January 9, 2018 / 5:46 AM / 5 months 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, 2018.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Bharti Airtel Ltd                       CP                 CRISIL A1+     60000   Reaffirmed
 (Enhanced form Rs.100 Crore)
Bharti Telecom Ltd                      CP Programme       CRISIL A1+     55000   Reaffirmed
ECL Finance Ltd                         ST Debt Issue*     CRISIL A1+     10000   Assigned
*Assigned for initial/ follow-on public offer financing on episodic basis.
ECL Finance Ltd                         ST Debt (Including CRISIL A1+     36000   Reaffirmed
                                        ST NCD)  
ECL Finance Ltd                         ST Debt Issue*     CRISIL A1+     40000   Reaffirmed
*Assigned for initial/ follow-on public offer financing on episodic basis.
ECL Finance Ltd                         ST Principal       CRISIL PP-MLD  12000   Reaffirmed
                                        Protected          A1+r 
                                        Market-Linked 
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+     5000    Assigned
*Assigned for initial/ follow-on public offer financing on episodic basis.
Edelweiss Commodities Services Ltd      Short Term Debt     CRISIL A1+     40000   Reaffirmed
                                        Issue*
*Assigned for initial/ follow-on public offer financing on episodic basis.
Edelweiss Commodities Services Ltd      ST Debt (including CRISIL A1+     70000   Reaffirmed
                                        ST NCD)
Edelweiss Financial Services Ltd        ST Debt Issue*     CRISIL A1+     10000   Assigned
*Assigned for initial public offering/ open offer financing on episodic basis
Edelweiss Financial Services Ltd        ST Debt Issue*     CRISIL A1+     40000   Reaffirmed
*Assigned for initial public offering/ open offer financing on episodic basis
Edelweiss Financial Services Ltd        ST Debt            CRISIL A1+     63500   Reaffirmed
Eshwarnath Constructions                BG                 CRISIL A4      50      Reaffirmed
Kevin Process Technologies Pvt Ltd      BG                 CRISIL A4+     15      Reaffirmed
KGK Diamonds (I) Pvt. Ltd.              Post Shipment      CRISIL A3+     500     Reaffirmed
                                        Credit#
#Includes a sub limit of Rs. 40 crore of Packing Credit, Rs. 10 crore of Cash Credit, Rs. 10
crore of Working Capital Demand Loan and Rs. 25 crore of Bill Discounting
Krishi Rasayan Exports Pvt Ltd          Buyer`s Credit     CRISIL A2+     350     Reaffirmed
Krishi Rasayan Exports Pvt Ltd          LOC                CRISIL A2+             Reaffirmed
^Includes sublimit of Rs 15 crs for buyer's credit
Krishi Rasayan Exports Pvt Ltd          LOC                CRISIL A2+             Reaffirmed
^^Includes sublimits of Rs 15 crs for usance LC, Rs 10 crs letter for clean bill discounting
Krishi Rasayan Exports Pvt Ltd          LOC                CRISIL A2+             Reaffirmed
$Includes sublimits of Rs 85 crs for buyer's credit, Rs 1 cr for bank guarantee
Krishi Rasayan Exports Pvt Ltd          LOC                CRISIL A2+             Reaffirmed
@Includes sublimits of Rs 42.5 crs for buyer's credit/letter of undertaking for buyer's credit,
Rs 15 crs for bank
Krishi Rasayan Exports Pvt Ltd          Proposed Buyer     CRISIL A2+     765     Reaffirmed
                                        Credit Limit
                                        guarantee
Ktex NonWovens Pvt Ltd                  BG                 CRISIL A4      21.9    Reaffirmed
Laser Shaving India Pvt Ltd             LOC                CRISIL A2+     120     Reaffirmed
Laxmi Construction                      BG                 CRISIL A3+     1550    Reaffirmed
Neo Essel Dispoware Pvt Ltd             BG                 CRISIL A4+     25      Reaffirmed
Neo Essel Dispoware Pvt Ltd             LOC                CRISIL A4+     72      Reaffirmed
Nirma Ltd                               LOC & BG           CRISIL A1+     4000    Reaffirmed
Polychem Exports                        Inland             CRISIL A4      130     Migrated from
                                                                                  CRISIL A4/
Issuer Not Cooperating                                                            Withdrawal 
PPG Asian Paints Pvt Ltd                Bill Discounting   CRISIL A1+     250     Reaffirmed
Prabha Infrastructure Pvt Ltd           BG                 CRISIL A4+     140     Upgraded
                                                                                  from CRISIL A4
Pradeep Metals Ltd                      BG                 CRISIL A4+     30      Downgraded
