June 17, 2020 / 6:51 AM / 16 days ago

CRISIL ratings for Indian debt instruments-Jun 17

   Jun 17 - Below are the ratings awarded by Credit Rating Information Service of India (CRISIL)
for local debt instruments as of June 16, 2020.


COMPANY                                INSTRUMENT        RATING        AMOUNT MOVEMENT
                                                                      (RS.MLN)
------                                 ----------        ------        -----  ---------
SHORT TERM RATINGS:
-------------------
Accord Software and Systems Pvt Ltd    BG                CRISIL A2     220    Assigned
Alankar Real Estates Pvt Ltd           BG                CRISIL A4     30     Reaffirmed
Anita Singh                            BG                CRISIL A4+    25     Assigned
Chandra Coal Pvt Ltd                   BG                CRISIL A4+    20     Reaffirmed
Deccan Fine Chemicals India Pvt Ltd    LOC & BG          CRISIL A1     60     Reaffirmed
Deccan Fine Chemicals India Pvt Ltd    Packing Credit in CRISIL A1     3800   Reaffirmed
                                       Foreign Currency
Deco Gold Glazed Tiles Ltd             BG                CRISIL A4     15     Reaffirmed
Dinshaw S Dairy Foods Pvt Ltd          BG*               CRISIL A2+    5      Reaffirmed
(*Interchangeable with letter of credit)
Dinshaw S Dairy Foods Pvt Ltd          ST Loan           CRISIL A2+    400    Reaffirmed
DSR Sons India Engineers Pvt Ltd       BG                CRISIL A4+    20     Reaffirmed
Kej Minerals Pvt Ltd                   BG                CRISIL A4+    1.5    Reaffirmed
(Migrated from 'CRISIL A4+ ISSUER NOT COOPERATING')
Kej Minerals Pvt Ltd                   Bill Discounting  CRISIL A4+    80     Reaffirmed
                                       under LOC
(Migrated from 'CRISIL A4+ ISSUER NOT COOPERATING')
Maharaj Soaps Industry Pvt Ltd         LOC               CRISIL A4+    120    -
(Migrated from 'CRISIL A4+ ISSUER NOT COOPERATING')
Manappuram Finance Ltd                 BG                CRISIL A1+    200    Reaffirmed
Manappuram Finance Ltd                 CP                CRISIL A1+    40000  Reaffirmed
Mint Environ Pvt Ltd                   Proposed ST Bk    CRISIL A4+    9      Reaffirmed
                                       Loan Fac
Nimma Narayan Engineers And Contractors BG               CRISIL A4+    250    Reaffirmed
(Migrated from 'CRISIL A4+ ISSUER NOT COOPERATING')
Nimma Narayan Engineers And Contractors Proposed BG      CRISIL A4+    1.5    Reaffirmed
(Migrated from 'CRISIL A4+ ISSUER NOT COOPERATING')
Shri Rathi Steel (Dakshin) Ltd         LOC               CRISIL A2     80     Reaffirmed
Shri Rathi Steel Ltd                   LOC               CRISIL A2     110    Reaffirmed
UltraTech Cement Ltd                   CP                CRISIL A1+    45000  Reaffirmed
(Enhanced from Rs.3500 Crore)
Universal Forces Industries            BG                CRISIL A4+    70     Reaffirmed
Vaibhav Gems                           Packing Credit    CRISIL A3+    140    Reaffirmed
Vaibhav Gems                           Post Shipment     CRISIL A3+    100    Reaffirmed
                                       Credit
Vaibhav Gems                           Proposed Export   CRISIL A3+    128    Reaffirmed
                                       Packing Credit
Varad Agri Tech Ltd                    BG                CRISIL A4+    20     Reaffirmed
Varad Agri Tech Ltd                    ST Rating         CRISIL A4+    -      Reaffirmed
V-Trans India Ltd                      BG                CRISIL A2+    25     Reaffirmed

