July 7, 2020 / 8:28 AM / a month ago

CRISIL ratings for Indian debt instruments-Jul 7

   Jul 7 - Below are the ratings awarded by Credit Rating Information Service of India (CRISIL)
for local debt instruments as of July 6, 2020.


COMPANY                                INSTRUMENT        RATING        AMOUNT MOVEMENT
                                                                      (RS.MLN)
------                                 ----------        ------        -----  ---------
SHORT TERM RATINGS:
-------------------
Archon Powerinfra India Pvt Ltd        BG                CRISIL A4     45     Reaffirmed
(Issuer Not Cooperating)
Chiripal Poly Films Ltd                Non-FBL           CRISIL A2+    3900   Reaffirmed
Crystal Industrial Syndicate Pvt Ltd   BG                CRISIL A4+    135    Reaffirmed
Geo Aquatic Products Pvt Ltd           Packing Credit    CRISIL A4+    100    Reaffirmed
Jain Brothers                          BG                CRISIL A4+    65     Reaffirmed
Kansai Nerolac Paints Ltd              CP                CRISIL A1+    300    Reaffirmed
Kirloskar Brothers Ltd                 LOC & BG          CRISIL A1+    15050  Reaffirmed
Kirloskar Brothers Ltd                 CP                CRISIL A1+    1000   Reaffirmed
Kirloskar Corrocoat Pvt Ltd            BG                CRISIL A3     140    Reaffirmed
Kirloskar Oil Engines Ltd              LOC & BG          CRISIL A1+    4600   Reaffirmed
Kirloskar Oil Engines Ltd              CP                CRISIL A1+    1000   Assigned
Manappuram Finance Ltd                 BG                CRISIL A1+    200    Reaffirmed
Manappuram Finance Ltd                 CP                CRISIL A1+    40000  Reaffirmed
Northern Power Distribution Company of LOC               CRISIL A4+    1000   Reaffirmed
Telangana Ltd
Punjab General Industries Pvt Ltd      BG                CRISIL A3+    20     Reaffirmed
Saraswathi Engineering Construction Pvt BG               CRISIL A4     45     Reaffirmed
Ltd
SLN Coffee Pvt Ltd                     BG                CRISIL A4+    105    Assigned
(Assigned; Suspension Revoked)
Syngene International Ltd              LOC & BG          CRISIL A1+    50     Reaffirmed
Syngene International Ltd              Overdraft         CRISIL A1+    50     Reaffirmed
Syngene International Ltd              Packing Credit in CRISIL A1+    2000   Reaffirmed
                                       Foreign Currency
Thames Steels Pvt Ltd                  BG                CRISIL A4     20     -
(Revised from 'CRISIL A4+ ISSUER NOT COOPERATING' to 'CRISIL D' and Simultaneously Revised to
'CRISIL A4')
The Cardamom Planters' Marketing       BG                CRISIL A2+    40     Reaffirmed
Co-Operative Society Ltd
The Kerala Cardamom Processing and     BG                CRISIL A2+    50     Reaffirmed
Marketing Co. Ltd
Torque Pharmaceuticals Pvt Ltd         LOC               CRISIL A3+    6.6    Reaffirmed
Varshini Exim Pvt Ltd                  BG                CRISIL A4+    230    Reaffirmed



LONG TERM RATINGS:
-------------------
Active Tools Pvt Ltd                   CC                CRISIL        10     -
                                                         B+/Stable
(Upgraded from 'CRISIL D')
Active Tools Pvt Ltd                   Export Packing    CRISIL        110    -
                                       Credit            B+/Stable
(Upgraded from 'CRISIL D')
Active Tools Pvt Ltd                   LT Loan           CRISIL        50     -
                                                         B+/Stable
(Upgraded from 'CRISIL D')
Alcobrew Distilleries India Pvt Ltd    Bill Discounting  CRISIL        370    Reaffirmed
                                                         BBB+/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Alcobrew Distilleries India Pvt Ltd    CC                CRISIL        970    Reaffirmed
                                                         BBB+/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Alcobrew Distilleries India Pvt Ltd    LT Loan           CRISIL        410    Reaffirmed
                                                         BBB+/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Ampa Housing Development Pvt Ltd       Lease Rental      CRISIL        761.8  Reaffirmed
                                       Discounting Loan  BB-/Stable
Ampa Housing Development Pvt Ltd       Proposed LT Bk    CRISIL        120    Assigned
                                       Loan Fac          BB-/Stable
Archon Powerinfra India Pvt Ltd        CC                CRISIL C      15     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL B+/Stable)
