July 3, 2020 / 10:32 AM / a month ago

CRISIL ratings for Indian debt instruments-Jul 3

    Jul 3  - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of July 2, 2020.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Alembic Pharmaceuticals Ltd            CP                CRISIL A1+    7500   Reaffirmed
Bksons Infrastructure Pvt Ltd          BG                CRISIL A4+    500    Reaffirmed
Campus Activewear Pvt Ltd              BG                CRISIL A1     110    Reaffirmed
Caparo Engineering India Ltd           Inland/Import LOC CRISIL A4+    825    Assigned
Caparo Engineering India Ltd           BG                CRISIL A4+    145    Assigned
Dilip Buildcon Ltd                     Non-FBL           CRISIL A1     67982  Reaffirmed
Dilip Buildcon Ltd                     Proposed NFBL     CRISIL A1     948    Reaffirmed
Dilip Buildcon Ltd                     Rs.100 Crore CP   CRISIL A1     1000   Reaffirmed
Essae Digitronics Pvt Ltd              BG@               CRISIL A2     200    Reaffirmed
(Removed from Rating Watch with Developing Implications)/@ Fully fungible with Bill Discounting
under Letter of Credit facility to the extent of Rs 1 crore
Incred Financial Services Ltd          Proposed ST Bk    CRISIL A1     3500   Assigned
                                       Loan Fac
Indiabulls Asset Management Co. Ltd    Indiabulls Ultra  CRISIL AAAmfs -      -
(IAMCL)                                ST Fund
(Placed on Notice of Withdrawal)
Jawahar Shetkari Sahakari Soot Girni   BG                CRISIL A4     60.3   Upgraded from
Ltd                                                                           CRISIL D
Jawahar Shetkari Sahakari Soot Girni   LOC*              CRISIL A4     80     Upgraded from
Ltd                                                                           CRISIL D
* Letter of credit was reduced to Rs. 8 crore in May, 2020.
Karad Projects And Motors Ltd          LOC$              CRISIL A2+    250    Reaffirmed
$Fully interchangeable with buyers credit and interchangeable with Bank guarantee to the extent
of Rs.10 crore
KLJ Organic Ltd                        BG                CRISIL A1+    10     Reaffirmed
KLJ Organic Ltd                        Foreign Exchange  CRISIL A1+    97.5   Reaffirmed
                                       Forward
KLJ Organic Ltd                        LOC               CRISIL A1+    1300   Reaffirmed
KLJ Polymers and Chemicals Ltd         BG                CRISIL A1+    100    Reaffirmed
KLJ Polymers and Chemicals Ltd         Foreign Exchange  CRISIL A1+    85.4   Reaffirmed
                                       Forward
KLJ Polymers and Chemicals Ltd         LOC               CRISIL A1+    1300   Reaffirmed
KLJ Polymers and Chemicals Ltd         CP                CRISIL A1+    400    Reaffirmed
Lalwani Ferro Alloys Ltd               BG                CRISIL A2     250    Reaffirmed
Lalwani Ferro Alloys Ltd               LOC               CRISIL A2     1350   Reaffirmed
Lotus Infratech                        BG                CRISIL A4+    155    Reaffirmed
Lotus Infratech                        Overdraft         CRISIL A4+    2.5    Reaffirmed
Mecamidi HPP India Pvt Ltd             BG                CRISIL A3     195    Reaffirmed
Mecamidi HPP India Pvt Ltd             Proposed NFBL     CRISIL A3     75.7   Reaffirmed
Nik -San Engineering Co. Ltd           LOC               CRISIL A4+    120    Assigned
Nik -San Engineering Co. Ltd           BG                CRISIL A4+    160    Assigned
R.G. Buildwell Engineers Ltd           BG                CRISIL A3+    1410   Reaffirmed
Rays Import Inc                        LOC               CRISIL A3     250    Upgraded from
                                                                              CRISIL A4+
RNS Infrastructure Ltd                 BG                CRISIL A4+    5280   Reaffirmed
S.R. Ravishankar                       BG                CRISIL A4+    140    Migrated from
                                                                              CRISIL A4+
(Issuer not Cooperating)
Sanvi Spinning Mill Pvt Ltd            BG                CRISIL A4+    22.5   Reaffirmed
Shree Shakti Metal Rolling Mill        BG                CRISIL A4+    9      Migrated from
                                                                              CRISIL A4+
(Issuer not Cooperating)
Sincere Developers Pvt Ltd             BG                CRISIL A3     30     Reaffirmed
Sincere Developers Pvt Ltd             Overdraft         CRISIL A3     50     Reaffirmed
Sri Selvakumar Mills Pvt Ltd           Packing Credit    CRISIL A4     10     Assigned
Sur Gems                               Pre Shipment      CRISIL A4+    250    Migrated from
