January 13, 2020 / 8:59 AM / 2 months ago

CRISIL ratings for Indian debt instruments-Jan 13

    Jan 13 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of January 10, 2020.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Bharat Aluminium Co. Ltd                CP                 CRISIL A1+     20000   Reaffirmed
Chemco Plastic Industries Pvt Ltd       BG                 CRISIL A2+     30      Reaffirmed
Chemco Plastic Industries Pvt Ltd       LOC                CRISIL A2+     155     Reaffirmed
Electrosteel Steels Ltd                 Non-FBL^^^         CRISIL A1+     1800    Reaffirmed
^^^Includes sublimit of Rs 150 crore SBLC for buyers credit and bank guarantee of Rs 50 crore
Gurudeva Trust                          Overdraft          CRISIL D       30      Downgraded
                                                                                  from CRISIL
                                                                                  A4+
Mabel Engineers Pvt Ltd                 BG                 CRISIL A4      70      Reaffirmed
Mabel Engineers Pvt Ltd                 Packing Credit     CRISIL A4      14      Reaffirmed
Max Speciality Films Ltd                CP                 CRISIL A2+     500     Assigned
P P Rolling Mills Mfging Company Pvt LtdBG                 CRISIL A4+     200     Assigned
P P Rolling Mills Mfging Company Pvt LtdLOC                CRISIL A4+     200     Assigned
Paharpur Cooling Technologies           Non-FBL            CRISIL A1+(CE) 2900    Upgraded from
(Singapore) PTE. Ltd                                                              CRISIL A1
Paharpur Cooling Towers Ltd             CP                 CRISIL A1+     250     Upgraded from
                                                                                  CRISIL A1
Paharpur Cooling Towers Ltd             LOC & BG           CRISIL A1+     5050    Upgraded from
                                                                                  CRISIL A1
Paharpur Cooling Towers Ltd             BG*                CRISIL A1+     2000    Upgraded from
                                                                                  CRISIL A1
*Interchangeable with letter of credit amounting Rs 160 crore and buyers credit amounting Rs 70
crore
Paharpur Cooling Towers Ltd             BG                 CRISIL A1+     250     Upgraded from
                                                                                  CRISIL A1
Prayagraj Power Generation Co. Ltd      BG                 CRISIL A2+     1000    Assigned
PSV Mines And Minerals Pvt Ltd          Overdraft          CRISIL A4+     10      Upgraded from
                                                                                  CRISIL A4
R S B Cottex Ltd                        BG                 CRISIL A3      50      -
(Ratings reaffirmed and Withdrawn)
R S B Cottex Ltd                        CC                 CRISIL A3      250     -
(Ratings reaffirmed and Withdrawn)
R S B Cottex Ltd                        Proposed LT Bk     CRISIL A3      2.6     -
                                        Loan Fac
(Ratings reaffirmed and Withdrawn)
R S B Cottex Ltd                        TL                 CRISIL A3      438.3   -
(Ratings reaffirmed and Withdrawn)
Roop Telsonic Ultrasonix Ltd            BG                 CRISIL A4+     30      Reaffirmed
SBJ Projects Pvt Ltd                    BG                 CRISIL A4      20      Reaffirmed
Sesa Resources Ltd                      Non-FBL            CRISIL A1+     250     Reaffirmed
Shanti Construction Co.                 BG                 CRISIL A3      1010    Reaffirmed
Talwandi Sabo Power Ltd                 CP                 CRISIL A1+(CE) 10000   Reaffirmed
Torrent Power Ltd                       LOC & BG           CRISIL A1+     28000   Reaffirmed
Torrent Power Ltd                       Proposed LOC & BG  CRISIL A1+     1000    Reaffirmed
Torrent Power Ltd                       Proposed ST Bk     CRISIL A1+     24610   Reaffirmed
                                        Loan Fac%
% Interchangeable with long term bank facilities
Torrent Power Ltd                       NCDs               CRISIL A1+     8500    Reaffirmed
Vedanta Ltd                             Non-FBL*           CRISIL A1+     191200  Reaffirmed
* Non-fund-based limit of Rs 2000 crore interchangeable with fund-based limit
Vedanta Ltd                             CP                 CRISIL A1+     150000  Reaffirmed
Vidhi Minerals and Alloys Pvt Ltd       BG                 CRISIL A4      5       Reaffirmed
Vidhi Minerals and Alloys Pvt Ltd       LOC                CRISIL A4      15      Reaffirmed
Vidhi Minerals and Alloys Pvt Ltd       Packing Credit     CRISIL A4      45      Reaffirmed




LONG TERM RATINGS:
-------------------
Ajay Natavarlal Commodities Pvt Ltd     BG                 CRISIL         300     Withdrawn
                                                           BB+/Stable
Ajay Natavarlal Commodities Pvt Ltd     Overdraft          CRISIL         100     Withdrawn
                                                           BB+/Stable
ANS Pvt Ltd                             BG                 CRISIL         350     -
                                                           BB+/Stable
(Issuer not cooperating; Rating Withdrawn)
ANS Pvt Ltd                             Overdraft          CRISIL         80      -
