January 7, 2020 / 5:02 AM / 22 days ago

CRISIL ratings for Indian debt instruments-Jan 7

    Jan 7 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of January 6, 2020.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                          (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Ankur Scientific Energy Technologies    BG                 CRISIL A3      45      Reaffirmed
Pvt Ltd
Ankur Scientific Energy Technologies    Foreign Exchange   CRISIL A3      9       Reaffirmed
Pvt Ltd                                 Forward
Asirvad Microfinance Ltd                CP Programme       CRISIL A1+     4000    Reaffirmed
Auto Mech (India) Pvt Ltd               Overdraft          CRISIL A4+     30      Reaffirmed
Badve Engineering Ltd                   Bill Discounting   CRISIL A1      1695.4
Assigned; Suspension Revoked
Bandhan Bank Ltd                        CDs                CRISIL A1+     60000   Assigned
Bhargovi Gems Pvt Ltd                   Post Shipment      CRISIL A4+     375.7
                                        Credit
Downgraded from 'CRISIL A3'
Bhargovi Gems Pvt Ltd                   Proposed ST Bk     CRISIL A4+     119.8
                                        Loan Fac
Downgraded from 'CRISIL A3'
Bhuwneshwar Pathak Construction Pvt Ltd BG                 CRISIL A4+     50      Reaffirmed
Blue-Fin Frozen Foods Pvt Ltd           Packing Credit in  CRISIL A4+     460
                                        Foreign Currency
Downgraded from 'CRISIL A2'
Diamond India Ltd                       BG                 CRISIL A2+     350     Reaffirmed
Divya Jewellers Pvt Ltd                 Bill Discounting   CRISIL A2+     20      Reaffirmed
Divya Jewellers Pvt Ltd                 LOC & BG           CRISIL A2+     85      Reaffirmed
Divya Jewellers Pvt Ltd                 Packing Credit     CRISIL A2+     55      Reaffirmed
Elegant Collection                      BG                 CRISIL A2+     5       Reaffirmed
Elegant Collection                      Foreign Exchange   CRISIL A2+     20      Reaffirmed
                                        Forward
Elegant Collection                      Post Shipment      CRISIL A2+     330     Reaffirmed
                                        Credit
EPP Composites Pvt Ltd                  BG                 CRISIL A3+     200
Upgraded from 'CRISIL A3'
G.V. (God Vishnu) Rice Unit             LOC                CRISIL A3+     20      Assigned
G.V. (God Vishnu) Rice Unit             Packing Credit     CRISIL A3+     650     Assigned
General Security and Information        BG                 CRISIL A4+     320
Services India Pvt Ltd
Migrated from 'CRISIL A4+ Issuer Not Cooperating'
Gruh Finance Ltd                        CP%                CRISIL A1+     75000   Reaffirmed
%Rating on Commercial Paper will be withdrawn post receipt of documentation in line with
CRISIL's Withdrawal Policy
Hi-Tech Power and Steel Ltd             BG                 CRISIL A3+     50      Assigned
Hi-Tech Power and Steel Ltd             LOC                CRISIL A3+     470     Assigned
Kemtec India Photographic Co Pvt Ltd    LOC                CRISIL A4+     200
Migrated from 'CRISIL A4+ Issuer Not Cooperating'
Koso India Pvt Ltd                      BG                 CRISIL A2+     350     Reaffirmed
Koso India Pvt Ltd                      LOC                CRISIL A2+     100     Reaffirmed
Living Media India Ltd                  Overdraft          CRISIL A2+     100
M B Rubber Pvt Ltd                      BG                 CRISIL A4+     200     Reaffirmed
M B Rubber Pvt Ltd                      LOC                CRISIL A4+     50      Reaffirmed
Motilal Oswal Finvest Ltd               CP                 CRISIL A1+     5000
Reaffirmed ; (Enhanced from Rs.250 Crore)
Prasad International Pvt Ltd            BG                 CRISIL A3      5       Reaffirmed
Prasad International Pvt Ltd            LOC                CRISIL A3      20      Reaffirmed
Prasad International Pvt Ltd            Packing Credit     CRISIL A3      210     Reaffirmed
Savex Technologies Pvt Ltd              CP                 CRISIL A1+     3000    Reaffirmed
Surya Shakti Vessels Pvt Ltd            BG                 CRISIL A3      20
Downgraded from 'CRISIL A3+'
SVR Spinning Mills Pvt Ltd              BG                 CRISIL A4+     5       Reaffirmed
SVR Spinning Mills Pvt Ltd              Foreign Exchange   CRISIL A4+     1.5     Assigned
                                        Forward

MEDIUM TERM RATINGS:
-------------------
Gruh Finance Ltd                        FD Programme       FAAA/Stable
Removed from 'Rating Watch with Negative Implications'; Rating Reaffirmed
Senco Gold Ltd                          FD                 FB+/Stable     990
Issuer Not Cooperating; Migrated from 'FA/Stable'

LONG TERM RATINGS:
-------------------
Allied India Iron and Steels Pvt Ltd    CC                 CRISIL         105     Reaffirmed
                                                           B-/Stable
