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CRISIL ratings for Indian debt instruments-Jan 4
January 4, 2018 / 5:23 AM / in 12 days

CRISIL ratings for Indian debt instruments-Jan 4

    Jan 4 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of January 3, 2018.

COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Aseptic Fruit Products India Pvt Ltd    BG                 CRISIL A4+     5       Migrated from
                                                                                  CRISIL A4
(Issuer Not Cooperating)
Aseptic Fruit Products India Pvt Ltd    LOC                CRISIL A4+     30      Migrated from
                                                                                  CRISIL A4
(Issuer Not Cooperating)
Astitva Capital Market Pvt Ltd          BG                 CRISIL A4      20      Assigned
Suspension revoked
B.B.K. Leathers Pvt Ltd                 Export Packing     CRISIL A3+     290     Reaffirmed
                                        Credit
B.B.K. Leathers Pvt Ltd                 Proposed ST Bk     CRISIL A3+     26      Reaffirmed
                                        Loan Fac
B.B.K. Leathers Pvt Ltd                 Standby Line of    CRISIL A3+     60      Reaffirmed
                                        Credit
Bharat Gears Ltd                        LOC^               CRISIL A3      330     Reaffirmed
^Interchangeable with bank guarantee up to Rs 4.0 crore

Bharat Gears Ltd                        LOC*#              CRISIL A3      170     Reaffirmed
*#Fully interchangeable with bank guarantee

Bharat Gears Ltd                        Proposed NFBL      CRISIL A3      150     Reaffirmed
Coromandel International Ltd            CP ~               CRISIL A1+     14000   Reaffirmed
~ earlier short term debt (including commercial paper)

Coromandel International Ltd            Buyer`s Credit^    CRISIL A1+     4000    Reaffirmed
^ Fully interchangeable with FB limits and Letter of credit & Bank Guarantee

Coromandel International Ltd            Buyer`s Credit     CRISIL A1+     6000    Reaffirmed

Coromandel International Ltd            LOC & BG^^         CRISIL A1+     2500    Reaffirmed
^^ Fully interchangeable with FB limits and Buyers Credit

Coromandel International Ltd            LOC & BG##         CRISIL A1+     8400    Reaffirmed
## Fully Interchangeable with Buyers Credit limits

Coromandel International Ltd            LOC & BG*          CRISIL A1+     8000    Reaffirmed
* Interchangeable to Fund Based Facility upto Rs.100.0 crore

Coromandel International Ltd            LOC & BG           CRISIL A1+     18000   Reaffirmed

Coromandel International Ltd            LOC & BG*##        CRISIL A1+     1000    Reaffirmed
* Interchangeable to Fund Based Facility upto Rs.100.0 crore,
## Fully Interchangeable with Buyers Credit limits

