August 29, 2017 / 6:08 AM / 3 months ago

CRISIL ratings for Indian debt instruments-Aug 29

   Aug 29 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of August 28, 2017.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                          (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
A.V.M.Sales Corporation                 BG                 CRISIL A4+     20      Reaffirmed
A.V.M.Sales Corporation                 Import LOC Limit   CRISIL A4+     70      Reaffirmed
Acumen Overseas Pvt Ltd                 BG                 CRISIL A3      270     Upgraded from
                                                                                  CRISIL A4+
Ascent Air Pvt Ltd                      BG                 CRISIL A3      105     Upgraded from
                                                                                  CRISIL A4+
Araska Diamond Pvt Ltd                  Foreign            CRISIL D       50      Downgraded
                                        Documentary Bills                         from CRISIL A4
                                        Purchase
Araska Diamond Pvt Ltd                  Packing Credit in  CRISIL D       50      Downgraded
                                        Foreign Currency                          from CRISIL A4
Baby Marine International               Bill Purchase -    CRISIL A4+     67.6    Reaffirmed
                                        Discounting Fac
Baby Marine International               Packing Credit     CRISIL A4+     75      Reaffirmed
Baby Marine Sarass                      Bill Purchase -    CRISIL A4+     40      Reaffirmed
                                        Discounting Fac
Baby Marine Sarass                      Packing Credit     CRISIL A4+     60      Reaffirmed
Baby Marine Sarass                      ST Bk Fac          CRISIL A4+     10      Reaffirmed
Charms Chem Pvt Ltd                     Inland/Import LOC  CRISIL D       5       Downgraded
                                                                                  from CRISIL A4
Indsil Energy and Electrochemicals Pvt  LOC                CRISIL D       408     Downgraded
Ltd                                                                               from CRISIL
                                                                                  A4+
Indsil Energy and Electrochemicals Pvt  LOC Bill           CRISIL D       55      Downgraded
Ltd                                     Discounting                               from CRISIL
                                                                                  A4+
Dainik Savera News and Media Network    LOC                CRISIL A4+     20      Upgraded from
                                                                                  CRISIL A4
Deccan Cements Ltd                      BG                 CRISIL A1      115.6   Reaffirmed
Deccan Cements Ltd                      LOC                CRISIL A1      70      Reaffirmed
Faran Teppich Exports Pvt Ltd           Bill Purchase      CRISIL A4      40      Reaffirmed
G. B. Construction                      BG                 CRISIL A4+     30      Assigned
Gazebo Industries Ltd                   Foreign Exchange   CRISIL A4      1       Reaffirmed
                                        Forward
Gazebo Industries Ltd                   LOC & BG           CRISIL A4      70      Reaffirmed
Gazebo Industries Ltd                   Packing Credit     CRISIL A4      105     Reaffirmed
Indra Construction Co.                  BG                 CRISIL A4      85      Reaffirmed
ION Exchange India Ltd                  BG                 CRISIL A2+     100     Reaffirmed
ION Exchange India Ltd                  LOC & BG           CRISIL A2+     7964.9  Reaffirmed
ION Exchange India Ltd                  Proposed ST Bk     CRISIL A2+     926.5   Reaffirmed
                                        Loan Fac*
*Umbrella limits for Ion Exchange and Ion Exchange Projects & Engineering Ltd
Macmet Engineering Ltd                  BG                 CRISIL A3+     900     Reaffirmed
Metrochem API Pvt Ltd                   LOC                CRISIL A4+     550     Downgraded
                                                                                  from CRISIL
                                                                                  A3+
Issuer Not Cooperating
Partap Industrial Products              BG                 CRISIL A4      5       Reaffirmed
Partap Wire India Pvt Ltd               BG                 CRISIL A4      2       Reaffirmed
Pretty Jewellery Pvt Ltd                Foreign            CRISIL D       50      Downgraded
                                        Documentary Bills                         from CRISIL A4
                                        Purchase
Pretty Jewellery Pvt Ltd                Packing Credit     CRISIL D       50      Downgraded
                                                                                  from CRISIL A4
Pavas Polychem Pvt Ltd                  LOC                CRISIL A4      90      Reaffirmed
Prabh Dayal Om Parkash (Jalandhar)      Overdraft          CRISIL A4      20      Reassigned
Punihani International                  BG                 CRISIL A3      7.5     Reaffirmed
