January 22, 2018 / 5:42 AM / 3 months ago

CRISIL ratings for Indian debt instruments-Jan 22

    Jan 22 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of January 19, 2018.

COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Alicon Castalloy Ltd                    LOC & BG           CRISIL A1      157     Reaffirmed
Alicon Castalloy Ltd                    CP Programme       CRISIL A1      1000    Assigned
Ambey Metallic Pvt Ltd                  LOC                CRISIL A4+     240     Assigned
Beekaylon Synthetics Pvt Ltd            BG                 CRISIL A2+     65      Migrated from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Beekaylon Synthetics Pvt Ltd            LOC                CRISIL A2+     165     Migrated from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Bharti Telecom Ltd                      CP Programme       CRISIL A1+     70000   Reaffirmed
(Enhanced from Rs.5500 Crore)
Bhavani Industries                      Packing Credit     CRISIL A1      100     Reaffirmed
C.R.I. Pumps Pvt Ltd                    BG                 CRISIL A1      16.2    Reaffirmed
C.R.I. Pumps Pvt Ltd                    LOC                CRISIL A1      250     Reaffirmed
C.R.I. Pumps Pvt Ltd                    CP                 CRISIL A1      550     Reaffirmed
Chem Corporation                        LOC                CRISIL A4      40      Reaffirmed
Daril Impex Pvt Ltd                     Import LOC Limit   CRISIL A4      9       Assigned
ECL Finance Ltd                         ST Debt Issue *    CRISIL A1+     60000   Assigned
*Assigned for initial/ follow-on public offer financing on episodic basis.
ECL Finance Ltd                         ST Debt Issue *    CRISIL A1+     10000   Withdrawal
*Assigned for initial/ follow-on public offer financing on episodic basis.
ECL Finance Ltd                         ST Debt            CRISIL A1+     36000   Reaffirmed
(Including Short Term NCD) 
ECL Finance Ltd                         ST Debt Issue *    CRISIL A1+     50000   Reaffirmed
*Assigned for initial/ follow-on public offer financing on episodic basis.
ECL Finance Ltd                         ST Principal-      CRISIL PP -    12000   Reaffirmed
                                        Protected Market   MLD A1 + r
                                       -Linked Debentures

Edelweiss Commodities Services Ltd      ST Bk Fac          CRISIL A1+     600     Reaffirmed
Edelweiss Commodities Services Ltd      Standby LOC        CRISIL A1+     1520    Reaffirmed
Edelweiss Commodities Services Ltd      ST Debt Issue*     CRISIL A1+     60000   Assigned
Edelweiss Commodities Services Ltd      ST Debt Issue*     CRISIL A1+     5000    Withdrawal
*Assigned for initial/ follow-on public offer financing on episodic basis.
Edelweiss Commodities Services Ltd      ST Debt            CRISIL A1+     70000   Reaffirmed
(including Short Term NCD)
Edelweiss Commodities Services Ltd      ST Debt Issue*     CRISIL A1+     50000   Reaffirmed
*Assigned for initial/ follow-on public offer financing on episodic basis.
Flowtech Industries LLP                 BG                 CRISIL A4      190     Reaffirmed
Formokem India Corporation              Bill Purchase      CRISIL A4+     20      Reaffirmed
Formokem India Corporation              LOC                CRISIL A4+     20      Reaffirmed
Goyal Agencies Pvt Ltd                  LOC                CRISIL A4      35      Reaffirmed
Hy-Gro Chemicals Pharmtek Pvt Ltd       BG                 CRISIL A4+     10      Withdrawal
(Issuer Not Cooperating)
Hy-Gro Chemicals Pharmtek Pvt Ltd       Foreign Bill       CRISIL A4+     40      Withdrawal
                                        Discounting
(Issuer Not Cooperating)
Hy-Gro Chemicals Pharmtek Pvt Ltd       LOC                CRISIL A4+     100     Withdrawal
(Issuer Not Cooperating)
Hy-Gro Chemicals Pharmtek Pvt Ltd       Packing Credit     CRISIL A4+     30      Withdrawal
(Issuer Not Cooperating)
IIFL Wealth Finance Ltd                 CP Issue*          CRISIL A1+     20000   Assigned
*Assigned for initial public offering financing on an episodic basis
IIFL Wealth Finance Ltd                 CP Issue*          CRISIL A1+     20000   Reaffirmed
*Assigned for initial public offering financing on an episodic basis
IIFL Wealth Finance Ltd                 CP Issue*          CRISIL A1+     48000   Reaffirmed
*Assigned for initial public offering financing on an episodic basis
Moolans International Exim Pvt Ltd      Packing Credit     CRISIL A4+     25      Reaffirmed
Muthoot Finance Ltd                     CP Programme       CRISIL A1+     40000   Reaffirmed
Pelican Air Pvt Ltd                     BG                 CRISIL A4+     60      Reaffirmed
Sara Sae Pvt Ltd                        LOC & BG           CRISIL A4+     250     Downgraded
                                                                                  from CRISIL A3
Sara Sae Pvt Ltd                        Packing Credit     CRISIL A4+     210     Downgraded
                                                                                  from CRISIL A3
Shree Lalji Energy Foods Pvt Ltd        BG                 CRISIL A4+     70      Assigned
Suspension revoked
Swarna Constructions                    BG                 CRISIL A4      70      Reaffirmed
TJUK Trade Networks Pvt Ltd             LOC                CRISIL A4+     17.5    Reaffirmed
Vijay Velavan Spinning Mills Pvt Ltd    BG                 CRISIL A4+     3       Reaffirmed
Vijay Velavan Spinning Mills Pvt Ltd    LOC                CRISIL A4+     50      Reaffirmed

