April 30, 2020 / 8:15 AM / a month ago

CRISIL ratings for Indian debt instruments-Apr 30

   Apr 30  - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of April 29, 2020.


COMPANY                                INSTRUMENT        RATING        AMOUNT MOVEMENT
                                                                      (RS.MLN)
------                                 ----------        ------        -----  ---------
SHORT TERM RATINGS:
-------------------
A. T. Exports                          Pre Shipment Credit CRISIL A4+  70     Assigned
Amphenol Interconnect India Pvt Ltd    BG                CRISIL A1+    750    Assigned
Avon Ispat and Power Ltd               LOC               CRISIL A2+    1430   Reaffirmed
Bharat Constructions - Jammu           BG                CRISIL A4     25     Reaffirmed
C&S Electric Ltd                       LOC & BG          CRISIL A1     3727   Reaffirmed
Daawat Foods Ltd                       LOC & BG          CRISIL A2+    100    Reaffirmed
Dawar Footwear Industries              Packing Credit in CRISIL A3+    290    Reaffirmed
                                       Foreign Currency
Frick India Ltd                        BG                CRISIL A1     400    Reaffirmed
Frick India Ltd                        LOC               CRISIL A1     400    Reaffirmed
Frick India Ltd                        Proposed BG       CRISIL A1     95     Reaffirmed
G.D. Foods Manufacturing (India) Pvt Ltd BG              CRISIL A3     15     Reaffirmed
G.D. Foods Manufacturing (India) Pvt Ltd LOC             CRISIL A3     40     Reaffirmed
Grip Strapping Technologies Pvt Ltd    BG                CRISIL A4+    20     -
(Downgraded from 'CRISIL A3+')
HPM Chemicals and Fertilizers Ltd      LOC               CRISIL A2     100    Reaffirmed
IIFL Finance Ltd                       Secure Trust April Provisional   -      -
                                       2020 -Series A PTC CRISIL A1+(SO)
(Provisional Rating Assigned)
J. K. Fenner India Ltd                 Non-FBL           CRISIL A1+    1032   Reaffirmed
J. K. Fenner India Ltd                 Proposed ST Bk    CRISIL A1+    10     Reaffirmed
                                       Loan Fac
J. K. Fenner India Ltd                 CP                CRISIL A1+    600    Reaffirmed
LT Foods Ltd                           LOC & BG          CRISIL A2+    665    Reaffirmed
LT Foods Ltd                           Non-FBL           CRISIL A2+    290    -
Magnum Clothing Pvt Ltd                Export Packing    CRISIL A4+    300    Reaffirmed
                                       Credit & Export
                                       Bills Negotiation/Foreign Bill discounting
Manjeera Hotels and Resorts Pvt Ltd    Proposed BG       CRISIL A4+    10     Reaffirmed
Maruti Suzuki India Ltd                Proposed NFBL     CRISIL A1+    500    Reaffirmed
Mohini Organics Pvt Ltd                BG                CRISIL A3     1      Reaffirmed
Mohini Organics Pvt Ltd                Import LOC Limit  CRISIL A3     45     Reaffirmed
Mohini Organics Pvt Ltd                Packing Credit    CRISIL A3     4      Reaffirmed
Nature Bio-Foods Ltd                   Non-FBL           CRISIL A2+    210    Reaffirmed
Navneet Education Ltd                  BG                CRISIL A1+    20     Reaffirmed
Navneet Education Ltd                  CP                CRISIL A1+    3000   Reaffirmed
Novares India Automotive Pvt Ltd       LOC & BG          CRISIL A2     65     Reaffirmed
OMR Bagla Automotive Systems India Ltd Bill Discounting  CRISIL A3+    100    Reaffirmed
OMR Bagla Automotive Systems India Ltd Capex LOC         CRISIL A3+    25     Reaffirmed
OMR Bagla Automotive Systems India Ltd LOC & BG          CRISIL A3+    80     Reaffirmed
Overseas Health Care Pvt Ltd           BG                CRISIL A3     20     Reaffirmed
Piramal Capital and Housing Finance Ltd CP Programme     CRISIL A1+    50000  -