Ankur Scientific Energy Technologies    CC                 CRISIL         45      Reaffirmed
Pvt Ltd                                                    BBB-/Stable
Asirvad Microfinance Ltd                Proposed LT Bk     CRISIL         6524.3  Reaffirmed
                                        Loan Fac           AA-/Stable
Asirvad Microfinance Ltd                TL                 CRISIL         13475.7 Reaffirmed
                                                           AA-/Stable
Asirvad Microfinance Ltd                NCDs               CRISIL         3000    Assigned
                                                           AA-/Stable
Asirvad Microfinance Ltd                NCDs               CRISIL         3000    Reaffirmed
                                                           AA-/Stable
Asirvad Microfinance Ltd                NCDs               CRISIL         2500    Reaffirmed
                                                           AA-/Stable
Asirvad Microfinance Ltd                NCDs               CRISIL         2000    Reaffirmed
                                                           AA-/Stable
Asirvad Microfinance Ltd                NCD                CRISIL         1000    Reaffirmed
                                                           AA-/Stable
Asirvad Microfinance Ltd                NCDs               CRISIL         1250    Reaffirmed
                                                           AA-/Stable
Asirvad Microfinance Ltd                NCDs               CRISIL         2000    Reaffirmed
                                                           AA-/Stable
Asirvad Microfinance Ltd                NCDs               CRISIL         2000    Reaffirmed
                                                           AA-/Stable
Asirvad Microfinance Ltd                Subordinated Debt  CRISIL         1250    Reaffirmed
                                                           AA-/Stable

Asirvad Microfinance Ltd                LT Principal       CRISIL PP-MLD  500     Reaffirmed
                                        Protected Market   AA-r/Stable
                                        Linked Debentures
Auto Mech (India) Pvt Ltd               CC                 CRISIL         50
                                                           BB-/Stable
Migrated from 'CRISIL BB-/Stable Issuer Not Cooperating'
Auto Mech (India) Pvt Ltd               TL                 CRISIL         760
                                                           BB-/Stable
Migrated from 'CRISIL BB-/Stable Issuer Not Cooperating'
Badve Autocomps Pvt Ltd                 CC                 CRISIL         1007.5  Reaffirmed
                                                           BBB+/Stable
Badve Autocomps Pvt Ltd                 TL                 CRISIL         3172.5  Reaffirmed
                                                           BBB+/Stable
Badve Autotech Pvt Ltd                  CC                 CRISIL         300     Reaffirmed
                                                           BBB/Stable
Badve Autotech Pvt Ltd                  Proposed WC Fac    CRISIL         8.2     Reaffirmed
                                                           BBB/Stable
Badve Autotech Pvt Ltd                  TL                 CRISIL         981.8   Reaffirmed
                                                           BBB/Stable
Badve Engineering Ltd                   CC                 CRISIL A/Stable2499.9
Assigned; Suspension Revoked
Badve Engineering Ltd                   External           CRISIL A/Stable105
                                        Commercial
                                        Borrowings
Assigned; Suspension Revoked
Badve Engineering Ltd                   TL                 CRISIL A/Stable15546.1
Assigned; Suspension Revoked
Badve Engineering Ltd                   Proposed LT Bk     CRISIL A/Stable1653.6
                                        Loan Fac
Assigned; Suspension Revoked
Bhargovi Gems Pvt Ltd                   Export Packing     CRISIL         234.5
                                        Credit             BB/Stable
Downgraded from 'CRISIL BBB-/Negative'
Bhuwneshwar Pathak Construction Pvt Ltd LT Loan            CRISIL         93      Reaffirmed
                                                           BB/Stable
Bhuwneshwar Pathak Construction Pvt Ltd Proposed LT Bk     CRISIL         14      Assigned
                                        Loan Fac           BB/Stable
Bhuwneshwar Pathak Construction Pvt Ltd Overdraft          CRISIL         47      Assigned
                                                           BB/Stable
Blue-Fin Frozen Foods Pvt Ltd           TL                 CRISIL         70
                                                           BB+/Stable
Downgraded from 'CRISIL BBB+/Stable'
Champion Om Dev Construction Ltd        CC                 CRISIL         137.5
                                                           B+/Stable
