January 8, 2019 / 7:00 AM / a month ago

CRISIL ratings for Indian debt instruments-Jan 8

   Jan 8 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of January 7, 2019.


COMPANY                                 INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Abad Overseas Pvt Ltd                   Bill Discounting   CRISIL A3      75      Reaffirmed
Abad Overseas Pvt Ltd                   Letter Of GuaranteeCRISIL A3      0.3     Reaffirmed
Abad Overseas Pvt Ltd                   Packing Credit     CRISIL A3      225     Reaffirmed
Advy Chemical Pvt Ltd                   BG                 CRISIL A4+     30      Reaffirmed
Advy Chemical Pvt Ltd                   Foreign Exchange   CRISIL A4+     5       Reaffirmed
                                        Forward
Advy Chemical Pvt Ltd                   LOC                CRISIL A4+     20      Reaffirmed
Ajay Prakash Associates                 BG                 CRISIL A4+     150     Reaffirmed
Avon Ispat and Power Ltd                LOC                CRISIL A2+     1430    Reaffirmed
BLR Logistiks India Ltd                 BG                 CRISIL A3+     100     Reaffirmed
BMW Ventures Ltd                        BG                 CRISIL A3+     10      Reaffirmed
Centrodorstroy India Pvt Ltd            BG                 CRISIL A2      5000    Reaffirmed
Dwarka Gems Ltd                         Packing Credit     CRISIL A4      27.5    Reaffirmed
Galaxy Impex                            BG                 CRISIL A4+     0.2     Reaffirmed
Galaxy Impex                            Foreign            CRISIL A4+     45      Reaffirmed
                                        Discounting Bill
                                        Purchase
Galaxy Impex                            Overdraft          CRISIL A4+     2.5     Reaffirmed
Galaxy Impex                            Packing Credit     CRISIL A4+     45      Reaffirmed
Galaxy Impex                            Proposed ST Bk     CRISIL A4+     2.3     Reaffirmed
                                        Loan Fac
IDBI Bank Ltd                           CD Programme       CRISIL A1+     400000  Reaffirmed
Indraprastha Automobiles Pvt Ltd        BG                 CRISIL A4+     66      Assigned
Jagran Prakashan Ltd                    LOC*               CRISIL A1+     1100    Reaffirmed
*Fully interchangeable with bank guarantee
Jagran Prakashan Ltd                    CP                 CRISIL A1+     700     Reaffirmed
K. T. V. Health Food Pvt Ltd            Import LOC Limit   CRISIL A3      450     Reaffirmed
K. T. V. Health Food Pvt Ltd            LOC                CRISIL A3      1960    Reaffirmed
Kasa Anlagen India Pvt Ltd              BG                 CRISIL A4      45      Reaffirmed
Kasa Anlagen India Pvt Ltd              Bill Discounting   CRISIL A4      10      Reaffirmed
                                        under LOC
KKR India Asset Finance Pvt Ltd         CP                 CRISIL A1+     5000    Reaffirmed
KOG-KTV Food Products (India) Pvt Ltd   Import LOC Limit   CRISIL A3      750     Reaffirmed
KOG-KTV Food Products (India) Pvt Ltd   LOC                CRISIL A3      810     Reaffirmed
Kopran Laboratories Ltd                 BG                 CRISIL A3      20      -
Upgraded from 'CRISIL A4+'
Kopran Laboratories Ltd                 LOC                CRISIL A3      70      -
Upgraded from 'CRISIL A4+'
Kopran Ltd                              BG                 CRISIL A3+     7.5     Reaffirmed
Kopran Ltd                              LOC                CRISIL A3+     150     Reaffirmed
Kopran Ltd                              Loan Equivalent    CRISIL A3+     52.5    Reaffirmed
                                        Risk Limits
Kopran Research Laboratories Ltd        BG                 CRISIL A3+     7.5     Reaffirmed
Kopran Research Laboratories Ltd        Foreign Exchange   CRISIL A3+     12.5    Reaffirmed
                                        Forward
Kopran Research Laboratories Ltd        LOC                CRISIL A3+     350     Reaffirmed
Mvd Infradevelopers Pvt Ltd             BG                 CRISIL A4      50      Assigned
Neogen Chemicals Ltd                    LOC                CRISIL A2      55      Reaffirmed
Nuberg Engineering Ltd                  BG                 CRISIL A3+     1320    Reaffirmed
Nuberg Engineering Ltd                  Export Packing     CRISIL A3+     200     Reaffirmed
                                        Credit & Export
                                        Bills Negotiation/Foreign Bill discounting
