December 18, 2017 / 7:45 AM / a month ago

CRISIL ratings for Indian debt instruments-Dec 18

   Dec 18 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of December 15, 2017.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Ashok Kumar Chhabra Constructions Pvt   BG                 CRISIL A4+     50      Reaffirmed
Ltd
Ashok Kumar Chhabra Constructions Pvt   Proposed ST Bk     CRISIL A4+     45      Reaffirmed
Ltd                                     Loan Fac
Balaji Construction Company - Jodhpur   BG                 CRISIL A4+     110     Assigned
Berger Paints India Ltd                 Non-FBL##          CRISIL A1+     2000    Reaffirmed
##Interchangeable between bank guarantees and letters of credit
Berger Paints India Ltd                 CP*                CRISIL A1+     5000    Reaffirmed
* Earlier short-term debt including commercial paper
Bergwerff Organic India Pvt Ltd         Pre Shipment Fac   CRISIL A2+     400     Upgraded from
                                                                                  CRISIL A2
C.C.Construction                        BG                 CRISIL A4+     40      Assigned
D. K. Project Pvt Ltd                   BG                 CRISIL A3      400     Assigned;
                                                                                  Suspension
                                                                                  Revoked
Harvin Impex Pvt Ltd                    LOC                CRISIL A4      35      Reaffirmed
Indiabulls Housing Finance Ltd          ST Bk Fac          CRISIL A1+     10490   Reaffirmed
Indiabulls Housing Finance Ltd          CP Programme       CRISIL A1+     180000  Reaffirmed
Indiabulls Housing Finance Ltd          NCD Programme      CRISIL A1+     10000   Reaffirmed
Jaikrishnaa Autosales Pvt Ltd           Inventory Funding  CRISIL A4+     120     Reaffirmed
                                        Fac
Jaikrishnaa Autosales Pvt Ltd           Overdraft          CRISIL A4+     35      Reaffirmed
L&T Special Steels and Heavy Forging    BG                 CRISIL A1      350
Pvt Ltd
L&T Special Steels and Heavy Forging    Proposed BG        CRISIL A1      650
Pvt Ltd
M. D. Esthappan Infrastructures Pvt Ltd BG                 CRISIL A4      40      Reaffirmed
M. D. Esthappan Infrastructures Pvt Ltd Overdraft          CRISIL A4      120     Reaffirmed
Manjushri Construction Company          BG                 CRISIL A4+     140     Reaffirmed
Mercury Fittings Pvt Ltd                Foreign Bill       CRISIL A4+     14      Reaffirmed
                                        Discounting
Panorama Electronics Pvt Ltd            LOC & BG           CRISIL A4      31      Assigned
Panorama Electronics Pvt Ltd            BG                 CRISIL A4      72.1    Assigned
Rallis India Ltd                        LOC#               CRISIL A1+     1795    Reaffirmed
#Interchangeable with other non-fund based facilities
Rallis India Ltd                        CP                 CRISIL A1+     750     Reaffirmed
Ratnakala Exports Pvt Ltd               Foreign Exchange   CRISIL A2      68.8    Reaffirmed
                                        Forward
Sree Anjaneya Exports - Tirupur         Bill Purchase      CRISIL A4      15      Assigned
                                        Discounting Fac
Steel and Industrial Forgings Ltd       BG                 CRISIL A4+     32.5    Upgraded 
                                                                                  from
                                                                                  CRISIL A4
Steel and Industrial Forgings Ltd       LOC                CRISIL A4+     50      Upgraded 
                                                                                  from
                                                                                  CRISIL A4
Steel Products Ltd                      BG                 CRISIL A4      100     Reaffirmed
Steel Products Ltd                      LOC                CRISIL A4      11.5    Reaffirmed
Sundram Fasteners Ltd                   ST Debt#           CRISIL A1+     1000    Reaffirmed
#Earlier Short Term Debt (Including CP)
Sundram Fasteners Ltd                   CP#                CRISIL A1+     250     Reaffirmed
#Earlier Short Term Debt (Including CP)
The Suminter Organic And Fair Trade     Pre Shipment Fac   CRISIL A2+     75      Upgraded 
                                                                                  from
Cotton Ginning Mill Pvt Ltd                                                       CRISIL A2
Thermal Fabricators Pvt Ltd             LOC                CRISIL A4      55      Reaffirmed
Vijay Garments Ltd                      LOC                CRISIL A4+     50      Reaffirmed
Vijay Garments Ltd                      Packing Credit     CRISIL A4+     240     Reaffirmed
Vijay Garments Ltd                      Proposed Packing   CRISIL A4+     40      Reaffirmed
                                        Credit
YRK Constructions                       BG                 CRISIL A4+     12      Upgraded 
                                                                                  from
                                                                                  CRISIL A4
YRK Constructions                       Proposed BG        CRISIL A4+     28      Upgraded 
                                                                                  from
                                                                                  CRISIL A4

LONG TERM RATINGS:
-------------------
Apotex Pharmachem India Pvt Ltd         Packing Credit in  CRISIL BB+     320     Upgraded 
                                        Foreign Currency                          from 
                                                                                  CRISIL C
Ashok Kumar Chhabra Constructions Pvt   Overdraft          CRISIL BB-     5       Reaffirmed
Ltd
Balaji Construction Company - Jodhpur   CC                 CRISIL BB      40      Assigned
Berger Paints India Ltd                 FB Fac#            CRISIL AAA     5000    Reaffirmed
#Interchangeable between cash credit, working capital demand loan, packing 
credit, bill discounting, buyer s credit, and short-term loans.
