July 14, 2020 / 8:08 AM / a month ago

CRISIL ratings for Indian debt instruments-Jul 14

    Jul 14 - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of July 13, 2020.


COMPANY                                INSTRUMENT        RATING        AMOUNT MOVEMENT
                                                                      (RS.MLN)
------                                 ----------        ------        -----  ---------
SHORT TERM RATINGS:
-------------------
Associated Soap Stone Distributing     LOC & BG          CRISIL A2     350    -
Company Pvt Ltd
(Downgraded from 'CRISIL A2+')
Clean Science and Technology Pvt Ltd   LOC & BG          CRISIL A1     50     Reaffirmed
Clean Science and Technology Pvt Ltd   Overdraft         CRISIL A1     80     Reaffirmed
Exemed Pharmaceuticals                 Inland/Import LOC CRISIL A2     100    Reaffirmed
IndiaNivesh Securities Ltd             BG                CRISIL A4     400    Reaffirmed
(ISSUER NOT COOPERATING; Removed from 'Rating Watch with Negative Implications')
Innovative Vastunirman Pvt Ltd         BG                CRISIL A4+    45     Reaffirmed
Innovative Vastunirman Pvt Ltd         LOC               CRISIL A4+    5      Reaffirmed
Khukhrain Builders                     BG                CRISIL A4     65     Reaffirmed
Manappuram Finance Ltd                 BG                CRISIL A1+    200    Reaffirmed
Manappuram Finance Ltd                 CP                CRISIL A1+    40000  Reaffirmed
Modi-Mundipharma Pvt Ltd               BG                CRISIL A3+    6      Reaffirmed
Modi-Mundipharma Pvt Ltd               LOC               CRISIL A3+    20     Reaffirmed
Mumbai International Airport Ltd       BG                CRISIL A4+    3300   Reaffirmed
(Continues on 'Rating Watch with Negative Implications')
Mumbai International Airport Ltd       LOC               CRISIL A4+    2500   Reaffirmed
(Continues on 'Rating Watch with Negative Implications')
Peacemoon Traders                      Packing Credit    CRISIL A4     117    Reaffirmed
Poly Medicure Ltd                      Non-FBL           CRISIL A1     550    Reaffirmed
Prima Telecom Ltd                      BG                CRISIL A3+    54     Reaffirmed
Prima Telecom Ltd                     Cheque Discounting CRISIL A3+    100    Reaffirmed
Prima Telecom Ltd                      LOC               CRISIL A3+    146    Reaffirmed
Sravins Instruments and Systems        BG                CRISIL A4+    80     Reaffirmed
Toshbro Medicals Pvt Ltd               BG                CRISIL A4+    50     -
(Upgraded from 'CRISIL A4')
Venkata Lakshmi Narasimha Rice         Overdraft         CRISIL A4+    75     Reaffirmed
Industries


LONG TERM RATINGS:
-------------------
Acer Granito Pvt Ltd                   Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Associated Soap Stone Distributing     Bill Discounting  CRISIL        20     -
Company Pvt Ltd                                          BBB+/Negative
(Downgraded from 'CRISIL A-/Stable')
Associated Soap Stone Distributing     CC                CRISIL        550    -
Company Pvt Ltd                                          BBB+/Negative
(Downgraded from 'CRISIL A-/Stable')
Associated Soap Stone Distributing     LT Loan           CRISIL        218.2  -
Company Pvt Ltd                                          BBB+/Negative
(Downgraded from 'CRISIL A-/Stable')
Associated Soap Stone Distributing     WC Demand Loan    CRISIL        50     -
Company Pvt Ltd                                          BBB+/Negative
(Downgraded from 'CRISIL A-/Stable')
Bank of Baroda                         Tier I Bonds      CRISIL        45000  Assigned
                                       (Under Basel III) AA+/Negative
Bank of Baroda                         Tier I Bonds      CRISIL        30000  Reaffirmed
                                       (Under Basel III) AA+/Negative
Bank of Baroda                         Tier I Bonds      CRISIL        18500  Reaffirmed
                                       (Under Basel III) AA+/Negative
Bank of Baroda                         Lower Tier-II     CRISIL        8500   Reaffirmed
                                      Bonds (Under Basel AAA/Stable
                                       II)*
(*transferred from Dena Bank)
Bank of Baroda                        Tier-II Bond Issue CRISIL        20000  Reaffirmed
                                       (Under Basel III) AAA/Stable
Bank of Baroda                         Tier I Perpetual  CRISIL        9498   Reaffirmed
                                      Bonds (Under Basel AAA/Stable
                                       II)
Bank of Baroda                         Upper Tier II     CRISIL        20000  Reaffirmed
                                      Bonds (Under Basel AAA/Stable
                                       II)
Clean Science and Technology Pvt Ltd   Proposed WC Fac   CRISIL        104.5  Reaffirmed
                                                         A/Positive
(Outlook revised from 'Stable' and rating reaffirmed)
Clean Science and Technology Pvt Ltd   WC Fac            CRISIL        20     Reaffirmed
                                                         A/Positive
(Outlook revised from 'Stable' and rating reaffirmed)
Competent Automobiles Co. Ltd          Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Excel Cotspin India Pvt Ltd            CC                CRISIL        128.7  -
                                                         BBB+/Stable
Exemed Pharmaceuticals                 CC                CRISIL        100    Reaffirmed
                                                         BBB+/Stable
Gnyana Mandir Trust                    TL                CRISIL        100    -
                                                         BBB-/Stable
(Migrated from 'CRISIL BB+/Stable ISSUER NOT COOPERATING')
Innovative Vastunirman Pvt Ltd         CC                CRISIL        20     Reaffirmed
                                                         BB-/Stable
Jaldhaka Cold Storage Pvt Ltd          BG                CRISIL D      3      -
(Downgraded from 'CRISIL B-/Stable')
Jaldhaka Cold Storage Pvt Ltd          CC                CRISIL D      12.5   -
(Downgraded from 'CRISIL B-/Stable')
Jaldhaka Cold Storage Pvt Ltd         Funded Interest TL CRISIL D      13     -