                                                                                  from CRISIL
                                                                                  A3+
Issuer Not Cooperating
Pradeep Metals Ltd                      Export Bill        CRISIL A4+     210     Downgraded
                                        Purchase                                  from CRISIL
                                                                                  A3+
Pradeep Metals Ltd                      Packing Credit in  CRISIL A4+     210     Downgraded
                                        Foreign Currency                          from CRISIL
                                                                                  A3+
Regen Powertech Pvt Ltd                 BG                 CRISIL D       6100    Downgraded
                                                                                  from CRISIL
                                                                                  A3+
Regen Powertech Pvt Ltd                 Proposed BG        CRISIL D       1800    Downgraded
                                                                                  from CRISIL
                                                                                  A3+
Regen Powertech Pvt Ltd                 TL                 CRISIL D       60      Downgraded
                                                                                  from CRISIL
                                                                                  A3+
Shri Ram Multicom Pvt Ltd               Overdraft          CRISIL A3      17.5    Reaffirmed
Sneha Farms Pvt Ltd                     LOC & BG           CRISIL A2      55      Reaffirmed
Swiss Garnier Genexiaa Sciences         BG                 CRISIL A4      3       Migrated from
                                                                                  CRISIL A4 /
                                                                                  Withdrawal
Issuer Not Cooperating
Swiss Garnier Genexiaa Sciences         LOC                CRISIL A4      7       Migrated from
                                                                                  CRISIL A4/
                                                                                  Withdrawal
Issuer Not Cooperating
Three Seasons Logistics Pvt Ltd         BG                 CRISIL A4      5       Assigned
Universal Cables Ltd                    CP Programme       CRISIL A1      1000    Reaffirmed
(Enhanced from Rs.50 Crore)
YOU Broadband India Ltd                 Proposed ST Bk     CRISIL A1+     1050    Assigned
                                        Loan Fac
YOU Broadband India Ltd                 ST Loan            CRISIL A1+     450     Assigned

LONG TERM RATINGS:
-------------------
Bhairavnath Exim Pvt Ltd                CC                 CRISIL BB-     42.5    Rating
                                                                                  reaffirmed
                                                                                  and Withdrawal
Bhairavnath Exim Pvt Ltd                Proposed LT Bk     CRISIL BB-     1.5     Rating
                                        Loan Fac                                  reaffirmed
                                                                                  and Withdrawal
Bhairavnath Exim Pvt Ltd                TL                 CRISIL BB-     12      Rating
                                                                                  reaffirmed
                                                                                  and Withdrawal
Bharti Airtel Ltd                       Proposed LT Bk     CRISIL AA+     200000  Reaffirmed
                                        Loan Fac
Bharti Airtel Ltd                       NCD                CRISIL AA+     2725    Reaffirmed
Bharti Telecom Ltd                      Proposed LT Bk     CRISIL AA+     10000   Assigned
                                        Loan Fac
Bharti Telecom Ltd                      NCD                CRISIL AA+     60000   Assigned
Champaran Cold Storage Pvt Ltd          Proposed LT Bk     CRISIL B-      100     Assigned
                                        Loan Fac
Chennai Auto Agency Pvt Ltd             Inventory Funding  CRISIL BB+     150     Migrated from
                                        Fac                                       CRISIL BB+/
                                                                                  Withdrawn
Issuer Not Cooperating
Chennai Auto Agency Pvt Ltd             Proposed Inventory CRISIL BB+     50      Migrated from