Bergwerff Organic India Pvt Ltd         Proposed LT Bk     CRISIL A-      28.2    Upgraded 
                                        Loan Fac                                  from 
                                                                                  CRISIL BBB+
Bhavya Constructions Pvt Ltd            BG                                20      Withdrawal
Issuer Not Cooperating
Bhavya Constructions Pvt Ltd            CC                                80      Withdrawal
Issuer Not Cooperating
Bhavya Constructions Pvt Ltd            LOC                               20      Withdrawal
Issuer Not Cooperating
Bhavya Constructions Pvt Ltd            Overdraft                         15      Withdrawal
Issuer Not Cooperating
Bhavya Constructions Pvt Ltd            TL                                15      Withdrawal
Issuer Not Cooperating
Bhilai Engineering Corporation Ltd      BG#                               3811.6  Withdrawal
#Interchangeable with letter of credit/ trade finance bank guarantee to the 
extent of Rs 27.5 crore and loan equivalent risk (treasury limit) of Rs 2.0 crore
Bhilai Engineering Corporation Ltd      BG^                               100     Withdrawal

^Fully interchangeable with foreign letter of credit/trade finance bank guarantee 
 for import of working capital and capital goods
Bhilai Engineering Corporation Ltd      CC*                               929     Withdrawal
*Interchangeable with export packing credit (pre-shipment)/post-shipment credit
 to the extent of Rs 4.0 crore and with working capital 
 demand loan to the extent of Rs 7.5 crore
Bhilai Engineering Corporation Ltd      Corporate Loan                    11.4    Withdrawal
Bhilai Engineering Corporation Ltd      LOC@                              50      Withdrawal
@Interchangeable with letter of credit for import of capital goods to the 
extent of Rs.5.0 crores and fund exposure limit of Rs.0.5 crores
Bhilai Engineering Corporation Ltd      LOC$                              1146.5  Withdrawal
$Interchangeable with letter of comfort to the extent of Rs.11.53 crores.