(Reduced from Rs.10500 Crore)
Piramal Enterprises Ltd                CP Programme      CRISIL A1+    60000  -
(Reduced from Rs.12000 Crore)
Piramal Enterprises Ltd                ST NCD            CRISIL A1+    15000  Withdrawn
Raghunath Agro Industries Pvt Ltd      LOC & BG          CRISIL A2+    20     Reaffirmed
Sarv Biolabs Pvt Ltd                   BG                CRISIL A3     5      Reaffirmed
Sarv Biolabs Pvt Ltd                   LOC               CRISIL A3     25     Reaffirmed
Sharda Cropchem Ltd                    BG                CRISIL A1+    5      Reaffirmed
Sharda Cropchem Ltd                    Bill Purchase     CRISIL A1+    200    Reaffirmed
                                       Discounting Fac
Sharda Cropchem Ltd                    Foreign Exchange  CRISIL A1+    25     Reaffirmed
                                       Forward
Sharda Cropchem Ltd                    LOC               CRISIL A1+    3500   Reaffirmed
Pratibha Industries Ltd                ST Loan           CRISIL D      27.4   Reaffirmed
(Issuer Not Cooperating)
Sharda Cropchem Ltd                    Overdraft         CRISIL A1+    20     Reaffirmed
Simar Infrastructures Ltd              BG                CRISIL A4+    150    Reaffirmed
Sri Sai Chandana API Pvt Ltd           LOC               CRISIL A4     20     Reaffirmed
Super Safe Logistics (India) Pvt Ltd   BG                CRISIL A4+    12.5   Reaffirmed
TVS Srichakra Ltd                      CP                CRISIL A1+    3000   Reaffirmed
Vardhaman Plastochem Pvt Ltd           BG                CRISIL A3     5      Reaffirmed
Vardhaman Plastochem Pvt Ltd           LOC               CRISIL A3     5      Reaffirmed

MEDIUM TERM RATINGS:
-------------------
J. K. Fenner India Ltd                 FD                FAA/Stable    -      Reaffirmed

LONG TERM RATINGS:
-------------------
A. T. Exports                          Post Shipment     CRISIL        50     Assigned
                                       Credit            BB/Stable
Akshar Enterprises - Nashik            CC                CRISIL        74.5   -
                                                         B+/Stable
Akshar Enterprises - Nashik            Proposed WC Fac   CRISIL        5.5    -
                                                         B+/Stable
Astitva Capital Market Pvt Ltd         Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Avon Ispat and Power Ltd               CC                CRISIL        270    Reaffirmed
                                                         A-/Stable
Avon Ispat and Power Ltd               LT Loan           CRISIL        730    Reaffirmed
                                                         A-/Stable
Bharat Constructions - Jammu           CC                CRISIL B/Stabl65     Reaffirmed
BL Kashyap and Sons Ltd                BG^               CRISIL D      3750   Reaffirmed
(Issuer Not Cooperating. ^Interchangeable with letter of credit to the extent of Rs 175 crore)
BL Kashyap and Sons Ltd                CC*               CRISIL D      2480   Reaffirmed
(Issuer Not Cooperating. *Interchangeable with working capital demand loan up to Rs 100 crore)
BL Kashyap and Sons Ltd                Cheque Discounting CRISIL D     20     Reaffirmed
(Issuer Not Cooperating)
C&S Electric Ltd                       CC                CRISIL A-     2100   Reaffirmed
C&S Electric Ltd                       External          CRISIL A-     86.3   Reaffirmed
                                       Commercial
                                       Borrowings
C&S Electric Ltd                       LOC & BG          CRISIL A-     700    Reaffirmed
C&S Electric Ltd                       TL                CRISIL A-     146.7  Reaffirmed
Daawat Foods Ltd                       LT Loan           CRISIL        250    Reaffirmed
                                                         A-/Stable