                                        Funding                                   CRISIL BB+/
                                                                                  Withdrawn
Issuer Not Cooperating
Churiwal Technopack Pvt Ltd             CC                 CRISIL B       96.1    Migrated from
                                                                                  CRISIL B
 Issuer Not Cooperating
Churiwal Technopack Pvt Ltd             TL                 CRISIL B       41.4    Migrated from
                                                                                  CRISIL B
 Issuer Not Cooperating
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**
**interchangeable with short term bank facilities 
ECL Finance Ltd                         Subordinated Debt  CRISIL AA      4000    Reaffirmed
ECL Finance Ltd                         NCD                CRISIL AA      41300   Reaffirmed
ECL Finance Ltd                         LT Principal       CRISIL PP-MLD  10000   Reaffirmed
                                        Protected Market   Aar
                                        Linked Debentures 
ECL Finance Ltd                         Principal          CRISIL PP-MLD  11900   Reaffirmed
                                        Protected Equity   Aar
                                        Linked Debentures 
ECL Finance Ltd                         Principal          CRISIL PP-MLD  350     Reaffirmed
                                        Protected          Aar
                                        Commoptionally convertible debentureity 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
Eshwarnath Constructions                CC                 CRISIL B       50      Reaffirmed
Kevin Process Technologies Pvt Ltd      CC                 CRISIL BB+     40      Reaffirmed
KGK Creations (India) Pvt. Ltd.         CC*                CRISIL BBB     150     Reaffirmed
*Includes a sublimit of Working Capital Demand Loan of Rs.15 crore or equivalent USD and Gold
Loan of Rs. 15 crore
KGK Creations (India) Pvt. Ltd.         CC & WC demand     CRISIL BBB     150     Reaffirmed
                                        loan#
#Includes a sublimit of Bank Guarantee
KGK Creations (India) Pvt. Ltd.         Overdraft^         CRISIL BBB     350     Reaffirmed
^Includes a sub limit of Packing Credit of Rs. 30 crore
KGK Creations (India) Pvt. Ltd.         Proposed LT Bk     CRISIL BBB     250     Reaffirmed
                                        Loan Fac
KGK Creations Pvt. Ltd.                 Post Shipment      CRISIL BBB     495     Reaffirmed
                                        Credit#
#Includes sublimit of packing credit in foreign currency of Rs. 30 crore
KGK Creations Pvt. Ltd.                 Post Shipment      CRISIL BBB     250     Reaffirmed
                                        Credit*
*Includes sublimit of packing credit in foreign currency of Rs.12 crore & bank guarantee of Rs.5
crore
KGK Creations Pvt. Ltd.                 Proposed LT Bk     CRISIL BBB     5       Reaffirmed
                                        Loan Fac
KGK Diamonds (I) Pvt. Ltd.              Post Shipment      CRISIL BBB     6600    Reaffirmed
                                        Credit*
* Includes a sub limit of Packing Credit of Rs. 282.0 crore & sublimit of Rs. 470.0 crore as
Packing Credit against Unfinanced and non-overdue DDA bills & export bills.
KGK Diamonds (I) Pvt. Ltd.              Post Shipment      CRISIL BBB     600     Reaffirmed
                                        Credit$
$ Fully interchangeable from Post Shipment Finance to Pre-shipment finance limit of Rs. 60.0
crore.
KGK Diamonds (I) Pvt. Ltd.              Post Shipment      CRISIL BBB     580     Reaffirmed
                                        Credit^
^Includes a sub limit of Packing Credit of Rs. 30 crore
KGK Diamonds (I) Pvt. Ltd.              Proposed WC Fac    CRISIL BBB     200     Reaffirmed
KGK Gems Pvt Ltd                        Post Shipment      CRISIL BBB     500     Reaffirmed
                                        Credit*
@Includes sub limit of Packing Credit of Rs. 12.5 crore and of Packing Credit against DDA bills
under collection of Rs. 50. Crore
Krishi Rasayan Exports Pvt Ltd          CC                 CRISIL A-              Reaffirmed
*Includes sublimits of Rs 30 crs of working capital demand loan (WCDL), Rs 10 crs for
pre-shipment export
Krishi Rasayan Exports Pvt Ltd          CC                 CRISIL A-              Reaffirmed
**Includes sublimits of Rs. 44 crs for WCDL, Rs.44 crs for buyers credit, Rs. 10 crs for export
Bill negotiation, Rs. 44 crs for Letter of credit (LC).
