December 26, 2017 / 7:44 AM / 23 days ago

CRISIL ratings for Indian debt instruments-Dec 26

    Dec 26 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of December 22, 2017.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Aquafine Microns LLP                    BG                 CRISIL A4      4       Assigned
Ashok Kumar                             BG                 CRISIL A4+     50      Reaffirmed
Bharti Telecom Ltd                      CP Programme       CRISIL A1+     55000   Reaffirmed
Blue Water Foods and Exports Pvt Ltd    Packing Credit     CRISIL A3      660     Upgraded from
                                                                                  CRISIL A4+
BSR Infratech India Ltd                 BG                 CRISIL A2+     3650    Reaffirmed
Carmel Cashews                          Packing Credit     CRISIL A4+     200     Assigned
Citibank N. A.                          CDs Programme      CRISIL A1+     5000    Reaffirmed
Electronics Corporation of India Ltd    LOC & BG           CRISIL A1+     11276.5 Reaffirmed
Electronics Corporation of India Ltd    ST Loan            CRISIL A1+     2500    Reaffirmed
Electronics Corporation of India Ltd    ST Debt            CRISIL A1+     100     Reaffirmed
Electronics Corporation of India Ltd    LOC & BG           CRISIL A1+     11276.5 Reaffirmed
Electronics Corporation of India Ltd    ST Loan            CRISIL A1+     2500    Reaffirmed
G.M. Ravindra                           BG                 CRISIL A4      35      Reaffirmed
Hyson Logistics and Marine Exports Pvt  Foreign Bill       CRISIL A4+     50      Reaffirmed
Ltd                                     Discounting
Indian Toners and Developers Ltd        BG                 CRISIL A2+     4       Reaffirmed
Indian Toners and Developers Ltd        LOC                CRISIL A2+     70      Reaffirmed
JM Financial Asset Reconstruction Co.   CP*                CRISIL A1+     5000    Reaffirmed
Ltd
*The common independent director on the boards of CRISIL and JM financial Asset Reconstruction
Company Private Ltd. did not participate in the rating committee meeting and the rating process
for these instruments 
JM Financial Institutional Securities   CP Programme       CRISIL A1+     1000    Reaffirmed
Ltd
JM Financial Ltd                        CP Programme       CRISIL A1+     10000   Reaffirmed
JM Financial Services Ltd               BG                 CRISIL A1+     3050    Reaffirmed
JM Financial Services Ltd               Proposed ST Bk     CRISIL A1+     243.7   Reaffirmed
                                        Loan Fac
JM Financial Services Ltd               CP Programme       CRISIL A1+     1100    Reaffirmed
JM Financial Services Ltd               BG                 CRISIL A1+     3050    Reaffirmed
JM Financial Services Ltd               Proposed ST Bk     CRISIL A1+     243.7   Reaffirmed
                                        Loan Fac
JRJ Sea Foods India Pvt Ltd             Export Packing     CRISIL A4      40      Assigned
                                        Credit
Jyoti Strips Pvt Ltd                    LOC                CRISIL A2      2050    Reaffirmed
Jyoti Strips Pvt Ltd                    Proposed LOC       CRISIL A2      55      Reaffirmed
Jyoti Strips Pvt Ltd                    Proposed ST Bk     CRISIL A2      150     Reaffirmed
                                        Loan Fac
K.D.Liquor and Fertilizer Pvt Ltd       BG                 CRISIL A4+     15      Reaffirmed
K.D.Liquor and Fertilizer Pvt Ltd       Standby Line of    CRISIL A4+     2.5     Reaffirmed
                                        Credit
Mega Engineering Pvt Ltd                BG                 CRISIL A4+     5       Reaffirmed
Mega Engineering Pvt Ltd                LOC                CRISIL A4+     5       Reaffirmed
MVS Engineering Pvt Ltd                 LOC                CRISIL A3+     30      Assigned
MVS Engineering Pvt Ltd                 BG                 CRISIL A3+     55      Assigned
NIIT Technologies Ltd                   LOC                CRISIL A1+     2100    Reaffirmed
Ninerich Infotech                       BG                 CRISIL A4      60      Assigned
Patel Hospital Pvt Ltd                  LOC                CRISIL A4+     139.3   -
Issuer Not Cooperating
Raka Oil Company                        BG                 CRISIL A4+     50      Reaffirmed