Nuberg Engineering Ltd                  Inland/Import LOC  CRISIL A3+     200     Reaffirmed
Nuberg Engineering Ltd                  Proposed BG        CRISIL A3+     8       Reaffirmed
Paramount Wires and Cables Ltd          LOC & BG           CRISIL A4+     81      Reaffirmed
Sakthi Steel Industries Ltd             LOC                CRISIL A4+     200     -
Migrated from 'CRISIL A4 (Issuer Not Cooperating)
SBICAP Securities Ltd                   BG                 CRISIL A1+     1000    Reaffirmed
Shirdi Sai Electricals Ltd              BG                 CRISIL A2+     5120    Reaffirmed
Shirdi Sai Electricals Ltd              LOC                CRISIL A2+     1470    Reaffirmed
Shrinet and Shandilya Construction Pvt  BG                 CRISIL A4      250     Assigned
Ltd
Shrinet and Shandilya Construction Pvt  Overdraft          CRISIL A4      20      Assigned
Ltd
Sri Sathya Exim                         LOC                CRISIL A4      50      Reaffirmed
Tata Power Renewable Energy Ltd         CP                 CRISIL A1+     25000   Reaffirmed
Telecom Network Solutions Pvt Ltd       BG                 CRISIL A2      125     Reaffirmed
Tirupati Lifesciences                   LOC                CRISIL A3+     5.3     Reaffirmed
VRC Constructions India Pvt Ltd         BG                 CRISIL A2      2445.1  -
Upgraded from 'CRISIL A3+'
VRC Constructions India Pvt Ltd         Overdraft          CRISIL A2      100     -
Upgraded from 'CRISIL A3+'


MEDIUM TERM RATINGS:
-------------------
IDBI Bank Ltd                           FD Programme       FAA                    Reaffirmed

LONG TERM RATINGS:
-------------------
Advy Chemical Pvt Ltd                   CC                 CRISIL BB+     70      Reaffirmed
Advy Chemical Pvt Ltd                   Export Packing     CRISIL BB+     50      Reaffirmed
                                        Credit
Advy Chemical Pvt Ltd                   TL                 CRISIL BB+     30      Reaffirmed
Ajay Prakash Associates                 CC                 CRISIL BB      180     Reaffirmed
Ajay Prakash Associates                 Proposed LT Bk     CRISIL BB      10      Reaffirmed
                                        Loan Fac
Aly Microns LLP                         CC                 CRISIL B       50      Reaffirmed
Aly Microns LLP                         LT Loan            CRISIL B       110     Assigned
Amarjyot Chemical Ltd                   CC                 CRISIL BBB+    100     Reaffirmed
Amarjyot Chemical Ltd                   Corporate Loan     CRISIL BBB+    210     Reaffirmed

Amarjyot Chemical Ltd                   TL                 CRISIL BBB+    90      Reaffirmed
Avon Ispat and Power Ltd                CC                 CRISIL A-      270     Reaffirmed
Avon Ispat and Power Ltd                LT Loan            CRISIL A-      730     Assigned
BLR Logistiks India Ltd                 CC                 CRISIL BBB     750     Reaffirmed
BLR Logistiks India Ltd                 LT Loan            CRISIL BBB     95      Reaffirmed
BMW Ventures Ltd                        CC                 CRISIL BBB     500     Reaffirmed
BMW Ventures Ltd                        Channel Financing  CRISIL BBB     550     Reaffirmed
Centrodorstroy India Pvt Ltd            CC                 CRISIL BBB+    450     Reaffirmed
Centrodorstroy India Pvt Ltd            Proposed BG        CRISIL BBB+    500     Reaffirmed
Centrodorstroy India Pvt Ltd            Proposed LT Bk     CRISIL BBB+    500     Assigned
                                        Loan Fac
Dreisatz Mysolar24 Pvt Ltd              TL                 CRISIL AA-     720     Reaffirmed
Dwarka Gems Ltd                         Bill Discounting   CRISIL B       7.5     Reaffirmed
Dwarka Gems Ltd                         CC                 CRISIL B       68.8    Reaffirmed
G.S.Sortex India Pvt Ltd                CC                 CRISIL BB      80      Reaffirmed
G.S.Sortex India Pvt Ltd                TL                 CRISIL BB      55.4    Reaffirmed
Gaddala Financial Services Pvt Ltd      Proposed LT Bk     CRISIL B       60      Reaffirmed
                                        Loan Fac
Harvest Gold Industries Pvt Ltd         CC                 CRISIL BBB+    15      Reaffirmed
Harvest Gold Industries Pvt Ltd         Proposed LT Bk     CRISIL BBB+    85      Reaffirmed
                                        Loan Fac
IDBI Bank Ltd                           Upper Tier-II      CRISIL A-      36362   Reaffirmed
                                        Bonds (Under Basel
                                        II)
IDBI Bank Ltd                           Tier-I Perpetual   CRISIL A-      27088   Reaffirmed