Punihani International                  Bill Purchase -    CRISIL A3      100     Reaffirmed
                                        Discounting Fac
Punihani International                  LOC                CRISIL A3      10      Reaffirmed
Punihani International                  Packing Credit     CRISIL A3      80      Reaffirmed
Raunaq EPC International Ltd            BG                 CRISIL A4+     305     Downgraded
                                                                                  from CRISIL A3
Raunaq EPC International Ltd            LOC & BG           CRISIL A4+     580     Downgraded
                                                                                  from CRISIL A3
Singhal Builders                        BG                 CRISIL A4+     100     Reaffirmed
Toy Zone Impex Pvt Ltd                  Buyer`s Credit     CRISIL A4+     45      Reaffirmed
United Shippers Ltd                     BG                 CRISIL A1      115     Reaffirmed
United Shippers Ltd                     Proposed ST Bk     CRISIL A1      35      Assigned
                                        Loan Fac
V.S. Export and Import                  LOC                CRISIL A4+     200     Reaffirmed
V.S. Timber Industries                  Foreign LOC        CRISIL A4+     190     Reaffirmed
V.S. Timber Industries                  LOC                CRISIL A4+     10      Reaffirmed
V.S. Timbers Pvt Ltd                    LOC                CRISIL A4+     250     Reaffirmed
V.S. Transports                         LOC                CRISIL A4+     100     Reaffirmed
V.U.S Timbers                           LOC                CRISIL A4+     220     Reaffirmed
Vardhman Yarns and Threads Ltd          LOC**              CRISIL A1+     55      Reaffirmed
**Interchangeable with other non-fund-based limits
Vega Controls Pvt Ltd                   LOC & BG           CRISIL A4      20      Reaffirmed
Venkatrama Poultries Pvt Ltd            Letter Of GuaranteeCRISIL A4+     7       Downgraded
                                                                                  from CRISIL A3
William Goodacre and Sons India Pvt Ltd Bill Discounting   CRISIL A4+     120     Reaffirmed
William Goodacre and Sons India Pvt Ltd Export Packing     CRISIL A4+     170     Reaffirmed
                                        Credit

LONG TERM RATINGS:
-------------------
A R Constructions                       LT Loan            CRISIL B+      250     Downgraded
                                                                                  from CRISIL
                                                                                  BB-
A.V.M.Sales Corporation                 Overdraft          CRISIL BB-     129.5   Reaffirmed
A.V.M.Sales Corporation                 Proposed Overdraft CRISIL BB-     30.5    Reaffirmed
                                        Fac
Amrit Humifresh Preservation Pvt Ltd    LT Loan            CRISIL BB-     198     Reaffirmed
Anant Intercontinental Pvt Ltd          Export Packing     CRISIL B       100     Reaffirmed
                                        Credit
Asirvad Microfinance Ltd                Proposed LT Bk     CRISIL A+      330     Reaffirmed
                                        Loan Fac
Asirvad Microfinance Ltd                TL                 CRISIL A+      9670    Assigned

Balaji Educational Trust - Punjab       TL                 CRISIL BBB-    125     Reaffirmed
Charms Chem Pvt Ltd                     CC                 CRISIL D       40      Downgraded
                                                                                  from CRISIL B
Charms Chem Pvt Ltd                     Proposed FB Bk     CRISIL D       10.9    Downgraded
                                        Limits                                    from CRISIL B
Charms Chem Pvt Ltd                     TL                 CRISIL D       5.5     Assigned
Chhabra Neuro Care Hospital             CC                 CRISIL BB-     5.5     Reaffirmed
Chhabra Neuro Care Hospital             LT Loan            CRISIL BB-     74.5    Reaffirmed
Dainik Savera News and Media Network    CC                 CRISIL BB-     44      Upgraded from
                                                                                  CRISIL B+
Dainik Savera News and Media Network    TL                 CRISIL BB-     56      Upgraded from
                                                                                  CRISIL B+
Deccan Cements Ltd                      CC                 CRISIL A       630     Reaffirmed
Deccan Cements Ltd                      TL                 CRISIL A       34.4    Reaffirmed
Faran Teppich Exports Pvt Ltd           Export Packing     CRISIL B+      60      Reaffirmed
                                        Credit
Friends of WWB, India                   LT Loan            CRISIL BB      190     Upgraded from
                                                                                  CRISIL BB-
Friends of WWB, India                   Proposed LT Bk     CRISIL BB      18.3    Upgraded from
                                        Loan Fac                                  CRISIL BB-
