February 8, 2018 / 6:00 AM / 3 months ago

CRISIL ratings for Indian debt instruments-Feb 8

    Feb 8 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of February 7, 2018.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Akay Flavours and Aromatics Pvt Ltd     BG                 CRISIL A2      15      Reaffirmed
Akay Spices Pvt Ltd                     BG                 CRISIL A4+     13.8    Reaffirmed
Akay Spices Pvt Ltd                     Packing Credit     CRISIL A4+     180     Reaffirmed
Automotive Stampings and Assemblies Ltd LOC & BG           CRISIL A2      240     #
Bhavani Erectors Pvt Ltd                BG                 CRISIL A3      380     Reaffirmed
C&S Electric Ltd                        LOC & BG           CRISIL A1      3700    Reaffirmed
Cavinkare Pvt Ltd                       LOC & BG^          CRISIL A1      230     Reaffirmed
^ Interchangeable with Buyers Credit
Diamond Industries (SBD)                Capex LOC          CRISIL A4      300     Reaffirmed
Diamond Industries (SBD)                LOC                CRISIL A4      750     Reaffirmed
FCS Software Solutions Ltd              BG                 CRISIL A4      10      Reaffirmed
Removed from 'Rating Watch with Negative Implications
FCS Software Solutions Ltd              Export Packing     CRISIL A4      80      Reaffirmed
                                        Credit & Export
                                        Bills Negotiation/Foreign Bill discounting
Removed from 'Rating Watch with Negative Implications
G. K. Winding Wires Ltd                 Inventory Funding  CRISIL A2      100     Reaffirmed
                                        Fac
G. K. Winding Wires Ltd                 LOC$               CRISIL A2      90      Reaffirmed
$Sublimits are Buyer's Credit of Rs 9.00 Crore, Bank Guarantee of Rs 3.0 Crore
G. K. Winding Wires Ltd                 LOC & BG           CRISIL A2      50      Reaffirmed
Haldia Petrochemicals Ltd               CP Programme       CRISIL A1+     1000    Assigned
Hexagon-Midco India Pvt Ltd             BG                 CRISIL A4      20      Downgraded
                                                                                  from CRISIL
                                                                                  A4+
Hexagon-Midco India Pvt Ltd             Import LOC Limit   CRISIL A4      20      Downgraded
                                                                                  from CRISIL
                                                                                  A4+
Kamleshkumar Balubhai Lad               BG                 CRISIL D       52.5    Downgraded
                                                                                  from CRISIL A4
KTC Automotive Company                  BG                 CRISIL A4      10      Reaffirmed
M/s. Raj Construction Co                BG                 CRISIL A3      220     Reaffirmed
Marymatha Construction Company          BG                 CRISIL A4+     1440    Reaffirmed
Marymatha Construction Company          LOC                CRISIL A4+     20      Reaffirmed
MB Power (Madhya Pradesh) Ltd           BG                 CRISIL A3+     6020    Assigned
MB Power (Madhya Pradesh) Ltd           Foreign Exchange   CRISIL A3+     2700    Assigned
                                        Forward
MB Power (Madhya Pradesh) Ltd           ST Loan            CRISIL A3+     2391.8  Assigned
MB Power (Madhya Pradesh) Ltd           Non-FBL            CRISIL A3+     1000    Assigned
MD Retail India Pvt Ltd                 Overdraft          CRISIL A3+     20      Reaffirmed
Megaa Moda Pvt Ltd                      BG                 CRISIL A4+     6       Reaffirmed
Megaa Moda Pvt Ltd                      Export Packing     CRISIL A4+     250     Reaffirmed
                                        Credit
Megaa Moda Pvt Ltd                      Post Shipment      CRISIL A4+     2.5     Reaffirmed
                                        Credit
Megaa Moda Pvt Ltd                      Standby LOC        CRISIL A4+     3.5     Reaffirmed
MMTC - Pamp India Pvt Ltd               Foreign Exchange   CRISIL A2+     1300    Reaffirmed
                                        Forward
MMTC - Pamp India Pvt Ltd               Proposed LOC & BG  CRISIL A2+     2070    Reaffirmed
MMTC - Pamp India Pvt Ltd               LOC@               CRISIL A2+     18000   Reaffirmed
@Fully interchangeable with bank guarantee and one way interchangeability with FB limits up to
Rs. 140 crore
MMTC - Pamp India Pvt Ltd               LOC#               CRISIL A2+     3000    Reaffirmed
# Interchangeable with Foreign Exchange Limit upto Rs.30 crore.
MMTC - Pamp India Pvt Ltd               LOC&               CRISIL A2+     3000    Reaffirmed
& Interchangeable with Foreign Exchange Limit of Rs.30 crore.
