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CRISIL ratings for Indian debt instruments-Aug 19

    Aug 19  - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of August 18, 2020.


COMPANY                                INSTRUMENT        RATING        AMOUNT MOVEMENT
                                                                      (RS.MLN)
------                                 ----------        ------        -----  ---------
SHORT TERM RATINGS:
-------------------
Alphageo (India) Ltd                   BG                CRISIL A2     848    Reaffirmed
Aryan Energy Pvt Ltd                   BG                CRISIL A3     254    Reaffirmed
(Continues on 'Rating Watch with Negative Implications')
EFD Induction Pvt Ltd                  BG                CRISIL A3+    90     Reaffirmed
Galwalia Ispat Udyog Pvt Ltd           LOC               CRISIL A3+    50     Reaffirmed
Goa Sponge and Power Ltd               BG                CRISIL A4     40     Assigned
(Assigned; Suspension Revoked)
Kaveri Agro Industries Pvt Ltd         LOC               CRISIL A4+    10     Reaffirmed
Kaveri Agro Industries Pvt Ltd         Proposed ST Bk    CRISIL A4+    4
                                       Loan Fac
North Eastern Carrying Corporation Ltd BG                CRISIL A4+    10     Withdrawn
(Rating reaffirmed and Withdrawn)
North Eastern Carrying Corporation Ltd CC                CRISIL A4+    600    Withdrawn
(Rating reaffirmed and Withdrawn)
North Eastern Carrying Corporation Ltd Drop Line         CRISIL A4+    70     Withdrawn
                                       Overdraft Fac
(Rating reaffirmed and Withdrawn)
North Eastern Carrying Corporation Ltd Proposed LT Bk    CRISIL A4+    200    Withdrawn
                                       Loan Fac
(Rating reaffirmed and Withdrawn)
Sahyadri Farmers Producer Co. Ltd      Foreign Exchange  CRISIL A2     150    Reaffirmed
                                       Forward
Sahyadri Farmers Producer Co. Ltd      Packing Credit in CRISIL A2     290    Reaffirmed
                                       Foreign Currency
Shoft Shipyard Pvt Ltd                 BG                CRISIL A3+    838.5  Reaffirmed
Shoft Shipyard Pvt Ltd                 LOC               CRISIL A3+    10     Reaffirmed
Shoft Shipyard Pvt Ltd                 Overdraft         CRISIL A3+    213.5  -
Shoft Shipyard Pvt Ltd                 Proposed NFBL     CRISIL A3+    1622.4 -
Star Wire India Engineering Ltd        BG                CRISIL A2     75     Reaffirmed
Star Wire India Ltd                    BG                CRISIL A1     1166   Reaffirmed
Star Wire India Ltd                    CP                CRISIL A1     200    Withdrawn
Synergy Ski Infradevelopment           BG                CRISIL A4+    75     Reaffirmed
Uflex Ltd                              LOC               CRISIL A1     250    Reaffirmed
(Continues on 'Rating Watch with Developing Implications')
 
LONG TERM RATINGS:
-------------------
Alkaloids Corporation                  CC                CRISIL BB+ /  138    Withdrawn
                                                         Stable
(Issuer Not Cooperating)
Alphageo (India) Ltd                   CC                CRISIL        400    Reaffirmed
                                                         BBB+/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Andru Minerals                         Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Aryan Energy Pvt Ltd                   BG                -             555    Withdrawn
Aryan Energy Pvt Ltd                   CC                -             90     Withdrawn
Aryan Energy Pvt Ltd                   Proposed LT Bk    -             41     Withdrawn
                                       Loan Fac
Aryan Energy Pvt Ltd                   WC Demand Loan*   CRISIL BBB-   60     Assigned
(*Includes cash credit of Rs 1 crore as sub-limit of WCDL. 
