April 6, 2018 / 7:07 AM / 15 days ago

CRISIL ratings for Indian debt instruments-Apr 6

    Apr 6 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of April 5, 2018.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Aarkay Instruments Pvt Ltd              BG                 CRISIL A4+     30      Migrated from
                                                                                  CRISIL A4
Issuer Not Cooperating
Aarkay Instruments Pvt Ltd              Inland/Import LOC  CRISIL A4+     20      Migrated from
                                                                                  CRISIL A4
Issuer Not Cooperating
Baba Construction                       BG                 CRISIL A4      31.5    Assigned
Beardsell Ltd                           CP                 CRISIL A1+     10      Reaffirmed
Capital Business Systems Pvt Ltd        BG                 CRISIL A3      100     Reaffirmed
Capital Business Systems Pvt Ltd        ST Loan            CRISIL A3      120     Reaffirmed
Capital Record Centre Pvt Ltd           BG                 CRISIL A3      10      Reaffirmed
Chartered Speed Pvt Ltd                 BG                 CRISIL A2      340     Reaffirmed
Das and Sons Infracon Pvt Ltd           BG                 CRISIL A4+     30.1    Migrated from
                                                                                  CRISIL A4+
Issuer Not Cooperating
Diamond Nuts                            Foreign Bill       CRISIL A4      30      Reaffirmed
                                        Discounting
Gallantt Ispat Ltd                      BG                 CRISIL A3      60      CRISIL A3
Gallantt Ispat Ltd                      LOC                CRISIL A3      400     CRISIL A3
Gallantt Ispat Ltd                      Proposed NFBL      CRISIL A3      20      CRISIL A3
Gautam Technocast                       BG                 CRISIL A4+     12      Reaffirmed
Gautam Technocast                       LOC                CRISIL A4+     20      Reaffirmed
Gujarat Fluorochemicals Ltd             LOC & BG*          CRISIL A1+     3450    Reaffirmed
*Interchangeable with short-term debt to the extent of Rs 250 crore.
Gujarat Fluorochemicals Ltd             ST Loan@#          CRISIL A1+     7900    Reaffirmed
#Interchangeable with letter of credit & bank guarantee to the extent of Rs 700 crore
@Interchangeable with overdraft facility to the extent of Rs 340 crore 
Hamilton Housewares Pvt Ltd             LOC                CRISIL A1+     1250    Reaffirmed
Hamilton Housewares Pvt Ltd             Proposed LOC       CRISIL A1+     117.4   Reaffirmed
Home Credit India Finance Pvt Ltd       Series A1 PTCs     Provisional    -       -
                                                           CRISIL A1
Provisional Rating Assigned
Home Credit India Finance Pvt Ltd       Series A2 PTCs     Provisional    -       -
                                                           CRISIL A3
Provisional Rating Assigned
JRC KCVR Projects                       Proposed BG        CRISIL A4+     367.5   Assigned
Kaynes Technology India Pvt Ltd         Overdraft          CRISIL A3      50      Reaffirmed
Kaynes Technology India Pvt Ltd         Packing Credit     CRISIL A3      330     Reaffirmed
Kaynes Technology India Pvt Ltd         ST Loan            CRISIL A3      40      Reaffirmed
Minda Corporation Ltd                   LOC                CRISIL A1      95      Reaffirmed
Minda Corporation Ltd                   Standby Line of    CRISIL A1      606.1   Reaffirmed
                                        Credit
Minda SAI Ltd                           LOC                CRISIL A1      110     Reaffirmed
Motherson Sumi Systems Ltd              Foreign Exchange   CRISIL A1+     50      Reaffirmed
                                        Forward$**@
$**@ Foreign exchange forward has a notional value of Rs 250 crore
Motherson Sumi Systems Ltd              LOC^***            CRISIL A1+     500     Reaffirmed
^*** Interchangeable with Bank Guarantee
Motherson Sumi Systems Ltd              LOC$*              CRISIL A1+     500     Reaffirmed
$* Interchangeable with Bank Guarantee, Forward Limit
Multifilms Plastics Pvt Ltd             Non-FBL            CRISIL A4+     55      Assigned
Pashupati Capital Services Pvt Ltd      BG                 CRISIL A3      2500    Reaffirmed
R.K.Engineers Sales Ltd                 BG                 CRISIL A3+     720     Reaffirmed
Rajshekhar Constructions Pvt Ltd        BG                 CRISIL A4      100     Reaffirmed
Reydel Automotive India Pvt Ltd         LOC & BG           CRISIL A2      20      -
Rating Watch with Positive Implications'
Riata Life Sciences Pvt Ltd             LOC                CRISIL A4+     10      Reaffirmed
S.R.Chaddha Industries Ltd.             BG                 CRISIL A3      1250    Reaffirmed
Sparkle Commercial Pvt Ltd              Proposed LOC       CRISIL A4+     15      Assigned