                                                           BB+/Stable
(Issuer not cooperating; Rating Withdrawn)
ANS Pvt Ltd                             Proposed LT Bk     CRISIL         70      -
                                        Loan Fac           BB+/Stable
(Issuer not cooperating; Rating Withdrawn)
Bansal Finefoods Pvt Ltd                CC                 CRISIL         300     Reaffirmed
                                                           BB+/Stable
Bansal Finefoods Pvt Ltd                Standby Line of    CRISIL         60      Reaffirmed
                                        Credit             BB+/Stable
Bansal Finefoods Pvt Ltd                Warehouse Receipts CRISIL         280     Reaffirmed
                                                           BB+/Stable
BRT Spinner Pvt Ltd                     CC                 CRISIL         170     Reaffirmed
                                                           BBB-/Stable
BRT Spinner Pvt Ltd                     LT Loan            CRISIL         60      Reaffirmed
                                                           BBB-/Stable
Chemco Plastic Industries Pvt Ltd       CC                 CRISIL         440     Reaffirmed
                                                           A-/Stable
Chemco Plastic Industries Pvt Ltd       Proposed LT Bk     CRISIL         129.6   Reaffirmed
                                        Loan Fac           A-/Stable
Chemco Plastic Industries Pvt Ltd       Rupee TL           CRISIL         545.4   Reaffirmed
                                                           A-/Stable
Electrosteel Steels Ltd                 CC*                CRISIL         1500    Reaffirmed
                                                           AA/Stable
*Cash credit has sub limits with non-fund based facilities
Electrosteel Steels Ltd                 CC                 CRISIL         200     Reaffirmed
                                                           AA/Stable
Electrosteel Steels Ltd                 Non-FBL^           CRISIL         1750    Reaffirmed
                                                           AA/Stable
^ Includes sublimit of Rs 50 crore PCFC/EPC
Electrosteel Steels Ltd                 Non-FBL^^          CRISIL         2500    Reaffirmed
                                                           AA/Stable
^^Interchangeable non-fund-based limits; sublimit of Rs 40 crore cash credit, Rs 60 crore WCDL,
Rs 50 crore EPC/PCFC/PSCFC
Electrosteel Steels Ltd                 Non-FBL**          CRISIL         2000    Reaffirmed
                                                           AA/Stable
** Includes sublimit of Rs 20 crore cash credit
Electrosteel Steels Ltd                 Non-FBL##          CRISIL         1500    Reaffirmed
                                                           AA/Stable
##Includes sublimit of Rs 50 crore WCDL
Electrosteel Steels Ltd                 Proposed WC Fac    CRISIL         1750    Assigned
                                                           AA/Stable
Ganpati Steels                          CC                 CRISIL D       40      Downgraded
                                                                                  from
                                                                                  CRISIL B/
                                                                                  Stable
(Issuer not cooperating)
Ganpati Steels                          TL                 CRISIL D       20      Downgraded
                                                                                  from
                                                                                  CRISIL B/
                                                                                  Stable
(Issuer not cooperating)
Gurudeva Trust                          TL                 CRISIL D       82      Downgraded
                                                                                  from CRISIL
                                                                                  BB-/Stable
HDB Financial Services Ltd - Venus      Series A PTCs      Provisional    4479    Assigned
Trust December 2019                                        CRISIL AAA (SO)
International Cylinders Pvt Ltd         BG                 -              75      Withdrawn
International Cylinders Pvt Ltd         CC                 -              65      Withdrawn
International Cylinders Pvt Ltd         Proposed BG        -              75      Withdrawn
Jay Somnath Paper Mill                  TL                 CRISIL         38      Assigned
                                                           BB-/Stable
Jay Somnath Paper Mill                  CC                 CRISIL         70      Assigned
                                                           BB-/Stable
Jay Somnath Paper Mill                  Proposed LT Bk     CRISIL         2       Assigned
                                        Loan Fac           BB-/Stable
Jodhpur Wind Farms Pvt Ltd              CC                 CRISIL         200     Upgraded from
                                                           AA-/Stable             CRISIL
                                                                                  A+/Stable
Jodhpur Wind Farms Pvt Ltd              LT Loan            CRISIL         2920    Upgraded from
