January 14, 2020 / 5:00 AM / 4 days ago

CRISIL ratings for Indian debt instruments-Jan 14

    Jan 14 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of January 13, 2020.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Abhinav Industries - Bhatapara          BG                 CRISIL A4      100     Reaffirmed
Ashu Breeding Farms                     Overdraft          CRISIL A4+     15      Assigned
Bharti Airtel Ltd                       CP                 CRISIL A1+     150000  Reaffirmed
Bharti Enterprises (Holding) Pvt Ltd    CP                 CRISIL A1+     23000   Reaffirmed
Bharti Hexacom Ltd                      CP                 CRISIL A1+     1000    Reaffirmed
Bharti Telecom Ltd                      CP                 CRISIL A1+     70000   Reaffirmed
Borkar Packaging Pvt Ltd                LOC & BG           CRISIL A3      308
Downgraded from 'CRISIL A3+'
Borkar Packaging Pvt Ltd                Packing Credit     CRISIL A3      30
Downgraded from 'CRISIL A3+'
FG Glass Industries Pvt Ltd             Letter Of GuaranteeCRISIL A3+     20      Reaffirmed
FG Glass Industries Pvt Ltd             LOC & BG           CRISIL A3+     50      Reaffirmed
G. D. Overseas                          Packing Credit     CRISIL A3      350     Reaffirmed
Gemscab Industries Ltd                  BG                 CRISIL A2+     1200    Reaffirmed
Gemscab Industries Ltd                  LOC                CRISIL A2+     345     Reaffirmed
Landmark Engineer                       BG                 CRISIL A4+     240     Reaffirmed
Landmark Engineer                       Proposed BG        CRISIL A4+     30      Assigned
Lorem Tiles Pvt Ltd                     BG                 CRISIL A4+     15      Reaffirmed
MDC Pharmaceuticals Ltd                 Bill Discounting   CRISIL A4+     20      Reaffirmed
                                        under LOC
Orient Craft Ltd                        Non-FBL            CRISIL A3      1640    Reaffirmed
Orient Craft Ltd                        Proposed NFBL      CRISIL A3      110     Reaffirmed
Rasika Motors Pvt Ltd                   BG                 CRISIL A4+     2.5     Reaffirmed
Ratnagiri Seeds and Farm                BG                 CRISIL A4      50      Reaffirmed
S.V. Electronics Ltd                    BG                 CRISIL A4      20      Reaffirmed
Universal Cartons Solutions Pvt Ltd     LOC                CRISIL A3      150
Downgraded from 'CRISIL A3+'
Varun Beverages Ltd                     CP                 CRISIL A1+     2000    Reaffirmed
Virola International                    LOC                CRISIL A4+     20
Migrated from 'CRISIL A4; Issuer Not Cooperating'
Virola International                    Post Shipment      CRISIL A4+     200
                                        Credit
Migrated from 'CRISIL A4; Issuer Not Cooperating'
Western Metal Industries Pvt Ltd        LOC                CRISIL A3+     130     Reaffirmed
Yashnand Engineers and Contractors Pvt  BG                 CRISIL A2      1140    Reaffirmed
Ltd

LONG TERM RATINGS:
-------------------
Abhinav Industries - Bhatapara          CC                 CRISIL         40      Reaffirmed
                                                           B+/Stable
Abhinav Industries - Bhatapara          Rupee TL           CRISIL         2.8     Reaffirmed
                                                           B+/Stable
Ashu Breeding Farms                     Proposed LT Bk     CRISIL         5       Assigned
                                        Loan Fac           BB-/Stable
Ashu Breeding Farms                     LT Loan            CRISIL         50      Assigned
                                                           BB-/Stable
B. B. Products                          TL                 CRISIL D       60
Downgraded from 'CRISIL B/Stable Issuer Not Cooperating'
Bawa Appliances Pvt Ltd                 CC                 CRISIL D       50
Issuer Not Cooperating; Downgraded from 'CRISIL C Issuer Not Cooperating'
Bawa Appliances Pvt Ltd                 LOC                CRISIL D       35.9
Issuer Not Cooperating; Downgraded from 'CRISIL C Issuer Not Cooperating'
Bawa Appliances Pvt Ltd                 TL                 CRISIL D       14.1
Issuer Not Cooperating; Downgraded from 'CRISIL C Issuer Not Cooperating'
Bharti Airtel Ltd                       Proposed LT Bk     CRISIL         200000  Reaffirmed
                                        Loan Fac           AA/Stable
Removed from 'Rating Watch with Negative Implications'; Rating Reaffirmed
Bharti Airtel Ltd                       NCD                CRISIL         30000
                                                           AA/Stable
Removed from 'Rating Watch with Negative Implications'; Rating Reaffirmed
Bharti Airtel Ltd                       NCD                CRISIL         2725