Krishi Rasayan Exports Pvt Ltd          CC                 CRISIL A-      950     Reaffirmed
Ktex NonWovens Pvt Ltd                  CC                 CRISIL B+      35      Reaffirmed
Ktex NonWovens Pvt Ltd                  TL                 CRISIL B+      238.1   Reaffirmed
Ktex NonWovens Pvt Ltd                  WC Fac             CRISIL B+      60      Reaffirmed
Lancor Holdings Ltd                     CC                 CRISIL BBB-    1200    Reaffirmed
Lancor Holdings Ltd                     Lease Rental       CRISIL BBB-    67.6    Reaffirmed
                                        Discounting Loan
Lancor Holdings Ltd                     LT Loan            CRISIL BBB-    554.6   Reaffirmed
Lancor Holdings Ltd                     Proposed CC Limit  CRISIL BBB-    100     Reaffirmed
Lancor Holdings Ltd                     Secured Overdraft  CRISIL BBB-    1077.8  Reaffirmed
                                        Fac
Laser Shaving India Pvt Ltd             CC                 CRISIL A-      70      Reaffirmed
Laxmi Construction                      CC                 CRISIL BBB     150     Reaffirmed
Maya Builders                           Proposed LT Bk     CRISIL B+      300     Assigned
                                        Loan Fac
Neo Essel Dispoware Pvt Ltd             CC                 CRISIL BB+     100     Reaffirmed
Neo Essel Dispoware Pvt Ltd             TL                 CRISIL BB+     353     Reaffirmed
Nirma Ltd                               CC*^$              CRISIL AA      15000   Reaffirmed
* Interchangeable with letter of credit and bank guarantee to the extent of Rs 445 crore/^
Interchangeable with inland/import letter of credit to the extent of Rs 50 crore/$
Interchangeable with bank guarantee to the extent of Rs 40 crore
Nirma Ltd                               TL                 CRISIL AA      15000   Reaffirmed
Ozone Logistics Pvt Ltd                 CC                 CRISIL BB+     100     Reaffirmed
Pallava Spinning Mills Pvt Ltd          CC                 CRISIL BBB+    400     -
Pallava Spinning Mills Pvt Ltd          Proposed LT Bk     CRISIL BBB+    635.3   -
                                        Loan Fac
Polychem Exports                        CC                 CRISIL B       110     Migrated from
                                                                                  CRISIL B/
Issuer Not Cooperating                                                            Withdrawal    
       
PPG Asian Paints Pvt Ltd                WC Demand Loan#    CRISIL AA      700     Upgraded from
                                                                                  CRISIL AA-
#Interchangeable with letter of credit/bank guarantee    
Prabha Infrastructure Pvt Ltd           CC                 CRISIL BB      15      Upgraded from
                                                                                  CRISIL B
Prabha Infrastructure Pvt Ltd           Proposed TL        CRISIL BB      45      Upgraded from
                                                                                  CRISIL B
Pradeep Metals Ltd                      CC                 CRISIL BB+     155     Downgraded
                                                                                  from CRISIL
                                                                                  BBB
Pradeep Metals Ltd                      LT Loan            CRISIL BB+     230     Downgraded
                                                                                  from CRISIL
                                                                                  BBB
Pradeep Metals Ltd                      Proposed LT Bk     CRISIL BB+     15      Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BBB
Regen Powertech Pvt Ltd                 CC                 CRISIL D       2800    Downgraded
                                                                                  from CRISIL
                                                                                  BBB
Regen Powertech Pvt Ltd                 LOC                CRISIL D       3600    Downgraded
                                                                                  from CRISIL
                                                                                  BBB
Regen Powertech Pvt Ltd                 Proposed CC Limit  CRISIL D       2140    Downgraded
                                                                                  from CRISIL
                                                                                  BBB
