January 18, 2018 / 4:26 AM / 3 months ago

CRISIL ratings for Indian debt instruments-Jan 18

   Jan 18 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of January 17, 2018.


COMPANY                                 INSTRUMENT         RATING        AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Creative Tours and Travels India Pvt LtdBG                 CRISIL A4+     70      Reaffirmed
Golden International                    Proposed ST Bk     CRISIL A4+     2       Assigned
                                        Loan Fac
JSW Infrastructure Ltd                  CP Programme       CRISIL A1+     1500
Placed on Rating Watch with Developing Implications 
Kapsons Worldwide                       Bill Discounting   CRISIL A4+     40      Reaffirmed
Kapsons Worldwide                       Export Packing     CRISIL A4+     80      Reaffirmed
                                        Credit
Kapsons Worldwide                       Foreign Exchange   CRISIL A4+     10      Reaffirmed
                                        Forward
Kapsons Worldwide                       LOC                CRISIL A4+     10      Reaffirmed
KBR Infratech Ltd                       BG                 CRISIL A3+     920     Upgraded from
                                                                                  CRISIL A3
Lorex Ceramic                           BG                 CRISIL A4+     13      Reaffirmed
Mathew Associates Hook - Up & Weld      BG                 CRISIL A4      105     Reaffirmed
Services
Mod Ceramic Industries Ltd              Inland/Import LOC  CRISIL A4+     15      Reaffirmed
Mod Ceramic Industries Ltd              Letter Of GuaranteeCRISIL A4+     5       Reaffirmed
Multichem Specialities Pvt Ltd          LOC                CRISIL A4+     217.5   Assigned
Paras Spices Pvt Ltd                    Overdraft          CRISIL A3      20      Reaffirmed
Proteus Enterprise Pvt Ltd              BG                 CRISIL A4      67.5    Assigned
Proteus Enterprise Pvt Ltd              Overdraft          CRISIL A4      10      Assigned
Rajshi Constructions Pvt Ltd            BG                 CRISIL A4+     70      Reaffirmed
Registan Exports                        Packing Credit     CRISIL A4      15      Assigned
Registan Exports                        Foreign Exchange   CRISIL A4      50      Assigned
                                        Forward
Registan Exports                        Export Bill        CRISIL A4      15      Assigned
                                        Purchase
                                        -Discounting
S P International                       Proposed Export    CRISIL A4+     60      Assigned
                                        Packing Credit
State Bank of India                     CD Programme       CRISIL A1+     240000  Reaffirmed
State Bank of India                     CD Programme*      CRISIL A1+     135000  Reaffirmed
*Transferred from State Bank of Bikaner and Jaipur, State Bank of Travancore,
 State Bank of Patiala, State Bank of Hyderabad and State Bank of Mysore to
 State Bank of India (SBI) on their amalgamation with SBI with effect from April 01, 2017 
Sulphur Mills Ltd                       BG                 CRISIL A1+     5       Reaffirmed
Sulphur Mills Ltd                       Foreign Bill       CRISIL A1+     40      Reaffirmed
                                        Purchase
Sulphur Mills Ltd                       LOC                CRISIL A1+     80      Reaffirmed
Sulphur Mills Ltd                       Proposed ST Bk     CRISIL A1+     4.2     Reaffirmed
                                        Loan Fac
Superb Minerals India Pvt Ltd           BG                 CRISIL A4+     3.7     Reaffirmed
Superb Minerals India Pvt Ltd           Post Shipment      CRISIL A4+     15      Reaffirmed
                                        Credit
Superb Minerals India Pvt Ltd           ST Loan            CRISIL A4+     10      Reaffirmed


MEDIUM TERM RATINGS:
-------------------
State Bank of India                     FD Programme#      FAAA                   Reaffirmed
#The rating pertains only to State Bank of Indore's (SBoI's) fixed deposit programme,
 rated by CRISIL, which has been transferred to SBI following the merger of SBoI with SBI.

