January 17, 2019 / 4:07 AM / a month ago

CRISIL ratings for Indian debt instruments-Jan 17

    Jan 17 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of January 16, 2019.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                          (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Bajaj Housing Finance Ltd               CP                 CRISIL A1+     40000
Bhoomi Natural Products and Exports Pvt Packing Credit in  CRISIL A4      50      Reaffirmed
Ltd                                     Foreign Currency
Migrated from 'CRISIL A4 Issuer Not Cooperating'
Chandawat Udyog (Cylinders) Ltd         BG                 CRISIL A4+     17
Upgraded from 'CRISIL A4'
Chandawat Udyog (Cylinders) Ltd         LOC                CRISIL A4+     17
Upgraded from 'CRISIL A4'
Edelweiss Asset Reconstruction Co. Ltd  CP Programme       CRISIL A1+     20000   Reaffirmed
Indiabulls Commercial Credit Ltd        CP Programme       CRISIL A1+     30000   Reaffirmed
Mehru Electrical and Mechanical         BG                 CRISIL A2      485     Reaffirmed
Engineers Pvt Ltd
Mehru Electrical and Mechanical         LOC                CRISIL A2      50
Engineers Pvt Ltd
Robin P Alex                            BG                 CRISIL A4      17.5    Assigned
Roy Cashew Products                     LOC                CRISIL A4+     40      Reaffirmed
Suja Shoei Industries Pvt Ltd           LOC & BG           CRISIL A3      40      Reaffirmed
Suja Shoei Industries Pvt Ltd           Standby Line of    CRISIL A3      2.5     Reaffirmed
                                        Credit
Vidya Herbs Pvt Ltd                     LOC                CRISIL A2      60      Reaffirmed
Vidya Herbs Pvt Ltd                     Proposed ST Bk     CRISIL A2      36.5    Reaffirmed
                                        Loan Fac

LONG TERM RATINGS:
-------------------
Ananta Medicare Ltd                     CC                 CRISIL B+      20      Reaffirmed
Ananta Medicare Ltd                     TL                 CRISIL B+      100     Reaffirmed
Autocop India Pvt Ltd                   CC                 CRISIL BBB-    520     Reaffirmed
Autocop India Pvt Ltd                   TL                 CRISIL BBB-    12.3    Reaffirmed
B.L. Agro Industries Ltd                LT Loan            CRISIL BBB     1319.2
Watch Developing
B.L. Agro Industries Ltd                Proposed LT Bk     CRISIL BBB     580.8
                                        Loan Fac
Watch Developing
B.L. Agro Industries Ltd                CC                 CRISIL CRISIL  3750
                                                           BBB
Watch Developing
Bajaj Housing Finance Ltd               CC & WC demand loanCRISIL AAA     2000    Reaffirmed
Bajaj Housing Finance Ltd               Proposed LT Bk     CRISIL AAA     16500   Reaffirmed
                                        Loan Fac*
*Interchangeable with short-term bank facilities
Bajaj Housing Finance Ltd               TL                 CRISIL AAA     31500   Reaffirmed
Bajaj Housing Finance Ltd               NCD                CRISIL AAA     70000
Bajaj Housing Finance Ltd               Subordinated Debt  CRISIL AAA     5000
Chandawat Udyog (Cylinders) Ltd         CC                 CRISIL BB-     33
Upgraded from 'CRISIL B+'
Chandawat Udyog (Cylinders) Ltd         LT Loan            CRISIL BB-     4
Upgraded from 'CRISIL B+'
Chandawat Udyog (Cylinders) Ltd         Proposed LT Bk     CRISIL BB-     2       Assigned
                                        Loan Fac
Upgraded from 'CRISIL B+'
Chandra Automobile India Pvt Ltd        CC                 CRISIL B-      25
Downgraded from 'CRISIL B'
Chandra Automobile India Pvt Ltd        LT Loan            CRISIL B-      46.5
Downgraded from 'CRISIL B'
Edelweiss Asset Reconstruction Co. Ltd  CC*                CRISIL AA-     1050    Reaffirmed
*Interchangeable between long-term and short-term
Edelweiss Asset Reconstruction Co. Ltd  LT Bk Fac*         CRISIL AA-     1750    Reaffirmed
*Interchangeable between long-term and short-term
Edelweiss Asset Reconstruction Co. Ltd  Proposed LT Bk     CRISIL AA-     2700    Reaffirmed
                                        Loan Fac*
*Interchangeable between long-term and short-term
Edelweiss Asset Reconstruction Co. Ltd  NCD                CRISIL AA-     10000   Reaffirmed
Edelweiss Asset Reconstruction Co. Ltd  NCD Issue          CRISIL AA-     15000   Reaffirmed
Edelweiss Asset Reconstruction Co. Ltd  NCD Issue          CRISIL AA-     15500   Reaffirmed
Edelweiss Asset Reconstruction Co. Ltd  NCD^               CRISIL AA(SO)  1500    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, directive by the Securities and Exchange Board of India,
'Standardising the term, rating symbol, and manner of disclosure with regard to conditional/
provisional/ in-principle ratings assigned by credit rating agencies (CRAs)'.