                                                           AA/Stable
Removed from 'Rating Watch with Negative Implications'; Rating Reaffirmed
Bharti Airtel Ltd                       NCD                CRISIL         35000   Assigned
                                                           AA/Stable
Bharti Telecom Ltd                      Proposed LT Bk     CRISIL         10000   Reaffirmed
                                        Loan Fac           AA+/Stable
Removed from 'Rating Watch with Negative Implications; Rating Reaffirmed
Bharti Telecom Ltd                      NCD                CRISIL         60000
                                                           AA+/Stable
Removed from 'Rating Watch with Negative Implications; Rating Reaffirmed
Bharti Telecom Ltd                      NCD                CRISIL         2000
                                                           AA+/Stable
Removed from 'Rating Watch with Negative Implications; Rating Reaffirmed
Bhumya Tea Company Pvt Ltd              CC                 CRISIL D       289.2
Issuer Not Cooperating; Downgraded from 'CRISIL B+/Stable Issuer Not Cooperating' 
Bhumya Tea Company Pvt Ltd              TL                 CRISIL D       142.9
Issuer Not Cooperating; Downgraded from 'CRISIL B+/Stable Issuer Not Cooperating' 
Borkar Packaging Pvt Ltd                CC                 CRISIL         570
                                                           BBB-/Negative
Downgraded from 'CRISIL BBB/Stable'
Borkar Packaging Pvt Ltd                LT Loan            CRISIL         252
                                                           BBB-/Negative
Downgraded from 'CRISIL BBB/Stable'
Borkar Packaging Pvt Ltd                Proposed CC Limit  CRISIL         8.3
                                                           BBB-/Negative
Downgraded from 'CRISIL BBB/Stable'
Chikkala Chowdarayya                    Proposed LT Bk     CRISIL         220     Assigned
                                        Loan Fac           B+/Stable
Chikkala Chowdarayya                    Secured Overdraft  CRISIL         180     Assigned
                                        Fac                B+/Stable
CPR Laboratories Pvt Ltd                CC                 CRISIL D       9
Downgraded from 'CRISIL B/Stable ;Issuer Not Cooperating'
CPR Laboratories Pvt Ltd                Proposed LT Bk     CRISIL D       55.4
                                        Loan Fac
Downgraded from 'CRISIL B/Stable ;Issuer Not Cooperating'
CPR Laboratories Pvt Ltd                TL                 CRISIL D       35.6
Downgraded from 'CRISIL B/Stable ;Issuer Not Cooperating'
Debgiri Agro Products Pvt Ltd           CC                 CRISIL         45
                                                           BB-/Stable
Downgraded from 'CRISIL BB/Stable'
Debgiri Agro Products Pvt Ltd           Export Packing     CRISIL         10
                                        Credit             BB-/Stable
Downgraded from 'CRISIL BB/Stable'
Esko Die Casting Pvt Ltd                CC                 CRISIL         105
                                                           BB+/Stable
Issuer Not Cooperating; Rating Withdrawn
Esko Die Casting Pvt Ltd                Proposed LT Bk     CRISIL         87
                                        Loan Fac           BB+/Stable
Issuer Not Cooperating; Rating Withdrawn
Esko Die Casting Pvt Ltd                Standby Line of    CRISIL         8
                                        Credit             BB+/Stable
Issuer Not Cooperating; Rating Withdrawn
FG Glass Industries Pvt Ltd             CC                 CRISIL         100     Reaffirmed
                                                           BBB/Stable
FG Glass Industries Pvt Ltd             Rupee TL           CRISIL         50      Reaffirmed
                                                           BBB/Stable
First Business Receivables Trust        PTCs               CRISIL AAA
                                                           (SO)/Stable
Final Rating assigned
First Business Receivables Trust        PTCs               Provisional
                                                           CRISIL AAA
                                                           (SO)/Stable@
Provisional Rating reaffirmed; @A prefix of 'Provisional' indicates that the rating centrally
factors in the strength of specific structures, and will be supported by certain critical
documentation by the issuer, without which the rating would either have been different or not
assigned ab initio. This is in compliance with a May 6, 2015, Securities and Exchange Board of
India (SEBI) directive, 'Standardizing the term, rating symbol, and manner of disclosure with
regard to conditional/ provisional/ in-principle ratings assigned by CRAs'.
