January 9, 2019 / 6:26 AM / 10 days ago

CRISIL ratings for Indian debt instruments-Jan 9

    Jan 9 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of January 8, 2019.

COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Affordable Robotic and Automation Ltd   BG                 CRISIL A4+     50      Reaffirmed
Apollo Pipes Ltd                        BG#                CRISIL A2+     200     Upgraded from
                                                                                  CRISIL A2
#Interchangeable with Fund based facility to the extent of Rs 18.0 crore
Apollo Pipes Ltd                        LOC^               CRISIL A2+     860     Upgraded from
                                                                                  CRISIL A2
^ Interchangeable with Fund based facility to the extent of Rs 38.5 crore
Array Stone Hub Pvt Ltd                 Export Packing     CRISIL A4+     12      Reaffirmed
                                        Credit & Export
                                        Bills Negotiation/Foreign Bill discounting
Ascent Yarns Pvt Ltd                    BG                 CRISIL A3      6.5     Reaffirmed
Ascent Yarns Pvt Ltd                    LOC                CRISIL A3      20      Reaffirmed
Ashida Electronics Pvt Ltd              BG                 CRISIL A3+     50      Reaffirmed
Associated Soapstone Distributing Co    Bill Purchase      CRISIL A2+     20      Reaffirmed
Pvt Ltd
Associated Soapstone Distributing Co    LOC & BG           CRISIL A2+     350     Reaffirmed
Pvt Ltd
Big Bags International Pvt Ltd          Export Packing     CRISIL A2      850     Upgraded from
                                        Credit                                    CRISIL A3+
Big Bags International Pvt Ltd          Foreign Bill       CRISIL A2      400     Upgraded from
                                        Purchase                                  CRISIL A3+
Big Bags International Pvt Ltd          LOC                CRISIL A2      100     Upgraded from
                                                                                  CRISIL A3+
Blend Colours Pvt Ltd                   LOC                CRISIL A2      100     Assigned
C5 Infra Pvt Ltd                        BG                 CRISIL A4+     650     Migrated from
                                                                                  CRISIL A4
(Issuer Not Cooperating)
Craftsman Automation Ltd                BG                 CRISIL A2      200     Reaffirmed
Craftsman Automation Ltd                LOC                CRISIL A2      1000    Reaffirmed
Craftsman Automation Ltd                Packing Credit     CRISIL A2      600     Reaffirmed
Craftsman Automation Ltd                Proposed NFBL      CRISIL A2      499.8   Reaffirmed
Daimler Financial Services India Pvt LtdCP Programme       CRISIL A1+     35000   Reaffirmed
Dalmia Laminators Ltd                   BG                 CRISIL A3      50      Reaffirmed
Continues on Rating Watch with Developing Implications
Dalmia Laminators Ltd                   LOC                CRISIL A3      120     Reaffirmed
Continues on Rating Watch with Developing Implications
Dilip Buildcon Ltd                      Non-FBL            CRISIL A1      50977.5 Reaffirmed
Dilip Buildcon Ltd                      Proposed NFBL      CRISIL A1      1427.4  Assigned
Dilip Buildcon Ltd                      Proposed NFBL      CRISIL A1      18522.5 Assigned
Dilip Buildcon Ltd                      CP                 CRISIL A1      1000    Reaffirmed
Expovan                                 Foreign Exchange   CRISIL A3+     50      Assigned
                                        Fac
Flovel Energy Pvt Ltd                   BG                 CRISIL A3+     730     Reaffirmed
Flovel Energy Pvt Ltd                   LOC                CRISIL A3+     310     Reaffirmed
Hinduja Leyland Finance Ltd             CP                 CRISIL A1+     12500   Reaffirmed
Jindal Steel and Power Ltd              LOC                CRISIL A3      42147.6 Reaffirmed
Jindal Steel and Power Ltd              Proposed ST Bk     CRISIL A3      25000   Reaffirmed
                                        Loan Fac
JKC General Trading Co.                 LOC                CRISIL A4+     100     Reaffirmed
K. K. Nag Pvt Ltd                       BG                 CRISIL A3      15      Reaffirmed
K. K. Nag Pvt Ltd                       LOC                CRISIL A3      52.5    Reaffirmed
Kabra Extrusiontechnik Ltd              BG                 CRISIL A1      10      Downgraded
                                                                                  from CRISIL
                                                                                  A1+
Kabra Extrusiontechnik Ltd              LOC                CRISIL A1      10      Downgraded