Edelweiss Asset Reconstruction Co. Ltd  LT Principle       CRISIL PP-MLD  1500    Reaffirmed
                                        Protected Market   AAr(SO)
                                        Linked Debentures^ 
^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, directive by the Securities and Exchange Board of India,
'Standardising the term, rating symbol, and manner of disclosure with regard to conditional/
provisional/ in-principle ratings assigned by credit rating agencies (CRAs)'.
Edelweiss Asset Reconstruction Co. Ltd  LT Principal       Provisional    2000    Assigned
                                        Protected Market   CRISIL PPMLD
                                        Linked Debentures  AAr(SO)^
^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, directive by the Securities and Exchange Board of India,
'Standardising the term, rating symbol, and manner of disclosure with regard to conditional/
provisional/ in-principle ratings assigned by credit rating agencies (CRAs)'.
Essel Forex Ltd                         LT Bk loan Fac     CRISIL BBB             Unaffected
Flora Laminate                          CC                 CRISIL BB      60      Reaffirmed
Flora Laminate                          LT Loan            CRISIL BB      40      Reaffirmed
G Kumaravel Textiles                    CC                 CRISIL B       65      Reaffirmed
Gagan Wine Trade and Financers Ltd      CC                 CRISIL B+      170     Reaffirmed
Issuer Not Cooperating
Gagan Wine Trade and Financers Ltd      Proposed LT Bk     CRISIL B+      80      Reaffirmed
                                        Loan Fac
Issuer Not Cooperating
GRB Dairy Foods Pvt Ltd                 CC                 CRISIL BBB+    320     Reaffirmed
GRB Dairy Foods Pvt Ltd                 Proposed CC Limit  CRISIL BBB+    10      Assigned
Gulf Petrochem India Pvt Ltd            Proposed LT Bk     CRISIL A-(SO)  140     Reaffirmed
                                        Loan Fac
Gulf Petrochem India Pvt Ltd            TL                 CRISIL A-(SO)  2190    Reaffirmed
Hill Track Constructions Pvt Ltd        Overdraft          CRISIL B+      60      Reaffirmed
Indiabulls Commercial Credit Ltd        LT Bk Fac          CRISIL AAA     4805.5  Reaffirmed
Indiabulls Commercial Credit Ltd        Proposed LT Bk     CRISIL AAA     20194.5 Reaffirmed
                                        Loan Fac
Indiabulls Commercial Credit Ltd        NCD@               CRISIL AAA     5000    Assigned
@ public issue of retail unsecured redeemable non-convertible debenture
Indiabulls Commercial Credit Ltd        NCD*               CRISIL AAA     20000   Assigned
*public issue of retail secured redeemable non-convertible debenture
Indiabulls Commercial Credit Ltd        NCD*               CRISIL AAA     30000   Reaffirmed
*public issue of retail secured redeemable non-convertible debenture
Indiabulls Commercial Credit Ltd        NCDs               CRISIL AAA     14500   Reaffirmed
Indiabulls Commercial Credit Ltd        Subordinated Debt  CRISIL AAA     5000    Reaffirmed
Jasmine Trust 2018 (Originator: Fincare Series A1 PTCs     Provisional    531.9
Small Finance Bank Ltd)                                    CRISIL A- (SO)
                                                           @
Provisional Rating Assigned; @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, 'Standardising the term, rating symbol, and manner of disclosure with
regard to conditional/ provisional/ in principle ratings assigned by CRAs'
Khandelwal Edible Oils Ltd              CC                 CRISIL BBB     100     Reaffirmed
Continues on 'Rating Watch with Developing Implications'
Khandelwal Edible Oils Ltd              Proposed LT Bk     CRISIL BBB     100     Reaffirmed
                                        Loan Fac
Continues on 'Rating Watch with Developing Implications'
