February 13, 2020 / 7:32 AM / 13 days ago

CRISIL ratings for Indian debt instruments-Feb 13

    Feb 13  - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of February 12, 2020.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Abhishek Solar Industries Pvt Ltd       BG                 CRISIL A4      40      -
(Issuer not cooperating)
Amara Raja Batteries Ltd                LOC^               CRISIL A1+     50      Reaffirmed
^Fully interchangeable with LC and BG.
Amer-Sil Ketex Pvt Ltd                  BG                 CRISIL A2      7.5     Reaffirmed
Amer-Sil Ketex Pvt Ltd                  LOC                CRISIL A2      15      Reaffirmed
Aravinda Electricals                    BG                 CRISIL A4+     285     Assigned
Aravinda Electricals                    Overdraft          CRISIL A4+     117.5   Assigned
Arunachal Timber Traders Pvt Ltd        Foreign LOC        CRISIL A4      210     Revised from
                                                                                  CRISIL A4+
Asa Bhanu Technical Services Ltd        Bill Discounting   CRISIL A4      30      -
                                        under LOC
(Issuer not cooperating)
Asa Bhanu Technical Services Ltd        LOC & BG           CRISIL A4      100     -
(Issuer not cooperating)
Ashirwad Foundries Pvt Ltd              Packing Credit^    CRISIL A4      10      Revised from
                                                                                  CRISIL A4+
(Issuer not cooperating) / ^Interchangeable with Foreign Deferred Bill Purchase/Foreign Usance
Bill Purchase to the extent of Rs.0.60 crore
Asian Tire Factory Ltd                  LOC                CRISIL A4      35      Reaffirmed
Asian Tire Factory Ltd                  Proposed ST Bk     CRISIL A4      2       Reaffirmed
                                        Loan Fac
Associated Lighting Company             LOC                CRISIL A4      60      -
(Issuer not cooperating)
Centum Industries Pvt Ltd               BG                 CRISIL A4      30      Revised from
                                                                                  CRISIL A4+
(Issuer not cooperating)
Centum Industries Pvt Ltd               LOC                CRISIL A4      10      Revised from
                                                                                  CRISIL A4+
(Issuer not cooperating)
Ceratune Ceramic                        BG                 CRISIL A4      3       -
(Issuer not cooperating)
Chaudhary Construction Company Pvt Ltd  BG                 CRISIL A4      53      -
(Issuer not cooperating)
Cori Engineers Pvt Ltd                  BG                 CRISIL A2      30      Reaffirmed
Cori Engineers Pvt Ltd                  LOC                CRISIL A2      5       Reaffirmed
Glenrock Rubber Products Pvt Ltd        BG                 CRISIL A3      25      Reaffirmed
India Infoline Finance Ltd - Aurous     Series A PTCs      Provisional    3450    Assigned
Trust Jan 2020                                             CRISIL A1+ (SO)
India Infoline Finance Ltd - India      Series A PTCs      Provisional    3450    Assigned
Infoline Finance Ltd                                       CRISIL A1+ (SO)
Jobby Engineers Pvt Ltd                 BG                 CRISIL A3+     443.5   Reaffirmed
Ketan Motors Pvt Ltd                    BG                 CRISIL A3      5       Reaffirmed
Lazer India Pvt Ltd                     LOC                CRISIL A3      40      Reaffirmed
Lonestar Industries                     BG                 CRISIL A2      100     Reaffirmed
Lonestar Industries                     LOC                CRISIL A2      17.5    Reaffirmed
M.Lakhamsi and Co.                      Bill Purchase      CRISIL A4+     25      Reaffirmed
M.Lakhamsi and Co.                      LOC                CRISIL A4+     20      Reaffirmed
Muthoottu Mini Financiers Ltd -         Series A1 PTCs     Provisional    515.9   Assigned
Muthoottu Mini Financiers Limite                           CRISIL A1 (SO)
Om Associates - Bhubaneswar             BG                 CRISIL A4+     50      Assigned
P P Kharpatil Const. Pvt. Ltd.          BG                 CRISIL A3      295     Reaffirmed
Quality Industries                      LOC                CRISIL A3      50      Reaffirmed
Sahu Exports                            Proposed Packing   CRISIL A3+     100     Reaffirmed
                                        Credit
Sigma Chemicals                         BG                 CRISIL A3      100     Reaffirmed
Vardhman Electrical Appliances          LOC                CRISIL A3      30      Reaffirmed
Vardhman Home Appliances Ltd            LOC                CRISIL A3      15      Reaffirmed
Vardhman Home Appliances Ltd            Sales Bill         CRISIL A3      12.5    Reaffirmed
                                        Discounting
