July 11, 2019 / 10:27 AM / 6 days ago

CRISIL ratings for Indian debt instruments-Jul 11

    Jul 11 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of July 10, 2019.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Ajanta Soya Ltd                         BG^                CRISIL A4+     20      Downgraded
                                                                                  from CRISIL A3
^One-way fully changeable with LC limit
Ajanta Soya Ltd                         Foreign Exchange   CRISIL A4+     100     Downgraded
                                        Forward                                   from CRISIL A3
Ajanta Soya Ltd                         LOC#               CRISIL A4+     400     Downgraded
                                                                                  from CRISIL A3
# Including overdraft facility of Rs 4 crore
Ajanta Soya Ltd                         LOC##              CRISIL A4+     530     Downgraded
                                                                                  from CRISIL A3
## LOU/LOC for Buyer's Credit is sanctioned as Sub limit of LC facility
Classic Coir Factory                    Export Packing     CRISIL A4      18      Reaffirmed
                                        Credit
Classic Coir Factory                    Packing Credit     CRISIL A4      50      Reaffirmed
Crystal Knitters Pvt Ltd                BG                 CRISIL A4+     1.5     Reaffirmed
D.P.M.K. Fertilizers Pvt Ltd            BG                 CRISIL A4+     5       Reaffirmed
Gruh Finance Ltd                        CP                 CRISIL A1+     75000   Reaffirmed
H.V.Equipments Pvt Ltd                  BG                 CRISIL A4      120     Reaffirmed
H.V.Equipments Pvt Ltd                  Proposed BG        CRISIL A4      40      Reaffirmed
Karnataka Aromas                        Foreign LOC        CRISIL A4+     150     Reaffirmed
Karuna Management Services Ltd          BG                 CRISIL A2      85      Reaffirmed
M I A Construction Pvt Ltd              BG                 CRISIL A4+     140     Reaffirmed
Medall Healthcare Pvt Ltd               BG                 CRISIL A2      50      Downgraded
                                                                                  from CRISIL
                                                                                  A2+
Medall Healthcare Pvt Ltd               Proposed BG        CRISIL A2      20      Downgraded
                                                                                  from CRISIL
                                                                                  A2+
Medall Healthcare Pvt Ltd               Proposed ST Bk     CRISIL A2      250     Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  A2+
Next Education India Pvt Ltd            Overdraft          CRISIL A3+     200     Assigned
Prestigious Scors Pvt Ltd               BG                 CRISIL A4+     50      Reaffirmed
Ran India Steels Pvt Ltd                LOC                CRISIL A4+     400     Reaffirmed
TCP Ltd                                 BG                 CRISIL A3+     42.6    Reaffirmed
TCP Ltd                                 LOC                CRISIL A3+     1130    Reaffirmed


MEDIUM TERM RATINGS:
-------------------
Gruh Finance Ltd                        FD Programme       FAAA           -       -
(Continues on 'Rating Watch with Negative Implications')
TCP Ltd                                 FD                 FA-            360     Reaffirmed