LONG TERM RATINGS:
-------------------
Alicon Castalloy Ltd                    CC                 CRISIL A       1350    Reaffirmed
Alicon Castalloy Ltd                    Proposed CC Limit  CRISIL A       85      Reaffirmed
Alicon Castalloy Ltd                    TL                 CRISIL A       480     Reaffirmed
ALP Milk Foods Pvt Ltd                  CC                 CRISIL B+      80      Reaffirmed
ALP Milk Foods Pvt Ltd                  Proposed LT Bk     CRISIL B+      35      Reaffirmed
                                        Loan Fac
ALP Milk Foods Pvt Ltd                  TL                 CRISIL B+      75      Reaffirmed
Ambey Metallic Pvt Ltd                  Proposed LT Bk     CRISIL BB-     3.5     Assigned
                                        Loan Fac
Ambey Metallic Pvt Ltd                  CC                 CRISIL BB-     56.5    Assigned
Ashirvad Pipes Pvt Ltd                  CC*                CRISIL A+      650     Reaffirmed
Outlook revised from Stable
Ashirvad Pipes Pvt Ltd                  External           CRISIL A+      379.3   Reaffirmed
                                        Commercial
                                        Borrowings

Outlook revised from Stable
Ashirvad Pipes Pvt Ltd                  TL                 CRISIL A+      2337.9  Reaffirmed
Outlook revised from Stable
Ashirvad Pipes Pvt Ltd                  WC Demand Loan     CRISIL A+      1350    Reaffirmed
Outlook revised from Stable
Beekaylon Synthetics Pvt Ltd            CC                 CRISIL A-      450     Migrated from
                                                                                  CRISIL BB+
(Issuer Not Cooperating)
Beekaylon Synthetics Pvt Ltd            Proposed TL        CRISIL A-      578.6   Migrated from
                                                                                  CRISIL BB+
(Issuer Not Cooperating)
Beekaylon Synthetics Pvt Ltd            TL                 CRISIL A-      421.4   Migrated from
                                                                                  CRISIL BB+
(Issuer Not Cooperating)
Bharti Telecom Ltd                      Proposed LT Bk     CRISIL AA+     10000   Reaffirmed
                                        Loan Fac
Bharti Telecom Ltd                      NCD                CRISIL AA+     60000   Reaffirmed
Bhavani Industries                      CC                 CRISIL A-      20      Reaffirmed
Bhavani Industries                      LT Loan            CRISIL A-      130     Reaffirmed
Blossom Inners Pvt Ltd                  CC                 CRISIL BB+     60      Reaffirmed
Borax Morarji Ltd                       BG                 Withdrawal     20      Withdrawal
Borax Morarji Ltd                       CC                 Withdrawal     90      Withdrawal
Borax Morarji Ltd                       LOC                Withdrawal     195     Withdrawal
Borax Morarji Ltd                       Proposed LT Bk     Withdrawal     2.2     Withdrawal
                                        Loan Fac
C.R.I. Pumps Pvt Ltd                    CC                 CRISIL A       3000    Reaffirmed
C.R.I. Pumps Pvt Ltd                    LT Loan            CRISIL A       1181.8  Reaffirmed
C.R.I. Pumps Pvt Ltd                    Proposed TL        CRISIL A       480     Reaffirmed
Chem Corporation                        CC                 CRISIL B       12.5    Reaffirmed
Chem Corporation                        Proposed LT Bk     CRISIL B       7.5     Reaffirmed
                                        Loan Fac
Daril Impex Pvt Ltd                     Proposed LT Bk     CRISIL B       21      Assigned
                                        Loan Fac
Daril Impex Pvt Ltd                     CC                 CRISIL B       50      Assigned
ECL Finance Ltd                         CC                 CRISIL AA      20800   Reaffirmed
ECL Finance Ltd                         LT Bk Fac          CRISIL AA      46477.8 Reaffirmed
ECL Finance Ltd                         Proposed LT Bk     CRISIL AA      25022.2 Reaffirmed
                                        Loan Fac**
ECL Finance Ltd                         Subordinated Debt  CRISIL AA      4000    Reaffirmed
ECL Finance Ltd                         NCD                CRISIL AA      41300   Reaffirmed