                                                           AA-/Stable             CRISIL
                                                                                  A+/Stable
Kamal Haasan                            LT Loan            CRISIL         250     Assigned
                                                           B+/Stable
Konduskar Travels Pvt Ltd               Drop Line          CRISIL D       115     Downgraded
                                        Overdraft Fac                             from CRISIL
                                                                                  B-/Stable
Konduskar Travels Pvt Ltd               Proposed TL        CRISIL D       65      Downgraded
                                                                                  from CRISIL
                                                                                  B-/Stable
Latur Renewable Pvt Ltd                 CC                 CRISIL         200     Upgraded from
                                                           AA-/Stable             CRISIL
                                                                                  A+/Stable
Latur Renewable Pvt Ltd                 TL                 CRISIL         2880    Upgraded from
                                                           AA-/Stable             CRISIL
                                                                                  A+/Stable
Mabel Engineers Pvt Ltd                 Bill Discounting   CRISIL         20      Reaffirmed
                                                           B+/Stable
Mabel Engineers Pvt Ltd                 CC                 CRISIL         30      Reaffirmed
                                                           B+/Stable
Mabel Engineers Pvt Ltd                 LT Bk Fac          CRISIL         16      Reaffirmed
                                                           B+/Stable
MALCO Energy Ltd                        CC & WC demand     CRISIL         100     Withdrawn
                                        loan*              AA/Stable
*Interchangeable with letter of credit, bank guarantee, and letter of undertaking
MALCO Energy Ltd                        LOC & BG**         CRISIL         200     Withdrawn
                                                           AA/Stable
**Interchangeable with letter of undertaking
Manappuram Finance Ltd - Manappuram PCG Acquirers Payout   Provisional    1000    Assigned
DA Nov 2019                                                CRISIL AA (SO)
Max Speciality Films Ltd                Proposed LT Bk     CRISIL         4500    Assigned
                                        Loan Fac           A-/Stable
P P Rolling Mills Mfging Company Pvt LtdPacking Credit     CRISIL         100     Assigned
                                                           BB+/Stable
Paharpur Cooling Technologies           FB Fac             #; Reassigned 1600    -
(Singapore) PTE. Ltd                                       from CRISIL
                                                           A+)
(Removed from Rating Watch with Developing Implications; Reassigned from CRISIL A+)
Paharpur Cooling Towers Ltd             CC                 CRISIL         1230    Reaffirmed
                                                           A+/Stable
Paharpur Cooling Towers Ltd             LOC & BG**         CRISIL         1250    Reaffirmed
                                                           A+/Stable
*Interchangeable with letter of credit amounting Rs 160 crore and buyers credit amounting Rs 70
crore
Paharpur Cooling Towers Ltd             LT Bk Fac          CRISIL         600     Reaffirmed
                                                           A+/Stable
Paharpur Cooling Towers Ltd             Proposed CC Limit  CRISIL         220     Reaffirmed
                                                           A+/Stable
Prayagraj Power Generation Co. Ltd      WC Fac*            CRISIL         15000   Assigned
                                                           A-/Stable
*Interchangeable with letter of credit to the extent of Rs.200 crores
Prayagraj Power Generation Co. Ltd      Rupee TL           CRISIL         47000   Assigned
                                                           A-/Stable
Prayagraj Power Generation Co. Ltd      Proposed LT Bk     CRISIL         450     Assigned
                                        Loan Fac           A-/Stable
Prayagraj Power Generation Co. Ltd      External           CRISIL         4050    Assigned
                                        Commercial         A-/Stable
                                        Borrowings
PSV Mines And Minerals Pvt Ltd          TL                 CRISIL         34.2    Upgraded from
                                                           BB-/Stable             CRISIL
                                                                                  B+/Stable
PSV Mines And Minerals Pvt Ltd          Proposed LT Bk     CRISIL         45.8    Upgraded from
                                        Loan Fac           BB-/Stable             CRISIL
                                                                                  B+/Stable
Roop Telsonic Ultrasonix Ltd            CC                 CRISIL         110     Reaffirmed
                                                           BB+/Stable