G. D. Overseas                          CC                 CRISIL         50      Reaffirmed
                                                           BBB-/Stable
G. D. Overseas                          Foreign LOC        CRISIL         20      Reaffirmed
                                                           BBB-/Stable
Gemscab Industries Ltd                  CC                 CRISIL         1100    Reaffirmed
                                                           A-/Stable
Gemscab Industries Ltd                  Corporate Loan     CRISIL         127     Reaffirmed
                                                           A-/Stable
Gemscab Industries Ltd                  LT Loan            CRISIL         33      Reaffirmed
                                                           A-/Stable
Gemscab Industries Ltd                  Project Loan       CRISIL         170     Reaffirmed
                                                           A-/Stable
Happy Home Developers                   TL                 CRISIL D       750
Downgraded from 'CRISIL BB/Stable Issuer Not Cooperating'
I M Healthcare Pvt Ltd                  CC                 CRISIL         20      Reaffirmed
                                                           BB-/Stable
I M Healthcare Pvt Ltd                  Proposed LT Bk     CRISIL         40      Reaffirmed
                                        Loan Fac           BB-/Stable
I M Healthcare Pvt Ltd                  TL                 CRISIL         30      Reaffirmed
                                                           BB-/Stable
Iswarya Enterprises                     Overdraft          CRISIL D       90
Issuer Not Cooperating; Downgraded from 'CRISIL B/Stable Issuer Not Cooperating'
Krishna Bhagya Jala Nigam Ltd           Proposed TL        CRISIL         245     Reaffirmed
                                                           AA-(CE)/Stable
Krishna Bhagya Jala Nigam Ltd           TL                 CRISIL         62755   Reaffirmed
                                                           AA-(CE)/Stable
Krishna Bhagya Jala Nigam Ltd           Bond - Series      CRISIL         5016    Reaffirmed
                                        2014-B             AA-(CE)/Stable
Krishna Bhagya Jala Nigam Ltd           Bond - Series      CRISIL         2484    Reaffirmed
                                        2014-C             AA-(CE)/Stable
Krishna Bhagya Jala Nigam Ltd           Bond - Series      CRISIL         6445    Reaffirmed
                                        2014-A**           AA-(CE)/Stable
**Amount outstanding as on March 31, 2014
Landmark Engineer                       CC                 CRISIL         30      Reaffirmed
                                                           BB+/Stable
Lorem Tiles Pvt Ltd                     CC                 CRISIL         29      Reaffirmed
                                                           BB-/Stable
Lorem Tiles Pvt Ltd                     LT Loan            CRISIL         29.6    Reaffirmed
                                                           BB-/Stable
Lorem Tiles Pvt Ltd                     Proposed LT Bk     CRISIL         1.4     Reaffirmed
                                        Loan Fac           BB-/Stable
Mahavir Transmission Ltd                BG                 CRISIL         60
                                                           BB-/Stable
Ratings reaffirmed and Withdrawn
Mahavir Transmission Ltd                CC                 CRISIL         100
                                                           BB-/Stable
Ratings reaffirmed and Withdrawn
Mahavir Transmission Ltd                LOC                CRISIL         40
                                                           BB-/Stable
Ratings reaffirmed and Withdrawn
Mann Mediciti Wellness Centre Pvt Ltd   CC                 CRISIL D       58
Issuer Not Cooperating; Downgraded from 'CRISIL B+/Stable Issuer Not Cooperating'
Mann Mediciti Wellness Centre Pvt Ltd   Proposed WC Fac    CRISIL D       2
Issuer Not Cooperating; Downgraded from 'CRISIL B+/Stable Issuer Not Cooperating'
MDC Pharmaceuticals Ltd                 CC                 CRISIL         80      Reaffirmed
                                                           BB+/Stable
MDC Pharmaceuticals Ltd                 Proposed LT Bk     CRISIL         18      Reaffirmed
                                        Loan Fac           BB+/Stable
MDC Pharmaceuticals Ltd                 TL                 CRISIL         7       Assigned
                                                           BB+/Stable
Neil Computech Pvt Ltd                  Proposed LT Bk     -              150     Withdrawn
                                        Loan Fac
Orient Craft Ltd                        CC*                CRISIL         5000    Reaffirmed
                                                           BBB-/Stable
Outlook revised from 'Positive' and rating reaffirmed ; *Interchangeable with export packing
credit, packing credit in foreign currency, foreign documentary bills for purchase, foreign bill
negotiation, and foreign bill purchase
Orient Craft Ltd                        Proposed CC Limit* CRISIL         250     Reaffirmed
                                                           BBB-/Stable
Outlook revised from 'Positive' and rating reaffirmed ; *Interchangeable with export packing
credit, packing credit in foreign currency, foreign documentary bills for purchase, foreign bill
negotiation, and foreign bill purchase
Orient Craft Ltd                        Proposed LT Bk     CRISIL         30.4    Reaffirmed
                                        Loan Fac           BBB-/Stable
