February 15, 2018 / 5:09 AM / 3 months ago

CRISIL ratings for Indian debt instruments-Feb 15

    Feb 15 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of February 14, 2018.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Adapt Infra Pvt Ltd                     BG                 CRISIL A4+     7       Reaffirmed
Akross Synthetics Pvt Ltd               Proposed ST Bk     CRISIL A4+     2.8     Migrated
                                        Loan Fac
Issuer Not Cooperating
Bayer Bioscience Pvt Ltd                Non-FBL#           CRISIL A1+     4.2     Reaffirmed
# Comprises letter of credit and bank guarantee (fully interchangeable)
Bayer Cropscience Ltd                   ST Debt            CRISIL A1+     2000    Reaffirmed
Bhuvaneshwari Textiles Pvt Ltd          LOC                CRISIL D       70      Downgraded
                                                                                  from CRISIL
                                                                                  A4+
Clix Finance India Pvt Ltd              Proposed ST Bk     CRISIL A1+     2000    Reaffirmed
                                        Loan Fac
Clix Finance India Pvt Ltd              CP*^               CRISIL A1+     2000    Reaffirmed
*Aggregate rated debt not to exceed Rs.200 crore/^ Earlier STD (Including CP)
Clix Finance India Pvt Ltd              ST Debt*^          CRISIL A1+     2000    Reaffirmed
*Aggregate rated debt not to exceed Rs.200 crore/^ Earlier STD (Including CP)
Dakshin Exports                         Packing Credit in  CRISIL A4      173
                                        Foreign Currency
Issuer Not Cooperating
Dhar Coal Products Pvt Ltd              LOC                CRISIL A4+     300     Withdrawal
Issuer Not Cooperating
Fiat India Automobiles Pvt Ltd          LOC*               CRISIL A1+     100     Upgraded from
                                                                                  CRISIL A1
*Interchangeable with bank guarantee
Jennex Granite Industries Pvt Ltd       Import LOC Limit   CRISIL A4      40      Reaffirmed
Jennex Granite Industries Pvt Ltd       Post Shipment      CRISIL A4      140     Reaffirmed
                                        Credit
Kalarickal Agencies Pvt Ltd             BG                 CRISIL A4+     40      Reaffirmed
Kamal Coach Works Pvt Ltd               BG                 CRISIL A4+     100     Reaffirmed
Kongovi Pvt Ltd                         BG                 CRISIL A3+     30      Reaffirmed
                                                                                  and Withdrawal
Kongovi Pvt Ltd                         LOC                CRISIL A3+     50      Reaffirmed
                                                                                  and Withdrawal
Kopran Ltd                              BG                 CRISIL A3+     7.5     Upgraded from
                                                                                  CRISIL A3
Kopran Ltd                              LOC                CRISIL A3+     150     Upgraded from
                                                                                  CRISIL A3
Kopran Ltd                              Loan Equivalent    CRISIL A3+     52.5    Upgraded from
                                        Risk Limits                               CRISIL A3
Kopran Research Laboratories Ltd        BG                 CRISIL A3+     7.5     Upgraded from
                                                                                  CRISIL A3
Kopran Research Laboratories Ltd        Foreign Exchange   CRISIL A3+     12.5    Upgraded from
                                        Forward                                   CRISIL A3
Kopran Research Laboratories Ltd        LOC                CRISIL A3+     350     Upgraded from
                                                                                  CRISIL A3
Lineage Power Pvt Ltd                   BG                 CRISIL A3+     100     Withdrawal
Issuer Not Cooperating
Mahima Fibres Pvt Ltd                   Export Bill        CRISIL A2      8
                                        Negotiation
NU Fashion Footwear Pvt Ltd             Proposed ST Bk     CRISIL A3+     238.5   Reaffirmed
                                        Loan Fac
Pace Power Systems Pvt Ltd              BG                 CRISIL A3+     1560    Withdrawal
Issuer Not Cooperating
Patchala Spintex Pvt Ltd                Letter Of GuaranteeCRISIL A4+     8       Withdrawal
Issuer Not Cooperating
R. S. Contractors                       BG                 CRISIL A4+     230     Reaffirmed
Rajaguru Spinning Mills Pvt Ltd         CC                 CRISIL A3+     310     Withdrawal
Rajaguru Spinning Mills Pvt Ltd         LOC                CRISIL A3+     10      Withdrawal
Rajaguru Spinning Mills Pvt Ltd         LT Loan            CRISIL A3+     580     Withdrawal
Ram Ratna Wires Ltd                     BG                 CRISIL A2      50      Reaffirmed
Ram Ratna Wires Ltd                     LOC                CRISIL A2      10      Reaffirmed
Ratnam Stone Exports                    Packing Credit     CRISIL A4+     65      Reaffirmed
Roland Ceramic                          BG                 CRISIL A4      10      Reaffirmed