LONG TERM RATINGS:
-------------------
Creative Tours and Travels India Pvt LtdCC                 CRISIL BB-     200     Reaffirmed
Deluxe Fabrics Ltd                      CC                 CRISIL B+      120     Reaffirmed
Golden International                    CC                 CRISIL BB      98      Assigned
Hill Track Constructions Pvt Ltd        Overdraft          CRISIL B+      60      Reaffirmed
India Infrastructure Finance Co. Ltd    Bond               CRISIL AAA     12000   Reaffirmed
India Infrastructure Finance Co. Ltd    Bond*              CRISIL AAA(SO) 5000    Withdrawal
*Guaranteed by the Government of India
Jaigarh Digni Rail Ltd                  LT Loan            CRISIL BBB     5230    Reaffirmed
Jaigarh Digni Rail Ltd                  Proposed TL        CRISIL BBB     60      Assigned
JSW Infrastructure Ltd                  Corporate Credit   CCR A+
                                        Rating
Placed on Rating Watch with Developing Implications 
Kalamboli Structurals And Roofings Pvt  Overdraft          CRISIL BB+     100     Reaffirmed
Ltd
Kalamboli Structurals And Roofings Pvt  Proposed LT Bk     CRISIL BB+     65      Reaffirmed
Ltd                                     Loan Fac
Kapsons Worldwide                       Proposed LT Bk     CRISIL BB+     0.5     Reaffirmed
                                        Loan Fac
Kapsons Worldwide                       Standby LOC        CRISIL BB+     9.5     Reaffirmed
KBR Infratech Ltd                       CC                 CRISIL BBB     265     Upgraded from
                                                                                  CRISIL BBB-
Kerala Infrastructure Investment Fund   NCD                Provisional    35000   Assigned^
Board                                                      CRISIL
                                                           A+(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 Securities and Exchange Board of India (SEBI), 'Standardising the
 term, rating symbol, and manner of disclosure with regards to conditional/ 
 provisional/ in-principle ratings assigned by credit rating agencies (CRAs).
       
Konvertor Packaging Solutions Pvt Ltd   CC                 CRISIL BB      50      Upgraded from
                                                                                  CRISIL BB-
Konvertor Packaging Solutions Pvt Ltd   LT Loan            CRISIL BB      21      Upgraded from
                                                                                  CRISIL BB-
Lamba Enterprises Pvt Ltd               CC                 CRISIL BB-     70      Assigned
Lamba Enterprises Pvt Ltd               Loan Against       CRISIL BB-     50      Assigned
                                        Property
Lorex Ceramic                           CC                 CRISIL BB-     30      Reaffirmed
Lorex Ceramic                           Proposed LT Bk     CRISIL BB-     16.4    Reaffirmed
                                        Loan Fac
Lorex Ceramic                           TL                 CRISIL BB-     60.1    Reaffirmed
Mathew Associates Hook - Up & Weld      CC                 CRISIL B       45      -
Services
Miracle Developers                      TL                 -              60      Withdrawal
Issuer Not Cooperating