                                       Credit                                 CRISIL A4
(Issuer not Cooperating)
SVR Sea Foods Exports Pvt Ltd          BG                CRISIL A4+    1      Upgraded from
                                                                              CRISIL A4
SVR Sea Foods Exports Pvt Ltd          Standby Export    CRISIL A4+    10     Upgraded from
                                       Packing Credit                         CRISIL A4
U.K.B. Electronics Pvt Ltd             Channel Financing CRISIL A3+    50     Reaffirmed
United Petro Finance Ltd               CC & WC demand    CRISIL A1     1000   Reaffirmed
                                       Loan     
United Petro Finance Ltd               Overdraft         CRISIL A1     750    Reaffirmed
Vaaghani Inc                           LOC               CRISIL A3     332.5  Upgraded from
                                                                              CRISIL A4+
Vishvas Power Engineering Services Pvt BG                CRISIL A4     80     Reaffirmed
Ltd
Vishvas Power Engineering Services Pvt LOC               CRISIL A4     6      Reaffirmed
Ltd



LONG TERM RATINGS:
-------------------
Alembic Pharmaceuticals Ltd            TL                -             2000   Withdrawn
Alembic Pharmaceuticals Ltd            NCD               CRISIL        2000   Reaffirmed
                                                         AA+/Stable
Alembic Pharmaceuticals Ltd            CC & WC demand    CRISIL        3500   Reaffirmed
                                       loan**            AA+/Stable
**100% interchangeability between funded and non-funded
Alembic Pharmaceuticals Ltd            NCD               CRISIL        3000   Reaffirmed
                                                         AA+/Stable
Alembic Pharmaceuticals Ltd            NCD               CRISIL        3000   Reaffirmed
                                                         AA+/Stable
Ankit International - Baddi            CC                CRISIL A/     50     Reaffirmed
                                                         Stable 
Ankit International - Baddi            LT Loan           CRISIL A/     7.9    Reaffirmed
                                                         Stable   
Ankit International - Baddi            Proposed LT Bk    CRISIL A/     1      Reaffirmed
                                       Loan Fac          Stable  
Bksons Infrastructure Pvt Ltd          CC                CRISIL        200    Downgraded
                                                         BB/Stable            from CRISIL
                                                                              BB+/Stable
Campus Activewear Pvt Ltd              CC                CRISIL A/     1250   Reaffirmed
                                                         Stable  
Campus Activewear Pvt Ltd              TL                CRISIL A/     1170   Reaffirmed
                                                         Stable  
Caparo Engineering India Ltd           WC Demand Loan    CRISIL        60     Assigned
                                                         BB+/Stable
Caparo Engineering India Ltd           LT Loan           CRISIL        110    Assigned
                                                         BB+/Stable
Caparo Engineering India Ltd           CC                CRISIL        1040   Assigned
                                                         BB+/Stable
Dilip Buildcon Ltd                     CC                CRISIL A/     23648  Reaffirmed
                                                         Stable    
Dilip Buildcon Ltd                     Proposed CC Limit CRISIL A/     2752   Reaffirmed
                                                         Stable
Dilip Buildcon Ltd                     Proposed TL       CRISIL A/     569    Reaffirmed
                                                         Stable
Dilip Buildcon Ltd                     TL                CRISIL A/     2031   Reaffirmed
                                                         Stable  
Dilip Buildcon Ltd                     NCD               CRISIL A/     900    Withdrawn
                                                         Stable 
Dilip Buildcon Ltd                     NCD               CRISIL        5100   Reaffirmed
                                                         A/Stable
Eastern Mattresses Pvt Ltd             LT Loan           CRISIL B/     120    Reaffirmed
                                                         Stable   
Eastern Mattresses Pvt Ltd             Proposed LT Bk    CRISIL B/     30     Reaffirmed
                                       Loan Fac          Stable
