April 2, 2019 / 6:13 AM / 3 months ago

CRISIL ratings for Indian debt instruments-Apr 2

    Apr 2 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of April 1, 2019.

COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
BDG Metal and Power Ltd                 Non-FBL            CRISIL A2      1400    Reaffirmed
Crystal India                           Inland/Import LOC  CRISIL A4      80      Reaffirmed
Edelweiss Securities Ltd                CP                 CRISIL A1+     10000   Reaffirmed
Glenmark Pharmaceuticals Ltd            BG                 CRISIL A1+     100     Reaffirmed
Glenmark Pharmaceuticals Ltd            LOC                CRISIL A1+     1000    Reaffirmed
Glenmark Pharmaceuticals Ltd            Proposed ST Bk     CRISIL A1+     4500    Reaffirmed
                                        Loan Fac
Glenmark Pharmaceuticals Ltd            ST Loan            CRISIL A1+     7200    Reaffirmed
Injectoplast Pvt Ltd                    BG                 CRISIL A2      20      -
(Continues on Rating Watch with Negative Implications)
Injectoplast Pvt Ltd                    LOC                CRISIL A2      50      -
(Continues on Rating Watch with Negative Implications)
Jupiter Alloys and Steel India Ltd      BG                 CRISIL A2      145     Withdrawn
Jupiter Alloys and Steel India Ltd      LOC                CRISIL A2      25      Withdrawn
Jupiter Wagons Ltd                      BG                 CRISIL A2      485     Reaffirmed
Jupiter Wagons Ltd                      LOC                CRISIL A2      390     Reaffirmed
Jupiter Wagons Ltd                      Proposed LOC       CRISIL A2      100     Reaffirmed
KKR India Asset Finance Pvt Ltd         CP                 CRISIL A1+     5000    Reaffirmed
Navabharat Ltd                          LOC                CRISIL A2      300     Upgraded from
                                                                                  CRISIL A3+
Navneet Education Ltd                   BG                 CRISIL A1+     20      Reaffirmed
Navneet Education Ltd                   CP                 CRISIL A1+     3000    Reaffirmed
NBM Iron and Steel Trading Pvt Ltd      Foreign Exchange   CRISIL A4+     13.9    Assigned
                                        Forward
NBM Iron and Steel Trading Pvt Ltd      LOC                CRISIL A4+     600     Assigned
Nirmal Wires Pvt Ltd                    BG                 CRISIL A2      97      Reaffirmed
Nirmal Wires Pvt Ltd                    LOC                CRISIL A2      128     Reaffirmed
Olympia Tech Park (Chennai) Pvt Ltd     BG                 CRISIL A2      191.6   Reassigned
Shri Gangajali Education Society        BG                 CRISIL A2      115     Reaffirmed
Soundarya Decorators Pvt Ltd            BG                 CRISIL A4      200     -
(Placed on Rating Watch with Negative Implications)
Spic Fashions Pvt Ltd                   Bills              CRISIL A4+     30      CRISIL A4+ 
                                        Discount/Cheque
                                        Purchase
Spic Fashions Pvt Ltd                   Packing Credit     CRISIL A4+     35      CRISIL A4+ 
TATA AutoComp Hendrickson Suspensions   BG**               CRISIL A1+     120     Reaffirmed
Pvt Ltd
** Interchangeable with Letter of Credit
Tata Ficosa Automotive Systems Ltd      Bill Discounting   CRISIL A2+     75      Reaffirmed
Tata Ficosa Automotive Systems Ltd      LOC*               CRISIL A2+     90      Reaffirmed
*Interchangeable with bank guarantee to the extent of Rs.2.0 Crore
Woven Fabric Company                    Foreign Bill       CRISIL A4+     20      Reaffirmed
                                        Discounting
Woven Fabric Company                    LOC                CRISIL A4+     5       Reaffirmed
Woven Fabric Company                    Packing Credit     CRISIL A4+     25      Reaffirmed

