February 6, 2020 / 6:56 AM / 22 days ago

CRISIL ratings for Indian debt instruments-Feb 6

    Feb 6  - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of February 5, 2020.


COMPANY                                INSTRUMENT          RATING         AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                 ----------          ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Ajwani Infrastructure Pvt Ltd           BG                 CRISIL A3+     1500    Reaffirmed
Amer-Sil Ketex Pvt Ltd                  BG                 CRISIL A2      7.5     Reaffirmed
Amer-Sil Ketex Pvt Ltd                  LOC                CRISIL A2      15      Reaffirmed
Apex Heart Care Pvt Ltd                 BG                 CRISIL A4+     5       Upgraded from
                                                                                  CRISIL A4
Flash Distribution Pvt Ltd              BG                 CRISIL A3      750
Frontier Motors                         BG                 CRISIL A4+     25.7    Reaffirmed
Hind Rectifiers Ltd                     BG                 CRISIL A3      200     Reaffirmed
Jaksons Developers Pvt Ltd              BG                 CRISIL A4+     97.7    Migrated from
                                                                                  CRISIL A4+
                                                                                  Rating
                                                                                  Withdrawn
(Issuer Not Cooperating)
Kribhco Fertilizers Ltd                 ST Loan** %%       CRISIL A1+     2500    Reaffirmed
** Guaranteed by KRIBHCO/%% sub limit of Letter of Credit (Inland/Foreign)
Kribhco Fertilizers Ltd                 ST Loan**          CRISIL A1+     3000    Reaffirmed
** Guaranteed by KRIBHCO
Kribhco Fertilizers Ltd                 ST Loan** @@       CRISIL A1+     4000    Reaffirmed
** Guaranteed by KRIBHCO/@@ Sub limit of WCDL, Standby Letter of Credit / Foreign Letter of
Credit, Bank Guarantee, Buyers Credit, credit equivalent forward contract limit and foreign LC
for capital goods
Kribhco Fertilizers Ltd                 ST Loan**^^        CRISIL A1+     1500    Reaffirmed
** Guaranteed by KRIBHCO/^^ sub limit of Foreign currency demand loan
Kribhco Fertilizers Ltd                 ST Loan< > **      CRISIL A1+     400     Reaffirmed
   Interchangeable with Letter of Credit limit/** Guaranteed by KRIBHCO
Kribhco Fertilizers Ltd                 ST Loan** &&       CRISIL A1+     5000    Reaffirmed
** Guaranteed by KRIBHCO/&& with sub limit of working capital demand loan/foreign currency
demand loan, Letter of credit and stand by letter of credit
Mekins Industries Ltd                   LOC & BG           CRISIL A3      30      Reaffirmed
Mekins Industries Ltd                   Packing Credit     CRISIL A3      50      Reaffirmed
Moolans International Exim Pvt Ltd      Foreign Bill       CRISIL A4+     75      Rating
                                        Purchase                                  Reaffirmed
                                                                                  and Withdrawn
Moolans International Exim Pvt Ltd      Packing Credit     CRISIL A4+     25      Rating
                                                                                  Reaffirmed
                                                                                  and Withdrawn
Overseas Traders                        BG                 CRISIL A4      20      Assigned
Overseas Traders                        Export Packing     CRISIL A4      120     Assigned
                                        Credit & Export
                                        Bills Negotiation/Foreign Bill discounting
R Gangaiah & Co                         BG                 CRISIL A4+     87      Migrated from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
R Gangaiah & Co                         Overdraft          CRISIL A4+     1       Migrated from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Rishabh Instruments Pvt Ltd             LOC                CRISIL A3+     30      Migrated from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Samvardhana Motherson International Ltd ST Rating          CRISIL A3              Downgraded
                                                                                  from CRISIL
                                                                                  A3+
Sarwati Home Furnishings                BG                 CRISIL A4      0.6     Reaffirmed
Shakthi Knitting Ltd                    Inland/Import LOC  CRISIL A3+     170     Assigned