Regen Powertech Pvt Ltd                 Proposed LOC       CRISIL D       2400    Downgraded
                                                                                  from CRISIL
                                                                                  BBB
Saikrupa Cottons Pvt Ltd                TL                 CRISIL D       57      Assigned
Saikrupa Cottons Pvt Ltd                CC                 CRISIL D       140     Assigned
Saikrupa Cottons Pvt Ltd                Proposed FB Bk     CRISIL D       3       Assigned
                                        Limits
Satyam Eximtex International Pvt Ltd    CC                 CRISIL BB      200     Reaffirmed
Shree Gautam Labdhi Trade Links         CC                 CRISIL B       80      Migrated from
                                                                                  CRISIL B/
Issuer Not Cooperating                                                            Withdrawn
Shree Saikrishna Cotton Industries      CC                 CRISIL B       40      Withdrawal
Issuer Not Cooperating
Shree Saikrishna Cotton Industries      Proposed LT Bk     CRISIL B       15.2    Withdrawal
                                        Loan Fac
Issuer Not Cooperating
Shree Saikrishna Cotton Industries      TL                 CRISIL B       24.8    Withdrawal
Issuer Not Cooperating
Shri Ram Mall Pvt Ltd                   LT Loan            CRISIL BBB-    300     Reaffirmed
Shri Ram Multicom Pvt Ltd               LT Loan            CRISIL BBB-    184     Reaffirmed
Shri Ram Multicom Pvt Ltd               TL                 CRISIL BBB-    48.5    Reaffirmed
Shri Ram Residency Pvt Ltd              TL                 CRISIL BBB-    63.7    Reaffirmed
Shriramozone Retail Pvt Ltd             Electronic Dealer  CRISIL BB+     100     Reaffirmed
                                        Financing
                                        Scheme(e-DFS)
Sneha Farms Pvt Ltd                     CC                 CRISIL BBB+    6050    Reaffirmed
Sneha Farms Pvt Ltd                     LT Loan            CRISIL BBB+    2269.2  Reaffirmed
Sneha Farms Pvt Ltd                     WC TL              CRISIL BBB+    1000    Reaffirmed
Sneha Farms Pvt Ltd                     Proposed LT Bk     CRISIL BBB+    20.8    Reaffirmed
                                        Loan Fac
Subasri Textile                         Bill Discounting   CRISIL B+      10      Reaffirmed
Subasri Textile                         Cash TL            CRISIL B+      53.5    Reaffirmed
Subasri Textile                         Export Packing     CRISIL B+      25      Reaffirmed
                                        Credit
Swiss Garnier Genexiaa Sciences         CC                 CRISIL B-      70      Migrated from
                                                                                  CRISIL B-/
                                                                                  Withdrawal
Issuer Not Cooperating
Swiss Garnier Genexiaa Sciences         Proposed LT Bk     CRISIL B-      289.2   Migrated from
                                        Loan Fac                                  CRISIL B-/
                                                                                  Withdrawal
Issuer Not Cooperating
Swiss Garnier Genexiaa Sciences         TL                 CRISIL B-      775.8   Migrated from
                                                                                  CRISIL B-/
                                                                                  Withdrawal
Issuer Not Cooperating
Terna Public Charitable Trust           TL                 CRISIL BBB-    350     Reaffirmed
Three Seasons Logistics Pvt Ltd         TL                 CRISIL B-      13      Assigned
Three Seasons Logistics Pvt Ltd         Proposed TL        CRISIL B-      2       Assigned
Three Seasons Logistics Pvt Ltd         LT Loan            CRISIL B-      100     Assigned
United Mud-Chem Pvt Ltd                 CC                 CRISIL BB      60      Reaffirmed
United Mud-Chem Pvt Ltd                 Proposed LT Bk     CRISIL BB      20      Reaffirmed
                                        Loan Fac
Voora Shreeram Constructions Pvt Ltd    CC                 CRISIL B       80      Migrated from
                                                                                  CRISIL B/
Issuer Not Cooperating                                                             Withdrawal  
--------------------------------------------------------------------------------------------
$: 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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