Muthoot Microfin Ltd                    CP                 CRISIL A1      500
Paappai Exports                         Packing Credit     CRISIL A4      85      Assigned
Pashupati Capital Services Pvt Ltd      BG                 CRISIL A3      2250    Upgraded from
                                                                                  CRISIL A4+
R.G.I. Meditech Pvt Ltd                 Inland/Import LOC  CRISIL A4+     20      Withdrawal
R.G.I. Meditech Pvt Ltd                 Overdraft          CRISIL A4+     55      Withdrawal
S V Distributors Pvt Ltd                BG                 CRISIL A4+     10      Reaffirmed
S. A. Plywood Industry Pvt Ltd          Proposed NFBL      CRISIL A4      2.5     Upgraded from
                                                                                  CRISIL D
Siddhartha Engineering Ltd              BG                 CRISIL A3+     1087.5  Reaffirmed
Siddhartha Engineering Ltd              LOC                CRISIL A3+     150     Reaffirmed
Sikkim Organics                         BG                 CRISIL A4      30.9    Migrated from
                                                                                  CRISIL A4
Issuer Not Cooperating
Silverton Pulp and Papers Pvt Ltd       LOC & BG           CRISIL A4+     300     Reaffirmed
TDI Infratech Ltd                       BG                 CRISIL A4      200     Reaffirmed
TDI Infratech Ltd                       Overdraft          CRISIL A4      250     Reaffirmed
Telangana Publications Pvt Ltd          BG                 CRISIL A3      74      Reaffirmed
Telangana Publications Pvt Ltd          Foreign LOC        CRISIL A3      416     Reaffirmed
Telangana Publications Pvt Ltd          LOC                CRISIL A3      150     Reaffirmed

LONG TERM RATINGS:
-------------------
Akay Flavours and Aromatics Pvt Ltd     Packing Credit     CRISIL BBB+    1000    Reaffirmed
Akay Flavours and Aromatics Pvt Ltd     Proposed WC Fac    CRISIL BBB+    10      Reaffirmed
Akay Spices Pvt Ltd                     LT Loan            CRISIL BB+     6.2     Reaffirmed
Allahabad Bank                          Upper Tier II      CRISIL A+      10000   Reaffirmed
                                        Bonds (Under Basel
                                        II)
Allahabad Bank                          Tier I Perpetual   CRISIL A+      3000    Reaffirmed
                                        Bonds (Under Basel
                                        II)
Allahabad Bank                          Tier II Bonds      CRISIL AA-     5000    Reaffirmed
                                        (Under Basel III)  
Allahabad Bank                          Tier II Bonds      CRISIL AA-     10000   Reaffirmed
                                        (Under Basel III)  
Allahabad Bank                          Lower Tier II      CRISIL AA-     8500    Reaffirmed
                                        Bonds (Under Basel
                                        II)
Allahabad Bank                          Lower Tier II      CRISIL AA-     5000    Withdrawal
                                        Bonds (Under Basel
                                        II)
Automotive Stampings and Assemblies Ltd CC*                CRISIL BBB+    170     #
*Interchangeable with bank guarantee and letter of credit up to Rs 5.00 crore; and with working
capital demand loan, short-term loan, letter of credit, bank guarantee, and export credit up to
Rs 9.00 crore
Automotive Stampings and Assemblies Ltd LT Loan            CRISIL BBB+    300     #
Automotive Stampings and Assemblies Ltd Proposed LT Bk     CRISIL BBB+    120     #
                                        Loan Fac
Axiom Propack Pvt Ltd                   LT Loan            CRISIL BBB+    125     Assigned
Bhavani Erectors Pvt Ltd                CC                 CRISIL BBB-    100     Reaffirmed
C&S Electric Ltd                        CC                 CRISIL A-      2127    Reaffirmed
C&S Electric Ltd                        External           CRISIL A-      41      Reaffirmed
                                        Commercial
                                        Borrowings
C&S Electric Ltd                        LOC & BG           CRISIL A-      700     Reaffirmed