Sparkle Commercial Pvt Ltd              LOC                CRISIL A4+     60      Assigned
Sunrise Glass Industries Pvt Ltd        LOC                CRISIL A3      100     Assigned
Sunrise Glass Industries Pvt Ltd        BG                 CRISIL A3      30      Assigned
Superking Glass and Ceramic Pvt Ltd     LOC                CRISIL A4+     10      Reassigned
Tata Projects Ltd                       CP                 CRISIL A1+     800     Reaffirmed
Aarkay Instruments Pvt Ltd              CC                 CRISIL BB-     30      Migrated from
                                                                                  CRISIL B+
Issuer Not Cooperating

MEDIUM TERM RATINGS:
-------------------
Beardsell Ltd                           FD Programme       FB+            5       Reaffirmed



LONG TERM RATINGS:
-------------------
Ashok Auto Sales Ltd                    CC                 CRISIL BBB     300     Upgraded from
                                                                                  CRISIL BBB-
Ashok Auto Sales Ltd                    Channel Financing  CRISIL BBB     1225    Upgraded from
                                                                                  CRISIL BBB-
Ashok Auto Sales Ltd                    Proposed FB Bk     CRISIL BBB     325     Upgraded from
                                        Limits                                    CRISIL BBB-
Ashok Auto Sales Ltd                    Proposed Inventory CRISIL BBB     150     Upgraded from
                                        Funding                                   CRISIL BBB-
Baba Construction                       Proposed CC Limit  CRISIL B       38.5    Assigned
Baba Construction                       Proposed BG        CRISIL B       161.5   Assigned
Baba Construction                       CC                 CRISIL B       18.5    Assigned
Begorra Infrastructure and Developers   CC                 CRISIL BB      180     Upgraded from
Pvt Ltd                                                                           CRISIL B+
Candy Spirits Pvt Ltd                   CC                 CRISIL BBB     180     Reaffirmed
Capital Business Systems Pvt Ltd        CC                 CRISIL BBB-    210     Reaffirmed
Capital Record Centre Pvt Ltd           CC                 CRISIL BBB-    30      Reaffirmed

Capital Record Centre Pvt Ltd           TL                 CRISIL BBB-    97      Reaffirmed
Casagrand Builder Pvt Ltd               Proposed LT Bk     CRISIL BBB-    1755    -
                                        Loan Fac
Issuer Not Cooperating; Migrated from 'CRISIL BBB
Casagrand Builder Pvt Ltd               TL                 CRISIL BBB-    495     -
Issuer Not Cooperating; Migrated from 'CRISIL BBB
Chartered Speed Pvt Ltd                 CC                 CRISIL BBB+    140     Reaffirmed
Chartered Speed Pvt Ltd                 Drop Line          CRISIL BBB+    20      Reaffirmed
                                        Overdraft Fac
Continental Automotive Components       CC/ Overdraft Fac  CRISIL BBB+    1000    Reaffirmed 
(India) Pvt Ltd
Continental Automotive Components       Overdraft          CRISIL BBB+    500     Reaffirmed 
(India) Pvt Ltd
Das and Sons Infracon Pvt Ltd           LT Loan            CRISIL BB-     1.7     Migrated from
                                                                                  CRISIL BB
Issuer Not Cooperating
Das and Sons Infracon Pvt Ltd           Overdraft          CRISIL BB-     60      Migrated from
                                                                                  CRISIL BB
Issuer Not Cooperating
Diamond Nuts                            CC                 CRISIL B+      70      Reaffirmed
Diamond Nuts                            Packing Credit     CRISIL B+      80      Reaffirmed
Diamond Nuts                            Proposed LT Bk     CRISIL B+      120     Reaffirmed
                                        Loan Fac
Essel Finance VKC Forex Ltd             CC & WC demand loanCRISIL BBB     517.5   Assigned
Essel Finance VKC Forex Ltd             Overdraft          CRISIL BBB     190     Assigned
ETA Powergen Pvt Ltd                    LT Loan            CRISIL D       188.8   Issuer Not
                                                                                  Cooperating;
ETA Powergen Pvt Ltd                    Proposed LT Bk     CRISIL D       113.4   Issuer Not
                                        Loan Fac                                  Cooperating;
ETA Powergen Pvt Ltd                    WC TL              CRISIL D       17.8    Issuer Not
                                                                                  Cooperating;
Eurokids International Pvt Ltd          Overdraft          CRISIL A-      200     Reaffirmed
Euroschool Properties and               TL                 CRISIL A-      840     Reaffirmed
Infrastructure Pvt Ltd
Gagana Enterprises                      CC                 CRISIL B+      25      Assigned