Archon Powerinfra India Pvt Ltd        Proposed BG       CRISIL C      45     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL B+/Stable)
Archon Powerinfra India Pvt Ltd        Proposed CC Limit CRISIL C      15     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL B+/Stable)
AU Small Finance Bank Ltd              India Standard    CRISIL AAA    -      -
                                       Loan Trust LVI
                                       -Liquidity Fac
(Converted from provisional rating/ credit opinion to final rating/ credit opinion)
AU Small Finance Bank Ltd              India Standard    CRISIL AAA    -      -
                                       Loan Trust LVI
                                       -Series A PTCs
(Converted from provisional rating/ credit opinion to final rating/ credit opinion)
AU Small Finance Bank Ltd              India Standard    CRISIL BBB+   -      -
                                       Loan Trust LVI
                                       -Second loss Fac
(Converted from provisional rating/ credit opinion to final rating/ credit opinion)
Chiripal Poly Films Ltd                FB Fac            CRISIL        2750   Reaffirmed
                                                         A-/Negative
Chiripal Poly Films Ltd                Proposed TL       CRISIL        334.9  Reaffirmed
                                                         A-/Negative
Chiripal Poly Films Ltd                TL                CRISIL        4407.7 Reaffirmed
                                                         A-/Negative
Cholamandalam Investment and Finance   Platinum Trust    CRISIL AAA    -      Final Rating
Co. Ltd                                2019
                                       -Series A PTCs
(Converted from provisional rating to final rating)
Cholamandalam Investment and Finance   Platinum Trust    CRISIL BBB    -      Final Rating
Co. Ltd                                2019
                                       -Second Loss Fac
(Converted from provisional rating to final rating)
Crystal Industrial Syndicate Pvt Ltd   CC                CRISIL        160    Reaffirmed
                                                         BB+/Stable
(Outlook revised from 'Positive' and rating reaffirmed)
Crystal Industrial Syndicate Pvt Ltd   Proposed LT Bk    CRISIL        60     Reaffirmed
                                       Loan Fac          BB+/Stable
(Outlook revised from 'Positive' and rating reaffirmed)
Crystal Industrial Syndicate Pvt Ltd   WC Fac            CRISIL        60     Assigned
                                                         BB+/Stable
(Outlook revised from 'Positive' and rating reaffirmed)
Curatio Healthcare (I) Pvt Ltd         TL                CRISIL        510    Reaffirmed
                                                         BB/Stable
Eastern Mattresses Pvt Ltd             CC                CRISIL        85     Reaffirmed
                                                         B/Stable
Eastern Mattresses Pvt Ltd             LT Loan           CRISIL        120    Reaffirmed
                                                         B/Stable
Eastern Mattresses Pvt Ltd             Proposed LT Bk    CRISIL        30     Assigned
                                       Loan Fac          B/Stable
Geo Aquatic Products Pvt Ltd           Bill Discounting  CRISIL        100    Reaffirmed
                                                         BB-/Stable
Jain Brothers                          Overdraft         CRISIL        30     Reaffirmed
                                                         BB-/Stable
Jain Brothers                          Proposed LT Bk    CRISIL        45     Reaffirmed
                                       Loan Fac          BB-/Stable
Jupiter Laminators Pvt Ltd             CC                CRISIL        440    Reaffirmed
                                                         BBB+/Stable
Jupiter Laminators Pvt Ltd             LT Loan           CRISIL        660    Reaffirmed
                                                         BBB+/Stable
Kama-Schachter Jewelry Pvt Ltd         Export Packing    -             150    Withdrawn
                                       Credit
Kama-Schachter Jewelry Pvt Ltd         Post Shipment     -             100    Withdrawn
                                       Credit
Kansai Nerolac Paints Ltd              CC*               -             20     Withdrawn
(*Interchangeable with buyer's credit, working capital loan, letter of credit and bank
guarantee.)