Migrated from 'CRISIL B+/Stable Issuer Not Cooperating'
Champion Om Dev Construction Ltd        LT Loan            CRISIL         10
                                                           B+/Stable
Migrated from 'CRISIL B+/Stable Issuer Not Cooperating'
Diamond India Ltd                       Standby LOC        CRISIL         650     Reaffirmed
                                                           A-/Stable
Elegant Collection                      Export Packing     CRISIL         470     Reaffirmed
                                        Credit             A-/Stable
Elegant Collection                      Proposed LT Bk     CRISIL         85      Reaffirmed
                                        Loan Fac           A-/Stable
Elegant Collection                      Standby Line of    CRISIL         40      Reaffirmed
                                        Credit             A-/Stable
Elppe Chemicals Pvt Ltd                 Proposed TL        CRISIL         94.2    Reaffirmed
                                                           BBB/Stable
Elppe Chemicals Pvt Ltd                 Proposed WC Fac    CRISIL         165.8   Reaffirmed
                                                           BBB/Stable
Elppe Chemicals Pvt Ltd                 WC Fac             CRISIL         150     Reaffirmed
                                                           BBB/Stable
EPP Composites Pvt Ltd                  CC                 CRISIL         300
                                                           BBB/Stable
Upgraded from 'CRISIL BBB-/Stable'
EPP Composites Pvt Ltd                  LT Loan            CRISIL         150
                                                           BBB/Stable
Upgraded from 'CRISIL BBB-/Stable'
EPP Composites Pvt Ltd                  TL                 CRISIL         50
                                                           BBB/Stable
Upgraded from 'CRISIL BBB-/Stable'
G.V. (God Vishnu) Rice Unit             Open CC            CRISIL         50      Assigned
                                                           BBB/Stable
G.V. (God Vishnu) Rice Unit             Warehouse Receipts CRISIL         600     Assigned
                                                           BBB/Stable
General Security and Information        CC                 CRISIL         50
Services India Pvt Ltd                                     BB+/Stable
Migrated from 'CRISIL BB/Stable Issuer Not Cooperating'
General Security and Information        Proposed BG        CRISIL         30
Services India Pvt Ltd                                     BB+/Stable
Migrated from 'CRISIL BB/Stable Issuer Not Cooperating'
Golden Hospitality Services Pvt Ltd     CC                 CRISIL         50      Reaffirmed
                                                           BBB+/Stable
Golden Hospitality Services Pvt Ltd     Proposed LT Bk     CRISIL         50      Reaffirmed
                                        Loan Fac           BBB+/Stable
Gruh Finance Ltd                        NCDs               CRISIL         30750
                                                           AA/Stable
Downgraded from 'CRISIL AAA' ; Removed from 'Rating Watch with Negative Implications'
Gruh Finance Ltd                        NCDs               CRISIL         20000
                                                           AA/Stable
Downgraded from 'CRISIL AAA' ; Removed from 'Rating Watch with Negative Implications'
Gruh Finance Ltd                        Subordinated Debt  CRISIL         350
                                        Issue              AA/Stable
Downgraded from 'CRISIL AAA' ; Removed from 'Rating Watch with Negative Implications'
GTP Finance Ltd                         CC                 CRISIL         60
                                                           BB/Stable
Upgraded from 'CRISIL BB-/Stable'
GTP Finance Ltd                         Proposed LT Bk     CRISIL         100
                                        Loan Fac           BB/Stable
Upgraded from 'CRISIL BB-/Stable'
GTP Finance Ltd                         Overdraft          CRISIL         140
                                                           BB/Stable
Upgraded from 'CRISIL BB-/Stable'
Gujarat Gas Ltd                         Proposed TL        CRISIL         2350    Reaffirmed
                                                           AA+/Stable
Gujarat Gas Ltd                         TL                 CRISIL         21150   Reaffirmed
                                                           AA+/Stable
Hi-Tech Power and Steel Ltd             CC                 CRISIL         700     Assigned
                                                           BBB/Stable
Hi-Tech Power and Steel Ltd             LT Loan            CRISIL         106     Assigned
                                                           BBB/Stable
Hi-Tech Power and Steel Ltd             Proposed FB Bk     CRISIL         24      Assigned