Gagana Enterprises                      Proposed LT Bk     CRISIL B+      5       Assigned
                                        Loan Fac
Gallantt Ispat Ltd                      CC                 CRISIL BBB-    500     CRISIL
                                                                                  BBB-/Stable
Gallantt Ispat Ltd                      LT Loan            CRISIL BBB-    300     CRISIL
                                                                                  BBB-/Stable
Gautam Technocast                       CC                 CRISIL BB+     120     -
Outlook revised from 'Stable' and rating reaffirmed
Gautam Technocast                       Drop Line          CRISIL BB+     80      -
                                        Overdraft Fac
Outlook revised from 'Stable' and rating reaffirmed
Gautam Technocast                       Proposed LT Bk     CRISIL BB+     36.5    -
                                        Loan Fac
Outlook revised from 'Stable' and rating reaffirmed
Gujarat Fluorochemicals Ltd             Proposed LT Bk     -              5000    Withdrawal
                                        Loan Fac
Gujarat Fluorochemicals Ltd             Foreign Currency TLCRISIL AA      1687.5  Reaffirmed
Gujarat Fluorochemicals Ltd             Proposed LT Bk     CRISIL AA      1962.5  Reaffirmed
                                        Loan Fac
Gulf Petrochem India Pvt Ltd            Proposed LT Bk     CRISIL A-(SO)  222.7   Reaffirmed
                                        Loan Fac
Gulf Petrochem India Pvt Ltd            TL                 CRISIL A-(SO)  2107.3  Reaffirmed
Hamilton Housewares Pvt Ltd             CC                 CRISIL AA-     800     Reaffirmed
Hamilton Housewares Pvt Ltd             Proposed LT Bk     CRISIL AA-     316.1   Reaffirmed
                                        Loan Fac
Hamilton Housewares Pvt Ltd             Proposed TL        CRISIL AA-     200     Reaffirmed
Hamilton Housewares Pvt Ltd             TL                 CRISIL AA-     62.5    Reaffirmed
JRC KCVR Projects                       Drop Line          CRISIL BB+     122.5   Assigned
                                        Overdraft Fac
JRC KCVR Projects                       Overdraft          CRISIL BB+     10      Assigned
Kaynes Technology India Pvt Ltd         Bill Discounting   CRISIL BBB-    120     -
Outlook revised from 'Stable' and rating reaffirmed
Kaynes Technology India Pvt Ltd         CC                 CRISIL BBB-    260     -
Outlook revised from 'Stable' and rating reaffirmed
Kaynes Technology India Pvt Ltd         LT Loan            CRISIL BBB-    65.5    -
Outlook revised from 'Stable' and rating reaffirmed
Kaynes Technology India Pvt Ltd         TL                 CRISIL BBB-    60.6    -
Outlook revised from 'Stable' and rating reaffirmed
Kaynes Technology India Pvt Ltd         Proposed FB Bk     CRISIL BBB-    288.9   -
                                        Limits
Outlook revised from 'Stable' and rating reaffirmed
Kshatriya Constructions                 Overdraft          CRISIL BB-     100     Assigned
Majestic Property Developers Pvt Ltd    Proposed LT Bk     CRISIL B+      100     Assigned
                                        Loan Fac
Minda Corporation Ltd                   CC                 CRISIL A       779     Reaffirmed
Minda Corporation Ltd                   External           CRISIL A       260.9   Reaffirmed
                                        Commercial
                                        Borrowings
Minda Corporation Ltd                   TL                 CRISIL A       359     Reaffirmed
Minda Furukawa Electric Pvt Ltd         Bill Discounting   CRISIL BBB+    75      Reaffirmed
Minda Furukawa Electric Pvt Ltd         CC                 CRISIL BBB+    60      Reaffirmed
Minda Furukawa Electric Pvt Ltd         CC & WC demand loanCRISIL BBB+    15      Reaffirmed
Minda SAI Ltd                           CC                 CRISIL A       645     Reaffirmed
Minda SAI Ltd                           FB Fac             CRISIL A       270     Reaffirmed
Minda SAI Ltd                           TL                 CRISIL A       175     Reaffirmed
Minda VAST Access Systems Pvt Ltd       CC                 CRISIL A-      250     Reaffirmed
Motherson Sumi Systems Ltd              CC*                CRISIL AA      3000    Reaffirmed
*Interchangeable with Working Capital Demand Loan, Packing Credit in Foreign Currency, Foreign
Bill Purchase
Motherson Sumi Systems Ltd              CC**               CRISIL AA      300     Reaffirmed
** Interchangeable with Working Capital Demand Loan, Export Packing Credit, Foreign Bill
Purchase, Foreign Bill Discounting
Motherson Sumi Systems Ltd              CC***              CRISIL AA      400     Reaffirmed
*** Interchangeable with Working Capital Demand Loan, Packing Credit in Foreign Currency,
Foreign Bill Discounting
