January 11, 2019 / 10:26 AM / 8 days ago

CRISIL ratings for Indian debt instruments-Jan 11

    Jan 11 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of January 10, 2019.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Amjey Chem Trade Pvt Ltd                LOC                CRISIL A3      405     Assigned
Bansal Brothers Pvt Ltd                 BG                 CRISIL A4      2.5     Reassigned
Beekay Distributors                     BG                 CRISIL A4+     31.5    Reaffirmed
Choice Finserv Pvt Ltd                  CP                 CRISIL A3      600     Assigned
Elico Ltd                               BG                 CRISIL A4      25      -
(ISSUER NOT COOPERATING)
Elico Ltd                               LOC                CRISIL A4      15      -
(ISSUER NOT COOPERATING)
Gruh Finance Ltd                        CP                 CRISIL A1+     75000   -
(Placed on 'Rating Watch with Negative Implications')
Gujarat Ambuja Exports Ltd              Export Packing     CRISIL A1      3770    Reassigned
                                        Credit@
@ Limits can be used interchangeably partly with Cash Credit, Pre-shipment Credit in Foreign
Currency, Export bills, Working Capital Demand Loan, Trade credit for imports, Bank Guarantee,
Vendor finance, Customer Finance, FCNR, Letter of Credit
Gujarat Ambuja Exports Ltd              Foreign LOC$       CRISIL A1      350     Reassigned
$ Fully interchangeable with Bank Guarantee
Gujarat Fluorochemicals Ltd             LOC & BG           CRISIL A1+     1000    Reaffirmed
Gujarat Fluorochemicals Ltd             Packing Credit in  CRISIL A1+     850     Reaffirmed
                                        Foreign Currency$
$ Interchangeable with letter of credit and bank guarantee to the extent of Rs 955 crore
Gujarat Fluorochemicals Ltd             ST Loan$&@@**      CRISIL A1+     1500    Reaffirmed
$ Interchangeable with letter of credit and bank guarantee to the extent of Rs 955 crore
& Interchangeable with overdraft facility to the extent of Rs 435 crore
@@Interchangeable with short-term debt to the extent of Rs 570 crore
** Interchangeable with PCFC facility to the extent of Rs.595 crore
Gujarat Fluorochemicals Ltd             LOC & BG @@$&**    CRISIL A1+     2500    Reaffirmed
@@Interchangeable with short-term debt to the extent of Rs 570 crore
$ Interchangeable with letter of credit and bank guarantee to the extent of Rs 955 crore
& Interchangeable with overdraft facility to the extent of Rs 435 crore
** Interchangeable with PCFC facility to the extent of Rs.595 crore
Gujarat Fluorochemicals Ltd             LOC & BG @@&       CRISIL A1+     500     Reaffirmed
@@Interchangeable with short-term debt to the extent of Rs 570 crore
& Interchangeable with overdraft facility to the extent of Rs 435 crore
Gujarat Fluorochemicals Ltd             LOC & BG$&         CRISIL A1+     500     Reaffirmed
$ Interchangeable with letter of credit and bank guarantee to the extent of Rs 955 crore
& Interchangeable with overdraft facility to the extent of Rs 435 crore
Gujarat Fluorochemicals Ltd             Packing Credit in  CRISIL A1+     1500    Reaffirmed
                                        Foreign
                                        Currency$&@@**
$ Interchangeable with letter of credit and bank guarantee to the extent of Rs 955 crore
& Interchangeable with overdraft facility to the extent of Rs 435 crore
@@Interchangeable with short-term debt to the extent of Rs 570 crore
** Interchangeable with PCFC facility to the extent of Rs.595 crore
Gujarat Fluorochemicals Ltd             ST Loan&@@**       CRISIL A1+     1000    Reaffirmed
& Interchangeable with overdraft facility to the extent of Rs 435 crore
@@Interchangeable with short-term debt to the extent of Rs 570 crore
** Interchangeable with PCFC facility to the extent of Rs.595 crore
Gujarat Fluorochemicals Ltd             ST Loan$&@@        CRISIL A1+     2000    Reaffirmed
$ Interchangeable with letter of credit and bank guarantee to the extent of Rs 955 crore/
& Interchangeable with overdraft facility to the extent of Rs 435 crore
@@Interchangeable with short-term debt to the extent of Rs 570 crore
Gujarat Fluorochemicals Ltd             ST Loan&@@**       CRISIL A1+     500     Reaffirmed
& Interchangeable with overdraft facility to the extent of Rs 435 crore
@@Interchangeable with short-term debt to the extent of Rs 570 crore
** Interchangeable with PCFC facility to the extent of Rs.595 crore
Gujarat Fluorochemicals Ltd             CP                 CRISIL A1+     4000    Reaffirmed
K.S.M. Bashir Mohammad & Sons           BG                 CRISIL A3+     623     Reaffirmed
Kabra Extrusiontechnik Ltd              BG                 CRISIL A1      30      Reaffirmed
Kabra Extrusiontechnik Ltd              LOC                CRISIL A1      10      Reaffirmed
Kerala Electrical and Allied Engg. Co.  BG                 CRISIL A4      81      Reaffirmed
Ltd
Kerala Electrical and Allied Engg. Co.  Bill Purchase      CRISIL A4      3       Reaffirmed
Ltd
