July 12, 2019 / 5:29 AM / 2 months ago

CRISIL ratings for Indian debt instruments-Jul 12

   Jul 12 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of July 11, 2019.


COMPANY                                INSTRUMENT          RATING         AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Apollo Vikas Steels Pvt Ltd             LOC                CRISIL A4      460     Reaffirmed
Armor Plast Ltd                         Export Packing     CRISIL A4+     25      Reaffirmed
                                        Credit & Export
                                        Bills Negotiation/Foreign Bill discounting
Aroma Craft and Tissues Pvt Ltd         LOC                CRISIL A3+     20      Upgraded from
                                                                                  CRISIL A3
Baliboina Sivaprasad                    ST Loan            CRISIL D       64.6    Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Garg Duplex and Paper Mills Pvt Ltd     LOC                CRISIL A3+     50      Upgraded from
                                                                                  CRISIL A3
Geetu Engineering And Constructions Pvt BG                 CRISIL A4+     75      Reaffirmed
Ltd
Geetu Engineering And Constructions Pvt Overdraft          CRISIL A4+     35      Reaffirmed
Ltd
Hitachi Hi-Rel Power Electronics Pvt LtdLOC & BG           CRISIL A1+     1800    Reaffirmed
Krishna Coil Cutters Pvt Ltd            Bill Discounting   CRISIL A3      50      Upgraded from
                                                                                  CRISIL A4+
Krishna Coil Cutters Pvt Ltd            LOC                CRISIL A3      400     Upgraded from
                                                                                  CRISIL A4+
Krishna Sheet Processors Pvt Ltd        LOC                CRISIL A3+     850     Upgraded from
                                                                                  CRISIL A3
Krishna Sheet Processors Pvt Ltd        LOC Bill           CRISIL A3+     200     Upgraded from
                                        Discounting                               CRISIL A3
Luxurico Ceramic LLP                    BG                 CRISIL A4      10      Reaffirmed
Machine Tools India Ltd                 Letter Of GuaranteeCRISIL A4+     70      Reaffirmed
Modi Timber Store                       LOC                CRISIL A4+     120     Assigned
Northern Arc 2019 CDL Samarambh         Series A1 PTCs     Provisional    581.2   Provisional
(Originator: Home Credit India Finance                     CRISIL A1 (SO)         Rating
Pvt Ltd)                                                                          Assigned
Northern Arc 2019 CDL Samarambh         Series A2 PTCs     Provisional    12.8    Provisional
(Originator: Home Credit India Finance                     CRISIL A2 (SO)         Rating
Pvt Ltd)                                                                          Assigned
Power Grid Corporation of India Ltd     BG                 CRISIL A1+     11000   Reaffirmed
Power Grid Corporation of India Ltd     LOC                CRISIL A1+     16000   Reaffirmed
Power Grid Corporation of India Ltd     CP                 CRISIL A1+     60000   Reaffirmed
(Enhanced from Rs.3900 Crore)**. 
**Short term debt and commercial paper borrowing will cumulatively not 
exceed Rs 6000 crore at any point
Power Grid Corporation of India Ltd     ST Debt            CRISIL A1+     60000   Reaffirmed
(Enhanced from Rs.2100 Crore)**. 
