August 2, 2019 / 4:17 AM / 17 days ago

CRISIL ratings for Indian debt instruments-Aug 2

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


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                          (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Arihant Steels - Mumbai                 LOC                CRISIL A3      200     Reaffirmed
Borkar Packaging Pvt Ltd                LOC & BG           CRISIL A3+     308
Downgraded from 'CRISIL A2'
Borkar Packaging Pvt Ltd                Packing Credit     CRISIL A3+     30
Downgraded from 'CRISIL A2'
BSL Castings Pvt Ltd                    Post Shipment      CRISIL A3+     70      Reaffirmed
                                        Credit
Continental Engines Pvt Ltd             BG                 CRISIL A2      175     Reaffirmed
Continental Engines Pvt Ltd             Capex LOC          CRISIL A2      80      Reaffirmed
Continental Engines Pvt Ltd             Export Packing     CRISIL A2      230     Reaffirmed
                                        Credit
Continental Engines Pvt Ltd             Inland/Import LOC  CRISIL A2      440     Reaffirmed
Continental Engines Pvt Ltd             Post Shipment      CRISIL A2      250     Reaffirmed
                                        Credit
Continental Engines Pvt Ltd             Standby Export     CRISIL A2      46      Assigned
                                        Packing Credit
Continental Engines Pvt Ltd             Sales Bill         CRISIL A2      349     Assigned
                                        Discounting
ECL Finance Ltd                         CP Programme       CRISIL A1+     50000   Reaffirmed
ECL Finance Ltd                         CP Programme (IPO  CRISIL A1+     100000  Reaffirmed
                                        Financing)
(Reduced from Rs.10000 Crore)
ECL Finance Ltd                         ST Principal-      CRISIL PP-MLD  12000   Reaffirmed
                                        Protected Market-  A1+r
                                        Linked Debentures
Euro Vistaa India Ltd                   BG                 CRISIL A4      30
Downgraded from 'CRISIL A4+'
Euro Vistaa India Ltd                   Bill Discounting   CRISIL A4      300
Downgraded from 'CRISIL A4+'
Euro Vistaa India Ltd                   LOC                CRISIL A4      30
Downgraded from 'CRISIL A4+'
Euro Vistaa India Ltd                   Packing Credit     CRISIL A4      85
Downgraded from 'CRISIL A4+'
GVV Constructions Pvt Ltd               BG                 CRISIL A3      262
Downgraded from 'CRISIL A3+'
Harinagar Sugar Mills Ltd               BG                 CRISIL A3+     87.1    Reaffirmed
Muthoot Microfin Ltd                    CP                 CRISIL A1      500     Reaffirmed
Raghava Life Sciences Pvt Ltd           Proposed LOC       CRISIL A4      15      Reaffirmed
Shajan Jacob                            BG                 CRISIL A4      15      Reaffirmed
Surya International Pvt Ltd             Proposed BG        CRISIL A4+     75      Assigned
Surya International Pvt Ltd             BG                 CRISIL A4+     75      Assigned
Tamil Nadu Newsprint and Papers Ltd     CP                 CRISIL A1      500     Reaffirmed
Tamil Nadu Newsprint and Papers Ltd     CP                 CRISIL A1+(SO) 500     Withdrawn
Tessolve Semiconductor Pvt Ltd          BG                 CRISIL A3+     15      Reaffirmed
Tessolve Semiconductor Pvt Ltd          ST Loan            CRISIL A3+     70      Reaffirmed
Universal Cartons Solutions Pvt Ltd     LOC                CRISIL A3+     150
Downgraded from 'CRISIL A2'

