July 23, 2019 / 8:27 AM / 5 months ago

CRISIL ratings for Indian debt instruments-Jul 23

    Jul 23 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of July 22, 2019.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
BP Plyboard Pvt Ltd                     Letter Of GuaranteeCRISIL A4+     2.8     Upgraded from
                                                                                  CRISIL A4
BP Plyboard Pvt Ltd                     LOC                CRISIL A4+     8       Upgraded from
                                                                                  CRISIL A4
C.R.Garments                            Bill Discounting   CRISIL A3+     30      Reaffirmed
C.R.Garments                            Packing Credit in  CRISIL A3+     120     Reaffirmed
                                        Foreign Currency
Chandra Bhan Anil Kumar Glass Works     LOC                CRISIL A4      6.5     Reaffirmed
D.Raja Cotton Pvt Ltd                   Inland Guarantees  CRISIL A4+     87      Assigned
Dhenu Infrastructure Pvt Ltd            BG                 CRISIL A4      59      Assigned
Globe Gas Equipments Industry Pvt Ltd   BG                 CRISIL A4+     22.5    Reaffirmed
Globe Gas Equipments Industry Pvt Ltd   Packing Credit     CRISIL A4+     87.5    Reaffirmed
Hira Coal Mines Pvt Ltd                 BG                 CRISIL A4+     50      Assigned
Kotak Infrastructure Debt Fund Ltd      CP                 CRISIL A1+     500     Reaffirmed
Kunjal Synergies Pvt Ltd                LOC                CRISIL A3      305     Upgraded from
                                                                                  CRISIL A4+
Kunjal Synergies Pvt Ltd                Proposed NFBL      CRISIL A3      325     Upgraded from
                                                                                  CRISIL A4+
Maa Vaishno Devi Refrigeration Pvt Ltd  Overdraft          CRISIL A4      4       -
(Issuer not cooperating)
Nikunj Sales Corporation                LOC                CRISIL A4      15      Reaffirmed
Numaligarh Refinery Ltd                 LOC & BG           CRISIL A1+     700     Reaffirmed
Numaligarh Refinery Ltd                 Proposed LOC#      CRISIL A1+     300     Reaffirmed
#Interchangeable with Bank Guarantee
Numaligarh Refinery Ltd                 Proposed ST Bk     CRISIL A1+     2000    Reaffirmed
                                        Loan Fac
Olivia Impex Pvt Ltd                    BG                 CRISIL A3+     5       Reaffirmed
Olivia Impex Pvt Ltd                    LOC                CRISIL A3+     570     Reaffirmed
Olivia Impex Pvt Ltd                    Standby LOC        CRISIL A3+     310     Reaffirmed
Punjab Stainless Steel Industries       Inland/Import LOC  CRISIL A3      50      Upgraded from
                                                                                  CRISIL A4+
Punjab Stainless Steel Industries       Packing Credit     CRISIL A3      140     Upgraded from
                                                                                  CRISIL A4+
Punjab Stainless Steel Industries       Post Shipment      CRISIL A3      320     Upgraded from
                                        Credit                                    CRISIL A4+
Raja Spintex LLP                        BG                 CRISIL A4+     60      Assigned
Raja Texspin LLP                        BG                 CRISIL A4+     90      Assigned
Regency Hospital Ltd                    LOC & BG           CRISIL A3      40      Assigned
Rupa & Co. Ltd                          BG                 CRISIL A1+     40      Reaffirmed
Rupa & Co. Ltd                          LOC                CRISIL A1+     10      Reaffirmed
Rupa & Co. Ltd                          CP                 CRISIL A1+     1800    Reaffirmed
Santa Sudha Rice Industries Pvt Ltd     BG                 CRISIL A4+     6.5     Reassigned
Shankara Building Products Ltd          Bill Discounting   CRISIL A2+     450     -
(Downgraded from 'CRISIL A1'; Removed from 'Rating Watch with Developing Implications')
Shankara Building Products Ltd          Proposed NFBL      CRISIL A2+     240     -
(Downgraded from 'CRISIL A1'; Removed from 'Rating Watch with Developing Implications')
Shankara Building Products Ltd          CP                 CRISIL A2+     600     -
(Downgraded from 'CRISIL A1'; Removed from 'Rating Watch with Developing Implications')
Sri Prasanna Metals and A               LOC                CRISIL A4      15      -
(Issuer not cooperating)
SRVS Industries                         BG                 CRISIL A4+     100     Reaffirmed