Shree Bharani Spinnings India Ltd       LOC                CRISIL A4      25      Assigned
Shree Bharani Spinnings India Ltd       BG                 CRISIL A4      2.5     Assigned
Shree Refrigerations Pvt Ltd            BG                 CRISIL A4      15      -
Shree Refrigerations Pvt Ltd            LOC                CRISIL A4      25      -
Shri Sai Tex Processors                 BG                 CRISIL A4+     20      Reaffirmed
Shri Shyam Agro Biotech Pvt Ltd         BG                 CRISIL A4+     31      Reaffirmed
Sree Rani Sati Overseas Pvt Ltd         LOC                CRISIL A4      200     Assigned
Tata Teleservices (Maharashtra) Ltd     LOC & BG**         CRISIL A1+     27392.8 Reaffirmed
**Includes buyer's credit limit of USD2.5 crore (around Rs. 161.6 Crore)
Tata Teleservices (Maharashtra) Ltd     ST Loan            CRISIL A1+     5000    Reaffirmed
Tata Teleservices (Maharashtra) Ltd     Crore CP           CRISIL A1+     6500    Assigned
Tata Teleservices (Maharashtra) Ltd     LOC & BG**         CRISIL A1+     27392.8 Reaffirmed
**Includes buyer's credit limit of USD2.5 crore (around Rs. 161.6 Crore)
Tata Teleservices (Maharashtra) Ltd     ST Loan            CRISIL A1+     5000    Reaffirmed
Tata Teleservices Ltd                   LOC & BG #         CRISIL A1+     37570   Reaffirmed
# including buyer's credit/supplier's credit limit of USD 1.8 crore (around Rs 116 crore).
Tata Teleservices Ltd                   ST Loan            CRISIL A1+     5000    Reaffirmed
Tata Teleservices Ltd                   CP                 CRISIL A1+     12500   Assigned
Tata Teleservices Ltd                   LOC & BG#          CRISIL A1+     37570   Reaffirmed
# including buyer's credit/supplier's credit limit of USD 1.8 crore (around Rs 116 crore).
Tata Teleservices Ltd                   ST Loan            CRISIL A1+     5000    Reaffirmed
Vipul Chemicals India Pvt Ltd           LOC                CRISIL A4+     30      Reaffirmed


LONG TERM RATINGS:
-------------------
Alpha Carbonless Paper Manufacturing    CC                 CRISIL BB+     170     Reaffirmed
Co.P.Ltd
Alpha Carbonless Paper Manufacturing    Proposed LT Bk     CRISIL BB+     3.9     Reaffirmed
Co.P.Ltd                                Loan Fac
Alpha Carbonless Paper Manufacturing    TL                 CRISIL BB+     26.1    Reaffirmed
Co.P.Ltd
Aquafine Microns LLP                    TL                 CRISIL B+      57.7    Assigned
Aquafine Microns LLP                    Proposed FB Bk     CRISIL B+      3.3     Assigned
                                        Limits
Aquafine Microns LLP                    CC                 CRISIL B+      30      Assigned
Ashok Kumar                             CC                 CRISIL BB      45      Reaffirmed
Blue Water Foods and Exports Pvt Ltd    Foreign Bill       CRISIL BBB-    500     Upgraded from
                                        Purchase                                  CRISIL
                                                                                  BB+/Stable
Blue Water Foods and Exports Pvt Ltd    LT Loan            CRISIL BBB-    100     Upgraded from
                                                                                  CRISIL
                                                                                  BB+/Stable
BSR Infratech India Ltd                 BG*                CRISIL A-      500     Reaffirmed
*Includes sub-limit in the form of Overdraft facility worth Rs.10 crore
BSR Infratech India Ltd                 Overdraft          CRISIL A-      850     Reaffirmed
Carmel Cashews                          CC/ Overdraft Fac  CRISIL BB      50      Assigned
Citibank N. A.                          Subordinate Bond   CRISIL AAA     320     Reaffirmed
Electronics Corporation of India Ltd    CC & WC demand loanCRISIL AA+     1500    Reaffirmed
Electronics Corporation of India Ltd    CC & WC demand loanCRISIL AA+     1500    Reaffirmed
G Sons Retail Pvt Ltd                   CC                 CRISIL B+      57.5    Assigned
G Sons Retail Pvt Ltd                   Proposed CC Limit  CRISIL B+      42.5    Assigned
G.M. Ravindra                           Overdraft          CRISIL B+      65      Reaffirmed
G.S.Sortex India Pvt Ltd                CC                 CRISIL BB      80      Assigned