Vinita Synthetic Industries Pvt Ltd     LOC                CRISIL A4      60      Reaffirmed



LONG TERM RATINGS:
-------------------
A to Z Logistics Ltd                    CC                 CRISIL B/Stable300     -
(Issuer not cooperating)
A. M. Developers                        TL                 CRISIL         100     Reaffirmed
                                                           BB-/Stable
Abhishek Solar Industries Pvt Ltd       CC                 CRISIL B/Stable50      -
(Issuer not cooperating)
Abhishek Solar Industries Pvt Ltd       LT Loan            CRISIL B/Stable10      -
(Issuer not cooperating)
Amara Raja Batteries Ltd                BG^                CRISIL         1150    Reaffirmed
                                                           AA+/Stable
^Fully interchangeable with LC and BG.
Amara Raja Batteries Ltd                CC*                CRISIL         650     Reaffirmed
                                                           AA+/Stable
*Interchangeable with working capital demand loan and export credit.
Amer-Sil Ketex Pvt Ltd                  CC                 CRISIL         135     Reaffirmed
                                                           BBB+/Stable
Amer-Sil Ketex Pvt Ltd                  Corporate Loan     CRISIL         48      Reaffirmed
                                                           BBB+/Stable
Amer-Sil Ketex Pvt Ltd                  LT Loan            CRISIL         80.8    Reaffirmed
                                                           BBB+/Stable
Amer-Sil Ketex Pvt Ltd                  Proposed LT Bk     CRISIL         116.2   Reaffirmed
                                        Loan Fac           BBB+/Stable
Amer-Sil Ketex Pvt Ltd                  Standby Line of    CRISIL         17.5    Reaffirmed
                                        Credit             BBB+/Stable
Anshu Hospitals Ltd                     CC                 CRISIL         25      Reaffirmed
                                                           BBB/Stable
Anshu Hospitals Ltd                     Rupee TL           CRISIL         225     Reaffirmed
                                                           BBB/Stable
Anshu Hospitals Ltd                     TL                 CRISIL         750     Reaffirmed
                                                           BBB/Stable
Aravinda Electricals                    Proposed Overdraft CRISIL         97.5    Assigned
                                        Fac                BB/Stable
Arrow Textiles Ltd                      CC                 CRISIL B+      25      Revised from
                                                                                  CRISIL BB+
(Removed from 'Rating Watch with Negative Implications')
Arrow Textiles Ltd                      Proposed FB Bk     CRISIL B+      25      Revised from
                                        Limits                                    CRISIL BB+
(Removed from 'Rating Watch with Negative Implications')
Arrow Textiles Ltd                      TL                 CRISIL B+      25      Revised from
                                                                                  CRISIL BB+
(Removed from 'Rating Watch with Negative Implications')
Arunachal Timber Traders Pvt Ltd        CC                 CRISIL         67.5    Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable
Asa Bhanu Technical Services Ltd        CC/ Overdraft Fac  CRISIL B/Stable60      -
(Issuer not cooperating)
Asa Bhanu Technical Services Ltd        LT Loan            CRISIL B/Stable10      -
(Issuer not cooperating)
Asa Bhanu Technical Services Ltd        WC Demand Loan     CRISIL B/Stable20      -
(Issuer not cooperating)
Ashirwad Foundries Pvt Ltd              Overdraft          CRISIL         40      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer not cooperating)
Asian Tire Factory Ltd                  CC                 CRISIL         65      Reaffirmed
                                                           B+/Stable
Asia-Pacific Institute of Management (A TL                 CRISIL D       180     -
Unit of All India Asian Educational
Foundation)
(Issuer not cooperating)
Associated Lighting Company             Export Packing     CRISIL B/Stable90      -
                                        Credit
(Issuer not cooperating)
Atmiya Engineering and Plastics         CC                 CRISIL D       4       -
(Issuer not cooperating)
Atmiya Engineering and Plastics         LT Loan            CRISIL D       34.3    -
(Issuer not cooperating)
Atmiya Engineering and Plastics         WC TL              CRISIL D       51.7    -
(Issuer not cooperating)
Avani Buildcon                          TL                 CRISIL B/Stable50      -
(Issuer not cooperating)
Bajwa Developers Ltd                    Ratings            -              -       -
(CRISIL is yet to receive adequate information to enable it to undertake a rating review.)