Friends of WWB, India                   WC TL              CRISIL BB      50      Upgraded from
                                                                                  CRISIL BB-
G. B. Construction                      CC                 CRISIL BB      20      Assigned
Gazebo Industries Ltd                   CC                 CRISIL B+      7.5     Reaffirmed
Hi-Con Technocast Pvt Ltd               CC*                CRISIL BB      100     Downgraded
                                                                                  from CRISIL
                                                                                  BB+
*Packing Credit limit, Letter of Credit, Buyers Credit and Bank Guarantee 
 of Rs.5 crore as sub-limit of Cash Credit facility
Hi-Con Technocast Pvt Ltd               Proposed LT Bk     CRISIL BB      100     Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BB+
Hi-Con Technocast Pvt Ltd               TL                 CRISIL BB      8       Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Hypnotik Clothing Pvt Ltd               Packing Credit     CRISIL D       67.5    Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Indra Construction Co.                  CC                 CRISIL B+      80      Reaffirmed
Indra Construction Co.                  Proposed LT Bk     CRISIL B+      15      Reaffirmed
                                        Loan Fac
Indsil Energy and Electrochemicals Pvt  CC                 CRISIL D       321.5   Downgraded
Ltd                                                                               from CRISIL
                                                                                  BB+
Indsil Energy and Electrochemicals Pvt  Export Packing     CRISIL D       50      Downgraded
Ltd                                     Credit                                    from CRISIL
                                                                                  BB+
Indsil Energy and Electrochemicals Pvt  Foreign Currency TLCRISIL D       50      Downgraded
Ltd                                                                               from CRISIL
                                                                                  BB+
Indsil Energy and Electrochemicals Pvt  LT Loan            CRISIL D       62.5    Downgraded
Ltd                                                                               from CRISIL
                                                                                  BB+
Indsil Energy and Electrochemicals Pvt  Proposed LT Bk     CRISIL D       3.8     Downgraded
Ltd                                     Loan Fac                                  from CRISIL
                                                                                  BB+
Indsil Energy and Electrochemicals Pvt  TL                 CRISIL D       45      Downgraded
Ltd                                                                               from CRISIL
                                                                                  BB+
ION Exchange India Ltd                  CC                 CRISIL A-      1364    Reaffirmed
ION Exchange India Ltd                  Proposed CC Limit* CRISIL A-      66      Reaffirmed
*Umbrella limits for Ion Exchange and Ion Exchange Projects & Engineering Ltd
ION Exchange India Ltd                  TL                 CRISIL A-      150     Assigned
Ion Exchange Purified Drinking Water    TL                 CRISIL BBB     76.02   Reaffirmed
Pvt. Ltd
KTB Ventures Holding Pvt Ltd            CC                 CRISIL BB-     50      Assigned
Lanco Kondapalli Power Ltd              CC                 CRISIL D       1055.5  Reaffirmed
Lanco Kondapalli Power Ltd              LOC & BG*          CRISIL D       4240    Reaffirmed
*Letter of credit and bank guarantee are fully fungible
Lanco Kondapalli Power Ltd              LT Loan            CRISIL D       30150   Reaffirmed
Macmet Engineering Ltd                  CC                 CRISIL BBB     100     Reaffirmed
Metrochem API Pvt Ltd                   CC                 CRISIL BB+     900     Downgraded
                                                                                  from CRISIL
                                                                                  BBB
Issuer Not Cooperating
Metrochem API Pvt Ltd                   LT Loan            CRISIL BB+     520     Downgraded
                                                                                  from CRISIL
                                                                                  BBB
Issuer Not Cooperating
Metrochem API Pvt Ltd                   Proposed LT Bk     CRISIL BB+     100     Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BBB
Issuer Not Cooperating
Mohan Steel Corporation                 Electronic Dealer  CRISIL BBB-    150     Reaffirmed
                                        Financing
                                        Scheme(e-DFS)
Naveen Rice Mills                       CC                 CRISIL B       110     Assigned
Naveen Rice Mills                       Warehouse Receipts CRISIL B       10      Assigned
NEcX Pvt Ltd                            CC                 CRISIL B-      40      Reaffirmed
NEcX Pvt Ltd                            Funded Interest TL CRISIL B-      8.6     Reaffirmed