Daawat Foods Ltd                       Proposed WC Fac   CRISIL        2275   Reaffirmed
                                                         A-/Stable
Daawat Foods Ltd                       WC Fac            CRISIL        2500   Reaffirmed
                                                         A-/Stable
Dawar Footwear Industries              Export Packing    CRISIL        210    Reaffirmed
                                       Credit            BBB/Stable
Frick India Ltd                        Overdraft         CRISIL        195    Reaffirmed
                                                         A-/Stable
G.D. Foods Manufacturing (India) Pvt Ltd CC              CRISIL BBB-   400    Reaffirmed
G.D. Foods Manufacturing (India) Pvt Ltd Proposed FB Bk  CRISIL BBB-   153    Reaffirmed
                                       Limits
G.D. Foods Manufacturing (India) Pvt Ltd Rupee TL        CRISIL BBB-   170    Reaffirmed
G.D. Foods Manufacturing (India) Pvt Ltd WC TL           CRISIL BBB-   52     Reaffirmed
Grip Strapping Technologies Pvt Ltd    CC                CRISIL        150    -
                                                         BB+/Stable
(Downgraded from 'CRISIL BBB/Stable')
Grip Strapping Technologies Pvt Ltd    Channel Financing CRISIL        100    -
                                                         BB+/Stable
(Downgraded from 'CRISIL BBB/Stable')
Grip Strapping Technologies Pvt Ltd    Export Packing    CRISIL        50     -
                                       Credit            BB+/Stable
(Downgraded from 'CRISIL BBB/Stable')
Grip Strapping Technologies Pvt Ltd    Foreign LOC       CRISIL        140    -
                                                         BB+/Stable
(Downgraded from 'CRISIL BBB/Stable')
Grip Strapping Technologies Pvt Ltd    WC Demand Loan    CRISIL        20     -
                                                         BB+/Stable
(Downgraded from 'CRISIL BBB/Stable')
Healthplus Research And Medicentre LLP LT Loan           CRISIL        400    -
                                                         B-/Stable
(Upgraded from 'CRISIL D')
HPM Chemicals and Fertilizers Ltd      CC^               CRISIL        1000   Reaffirmed
                                                         BBB+/Stable
(^Fully interchangeable between fund based and non-fund based limits)
HPM Chemicals and Fertilizers Ltd      CC*               CRISIL        150    Reaffirmed
                                                         BBB+/Stable
(*Fully interchangeable with non=fund based limits)
HPM Chemicals and Fertilizers Ltd      CC@               CRISIL        180    Reaffirmed
                                                         BBB+/Stable
(@Fully interchangeable between fund based and non-fund based limits and Includes sub-limit of
Rs 18 crs of Import documentary credits, Import deferred payment credits, buyers credit, Rs 5
crs for bank guarantee) 
HPM Chemicals and Fertilizers Ltd      LOC^              CRISIL        270    Reaffirmed
                                                         BBB+/Stable
(^Fully interchangeable between fund based and non-fund based limits)
J. K. Fenner India Ltd                 FB Fac            CRISIL        1275   Reaffirmed
                                                         AA-/Stable
J. K. Fenner India Ltd                 Proposed LT Bk    CRISIL        304.6  Reaffirmed
                                       Loan Fac          AA-/Stable
J. K. Fenner India Ltd                 TL                CRISIL        886.5  Reaffirmed
                                                         AA-/Stable
J. K. Fenner India Ltd                 NCD               CRISIL        300    Reaffirmed
                                                         AA-/Stable
LT Foods Ltd                           Proposed FB Bk    CRISIL        2675   -
                                       Limits            A-/Stable