Continues on 'Rating Watch with Negative Implications')
AVI Appliances Pvt Ltd                 Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
EFD Induction Pvt Ltd                  CC                CRISIL        110    Reaffirmed
                                                         BBB/Stable
Ess Kay Fincorp Ltd                    Proposed LT Bk    CRISIL        2750   Reaffirmed
                                       Loan Fac          A/Stable
Ess Kay Fincorp Ltd                    TL                CRISIL        3150   Reaffirmed
                                                         A/Stable
Ess Kay Fincorp Ltd                    WC Demand Loan    CRISIL        100    Reaffirmed
                                                         A/Stable
Ess Kay Fincorp Ltd                    NCD               CRISIL        1200   Assigned
                                                         A/Stable
Ess Kay Fincorp Ltd                    NCD               CRISIL        1000   Reaffirmed
                                                         A/Stable
Ess Kay Fincorp Ltd                    NCD               CRISIL        500    Reaffirmed
                                                         A/Stable
Ess Kay Fincorp Ltd                    NCD               CRISIL        850    Reaffirmed
                                                         A/Stable
Ess Kay Fincorp Ltd                    NCD               CRISIL        860    Reaffirmed
                                                         A/Stable
Ess Kay Fincorp Ltd                    NCD               CRISIL        1000   Reaffirmed
                                                         A/Stable
Ess Kay Fincorp Ltd                    NCD               CRISIL        1000   Reaffirmed
                                                         A/Stable
Ess Kay Fincorp Ltd                    NCD               CRISIL        1500   Reaffirmed
                                                         A/Stable
Ess Kay Fincorp Ltd                    NCD               CRISIL        3000   Reaffirmed
                                                         A/Stable
Ess Kay Fincorp Ltd                    LT Principal      CRISIL PP-MLD 320    Reaffirmed
                                       Protected Market  Ar/Stable
                                       Linked Debentures
Ess Kay Fincorp Ltd                    LT Principal      CRISIL PP-MLD 500    Reaffirmed
                                       Protected Market  Ar/Stable
                                       Linked Debentures
Galwalia Ispat Udyog Pvt Ltd           CC                CRISIL        462.5  Reaffirmed
                                                         BBB/Stable
Galwalia Ispat Udyog Pvt Ltd           LT Loan           CRISIL        13.3   Reaffirmed
                                                         BBB/Stable
Galwalia Ispat Udyog Pvt Ltd           Proposed FB Bk    CRISIL        213.9  Assigned
                                       Limits            BBB/Stable
Goa Sponge and Power Ltd               Bill Discounting  CRISIL        50     Assigned
                                                         B+/Stable
(Assigned; Suspension Revoked)
Goa Sponge and Power Ltd               CC                CRISIL        460    Assigned
                                                         B+/Stable
(Assigned; Suspension Revoked)
Goa Sponge and Power Ltd               LT Loan           CRISIL        160    Assigned
                                                         B+/Stable
(Assigned; Suspension Revoked)
Hodek Vibration Technologies Pvt Ltd   Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Hoshiarpur Automobiles                 Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Ilpea Paramount Ltd                    CC                -             90     Withdrawn
Indian Bank                            Tier I Bonds      CRISIL        10000  -
                                       (Under Basel III) AA/Negative
(Downgraded from 'CRISIL AA+' ; Removed from 'Rating Watch with Developing Implications')
Indian Bank                            Infrastructure    CRISIL        10000  -
                                       Bonds             AAA/Negative
(Removed from 'Rating Watch with Developing Implications'; Rating Reaffirmed)
Indian Bank                            Tier II Bonds     CRISIL        6000   -
                                       (Under Basel III) AAA/Negative
(Removed from 'Rating Watch with Developing Implications'; Rating Reaffirmed)
Indian Bank                            Tier II Bonds     CRISIL        10000  -
                                       (Under Basel III) AAA/Negative
(Removed from 'Rating Watch with Developing Implications'; Rating Reaffirmed)
Indian Bank                            Upper Tier-II     CRISIL        5000   -
                                       Bonds (under Basel AAA/Negative
                                       II)
(Removed from 'Rating Watch with Developing Implications'; Rating Reaffirmed)
Indian Bank                            Lower Tier-II     CRISIL        5000   -
                                       Bonds (under Basel AAA/Negative
                                       II)
(Removed from 'Rating Watch with Developing Implications'; Rating Reaffirmed)
Jama Corporation Pvt Ltd               Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Kaveri Agro Industries Pvt Ltd         CC                CRISIL        30     Reaffirmed
                                                         BB-/Stable
Kaveri Agro Industries Pvt Ltd         TL                CRISIL        6      Assigned
                                                         BB-/Stable
Kusalava Motors Pvt Ltd                CC                CRISIL        90     Reaffirmed
                                                         BB+/Stable
Kusalava Motors Pvt Ltd                Channel Financing CRISIL        250    Reaffirmed
                                                         BB+/Stable
