdraft CRISIL      10     Reaffirmed
Ltd                                    Fac               B+/Stable
Shivangan Food and Pharma Products Pvt CC                CRISIL        50     Assigned
Ltd                                                      BB-/Stable
Shivangan Food and Pharma Products Pvt TL                CRISIL        26.5   Assigned
Ltd                                                      BB-/Stable
Shushrusha Citizens Co-Op. Hospital Ltd Rating Advisory  -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Snehal Enterprises                     CC                CRISIL D      340    -
(ISSUER NOT COOPERATING; Downgraded from 'CRISIL B+/Stable)
Somany Fine Vitrified Pvt Ltd          Rating Advisory   -             -      -
(CRISIL vide its publication dated May 22, 2020 highlighted the aspect of non-co-operation by
Somany Fine Vitrified Private Limited.)
Sona Textiles Pvt Ltd                  CC                CRISIL        240    Reaffirmed
                                                         BBB-/Stable
Texspin Bearings Ltd                   CC                CRISIL        550    Reaffirmed
                                                         A-/Stable
Texspin Bearings Ltd                   Proposed LT Bk    CRISIL        69.2   Reaffirmed
                                       Loan Fac          A-/Stable
Texspin Bearings Ltd                   TL                CRISIL        458    Reaffirmed
                                                         A-/Stable
Texspin Bearings Ltd                   WC Demand Loan    CRISIL        150    Reaffirmed
                                                         A-/Stable
Texspin Bearings Ltd                   WC Fac            CRISIL        350    Reaffirmed
                                                         A-/Stable
Thangamman Textiles - Coimbatore       CC               CRISIL B/Stable 27.5  Reaffirmed
Thangamman Textiles - Coimbatore       TL               CRISIL B/Stable 38.6  Reaffirmed
Uniclan HealthCare Pvt Ltd             TL                CRISIL        80     Assigned
                                                         B+/Stable
Uniclan HealthCare Pvt Ltd             CC/ Overdraft Fac CRISIL        70     Assigned
                                                         B+/Stable
Unique Infraspace Pvt Ltd              Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Vandana Timber Pvt Ltd                 CC                CRISIL        33     Reaffirmed
                                                         BB-/Stable
Vandana Timber Pvt Ltd                 Proposed FB Bk    CRISIL        3      Reaffirmed
                                       Limits            BB-/Stable
--------------------------------------------------------------------------------------------
$: 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@refinitiv.com)
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