Essae Digitronics Pvt Ltd              CC*               CRISIL        200    Reaffirmed
                                                         BBB+/Stable
(Removed from Rating Watch with Developing Implications)/*Interchangeable with letter of credit
up to Rs 5 crore
Essae Digitronics Pvt Ltd              CC/ Overdraft Fac*CRISIL        40     Reaffirmed
                                                         BBB+/Stable
(Removed from Rating Watch with Developing Implications)/*Interchangeable with letter of credit
up to Rs 5 crore
Farmico Commodities Pvt Ltd            CC                CRISIL        100    Reaffirmed
                                                         BB-/Stable
Fasttrack Housing Finance Ltd          Proposed LT Bk    CRISIL        250    Reaffirmed
                                       Loan Fac          BBB/Negative
(Removed from Rating Watch with Developing Implications)
Flora Laminate                         CC                CRISIL        60     Reaffirmed
                                                         BB/Stable
Flora Laminate                         LT Loan           CRISIL        40     Reaffirmed
                                                         BB/Stable
Fortune Integrated Assets Finance Ltd  CC                -             1650   Withdrawn
Fortune Integrated Assets Finance Ltd  WC Demand Loan    -             1500   Withdrawn
Fortune Integrated Assets Finance Ltd  TL                -             850    Withdrawn
Fortune Integrated Assets Finance Ltd  BG                CRISIL        1      Reaffirmed
                                                         A-/Negative
(Removed from Rating Watch with Developing Implications)
Fortune Integrated Assets Finance Ltd  CC                CRISIL        600    Reaffirmed
                                                         A-/Negative
(Removed from Rating Watch with Developing Implications)
Fortune Integrated Assets Finance Ltd  Proposed LT Bk    CRISIL        1140.7 Reaffirmed
                                       Loan Fac          A-/Negative
(Removed from Rating Watch with Developing Implications)
Fortune Integrated Assets Finance Ltd  TL                CRISIL        3258.3 Reaffirmed
                                                         A-/Negative
(Removed from Rating Watch with Developing Implications)
Fortune Integrated Assets Finance Ltd  WC Demand Loan    CRISIL        1000   Reaffirmed
                                                         A-/Negative
(Removed from Rating Watch with Developing Implications)
Gajanand Spintex India Pvt Ltd         CC                CRISIL BB-    40     Assigned
Gajanand Spintex India Pvt Ltd         Rupee TL          CRISIL BB-    45     Assigned
Indiabulls Asset Management Co. Ltd    Indiabulls Liquid CRISIL AAAmfs -      -
(IAMCL)                                Fund
(Placed on Notice of Withdrawal)
Jawahar Shetkari Sahakari Soot Girni LtCC                CRISIL        400    Upgraded from
                                                         B-/Stable            CRISIL D
Jawahar Shetkari Sahakari Soot Girni LtProposed LT Bk    CRISIL        141.7  Upgraded from
                                       Loan Fac          B-/Stable            CRISIL D
Karad Projects And Motors Ltd          CC#               CRISIL        100    Reaffirmed
                                                         A-/Stable
#One way interchangeable with letter of credit and buyer's credit, and interchangeable with
working capital demand loan, and pre- and post-shipment export credit 
Karad Projects And Motors Ltd          LOC Bill          CRISIL        50     Reaffirmed
                                       Discounting       A-/Stable
Karad Projects And Motors Ltd          Sales Bill        CRISIL        250    Reaffirmed
                                       Discounting*      A-/Stable
*For sales to Kirloskar Brothers Ltd & Emerson Climate Technologies Ltd
KLJ Organic Ltd                        CC                CRISIL        600    Reaffirmed
                                                         A+/Stable
KLJ Organic Ltd                        Proposed LT Bk    CRISIL        47.5   Reaffirmed
                                       Loan Fac          A+/Stable
KLJ Organic Ltd                        TL                CRISIL        825    Reaffirmed
                                                         A+/Stable
KLJ Polymers and Chemicals Ltd         CC                CRISIL        1400   Reaffirmed
                                                         A+/Stable
KLJ Polymers and Chemicals Ltd         Proposed LT Bk    CRISIL        264.6  Reaffirmed
                                       Loan Fac          A+/Stable