Synergy Ski Infradevelopment            BG                 CRISIL A4+     75      Reaffirmed
Tata Teleservices Ltd                   LOC & BG           CRISIL A1+     24021.5 Reaffirmed
Tata Teleservices Ltd                   ST Loan            CRISIL A1+     3750    Reaffirmed
Tata Teleservices Ltd                   CP                 CRISIL A1+     30000   Reaffirmed
Tritorc Equipments Pvt Ltd              BG                 CRISIL A4+     5       Reaffirmed
Tritorc Equipments Pvt Ltd              LOC                CRISIL A4+     5       Reaffirmed
Verga Attachments Pvt Ltd               LOC                CRISIL A3      110     Upgraded from
                                                                                  CRISIL
Vishal Precision Steel Tubes and Strips LOC                CRISIL A2+     300     -
Pvt Ltd
(Downgraded from 'CRISIL A1'; Removed from 'Rating Watch with Developing Implications')
Vishal Precision Steel Tubes and Strips Proposed NFBL      CRISIL A2+     3       -
Pvt Ltd
(Downgraded from 'CRISIL A1'; Removed from 'Rating Watch with Developing Implications')
 
LONG TERM RATINGS:
-------------------
Agrawal Soya Extracts Pvt Ltd           CC                 CRISIL B+      70      Reaffirmed
Agrawal Soya Extracts Pvt Ltd           Proposed LT Bk     CRISIL B+      18.4    Reaffirmed
                                        Loan Fac
Agrawal Soya Extracts Pvt Ltd           TL                 CRISIL B+      31.6    Reaffirmed
Aiswarya Silks                          CC                 CRISIL D       90      Reaffirmed
Aiswarya Silks                          LT Loan            CRISIL D       10      Reaffirmed
Aiswarya Silks                          Standby Line of    CRISIL D       5       Reaffirmed
                                        Credit
Antenna Trust                           Proposed LT Bk     -              30      Withdrawn
                                        Loan Fac
Ask Agencies And Investments Pvt Ltd    CC                 CRISIL BBB     100     Assigned
BP Plyboard Pvt Ltd                     CC                 CRISIL BB-     45      Upgraded from
                                                                                  CRISIL B+
BP Plyboard Pvt Ltd                     Proposed FB Bk     CRISIL BB-     26.2    Upgraded from
                                        Limits                                    CRISIL B+
BP Plyboard Pvt Ltd                     TL                 CRISIL BB-     28      Upgraded from
                                                                                  CRISIL B+
Brocade India Polytex Ltd               CC                 CRISIL BB-     55      Reaffirmed
Brocade India Polytex Ltd               LT Loan            CRISIL BB-     45      Reaffirmed
C.R.Garments                            CC                 CRISIL BBB     20      Reaffirmed
C.R.Garments                            LT Loan            CRISIL BBB     70      Reaffirmed
C.R.Garments                            Proposed LT Bk     CRISIL BBB     105     Reaffirmed
                                        Loan Fac
Centurywells Roofing India Pvt Ltd      CC                 CRISIL A-      200     -
(Downgraded from 'CRISIL A'; Removed from 'Rating Watch with Developing Implications')
Chandra Bhan Anil Kumar Glass Works     CC                 CRISIL B       32.5    Reaffirmed
Chandra Bhan Anil Kumar Glass Works     LT Loan            CRISIL B       21      Reaffirmed
D.Raja Cotton Pvt Ltd                   TL                 CRISIL BB+     144     Assigned
D.Raja Cotton Pvt Ltd                   CC                 CRISIL BB+     259     Assigned
Dhenu Infrastructure Pvt Ltd            Proposed LT Bk     CRISIL B+      0.5     Assigned
                                        Loan Fac
Dhenu Infrastructure Pvt Ltd            CC                 CRISIL B+      0.5     Assigned
Fedora Sea Foods Pvt Ltd                CC                 CRISIL BB+     150     Reaffirmed
Fedora Sea Foods Pvt Ltd                LT Loan            CRISIL BB+     150     Reaffirmed
Globe Gas Equipments Industry Pvt Ltd   CC                 CRISIL BB      42.5    Reaffirmed
Globe Gas Equipments Industry Pvt Ltd   Proposed LT Bk     CRISIL BB      32.5    Reaffirmed
                                        Loan Fac
GRG Trust                               TL                 CRISIL BBB     125     Reaffirmed
H C Jain Pipes Pvt Ltd                  Proposed CC Limit  -              20      Withdrawn
Hira Coal Mines Pvt Ltd                 Proposed CC Limit  CRISIL BB-     21      Assigned
Hira Coal Mines Pvt Ltd                 CC                 CRISIL BB-     49      Assigned