                                                                                  from CRISIL
                                                                                  A1+
Kohinoor Ropes Pvt Ltd                  BG                 CRISIL A4+     5       Reaffirmed
Kotak Mahindra Prime Ltd                Proposed ST Bk     CRISIL A1+     30000   Reaffirmed
                                        Loan Fac^^
^^ Interchangeable with long term bank facilities
Kotak Mahindra Prime Ltd                CP Programme (IPO  CRISIL A1+     30000   -
                                        Financing)
Kotak Mahindra Prime Ltd                CP Programme       CRISIL A1+     90000   -
Prashant Enterprises                    Foreign Exchange   CRISIL A4      20      Downgraded
                                        Forward                                   from CRISIL
                                                                                  A4+
Prashant Enterprises                    Packing Credit     CRISIL A4      400     Downgraded
                                                                                  from CRISIL
                                                                                  A4+
Renaissance Buildhome Pvt Ltd           BG                 CRISIL A4+     45      Migrated from
                                                                                  CRISIL A4+
Salvo Explosives and Chemicals Pvt Ltd  BG                 CRISIL A3+     110     Reaffirmed
Salvo Explosives and Chemicals Pvt Ltd  LOC                CRISIL A3+     60      Reaffirmed
Sasi Anand Spinning Mills (India) Pvt   BG                 CRISIL A3      10      Reaffirmed
Ltd
Siddhi Vinayak Knots and Prints Pvt Ltd BG                 CRISIL A2      20.7    Migrated from
                                                                                  CRISIL A2
(Issuer Not Cooperating)
Siddhi Vinayak Knots and Prints Pvt Ltd CP                 CRISIL A2      50      Migrated from
                                                                                  CRISIL A2
(Issuer Not Cooperating)
Star Exports                            Bill Discounting   CRISIL A4+     40      Reaffirmed

Star Exports                            LOC                CRISIL A4+     7.5     Reaffirmed

MEDIUM TERM RATINGS:
-------------------
K. K. Nag Pvt Ltd                       FD                 FA-            8.55    -

LONG TERM RATINGS:
-------------------
A P Organics Ltd                        CC                 CRISIL BBB     530     Reaffirmed
A P Organics Ltd                        LT Loan            CRISIL BBB     30      Reaffirmed
A P Organics Ltd                        WC TL              CRISIL BBB     120     Assigned
Affordable Robotic and Automation Ltd   CC                 CRISIL BB+     120     Reaffirmed
Affordable Robotic and Automation Ltd   Proposed CC Limit  CRISIL BB+     70      Assigned
Affordable Robotic and Automation Ltd   Proposed BG        CRISIL BB+     10      Assigned
Alcobrew Distilleries India Pvt Ltd     Bill Discounting   CRISIL BBB     150     Reaffirmed
Alcobrew Distilleries India Pvt Ltd     CC                 CRISIL BBB     542.5   Reaffirmed
Alcobrew Distilleries India Pvt Ltd     LT Loan            CRISIL BBB     102.5   Reaffirmed
Alcobrew Distilleries India Pvt Ltd     Proposed LT Bk     CRISIL BBB     205     Reaffirmed
                                        Loan Fac
Aligarh Roller Flour Mills Pvt Ltd      CC                 CRISIL B+      70      Reaffirmed
Apollo Pipes Ltd                        CC*                CRISIL A-      400     Upgraded from
                                                                                  CRISIL BBB+
*Interchangeable with non fund based facilities to the extent of 26 crore
Apollo Pipes Ltd                        Proposed LT Bk     CRISIL A-      83.5    Upgraded from
                                        Loan Fac                                  CRISIL BBB+
Apollo Pipes Ltd                        TL                 CRISIL A-      258.5   Upgraded from
                                                                                  CRISIL BBB+
Array Stone Hub Pvt Ltd                 Export Packing     CRISIL BB      48      Reaffirmed
                                        Credit
Ascent Yarns Pvt Ltd                    CC                 CRISIL BBB-    60      Reaffirmed
Ascent Yarns Pvt Ltd                    Proposed LT Bk     CRISIL BBB-    43.5    Reaffirmed
                                        Loan Fac
Ascent Yarns Pvt Ltd                    TL                 CRISIL BBB-    37      Reaffirmed
Ashida Electronics Pvt Ltd              CC                 CRISIL BBB     70      Reaffirmed