LONG TERM RATINGS:
-------------------
Ajanta Soya Ltd                         CC*                CRISIL BB+     250     Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
*One-way changeable with letter of credit (LC) limit up to Rs 20 crore
Chintapally Sai Baba Energy Pvt Ltd     LT Loan            CRISIL D       70      Downgraded
                                                                                  from CRISIL
                                                                                  BB+
(Issuer Not Cooperating)
Classic Coir Factory                    Foreign Bill       CRISIL B+      50      Upgraded from
                                        Purchase                                  CRISIL B
Classic Coir Factory                    Proposed WC Fac    CRISIL B+      22      Upgraded from
                                                                                  CRISIL B
Crystal Knitters Pvt Ltd                CC                 CRISIL BB-     75      Reaffirmed
Crystal Knitters Pvt Ltd                WC TL              CRISIL BB-     10      Reaffirmed
D.P.M.K. Fertilizers Pvt Ltd            CC                 CRISIL BB-     115     Reaffirmed
Digikredit Finance Pvt Ltd              Proposed LT Bk     CRISIL BBB-    2500    Assigned
                                        Loan Fac
Gruh Finance Ltd                        NCDs               CRISIL AAA     30750   -
(Continues on 'Rating Watch with Negative Implications')
Gruh Finance Ltd                        NCDs               CRISIL AAA     20000   -
(Continues on 'Rating Watch with Negative Implications')
Gruh Finance Ltd                        Subordinated Debt  CRISIL AAA     350     -
                                        Issue
(Continues on 'Rating Watch with Negative Implications')
H.V.Equipments Pvt Ltd                  BG                 CRISIL B       10      Reaffirmed
H.V.Equipments Pvt Ltd                  Overdraft          CRISIL B       40      Reaffirmed
He-Man Auto RoboPark Pvt Ltd            CC                 CRISIL B       75      Upgraded from
                                                                                  CRISIL B-
He-Man Auto RoboPark Pvt Ltd            Proposed LT Bk     CRISIL B       10.8    Upgraded from
                                        Loan Fac                                  CRISIL B-
He-Man Auto RoboPark Pvt Ltd            TL                 CRISIL B       14.2    Upgraded from
                                                                                  CRISIL B-
K G N Motors Pvt Ltd                    CC                 CRISIL D       100     Downgraded
                                                                                  from CRISIL B
(Issuer Not Cooperating)
K G N Motors Pvt Ltd                    Rupee TL           CRISIL D       50      Downgraded
                                                                                  from CRISIL B
(Issuer Not Cooperating)
Karnataka Aromas                        CC                 CRISIL BB      350     Upgraded from
                                                                                  CRISIL BB-
Karuna Management Services Ltd          CC                 CRISIL BBB+    900     Reaffirmed
Karuna Management Services Ltd          Non-FBL            CRISIL BBB+    5       Reaffirmed
Karuna Management Services Ltd          Proposed CC Limit  CRISIL BBB+    250     Reaffirmed
Karuna Management Services Ltd          Standby LOC        CRISIL BBB+    45      Reaffirmed
Kolhapur Municipal Corporation          Corporate Credit   CCR BBB+       -       -
                                        Rating
Renewed and Reaffirmed
Medall Healthcare Pvt Ltd               CC & WC demand loanCRISIL BBB+    750     Downgraded
                                                                                  from CRISIL A-
Medall Healthcare Pvt Ltd               LT Loan            CRISIL BBB+    810     Downgraded
                                                                                  from CRISIL A-
Medall Healthcare Pvt Ltd               Proposed LT Bk     CRISIL BBB+    300     Downgraded
                                        Loan Fac                                  from CRISIL A-
Multi Globe Dairies Pvt Ltd             Proposed LT Bk     CRISIL BB      4.5     Assigned
                                        Loan Fac
Multi Globe Dairies Pvt Ltd             CC                 CRISIL BB      35.5    Assigned
Multi Globe Dairies Pvt Ltd             LT Loan            CRISIL BB      20      Assigned
Next Education India Pvt Ltd            LT Loan            CRISIL BBB     1200    Reaffirmed
Nirmala Automobiles Pvt Ltd             CC                 -              30      Withdrawn
Nirmala Automobiles Pvt Ltd             Channel Financing  -              120     Withdrawn
Nirmala Automobiles Pvt Ltd             Proposed LT Bk     -              10      Withdrawn
                                        Loan Fac
Om Shivam Buildcon Pvt Ltd              CC                 CRISIL BB      50      Reaffirmed
Om Shivam Buildcon Pvt Ltd              Proposed LT Bk     CRISIL BB      103     Reaffirmed
                                        Loan Fac
Om Shivam Buildcon Pvt Ltd              TL                 CRISIL BB      527     Reaffirmed
Pancham Jewellers Pvt Ltd               CC                 CRISIL D       240     Downgraded
                                                                                  from CRISIL BB
(Issuer Not Cooperating)
Pancham Jewellers Pvt Ltd               Standby Line of    CRISIL D       10      Downgraded
                                        Credit                                    from CRISIL BB
(Issuer Not Cooperating)
Prestigious Scors Pvt Ltd               Secured Overdraft  CRISIL BB      50      Reaffirmed
                                        Fac
Prestigious Scors Pvt Ltd               TL                 CRISIL BB      21.3    Reaffirmed
Ran India Steels Pvt Ltd                CC                 CRISIL BB      525     Upgraded from
                                                                                  CRISIL BB-
Ran India Steels Pvt Ltd                TL                 CRISIL BB      54      Upgraded from
                                                                                  CRISIL BB-
Sagar Enterprises                       CC                 Withdrawn      90      -
(Rating Reaffirmed and Withdrawn)
Santosh Kumar Rajesh Kumar              CC                 CRISIL D       50      Downgraded
                                                                                  from CRISIL B+
TCP Ltd                                 CC                 CRISIL BBB     680     Reaffirmed
TCP Ltd                                 Proposed CC Limit  CRISIL BBB     557.4   Reaffirmed
Travancore Earth Moving Company         BG                 CRISIL D       16.5    Downgraded
                                                                                  from CRISIL B
Travancore Earth Moving Company         CC                 CRISIL D       40      Downgraded
                                                                                  from CRISIL B
Travancore Earth Moving Company         Proposed FB Bk     CRISIL D       43.5    Downgraded
                                        Limits                                    from CRISIL B
Udaya Hardwares - Kanyakumari           CC                 CRISIL BB      40      Reaffirmed
Udaya Hardwares - Kanyakumari           TL                 CRISIL BB      10      Reaffirmed
Vasudev Alucan Pvt Ltd                  CC                 CRISIL B       50      -
(Issuer Not Cooperating)
Vasudev Alucan Pvt Ltd                  TL                 CRISIL B       35      -
(Issuer Not Cooperating)


--------------------------------------------------------------------------------------------
$: 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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