Bansal Forest Products Pvt Ltd          CC                 Withdrawn      55      -
Bansal Forest Products Pvt Ltd          Foreign Exchange   Withdrawn      35      -
                                        Fac
Bansal Forest Products Pvt Ltd          Foreign LOC        Withdrawn      385     -
Bayer Pharmaceuticals Pvt Ltd           CC                 CRISIL         40      Reaffirmed
                                                           A+/Stable
Call Express Construction India Pvt Ltd LT Loan            CRISIL         500     -
                                                           B+/Stable
(Issuer not cooperating)
Call Express Construction India Pvt Ltd Proposed TL        CRISIL         50      -
                                                           B+/Stable
(Issuer not cooperating)
Capitol Hill Hotels Pvt Ltd             TL                 CRISIL D       450     -
(Issuer not cooperating)
Celebrity Corporate Club                LT Loan            CRISIL D       70      -
(Issuer not cooperating)
Celebrity Corporate Club                Overdraft          CRISIL D       10      -
(Issuer not cooperating)
Centum Industries Pvt Ltd               CC                 CRISIL         30      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB/Stable
(Issuer not cooperating)
Centum Industries Pvt Ltd               Proposed LT Bk     CRISIL         15      Revised from
                                        Loan Fac           B+/Stable              CRISIL
                                                                                  BB/Stable
(Issuer not cooperating)
Ceratune Ceramic                        CC                 CRISIL B/Stable10      -
(Issuer not cooperating)
Ceratune Ceramic                        LT Loan            CRISIL B/Stable52.5    -
(Issuer not cooperating)
Challa Chlorides Pvt Ltd                CC                 CRISIL         50      -
                                                           B-/Stable
(Issuer not cooperating)
Challa Chlorides Pvt Ltd                LT Loan            CRISIL         24.3    -
                                                           B-/Stable
(Issuer not cooperating)
Challa Chlorides Pvt Ltd                Proposed LT Bk     CRISIL         15.7    -
                                        Loan Fac           B-/Stable
(Issuer not cooperating)
Charms Chem Pvt Ltd                     CC                 CRISIL D       40      -
(Issuer not cooperating)
Charms Chem Pvt Ltd                     Inland/Import LOC  CRISIL D       5       -
(Issuer not cooperating)
Charms Chem Pvt Ltd                     Proposed FB Bk     CRISIL D       10.9    -
                                        Limits
(Issuer not cooperating)
Charms Chem Pvt Ltd                     TL                 CRISIL D       5.5     -
(Issuer not cooperating)
Chaudhary Construction Company Pvt Ltd  CC                 CRISIL B/Stable22      -
(Issuer not cooperating)
Cori Engineers Pvt Ltd                  CC                 CRISIL         33      Reaffirmed
                                                           BBB+/Stable
Crackers India Infrastructure Ltd       LT Loan            CRISIL C       650     -
(Issuer not cooperating)
Crest Promoters Pvt Ltd                 Proposed TL        CRISIL         50      -
                                                           B+/Stable
(Issuer not cooperating)
Crest Promoters Pvt Ltd                 TL                 CRISIL         950     -
                                                           B+/Stable
(Issuer not cooperating)
Glenrock Rubber Products Pvt Ltd        Foreign Bill       CRISIL         67.5    Reaffirmed
                                        Discounting        BBB-/Stable
Glenrock Rubber Products Pvt Ltd        Foreign Currency TLCRISIL         60      Reaffirmed
                                                           BBB-/Stable
Glenrock Rubber Products Pvt Ltd        Proposed LT Bk     CRISIL         17.5    Reaffirmed
                                        Loan Fac           BBB-/Stable
Green Valley Food Processors Pvt Ltd    CC                 CRISIL         25      Reaffirmed
                                                           BBB-/Stable
Green Valley Food Processors Pvt Ltd    LT Bk Fac          CRISIL         24      Reaffirmed