Associated Soapstone Distributing Co    CC                 CRISIL A-      500     Reaffirmed
Pvt Ltd
Associated Soapstone Distributing Co    FB Fac             CRISIL A-      20      Reaffirmed
Pvt Ltd
Associated Soapstone Distributing Co    LT Loan            CRISIL A-      206     Reaffirmed
Pvt Ltd
Associated Soapstone Distributing Co    Proposed CC Limit  CRISIL A-      42.2    Reaffirmed
Pvt Ltd
Associated Soapstone Distributing Co    WC TL              CRISIL A-      50      Reaffirmed
Pvt Ltd
Bateli Tea Co. Ltd                      CC                 CRISIL BBB-    130     Reaffirmed
(Continue on Rating Watch with developing Implications)
Bateli Tea Co. Ltd                      LT Loan            CRISIL BBB-    220     Reaffirmed
(Continue on Rating Watch with developing Implications)
Big Bags International Pvt Ltd          Proposed FB Bk     CRISIL BBB+    242.6   Upgraded from
                                        Limits                                    CRISIL BBB
Big Bags International Pvt Ltd          TL                 CRISIL BBB+    284.7   Upgraded from
                                                                                  CRISIL BBB
Blend Colours Pvt Ltd                   Rupee TL           CRISIL BBB+    165     Assigned
Blend Colours Pvt Ltd                   CC                 CRISIL BBB+    545     Assigned
Bommidala Sreeram Agro Traders Pvt Ltd  CC                 CRISIL B       70      Migrated from
                                                                                  CRISIL B
(Issuer Not Cooperating)
Bommidala Sreeram Agro Traders Pvt Ltd  LT Loan            CRISIL B       55      Migrated from
                                                                                  CRISIL B
(Issuer Not Cooperating)
Bommidala Sreeram Agro Traders Pvt Ltd  Proposed LT Bk     CRISIL B       145     Migrated from
                                        Loan Fac                                  CRISIL B
(Issuer Not Cooperating)
C5 Infra Pvt Ltd                        CC/ Overdraft Fac  CRISIL BB+     100     Migrated from
                                                                                  CRISIL B
(Issuer Not Cooperating)
C5 Infra Pvt Ltd                        TL                 CRISIL BB+     100     Migrated from
                                                                                  CRISIL B
(Issuer Not Cooperating)
Candy Enterprises Pvt Ltd               CC                 CRISIL BBB     280     Assigned
Candy Enterprises Pvt Ltd               WC Demand Loan     CRISIL BBB     170     Assigned
Candy Spirits Pvt Ltd                   CC                 CRISIL BBB     260     Reaffirmed
Craftsman Automation Ltd                CC                 CRISIL BBB+    2000    Reaffirmed
Craftsman Automation Ltd                LT Loan            CRISIL BBB+    7969.6  Reaffirmed
Craftsman Automation Ltd                Proposed LT Bk     CRISIL BBB+    1314.7  Reaffirmed
                                        Loan Fac
Craftsman Automation Ltd                WC Demand Loan     CRISIL BBB+    750     Reaffirmed
Daimler Financial Services India Pvt LtdProposed LT Bk     CRISIL AAA     30000   Reaffirmed
                                        Loan Fac^
^Interchangeable with short term bank facility
Daimler Financial Services India Pvt LtdNCD                CRISIL AAA     20000   Reaffirmed
Dalmia Laminators Ltd                   CC                 CRISIL BBB-    790     Reaffirmed
Continues on Rating Watch with Developing Implications
Dalmia Laminators Ltd                   LT Loan            CRISIL BBB-    420     Assigned
Continues on Rating Watch with Developing Implications
Dilip Buildcon Ltd                      CC                 CRISIL A       21458   Downgraded
                                                                                  from CRISIL A+
Dilip Buildcon Ltd                      Proposed CC Limit  CRISIL A       1042    Downgraded
                                                                                  from CRISIL A+
Dilip Buildcon Ltd                      Proposed LT Bk     CRISIL A       60.4    Downgraded
                                        Loan Fac                                  from CRISIL A+
Dilip Buildcon Ltd                      Proposed TL        CRISIL A       3000    Downgraded
                                                                                  from CRISIL A+
Dilip Buildcon Ltd                      TL                 CRISIL A       1442.2  Downgraded
                                                                                  from CRISIL A+
Dilip Buildcon Ltd                      NCD                CRISIL A       6000    Downgraded
                                                                                  from CRISIL A+