Kerala Electrical and Allied Engg. Co.  LOC                CRISIL A4      60      Reaffirmed
Ltd
Malankara Orthodox Syrian Church        BG                 CRISIL A4+     70      Reaffirmed
Medical Mission
Malankara Orthodox Syrian Church        LOC                CRISIL A4+     7.5     Reaffirmed
Medical Mission
Miku Traders                            BG                 CRISIL A4+     30      Assigned
Rajesh Industries                       Packing Credit     CRISIL A4+     100     Reaffirmed
Sarv Biolabs Pvt Ltd                    BG                 CRISIL A3      5       Assigned
(Suspension Revoked)
Sarv Biolabs Pvt Ltd                    LOC                CRISIL A3      19.3    Assigned
(Suspension Revoked)
STS Manufacturing Pvt Ltd               Bill Discounting   CRISIL A4+     50      Assigned
Techne Infra India Pvt Ltd              BG                 CRISIL A4      25      Reaffirmed
Vijai Marine Services                   BG                 CRISIL A3      154     Reaffirmed
Vijai Marine Services                   Overdraft          CRISIL A3      46      Reaffirmed
Vintek Circuits (India) Pvt. Ltd        LOC                CRISIL A3      200     Upgraded from
                                                                                  CRISIL A4+

MEDIUM TERM RATINGS:
-------------------
Gruh Finance Ltd                        FD Programme       FAAA           -       -
(Placed on 'Rating Watch with Negative Implications')



LONG TERM RATINGS:
-------------------
Agri Search India Pvt Ltd               CC                 CRISIL BB+     40      Upgraded from
                                                                                  CRISIL BB
Agri Search India Pvt Ltd               TL                 CRISIL BB+     67      Upgraded from
                                                                                  CRISIL BB
Amjey Chem Trade Pvt Ltd                CC                 CRISIL BBB-    50      Assigned
Asirvad Microfinance Ltd - Northern Arc Series A PTCs      Provisional    2500    Provisional
2018 MFI Hunza                                             CRISIL A               Rating
                                                                                  Assigned
Avanse Financial Services Ltd - Vivriti Series A2 PTCs     Provisional    5.9     Provisional
Uxie 12 2018                                               CRISIL A+              Rating
                                                                                  Assigned
Avanse Financial Services Ltd - Vivriti Series A1 PTCs     Provisional    549.9   Provisional
Uxie 12 2018                                               CRISIL AA-             Rating
                                                                                  Assigned
Bansal Brothers Pvt Ltd                 CC                 CRISIL B+      81.7    Reaffirmed
Bansal Brothers Pvt Ltd                 Proposed FB Bk     CRISIL B+      15.8    Assigned
                                        Limits
Beekay Distributors                     CC                 CRISIL BB+     43.5    Reaffirmed
Beekay Distributors                     Channel Financing  CRISIL BB+     85      Reaffirmed
ELA Educational Trust                   TL                 CRISIL B       120     Assigned
Elico Ltd                               CC                 CRISIL B+      130     -
(ISSUER NOT COOPERATING)
Gruh Finance Ltd                        NCDs               CRISIL AAA     20000   -
(Placed on 'Rating Watch with Negative Implications')
Gruh Finance Ltd                        NCDs               CRISIL AAA     39000   -
(Placed on 'Rating Watch with Negative Implications')
Gruh Finance Ltd                        Subordinated Debt  CRISIL AAA     350     -
                                        Issue
(Placed on 'Rating Watch with Negative Implications')
Gujarat Ambuja Exports Ltd              CC*                CRISIL A+      5880    Reaffirmed
*Limits can be used interchangeably with Letter of Credit, Export Packing Credit/Pre-shipment
Credit in Foreign Currency, Export bills, Working Capital Demand
Gujarat Ambuja Exports Ltd              Proposed FB Bk     CRISIL A+      164     Reaffirmed
                                        Limits
Gujarat Fluorochemicals Ltd             Foreign Currency   CRISIL AA      518.5   Reaffirmed
                                        TL^^
^^ USD 7.43 million converted at 69.8350 INR/USD
Gujarat Fluorochemicals Ltd             Proposed LT Bk     CRISIL AA      1707.5  Reaffirmed
                                        Loan Fac
Gujarat Fluorochemicals Ltd             Foreign Currency   CRISIL AA      924     Reaffirmed
                                        TL^
^ USD 6.62 million converted at 69.8350 INR/USD
K.S.M. Bashir Mohammad & Sons           CC                 CRISIL BBB     136     Reaffirmed
Kabra Extrusiontechnik Ltd              CC*                CRISIL A+      90      Reaffirmed
* Interchangeable up to Rs 7.5 crore with export packing credit, fully interchangeable with bill
discounting, interchangeable up to Rs 7.5 crore with export bill discounting/negotiation.