                                                           BBB-/Stable
Green Valley Food Processors Pvt Ltd    Proposed LT Bk     CRISIL         1       Reaffirmed
                                        Loan Fac           BBB-/Stable
Jagmohan Motors Pvt Ltd                 CC                 CRISIL         250     -
                                                           BB+/Stable
(Migrated from 'CRISIL BB+/Stable Issuer not cooperating)
Jagmohan Motors Pvt Ltd                 Inventory Funding  CRISIL         100     -
                                        Fac                BB+/Stable
(Migrated from 'CRISIL BB+/Stable Issuer not cooperating)
Jobby Engineers Pvt Ltd                 CC                 CRISIL         156.5   -
                                                           BBB/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Ketan Motors Pvt Ltd                    CC                 CRISIL         150     Reaffirmed
                                                           BBB-/Stable
Ketan Motors Pvt Ltd                    Inventory Funding  CRISIL         90      Reaffirmed
                                        Fac                BBB-/Stable
Ketan Motors Pvt Ltd                    Proposed LT Bk     CRISIL         5       Reaffirmed
                                        Loan Fac           BBB-/Stable
Lazer India Pvt Ltd                     CC                 CRISIL         100     Reaffirmed
                                                           BBB-/Stable
Lonestar Industries                     CC                 CRISIL         40      Reaffirmed
                                                           BBB+/Stable
Lonestar Industries                     Proposed LT Bk     CRISIL         18      Reaffirmed
                                        Loan Fac           BBB+/Stable
M.Lakhamsi and Co.                      Packing Credit     CRISIL         60      Reaffirmed
                                                           BB-/Stable
M.Lakhamsi and Co.                      Proposed LT Bk     CRISIL         10      Reaffirmed
                                        Loan Fac           BB-/Stable
Manipur Tea Co. Pvt Ltd                 Ratings            -              -       -
(CRISIL is yet to receive adequate information to enable it to undertake a rating review.)
Mantri Tea Company Pvt Ltd              Ratings            -              -       -
(CRISIL is yet to receive adequate information to enable it to undertake a rating review.)
Om Associates - Bhubaneswar             CC                 CRISIL         200     Assigned
                                                           BB+/Stable
P P Kharpatil Const. Pvt. Ltd.          CC                 CRISIL         40      Reaffirmed
                                                           BBB-/Stable
P P Kharpatil Const. Pvt. Ltd.          Drop Line          CRISIL         85      Reaffirmed
                                        Overdraft Fac      BBB-/Stable
P P Kharpatil Const. Pvt. Ltd.          LT Loan            CRISIL         103.9   Reaffirmed
                                                           BBB-/Stable
P P Kharpatil Const. Pvt. Ltd.          Proposed LT Bk     CRISIL         176.1   Reaffirmed
                                        Loan Fac           BBB-/Stable
Quality Industries                      Bill Discounting   CRISIL         1.5     Reaffirmed
                                                           BBB-/Stable
Quality Industries                      CC                 CRISIL         60      Reaffirmed
                                                           BBB-/Stable
Quality Industries                      Drop Line          CRISIL         160     Reaffirmed
                                        Overdraft Fac      BBB-/Stable
Quality Industries                      LT Loan            CRISIL         30      Reaffirmed
                                                           BBB-/Stable
Roy Cashew Products                     CC                 -              140     -
(Rating reaffirmed and Withdrawn)
Roy Cashew Products                     LOC                -              40      -
(Rating reaffirmed and Withdrawn)
Ruttonpore Plantations Pvt Ltd          Ratings            -              -       -
(CRISIL is yet to receive adequate information to enable it to undertake a rating review.)