**Short term debt and commercial paper borrowing will cumulatively 
not exceed Rs 6000 crore at any point
Rama Pulp and Papers Ltd                BG                 CRISIL A3+     11      Reaffirmed
Saibaba Ship Breaking Corporation       LOC                CRISIL A4      460     Reaffirmed
Shree Nidhi Secure Print Pvt Ltd        BG                 CRISIL A4+     20      Reaffirmed
Shreno Ltd                              ST Bk Fac          CRISIL A1      250     Reaffirmed
Shreno Ltd                              CP Programme       CRISIL A1      200     -
(Continues on Rating Watch with Developing Implications) 
Silverton Pulp and Papers Pvt Ltd       LOC                CRISIL A3+     300     Upgraded from
                                                                                  CRISIL A3
Sukaso Ceracolors Pvt Ltd               LOC                CRISIL A3      20      Reaffirmed
Sukaso Ceracolors Pvt Ltd               LOC & BG           CRISIL A3      140     Reaffirmed
Sukaso Ceracolors Pvt Ltd               Packing Credit in  CRISIL A3      240     Reaffirmed
                                        Foreign Currency
Tessitura Monti India Pvt Ltd           BG                 CRISIL A3      20      Reaffirmed
Tessitura Monti India Pvt Ltd           Inland/Import LOC  CRISIL A3      100     -
Tessitura Monti India Pvt Ltd           Packing Credit in  CRISIL A3      200     Reaffirmed
                                        Foreign Currency*
* sublimit of Rs.2 Cr. as pre-shipment credit
Vedant Fashions Pvt Ltd                 CP Programme       CRISIL A1+     100     -


LONG TERM RATINGS:
-------------------
3D Technopack Pvt Ltd                   CC                 CRISIL BB+     130     Reaffirmed
Apollo Vikas Steels Pvt Ltd             CC                 CRISIL B+      40      Reaffirmed
Armor Plast Ltd                         Bill Discounting   CRISIL BB+     4       Upgraded from
                                                                                  CRISIL
                                                                                  BB
Armor Plast Ltd                         CC                 CRISIL BB+     18.5    Upgraded from
                                                                                  CRISIL
                                                                                  BB
Armor Plast Ltd                         Proposed LT Bk     CRISIL BB+     37.5    Upgraded from
                                        Loan Fac                                  CRISIL
                                                                                  BB
Armor Plast Ltd                         TL                 CRISIL BB+     15      Upgraded from
                                                                                  CRISIL
                                                                                  BB
Aroma Craft and Tissues Pvt Ltd         CC                 CRISIL BBB     100     Upgraded from
                                                                                  CRISIL
                                                                                  BBB-
Aroma Craft and Tissues Pvt Ltd         LT Loan            CRISIL BBB     23.6    Upgraded from
                                                                                  CRISIL
                                                                                  BBB-
Arun Vidyuth Pvt Ltd                    LT Loan            CRISIL D       145.1   Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Arun Vidyuth Pvt Ltd                    Proposed LT Bk     CRISIL D       84.9    Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BB+
Baliboina Sivaprasad                    Overdraft          CRISIL D       18.5    Downgraded
                                                                                  from CRISIL
                                                                                  BB-

Baliboina Sivaprasad                    Proposed LT Bk     CRISIL D       16.9    Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BB-
Cubatic Projects Pvt Ltd                CC                 CRISIL B       180     Reaffirmed
Galaxy Machinery Pvt Ltd                BG                 CRISIL D       10      Downgraded
                                                                                  from CRISIL
                                                                                  B
Galaxy Machinery Pvt Ltd                CC                 CRISIL D       70      Downgraded
                                                                                  from CRISIL
                                                                                  B
Galaxy Machinery Pvt Ltd                LOC                CRISIL D       30      Downgraded
                                                                                  from CRISIL
                                                                                  B
Galaxy Machinery Pvt Ltd                LT Loan            CRISIL D       17      Downgraded
                                                                                  from CRISIL
                                                                                  B
Galaxy Machinery Pvt Ltd                Proposed WC Fac    CRISIL D       73      Downgraded
                                                                                  from CRISIL
                                                                                  B
Garg Duplex and Paper Mills Pvt Ltd     CC                 CRISIL BBB     100     Upgraded from
                                                                                  CRISIL
                                                                                  BBB-
Garg Duplex and Paper Mills Pvt Ltd     Proposed LT Bk     CRISIL BBB     71      Upgraded from
                                        Loan Fac                                  CRISIL