LONG TERM RATINGS:
-------------------
Akshay Enterprises - Pune               Proposed TL        CRISIL B+      100     Assigned
BDG Metal and Power Ltd                 CC                 CRISIL BBB+    808.2   Reaffirmed
BDG Metal and Power Ltd                 TL                 CRISIL BBB+    515.5   Reaffirmed
Clover Energy Pvt Ltd                   Proposed TL        CRISIL D       105.7   Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Clover Energy Pvt Ltd                   TL                 CRISIL D       2164    Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Crystal India                           CC                 CRISIL B+      120     Upgraded from
                                                                                  CRISIL B
Edelweiss Securities Ltd                CC                 CRISIL AA      500     Reaffirmed
Edelweiss Securities Ltd                Overdraft*         CRISIL AA      7000    Reaffirmed
*interchangeable with short term bank facilities
Edelweiss Securities Ltd                Proposed LT Bk     CRISIL AA      5300    Reaffirmed
                                        Loan Fac
Glenmark Pharmaceuticals Ltd            CC                 CRISIL AA-     3250    Reaffirmed
(Outlook revised from Negative)
Glenmark Pharmaceuticals Ltd            LT Loan            CRISIL AA-     1000    Reaffirmed
(Outlook revised from Negative)
Glenmark Pharmaceuticals Ltd            WC Demand Loan     CRISIL AA-     1450    Reaffirmed
(Outlook revised from Negative)
Grade 1 Timbers                         CC                 CRISIL B+      150     Assigned
Injectoplast Pvt Ltd                    CC                 CRISIL BBB+    150     -
(Continues on Rating Watch with Negative Implications)
Injectoplast Pvt Ltd                    Proposed LT Bk     CRISIL BBB+    105     -
                                        Loan Fac
(Continues on Rating Watch with Negative Implications)
Iris Ecopower Venture Pvt Ltd           TL                 CRISIL D       1095.5  Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Jupiter Alloys and Steel India Ltd      CC                 CRISIL BBB+    240     Withdrawn
Jupiter Wagons Ltd                      CC                 CRISIL BBB+    750     Reaffirmed
Jupiter Wagons Ltd                      LT Loan            CRISIL BBB+    240     Reaffirmed
Jupiter Wagons Ltd                      Proposed BG        CRISIL BBB+    100     Reaffirmed
Jupiter Wagons Ltd                      Proposed LT Bk     CRISIL BBB+    85      Reaffirmed
                                        Loan Fac
Jupiter Wagons Ltd                      Proposed CC Limit  CRISIL BBB+    300     Reaffirmed