Shakthi Knitting Ltd                    Foreign Exchange   CRISIL A3+     28.5    Assigned
                                        Forward
Sunny Trexim Pvt Ltd                    Bill Discounting   CRISIL A4+     640     Reaffirmed
Sunny Trexim Pvt Ltd                    Packing Credit in  CRISIL A4+     216     Reaffirmed
                                        Foreign Currency
Sunny Trexim Pvt Ltd                    Post Shipment      CRISIL A4+     144     Reaffirmed
                                        Credit
Temple Packaging Pvt Ltd                BG                 CRISIL A3      20      Downgraded
                                                                                  from CRISIL
                                                                                  A3+
Temple Packaging Pvt Ltd                LOC                CRISIL A3      30      Downgraded
                                                                                  from CRISIL
                                                                                  A3+
Temple Packaging Pvt Ltd                ST Loan            CRISIL A3      50      Downgraded
                                                                                  from CRISIL
                                                                                  A3+
VNS Finance and Capital Services Ltd    ST Loan            CRISIL A4+     60      Assigned
VNS Finance and Capital Services Ltd    BG                 CRISIL A4+     850     Assigned

LONG TERM RATINGS:
-------------------
Ajwani Infrastructure Pvt Ltd           CC                 CRISIL         150     Reaffirmed
                                                           BBB/Stable
Ajwani Infrastructure Pvt Ltd           Proposed LT Bk     CRISIL         290.2   Reaffirmed
                                        Loan Fac           BBB/Stable
Ajwani Infrastructure Pvt Ltd           Rupee TL           CRISIL         59.8    Reaffirmed
                                                           BBB/Stable
Amer-Sil Ketex Pvt Ltd                  CC                 CRISIL BBB+    135     Reaffirmed
Amer-Sil Ketex Pvt Ltd                  Corporate Loan     CRISIL BBB+    48      Reaffirmed
Amer-Sil Ketex Pvt Ltd                  LT Loan            CRISIL BBB+    80.8    Reaffirmed
Amer-Sil Ketex Pvt Ltd                  Proposed LT Bk     CRISIL BBB+    46.2    Reaffirmed
                                        Loan Fac
Amer-Sil Ketex Pvt Ltd                  Standby Line of    CRISIL BBB+    17.5    Reaffirmed
                                        Credit
Apex Heart Care Pvt Ltd                 CC                 CRISIL         75      Upgraded from
                                                           BB-/Stable             CRISIL
                                                                                  B/Stable
DA Egg Industries                       CC                 CRISIL B/Stable60      Reaffirmed
                                                                                  and Withdrawn
DA Egg Industries                       TL                 CRISIL B/Stable210     Reaffirmed
                                                                                  and Withdrawn
Flash Distribution Pvt Ltd              CC                 CRISIL         100
                                                           BBB-/Stable
Flash Distribution Pvt Ltd              Channel Financing  CRISIL         260
                                                           BBB-/Stable
Frontier Motors                         CC                 CRISIL         120     Reaffirmed
                                                           BB-/Stable
Frontier Motors                         Proposed FB Bk     CRISIL         2.3     Reaffirmed
                                        Limits             BB-/Stable
GMR Hyderabad International Airport Ltd Proposed WC Fac    CRISIL         1300    Reaffirmed
                                                           AA/Stable
Hind Rectifiers Ltd                     CC                 CRISIL         540     Reaffirmed
                                                           BBB-/Positive
Outlook revised from Stable
Hind Rectifiers Ltd                     LT Loan            CRISIL         150     Reaffirmed
                                                           BBB-/Positive
Outlook revised from Stable
Hind Rectifiers Ltd                     Proposed LT Bk     CRISIL         10      Reaffirmed
                                        Loan Fac           BBB-/Positive
Outlook revised from Stable