NEcX Pvt Ltd                            Proposed LT Bk     CRISIL B-      8.2     Reaffirmed
                                        Loan Fac
NEcX Pvt Ltd                            WC TL              CRISIL B-      43.2    Assigned
Parksons Cartamundi Pvt Ltd             Line of Credit     CRISIL BBB     147.5   Upgraded from
                                                                                  CRISIL BB
Parksons Cartamundi Pvt Ltd             Proposed LT Bk     CRISIL BBB     109.2   Upgraded from
                                        Loan Fac                                  CRISIL BB
Parksons Cartamundi Pvt Ltd             TL                 CRISIL BBB     93.3    Upgraded from
                                                                                  CRISIL BB
Partap Industrial Products              CC                 CRISIL B+      95      Reaffirmed
Partap Industrial Products              Proposed LT Bk     CRISIL B+      8       Reaffirmed
                                        Loan Fac
Partap Industrial Products              TL                 CRISIL B+      2       Reaffirmed
Partap Wire India Pvt Ltd               CC                 CRISIL B       60      Reaffirmed
Partap Wire India Pvt Ltd               TL                 CRISIL B       3       Reaffirmed
Pavas Polychem Pvt Ltd                  CC                 CRISIL B+      10      Reaffirmed
Prabh Dayal Om Parkash (Jalandhar)      CC                 CRISIL B       65      Reaffirmed
Precision Technik Pvt Ltd               Funded Interest TL CRISIL BBB-    74.4    Upgraded from
                                                                                  CRISIL BB+
Precision Technik Pvt Ltd               Proposed LT Bk     CRISIL BBB-    1.3     Upgraded from
                                        Loan Fac                                  CRISIL BB+
Precision Technik Pvt Ltd               TL                 CRISIL BBB-    389.3   Upgraded from
                                                                                  CRISIL BB+
Punihani International                  Proposed LT Bk     CRISIL BBB-    2.5     Reaffirmed
                                        Loan Fac
Rahis Cold Storage Pvt Ltd              CC                 CRISIL B       75      Reaffirmed
Raunaq EPC International Ltd            CC                 CRISIL BB+     50      Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
Raunaq EPC International Ltd            Proposed LT Bk     CRISIL BB+     435     Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BBB-
Regent Ajanta Biotech                   CC                 CRISIL BB      50      Assigned
Regent Ajanta Biotech                   Proposed CC Limit* CRISIL BB      50      Assigned
*The firm is not expected to contract any fund based facility 
against this proposed rating over the near term
Saha Drug Distributor                   CC                 CRISIL BB      60      Reaffirmed
Santlal Industries Ltd                  CC                 CRISIL BB-     600     Upgraded from
                                                                                  CRISIL B+
Santlal Industries Ltd                  Proposed CC Limit  CRISIL BB-     150     Upgraded from
                                                                                  CRISIL B+
Satguru Agro Industries Ltd             CC                 CRISIL B       200     Downgraded
                                                                                  from CRISIL B+
Satguru Agro Industries Ltd             TL                 CRISIL B       20      Downgraded
                                                                                  from CRISIL B+
Shree Shyam Ji Udyog                    CC                 CRISIL B       74.5    Assigned
Singhal Builders                        Overdraft          CRISIL BB-     50      Downgraded
                                                                                  from CRISIL BB
SmartCity (Kochi) Infrastructure Pvt LtdTL                 CRISIL BBB+    2000    Reaffirmed
Sri Jayajothi Textile Mills Pvt Ltd     BG                 CRISIL D       50      Reaffirmed
Sri Jayajothi Textile Mills Pvt Ltd     CC                 CRISIL D       210     Reaffirmed
Sri Jayajothi Textile Mills Pvt Ltd     LOC                CRISIL D       550     Reaffirmed
Sri Jayajothi Textile Mills Pvt Ltd     LT Loan            CRISIL D       50      Reaffirmed
Sri Jayajothi Textile Mills Pvt Ltd     Proposed LT Bk     CRISIL D       8       Reaffirmed
                                        Loan Fac
Sri Jayajothi Textile Mills Pvt Ltd     TL                 CRISIL D       162     Assigned
Sudama Cotton Ginning and Processing    CC                 CRISIL D       50      Downgraded
Factory                                                                           from CRISIL B
Sybly Industries Ltd                    CC                 CRISIL B-      110     Reaffirmed
Sybly Industries Ltd                    Proposed LT Bk     CRISIL B-      40      Reaffirmed
                                        Loan Fac
The Orthodox Syrian Church Society      TL                 CRISIL B       180     Assigned
(Regd.)