LT Foods Ltd                           Proposed LT Bk    CRISIL        145    Reaffirmed
                                       Loan Fac          A-/Stable
LT Foods Ltd                           Proposed WC Fac   CRISIL        1247.5 -
                                                         A-/Stable
LT Foods Ltd                           WC Fac            CRISIL        6852.5 Reaffirmed
                                                         A-/Stable
Maddi Lakshmaiah And Company Pvt Ltd   CC                CRISIL        300    Reaffirmed
                                                         A-/Stable
Maddi Lakshmaiah And Company Pvt Ltd   Proposed LT Bk    CRISIL        100    Reaffirmed
                                       Loan Fac          A-/Stable
Magnum Clothing Pvt Ltd                LT Loan           CRISIL        35     Reaffirmed
                                                         BB-/Stable
Manjeera Hotels and Resorts Pvt Ltd    Proposed Overdraft CRISIL       30     Reaffirmed
                                       Fac               BB+/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Manjeera Hotels and Resorts Pvt Ltd    Proposed TL       CRISIL        80     Reaffirmed
                                                         BB+/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Manjeera Hotels and Resorts Pvt Ltd    TL                CRISIL        130    Reaffirmed
                                                         BB+/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Maruti Suzuki India Ltd                Proposed FB Bk    CRISIL        29500  Reaffirmed
                                       Limits*           AAA/Stable
(*Interchangeable with non-fund based facilities to the extent of Rs 2330 crore)
Mohini Organics Pvt Ltd                CC                CRISIL        50     Reaffirmed
                                                         BBB-/Stable
Mohini Organics Pvt Ltd                LT Loan           CRISIL        18.5   Reaffirmed
                                                         BBB-/Stable
Mohini Organics Pvt Ltd                Proposed LT Bk    CRISIL        1.5    Reaffirmed
                                       Loan Fac          BBB-/Stable
Nature Bio-Foods Ltd                   Proposed LT Bk    CRISIL        417    Reaffirmed
                                       Loan Fac          A-/Stable
Nature Bio-Foods Ltd                   WC Fac            CRISIL        998    Reaffirmed
                                                         A-/Stable
Novares India Automotive Pvt Ltd       CC                CRISIL        100    Reaffirmed
                                                         BBB+/Stable
Novares India Automotive Pvt Ltd       LT Loan           CRISIL        130    Reaffirmed
                                                         BBB+/Stable
Novares India Automotive Pvt Ltd       Proposed LT Bk    CRISIL        27     Reaffirmed
                                       Loan Fac          BBB+/Stable
OMR Bagla Automotive Systems India Ltd CC                CRISIL        40     Reaffirmed
                                                         BBB/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
OMR Bagla Automotive Systems India Ltd Proposed LT Bk    CRISIL        65     Reaffirmed
                                       Loan Fac          BBB/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Overseas Health Care Pvt Ltd           CC                CRISIL        180    Reaffirmed
                                                         BBB-/Stable
Overseas Health Care Pvt Ltd           Proposed LT Bk    CRISIL        20     Reaffirmed
                                       Loan Fac          BBB-/Stable
Ovobel Foods Ltd                       Rating Advisory   -             -      -
(CRISIL vide its publication dated March 31, 2020 highlighted the aspect of non-co-operation by
Ovobel Foods Limited.)