Lalwani Ferro Alloys Ltd               CC                CRISIL        800    Reaffirmed
                                                         BBB+/Stable
Lalwani Ferro Alloys Ltd               Proposed LT Bk    CRISIL        90     Reaffirmed
                                       Loan Fac          BBB+/Stable
Lotus Infratech                        Proposed LT Bk    CRISIL        5      Reaffirmed
                                       Loan Fac          BB-/Stable
Lotus Infratech                        Overdraft         CRISIL        17.5   Reaffirmed
                                                         BB-/Stable
Mann Mediciti Wellness Centre Pvt Ltd  CC                CRISIL B/     58     Migrated from
                                                         Stable               CRISIL D
(Issuer not Cooperating)
Mann Mediciti Wellness Centre Pvt Ltd  Proposed WC Fac   CRISIL B/     2      Migrated from
                                                         Stable               CRISIL D
(Issuer not Cooperating)
Mecamidi HPP India Pvt Ltd             CC                CRISIL        5      Reaffirmed
                                                         BBB-/Stable
Mecamidi HPP India Pvt Ltd             WC Demand Loan    CRISIL        24.3   Reaffirmed
                                                         BBB-/Stable
Naveen Hotels Ltd                      TL                CRISIL        750    Reaffirmed
                                                         BB+/Stable
Nik -San Engineering Co. Ltd           CC                CRISIL        82     Assigned
                                                         BB+/Stable
Prithvi Sound Products Company Pvt Ltd Proposed LT Bk    -             450    Withdrawn
                                       Loan Fac
PVS Builders and Developers            LT Loan           CRISIL        150    Migrated from
                                                         BB-/Stable           CRISIL
                                                                              BB-/Stable
(Issuer not Cooperating)
R.G. Buildwell Engineers Ltd           CC                CRISIL        210    Reaffirmed
                                                         BBB/Stable
R.G. Buildwell Engineers Ltd           Proposed CC Limit CRISIL        140    Reaffirmed
                                                         BBB/Stable
R.G. Buildwell Engineers Ltd           Proposed BG       CRISIL        240    Reaffirmed
                                                         BBB/Stable
Rays Import Inc                        CC                CRISIL        20     Upgraded from
                                                         BBB-/Stable          CRISIL
                                                                              BB+/Stable
Rays Import Inc                        Proposed LT Bk    CRISIL        157.5  Upgraded from
                                       Loan Fac          BBB-/Stable          CRISIL
                                                                              BB+/Stable
RNS Infrastructure Ltd                 CC                CRISIL        700    Reaffirmed
                                                         BB+/Stable
S.R. Ravishankar                       CC                CRISIL        95     Migrated from
                                                         BB-/Stable           CRISIL
                                                                              BB/Stable
(Issuer not Cooperating)
S.R. Ravishankar                       Proposed CC Limit CRISIL        25     Migrated from
                                                         BB-/Stable           CRISIL
                                                                              BB/Stable
(Issuer not Cooperating)
Sanvi Spinning Mill Pvt Ltd            TL                -             50     Withdrawn
Sanvi Spinning Mill Pvt Ltd            CC                CRISIL        50     Reaffirmed
                                                         BB+/Positive
Sanvi Spinning Mill Pvt Ltd            Proposed TL       CRISIL        7.1    Reaffirmed
                                                         BB+/Positive
Sanvi Spinning Mill Pvt Ltd            TL                CRISIL        590.4  Reaffirmed
                                                         BB+/Positive
Shree Shakti Metal Rolling Mill        CC                CRISIL        30     Migrated from
                                                         BB-/Stable           CRISIL
                                                                              BB-/Stable
(Issuer not Cooperating)
Shree Shakti Metal Rolling Mill        LT Loan           CRISIL        51     Migrated from