                                                                                  BBB-
Geetu Engineering And Constructions Pvt LT Loan            CRISIL BB-     25      Reaffirmed
Ltd
Hitachi Hi-Rel Power Electronics Pvt Ltd Overdraft         CRISIL AA-     2200    Reaffirmed
Hitachi Hi-Rel Power Electronics Pvt Ltd Proposed LT Bk    CRISIL AA-     3       Reaffirmed
                                        Loan Fac
Indian Receivable Trust Jun 19 A        Series A PTCs      Provisional    3669.6  Assigned
(Originator: Tata Motors Finance Ltd)                      CRISIL AAA (SO)
Indian Receivable Trust Jun 19 A        Second Loss Fac    Provisional    220.2   Assigned
(Originator: Tata Motors Finance Ltd)                      CRISIL BBB+
                                                           (SO) Equivalent
J. Y. International                     CC                 CRISIL D       145     Downgraded
                                                                                  from CRISIL
                                                                                  BB-
J. Y. International                     Export Packing     CRISIL D       60      Downgraded
                                        Credit                                    from CRISIL
                                                                                  BB-
J. Y. International                     TL                 CRISIL D       5       Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Krishna Coil Cutters Pvt Ltd            CC                 CRISIL BBB-    210     Upgraded from
                                                                                  CRISIL
                                                                                  BB+
Krishna Sheet Processors Pvt Ltd        CC                 CRISIL BBB     300     Upgraded from
                                                                                  CRISIL
                                                                                  BBB-
Luxurico Ceramic LLP                    CC                 CRISIL B+      40      Reaffirmed
Luxurico Ceramic LLP                    LT Loan            CRISIL B+      68      Reaffirmed
Luxurico Ceramic LLP                    Proposed CC Limit  CRISIL B+      2       Assigned
Machine Tools India Ltd                 CC                 CRISIL BB-     80      Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Maharashtra Cricket Association         Proposed LT Bk     CRISIL D       700     Reaffirmed
                                        Loan Fac
Migrated from CRISIL D (Issuer Not Cooperating)
Maharashtra Cricket Association         TL                 CRISIL D       925     Reaffirmed
Migrated from CRISIL D (Issuer Not Cooperating)
Mahavir Eco Projects Pvt Ltd            Drop Line          CRISIL BB-     75.5    Upgraded from
                                        Overdraft Fac                             CRISIL
                                                                                  B+
Mahavir Eco Projects Pvt Ltd            Proposed LT Bk     CRISIL BB-     72      Upgraded from
                                        Loan Fac                                  CRISIL
                                                                                  B+
Mani Jewel                              CC                 CRISIL BB+     128.5   Reaffirmed
Mani Jewel                              Proposed CC Limit  CRISIL BB+     71.5    Assigned
Mars Envirotech Ltd                     CC                 CRISIL D       15      Downgraded
                                                                                  from CRISIL B
(Issuer Not Cooperating)
Mars Envirotech Ltd                     TL                 CRISIL D       50      Downgraded
                                                                                  from CRISIL B
(Issuer Not Cooperating)
Modi Timber Store                       Bill Discounting   CRISIL BB-     5       Assigned
Northern Arc 2019 MFI Yon (Originator:  Series A PTCs      CRISIL A (SO)  -       Converted
Asirvad Microfinance Ltd)                                                         from
                                                                                  Provisional
                                                                                  Rating to 
                                                                                  Final Rating
Power Grid Corporation of India Ltd     CC                 CRISIL AAA     30000   Reaffirmed
Power Grid Corporation of India Ltd     Proposed LT Bk     CRISIL AAA     68000   Assigned
                                        Loan Fac
Power Grid Corporation of India Ltd     LT Borrowing       CRISIL AAA     100000  Reaffirmed
                                        Programme*
* The borrowing programme pertains to fiscal 2020
Power Grid Corporation of India Ltd     LT Borrowing       CRISIL AAA     300000  Reaffirmed
                                        Programme@
'@ The borrowing programme pertains to fiscal 2019. Of the total Rs 30,000 crore, 
Rs 20,000 crore was to be raised as bonds. The remaining Rs 10,000 crore was to
be raised as long-term loans. 
Power Grid Corporation of India Ltd     LT Borrowing       CRISIL AAA     260000  Reaffirmed
                                        Programme#
#The borrowing programme pertains to fiscal 2017. Of the total Rs 26,000 crore, 
Rs 14,000 crore was to be raised as bonds against which Rs 13481 crore has already 
been raised under Series LIII, LIV, LV, LVI, LVII and LVIII. The remaining Rs 12,000 
crore was to be raised as long-term loans. 
Power Grid Corporation of India Ltd     LT Borrowing       CRISIL AAA     260000  Reaffirmed
                                        Programme^
^The borrowing programme pertains to fiscal 2018. Of the total Rs 26,000 crore,
 Rs 14,000 crore was to be raised as bonds against which Rs 9130 crore has already 
 been raised under Series LIX, LX and LXI. The remaining Rs 12,000 crore was 
 to be raised as long-term loans. 