(Downgraded from 'CRISIL B-/Stable')
Jaldhaka Cold Storage Pvt Ltd          LT Loan           CRISIL D      36.5   -
(Downgraded from 'CRISIL B-/Stable')
Jaldhaka Cold Storage Pvt Ltd          WC TL             CRISIL D      75     -
(Downgraded from 'CRISIL B-/Stable')
Khukhrain Builders                     Overdraft         CRISIL        55.6   Reaffirmed
                                                         B/Stable
Lemon Tree Hotels Ltd                  Overdraft         CRISIL        200    Reaffirmed
                                                         A-/Negative
Lemon Tree Hotels Ltd                  Proposed LT Bk    CRISIL        200    Reaffirmed
                                       Loan Fac          A-/Negative
Lemon Tree Hotels Ltd                  TL                CRISIL        2100   Reaffirmed
                                                         A-/Negative
Manappuram Finance Ltd                 CC/ Overdraft Fac CRISIL        6600   Reaffirmed
                                                         AA/Stable
Manappuram Finance Ltd                 Proposed LT Bk    CRISIL        62.5   Reaffirmed
                                       Loan Fac          AA/Stable
Manappuram Finance Ltd                 TL                CRISIL        8187.5 Reaffirmed
                                                         AA/Stable
Manappuram Finance Ltd                 WC Demand Loan    CRISIL        34950  Reaffirmed
                                                         AA/Stable
Manappuram Finance Ltd                 NCD               CRISIL        7000   Assigned
                                                         AA/Stable
Manappuram Finance Ltd                 NCD               CRISIL       11650.5 Reaffirmed
                                                         AA/Stable
Manappuram Finance Ltd                 NCD               CRISIL        2000   Reaffirmed
                                                         AA/Stable
Manappuram Finance Ltd                 NCD               CRISIL        5000   Reaffirmed
                                                         AA/Stable
Manappuram Finance Ltd                 NCD               CRISIL        3500   Reaffirmed
                                                         AA/Stable
Manappuram Finance Ltd                 LT Principal      CRISIL PP-MLD 2500   Reaffirmed
                                       Protected Market  AAr/Stable
                                       Linked Debentures 
Miracle Software Systems India Pvt Ltd LT Loan           CRISIL        160    Reaffirmed
                                                         BB+/Stable
Miracle Software Systems India Pvt Ltd Proposed LT Bk    CRISIL        80     Reaffirmed
                                       Loan Fac          BB+/Stable
Modi-Mundipharma Pvt Ltd               Bill Discounting  CRISIL        50     Reaffirmed
                                                         BBB/Stable
Modi-Mundipharma Pvt Ltd               CC                CRISIL        474.4  Reaffirmed
                                                         BBB/Stable
Modi-Mundipharma Pvt Ltd               Proposed LT Bk    CRISIL        79.6   Assigned
                                       Loan Fac          BBB/Stable
Mumbai International Airport Ltd       BG#               CRISIL BB+    1750   Reaffirmed
(Continues on 'Rating Watch with Negative Implications'. 
# Financial Guarantee. Interchangeable with Rupee Term Loan)
Mumbai International Airport Ltd       CC                CRISIL BB+    3300   Reaffirmed
(Continues on 'Rating Watch with Negative Implications')
Mumbai International Airport Ltd       LOC*              CRISIL BB+    500    Reaffirmed
(Continues on 'Rating Watch with Negative Implications'. 
* Interchangeable with Sight Letter of Credit, Usance Letter of Credit, Buyers Credit, Inland
Letter of Credit to the extent of Rs. 15 crores, Performance bank guarantee, Financial bank
guarantee to the extent of Rs. 40 crores, and Revolving Short Term Loan to the extent of Rs. 20
crores.) 
Mumbai International Airport Ltd       Rupee TL          CRISIL BB+    3500   Reaffirmed
(Continues on 'Rating Watch with Negative Implications')
Mumbai International Airport Ltd       Rupee TL          CRISIL BB+   82967.4 Reaffirmed
(Continues on 'Rating Watch with Negative Implications')
Mumbai International Airport Ltd       NCD               CRISIL BB+    20000  -
(Continues on Rating Watch with Negative Implications)
Navi Mumbai International Airport Pvt  Proposed LT Bk    CRISIL BB+    103000 Reaffirmed