Kisan Shakti Krushi Udyog Pvt Ltd       Warehouse Receipts CRISIL B+      125     Reaffirmed
Kotak Infrastructure Debt Fund Ltd      NCD                CRISIL AAA     5000    Assigned
Kotak Infrastructure Debt Fund Ltd      NCD                CRISIL AAA     3000    Reaffirmed
Kotak Infrastructure Debt Fund Ltd      NCD                CRISIL AAA     2000    Reaffirmed
Kunjal Synergies Pvt Ltd                CC                 CRISIL BBB-    65      Upgraded from
                                                                                  CRISIL BB+
Kunjal Synergies Pvt Ltd                Proposed FB Bk     CRISIL BBB-    5       Upgraded from
                                        Limits                                    CRISIL BB+
M. O. Poonnen                           CC                 CRISIL D       55      Downgraded
                                                                                  from CRISIL B
M. O. Poonnen                           Proposed LT Bk     CRISIL D       10      Downgraded
                                        Loan Fac                                  from CRISIL B
M. O. Poonnen                           Standby Line of    CRISIL D       5       Downgraded
                                        Credit                                    from CRISIL B
M.G.R.Rice Industries                   Open CC            CRISIL BB+     350     Upgraded from
                                                                                  CRISIL BB
Maa Vaishno Devi Refrigeration Pvt Ltd  CC                 CRISIL B+      38.5    -
(Issuer not cooperating)
Maa Vaishno Devi Refrigeration Pvt Ltd  TL                 CRISIL B+      11.3    -
(Issuer not cooperating)
Magenta Distributors Pvt Ltd            TL                 CRISIL B       33      Assigned
Magenta Distributors Pvt Ltd            CC                 CRISIL B       65      Assigned
Magenta Distributors Pvt Ltd            Proposed LT Bk     CRISIL B       25.3    Assigned
                                        Loan Fac
Manisha Projects Pvt Ltd                BG                 -              735     -
(Rating reaffirmed and Withdrawn)
Manisha Projects Pvt Ltd                CC                 -              160     -
(Rating reaffirmed and Withdrawn)
Manisha Projects Pvt Ltd                Overdraft          -              30      -
(Rating reaffirmed and Withdrawn)
Mansha Agencies Pvt Ltd                 CC                 CRISIL BBB     325     Assigned
Mansha Agencies Pvt Ltd                 Corporate Loan     CRISIL BBB     75      Assigned
Nikunj Sales Corporation                CC                 CRISIL B       35      Reaffirmed
Numaligarh Refinery Ltd                 CC*                CRISIL AAA     4500    Reaffirmed
*Interchangeable with Working Capital Demand Loan
Numaligarh Refinery Ltd                 Proposed LT Bk     CRISIL AAA     500     Reaffirmed
                                        Loan Fac
Olivia Impex Pvt Ltd                    CC                 CRISIL BBB     10      Reaffirmed
Olivia Impex Pvt Ltd                    Standby LOC        CRISIL BBB     230     Reaffirmed
Olivia Impex Pvt Ltd                    Standby Line of    CRISIL BBB     200     Reaffirmed
                                        Credit
Punjab Stainless Steel Industries       LT Loan            CRISIL BBB-    25      Upgraded from
                                                                                  CRISIL BB+
Punjab Stainless Steel Industries       TL                 CRISIL BBB-    150     Upgraded from
                                                                                  CRISIL BB+
Punjab Stainless Steel Industries       Proposed LT Bk     CRISIL BBB-    15      Upgraded from
                                        Loan Fac                                  CRISIL BB+
R. S. Food Processes India Pvt Ltd      BG                 -              100     Withdrawn
Rating reaffirmed and Withdrawn)
R. S. Food Processes India Pvt Ltd      CC                 -              30      Withdrawn
Rating reaffirmed and Withdrawn)
R. S. Food Processes India Pvt Ltd      Proposed LT Bk     -              57.9    Withdrawn
                                        Loan Fac
Rating reaffirmed and Withdrawn)
R. S. Food Processes India Pvt Ltd      TL                 -              5.5     Withdrawn
Rating reaffirmed and Withdrawn)
Raja Industries                         CC                 CRISIL BB      500     Assigned
Raja Spintex LLP                        TL                 CRISIL BB+     490     Assigned
Raja Spintex LLP                        CC                 CRISIL BB+     100     Assigned