ECL Finance Ltd                         LT Principal       CRISIL PP -    1000    Reaffirmed
                                        Protected          MLD AAr


ECL Finance Ltd                         Principal -        CRISIL PP -    11900   Reaffirmed
                                        Protected Equ      MLD Aar
                                        Equity-Linked 
                                        Debentures

ECL Finance Ltd                         Principal -        CRISIL PP -    350     Reaffirmed
                                        Protected          MLD Aar
                                        Commodity -Linked 
                                        Debentures

Edelweiss Commodities Services Ltd      LT Bk Fac          CRISIL AA      3250    Reaffirmed
Edelweiss Commodities Services Ltd      Overdraft          CRISIL AA      7000    Reaffirmed
Edelweiss Commodities Services Ltd      Proposed LT Bk     CRISIL AA      5000    Reaffirmed
                                        Loan Fac**
**Interchangeable with short term bank facilities
Edelweiss Commodities Services Ltd      NCD                CRISIL AA      30000   Reaffirmed
Edelweiss Commodities Services Ltd      PS                 CRISIL AA      1050    Reaffirmed
Flowtech Industries LLP                 CC                 CRISIL B       100     Downgraded
                                                                                  from CRISIL B+
Flowtech Industries LLP                 Proposed LT Bk     CRISIL B       80      Downgraded
                                        Loan Fac                                  from CRISIL B+
Formokem India Corporation              CC                 CRISIL BB+     30      Reaffirmed
Formokem India Corporation              Export Packing     CRISIL BB+     90      Reaffirmed
                                        Credit
Goyal Agencies Pvt Ltd                  CC                 CRISIL B+      290     Upgraded from
                                                                                  CRISIL B
Hariwansh Packaging Pvt Ltd             CC                 CRISIL BB      150     Assigned
Hariwansh Packaging Pvt Ltd             TL                 CRISIL BB      32.8    Assigned
Hy-Gro Chemicals Pharmtek Pvt Ltd       CC                 CRISIL BB+     30      Withdrawal
(Issuer Not Cooperating)
Hy-Gro Chemicals Pharmtek Pvt Ltd       LT Loan            CRISIL BB+     80      Withdrawal
(Issuer Not Cooperating)
Hy-Gro Chemicals Pharmtek Pvt Ltd       Proposed LT Bk     CRISIL BB+     50      Withdrawal
                                        Loan Fac
(Issuer Not Cooperating)
Kaushal Ferro Metal Pvt Ltd             CC                 CRISIL D       110     Reaffirmed
Kaushal Ferro Metal Pvt Ltd             LOC & BG           CRISIL D       20      Reaffirmed
Kaushal Ferro Metal Pvt Ltd             Proposed LT Bk     CRISIL D       212     Reaffirmed
                                        Loan Fac
Kaushal Ferro Metal Pvt Ltd             TL                 CRISIL D       8       Reaffirmed
Kumaran Gin and Pressing Pvt Ltd        CC                 CRISIL B+      125     Upgraded from
                                                                                  CRISIL B
Maschio Gaspardo India Pvt Ltd          WC Fac*            CRISIL BBB     250     Assigned
*Interchangeable with Cash Credit/WCDL upto Rs.25 cr. Interchangeable with export packaging
credit/packaging credit in foreign currency/foreign bills purchase.