HL - 3 (Originator: Edelweiss Housing   Acquirer Payouts   CRISIL AA (SO) -       Converted
Finance Ltd)                                                                      from
                                                                                  provisional
                                                                                  credit opinion
                                                                                  to final
                                                                                  credit opinion
Jaksons Developers Pvt Ltd              TL                 -              500     Withdrawn
Jaksons Developers Pvt Ltd              CC/ Overdraft Fac  CRISIL         150     Migrated from
                                                           BB-/Stable             CRISIL
                                                                                  BB-/Stable
                                                                                  Rating
                                                                                  Withdrawn
(Issuer Not Cooperating)
Jaksons Developers Pvt Ltd              LT Loan            CRISIL         350     Migrated from
                                                           BB-/Stable             CRISIL
                                                                                  BB-/Stable
                                                                                  Rating
                                                                                  Withdrawn
(Issuer Not Cooperating)
Jaksons Developers Pvt Ltd              Proposed FB Bk     CRISIL         852.3   Migrated from
                                        Limits             BB-/Stable             CRISIL
                                                                                  BB-/Stable
                                                                                  Rating
                                                                                  Withdrawn
(Issuer Not Cooperating)
Kribhco Fertilizers Ltd                 CC@**              CRISIL         3000    Reaffirmed
                                                           AA-/Stable
** Guaranteed by KRIBHCO/@Sublimit for Letter of Credit/Standby Letter of Credit/LOC (Line of
Credit)/Letter of Undertaking/Bank Guarantee/Commercial Paper Lien
Kribhco Fertilizers Ltd                 CC**               CRISIL         1000    Reaffirmed
                                                           AA-/Stable
** Guaranteed by KRIBHCO
Kribhco Fertilizers Ltd                 CC & WC demand     CRISIL         3250    Reaffirmed
                                        loan**             AA-/Stable
** Guaranteed by KRIBHCO
Kribhco Fertilizers Ltd                 Standby LOC$ ** &  CRISIL         2000    Reaffirmed
                                                           AA-/Stable
$ Includes sublimit for Financial Bank Guarantee (FBG)-1, FBG-2, Performance Bank Guarantee,
Import Letter of Credit, Inland Letter of Credit, Standby Letter of Credit-1, Standby Letter of
Credit-2, Buyer's Credit/** Guaranteed by KRIBHCO/& Fully Interchangeable with Letter of Credit
Kribhco Fertilizers Ltd                 Standby LOC% &     CRISIL         1500    Reaffirmed
                                                           AA-/Stable
% Backed by Letter of Comfort; includes sublimit for Bank Guarantee-2, Standby Letter of
Credit-1, Standby Letter of Credit-2, Letter of credit-1 (Sight/Usance/Import/Inland)
& Fully Interchangeable with Letter of Credit
Kribhco Fertilizers Ltd                 Standby LOC^ ** &  CRISIL         1500.2  Reaffirmed
                                                           AA-/Stable
^ Cash Credit, Letter of Credit/Standby Letter of Credit/Buyers Credit for Bank Guarantee with
sub limit for Loan Equivalent Risk/** Guaranteed by KRIBHCO/& Fully Interchangeable with Letter
of Credit
Kribhco Fertilizers Ltd                 LT Bk Fac**        CRISIL         3587.3  Reaffirmed
                                                           AA-/Stable
** Guaranteed by KRIBHCO
Kribhco Fertilizers Ltd                 LT Bk Fac** $$     CRISIL         2000    Reaffirmed
                                                           AA-/Stable
** Guaranteed by KRIBHCO/$$ External commercial borrowing facility with two way fully
interchangeability with FCNR (B) facility
Linde India Ltd                         Overdraft*         CRISIL         6481.8  Reaffirmed
                                                           AA/Stable
* Interchangeable with fund-based and non-fund-based bank facilities.