Raja Texspin LLP                        TL                 CRISIL BB+     880     Assigned
Raja Texspin LLP                        CC                 CRISIL BB+     320     Assigned
Rajchandra Agencies                     CC                 CRISIL BB-     200     Reaffirmed
Regency Hospital Ltd                    CC                 CRISIL BBB-    254     Assigned
Regency Hospital Ltd                    LT Loan            CRISIL BBB-    686     Assigned
Regency Hospital Ltd                    TL                 CRISIL BBB-    950     Assigned
Rupa & Co. Ltd                          CC                 CRISIL AA-     2780    Reaffirmed
Rupa & Co. Ltd                          Proposed LT Bk     CRISIL AA-     250     Reaffirmed
                                        Loan Fac
S.B.G. Software Pvt Ltd                 Lease Rental       CRISIL A       3000    Assigned
                                        Discounting Loan
S.B.G. Software Pvt Ltd                 Overdraft          CRISIL A       1000    Assigned
Sadbhav Bhavnagar Highway Pvt Ltd       LT Loan            CRISIL A       4344.9  Reaffirmed
Sadbhav Rudrapur Highway Pvt Ltd        LT Loan            CRISIL A-      3542.4  Reaffirmed
Santa Sudha Rice Industries Pvt Ltd     CC                 CRISIL BB+     43.6    -
(Issuer not cooperating)
Santa Sudha Rice Industries Pvt Ltd     TL                 CRISIL BB+     25.8    -
(Issuer not cooperating)
Santa Sudha Rice Industries Pvt Ltd     Proposed LT Bk     CRISIL BB+     9.1     -
                                        Loan Fac
(Issuer not cooperating)
Shankara Building Products Ltd          CC & WC demand     CRISIL A-      3150    -
                                        loan*
(Downgraded from 'CRISIL A'; Removed from 'Rating Watch with Developing Implications')
Shri Durga Loha Bhandar Pvt Ltd         CC                 CRISIL BB      100     Upgraded from
                                                                                  CRISIL BB-
Sizer Metals Pvt Ltd                    CC                 -              100     Withdrawn
Sizer Metals Pvt Ltd                    LOC                -              50      Withdrawn
SP Infra Co                             Proposed CC Limit  -              5       Withdrawn
Sri Prasanna Metals and A               CC                 CRISIL B-      75      -
(Issuer not cooperating)
SRVS Industries                         CC                 CRISIL BB+     30      Reaffirmed
Sunil Steels - Podiyadi                 CC                 CRISIL D       65      Downgraded
                                                                                  from CRISIL B
Sunil Steels - Podiyadi                 Proposed LT Bk     CRISIL D       5       Downgraded
                                        Loan Fac                                  from CRISIL B
Synergy Ski Infradevelopment            CC                 CRISIL BB      100     Reaffirmed
Synergy Ski Infradevelopment            Proposed BG        CRISIL BB      25      Reaffirmed
Tata Teleservices Ltd                   CC                 CRISIL AA-     3400    Reaffirmed
Tata Teleservices Ltd                   Proposed TL        CRISIL AA-     38828.5 Reaffirmed
Taurus Value Steel & Pipes Pvt Ltd      CC                 -              820     Withdrawn
Taurus Value Steel & Pipes Pvt Ltd      Foreign Exchange   -              10      Withdrawn
                                        Forward
Taurus Value Steel & Pipes Pvt Ltd      Proposed NFBL      -              100     Withdrawn
Taurus Value Steel & Pipes Pvt Ltd      CC*                CRISIL A-      300     Downgraded
                                                                                  from CRISIL A
* Interchangeable with letter of credit of Rs.30 crore
Tritorc Equipments Pvt Ltd              CC                 CRISIL BB      60      Reaffirmed
Tritorc Equipments Pvt Ltd              TL                 CRISIL BB      50      Reaffirmed
Verga Attachments Pvt Ltd               Packing Credit     CRISIL BBB-    180     Upgraded from
                                                                                  CRISIL BB+
Verga Attachments Pvt Ltd               TL                 CRISIL BBB-    30      Upgraded from
                                                                                  CRISIL BB+
Vishal Precision Steel Tubes and Strips CC                 CRISIL A-      400     -
Pvt Ltd
(Downgraded from 'CRISIL A'; Removed from 'Rating Watch with Developing Implications')
West Bengal Mfg. Co Pvt Ltd             CC                 CRISIL BB+     90      Reaffirmed



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