                                        Bonds (Under
                                        Basel II)
IDBI Bank Ltd                           Tier II Bonds      CRISIL A+      20000   Reaffirmed
                                        (Under Basel III)
IDBI Bank Ltd                           Infrastructure     CRISIL A+      20000   Reaffirmed
                                        Bonds
IDBI Bank Ltd                           Infrastructure     CRISIL A+      80000   Reaffirmed
                                        Bonds
IDBI Bank Ltd                           Tier II Bonds      CRISIL A+      30000   Reaffirmed
                                        (Under Basel III)
IDBI Bank Ltd                           Senior/Lower       CRISIL A+      50000   Reaffirmed
                                        Tier-II Bonds
                                        (Under Basel II)
IDBI Bank Ltd                           Lower Tier-II      CRISIL A+      90416.8 Reaffirmed
                                        Bonds (Under
                                        Basel II)
IDBI Bank Ltd                           Omni Bonds         CRISIL A+      154795  Reaffirmed
IDBI Bank Ltd                           Flexi Bonds        CRISIL A+      4659.6  Reaffirmed
Indraprastha Automobiles Pvt Ltd        Proposed LT Bk     CRISIL BB      15      Assigned
                                        Loan Fac
Indraprastha Automobiles Pvt Ltd        Inventory Funding  CRISIL BB      470     Assigned
                                        Fac
Indraprastha Automobiles Pvt Ltd        CC                 CRISIL BB      99      Assigned
Jagran Prakashan Ltd                    CC                 CRISIL AA+     1750    Reaffirmed
Jagran Prakashan Ltd                    NCD                CRISIL AA+     3000    Assigned
K. T. V. Health Food Pvt Ltd            CC                 CRISIL BBB-    90      Reaffirmed
K. T. V. Health Food Pvt Ltd            Proposed LT Bk     CRISIL BBB-    300     Reaffirmed
                                        Loan Fac
Kasa Anlagen India Pvt Ltd              CC                 CRISIL B+      25      Reaffirmed
Kasa Anlagen India Pvt Ltd              Proposed LT Bk     CRISIL B+      10      Reaffirmed
                                        Loan Fac
Kay Bee Cotgin Pvt Ltd                  CC                 CRISIL B-      70      Reaffirmed
KKR India Asset Finance Pvt Ltd         Proposed LT Bk     CRISIL AA      5200    Reaffirmed
                                        Loan Fac
KKR India Asset Finance Pvt Ltd         TL                 CRISIL AA      20300   Reaffirmed
KKR India Asset Finance Pvt Ltd         NCD                CRISIL AA      10000   Assigned
KOG-KTV Food Products (India) Pvt Ltd   CC                 CRISIL BBB-    90      Reaffirmed
Kopran Laboratories Ltd                 CC                 CRISIL BBB-    35      -
Upgraded from 'CRISIL BB/Stable'
Kopran Laboratories Ltd                 Rupee TL           CRISIL BBB-    19      Assigned
Upgraded from 'CRISIL BB/Stable'
Kopran Laboratories Ltd                 Proposed LT Bk     CRISIL BBB-    31      Assigned
                                        Loan Fac
Upgraded from 'CRISIL BB/Stable'
Kopran Ltd                              CC                 CRISIL BBB     150     Reaffirmed
Kopran Ltd                              Proposed LT Bk     CRISIL BBB     625     Reaffirmed
                                        Loan Fac
Kopran Research Laboratories Ltd        CC                 CRISIL BBB     250     Reaffirmed
Lal Baba Seamless Tubes Pvt Ltd         CC                 CRISIL BB+     231.8   Reaffirmed
Lal Baba Seamless Tubes Pvt Ltd         TL                 CRISIL BB+     18.2    Reaffirmed
Lala Kashi Nath Seth Jewellers Pvt Ltd  CC*                CRISIL BBB-    300     Reaffirmed
*Fully Interchangeable with Overdraft/Short Term Loan/Bank Guarantee/Standby Line of Credit
Landmark Motels And Travels Pvt Ltd     LT Loan            CRISIL BB-     45      Assigned
Landmark Motels And Travels Pvt Ltd     Rupee TL           CRISIL BB-     170     Assigned
MI Mysolar24 Pvt Ltd                    TL                 CRISIL AA-     720     Reaffirmed
Muthoot Homefin India Ltd               CC                 CRISIL AA      250     Reaffirmed
Muthoot Homefin India Ltd               Proposed LT Bk     CRISIL AA      4500    Reaffirmed
                                        Loan Fac
Muthoot Homefin India Ltd               TL                 CRISIL AA      9900    Reaffirmed