Coromandel International Ltd            ST Loan            CRISIL A1+     2000    Reaffirmed
Inland World Logistics Pvt Ltd          BG                 CRISIL A2      170     Upgraded from
                                                                                  CRISIL A3+
Jin Plast India Ltd                     LOC                CRISIL A4      10      Migrated from
                                                                                  CRISIL D
(Issuer Not Cooperating)
JSW Infrastructure Ltd                  CP Programme       CRISIL A1+     1500    Assigned
Jugal Kishore Kashmiri Lal              LOC                CRISIL A4+     120     Reaffirmed
Muthoot Capital Services Ltd            CP (Enhanced from  CRISIL A1      1500    Reaffirmed
                                        Rs.100 Crore) 
Muthoot Microfin Ltd                    CP                 CRISIL A1      500     Assigned
NTPC Ltd                                BG                 CRISIL A1+     18650   Reaffirmed
NTPC Ltd                                LOC                CRISIL A1+     27250   Reaffirmed
NTPC Ltd                                Proposed BG        CRISIL A1+     1350    Reaffirmed
NTPC Ltd                                Proposed LOC       CRISIL A1+     2750    Reaffirmed
NTPC Ltd                                CP                 CRISIL A1+     40000   Assigned
NTPC Ltd                                ST Debt (Including CRISIL A1+     20000   Reaffirmed
                                        CP)
P. Venkata Ramanaiah and Company        BG                 CRISIL A4+     350     Reaffirmed
Rachhpal Auto Alliance Pvt Ltd          BG                 CRISIL A4      8       Assigned
Sadhu Ram Jai Parkash                   LOC                CRISIL A4+     120     Reaffirmed
SSS Hi-Tech Constructions Pvt Ltd       BG                 CRISIL A4+     115     Reaffirmed
Vamshadhara Paper Mills Ltd             BG                 CRISIL A4      5       Downgraded
                                                                                  from CRISIL
                                                                                  A4+
Vamshadhara Paper Mills Ltd             LOC                CRISIL A4      250     Downgraded
                                                                                  from CRISIL
                                                                                  A4+
Vamshadhara Paper Mills Ltd             Proposed BG        CRISIL A4      5       Downgraded
                                                                                  from CRISIL
                                                                                  A4+
Vamshadhara Paper Mills Ltd             Proposed LOC       CRISIL A4      200     Downgraded
                                                                                  from CRISIL
MEDIUM TERM RATINGS:
-------------------
Muthoot Capital Services Ltd            FD Programme       FA-                    Reaffirmed
NTPC Ltd                                FD                 FAAA                   Reaffirmed
                                                                                  A4+

LONG TERM RATINGS:
-------------------
Aseptic Fruit Products India Pvt Ltd    CC                 CRISIL BB-     60      Migrated from
                                                                                  CRISIL B
(Issuer Not Cooperating)
Aseptic Fruit Products India Pvt Ltd    Corporate Loan     CRISIL BB-     18.7    Migrated from
                                                                                  CRISIL B
(Issuer Not Cooperating)
Aseptic Fruit Products India Pvt Ltd    Export Packing     CRISIL BB-     20      Migrated from
                                        Credit                                    CRISIL B
(Issuer Not Cooperating)
Aseptic Fruit Products India Pvt Ltd    Proposed LT Bk     CRISIL BB-     9       Migrated from
                                        Loan Fac                                  CRISIL B
(Issuer Not Cooperating)
Astitva Capital Market Pvt Ltd          Overdraft          CRISIL B+      50      Assigned
Suspension revoked
Astitva Capital Market Pvt Ltd          Proposed Overdraft CRISIL B+      30      Assigned
                                        Fac

Suspension revoked
B.B.K. Leathers Pvt Ltd                 Foreign Bill       CRISIL BBB     40      Reaffirmed
                                        Discounting
B.B.K. Leathers Pvt Ltd                 LT Loan            CRISIL BBB     47      Reaffirmed

Bharat Gears Ltd                        CC*                CRISIL BBB-    250     Reaffirmed
*Interchangeable with export packing credit up to Rs 9.0 crore

Bharat Gears Ltd                        CC#                CRISIL BBB-    100     Reaffirmed
#Fully interchangeable with export packing credit

Bharat Gears Ltd                        TL                 CRISIL BBB-    1170    Reaffirmed
Coromandel International Ltd            CC@                CRISIL AA+     7500    Reaffirmed
@ Fully Interchangeable with Short Term Loan and one way interchangeable to NFB limits & Buyers
Credit

Coromandel International Ltd            CC$                CRISIL AA+     6500    Reaffirmed
$ Fully Interchangeable with Short Term Loan, NFB and BC limits

Coromandel International Ltd            CC#                CRISIL AA+     500     Reaffirmed
# Fully Interchangeable with LC & Buyers Credit limits

Coromandel International Ltd            CC%                CRISIL AA+     4700    Reaffirmed
% Fully Interchangeable with LC, BG, Short Term Loan and Buyers Credit