                                                         BB-/Stable           CRISIL
                                                                              BB-/Stable
(Issuer not Cooperating)
Shri Radhey Govindam Resort Pvt Ltd    LT Loan           CRISIL        130    Reaffirmed
                                                         BB-/Stable
Shyam Enterprises                      CC                CRISIL        333    Upgraded from
                                                         BB-/Stable           CRISIL
                                                                              B/Stable
Shyam Enterprises                      Proposed LT Bk    CRISIL        50     Upgraded from
                                       Loan Fac          BB-/Stable           CRISIL
                                                                              B/Stable
Sincere Developers Pvt Ltd             TL                CRISIL        620    Reaffirmed
                                                         BBB-/Negative
Sri Selvakumar Mills Pvt Ltd           CC                CRISIL        105    Reaffirmed
                                                         B+/Stable
Sri Selvakumar Mills Pvt Ltd           LT Loan           CRISIL        85     Reaffirmed
                                                         B+/Stable
Sur Gems                               Post Shipment     CRISIL        250    Migrated from
                                       Credit            BB/Stable            CRISIL
                                                                              B/Stable
(Issuer not Cooperating)
SVR Sea Foods Exports Pvt Ltd          Export Packing    CRISIL        100    Upgraded from
                                       Credit            BB-/Stable           CRISIL
                                                                              B+/Stable
SVR Sea Foods Exports Pvt Ltd          Proposed WC Fac   CRISIL        39     Upgraded from
                                                         BB-/Stable           CRISIL
                                                                              B+/Stable
U.K.B. Electronics Pvt Ltd             CC & WC demand    CRISIL        440    Reaffirmed
                                       Loan              BBB/Stable
U.K.B. Electronics Pvt Ltd             LT Loan           CRISIL        310    Reaffirmed
                                                         BBB/Stable
U.K.B. Electronics Pvt Ltd             Proposed FB Bk    CRISIL        65     Reaffirmed
                                       Limits            BBB/Stable
United Petro Finance Ltd               Proposed LT Bk    -             2000   Withdrawn
                                       Loan Fac
United Petro Finance Ltd               Proposed LT Bk    CRISIL        1250   Reaffirmed
                                       Loan Fac          A-/Negative
Uttam Sucrotech International Pvt Ltd  BG                -             1007.2 Withdrawn
Uttam Sucrotech International Pvt Ltd  CC/ Overdraft Fac -             200    Withdrawn
Uttam Sucrotech International Pvt Ltd  Foreign Exchange  -             12.8   Withdrawn
                                       Forward
Uttam Sucrotech International Pvt Ltd  LOC               -             280    Withdrawn
Vaaghani Inc                           CC                CRISIL        50     Upgraded from
                                                         BBB-/Stable          CRISIL
                                                                              BB+/Stable
Vaaghani Inc                           Proposed LT Bk    CRISIL        114.9  Upgraded from
                                       Loan Fac          BBB-/Stable          CRISIL
                                                                              BB+/Stable
Vishvas Power Engineering Services Pvt CC                CRISIL B/     82.4   Reaffirmed
Ltd                                                      Stable 
Vishvas Power Engineering Services Pvt WC TL             CRISIL B/     l46.6  Reaffirmed
Ltd                                                      Stable 
Vishvas Power Engineering Services Pvt TL                CRISIL B/     27.4   Reaffirmed
Ltd                                                      Stable   
Vishvas Power Engineering Services Pvt Proposed FB Bk    CRISIL B/     7.6    Reaffirmed
Ltd                                    Limits            Stable  
Wind Construction Ltd                  BG                -             250    Withdrawn
Wind Construction Ltd                  TL                -             2250   Withdrawn


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