Ltd                                    Loan Fac
(Continues on 'Rating Watch with Negative Implications')
Poly Medicure Ltd                      FB Fac            CRISIL        825    Reaffirmed
                                                         A+/Stable
Poly Medicure Ltd                      LT Loan           CRISIL        825    Reaffirmed
                                                         A+/Stable
Prima Telecom Ltd                      Proposed LT Bk    -             200    Withdrawn
                                       Loan Fac
Prima Telecom Ltd                      CC                CRISIL        100    Reaffirmed
                                                         BBB/Negative
Prime Automobiles Pvt Ltd              CC                CRISIL        130    Reaffirmed
                                                         BB/Stable
Prime Automobiles Pvt Ltd              Proposed LT Bk    CRISIL        92.5   Reaffirmed
                                       Loan Fac          BB/Stable
R.P. Singh Crusher and Construction    CC                CRISIL D      70.7   -
Company
(Issuer Not Cooperating)
Shraddha Motors Pvt Ltd                CC                CRISIL        60     Withdrawn
                                                         B/Stable
(ISSUER NOT COOPERATING; Rating Withdrawn)
Shraddha Motors Pvt Ltd                Proposed LT Bk    CRISIL        40     Withdrawn
                                       Loan Fac          B/Stable
(ISSUER NOT COOPERATING; Rating Withdrawn)
Shrim Bhanu Construction Pvt Ltd       Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Somany Fine Vitrified Pvt Ltd          Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
South India Finvest Pvt Ltd            Proposed LT Bk    CRISIL        100    Reaffirmed
                                       Loan Fac          B+/Stable
(Removed from 'Rating Watch with Negative Implications'; Rating Reaffirmed)
Sravins Instruments and Systems        CC                CRISIL        30     Reaffirmed
                                                         BB-/Stable
Sravins Instruments and Systems        Proposed BG       CRISIL        10     Reaffirmed
                                                         BB-/Stable
Sree Lakshmi Solvent Extractions       CC                CRISIL        60     Reaffirmed
                                                         BB-/Stable
Sree Lakshmi Solvent Extractions       LT Loan           CRISIL        11.1   Reaffirmed
                                                         BB-/Stable
Sree Lakshmi Solvent Extractions       Proposed LT Bk    CRISIL        28.9   Assigned
                                       Loan Fac          BB-/Stable
Sree Subha Sales                       BG                CRISIL        290    Withdrawn
                                                         BB+/Stable
(Issuer Not Cooperating)
Sree Subha Sales                       LT Loan           CRISIL        10     Withdrawn
                                                         BB+/Stable
(Issuer Not Cooperating)
Sree Subha Sales                       Overdraft         CRISIL        50     Withdrawn
                                                         BB+/Stable
(Issuer Not Cooperating)
Sribalaji Hatcheries Pvt Ltd           CC                CRISIL        90     -
                                                         BB/Stable
(Downgraded from 'CRISIL BB+/Stable')
Suryaa Chamball Power Ltd              CC                CRISIL        70     -
                                                         BBB/Stable
(Upgraded from 'CRISIL BBB-/Positive')
Suryaa Chamball Power Ltd              CC/ Overdraft Fac CRISIL        67.5   -
                                                         BBB/Stable
(Upgraded from 'CRISIL BBB-/Positive')
Suryaa Chamball Power Ltd              Proposed FB Bk    CRISIL        235.5  -
                                       Limits            BBB/Stable
(Upgraded from 'CRISIL BBB-/Positive')
Toshbro Medicals Pvt Ltd               CC                CRISIL        65     -
                                                         BB-/Stable
(Upgraded from 'CRISIL B+/Stable')
Venkata Lakshmi Narasimha Rice         TL                CRISIL        25     Reaffirmed
Industries                                               BB-/Stable
--------------------------------------------------------------------------------------------
$: 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@refinitiv.com)
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