Bhilai Engineering Corporation Ltd      Proposed LT Bk                    58.6    Withdrawal
                                        Loan Fac
Bhilai Engineering Corporation Ltd      Standby Line of                   100     Withdrawal
                                        Credit
C.C.Construction                        CC                 CRISIL BB-     35      Assigned
Cosmos Developers - Rajkot              TL                                140     Withdrawal
Issuer Not Cooperating
D. K. Project Pvt Ltd                   CC                 CRISIL BBB-    75      Assigned;
                                                                                  Suspension
                                                                                  Revoked
DBS Automobiles Pvt Ltd                 CC                 CRISIL B+      60      Reaffirmed
DBS Automobiles Pvt Ltd                 TL                 CRISIL B+      20      Reaffirmed
Goyal Educational and Welfare Society   Proposed LT Bk     CRISIL D       20      Assigned
                                        Loan Fac
Goyal Educational and Welfare Society   LT Loan            CRISIL D       45      Assigned
Goyal Educational and Welfare Society   Overdraft          CRISIL D       10      Assigned
Harvin Impex Pvt Ltd                    CC                 CRISIL C       40      Reaffirmed
Harvin Impex Pvt Ltd                    Proposed LT Bk     CRISIL C       75      Reaffirmed
                                        Loan Fac
Indiabulls Housing Finance Ltd          CC                 CRISIL AAA     52000   Reaffirmed
Indiabulls Housing Finance Ltd          LT Bk Fac          CRISIL AAA     166702.2Reaffirmed
Indiabulls Housing Finance Ltd          Proposed LT Bk     CRISIL AAA     16307.6 Reaffirmed
                                        Loan Fac
Indiabulls Housing Finance Ltd          NCDs               CRISIL AAA     250000  Assigned
Indiabulls Housing Finance Ltd          NCDs               CRISIL AAA     93000   Reaffirmed
Indiabulls Housing Finance Ltd          Subordinated Debt  CRISIL AAA     5000    Reaffirmed
Indiabulls Housing Finance Ltd          Retail Bond Issue  CRISIL AAA     20000   Reaffirmed
Indiabulls Housing Finance Ltd          Retail Bond Issue  CRISIL AAA     10000   Reaffirmed
KG Information Systems Pvt Ltd          Proposed LT Bk     CRISIL BBB     65      Reaffirmed
                                        Loan Fac
L&T Special Steels and Heavy Forging    CC*                CRISIL A       1750    Reaffirmed
Pvt Ltd
*Includes sublimit of Rs 50 crore as non-fund based limit
L&T Special Steels and Heavy Forging    LT Loan            CRISIL A       8000    Reaffirmed
Pvt Ltd
L&T Special Steels and Heavy Forging    LT Loan^           CRISIL A       3500    Reaffirmed
Pvt Ltd
^Loan from co-promoter, NPCIL, is secured by a charge on the assets of the 
 company that ranks pari-passu with other lenders. The loan is being rated
 on the specific request of NPCIL 
L&T Special Steels and Heavy Forging    Proposed LT Bk     CRISIL A       750     Reaffirmed
Pvt Ltd                                 Loan Fac
Magnum Steels Ltd                       CC                                50      Withdrawal
Issuer Not Cooperating
Magnum Steels Ltd                       LOC & BG                          20      Withdrawal
Issuer Not Cooperating
Magnum Steels Ltd                       Proposed LT Bk                    55      Withdrawal
                                        Loan Fac
Issuer Not Cooperating
Manjushri Construction Company          Overdraft          CRISIL BB+     50      Reaffirmed
Mercury Fittings Pvt Ltd                CC                 CRISIL BB+     31      Upgraded 
                                                                                  from
                                                                                  CRISIL BB
Mercury Fittings Pvt Ltd                Proposed LT Bk     CRISIL BB+     27      Upgraded
                                                                                  from
                                        Loan Fac                                  CRISIL BB
Mercury Fittings Pvt Ltd                TL                 CRISIL BB+     38      Upgraded
                                                                                  from
                                                                                  CRISIL BB
Motorcraft Sales Pvt Ltd                Inventory Funding  CRISIL BBB-    230     Reaffirmed
                                        Fac
Motorcraft Sales Pvt Ltd                WC Fac             CRISIL BBB-    10      Reaffirmed
Muthoot Housing Finance Co. Ltd         CC                 CRISIL BBB+    300     Reaffirmed
Muthoot Housing Finance Co. Ltd         Proposed LT Bk     CRISIL BBB+    2506.6  Reaffirmed
                                        Loan Fac
Muthoot Housing Finance Co. Ltd         TL                 CRISIL BBB+    5693.4  Reaffirmed
Muthoot Housing Finance Co. Ltd         NCD                CRISIL BBB+    250
Panorama Electronics Pvt Ltd            Proposed LT Bk     CRISIL B+      1.9     Assigned
                                        Loan Fac
Panorama Electronics Pvt Ltd            CC                 CRISIL B+      70      Assigned
Rajib Cashew Processing Pvt Ltd         CC                 CRISIL BB-     90      Assigned
Rallis India Ltd                        CC*                CRISIL AA+     1305    Upgraded 
                                                                                  from
                                                                                  CRISIL AA
*Interchangeable with other fund-based facilities
Rallis India Ltd                        Proposed LT Bk     CRISIL AA+     350     Upgraded
                                                                                  from
                                        Loan Fac                                  CRISIL AA
Rallis India Ltd                        TL                 CRISIL AA+     150     Upgraded 