Sahu Exports                            Export Packing     CRISIL         150     Reaffirmed
                                        Credit             BBB/Stable
Sahu Exports                            Proposed FB Bk     CRISIL         40      Reaffirmed
                                        Limits             BBB/Stable
Sahu Exports                            Proposed TL        CRISIL         60      Reaffirmed
                                                           BBB/Stable
Sharvi Packaging Solutions Pvt Ltd      CC                 CRISIL         10      Reaffirmed
                                                           BB-/Stable
Sharvi Packaging Solutions Pvt Ltd      CC/ Overdraft Fac  CRISIL         75      Reaffirmed
                                                           BB-/Stable
Sharvi Packaging Solutions Pvt Ltd      Proposed Overdraft CRISIL         35      Reaffirmed
                                        Fac                BB-/Stable
Shree Hanuman Trust                     TL                 CRISIL D       595     Downgraded
                                                                                  from 'CRISIL
                                                                                  BB-/Stable'
Sigma Chemicals                         CC                 CRISIL         2.5     Reaffirmed
                                                           BBB-/Stable
Sigma Chemicals                         Electronic Dealer  CRISIL         150     Reaffirmed
                                        Financing          BBB-/Stable
                                        Scheme(e-DFS)
Sigma Chemicals                         Channel Financing  CRISIL         30      Reaffirmed
                                                           BBB-/Stable
SPRNG Photovoltaic Pvt Ltd              LT Loan            CRISIL A       2415    Upgraded from
                                                                                  CRISIL
                                                                                  A-/Stable'
Suhasini Constructions                  Ratings            -              -       -
(CRISIL is yet to receive adequate information to enable it to undertake a rating review.)
Suhasini Developers                     Ratings            -              -       -
(CRISIL is yet to receive adequate information to enable it to undertake a rating review.)
Swapnil Agro Pvt Ltd                    Ratings            -              -       -
(CRISIL is yet to receive adequate information to enable it to undertake a rating review.)
Tex Corp Pvt Ltd                        Ratings            -              -       -
(CRISIL is yet to receive adequate information to enable it to undertake a rating review.)
Thakur V. S. Bidi Works, Poona          Ratings            -              -       -
(CRISIL is yet to receive adequate information to enable it to undertake a rating review.)
The Dharamsi Morarji Chemical Co. Ltd   LT Loan            CRISIL         168     Reaffirmed
                                                           BBB/Stable
The Dharamsi Morarji Chemical Co. Ltd   Proposed TL        CRISIL         382     Reaffirmed
                                                           BBB/Stable
The Dharamsi Morarji Chemical Co. Ltd   WC Fac             CRISIL         150     Reaffirmed
                                                           BBB/Stable
The Satya Educational Society           LT Loan            CRISIL         250     Migrated from
                                                           BBB-/Stable            CRISIL
                                                                                  BB+/Stable
(Issuer not cooperating)
Trans Chem Corporation                  CC                 CRISIL         290     Upgraded from
                                                           BBB-/Stable            CRISIL
                                                                                  BB+/Stable'
Trans Chem Corporation                  Proposed CC Limit  CRISIL         95      Upgraded from
                                                           BBB-/Stable            CRISIL
                                                                                  BB+/Stable'
Vardhman Electrical Appliances          CC                 CRISIL         35      Reaffirmed
                                                           BBB-/Stable
Vardhman Electrical Appliances          TL                 CRISIL         18.6    Reaffirmed
                                                           BBB-/Stable
Vardhman Electrical Appliances          WC TL              CRISIL         20      Reaffirmed
                                                           BBB-/Stable
Vardhman Home Appliances Ltd            CC                 CRISIL         40      Reaffirmed
                                                           BBB-/Stable
Vardhman Home Appliances Ltd            Proposed LT Bk     CRISIL         2.5     Reaffirmed
                                        Loan Fac           BBB-/Stable
Vardhman Home Appliances Ltd            WC TL              CRISIL         10      Reaffirmed
                                                           BBB-/Stable
Vinita Synthetic Industries Pvt Ltd     Proposed LT Bk     CRISIL         6       Reaffirmed
                                        Loan Fac           B+/Stable
Vinita Synthetic Industries Pvt Ltd     TL                 CRISIL         49      Reaffirmed
                                                           B+/Stable

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