Linde India Ltd                         TL                 CRISIL         3100    Reaffirmed
                                                           AA/Stable
Mekins Industries Ltd                   CC                 CRISIL         100     Reaffirmed
                                                           BBB/Stable
Mekins Industries Ltd                   LT Loan            CRISIL         70      Reaffirmed
                                                           BBB/Stable
ML - 10
(Originator: Edelweiss Housing          Acquirer payouts   CRISIL AA (SO) -       Converted
Finance Ltd)                                                                      from
                                                                                  provisional
                                                                                  credit opinion
                                                                                  to final
                                                                                  credit opinion
Overseas Traders                        Proposed LT Bk     CRISIL         10      Assigned
                                        Loan Fac           B+/Stable
Powerplus PTC Series I (Originator:     Series A PTCs      CRISIL AAA (SO)-       Converted
Piramal Capital and Housing Finance Ltd)                                          from
                                                                                  Provisional
                                                                                  Rating to
                                                                                  Final Rating
R Gangaiah & Co                         Proposed LT Bk     CRISIL BB-     20      Migrated from
                                        Loan Fac                                  CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
R Gangaiah & Co                         Secured Overdraft  CRISIL BB-     64.5    Migrated from
                                        Fac                                       CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Rishabh Instruments Pvt Ltd             CC                 CRISIL         120     Migrated from
                                                           BBB/Stable             CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Rishabh Instruments Pvt Ltd             TL                 CRISIL         13      Migrated from
                                                           BBB/Stable             CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Saravana Stores Elite Pvt Ltd           CC                 CRISIL         1200    Reaffirmed
                                                           BBB-/Stable
Saravana Stores Elite Pvt Ltd           Proposed CC Limit  CRISIL         800     Reaffirmed
                                                           BBB-/Stable
Sarwati Home Furnishings                CC                 CRISIL         47      Reaffirmed
                                                           B+/Stable
Sarwati Home Furnishings                TL                 CRISIL         35.1    Reaffirmed
                                                           B+/Stable
Shakthi Knitting Ltd                    CC                 CRISIL         280     Reaffirmed
                                                           BBB/Stable
Shakthi Knitting Ltd                    Standby Line of    CRISIL         65      Reaffirmed
                                        Credit             BBB/Stable
Shakthi Knitting Ltd                    Export Packing     CRISIL         166.5   Reaffirmed
                                        Credit & Export    BBB/Stable
                                        Bills Negotiation/Foreign Bill discounting
Shakthi Knitting Ltd                    Export Packing     CRISIL         490     Reaffirmed
                                        Credit             BBB/Stable
Singh Diamonds                          Foreign Bill       CRISIL         30      Reaffirmed
                                        Discounting        BB/Stable
Singh Diamonds                          Packing Credit     CRISIL         50      Reaffirmed
                                                           BB/Stable
Singh Diamonds                          Proposed LT Bk     CRISIL         120     Reaffirmed
                                        Loan Fac           BB/Stable
Temple Packaging Pvt Ltd                Bill Discounting   CRISIL         260     Downgraded
                                                           BBB-/Negative          from CRISIL
                                                                                  BBB/Stable
Temple Packaging Pvt Ltd                CC                 CRISIL         210     Downgraded
                                                           BBB-/Negative          from CRISIL
                                                                                  BBB/Stable
Temple Packaging Pvt Ltd                Corporate Loan     CRISIL         118.3   Downgraded
                                                           BBB-/Negative          from CRISIL
                                                                                  BBB/Stable
Temple Packaging Pvt Ltd                External           CRISIL         130     Downgraded
                                        Commercial         BBB-/Negative          from CRISIL
                                        Borrowings                                BBB/Stable
Temple Packaging Pvt Ltd                LT Loan            CRISIL         100     Downgraded
                                                           BBB-/Negative          from CRISIL
                                                                                  BBB/Stable
Temple Packaging Pvt Ltd                TL                 CRISIL         581.7   Downgraded
                                                           BBB-/Negative          from CRISIL
                                                                                  BBB/Stable
Trinethra Wind And Hydro Power Pvt Ltd  Proposed LT Bk     CRISIL         246.7   Assigned
                                        Loan Fac           BBB+/Stable
Trinethra Wind And Hydro Power Pvt Ltd  TL                 CRISIL         4723.3  Assigned
                                                           BBB+/Stable
VNS Finance and Capital Services Ltd    Overdraft          CRISIL         40      Assigned
                                                           BB/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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