Coromandel International Ltd            Proposed FB Bk     CRISIL AA+     2900    Reaffirmed
                                        Limits
Dendi Agro Farms Pvt Ltd                CC                 CRISIL BBB-    150     Reaffirmed
Dendi Agro Farms Pvt Ltd                Proposed LT Bk     CRISIL BBB-    79.4    Reaffirmed
                                        Loan Fac
Inland World Logistics Pvt Ltd          CC                 CRISIL BBB+    800     Upgraded from
                                                                                  CRISIL BBB
Inland World Logistics Pvt Ltd          LT Loan            CRISIL BBB+    151.8   Upgraded from
                                                                                  CRISIL BBB
Inland World Logistics Pvt Ltd          Proposed TL        CRISIL BBB+    78.2    Upgraded from
                                                                                  CRISIL BBB
Iskcon Strips Pvt Ltd                   CC                 CRISIL BB-     80      Withdrawal
(Issuer Not Cooperating)
Iskcon Strips Pvt Ltd                   TL                 CRISIL BB-     16.5    Withdrawal
(Issuer Not Cooperating)
Jayalakshmi Cashew Exports              TL                 CRISIL B+      3.7     Assigned
Jayalakshmi Cashew Exports              CC                 CRISIL B+      50      Assigned
Jayalakshmi Cashew Exports              Key Loan           CRISIL B+      26.3    Assigned
Jin Plast India Ltd                     CC                 CRISIL B-      50      Migrated from
                                                                                  CRISIL D
(Issuer Not Cooperating)
Jin Plast India Ltd                     LT Loan            CRISIL B-      20      Migrated from
                                                                                  CRISIL D
(Issuer Not Cooperating)
JSW Infrastructure Ltd                  Corporate Credit   CCR A+                 Reaffirmed
                                        Rating
Jugal Kishore Kashmiri Lal              CC                 CRISIL BB      20      Reaffirmed
Master Minds                            LT Loan            CRISIL BBB-    60      Migrated from
                                                                                  CRISIL BB+
(Issuer Not Cooperating)
Master Minds                            Overdraft          CRISIL BBB-    50      Migrated from
                                                                                  CRISIL BB+
(Issuer Not Cooperating)
Muthoot Capital Services Ltd            CC                 CRISIL A-      3600    Reaffirmed
Muthoot Capital Services Ltd            LT Loan            CRISIL A-      250     Reaffirmed
Muthoot Capital Services Ltd            Proposed LT Bk     CRISIL A-      6980    Reaffirmed
                                        Loan Fac
Muthoot Capital Services Ltd            WC Demand Loan     CRISIL A-      4200    Reaffirmed
Muthoot Capital Services Ltd            WC TL              CRISIL A-      970     Reaffirmed
Muthoot Capital Services Ltd            NCD                CRISIL A-      500     Reaffirmed
Muthoot Microfin Ltd                    Proposed LT Bk     CRISIL A-      5157.2  Reaffirmed
                                        Loan Fac
Muthoot Microfin Ltd                    TL                 CRISIL A-      4342.8  Reaffirmed
Muthoot Microfin Ltd                    CP                 CRISIL A-      750     Reaffirmed
Muthoot Microfin Ltd                    NCD                CRISIL A-      400     Reaffirmed
Muthoot Microfin Ltd                    NCD                CRISIL A-      650     Reaffirmed
Muthoot Microfin Ltd                    NCD                CRISIL A-      700     Reaffirmed
Muthoot Microfin Ltd                    NCD                CRISIL A-      700     Reaffirmed
Neeraja Trading Corporation             CC                 CRISIL B+      100     Reaffirmed
NTPC Ltd                                CC                 CRISIL AAA     14800   Reaffirmed
NTPC Ltd                                LT Loan            CRISIL AAA     466591.8Reaffirmed
NTPC Ltd                                Proposed CC Limit  CRISIL AAA     5200    Reaffirmed
NTPC Ltd                                Proposed LT Bk     CRISIL AAA     183408.2Reaffirmed
                                        Loan Fac
NTPC Ltd                                NCD                CRISIL AAA     100000  Reaffirmed
NTPC Ltd                                Bond Issue         CRISIL AAA     161900  Reaffirmed
NTPC Ltd                                NCDs               CRISIL AAA     248343.3Reaffirmed
NTPC Ltd                                NCDs (Including    CRISIL AAA     42725   Reaffirmed
                                        Tax-Free Bonds)
Omsai Professional Detective and        Proposed LT Bk     CRISIL BB+     500     Assigned
Security Services Pvt Ltd               Loan Fac
P. Venkata Ramanaiah and Company        CC                 CRISIL BB-     150     Reaffirmed
Rachhpal Auto Alliance Pvt Ltd          TL                 CRISIL B+      12      Assigned
Rachhpal Auto Alliance Pvt Ltd          CC                 CRISIL B+      70      Assigned
Ramila Diam Pvt Ltd                     CC                 CRISIL B-      110     Assigned