Roop Telsonic Ultrasonix Ltd            Proposed WC Fac    CRISIL         20      Reaffirmed
                                                           BB+/Stable
SBJ Projects Pvt Ltd                    CC                 CRISIL         60      Reaffirmed
                                                           B-/Stable
SBJ Projects Pvt Ltd                    Proposed LT Bk     CRISIL         65      Reaffirmed
                                        Loan Fac           B-/Stable
Sesa Resources Ltd                      Non-FBL                           1250    Assigned
Shanti Construction Co.                 CC                 CRISIL         190     Reaffirmed
                                                           BBB-/Stable
Shriram Transport Finance Co. Ltd -     Series A PTCs      CRISIL AAA (SO)5109.7  -
Sansar Trust August 2019 III
Converted from Provisional Rating/ Credit Opinion to Final Rating/ Credit Opinion
Shriram Transport Finance Co. Ltd -     Second loss Fac    CRISIL BBB+    352.6   -
Sansar Trust August 2019 III                               (SO) Equivalent
Converted from Provisional Rating/ Credit Opinion to Final Rating/ Credit Opinion
Singhal Pipes Pvt Ltd                   CC                 -              160     Withdrawn
(Issuer not cooperating)
Sri Ravichandra Textiles Pvt Ltd        CC                 CRISIL D       180     Downgraded
                                                                                  from CRISIL
                                                                                  B-/Stable
Sri Ravichandra Textiles Pvt Ltd        LT Loan            CRISIL D       112.2   Downgraded
                                                                                  from CRISIL
                                                                                  B-/Stable
Sri Ravichandra Textiles Pvt Ltd        Proposed LT Bk     CRISIL D       102.8   Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  B-/Stable
Talwandi Sabo Power Ltd                 NCD                CRISIL         10000   Reaffirmed
                                                           AA(CE)/Stable
Talwandi Sabo Power Ltd                 NCD                CRISIL         5000    Reaffirmed
                                                           AA(CE)/Stable
Talwandi Sabo Power Ltd                 NCD                CRISIL         2500    Reaffirmed
                                                           AA(CE)/Stable
Talwandi Sabo Power Ltd                 NCD                CRISIL         3000    Reaffirmed
                                                           AA(CE)/Stable
Talwandi Sabo Power Ltd                 NCD                CRISIL         10000   Reaffirmed
                                                           AA(CE)/Stable
Talwandi Sabo Power Ltd                 LOC                CRISIL         1000    Reaffirmed
                                                           AA(CE)/Stable
Talwandi Sabo Power Ltd                 Rupee TL           CRISIL         44500   Reaffirmed
                                                           AA(CE)/Stable
Talwandi Sabo Power Ltd                 TL                 CRISIL         5000    Reaffirmed
                                                           AA(CE)/Stable
Torrent Power Ltd                       NCDs               CRISIL         250     Upgraded from
                                                           AA/Stable              CRISIL
                                                                                  AA-/Stable
Torrent Power Ltd                       NCDs               CRISIL         1750    Upgraded from
                                                           AA/Stable              CRISIL
                                                                                  AA-/Stable
Torrent Power Ltd                       NCDs               CRISIL         1750    Upgraded from
                                                           AA/Stable              CRISIL
                                                                                  AA-/Stable
Torrent Power Ltd                       NCDs               CRISIL         4950    Upgraded from
                                                           AA/Stable              CRISIL
                                                                                  AA-/Stable
Torrent Power Ltd                       NCDs               CRISIL         3000    Upgraded from
                                                           AA/Stable              CRISIL
                                                                                  AA-/Stable
Torrent Power Ltd                       NCDs               CRISIL         2000    Upgraded from
                                                           AA/Stable              CRISIL
                                                                                  AA-/Stable
Torrent Power Ltd                       CC                 CRISIL         11500   Upgraded from
                                                           AA/Stable              CRISIL
                                                                                  AA-/Stable
Torrent Power Ltd                       Proposed TL        CRISIL         22661   Upgraded from
                                                           AA/Stable              CRISIL