Kusalava Motors Pvt Ltd                Proposed LT Bk    CRISIL        30     Reaffirmed
                                       Loan Fac          BB+/Stable
Lincon Polymers Pvt Ltd                Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Max Hypermarket India Pvt Ltd          TL                -             1233.1 Withdrawn
Max Hypermarket India Pvt Ltd          WC Demand Loan*   -             16.9   Withdrawn
(*Fully interchangeable with cash credit, interchangeable with letter of credit to Rs 1 crore
and bank guarantee to Rs 0.5 crore)
Mindspace Business Parks REIT          Corporate Credit  CCR AAA/Stable -     -
(Mindspace REIT)                       Rating
(Converted from Provisional Rating to Final Rating)
Prabhat Steel Industries               Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Propellum Infotech Pvt Ltd             Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Royal Chains Pvt Ltd                   Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Sahyadri Farmers Producer Co. Ltd      Proposed WC Fac   CRISIL        35     Reaffirmed
                                                         BBB+/Stable
Sahyadri Farmers Producer Co. Ltd      Rupee TL          CRISIL        355    Reaffirmed
                                                         BBB+/Stable
Sahyadri Farmers Producer Co. Ltd      WC Fac            CRISIL        70     Reaffirmed
                                                         BBB+/Stable
Sai Fertility Centre and Hospital      CC                CRISIL        20     Reaffirmed
                                                         B/Stable
Sai Fertility Centre and Hospital      Proposed LT Bk    CRISIL        6      Reaffirmed
                                       Loan Fac          B/Stable
Sai Fertility Centre and Hospital      TL                CRISIL        164    Assigned
                                                         B/Stable
Satguru Agro Oil Industries            CC                CRISIL        60     Reaffirmed
                                                         B+/Stable
Satguru Agro Oil Industries            Proposed LT Bk    CRISIL        10     Reaffirmed
                                       Loan Fac          B+/Stable
Shoft Shipyard Pvt Ltd                 LT Loan           CRISIL        15.6   Reaffirmed
                                                         BBB/Positive
Shoft Shipyard Pvt Ltd                 Overdraft         CRISIL        50     -
                                                         BBB/Positive
Shree Satguru Agro and Oil Products Pvt CC               CRISIL        70     Reaffirmed
Ltd                                                      B+/Stable
Shree Satguru Agro and Oil Products Pvt Proposed LT Bk   CRISIL        15     Reaffirmed
Ltd                                    Loan Fac          B+/Stable
Star Wire India Engineering Ltd        CC                CRISIL        25     Reaffirmed
                                                         BBB+/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Star Wire India Engineering Ltd        Proposed CC Limit CRISIL        23.7   Reaffirmed
                                                         BBB+/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Star Wire India Engineering Ltd        Standby Line of   CRISIL        10     Reaffirmed
                                       Credit            BBB+/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Star Wire India Engineering Ltd        TL                CRISIL        176.3  Reaffirmed
                                                         BBB+/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Star Wire India Ltd                    CC                CRISIL        2000   Reaffirmed
                                                         A/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Star Wire India Ltd                    Proposed FB Bk    CRISIL        44     Reaffirmed
                                       Limits            A/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Star Wire India Ltd                    TL                CRISIL        2350   Assigned
                                                         A/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Subhlaxmi Syntex Ltd                   Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Synergy Ski Infradevelopment           CC                CRISIL        100    Reaffirmed
                                                         BB/Stable
Synergy Ski Infradevelopment           Proposed WC Fac   CRISIL        25     Reaffirmed
                                                         BB/Stable
Trans Asian Shipping Services Pvt Ltd  BG                CRISIL        5.8    Withdrawn
                                                         BB+/Stable
(Issuer Not Cooperating)
Trans Asian Shipping Services Pvt Ltd  LT Loan           CRISIL        116.2  Withdrawn
                                                         BB+/Stable
(Issuer Not Cooperating)
Trans Asian Shipping Services Pvt Ltd  Overdraft         CRISIL        728    Withdrawn
                                                         BB+/Stable
(Issuer Not Cooperating)
Uflex Ltd                              LT Loan           CRISIL A      9230   Reaffirmed
(Continues on 'Rating Watch with Developing Implications')
Uflex Ltd                              Proposed FB Bk    CRISIL A      4770   Reaffirmed
                                       Limits
(Continues on 'Rating Watch with Developing Implications')
Uflex Ltd                              WC Fac            CRISIL A      7750   Reaffirmed
(Continues on 'Rating Watch with Developing Implications')
Zycus Infotech Pvt Ltd                 Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
--------------------------------------------------------------------------------------------
$: 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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