Power Grid Corporation of India Ltd     Bond Programme     CRISIL AAA     560328.5Reaffirmed
Power Grid Corporation of India Ltd     Bond Programme     CRISIL AAA     10895.1 Reaffirmed
PVS Memorial Hospital Pvt Ltd           Overdraft          CRISIL D       25      Downgraded
                                                                                  from CRISIL
                                                                                  B
PVS Memorial Hospital Pvt Ltd           Proposed Overdraft CRISIL D       75      Downgraded
                                        Fac                                       from CRISIL
                                                                                  B
Rama Pulp and Papers Ltd                CC*                CRISIL BBB     125     Reaffirmed
*Letter of credit sublimit of Rs 1.50 crore 
Rama Pulp and Papers Ltd                TL                 CRISIL BBB     16.3    Reaffirmed
Saibaba Ship Breaking Corporation       CC                 CRISIL B+      40      Reaffirmed
Shree Nidhi Secure Print Pvt Ltd        CC                 CRISIL BB      59      Upgraded from
                                                                                  CRISIL
                                                                                  BB-
Shree Nidhi Secure Print Pvt Ltd        Proposed LT Bk     CRISIL BB      51      Upgraded from
                                        Loan Fac                                  CRISIL
                                                                                  BB-
Shreno Ltd                              CC^                CRISIL A       150     Reaffirmed
^One way interchangeable from fund based to non-fund based limits
Shreno Ltd                              CC*                CRISIL A       200     Reaffirmed
*Interchangeable with non-fund based limits
Shreno Ltd                              Overdraft          CRISIL A       50      Reaffirmed
Shreno Ltd                              TL                 CRISIL A       1200    Reaffirmed
Shreno Ltd                              WC Demand Loan     CRISIL A       200     Reaffirmed
Silverton Pulp and Papers Pvt Ltd       CC                 CRISIL BBB     450     Upgraded from
                                                                                  CRISIL
                                                                                  BBB-
Silverton Pulp and Papers Pvt Ltd       LT Loan            CRISIL BBB     700     Upgraded from
                                                                                  CRISIL
                                                                                  BBB-
Sre Vengadalakshmi Spinners             Cash TL            CRISIL D       25      Downgraded
                                                                                  from CRISIL
                                                                                  B+
Sre Vengadalakshmi Spinners             Open CC            CRISIL D       22      Downgraded
                                                                                  from CRISIL
                                                                                  B+
Sre Vengadalakshmi Spinners             WC Demand Loan     CRISIL D       88      Downgraded
                                                                                  from CRISIL
                                                                                  B+
Sri Venkateswara Boiled and Raw Rice    CC                 CRISIL BB-     110     Reaffirmed
Mill
Sukaso Ceracolors Pvt Ltd               CC                 CRISIL BBB-    30      Reaffirmed
Sukaso Ceracolors Pvt Ltd               Proposed CC Limit  CRISIL BBB-    120     Reaffirmed
Sukaso Ceracolors Pvt Ltd               Proposed LT Bk     CRISIL BBB-    50      Assigned
                                        Loan Fac
Sundaram BNP Paribas Home Finance Ltd   TL                 CRISIL AA+     7500    Reaffirmed
Sundaram BNP Paribas Home Finance Ltd   TL                 CRISIL AA+     7500    Reaffirmed
Tessitura Monti India Pvt Ltd           Proposed LT Bk     CRISIL BBB-    350     -
                                        Loan Fac
Tessitura Monti India Pvt Ltd           Standby Line of    CRISIL BBB-    50      -
                                        Credit
Tessitura Monti India Pvt Ltd           TL                 CRISIL BBB-    150.3   Reaffirmed
Tessitura Monti India Pvt Ltd           WC Fac             CRISIL BBB-    800     Reaffirmed
Vedant Fashions Pvt Ltd                 Line of Credit     CRISIL AA-     300     Reaffirmed
Vedant Fashions Pvt Ltd                 Overdraft          CRISIL AA-     800     Reaffirmed
Vedant Fashions Pvt Ltd                 WC Demand Loan     CRISIL AA-     100     -
Vivriti Logan 06 2019 (Originator:      Series A1 PTCs     Provisional    718.7   Assigned
Annapurna Finance Pvt Ltd)                                 CRISIL A (SO)
Vivriti Logan 06 2019 (Originator:      Series A2 PTCs     Provisional    7.9     Assigned
Annapurna Finance Pvt Ltd)                                 CRISIL A- (SO)
--------------------------------------------------------------------------------------------
$: 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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