Moolans International Exim Pvt Ltd      Foreign Bill       CRISIL BB-     75      Reaffirmed
                                        Purchase
Muthoot Finance Ltd                     NCD                CRISIL AA      30000   Assigned
Muthoot Finance Ltd                     NCD                CRISIL AA      19500   Reaffirmed
Muthoot Finance Ltd                     NCD                CRISIL AA      3652.7  Reaffirmed
Muthoot Finance Ltd                     NCD                CRISIL AA      37.8    Reaffirmed
Muthoot Finance Ltd                     NCD                CRISIL AA      39.2    Reaffirmed
Muthoot Finance Ltd                     NCD                CRISIL AA      51.8    Reaffirmed
Muthoot Finance Ltd                     NCD                CRISIL AA      768.9   Reaffirmed
Muthoot Finance Ltd                     NCD                CRISIL AA      926.2   Reaffirmed
Muthoot Finance Ltd                     NCD                CRISIL AA      910.2   Reaffirmed
Muthoot Finance Ltd                     NCD                CRISIL AA      5000    Reaffirmed
Muthoot Finance Ltd                     NCD                CRISIL AA      437.571 Reaffirmed
Muthoot Finance Ltd                     Subordinate Bond   CRISIL AA      437.571 Reaffirmed
Muthoot Finance Ltd                     Subordinate Bond   CRISIL AA      1000    Reaffirmed
Muthoot Finance Ltd                     Subordinate Bond   CRISIL AA      230.392 Reaffirmed
Muthoot Finance Ltd                     Subordinate Bond   CRISIL AA      317.8   Reaffirmed
Muthoot Finance Ltd                     Subordinate Bond   CRISIL AA      500     Reaffirmed
Muthoot Finance Ltd                     Subordinate Bond   CRISIL AA      232.879 Reaffirmed
Muthoot Finance Ltd                     Subordinate Bond   CRISIL AA      209.3   Reaffirmed
Pelican Air Pvt Ltd                     Overdraft          CRISIL BB-     10      Reaffirmed
Rakesh Folding Works                    CC                 CRISIL B+      55      Reaffirmed
Rakesh Folding Works                    LT Loan            CRISIL B+      3.3     Reaffirmed
Rakesh Folding Works                    Proposed LT Bk     CRISIL B+      36.7    Reaffirmed
                                        Loan Fac
Sahanu Sponge and Power Ltd             CC                 CRISIL BB-     100     Assigned
Sara Sae Pvt Ltd                        Bill Pur-Dis Fac   CRISIL BB+     210     Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
Sara Sae Pvt Ltd                        CC                 CRISIL BB+     210     Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
Sara Sae Pvt Ltd                        Proposed LT Bk     CRISIL BB+     155     Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BBB-
Shree Bala Ji Warehouse                 TL                 CRISIL D       110     Downgraded
                                                                                  from CRISIL B
(Issuer Not Cooperating)
Shree Lalji Energy Foods Pvt Ltd        CC                 CRISIL BB+     80      Assigned
Suspension revoked
Sri Vangalamman Farms India Pvt Ltd     CC                 CRISIL D       35      Downgraded
                                                                                  from CRISIL B-
Sri Vangalamman Farms India Pvt Ltd     LT Loan            CRISIL D       100     Downgraded
                                                                                  from CRISIL B-
STS Products Inc.                       Proposed LT Bk     CRISIL BB+     338.8   Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BBB-
Swarna Constructions                    Proposed LT Bk     CRISIL C       60      Reaffirmed
                                        Loan Fac
Swarna Constructions                    Secured Overdraft  CRISIL C       55      Reaffirmed
                                        Fac
Taj Agro Commodities Pvt Ltd            CC                 CRISIL BB-     500     Assigned
Taj Agro Industries LLP                 CC                 CRISIL B+      100     Assigned
TJUK Trade Networks Pvt Ltd             CC                 CRISIL BB      130     Reaffirmed
TJUK Trade Networks Pvt Ltd             Proposed LT Bk     CRISIL BB      52.5    Reaffirmed
                                        Loan Fac
Venkata Sri Balaji Exports              Buyer`s Credit     CRISIL B+      91.6    Reaffirmed
Venkata Sri Balaji Exports              CC                 CRISIL B+      50      Reaffirmed
Venkata Sri Balaji Exports              LT Loan            CRISIL B+      78.4    Reaffirmed
Vijay Velavan Spinning Mills Pvt Ltd    CC                 CRISIL BB+     160     Reaffirmed
Vijay Velavan Spinning Mills Pvt Ltd    TL                 CRISIL BB+     23.5    Reaffirmed
--------------------------------------------------------------------------------------------
$: 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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