Pratibha Industries Ltd                TL                CRISIL D      1088.3 Reaffirmed
(Issuer Not Cooperating)
Raghunath Agro Industries Pvt Ltd      Proposed FB Bk    CRISIL        305    Reaffirmed
                                       Limits            A-/Stable
Raghunath Agro Industries Pvt Ltd      WC Fac            CRISIL        800    Reaffirmed
                                                         A-/Stable
Rudra Alloys Pvt Ltd                   LT Rating         CRISIL        -      -
                                                         BB-/Stable
(Migrated from 'CRISIL BB-/Stable ISSUER NOT COOPERATING')
Salasar Dineshchandra Infraprojects Pvt TL               CRISIL A      1700   Reaffirmed
Ltd
(Outlook revised from 'Positive' and rating reaffirmed)
Sarv Biolabs Pvt Ltd                   CC                CRISIL        200    Reaffirmed
                                                         BBB-/Stable
Sarv Biolabs Pvt Ltd                   Export Packing    CRISIL        20     Reaffirmed
                                       Credit            BBB-/Stable
Sarv Biolabs Pvt Ltd                   TL                CRISIL        20     Reaffirmed
                                                         BBB-/Stable
Simar Infrastructures Ltd              CC                CRISIL        100    Reaffirmed
                                                         BB/Stable
Sri Ram Balaji Chemicals               CC                CRISIL        74     Reaffirmed
                                                         B+/Stable
Sri Ram Balaji Chemicals               Proposed WC Fac   CRISIL        6      Assigned
                                                         B+/Stable
Sri Sai Chandana API Pvt Ltd           CC                CRISIL        30     Reaffirmed
                                                         B+/Stable
Sri Sai Chandana API Pvt Ltd           LT Loan           CRISIL        99.8   Reaffirmed
                                                         B+/Stable
Sri Sai Chandana API Pvt Ltd           Proposed LT Bk    CRISIL        20.2   Reaffirmed
                                       Loan Fac          B+/Stable
Sudha Business Enterprises Pvt Ltd     CC                CRISIL        25     -
                                                         B+/Stable
(Downgraded from 'CRISIL BB-/Stable')
Sudha Business Enterprises Pvt Ltd     CC/ Overdraft Fac CRISIL        93     -
                                                         B+/Stable
(Downgraded from 'CRISIL BB-/Stable')
Sudha Business Enterprises Pvt Ltd     Inventory Funding CRISIL        115    -
                                       Fac               B+/Stable
(Downgraded from 'CRISIL BB-/Stable')
Sudha Business Enterprises Pvt Ltd     LT Loan           CRISIL        13.8   -
                                                         B+/Stable
(Downgraded from 'CRISIL BB-/Stable')
Sudha Business Enterprises Pvt Ltd     Proposed LT Bk    CRISIL        103.2  -
                                       Loan Fac          B+/Stable
(Downgraded from 'CRISIL BB-/Stable')
Super Safe Logistics (India) Pvt Ltd   LT Loan           CRISIL        40     Reaffirmed
                                                         BB/Stable
Super Safe Logistics (India) Pvt Ltd   Overdraft         CRISIL        50     Reaffirmed
                                                         BB/Stable
Super Safe Logistics (India) Pvt Ltd   Proposed Overdraft CRISIL       37.5   Reaffirmed
                                       Fac               BB/Stable
TCS and Associates Pvt Ltd             LT Rating         CRISIL        -      Reaffirmed
                                                         BB/Stable
Thermal Systems (Hyderabad) Pvt Ltd    Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Toughglass India Pvt Ltd               CC                CRISIL        49     Reaffirmed
                                                         BB/Stable
Toughglass India Pvt Ltd               Proposed WC Fac   CRISIL        21     Assigned
                                                         BB/Stable
Umachi Foods & Commodities Pvt Ltd     WC Fac            CRISIL D      90     -
(Issuer Not Cooperating)
Vardhaman Educational Society          LT Loan           CRISIL        12     Reaffirmed
                                                         B+/Stable
Vardhaman Educational Society          Proposed LT Bk    CRISIL        15.5   Reaffirmed
                                       Loan Fac          B+/Stable
Vardhaman Educational Society          Secured Overdraft CRISIL        87.5   Reaffirmed
                                       Fac               B+/Stable
Vardhaman Plastochem Pvt Ltd           CC                CRISIL        115    Reaffirmed
                                                         BBB-/Stable
Vardhaman Plastochem Pvt Ltd           Proposed LT Bk    CRISIL        48.4   Reaffirmed
                                       Loan Fac          BBB-/Stable
Vardhaman Plastochem Pvt Ltd           TL                CRISIL        71.6   Assigned
                                                         BBB-/Stable
VenkhataSrinivasa Infracon Pvt Ltd     Overdraft         CRISIL D      60     -
(ISSUER NOT COOPERATING; Downgraded from 'CRISIL B/Stable)
Venkhata Srinivasa Infracon Pvt Ltd    Proposed LT Bk    CRISIL D      4      -
                                       Loan Fac
(ISSUER NOT COOPERATING; Downgraded from 'CRISIL B/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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