Muthoot Homefin India Ltd               WC Demand Loan     CRISIL AA      350     Assigned
Mvd Infradevelopers Pvt Ltd             CC                 CRISIL B+      10      Assigned
Neogen Chemicals Ltd                    CC                 CRISIL BBB+    775     Reaffirmed
Neogen Chemicals Ltd                    Proposed LT Bk     CRISIL BBB+    52.5    Reaffirmed
                                        Loan Fac
Neogen Chemicals Ltd                    TL                 CRISIL BBB+    607     Assigned
Neogen Chemicals Ltd                    Proposed WC Fac    CRISIL BBB+    210.5   Assigned
Nuberg Engineering Ltd                  CC                 CRISIL BBB     100     Reaffirmed
Nuberg Engineering Ltd                  LT Loan            CRISIL BBB     22      Reaffirmed
Paramount Wires and Cables Ltd          CC                 CRISIL BB      19      Reaffirmed
Phoolchand Bhagatsingh                  Bill Discounting   CRISIL BBB-    50      Reaffirmed
Phoolchand Bhagatsingh                  CC                 CRISIL BBB-    1050    Reaffirmed
Sakthi Steel Industries Ltd             CC                 CRISIL BB-     100     -
Migrated from 'CRISIL B/Stable (Issuer Not Cooperating)
Sakthi Steel Industries Ltd             Proposed TL        CRISIL BB-     50      -
Migrated from 'CRISIL B/Stable (Issuer Not Cooperating)
SBICAP Securities Ltd                   Overdraft          CRISIL AA+     600     Reaffirmed
Shirdi Sai Electricals Ltd              CC                 CRISIL A-      780     Reaffirmed
Shirdi Sai Electricals Ltd              CC/ Overdraft Fac  CRISIL A-      300     Reaffirmed
Shirdi Sai Electricals Ltd              Proposed LT Bk     CRISIL A-      280     Reaffirmed
                                        Loan Fac
Shrinet and Shandilya Construction Pvt  Proposed BG        CRISIL B+      15      Assigned
Ltd
Sri Sathya Exim                         CC                 CRISIL B       30      Reaffirmed
T.C. Agro Food Industries               CC                 CRISIL BB      450     Reaffirmed
Taru Agencies And Investments Pvt Ltd   Proposed LT Bk     CRISIL B+      100     Assigned
                                        Loan Fac
Tata Power Renewable Energy Ltd         Proposed LT Bk     CRISIL AA-     2250    Reaffirmed
                                        Loan Fac
Tata Power Renewable Energy Ltd         TL                 CRISIL AA-     7500    Reaffirmed
Tata Power Renewable Energy Ltd         WC Fac*            CRISIL AA-     250     Reaffirmed
*Fully Interchangeable with Overdraft/Short Term Loan/Bank Guarantee/Standby Line of Credit
Telecom Network Solutions Pvt Ltd       CC                 CRISIL BBB+    75      Reaffirmed
Tirupati Lifesciences                   CC                 CRISIL BBB     350     Reaffirmed
Tirupati Lifesciences                   Proposed LT Bk     CRISIL BBB     24.7    Reaffirmed
                                        Loan Fac
Tirupati Lifesciences                   TL                 CRISIL BBB     20      Assigned
Tirupati Medicare Ltd                   CC                 CRISIL BBB     250     Reaffirmed
Tirupati Medicare Ltd                   Proposed LT Bk     CRISIL BBB     44.9    Reaffirmed
                                        Loan Fac
Tirupati Medicare Ltd                   Standby Line of    CRISIL BBB     2       Reaffirmed
                                        Credit
Tirupati Medicare Ltd                   TL                 CRISIL BBB     170     Reaffirmed
Tirupati Wellness LLP                   CC                 CRISIL BB      120     Reaffirmed
Tirupati Wellness LLP                   TL                 CRISIL BB      230     Reaffirmed
Victorian Marketing Pvt Ltd             CC                 CRISIL B+      200     Reaffirmed
VRC Constructions India Pvt Ltd         CC                 CRISIL BBB+    110     -
Upgraded from 'CRISIL BBB/Positive'
VRC Constructions India Pvt Ltd         TL                 CRISIL BBB+    14.9    -
Upgraded from 'CRISIL BBB/Positive'
VRC Constructions India Pvt Ltd         WC Demand Loan     CRISIL BBB+    40      -
Upgraded from 'CRISIL BBB/Positive'
Walwhan Solar MP Ltd                    Buyer`s Credit^    CRISIL AA-     200     Reaffirmed
^Sub limit of term loan limit of Rs.20 crore
Walwhan Solar MP Ltd                    Rupee TL           CRISIL AA-     6350    Reaffirmed
Walwhan Wind RJ Ltd                     Rupee TL           CRISIL AA-(SO) 5870    Reaffirmed
Zonasha Estate and Projects Pvt Ltd     LT Loan            CRISIL BB-     630     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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