C&S Electric Ltd                        TL                 CRISIL A-      192     Reaffirmed
Cavinkare Pvt Ltd                       CC*                CRISIL A       1647.5  Reaffirmed
*Interchangeable with short-term loans
Cavinkare Pvt Ltd                       LT Loan            CRISIL A       4250    Reaffirmed
Cavinkare Pvt Ltd                       Proposed LT Bk     CRISIL A       372.5   Reaffirmed
                                        Loan Fac
Eden Real Estates Pvt Ltd               Proposed LT Bk     CRISIL BB      500     Migrated from
                                        Loan Fac                                  CRISIL B+
Issuer Not Cooperating
Eden Real Estates Pvt Ltd               TL                 CRISIL BB      250     Migrated from
                                                                                  CRISIL B+
Issuer Not Cooperating
G. K. Winding Wires Ltd                 CC%                CRISIL BBB+    85      Reaffirmed
%Sublimit is Working capital demand loan of Rs 6.00 Crore
G. K. Winding Wires Ltd                 CC & WC demand loanCRISIL BBB+    50      Reaffirmed
G. K. Winding Wires Ltd                 LT Loan            CRISIL BBB+    185     Reaffirmed
Hexagon-Midco India Pvt Ltd             CC                 CRISIL B+      40      Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Jaishriram Sugar and Agro Products Ltd  CC                 CRISIL D       33.5    Downgraded
                                                                                  from CRISIL B-
Jaishriram Sugar and Agro Products Ltd  Funded Interest TL CRISIL D       8.2     Downgraded
                                                                                  from CRISIL B-
Jaishriram Sugar and Agro Products Ltd  Sugar Pledge CC    CRISIL D       291.5   Downgraded
                                                                                  from CRISIL B-
Jaishriram Sugar and Agro Products Ltd  TL                 CRISIL D       77.4    Downgraded
                                                                                  from CRISIL B-
Kamleshkumar Balubhai Lad               CC                 CRISIL D       62.5    Downgraded
                                                                                  from CRISIL B
KTC Automotive Company                  CC                 CRISIL B       73.2    Reaffirmed
KTC Automotive Company                  TL                 CRISIL B       6.8     Reaffirmed
M/s. Raj Construction Co                CC                 CRISIL BBB-    10      Reaffirmed
M/s. Raj Construction Co                TL                 CRISIL BBB-    10      Reaffirmed
Marymatha Construction Company          CC                 CRISIL BB+     50      Upgraded from
                                                                                  CRISIL BB
Marymatha Construction Company          CC/ Overdraft Fac  CRISIL BB+     240     Upgraded from
                                                                                  CRISIL BB
MB Power (Madhya Pradesh) Ltd           Corporate Loan     CRISIL BBB     1875    Reaffirmed
MB Power (Madhya Pradesh) Ltd           CC                 CRISIL BBB     7418.2  Reaffirmed
MB Power (Madhya Pradesh) Ltd           Proposed CC Limit  CRISIL BBB     790     Reaffirmed
MB Power (Madhya Pradesh) Ltd           External           CRISIL BBB     7530    Reaffirmed
                                        Commercial
                                        Borrowings*
* equivalent to USD 12.5446 crore
MB Power (Madhya Pradesh) Ltd           TL                 CRISIL BBB     48320   Reaffirmed
MD Retail India Pvt Ltd                 CC                 CRISIL BBB     508.2   Reaffirmed
MD Retail India Pvt Ltd                 LT Loan            CRISIL BBB     150     Reaffirmed
MD Retail India Pvt Ltd                 TL                 CRISIL BBB     500     Reaffirmed
Megaa Moda Pvt Ltd                      TL                 CRISIL BB-     180     Reaffirmed
MMTC - Pamp India Pvt Ltd               CC                 CRISIL A-      300     Reaffirmed
MMTC - Pamp India Pvt Ltd               CC*                CRISIL A-      150     Reaffirmed
*Interchangeable with Foreign Exchange Limit of Rs.15 crore.