KKR India Asset Finance Pvt Ltd         Proposed LT Bk     CRISIL AA      14450   Reaffirmed
                                        Loan Fac
KKR India Asset Finance Pvt Ltd         TL                 CRISIL AA      21050   Reaffirmed
KKR India Asset Finance Pvt Ltd         NCD                CRISIL AA      10000   Reaffirmed
Leap Green Energy Pvt Ltd               TL                 CRISIL B       310     Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Lotus Clean Power Venture Pvt Ltd       TL                 CRISIL D       1294.6  Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Maloo Industries                        CC                 CRISIL BB-     150     Assigned
Maple Renewable Power Pvt Ltd           TL                 CRISIL D       1788.2  Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Mirones Builders and Developers Pvt Ltd CC                 CRISIL BB      115     Reaffirmed
Navabharat Ltd                          CC                 CRISIL BBB+    432     Upgraded from
                                                                                  CRISIL BBB
Navabharat Ltd                          LT Loan            CRISIL BBB+    468     Upgraded from
                                                                                  CRISIL BBB
NBM Iron and Steel Trading Pvt Ltd      WC Fac             CRISIL BB      95      Assigned
Nirmal Wires Pvt Ltd                    CC                 CRISIL BBB+    777.7   Reaffirmed
Nirmal Wires Pvt Ltd                    LT Loan            CRISIL BBB+    46.2    Reaffirmed
NV Distilleries Pvt Ltd                 CC                 CRISIL BBB-    600     Upgraded from
                                                                                  CRISIL BB+
Olive Ecopower Pvt Ltd                  TL                 CRISIL D       882.8   Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Olympia Tech Park (Chennai) Pvt Ltd     Drop Line          CRISIL BBB+    255     Migrated from
                                        Overdraft Fac                             CRISIL BBB+
                                                                                  ISSUER NOT
COOPERATING* 
Olympia Tech Park (Chennai) Pvt Ltd     LT Loan            CRISIL BBB+    3360    Migrated from
                                                                                  CRISIL BBB+
                                                                                  ISSUER NOT
COOPERATING* 
Olympia Tech Park (Chennai) Pvt Ltd     Proposed LT Bk     CRISIL BBB+    13.4    Migrated from
                                        Loan Fac                                  CRISIL BBB+
                                                                                  ISSUER NOT
COOPERATING* 
Olympia Tech Park (Chennai) Pvt Ltd     Overdraft          CRISIL BBB+    350     Migrated from
                                                                                  CRISIL BBB+
                                                                                  ISSUER NOT
COOPERATING* 
Orchid Renewable Powertech Pvt Ltd      Proposed TL        CRISIL D       10      Downgraded
                                                                                  from CRISIL BB
Orchid Renewable Powertech Pvt Ltd      TL                 CRISIL D       1640    Downgraded
                                                                                  from CRISIL BB
Pipe Distributors                       CC                 CRISIL BB-     110     Withdrawn
Pipe Field                              CC                 CRISIL BB-     65      Withdrawn
Roofco Trading Company Pvt Ltd          CC                 CRISIL BB-     130     Withdrawn
Roofco Trading Company Pvt Ltd          Proposed LT Bk     CRISIL BB-     30      Withdrawn
                                        Loan Fac
Satin Creditcare Network Ltd            Series A2 PTCs     Provisional    108.4   Assigned
                                                           CRISIL A (SO)
Satin Creditcare Network Ltd            Series A1 PTCs     Provisional    1500    Assigned
                                                           CRISIL AA (SO)
Shri Gangajali Education Society        Loan Against       CRISIL BBB+    250     Reaffirmed
                                        Property
Shri Gangajali Education Society        Proposed LT Bk     CRISIL BBB+    125     Reaffirmed
                                        Loan Fac
Shri Gangajali Education Society        TL                 CRISIL BBB+    825.8   Reaffirmed
Soundarya Decorators Pvt Ltd            CC                 CRISIL B-      50      -
(Placed on Rating Watch with Negative Implications)
Spic Fashions Pvt Ltd                   Proposed LT Bk     CRISIL BB-     31.3    CRISIL BB-
                                        Loan Fac
Spic Fashions Pvt Ltd                   TL                 CRISIL BB-     8.7     CRISIL BB-
TATA AutoComp Hendrickson Suspensions   CC*                CRISIL A+      10      Reaffirmed
Pvt Ltd
*Interchangeable with bank guarantee
Tata Ficosa Automotive Systems Ltd      CC                 CRISIL A-      65      Reaffirmed
Tata Ficosa Automotive Systems Ltd      LT Loan            CRISIL A-      180     Reaffirmed
Tata Ficosa Automotive Systems Ltd      Proposed LT Bk     CRISIL A-      16.4    Reaffirmed
                                        Loan Fac
Tulip Renewable Powertech Pvt Ltd       TL                 CRISIL B       2060    Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Violet Green Power Pvt Ltd              TL                 CRISIL B       660     Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Woven Fabric Company                    CC                 CRISIL BB      14      Upgraded from
                                                                                  CRISIL BB-
Woven Fabric Company                    LT Loan            CRISIL BB      35      Upgraded from
                                                                                  CRISIL BB-
Woven Fabric Company                    Proposed LT Bk     CRISIL BB      1       Upgraded from
                                        Loan Fac                                  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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