Kansai Nerolac Paints Ltd              CC*               CRISIL        1580   Reaffirmed
                                                         AAA/Stable
(*Interchangeable with buyer's credit, working capital loan, letter of credit and bank
guarantee.)
Kansai Nerolac Paints Ltd              NCD               CRISIL        100    Reaffirmed
                                                         AAA/Stable
Kirloskar Brothers Ltd                 CC                CRISIL        2950   Reaffirmed
                                                         AA-/Stable
(Outlook revised from 'Negative' and rating reaffirmed)
Kirloskar Brothers Ltd                 TL                CRISIL        1141.3 Reaffirmed
                                                         AA-/Stable
(Outlook revised from 'Negative' and rating reaffirmed)
Kirloskar Brothers Ltd                 WC Demand Loan    CRISIL        1500   Assigned
                                                         AA-/Stable
(Outlook revised from 'Negative' and rating reaffirmed)
Kirloskar Corrocoat Pvt Ltd            CC                CRISIL        50     Reaffirmed
                                                         BBB-/Stable
(Outlook revised from 'Negative' and rating reaffirmed)
Kirloskar Oil Engines Ltd              CC                CRISIL        1030   Reaffirmed
                                                         AA/Stable
Kumarasamy Industries                  CC                CRISIL        110    Reaffirmed
                                                         BB-/Stable
Kumarasamy Industries                  Export Packing    CRISIL        10     Assigned
                                       Credit            BB-/Stable
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        5000   Reaffirmed
                                                         AA/Stable
Manappuram Finance Ltd                 NCD               CRISIL        2000   Reaffirmed
                                                         AA/Stable
Manappuram Finance Ltd                 NCD               CRISIL        3500   Reaffirmed
                                                         AA/Stable
Manappuram Finance Ltd                 NCD               CRISIL        11650.5Reaffirmed
                                                         AA/Stable
Manappuram Finance Ltd                 LT Principal      CRISIL PP-MLD 2500   Assigned
                                       Protected Market  AAr/Stable
                                       Linked Debentures
Niyogi Enterprise Pvt Ltd              NCD               CRISIL AA-    4500   Assigned
(Assigned; Placed on 'Rating Watch with Developing Implications')
Northern Power Distribution Company of CC                CRISIL        1500   Reaffirmed
Telangana Ltd                                            BB/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Northern Power Distribution Company of Rupee TL          CRISIL        10849.5Reaffirmed
Telangana Ltd                                            BB/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Punjab General Industries Pvt Ltd      CC                CRISIL        300    Reaffirmed
                                                         BBB/Stable
(Outlook revised from 'Negative' and rating reaffirmed)
Punjab General Industries Pvt Ltd      Proposed FB Bk    CRISIL        1      Reaffirmed
                                       Limits            BBB/Stable
(Outlook revised from 'Negative' and rating reaffirmed)
Punjab General Industries Pvt Ltd      TL                CRISIL        39     Reaffirmed
                                                         BBB/Stable
(Outlook revised from 'Negative' and rating reaffirmed)
Rami Reddy Constructions               Loan Against      CRISIL        12     Reaffirmed
                                       Property          B/Stable
(Migrated from 'CRISIL B/Stable ISSUER NOT COOPERATING')
Rami Reddy Constructions               LT Loan           CRISIL        188    Assigned
                                                         B/Stable
(Migrated from 'CRISIL B/Stable ISSUER NOT COOPERATING')
Rithik Sizing Mills India Pvt Ltd      CC                CRISIL        15.8   Reaffirmed
                                                         B+/Stable
Rithik Sizing Mills India Pvt Ltd      TL                CRISIL        110    Reaffirmed
                                                         B+/Stable
Saraswathi Engineering Construction Pvt Overdraft        CRISIL        45     Reaffirmed