Tirupati Cotton                         CC                 CRISIL BB      130     Reaffirmed
Toy Zone Impex Pvt Ltd                  CC                 CRISIL BB      70      Upgraded from
                                                                                  CRISIL BB-
Toy Zone Impex Pvt Ltd                  Drop Line          CRISIL BB      25      Upgraded from
                                        Overdraft Fac                             CRISIL BB-
Toy Zone Impex Pvt Ltd                  Proposed LT Bk     CRISIL BB      35.5    Upgraded from
                                        Loan Fac                                  CRISIL BB-
Toy Zone Impex Pvt Ltd                  TL                 CRISIL BB      23      Upgraded from
                                                                                  CRISIL BB-
Udgeeth Nirman Pvt Ltd                  CC                 CRISIL BB-     100     Reaffirmed
United Shippers Ltd                     CC                 CRISIL A+      150     Reaffirmed
United Shippers Ltd                     External           CRISIL A+      300     Assigned
                                        Commercial
                                        Borrowings
United Shippers Ltd                     Rupee TL           CRISIL A+      100     Assigned
V.S. Export and Import                  CC                 CRISIL BB      20      Reaffirmed
V.S. Timber Industries                  CC                 CRISIL BB      30      Reaffirmed
V.S. Timbers Pvt Ltd                    CC                 CRISIL BB      30      Reaffirmed
V.S. Transports                         CC                 CRISIL BB      40      Reaffirmed
V.S. Transports                         Proposed LT Bk     CRISIL BB      20      Reaffirmed
                                        Loan Fac
V.U.S Timbers                           CC                 CRISIL BB      10      Reaffirmed
V.U.S Timbers                           Proposed LT Bk     CRISIL BB      10      Reaffirmed
                                        Loan Fac
Vardhman Yarns and Threads Ltd          CC*                CRISIL AA-     1000    Reaffirmed
*Interchangeable with other fund-based limits
Vardhman Yarns and Threads Ltd          Proposed LT Bk     CRISIL AA-     325     Reaffirmed
                                        Loan Fac
Vardhman Yarns and Threads Ltd          TL                 CRISIL AA-     1597.4  Reaffirmed
Vega Controls Pvt Ltd                   CC                 CRISIL B+      10      Upgraded from
                                                                                  CRISIL B
Vega Controls Pvt Ltd                   Proposed LT Bk     CRISIL B+      6       Upgraded from
                                        Loan Fac                                  CRISIL B
Vega Controls Pvt Ltd                   TL                 CRISIL B+      25      Upgraded from
                                                                                  CRISIL B
Venkatrama Poultries Pvt Ltd            CC                 CRISIL BB+     1000    Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
Venkatrama Poultries Pvt Ltd            LT Loan            CRISIL BB+     776.7   Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
Venkatrama Poultries Pvt Ltd            Proposed LT Bk     CRISIL BB+     6.4     Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BBB-
Venkatrama Poultries Pvt Ltd            WC TL              CRISIL BB+     85.5    Assigned
--------------------------------------------------------------------------------------------
$: 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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