Road Infrastructure Development Company NCD                Provisional    6000    Assigned^
of Rajasthan Ltd                                           CRISIL AA-(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 (SEBI),
'Standardising the term, rating symbol, and manner of disclosure with regard to conditional/
provisional/ in-principle ratings assigned by credit rating agencies (CRAs)'

Road Infrastructure Development Company NCD                Provisional    12500   Assigned^
of Rajasthan Ltd                                           CRISIL AA+(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 (SEBI),
'Standardising the term, rating symbol, and manner of disclosure with regard to conditional/
provisional/ in-principle ratings assigned by credit rating agencies (CRAs)'

Sadhu Ram Jai Parkash                   CC                 CRISIL BB      20      Reaffirmed
Shree Sai Knittings Pvt Ltd             CC                 CRISIL B+      50      Assigned
Shree Sai Knittings Pvt Ltd             TL                 CRISIL B+      9       Assigned
Sneha Foods & Feeds Pvt Ltd             CC                 CRISIL BBB+    910     Reaffirmed
Sneha Foods & Feeds Pvt Ltd             Proposed LT Bk     CRISIL BBB+    199.9   Reaffirmed
                                        Loan Fac
Sneha Foods & Feeds Pvt Ltd             TL                 CRISIL BBB+    8.3     Reaffirmed
SSS Hi-Tech Constructions Pvt Ltd       CC                 CRISIL BB+     30      Reaffirmed
SSS Hi-Tech Constructions Pvt Ltd       Standby Fund Based CRISIL BB+     35      Assigned
                                        WC
Subhashree Packers Pvt Ltd              TL                 CRISIL BB-     38.1    Assigned
Subhashree Packers Pvt Ltd              Proposed TL        CRISIL BB-     6.9     Assigned
Subhashree Packers Pvt Ltd              CC                 CRISIL BB-     17.5    Assigned
Subhashree Packers Pvt Ltd              Proposed CC Limit  CRISIL BB-     7.5     Assigned
Vamshadhara Paper Mills Ltd             CC                 CRISIL C       257.5   Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Vamshadhara Paper Mills Ltd             Proposed CC Limit  CRISIL C       200     Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Vamshadhara Paper Mills Ltd             Proposed TL        CRISIL C       82.5    Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Vamshadhara Paper Mills Ltd             TL                 CRISIL C       200     Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Varun Breeding Farms Pvt Ltd            CC                 CRISIL BBB-    105.7   Reaffirmed
Varun Breeding Farms Pvt Ltd            Proposed LT Bk     CRISIL BBB-    42.5    Reaffirmed
                                        Loan Fac
Varun Breeding Farms Pvt Ltd            TL                 CRISIL BBB-    26.2    Assigned
--------------------------------------------------------------------------------------------
$: 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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