Rural Institute of Social and Economic  Overdraft          CRISIL D       20      Downgraded
Empowerment                                                                       from CRISIL
                                                                                  A4
Star Transformers Ltd                   BG                 CRISIL A4      70      Downgraded
                                                                                  from CRISIL
                                                                                  A4+
The Muslim Educational Society (Regd.)  BG                 CRISIL D       53.5    Downgraded
Calicut                                                                           from CRISIL A4
Thermosol Glass Pvt Ltd                 BG                 CRISIL D       25      Downgraded
                                                                                  from CRISIL
                                                                                  A4
VNKC Agrocom Pvt Ltd                    Foreign Exchange   CRISIL A4+     40      Withdrawal
                                        Forward
Issuer Not Cooperating
VNKC Agrocom Pvt Ltd                    Packing Credit     CRISIL A4+     240     Withdrawal
Issuer Not Cooperating
Welset Plast Extrusions Pvt Ltd         BG                 CRISIL A3      10      Reaffirmed
Welset Plast Extrusions Pvt Ltd         LOC                CRISIL A3      120     Reaffirmed
 
LONG TERM RATINGS:
-------------------
Adapt Infra Pvt Ltd                     CC                 CRISIL BB-     42      Reaffirmed
Adapt Infra Pvt Ltd                     TL                 CRISIL BB-     11      Reaffirmed
Akross Synthetics Pvt Ltd               CC                 CRISIL BB-     50.5    Migrated
Issuer Not Cooperating
Akross Synthetics Pvt Ltd               TL                 CRISIL BB-     76.7    Migrated
Issuer Not Cooperating
Balaji Loomtex Pvt Ltd                  Proposed TL        CRISIL B+      165     Assigned
Balaji Loomtex Pvt Ltd                  CC                 CRISIL B+      30      Assigned
Balaji Loomtex Pvt Ltd                  Proposed CC Limit  CRISIL B+      105     Assigned
Bayer Bioscience Pvt Ltd                FB Fac@            CRISIL AA      255.8   @
@ Comprises cash credit, overdraft, and short-term loans (fully interchangeable)
Bayer Cropscience Ltd                   FB Fac*            CRISIL AA+     1125.5  @
*Fully interchangeable with cash credit, overdraft, short-term loans, letter of credit, and bank
guarantee 
Bayer Cropscience Ltd                   Proposed LT Bk     CRISIL AA+     154.5   @
                                        Loan Fac
Bayer Pharmaceuticals Pvt Ltd           CC                 CRISIL A+      40      @
Bayer Vapi Pvt Ltd                      LT Bk Fac*         CRISIL AA+     50      @
*Interchangeable with non-fund-based facilities
Bayer Vapi Pvt Ltd                      LT Bk Fac          CRISIL AA+     130     @
Bayer Vapi Pvt Ltd                      Proposed LT Bk     CRISIL AA+     20      @
                                        Loan Fac
Bhuvaneshwari Textiles Pvt Ltd          CC                 CRISIL D       120     Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Bhuvaneshwari Textiles Pvt Ltd          Proposed LT Bk     CRISIL D       20      Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BB-
Bhuvaneshwari Textiles Pvt Ltd          TL                 CRISIL D       20      Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Cargo Solar Power (Gujarat) Pvt Ltd     Proposed LT Bk     CRISIL B+      1670    Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BB-
Cargo Solar Power (Gujarat) Pvt Ltd     Rupee TL           CRISIL B+      3480    Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Dakshin Exports                         Cash TL            CRISIL B+      2
Issuer Not Cooperating
Dhar Coal Products Pvt Ltd              CC                 CRISIL BB      30      Withdrawal
Issuer Not Cooperating
Dhar Coal Products Pvt Ltd              Proposed LT Bk     CRISIL BB      70      Withdrawal
                                        Loan Fac
Issuer Not Cooperating
Durga Seeds Farm (Regd.)                CC                 CRISIL BB-     60      Downgraded
                                                                                  from CRISIL
                                                                                  BB
Fiat India Automobiles Pvt Ltd          CC                 CRISIL AA-     6250    Upgraded from
                                                                                  CRISIL A
Fiat India Automobiles Pvt Ltd          External           CRISIL AA-     8820    Upgraded from
                                        Commercial                                CRISIL A
                                        Borrowings
Fiat India Automobiles Pvt Ltd          Foreign Currency TLCRISIL AA-     1760    Upgraded from
                                                                                  CRISIL A
Fiat India Automobiles Pvt Ltd          LT Loan            CRISIL AA-     800     Upgraded from
                                                                                  CRISIL A