Kabra Extrusiontechnik Ltd              CC**               CRISIL A+      400     Reaffirmed
** Fully interchangeable with packing credit, working capital demand loan, foreign bills
purchase/discounting
Kabra Extrusiontechnik Ltd              Proposed LT Bk     CRISIL A+      10      Assigned
                                        Loan Fac
Kerala Electrical and Allied Engg. Co.  CC                 CRISIL B       173.5   Reaffirmed
Ltd
Kerala Electrical and Allied Engg. Co.  Proposed LT Bk     CRISIL B       2.5     Reaffirmed
Ltd                                     Loan Fac
Magma Fincorp Ltd                       Series A1 PTCs     Provisional    1795.4  Assigned
                                                           CRISIL AAA 
Magma Fincorp Ltd                       Series A2 PTCs     Provisional    124.8   Assigned
                                                           CRISIL AAA 
Magma Fincorp Ltd                       Second loss Fac    Provisional    124.8   Assigned
                                                           CRISIL BBB+ 
Mahindra Lifespace Developers Ltd       NCDs               CRISIL AA      2000    Upgraded from
                                                                                  CRISIL AA-
Malankara Orthodox Syrian Church        CC                 CRISIL BB      50      Reaffirmed
Medical Mission
Malankara Orthodox Syrian Church        LT Loan            CRISIL BB      308.5   Reaffirmed
Medical Mission
Malankara Orthodox Syrian Church        Proposed LT Bk     CRISIL BB      49      Reaffirmed
Medical Mission                         Loan Fac
Miku Traders                            CC                 CRISIL BB      120     Assigned
Miku Traders                            CC/ Overdraft Fac  CRISIL BB      50      Assigned
Pranavam Aerospace Pvt Ltd              Proposed CC Limit  CRISIL B       20      -
(ISSUER NOT COOPERATING)
Pranavam Aerospace Pvt Ltd              Proposed LT Bk     CRISIL B       150     -
                                        Loan Fac
(ISSUER NOT COOPERATING)
Rajesh Industries                       CC                 CRISIL BB      150     Reaffirmed
Rajesh Industries                       Proposed LT Bk     CRISIL BB      30      Reaffirmed
                                        Loan Fac
Recmet Alloys Pvt Ltd                   CC                 CRISIL B+      48      Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Recmet Alloys Pvt Ltd                   Proposed LT Bk     CRISIL B+      39.5    Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BB-
Recmet Alloys Pvt Ltd                   TL                 CRISIL B+      32.5    Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Royal Concast                           CC                 CRISIL BB-     70      Upgraded from
                                                                                  CRISIL B+
Sangameshwar Dall Mill                  CC                 CRISIL B       70      Downgraded
                                                                                  from CRISIL B+
Sarv Biolabs Pvt Ltd                    CC                 CRISIL BBB-    160     Assigned
(Suspension Revoked)
Sarv Biolabs Pvt Ltd                    Export Packing     CRISIL BBB-    20      Assigned
                                        Credit
(Suspension Revoked)
Sarv Biolabs Pvt Ltd                    TL                 CRISIL BBB-    65.7    Assigned
(Suspension Revoked)
Shree Nath Ji Enterprises - Nissing     CC                 CRISIL B+      65      Reaffirmed
Shree Nath Ji Enterprises - Nissing     LT Loan            CRISIL B+      25      Reaffirmed
Shree Nath Ji Enterprises - Nissing     Warehouse Receipts CRISIL B+      35      Reaffirmed
STS Manufacturing Pvt Ltd               Proposed LT Bk     CRISIL BB      2.5     Assigned
                                        Loan Fac
STS Manufacturing Pvt Ltd               LT Loan            CRISIL BB      50      Assigned
STS Manufacturing Pvt Ltd               CC                 CRISIL BB      17.5    Assigned
Swashthik Industriees                   BG                 -              9.5     Withdrawn
Swashthik Industriees                   CC                 -              52.5    Withdrawn
Swashthik Industriees                   LOC                -              15      Withdrawn
Swashthik Industriees                   LT Loan            -              8       Withdrawn
Techne Infra India Pvt Ltd              CC                 CRISIL B+      35      Reaffirmed
Vijai Marine Services                   CC                 CRISIL BBB-    54      Reaffirmed
Vintek Circuits (India) Pvt. Ltd        CC                 CRISIL BBB-    20      Upgraded from
                                                                                  CRISIL BB+
--------------------------------------------------------------------------------------------
$: 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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