Mehru Electrical and Mechanical         CC                 CRISIL BBB+    310     Reaffirmed
Engineers Pvt Ltd
Mehru Electrical and Mechanical         Export Packing     CRISIL BBB+    30      Reaffirmed
Engineers Pvt Ltd                       Credit
Mehru Electrical and Mechanical         LT Loan            CRISIL BBB+    15      Assigned
Engineers Pvt Ltd
Morth Infrastructure Pvt Ltd            BG                 -              75
Withdrawn; Issuer Not Cooperating
Morth Infrastructure Pvt Ltd            CC                 -              65.5
Withdrawn; Issuer Not Cooperating
Morth Infrastructure Pvt Ltd            Proposed LT Bk     -              9.5
                                        Loan Fac
Withdrawn; Issuer Not Cooperating
Parsvnath Developers Ltd                Proposed LT Bk     -              1754.4  Withdrawn
                                        Loan Fac
Parsvnath Developers Ltd                CC                 CRISIL D       720.6   Reaffirmed
Parsvnath Developers Ltd                LT Loan            CRISIL D       25      Reaffirmed
Patwari Forgings Pvt Ltd                CC                 CRISIL B+      50      Assigned
Robin P Alex                            WC Demand Loan     CRISIL B+      32.5    Assigned
Robin P Alex                            CC                 CRISIL B+      50      Assigned
Roy Cashew Products                     CC                 CRISIL BB-     140     Reaffirmed
RPN Engineers Chennai Pvt Ltd           BG                 CRISIL D       27.6    Reaffirmed
Migrated from 'CRISIL D Issuer Not Cooperating'
RPN Engineers Chennai Pvt Ltd           CC                 CRISIL D       12.5    Reaffirmed
Migrated from 'CRISIL D Issuer Not Cooperating'
RPN Engineers Chennai Pvt Ltd           Inland/Import LOC  CRISIL D       25      Reaffirmed
Migrated from 'CRISIL D Issuer Not Cooperating'
RPN Engineers Chennai Pvt Ltd           TL                 CRISIL D       0.2     Reaffirmed
Migrated from 'CRISIL D Issuer Not Cooperating'
Rudraksh Psyllium Pvt Ltd               CC                 CRISIL B+      50      Reaffirmed
Rudraksh Psyllium Pvt Ltd               Proposed CC Limit  CRISIL B+      10      Reaffirmed
Sri Dharam Educational Trust            LT Loan            CRISIL D       145     Reaffirmed
Suja Shoei Industries Pvt Ltd           CC                 CRISIL BBB-    240     Reaffirmed
Suja Shoei Industries Pvt Ltd           Export Packing     CRISIL BBB-    20      Reaffirmed
                                        Credit
Suja Shoei Industries Pvt Ltd           LT Loan            CRISIL BBB-    244.2   Reaffirmed
Suja Shoei Industries Pvt Ltd           Proposed LT Bk     CRISIL BBB-    8.4     Reaffirmed
                                        Loan Fac
Suja Shoei Industries Pvt Ltd           TL                 CRISIL BBB-    220     Assigned
Vidya Herbs Pvt Ltd                     CC                 CRISIL BBB+    350     Reaffirmed
Vidya Herbs Pvt Ltd                     Export Packing     CRISIL BBB+    200     Reaffirmed
                                        Credit
Vidya Herbs Pvt Ltd                     LT Loan            CRISIL BBB+    645     Reaffirmed
Vidya Herbs Pvt Ltd                     Standby Line of    CRISIL BBB+    40      Assigned
                                        Credit
Vivriti Hilton 12 2018 (Originator:     Series A1 PTCs     Provisional    198.7
Annapurna Finance Pvt Ltd)                                 CRISIL A (SO)
Provisional Rating Assigned; 
@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,
'Standardising the term, rating symbol, and manner of disclosure with regard to conditional/
provisional/ in principle ratings assigned by CRAs
--------------------------------------------------------------------------------------------
$: 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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