Fiat India Automobiles Pvt Ltd          Proposed LT Bk     CRISIL AA-     1590    Upgraded from
                                        Loan Fac                                  CRISIL A
Fiat India Automobiles Pvt Ltd          Rupee TL           CRISIL AA-     680     Upgraded from
                                                                                  CRISIL A
Jennex Granite Industries Pvt Ltd       Secured Overdraft  CRISIL B+      50      Reaffirmed
                                        Fac
K. C. Solvent Extractions Pvt Ltd       CC                 CRISIL B+      480     Reaffirmed
Kalarickal Agencies Pvt Ltd             CC                 CRISIL BB      50      Reaffirmed
Kalarickal Agencies Pvt Ltd             Proposed LT Bk     CRISIL BB      10      Reaffirmed
                                        Loan Fac
Kamal Coach Works Pvt Ltd               CC                 CRISIL BB-     60      Reaffirmed
Kamal Coach Works Pvt Ltd               Proposed LT Bk     CRISIL BB-     60      Reaffirmed
                                        Loan Fac
Kapoor Preservations LLP                CC                 CRISIL B       12      Assigned
Kapoor Preservations LLP                TL                 CRISIL B       40      Assigned
Khukhrain Cold Storage & Ice Factory    CC                 CRISIL D       75      Downgraded
                                                                                  from CRISIL B
Khukhrain Cold Storage & Ice Factory    TL                 CRISIL D       10.5    Downgraded
                                                                                  from CRISIL B
Kongovi Pvt Ltd                         CC                 CRISIL BBB     120     Reaffirmed
                                                                                  and Withdrawal
Kongovi Pvt Ltd                         Foreign Currency TLCRISIL BBB     50      Reaffirmed
                                                                                  and Withdrawal
Kongovi Pvt Ltd                         Proposed LT Bk     CRISIL BBB     42      Reaffirmed
                                        Loan Fac                                  and Withdrawal
Kongovi Pvt Ltd                         TL                 CRISIL BBB     358     Reaffirmed
                                                                                  and Withdrawal
Kopran Ltd                              CC                 CRISIL BBB     150     Upgraded from
                                                                                  CRISIL BBB-
Kopran Ltd                              Proposed LT Bk     CRISIL BBB     625     Upgraded from
                                        Loan Fac                                  CRISIL BBB-
Kopran Research Laboratories Ltd        CC                 CRISIL BBB     250     Upgraded from
                                                                                  CRISIL BBB-
Laxmi Cottex                            CC                 CRISIL B+      75      Reaffirmed
Lineage Power Pvt Ltd                   CC                 -              450     Withdrawal
Issuer Not Cooperating
Lineage Power Pvt Ltd                   LOC                CRISIL BBB     100     Withdrawal
Issuer Not Cooperating
Mahima Fibres Pvt Ltd                   CC                 CRISIL BBB+    720
Mahima Fibres Pvt Ltd                   TL                 CRISIL BBB+    1242
Mauli Agro Industries                   CC                 CRISIL BB      49.5    Assigned
Mauli Agro Industries                   Proposed LT Bk     CRISIL BB      74.5    Assigned
                                        Loan Fac
NU Fashion Footwear Pvt Ltd             CC                 CRISIL BBB     100     Reaffirmed
NU Fashion Footwear Pvt Ltd             Proposed LT Bk     CRISIL BBB     100     Reaffirmed
                                        Loan Fac
Pace Power Systems Pvt Ltd              LT Loan            CRISIL BBB     60      Withdrawal
Issuer Not Cooperating
Pace Renewable Energies Pvt Ltd         BG                 CRISIL BBB     60      Withdrawal
Issuer Not Cooperating
Pace Renewable Energies Pvt Ltd         TL                 CRISIL BBB     165     Withdrawal
Issuer Not Cooperating
Paswara Papers Ltd                      TL                 -              1075.2
Issuer Not Cooperating
Paswara Papers Ltd                      TL                 -              425
Issuer Not Cooperating
Paswara Papers Ltd                      CC                 CRISIL BB-     157.3
Issuer Not Cooperating
Paswara Papers Ltd                      CC                 CRISIL BB-     377.5
Issuer Not Cooperating
Patchala Spintex Pvt Ltd                CC                 CRISIL         380     Withdrawal
                                                           BB
Issuer Not Cooperating
Patchala Spintex Pvt Ltd                Proposed BG        CRISIL         52.3    Withdrawal
                                                           BB
Issuer Not Cooperating
Patchala Spintex Pvt Ltd                TL                 CRISIL         610     Withdrawal
                                                           BB
Issuer Not Cooperating