LONG TERM RATINGS:
-------------------
Arihant Steels - Mumbai                 CC                 CRISIL BBB-    100     Reaffirmed
Asirvad Microfinance Ltd                Series A PTCs      Provisional    1000
                                                           CRISIL A (SO)
Provisional Rating Assigned
Borkar Packaging Pvt Ltd                CC                 CRISIL BBB     545
Downgraded from 'CRISIL BBB+'
Borkar Packaging Pvt Ltd                LT Loan            CRISIL BBB     252
Downgraded from 'CRISIL BBB+'
Borkar Packaging Pvt Ltd                Proposed LT Bk     CRISIL BBB     33.3
                                        Loan Fac
Downgraded from 'CRISIL BBB+'
BSL Castings Pvt Ltd                    CC                 CRISIL BBB     170     Reaffirmed
BSL Castings Pvt Ltd                    Proposed LT Bk     CRISIL BBB     10      Reaffirmed
                                        Loan Fac
BSL Castings Pvt Ltd                    TL                 CRISIL BBB     130     Reaffirmed
Continental Engines Pvt Ltd             CC                 CRISIL BBB+    270     Reaffirmed
Continental Engines Pvt Ltd             Export Packing     CRISIL BBB+    100     Reaffirmed
                                        Credit
Continental Engines Pvt Ltd             Proposed TL        CRISIL BBB+    170     Assigned
Continental Engines Pvt Ltd             TL                 CRISIL BBB+    300     Assigned
ECL Finance Ltd                         CC**               CRISIL AA      25800   Reaffirmed
**including working capital demand loan
ECL Finance Ltd                         LT Bk Fac          CRISIL AA      123550  Reaffirmed
ECL Finance Ltd                         Proposed LT Bk     CRISIL AA      650     Reaffirmed
                                        Loan Fac*
*interchangeable with short term bank facilities
ECL Finance Ltd                         Retail Bond@       CRISIL AA      20000   Reaffirmed
@proposed public issue of retail NCDs
ECL Finance Ltd                         Retail Bond        CRISIL AA      20000   Reaffirmed
ECL Finance Ltd                         NCD                CRISIL AA      15000   Reaffirmed
ECL Finance Ltd                         NCD@               CRISIL AA      20000   Reaffirmed
ECL Finance Ltd                         NCD                CRISIL AA      39800   Reaffirmed
ECL Finance Ltd                         Subordinated Debt  CRISIL AA      4000    Reaffirmed
ECL Finance Ltd                         LT Principal       CRISIL PP-MLD  3000    Reaffirmed
                                        Protected Market   AAr
                                        Linked Debentures
ECL Finance Ltd                         LT Principal       CRISIL PP-MLD  9691.5  Reaffirmed
                                        Protected Market   AAr
                                        Linked Debentures
(Reduced from Rs.983.2 Crore)
ECL Finance Ltd                         Principal-         CRISIL PP-MLD  11900   Reaffirmed
                                        Protected Equity-  AAr
                                        Linked Debentures
ECL Finance Ltd                         Principal-         CRISIL PP-MLD  350     Reaffirmed
                                        Protected          AAr
                                        Commodity-Linked Debentures 
ERIS Lifesciences Ltd                   Rupee TL           -              4000    Withdrawn
Euro Vistaa India Ltd                   Proposed LT Bk     CRISIL B+      238.8
                                        Loan Fac
Downgraded from 'CRISIL BB-'
Euro Vistaa India Ltd                   TL                 CRISIL B+      38
Downgraded from 'CRISIL BB-'
GVV Constructions Pvt Ltd               CC                 CRISIL BBB-    188
Downgraded from 'CRISIL BBB'
Harinagar Sugar Mills Ltd               CC                 CRISIL BBB     2600    Reaffirmed
Outlook revised from 'Negative' and rating reaffirmed
Harinagar Sugar Mills Ltd               Proposed LT Bk     CRISIL BBB     85.2
                                        Loan Fac
Outlook revised from 'Negative' and rating reaffirmed
Muthoot Capital Services Ltd            Series A1 PTCs     CRISIL AA (SO) 2139
Converted from Provisional Rating to Final Rating
Muthoot Microfin Ltd                    Proposed LT Bk     CRISIL A       8961.7  Reaffirmed
                                        Loan Fac
Muthoot Microfin Ltd                    TL                 CRISIL A       16038.3 Reaffirmed
Muthoot Microfin Ltd                    NCD                CRISIL A       750     Reaffirmed
Muthoot Microfin Ltd                    NCD                CRISIL A       400     Reaffirmed
Muthoot Microfin Ltd                    NCD                CRISIL A       650     Reaffirmed
Muthoot Microfin Ltd                    NCD                CRISIL A       700     Reaffirmed
Muthoot Microfin Ltd                    NCD                CRISIL A       700     Reaffirmed
Nyalkaran Mineral                       Proposed CC Limit  CRISIL B       5       Assigned
Nyalkaran Mineral                       CC                 CRISIL B       15      Assigned
Nyalkaran Mineral                       LT Loan            CRISIL B       40      Assigned
Raghava Life Sciences Pvt Ltd           Proposed BG        CRISIL B       15      Reaffirmed
Raghava Life Sciences Pvt Ltd           Proposed CC Limit  CRISIL B       150     Reaffirmed
Raghava Life Sciences Pvt Ltd           Proposed TL        CRISIL B       420     Reaffirmed
Rai Infrastructure                      CC                 CRISIL B+      126
Upgraded from 'CRISIL B'
Rai Infrastructure                      TL                 CRISIL B+      37
Upgraded from 'CRISIL B'
Safex Chemicals India Ltd               CC & WC demand loanCRISIL A-      980     Reaffirmed
Safex Chemicals India Ltd               LT Loan            CRISIL A-      100     Reaffirmed
Shajan Jacob                            CC                 CRISIL B+      70      Reaffirmed
Shajan Jacob                            Proposed LT Bk     CRISIL B+      5       Reaffirmed
                                        Loan Fac
Shree Ram Silk Mills                    CC                 CRISIL BB+     9.9     Reaffirmed
Shree Ram Silk Mills                    Proposed FB Bk     CRISIL BB+     16      Reaffirmed
                                        Limits
Shree Ram Silk Mills                    TL                 CRISIL BB+     44.1    Reaffirmed
Surya International Pvt Ltd             Overdraft          CRISIL BB      50      Assigned
Tamil Nadu Newsprint and Papers Ltd     Proposed LT Bk     CRISIL A       8800    Assigned
                                        Loan Fac
Tessolve Semiconductor Pvt Ltd          CC                 CRISIL BBB     5       Reaffirmed
Tessolve Semiconductor Pvt Ltd          Export Packing     CRISIL BBB     295     Reaffirmed
                                        Credit
Tessolve Semiconductor Pvt Ltd          TL                 CRISIL BBB     306.1   Reaffirmed
Tessolve Semiconductor Pvt Ltd          WC Fac             CRISIL BBB     83.9    Reaffirmed
Universal Cartons Solutions Pvt Ltd     CC                 CRISIL BBB     250
Downgraded from 'CRISIL BBB+'
Universal Propack Solutions LLP         CC                 CRISIL BB-     36.5
Upgraded from 'CRISIL B+'
Universal Propack Solutions LLP         Proposed LT Bk     CRISIL BB-     4.6
                                        Loan Fac
Upgraded from 'CRISIL B+'
Universal Propack Solutions LLP         TL                 CRISIL BB-     58.9
Upgraded from 'CRISIL B+'
Wave One Pvt Ltd                        Rupee TL           CRISIL BB+     2750    Reaffirmed
Placed on 'Rating Watch with Negative Implications'

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