Muthoot Microfin Ltd                    Proposed LT Bk     CRISIL A-      1399.4
                                        Loan Fac
Muthoot Microfin Ltd                    TL                 CRISIL A-      8100.6
Muthoot Microfin Ltd                    NCD                CRISIL A-      750
Muthoot Microfin Ltd                    NCD                CRISIL A-      400
Muthoot Microfin Ltd                    NCD                CRISIL A-      650
Muthoot Microfin Ltd                    NCD                CRISIL A-      700
Muthoot Microfin Ltd                    NCD                CRISIL A-      700
Paappai Exports                         Proposed LT Bk     CRISIL B+      2       Assigned
                                        Loan Fac
Paappai Exports                         LT Loan            CRISIL B+      18      Assigned
R.G.I. Meditech Pvt Ltd                 LT Loan            CRISIL BB+     73      Withdrawal
R.G.I. Meditech Pvt Ltd                 Proposed LT Bk     CRISIL BB+     2       Withdrawal
                                        Loan Fac
S V Distributors Pvt Ltd                CC                 CRISIL BB-     400     Reaffirmed
S. A. Plywood Industry Pvt Ltd          CC                 CRISIL B       135     Upgraded from
                                                                                  CRISIL D
S. A. Plywood Industry Pvt Ltd          LT Loan            CRISIL B       21.6    Upgraded from
                                                                                  CRISIL D
S. A. Plywood Industry Pvt Ltd          Proposed CC Limit  CRISIL B       15      Upgraded from
                                                                                  CRISIL D
S. A. Plywood Industry Pvt Ltd          Proposed FB Bk     CRISIL B       15.9    Upgraded from
                                        Limits                                    CRISIL D
Shalimar Overseas Pvt Ltd               TL                 CRISIL B       22.5    Assigned
Shalimar Overseas Pvt Ltd               Proposed TL        CRISIL B       85.4    Assigned
Shalimar Overseas Pvt Ltd               CC                 CRISIL B       7.5     Assigned
Shalimar Overseas Pvt Ltd               Proposed CC Limit  CRISIL B       14.6    Assigned
Siddhartha Engineering Ltd              CC                 CRISIL BBB     370     Reaffirmed
Sikkim Organics                         CC                 CRISIL B+      80      Migrated from
                                                                                  CRISIL B+
Issuer Not Cooperating
Sikkim Organics                         Proposed LT Bk     CRISIL B+      40      Migrated from
                                        Loan Fac                                  CRISIL B+
Issuer Not Cooperating
Silverton Pulp and Papers Pvt Ltd       CC                 CRISIL BB+     150     Upgraded from
                                                                                  CRISIL BB
Silverton Pulp and Papers Pvt Ltd       LT Loan            CRISIL BB+     560     Upgraded from
                                                                                  CRISIL BB
Sudisa Foundry Pvt Ltd                  CC                 CRISIL BB+     33.5    Reaffirmed
Sudisa Foundry Pvt Ltd                  LT Loan            CRISIL BB+     180     Reaffirmed
Sudisa Foundry Pvt Ltd                  Proposed LT Bk     CRISIL BB+     26.5    Reaffirmed
                                        Loan Fac
TDI Infratech Ltd                       Proposed LT Bk     CRISIL B-      5       Reaffirmed
                                        Loan Fac
TDI Infratech Ltd                       TL                 CRISIL B-      1645    Reaffirmed
Telangana Publications Pvt Ltd          CC                 CRISIL BBB-    20      Reaffirmed
Telangana Publications Pvt Ltd          Proposed LT Bk     CRISIL BBB-    11.6    Reaffirmed
                                        Loan Fac
U4iC International Pvt Ltd              Bill Discounting   CRISIL BBB+    50      Reaffirmed
U4iC International Pvt Ltd              CC                 CRISIL BBB+    50      Reaffirmed
Veekesy Elastomers Pvt Ltd              CC                 CRISIL A-      160     Reaffirmed
Veekesy Elastomers Pvt Ltd              Proposed LT Bk     CRISIL A-      4.5     Reaffirmed
                                        Loan Fac
Veekesy Elastomers Pvt Ltd              TL                 CRISIL A-      95.8    Reaffirmed
Veekesy Footcare India Pvt Ltd          CC                 CRISIL A-      170     Reaffirmed
Veekesy Footcare India Pvt Ltd          Proposed LT Bk     CRISIL A-      10      Reaffirmed
                                        Loan Fac
Veekesy Footcare India Pvt Ltd          TL                 CRISIL A-      11      Reaffirmed
Veekesy Sandals India Pvt Ltd           CC                 CRISIL A-      140     Reaffirmed
Veekesy Sandals India Pvt Ltd           LT Loan            CRISIL A-      27.5    Reaffirmed
Veekesy Sandals India Pvt Ltd           Proposed LT Bk     CRISIL A-      75      Reaffirmed
                                        Loan Fac
Veekesy Sandals India Pvt Ltd           Proposed CC Limit  CRISIL A-      20      Reaffirmed
VKC Footprints Global Pvt Ltd           CC                 CRISIL A-      170     Reaffirmed
VKC Footprints Global Pvt Ltd           Proposed LT Bk     CRISIL A-      102     Reaffirmed
                                        Loan Fac
VKC Footprints Global Pvt Ltd           TL                 CRISIL A-      288     Reaffirmed
VKC Footsteps India Pvt Ltd             CC                 CRISIL A-      120     Reaffirmed
VKC Footsteps India Pvt Ltd             TL                 CRISIL A-      57.8    Reaffirmed
VKC Footwear International Pvt Ltd      CC                 CRISIL BBB     20      Reaffirmed
VKC Footwear International Pvt Ltd      Proposed LT Bk     CRISIL BBB     130     Reaffirmed
                                        Loan Fac
--------------------------------------------------------------------------------------------
$: 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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