G.S.Sortex India Pvt Ltd                TL                 CRISIL BB      55.4    Assigned
Geeta Industries Pvt Ltd                CC                 CRISIL BB      100     Reaffirmed
Geeta Industries Pvt Ltd                LT Loan            CRISIL BB      100     Reaffirmed
Geeta polymers Pvt Ltd                  CC                 CRISIL BB-     75      Reaffirmed
Geeta polymers Pvt Ltd                  LT Loan            CRISIL BB-     52.5    Reaffirmed
Geeta polymers Pvt Ltd                  Proposed FB Bk     CRISIL BB-     22.5    Reaffirmed
                                        Limits
Geeta Polyplast Pvt Ltd                 CC                 CRISIL BB-     75      Reaffirmed
Geeta Polyplast Pvt Ltd                 LT Loan            CRISIL BB-     60      Reaffirmed
Geeta Polyplast Pvt Ltd                 Proposed CC Limit  CRISIL BB-     15      Reaffirmed
Hyson Logistics and Marine Exports Pvt  Export Packing     CRISIL BB      130     Upgraded from
Ltd                                     Credit                                    CRISIL BB-
Hyson Logistics and Marine Exports Pvt  LT Loan            CRISIL BB      70      Upgraded from
Ltd                                                                               CRISIL BB-
Hyson Logistics and Marine Exports Pvt  Proposed LT Bk     CRISIL BB      20      Upgraded from
Ltd                                     Loan Fac                                  CRISIL BB-
Indian Toners and Developers Ltd        CC                 CRISIL BBB+    20      Reaffirmed
Indian Toners and Developers Ltd        Proposed LT Bk     CRISIL BBB+    306     Assigned
                                        Loan Fac
Intermedia Cable Communication Pvt Ltd  CC                 CRISIL BB+     25      Assigned
Intermedia Cable Communication Pvt Ltd  Proposed LT Bk     CRISIL BB+     75      Assigned
                                        Loan Fac
J P Alloys                              CC                 CRISIL BB-     20      Assigned
J P Alloys                              Electronic Dealer  CRISIL BB-     250     Assigned
                                        Financing Scheme
                                        (e-DFS)
JM Financial Asset Reconstruction Co.   CC**               CRISIL AA-     1000    Reaffirmed
Ltd
**Cash credit facility of Rs.75 crore is interchangeable with working capital demand loan
JM Financial Asset Reconstruction Co.   Overdraft          CRISIL AA-     1000    Reaffirmed
Ltd
JM Financial Asset Reconstruction Co.   NCD*               CRISIL AA-     2500    Reaffirmed
Ltd
*The common independent director on the boards of CRISIL and JM financial Asset Reconstruction
Company Private Ltd. did not participate in the rating committee meeting and the rating process
for these instruments 
JM Financial Asset Reconstruction Co.   NCD*               CRISIL AA-     1000    Reaffirmed
Ltd
*The common independent director on the boards of CRISIL and JM financial Asset Reconstruction
Company Private Ltd. did not participate in the rating committee meeting and the rating process
for these instruments 
JM Financial Asset Reconstruction Co.   CC **              CRISIL AA-     1000    Reaffirmed
Ltd
**Cash credit facility of Rs.75 crore is interchangeable with working capital demand loan
JM Financial Asset Reconstruction Co.   Overdraft          CRISIL AA-     1000    Reaffirmed
Ltd
JM Financial Services Ltd               Overdraft          CRISIL AA      1646.3  Reaffirmed
JM Financial Services Ltd               Overdraft          CRISIL AA      1646.3  Reaffirmed
JRJ Sea Foods India Pvt Ltd             WC Demand Loan     CRISIL B+      30      Assigned
JRJ Sea Foods India Pvt Ltd             Proposed LT Bk     CRISIL B+      9       Assigned
                                        Loan Fac
JRJ Sea Foods India Pvt Ltd             LT Loan            CRISIL B+      11      Assigned
JRJ Sea Foods India Pvt Ltd             CC                 CRISIL B+      10      Assigned
Jyoti Strips Pvt Ltd                    CC                 CRISIL BBB+    495     Reaffirmed
Jyoti Strips Pvt Ltd                    Proposed LT Bk     CRISIL BBB+    150     Reaffirmed
                                        Loan Fac
Jyoti Strips Pvt Ltd                    Standby Line of    CRISIL BBB+    20      Reaffirmed
                                        Credit