Outlook revised from 'Positive' and rating reaffirmed
Orient Craft Ltd                        Rupee TL           CRISIL         3469.6  Reaffirmed
                                                           BBB-/Stable
Outlook revised from 'Positive' and rating reaffirmed
Perfect Chemfood Industries             CC                 CRISIL         45      Reaffirmed
                                                           BB+/Stable
Perfect Chemfood Industries             LT Loan            CRISIL         60      Reaffirmed
                                                           BB+/Stable
Rao Computer Consultants Pvt Ltd        Proposed LT Bk     -              180     Withdrawn
                                        Loan Fac
Rasika Motors Pvt Ltd                   CC                 CRISIL         10.5
                                                           BB-/Stable
Downgraded from 'CRISIL BB/Stable'
Rasika Motors Pvt Ltd                   Inventory Funding  CRISIL         146
                                        Fac                BB-/Stable
Downgraded from 'CRISIL BB/Stable'
Rasika Motors Pvt Ltd                   Proposed LT Bk     CRISIL         1
                                        Loan Fac           BB-/Stable
Downgraded from 'CRISIL BB/Stable'
Ratnagiri Seeds and Farm                CC                 CRISIL         20      Reaffirmed
                                                           B+/Stable
Ratnagiri Seeds and Farm                Proposed FB Bk     CRISIL         30      Reaffirmed
                                        Limits             B+/Stable
S.V. Electronics Ltd                    CC                 CRISIL         90      Reaffirmed
                                                           B+/Stable
S.V. Electronics Ltd                    Proposed LT Bk     CRISIL         50      Reaffirmed
                                        Loan Fac           B+/Stable
Sandhya Development Society             Overdraft          CRISIL         50      Assigned
                                                           B+/Stable
Sandhya Development Society             Proposed LT Bk     CRISIL         30      Assigned
                                        Loan Fac           B+/Stable
Sidwin Fabric Pvt Ltd                   CC                 CRISIL         70      Assigned
                                                           BB/Stable
Sidwin Fabric Pvt Ltd                   TL                 CRISIL         50      Assigned
                                                           BB/Stable
Sri Karpagam Steels                     CC                 CRISIL         60
                                                           BB-/Stable
Issuer Not Cooperating; Rating Withdrawn
Star Rice Land Pvt Ltd                  Warehouse Receipts CRISIL         100     Reaffirmed
                                                           BB-/Stable
Universal Cartons Solutions Pvt Ltd     CC                 CRISIL         250
                                                           BBB-/Negative
Downgraded from 'CRISIL BBB/Stable'
V.V.G. Paper Industry Pvt Ltd           LT Loan            CRISIL B/Stable217.5   Assigned
Varun Beverages Ltd                     CC                 CRISIL         3810    Reaffirmed
                                                           AA/Stable
Varun Beverages Ltd                     External           CRISIL         1715.7  Reaffirmed
                                        Commercial         AA/Stable
                                        Borrowings*
*Equivalent to USD 25000000 /SGD equivalent to USD 25000000
Varun Beverages Ltd                     Overdraft          CRISIL         450     Reaffirmed
                                                           AA/Stable
Varun Beverages Ltd                     TL                 CRISIL         25252.3 Reaffirmed
                                                           AA/Stable
Varun Beverages Ltd                     NCD                CRISIL         3000    Withdrawn
                                                           AA/Stable
Virola International                    Packing Credit     CRISIL         200
                                                           BB+/Stable
Migrated from 'CRISIL B+/Stable; Issuer Not Cooperating'
Virola International                    Proposed LT Bk     CRISIL         80
                                        Loan Fac           BB+/Stable
Migrated from 'CRISIL B+/Stable; Issuer Not Cooperating'
Viswam Educational Society              LT Loan            CRISIL D       49.6
Issuer Not Cooperating; Downgraded from 'CRISIL BB-/Stable Issuer Not Cooperating' 
Viswam Educational Society              Proposed LT Bk     CRISIL D       0.4
                                        Loan Fac
Issuer Not Cooperating; Downgraded from 'CRISIL BB-/Stable Issuer Not Cooperating' 
Viswam Educational Society              Secured Overdraft  CRISIL D       40
                                        Fac
Issuer Not Cooperating; Downgraded from 'CRISIL BB-/Stable Issuer Not Cooperating' 
Western Metal Industries Pvt Ltd        CC                 CRISIL         350     Reaffirmed
                                                           BBB/Stable
Western Metal Industries Pvt Ltd        Rupee TL           CRISIL         120     Reaffirmed
                                                           BBB/Stable
Yashnand Engineers and Contractors Pvt  CC                 CRISIL         130     Reaffirmed
Ltd                                                        BBB+/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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