                                        Limits             BBB/Stable
Kemtec India Photographic Co Pvt Ltd    CC                 CRISIL         20
                                                           BB-/Stable
Migrated from 'CRISIL BB-/Stable Issuer Not Cooperating'
Kemtec India Photographic Co Pvt Ltd    Proposed LT Bk     CRISIL         5
                                        Loan Fac           BB-/Stable
Migrated from 'CRISIL BB-/Stable Issuer Not Cooperating'
Koso India Pvt Ltd                      CC                 CRISIL         180     Reaffirmed
                                                           A-/Stable
Koso India Pvt Ltd                      WC Fac             CRISIL         200     Reaffirmed
                                                           A-/Stable
Living Media India Ltd                  CC*                CRISIL         200     Reaffirmed
                                                           A-/Stable
*Interchangeable with bank guarantee upto Rs. 1 crore and letter of credit(inland/import) upto
Rs. 4 crore
Living Media India Ltd                  CC                 CRISIL         235
                                                           A-/Stable
Living Media India Ltd                  Proposed TL        CRISIL         705     Reaffirmed
                                                           A-/Stable
M B Rubber Pvt Ltd                      CC                 CRISIL         100     Reaffirmed
                                                           BB-/Stable
Peekay Steel Castings Pvt Ltd           CC                 -              230     Withdrawn
Peekay Steel Castings Pvt Ltd           Export Packing     -              160     Withdrawn
                                        Credit
Peekay Steel Castings Pvt Ltd           LOC                -              124.7   Withdrawn
Prasad International Pvt Ltd            CC                 CRISIL         20
                                                           BBB-/Negative
Outlook revised from 'Stable' and rating reaffirmed
Prasad International Pvt Ltd            TL                 CRISIL         35
                                                           BBB-/Negative
Outlook revised from 'Stable' and rating reaffirmed
Proteus Enterprise Pvt Ltd              BG                 -              67.5    Withdrawn
Proteus Enterprise Pvt Ltd              Overdraft          -              10      Withdrawn
Proteus Enterprise Pvt Ltd              Secured Overdraft  -              2.5     Withdrawn
                                        Fac
Savex Technologies Pvt Ltd              WC Fac             CRISIL         13000   Reaffirmed
                                                           A+/Positive
Shagun Realty                           LT Loan            -              200     Withdrawn
Issuer Not Cooperating
Shubham Polyspin Ltd                    CC                 -              48      Withdrawn
Shubham Polyspin Ltd                    Proposed LT Bk     -              9       Withdrawn
                                        Loan Fac
Shubham Polyspin Ltd                    TL                 -              63      Withdrawn
Sindu Building Equipments Ltd           CC                 -              11.5    Withdrawn
Sindu Building Equipments Ltd           LT Loan            -              25      Withdrawn
Sindu Building Equipments Ltd           Proposed LT Bk     -              30.3    Withdrawn
                                        Loan Fac
Subrahmanya Traders                     Foreign LOC        CRISIL         70
                                                           BB/Stable
Upgraded from 'CRISIL BB-/Stable'
Subrahmanya Traders                     Secured Overdraft  CRISIL         30
                                        Fac                BB/Stable
Upgraded from 'CRISIL BB-/Stable'
Surya Shakti Vessels Pvt Ltd            CC                 CRISIL         180
                                                           BBB-/Stable
Downgraded from 'CRISIL BBB/Stable'
SVR Spinning Mills Pvt Ltd              CC                 CRISIL         130
                                                           BB+/Stable
Upgraded from 'CRISIL BB-/Stable'
SVR Spinning Mills Pvt Ltd              Corporate Loan     CRISIL         68.5
                                                           BB+/Stable
Upgraded from 'CRISIL BB-/Stable'
SVR Spinning Mills Pvt Ltd              Proposed LT Bk     CRISIL         245
                                        Loan Fac           BB+/Stable
Upgraded from 'CRISIL BB-/Stable'
Swastid Engineering Pvt Ltd             TL                 CRISIL         500     Reaffirmed
                                                           BBB/Stable
Tattva Fincorp Ltd                      Proposed LT Bk     CRISIL         200     Assigned
                                        Loan Fac           BB/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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