Patna Iron Pvt Ltd                      CC                 CRISIL BB-     60      Withdrawal
Issuer Not Cooperating
Patna Iron Pvt Ltd                      LT Loan            CRISIL BB-     40      Withdrawal
Issuer Not Cooperating
R. S. Contractors                       CC                 CRISIL BB-     100     Reaffirmed
Ram Ratna Wires Ltd                     Bill Discounting   CRISIL BBB+    150     Reaffirmed
Ram Ratna Wires Ltd                     CC                 CRISIL BBB+    1110    Reaffirmed
Ram Ratna Wires Ltd                     TL                 CRISIL BBB+    506     Reaffirmed
Ram Ratna Wires Ltd                     WC Demand Loan     CRISIL BBB+    250     Reaffirmed
Rangoli Particle Boards Pvt Ltd         CC                 CRISIL B+      50      Migrated
Issuer Not Cooperating
Rangoli Particle Boards Pvt Ltd         Proposed LT Bk     CRISIL B+      25      Migrated
                                        Loan Fac
Issuer Not Cooperating
Rangoli Particle Boards Pvt Ltd         TL                 CRISIL B+      50      Migrated
Issuer Not Cooperating
Ratnadeep Super Market Pvt Ltd          CC/ Overdraft Fac  CRISIL BBB+    300     Reaffirmed
Roland Ceramic                          CC                 CRISIL B+      20      Reaffirmed
Roland Ceramic                          Proposed LT Bk     CRISIL B+      62.2    Reaffirmed
                                        Loan Fac
Roland Ceramic                          TL                 CRISIL B+      20      Reaffirmed
Rural Institute of Social and Economic  LT Loan            CRISIL D       200     Downgraded
Empowerment                                                                       from CRISIL B
Saivenkata Nirmiti Pvt Ltd              Rupee TL           CRISIL BB-     96      Migrated
Issuer Not Cooperating
Siddhartha Super Spinning Mills Ltd     CC                 CRISIL BB+     100     Migrated
Issuer Not Cooperating
Siddhartha Super Spinning Mills Ltd     LT Loan            CRISIL BB+     200     Migrated
Issuer Not Cooperating
Star Transformers Ltd                   CC                 CRISIL B+      150     Downgraded
                                                                                  from CRISIL
                                                                                  BB-
The Muslim Educational Society (Regd.)  Overdraft          CRISIL D       50      Downgraded
Calicut                                                                           from CRISIL
                                                                                  B+
The Muslim Educational Society (Regd.)  TL                 CRISIL D       156.7   Downgraded
Calicut                                                                           from CRISIL
                                                                                  B+
Thermosol Glass Pvt Ltd                 CC**               CRISIL D       130     Downgraded
                                                                                  from CRISIL
                                                                                  B+
**Interchangeable with packing credit up to Rs.3.5 crore; letter of credit/buyer's credit up to
Rs.2.5 crore; letter of credit up to Rs.8.0 crore; and packing credit up to Rs.5.6 crore. 
Thermosol Glass Pvt Ltd                 LT Loan*           CRISIL D       293.6   Downgraded
                                                                                  from CRISIL
                                                                                  B+
*Interchangeable with letter of credit/buyer's credit up to Rs.7 crore and letter of credit up
to Rs.7.78 crore.  
Valluvanad Hospital Complex Ltd         TL                 CRISIL D       110     Downgraded
                                                                                  from CRISIL
                                                                                  B+
Vinit Yarn Dyeing Pvt Ltd               CC                 CRISIL BB      55      Upgraded from
                                                                                  CRISIL BB-
Vinit Yarn Dyeing Pvt Ltd               LT Loan            CRISIL BB      45      Upgraded from
                                                                                  CRISIL BB-
VNKC Agrocom Pvt Ltd                    TL                 CRISIL BB-     70      Withdrawal
Issuer Not Cooperating
Welset Plast Extrusions Pvt Ltd         CC                 CRISIL BBB-    140     Reaffirmed
Welset Plast Extrusions Pvt Ltd         Export Packing     CRISIL BBB-    100     Reaffirmed
                                        Credit
Welset Plast Extrusions Pvt Ltd         Proposed LT Bk     CRISIL BBB-    20.9    Reaffirmed
                                        Loan Fac
Welset Plast Extrusions Pvt Ltd         Standby Line of    CRISIL BBB-    31      Reaffirmed
                                        Credit
Welset Plast Extrusions Pvt Ltd         TL                 CRISIL BBB-    28.1    Reaffirmed
--------------------------------------------------------------------------------------------
$: 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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