K.D.Liquor and Fertilizer Pvt Ltd       CC                 CRISIL BB      60      Upgraded from
                                                                                  CRISIL BB-
K.D.Liquor and Fertilizer Pvt Ltd       LT Loan            CRISIL BB      23.7    Upgraded from
                                                                                  CRISIL BB-
K.D.Liquor and Fertilizer Pvt Ltd       Proposed LT Bk     CRISIL BB      48.8    Upgraded from
                                        Loan Fac                                  CRISIL BB-
LB Cotton Industries LLP                CC                 CRISIL B+      50      Upgraded from
                                                                                  CRISIL
                                                                                  B-/Stable
LB Cotton Industries LLP                TL                 CRISIL B+      30      Upgraded from
                                                                                  CRISIL
                                                                                  B-/Stable
Mega Engineering Pvt Ltd                CC                 CRISIL BB-     35      Reaffirmed
Mega Engineering Pvt Ltd                Proposed LT Bk     CRISIL BB-     22.5    Reaffirmed
                                        Loan Fac
Mega Engineering Pvt Ltd                TL                 CRISIL BB-     52.5    Reaffirmed
MVS Engineering Pvt Ltd                 Drop Line          CRISIL BBB     100     Assigned
                                        Overdraft Fac
MVS Engineering Pvt Ltd                 CC                 CRISIL BBB     15      Assigned
NIIT Technologies Ltd                   CC                 CRISIL AA      900     Reaffirmed
Ninerich Infotech                       Overdraft          CRISIL B       40      Assigned
Patel Hospital Pvt Ltd                  Rupee TL           CRISIL BB+     110.7   -
Issuer Not Cooperating
Raghupati Synergy Pvt Ltd               CC                 CRISIL BB-     250     Assigned
Raka Oil Company                        CC                 CRISIL BB      45      Reaffirmed
Raka Oil Company                        Proposed TL        CRISIL BB      20      Reaffirmed
Raka Oil Company                        Proposed WC Fac    CRISIL BB      15      Assigned
Rama Rice & Gen. Mills                  CC                 CRISIL BB-     60      Assigned
Romax Steels Pvt Ltd                    TL                 CRISIL B+      10      Assigned
Romax Steels Pvt Ltd                    CC                 CRISIL B+      50      Assigned
Romax Steels Pvt Ltd                    Proposed TL        CRISIL B+      10      Assigned
Ruparel Homes India Pvt Ltd             NCD                CRISIL BB      2000    -
Issuer Not Cooperating
S. A. Plywood Industry Pvt Ltd          BG                 CRISIL D       2.5     Reaffirmed
S. A. Plywood Industry Pvt Ltd          CC                 CRISIL D       125     Reaffirmed
S. A. Plywood Industry Pvt Ltd          LT Loan            CRISIL D       27.9    Reaffirmed
S. A. Plywood Industry Pvt Ltd          Proposed CC Limit  CRISIL D       25      Reaffirmed
S. A. Plywood Industry Pvt Ltd          Proposed FB Bk     CRISIL D       9.6     Assigned
                                        Limits
S. S. T. Packaging Pvt Ltd              CC                 CRISIL B       5       Assigned
S. S. T. Packaging Pvt Ltd              TL                 CRISIL B       54      Assigned
Sachin Fibers                           CC                 CRISIL BB-     40      Upgraded from
                                                                                  CRISIL B+
Sachin Fibers                           Proposed CC Limit  CRISIL BB-     30      Upgraded from
                                                                                  CRISIL B+
Sachin Fibers                           TL                 CRISIL BB-     10      Assigned
Sapat International Pvt Ltd             CC                 CRISIL BBB+    145     Reaffirmed
Sapat International Pvt Ltd             Proposed LT Bk     CRISIL BBB+    5       Reaffirmed
                                        Loan Fac
Savera Pipes Pvt Ltd                    Overdraft          CRISIL BB      100     Assigned
Shree Bharani Spinnings India Ltd       LT Loan            CRISIL C       40      Assigned