Ltd                                                      B+/Stable
Saraswathi Engineering Construction    Proposed Overdraft CRISIL       5      Reaffirmed
Pvt Ltd                                Fac               B+/Stable
Saraswathi Engineering Construction Pvt WC Demand Loan   CRISIL        25     Assigned
Ltd                                                      B+/Stable
Security Products Pvt Ltd              BG                CRISIL        150    -
                                                         BBB-/Stable
(Downgraded from 'CRISIL BBB/Stable')
Skeiron Renewable Energy Amidyala Ltd  TL                CRISIL BBB-   3577.4 Reaffirmed
(Continues on 'Rating Watch with Negative Implications')
SLMG Beverages Pvt Ltd                 CC                CRISIL        900    Reaffirmed
                                                         BBB-/Stable
SLMG Beverages Pvt Ltd                 TL                CRISIL        8040   Assigned
                                                         BBB-/Stable
SLN Coffee Pvt Ltd                     CC/ Overdraft Fac CRISIL        650    Assigned
                                                         BB+/Stable
(Assigned; Suspension Revoked)
SLN Coffee Pvt Ltd                     Proposed LT Bk    CRISIL        245    Assigned
                                       Loan Fac          BB+/Stable
(Assigned; Suspension Revoked)
Suvidhi Rayons Pvt Ltd                 CC                CRISIL        280    Reaffirmed
                                                         BB+/Stable
Suvidhi Rayons Pvt Ltd                 Overdraft         CRISIL        10     Reaffirmed
                                                         BB+/Stable
Suvidhi Rayons Pvt Ltd                 TL                CRISIL        388.4  Assigned
                                                         BB+/Stable
Suvidhi Rayons Pvt Ltd                 Proposed LT Bk    CRISIL        18     Assigned
                                       Loan Fac          BB+/Stable
Syngene International Ltd              Buyer`s Credit    CRISIL        800    -
                                                         AA+/Stable
(Upgraded from 'CRISIL AA/Positive')
Syngene International Ltd              Packing Credit in CRISIL        100    -
                                       Foreign Currency* AA+/Stable
(Upgraded from 'CRISIL AA/Positive'. 
*Fully interchangeable with cash credit.)
Thames Steels Pvt Ltd                  CC                CRISIL        64     -
                                                         B-/Stable
(Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING' to 'CRISIL D' and
Simultaneously Revised to 'CRISIL B-/Stable')
Thames Steels Pvt Ltd                  LT Loan           CRISIL        261.5  -
                                                         B-/Stable
(Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING' to 'CRISIL D' and
Simultaneously Revised to 'CRISIL B-/Stable')
Thames Steels Pvt Ltd                  TL                CRISIL        44.5   Assigned
                                                         B-/Stable
(Revised from 'CRISIL BB-/Stable ISSUER NOT COOPERATING' to 'CRISIL D' and
Simultaneously Revised to 'CRISIL B-/Stable')
The Cardamom Planters' Marketing       CC                CRISIL        10     Reaffirmed
Co-Operative Society Ltd                                 A-/Stable
The Kerala Cardamom Processing and     CC                CRISIL        187.3  Reaffirmed
Marketing Co. Ltd                                        A-/Stable
Torque Pharmaceuticals Pvt Ltd         CC                CRISIL        430    Reaffirmed
                                                         BBB/Positive
Torque Pharmaceuticals Pvt Ltd         Loan Against      CRISIL        139    Reaffirmed
                                       Property          BBB/Positive
Torque Pharmaceuticals Pvt Ltd         Proposed LT Bk    CRISIL        120    Reaffirmed
                                       Loan Fac          BBB/Positive
Torque Pharmaceuticals Pvt Ltd         TL                CRISIL        24.4   Assigned
                                                         BBB/Positive
Varshini Exim Pvt Ltd                  Export Packing    CRISIL        250    Reaffirmed
                                       Credit            BB/Stable
Varshini Exim Pvt Ltd                  LT Loan           CRISIL        10     Reaffirmed
                                                         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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