                                                                                  AA-/Stable
Torrent Power Ltd                       TL                 CRISIL         78229   Upgraded from
                                                           AA/Stable              CRISIL
                                                                                  AA-/Stable
Trade Linkers Pvt Ltd                   CC                 -              160     Withdrawn
Vedanta Ltd                             NCD                CRISIL         500     Withdrawn
                                                           AA/Stable
Vedanta Ltd                             NCD                CRISIL         3000    Withdrawn
                                                           AA/Stable
Vedanta Ltd                             NCD                CRISIL         3000    Withdrawn
                                                           AA/Stable
Vedanta Ltd                             NCD                CRISIL         1000    Withdrawn
                                                           AA/Stable
Vedanta Ltd                             NCD                CRISIL         7500    Withdrawn
                                                           AA/Stable
Vedanta Ltd                             NCD                CRISIL         12500   Reaffirmed
                                                           AA/Stable
Vedanta Ltd                             NCD                CRISIL         36000   Reaffirmed
                                                           AA/Stable
Vedanta Ltd                             NCD                CRISIL         7500    Reaffirmed
                                                           AA/Stable
Vedanta Ltd                             NCD                CRISIL         23000   Reaffirmed
                                                           AA/Stable
Vedanta Ltd                             NCD                CRISIL         15000   Reaffirmed
                                                           AA/Stable
Vedanta Ltd                             NCD                CRISIL         70000   Reaffirmed
                                                           AA/Stable
Vedanta Ltd                             Foreign Currency   CRISIL         7000    Reaffirmed
                                        TL$                AA/Stable
$ Foreign Currency Non-Resident (FCNR) Loans
Vedanta Ltd                             FB Fac**           CRISIL         49200   Reaffirmed
                                                           AA/Stable
**Fund-based limit completely interchangeable with non-fund-based limit
Vedanta Ltd                             Non-FBL##          CRISIL         5000    Reaffirmed
                                                           AA/Stable
## Capex letter of credit limit, interchangeable with operational non-fund based limits
Vedanta Ltd                             Proposed LT Bk     CRISIL         2999.9  Reaffirmed
                                        Loan Fac           AA/Stable
Vedanta Ltd                             Proposed WC Fac    CRISIL         19129.3 Reaffirmed
                                                           AA/Stable
Vedanta Ltd                             TL                 CRISIL         128497.1Reaffirmed
                                                           AA/Stable
Vedanta Star Ltd                        Rupee TL           CRISIL         5600    -
                                                           AA/Stable
(Reassigned from CRISIL AA(CE)/Stable)
Vedanta Star Ltd                        TL                 CRISIL         28400   -
                                                           AA/Stable
(Reassigned from CRISIL AA(CE)/Stable)
Vidhi Minerals and Alloys Pvt Ltd       CC                 CRISIL         25      Reaffirmed
                                                           B-/Stable
Vijetha Super Market                    Drop Line          CRISIL D       35      Downgraded
                                        Overdraft Fac                             from CRISIL
                                                                                  B+/Stable
Vijetha Super Market                    Overdraft          CRISIL D       25      Downgraded
                                                                                  from CRISIL
                                                                                  B+/Stable
Vijetha Super Market                    Proposed LT Bk     CRISIL D       35      Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  B+/Stable
Vijetha Super Market                    TL                 CRISIL D       25      Downgraded
                                                                                  from CRISIL
                                                                                  B+/Stable
Vizag General Cargo Berth Pvt Ltd       BG*                CRISIL         200     Reaffirmed
                                                           AA(CE)/Stable
*Guaranteed by Vedanta Ltd
Vizag General Cargo Berth Pvt Ltd       NCD*               CRISIL         4250    Reaffirmed
                                                           AA(CE)/Stable
*Guaranteed by Vedanta Ltd

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