Motherson Sumi Systems Ltd              CC$                CRISIL AA      400     Reaffirmed
$ Interchangeable with Foreign Bill Discounting, Packing Credit in Foreign Currency
Motherson Sumi Systems Ltd              CC&                CRISIL AA      650     Reaffirmed
& Interchangeable with Working Capital Demand Loan, Usance Letter of Credit
Motherson Sumi Systems Ltd              Overdraft^*        CRISIL AA      450     Reaffirmed
^* Interchangeable with Working Capital Demand Loan, Packing Credit in Foreign Currency
Motherson Sumi Systems Ltd              Overdraft^**       CRISIL AA      800     Reaffirmed
^** Interchangeable with Working Capital Demand Loan, Packing Credit in Foreign Currency, Export
Bill Discounting
Motherson Sumi Systems Ltd              Proposed LT Bk     CRISIL AA      100     Reaffirmed
                                        Loan Fac
Multifilms Plastics Pvt Ltd             FB Fac             CRISIL BB+     80      Assigned
Multifilms Plastics Pvt Ltd             Proposed TL        CRISIL BB+     12.5    Assigned
Multifilms Plastics Pvt Ltd             TL                 CRISIL BB+     7.5     Assigned
Oriental Textiles Industries            CC                 CRISIL D       80      Downgraded
                                                                                  from CRISIL B
Pashupati Capital Services Pvt Ltd      Overdraft          CRISIL BBB-    80      Assigned
R.K.Engineers Sales Ltd                 CC                 CRISIL BBB     30      Reaffirmed
Raja Udyog Pvt Ltd                      CC                 CRISIL BBB     583.5   Assigned
Raja Udyog Pvt Ltd                      TL                 CRISIL BBB     16.5    Assigned
Rajshekhar Constructions Pvt Ltd        Drop Line          CRISIL B+      150     Reaffirmed
                                        Overdraft Fac
Ravina Health Care Pvt Ltd              TL                 CRISIL D       160     -
Downgraded from 'CRISIL B
Reydel Automotive India Pvt Ltd         CC & WC demand loanCRISIL BBB+    170     -
Rating Watch with Positive Implications'
Reydel Automotive India Pvt Ltd         Rupee TL           CRISIL BBB+    380     -
Rating Watch with Positive Implications'
Riata Life Sciences Pvt Ltd             CC                 CRISIL BB+     10      Upgraded from
                                                                                  CRISIL BB
Riata Life Sciences Pvt Ltd             Proposed LT Bk     CRISIL BB+     70      Upgraded from
                                        Loan Fac                                  CRISIL BB
Riata Life Sciences Pvt Ltd             TL                 CRISIL BB+     10      Upgraded from
                                                                                  CRISIL BB
S.R.Chaddha Industries Ltd.             CC                 CRISIL BBB-    650     Reaffirmed
S.R.Chaddha Industries Ltd.             Proposed LT Bk     CRISIL BBB-    950     Reaffirmed
                                        Loan Fac
SAN Automotive Industries Pvt Ltd       CC                 CRISIL C       55      Downgraded
                                                                                  from CRISIL
                                                                                  BB-
SAN Automotive Industries Pvt Ltd       LT Loan            CRISIL C       38      Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Sango Auto Forge Pvt Ltd                CC                 Withdrawal     30      Issuer Not
                                                                                  Cooperating;
Sango Auto Forge Pvt Ltd                TL                 Withdrawal     25.6    Issuer Not
                                                                                  Cooperating;
Seetharama Cotton Industries            CC                 CRISIL B+      60      Reaffirmed
Sparkle Commercial Pvt Ltd              Proposed CC Limit  CRISIL BB      5       Assigned
Sree Lakshmi Balaji Industries          CC                 CRISIL B+      40      Reaffirmed
Sri Venkateswara Boiled and Raw Rice    CC                 CRISIL BB-     110     Assigned
Mill
Sunrise Glass Industries Pvt Ltd        TL                 CRISIL BBB-    120     Assigned
Sunrise Glass Industries Pvt Ltd        CC                 CRISIL BBB-    210     Assigned
Superking Glass and Ceramic Pvt Ltd     CC                 CRISIL BB      50      Reaffirmed
Superking Glass and Ceramic Pvt Ltd     TL                 CRISIL BB      40      Reaffirmed
Tata Capital Ltd                        CC & WC demand loanCRISIL AA+     150     Reaffirmed
Tata Capital Ltd                        Proposed LT Bk     CRISIL AA+     100     Reaffirmed
                                        Loan Fac

--------------------------------------------------------------------------------------------
$: 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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