Shree Bharani Spinnings India Ltd       CC                 CRISIL C       52.5    Assigned
Shree Jee Flour Mills Pvt Ltd           CC                 CRISIL BB+     140     Reaffirmed
Shree Jee Flour Mills Pvt Ltd           TL                 CRISIL BB+     12      Reaffirmed
Shree Refrigerations Pvt Ltd            CC                 CRISIL B+      70      -
Shree Refrigerations Pvt Ltd            Proposed TL        CRISIL B+      10      -
Shree Refrigerations Pvt Ltd            TL                 CRISIL B+      26.5    -
Shri Sai Tex Processors                 LT Loan            CRISIL BB      79      Reaffirmed
Shri Sai Tex Processors                 Proposed LT Bk     CRISIL BB      1       Reaffirmed
                                        Loan Fac
Shri Shyam Agro Biotech Pvt Ltd         CC                 CRISIL BB+     140     Reaffirmed
Shri Shyam Agro Biotech Pvt Ltd         TL                 CRISIL BB+     7.5     Reaffirmed
Shyam Sunder Estates Pvt Ltd            LT Loan            CRISIL D       300     Downgraded
                                                                                  from CRISIL
                                                                                  BB/Stable
South Ganga Waters Technologies Pvt Ltd CC                 Withdrawal     30      -
Issuer Not Cooperating
South Ganga Waters Technologies Pvt Ltd LT Loan            Withdrawal     260     -
Issuer Not Cooperating
South Ganga Waters Technologies Pvt Ltd Proposed LT Bk     Withdrawal     10      -
                                        Loan Fac
Issuer Not Cooperating
Sree Rani Sati Overseas Pvt Ltd         CC                 CRISIL B       100     Assigned
Sree Rani Sati Overseas Pvt Ltd         Proposed LT Bk     CRISIL B       90      Assigned
                                        Loan Fac
Sree Satyanarayana Builders             LT Loan            CRISIL B+      250     Reaffirmed
Tata Teleservices (Maharashtra) Ltd     CC/ Overdraft Fac* CRISIL AA-     2750    Reaffirmed
*Interchangeable between fund-based and non-fund-based limits to the extent of Rs.150 crore
Tata Teleservices (Maharashtra) Ltd     LT Loan            CRISIL AA-     3086    Reaffirmed
Tata Teleservices (Maharashtra) Ltd     Proposed TL        CRISIL AA-     13431.2 Reaffirmed
Tata Teleservices (Maharashtra) Ltd     CC/ Overdraft Fac* CRISIL AA-     2750    Reaffirmed
*Interchangeable between fund-based and non-fund-based limits to the extent of Rs.150 crore
Tata Teleservices (Maharashtra) Ltd     LT Loan            CRISIL AA-     3086    Reaffirmed
Tata Teleservices (Maharashtra) Ltd     Proposed TL        CRISIL AA-     13431.2 Reaffirmed
Tata Teleservices Ltd                   CC                 CRISIL AA-     2900    Reaffirmed
Tata Teleservices Ltd                   Proposed TL        CRISIL AA-     18260   Reaffirmed
Tata Teleservices Ltd                   TL                 CRISIL AA-     86270   Reaffirmed
Tata Teleservices Ltd                   CC                 CRISIL AA-     2900    Reaffirmed
Tata Teleservices Ltd                   Proposed TL        CRISIL AA-     18260   Reaffirmed
Tata Teleservices Ltd                   TL                 CRISIL AA-     86270   Reaffirmed
Tejas International Educational         TL                 CRISIL B       340     Assigned
Institutions
Vasisht Marketing Pvt Ltd               TL                 CRISIL B+      4       Assigned
Vasisht Marketing Pvt Ltd               Proposed LT Bk     CRISIL B+      56      Assigned
                                        Loan Fac
Vasisht Marketing Pvt Ltd               CC                 CRISIL B+      50      Assigned
Vasisht Marketing Pvt Ltd               Proposed CC Limit  CRISIL B+      40      Assigned
Vipul Chemicals India Pvt Ltd           CC                 CRISIL BB+     100     Reaffirmed
Vipul Chemicals India Pvt Ltd           Proposed LT Bk     CRISIL BB+     25.1    Reaffirmed
                                        Loan Fac
Vipul Chemicals India Pvt Ltd           Standby Line of    CRISIL BB+     15      Reaffirmed
                                        Credit
Vipul Chemicals India Pvt Ltd           TL                 CRISIL BB+     26.2    Reaffirmed
Waaneep Solar Pvt Ltd                   TL                 CRISIL BBB+    700     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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