Mod Ceramic Industries Ltd              CC                 CRISIL BB-     50      Reaffirmed
Multichem Specialities Pvt Ltd          CC                 CRISIL BB-     2.5     Assigned
Paras Spices Pvt Ltd                    CC                 CRISIL BBB-    275     Reaffirmed
Paras Spices Pvt Ltd                    Proposed LT Bk     CRISIL BBB-    3.5     Reaffirmed
                                        Loan Fac
Paras Spices Pvt Ltd                    TL                 CRISIL BBB-    11.5    Assigned
Proteus Enterprise Pvt Ltd              Secured Overdraft  CRISIL B+      2.5     Assigned
                                        Fac
Rajshi Constructions Pvt Ltd            Overdraft          CRISIL BB+     20      Upgraded from
                                                                                  CRISIL BB
Rajshi Constructions Pvt Ltd            Proposed BG        CRISIL BB+     30      Upgraded from
                                                                                  CRISIL BB
Rajshi Constructions Pvt Ltd            Proposed LT Bk     CRISIL BB+     79.9    Assigned
                                        Loan Fac
Registan Exports                        Proposed LT Bk     CRISIL B       22.1    Assigned
                                        Loan Fac
Registan Exports                        LT Loan            CRISIL B       8.1     Assigned
Registan Exports                        CC                 CRISIL B       9.8     Assigned
Royal Shelter                           CC                 CRISIL BB-     50      Reaffirmed
Royal Shelter                           LT Loan            CRISIL BB-     60      Reaffirmed
Royal Shelter                           Proposed LT Bk     CRISIL BB-     80      Reaffirmed
                                        Loan Fac
S P International                       Export Packing     CRISIL BB      140     Assigned
                                        Credit
Sant Ram Mangat Ram Jewellers Pvt Ltd   CC                 CRISIL BB-     155     Reaffirmed
Sant Ram Mangat Ram Jewellers Pvt Ltd   Proposed LT Bk     CRISIL BB-     21.4    Reaffirmed
                                        Loan Fac
Sant Ram Mangat Ram Jewellers Pvt Ltd   Standby LOC        CRISIL BB-     30      Assigned
Star Educational Books Distributor Pvt  BG                 -              80      Withdrawal
Ltd
Star Educational Books Distributor Pvt  CC                 -              25      Withdrawal
Ltd
Star Educational Books Distributor Pvt  Packing Credit     -              160     Withdrawal
Ltd
Star Educational Books Distributor Pvt  Proposed LT Bk     -              81.5    Withdrawal
Ltd                                     Loan Fac
State Bank of India                     Tier-I Bond Issue  CRISIL AA+     80000   Assigned
                                        (Under Basel III)
State Bank of India                     Tier-I Bond Issue  CRISIL AA+     91000   Reaffirmed
                                        (Under Basel III)
State Bank of India                     Tier-II Bond Issue CRISIL AAA     20000   Reaffirmed
                                        (Under Basel III)
State Bank of India                     Tier-II Bond Issue CRISIL AAA     36100   Reaffirmed
                                        (Under Basel III)*
*Transferred from State Bank of Bikaner and Jaipur, State Bank of Travancore,
 State Bank of Patiala, State Bank of Hyderabad and State Bank of Mysore to
 State Bank of India (SBI) on their amalgamation with SBI with effect from April 01, 2017 
State Bank of India                     Lower Tier-II      CRISIL AAA     212500  Reaffirmed
                                        Bonds (Under Basel
                                        II)
State Bank of India                     Lower Tier-II      CRISIL AAA     12500   Reaffirmed
                                        Bonds (Under Basel
                                        II)*
*Transferred from State Bank of Bikaner and Jaipur, State Bank of Travancore,
 State Bank of Patiala, State Bank of Hyderabad and State Bank of Mysore to
 State Bank of India (SBI) on their amalgamation with SBI with effect from April 01, 2017 
State Bank of India                     Upper Tier-II      CRISIL AAA     205000  Reaffirmed
                                        Bonds (Under Basel
                                        II)
State Bank of India                     Upper Tier-II      CRISIL AAA     53400   Reaffirmed
                                        Bonds (Under Basel
                                        II)*
*Transferred from State Bank of Bikaner and Jaipur, State Bank of Travancore,
 State Bank of Patiala, State Bank of Hyderabad and State Bank of Mysore to
 State Bank of India (SBI) on their amalgamation with SBI with effect from April 01, 2017 
State Bank of India                     Tier-I Perpetual   CRISIL AAA     31650   Reaffirmed
                                        Bonds (Under Basel
                                        II)
State Bank of India                     Tier-I Perpetual   CRISIL AAA     15450   Reaffirmed
                                        BondS (Under Basel
                                        II)*
*Transferred from State Bank of Bikaner and Jaipur, State Bank of Travancore,
 State Bank of Patiala, State Bank of Hyderabad and State Bank of Mysore to
 State Bank of India (SBI) on their amalgamation with SBI with effect from April 01, 2017 
Sud Pines Pvt Ltd                       CC                 CRISIL BB-     55      Reaffirmed
Sud Pines Pvt Ltd                       Proposed CC Limit  CRISIL BB-     3.8     Reaffirmed
Sulphur Mills Ltd                       CC                 CRISIL AA-     10      Upgraded from
                                                                                  CRISIL
                                                                                  A+/Positive
Superb Minerals India Pvt Ltd           CC                 CRISIL BB-     15      Reaffirmed
Superb Minerals India Pvt Ltd           Packing Credit     CRISIL BB-     15      Reaffirmed
                                        (pre-shipment
                                        credit)
--------------------------------------------------------------------------------------------
$: 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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