                                                                                  from
                                                                                  CRISIL AA
Ratnakala Exports Pvt Ltd               Export Packing     CRISIL BBB+    430     Reaffirmed
                                        Credit
Ratnakala Exports Pvt Ltd               Post Shipment      CRISIL BBB+    670     Reaffirmed
                                        Credit
Republic Auto Sales                     CC                 CRISIL BB-     190     Assigned
Saalim Shoes Pvt Ltd                    Bill Discounting                  200     Withdrawal
Issuer Not Cooperating
Saalim Shoes Pvt Ltd                    CC                                50      Withdrawal
Issuer Not Cooperating
Saalim Shoes Pvt Ltd                    Corporate Loan                    15.4    Withdrawal
Issuer Not Cooperating
Saalim Shoes Pvt Ltd                    Packing Credit                    350     Withdrawal
Issuer Not Cooperating
Saalim Shoes Pvt Ltd                    Proposed LT Bk                    4.3     Withdrawal
                                        Loan Fac
Issuer Not Cooperating
Saalim Shoes Pvt Ltd                    TL                                0.3     Withdrawal
Issuer Not Cooperating
Shree Siddheshwar Sahakari Sakhar       CC                 CRISIL B+      2000    Upgraded 
Karkhana Ltd                                                                      from 
                                                                                  CRISIL B
Shree Siddheshwar Sahakari Sakhar       Sugar Pledge CC    CRISIL B+      251.5   Assigned
Karkhana Ltd                                                                      /Upgraded
                                                                                  from 
                                                                                  CRISIL B
Shree Siddheshwar Sahakari Sakhar       Rupee TL           CRISIL B+      1148.5  Assigned
Karkhana Ltd                                                                      /Upgraded
                                                                                  from CRISIL B
Sree Anjaneya Exports - Tirupur         TL                 CRISIL B-      3       Assigned
Sree Anjaneya Exports - Tirupur         Proposed LT Bk     CRISIL B-      7       Assigned
                                        Loan Fac
Sree Anjaneya Exports - Tirupur         Export Packing     CRISIL B-      35      Assigned
                                        Credit
Steel and Industrial Forgings Ltd       CC                 CRISIL BB-     62.5    Upgraded 
                                                                                  from
                                                                                  CRISIL B
Steel and Industrial Forgings Ltd       Proposed LT Bk     CRISIL BB-     7.7     Upgraded 
                                        Loan Fac                                  from 
                                                                                  CRISIL B
Steel and Industrial Forgings Ltd       Standby Line of    CRISIL BB-     12.5    Upgraded 
                                        Credit                                    from 
                                                                                  CRISIL B
Steel and Industrial Forgings Ltd       TL                 CRISIL BB-     29.8    Upgraded 
                                                                                  from
                                                                                  CRISIL B
Steel Products Ltd                      CC                 CRISIL B-      115     Downgraded
                                                                                  from CRISIL B
Thermal Fabricators Pvt Ltd             CC                 CRISIL B+      30      Reaffirmed
Thermal Fabricators Pvt Ltd             TL                 CRISIL B+      8.3     Reaffirmed
Tilak Exports                           Bill Discounting   CRISIL D       30      Downgraded
                                                                                  from CRISIL B
Tilak Exports                           LOC                CRISIL D       20      Downgraded
                                                                                  from CRISIL B
Tilak Exports                           Packing Credit     CRISIL D       70      Downgraded
                                                                                  from CRISIL B
Tilak Exports                           Proposed LT Bk     CRISIL D       1.5     Downgraded
                                        Loan Fac                                  from CRISIL B
Tilak Exports                           TL                 CRISIL D       38.5    Downgraded
                                                                                  from CRISIL B
West Coast Logistics                    CC                 CRISIL BB+     290     Assigned
YRK Constructions                       Proposed LT Bk     CRISIL BB-     10      Upgraded
                                        Loan Fac                                  from 
                                                                                  CRISIL B+
YRK Constructions                       Proposed Overdraft CRISIL BB-     35      Upgraded 
                                        Fac                                       from 
                                                                                  CRISIL B+
YRK Constructions                       Secured Overdraft  CRISIL BB-     15      Upgraded 
                                        Fac                                       from 
                                                                                  CRISIL B+
--------------------------------------------------------------------------------------------
$: 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)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below