Expovan                                 Export Packing     CRISIL BBB     700     Reaffirmed
                                        Credit
Flovel Energy Pvt Ltd                   CC                 CRISIL BBB     135     Reaffirmed
Flovel Energy Pvt Ltd                   LT Loan            CRISIL BBB     45.5    Reaffirmed
Flovel Energy Pvt Ltd                   TL                 CRISIL BBB     19.5    Reaffirmed
Hinduja Leyland Finance Ltd             Proposed LT Bk     CRISIL AA-     10000   Assigned
                                        Loan Fac
Hinduja Leyland Finance Ltd             Subordinated Debt  CRISIL AA-     2000    Reaffirmed
Hinduja Leyland Finance Ltd             NCD                CRISIL AA-     5000    Reaffirmed
ICL Fincorp Ltd                         NCD                CRISIL BB-     380     Reaffirmed
ICL Fincorp Ltd                         NCD                CRISIL BB-     90      Reaffirmed
ICL Fincorp Ltd                         NCD                CRISIL BB-     30      Reaffirmed
ICL Fincorp Ltd                         Proposed CC Limit  CRISIL BB-     100     Reaffirmed
Jindal Steel and Power Ltd              CC                 CRISIL BBB-    36000   Reaffirmed
Jindal Steel and Power Ltd              Proposed LT Bk     CRISIL BBB-    35000   Reaffirmed
                                        Loan Fac
Jindal Steel and Power Ltd              TL                 CRISIL BBB-    136277.1Reaffirmed
Jindal Steel and Power Ltd              NCD                CRISIL BBB-    32120   Reaffirmed
JKC General Trading Co.                 CC                 CRISIL BB      50      Reaffirmed
JKC General Trading Co.                 Warehouse Receipts CRISIL BB      150     Reaffirmed
K Mohan and Company (Exports) Pvt Ltd   Export Packing     CRISIL D       400     Downgraded
                                        Credit & Export                           from CRISIL B
                                        Bills Negotiation/Foreign Bill discounting
(Issuer Not Cooperating)
K Mohan and Company (Exports) Pvt Ltd   Foreign Exchange   CRISIL D       120     Downgraded
                                        Forward                                   from CRISIL B
(Issuer Not Cooperating)
K Mohan and Company (Exports) Pvt Ltd   Proposed LT Bk     CRISIL D       45      Downgraded
                                        Loan Fac                                  from CRISIL B
(Issuer Not Cooperating)
K. K. Nag Pvt Ltd                       CC                 CRISIL BBB-    65      Reaffirmed
K. K. Nag Pvt Ltd                       Standby Line of    CRISIL BBB-    9.5     Reaffirmed
                                        Credit
K. K. Nag Pvt Ltd                       TL                 CRISIL BBB-    40.8    Reaffirmed
Kabra Extrusiontechnik Ltd              CC*                CRISIL A+      90      Reaffirmed
(Outlook revised from Stable),*Interchangeable up to Rs 2.5 crore with export packing credit,
fully interchangeable with bill discounting, interchangeable up to Rs 5 crore with export bill
discounting/negotiation.
Kabra Extrusiontechnik Ltd              CC**               CRISIL A+      100     Reaffirmed
(Outlook revised from Stable),**Fully interchangeable with packing credit, working capital
demand loan, foreign bills purchase/discounting/negotiation, post-shipment credit in foreign
currency, buyer's credit, and letter of credit; interchangeable up to Rs 5 crore with bank
guarantee
Khedut Agro Engineering Pvt Ltd         CC                 CRISIL BB-     75      Reaffirmed
Kohinoor Ropes Pvt Ltd                  CC                 CRISIL BB+     90      Reaffirmed
Kohinoor Ropes Pvt Ltd                  Proposed LT Bk     CRISIL BB+     15      Reaffirmed
                                        Loan Fac
Kohinoor Ropes Pvt Ltd                  Rupee TL           CRISIL BB+     90      Reaffirmed
Kotak Mahindra Prime Ltd                CC & WC demand loanCRISIL AAA     55000   Reaffirmed
Kotak Mahindra Prime Ltd                Proposed LT Bk     CRISIL AAA     15000   Reaffirmed
                                        Loan Fac^
^Interchangeable with short term bank facilities
Kotak Mahindra Prime Ltd                NCDs Rs.23820.9    CRISIL AAA     238209  Reaffirmed
                                        Crore
Kotak Mahindra Prime Ltd                Subordinated Debt  CRISIL AAA     7861    -
                                        Rs.786.1 Crore
Kotak Mahindra Prime Ltd                LT Principal       CRISIL PP-MLD  10000   -
                                        Protected Market-  AAAr
                                        Linked Debentures 
Kotak Mahindra Prime Ltd                Nifty-Linked       CRISIL PP-MLD  3291    -
                                        Debentures         AAAr
Manjeera Hotels and Resorts Pvt Ltd     TL                 CRISIL BB+     250     Reaffirmed
Manorama Ropes India Pvt Ltd            CC                 CRISIL BB+     150     Reaffirmed
Manorama Ropes India Pvt Ltd            TL                 CRISIL BB+     10      Reaffirmed
Megasys Biotek Pvt Ltd                  CC                 CRISIL BB      40      Reaffirmed
Megasys Biotek Pvt Ltd                  LT Bk Fac          CRISIL BB      26      Reaffirmed
Megasys Biotek Pvt Ltd                  Proposed WC Fac    CRISIL BB      19      Reaffirmed
Prashant Enterprises                    Foreign Bill       CRISIL B+      250     Downgraded
                                        Discounting                               from CRISIL BB
Prashant Enterprises                    Proposed FB Bk     CRISIL B+      30      Downgraded
                                        Limits                                    from CRISIL BB
PVR Ltd                                 LT Loan            CRISIL AA-     6233.3  Reaffirmed
PVR Ltd                                 WC Fac             CRISIL AA-     250     Reaffirmed
PVR Ltd                                 NCDs               CRISIL AA-     6850    Reaffirmed
Ready Roti India Pvt Ltd                CC                 CRISIL BBB+    5       Reaffirmed
Continues on Rating Watch with Positive Implications 
Ready Roti India Pvt Ltd                Proposed LT Bk     CRISIL BBB+    16.6    Reaffirmed
                                        Loan Fac
Continues on Rating Watch with Positive Implications 
Ready Roti India Pvt Ltd                TL                 CRISIL BBB+    178.4   Reaffirmed
Continues on Rating Watch with Positive Implications 
Renaissance Buildhome Pvt Ltd           CC                 CRISIL BB+     100     Migrated from
                                                                                  CRISIL BB
Renaissance Buildhome Pvt Ltd           TL                 CRISIL BB+     180     Migrated from
                                                                                  CRISIL BB
Renaissance Buildhome Pvt Ltd           Proposed LT Bk     CRISIL BB+     325     Migrated from
                                        Loan Fac                                  CRISIL BB
S.K. Agarwal and Co.                    Channel Financing  CRISIL BB+     700     Reaffirmed
S.K. Agarwal and Co.                    Proposed FB Bk     CRISIL BB+     100     Reaffirmed
                                        Limits
Salvo Explosives and Chemicals Pvt Ltd  CC                 CRISIL BBB     80      Reaffirmed
Salvo Explosives and Chemicals Pvt Ltd  Proposed LT Bk     CRISIL BBB     250     Reaffirmed
                                        Loan Fac
Sasi Anand Spinning Mills (India) Pvt   CC                 CRISIL BBB-    238.5   Reaffirmed
Ltd
Sasi Anand Spinning Mills (India) Pvt   LT Loan            CRISIL BBB-    151.5   Reaffirmed
Ltd
Siddhi Vinayak Knots and Prints Pvt Ltd CC                 CRISIL BBB+    1100    Migrated from
                                                                                  CRISIL BBB+
(Issuer Not Cooperating)
Siddhi Vinayak Knots and Prints Pvt Ltd TL                 CRISIL BBB+    540     Migrated from
                                                                                  CRISIL BBB+
(Issuer Not Cooperating)
Star Exports                            CC                 CRISIL BB-     15      Reaffirmed
Star Exports                            LT Loan            CRISIL BB-     85.6    Reaffirmed
Star Exports                            Packing Credit     CRISIL BB-     185     Reaffirmed
Star Exports                            Proposed LT Bk     CRISIL BB-     9.4     Reaffirmed
                                        Loan Fac
Veekesy Slippers India Pvt Ltd          CC                 CRISIL BB+     100     Migrated from
                                                                                  CRISIL BB+
(Issuer Not Cooperating)
Veekesy Slippers India Pvt Ltd          Proposed CC Limit  CRISIL BB+     50      Migrated from
                                                                                  CRISIL BB+
(Issuer Not Cooperating)
Veekesy Slippers India Pvt Ltd          Proposed LT Bk     CRISIL BB+     3.7     Migrated from
                                        Loan Fac                                  CRISIL BB+
(Issuer Not Cooperating)
Vinayak Autolink Pvt Ltd                Inventory Funding  CRISIL B-      120     Upgraded from
                                        Fac                                       CRISIL D
--------------------------------------------------------------------------------------------
$: 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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