LONG TERM RATINGS:
-------------------
Accord Software and Systems Pvt Ltd    WC TL             CRISIL        60     Assigned
                                                         BBB+/Stable
Accord Software and Systems Pvt Ltd    WC Demand Loan    CRISIL        120    Assigned
                                                         BBB+/Stable
Accord Software and Systems Pvt Ltd    Standby Line of   CRISIL        20     Assigned
                                       Credit            BBB+/Stable
Accord Software and Systems Pvt Ltd    Proposed WC Fac   CRISIL        2.5    Assigned
                                                         BBB+/Stable
Accord Software and Systems Pvt Ltd    CC                CRISIL        257.5  Assigned
                                                         BBB+/Stable
Alankar Real Estates Pvt Ltd           CC                CRISIL        55     Reaffirmed
                                                         B+/Stable
Anita Singh                            Proposed LT Bk    CRISIL        56.6   Assigned
                                       Loan Fac          BB-/Stable
Anita Singh                            LT Loan           CRISIL        3.4    Assigned
                                                         BB-/Stable
Anita Singh                            CC/ Overdraft Fac CRISIL        15     Assigned
                                                         BB-/Stable
Chandra Coal Pvt Ltd                   CC                CRISIL        70     Reaffirmed
                                                         BB/Stable
Deccan Fine Chemicals India Pvt Ltd    External          CRISIL        7790   Reaffirmed
                                       Commercial        A+/Stable
                                       Borrowings
(Outlook revised from 'Positive' and rating reaffirmed)
Deccan Fine Chemicals India Pvt Ltd    Foreign Currency  CRISIL      5510   Reaffirmed
                                       Term Loan         A+/Stable
(Outlook revised from 'Positive' and rating reaffirmed)
Deccan Fine Chemicals India Pvt Ltd    Proposed LT Bk    CRISIL        3281   Reaffirmed
                                       Loan Fac          A+/Stable
(Outlook revised from 'Positive' and rating reaffirmed)
Deccan Fine Chemicals India Pvt Ltd    WC Fac            CRISIL        500    Assigned
                                                         A+/Stable
(Outlook revised from 'Positive' and rating reaffirmed)
Deco Gold Glazed Tiles Ltd             CC                CRISIL        50     Reaffirmed
                                                         B-/Stable
Deco Gold Glazed Tiles Ltd             Proposed LT Bk    CRISIL        60     Reaffirmed
                                       Loan Fac          B-/Stable
Dinshaw S Dairy Foods Pvt Ltd          CC                CRISIL        100    Reaffirmed
                                                         A-/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Dinshaw S Dairy Foods Pvt Ltd        CC & WC demand loan CRISIL        300    Reaffirmed
                                                         A-/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Dinshaw S Dairy Foods Pvt Ltd          Proposed LT Bk    CRISIL        6.5    Reaffirmed
                                       Loan Fac          A-/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Dinshaw S Dairy Foods Pvt Ltd          Rupee TL          CRISIL        958.5  Reaffirmed
                                                         A-/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
DSR Sons India Engineers Pvt Ltd       CC                CRISIL        50     Reaffirmed
                                                         BB-/Stable
DSR Sons India Engineers Pvt Ltd       LT Loan           CRISIL        30     Reaffirmed
                                                         BB-/Stable
Kej Minerals Pvt Ltd                   CC                CRISIL        100    Reaffirmed
                                                         BB+/Stable
(Migrated from 'CRISIL BB+/Stable ISSUER NOT COOPERATING')
Kej Minerals Pvt Ltd                   Proposed WC Fac   CRISIL        78.5   Reaffirmed
                                                         BB+/Stable
(Migrated from 'CRISIL BB+/Stable ISSUER NOT COOPERATING')
Maharaj Soaps Industry Pvt Ltd         CC                CRISIL        190    -
                                                         BB/Stable
(Migrated from 'CRISIL BB/Stable ISSUER NOT COOPERATING')
Maharaj Soaps Industry Pvt Ltd         TL                CRISIL        40     -
                                                         BB/Stable
(Migrated from 'CRISIL BB/Stable ISSUER NOT COOPERATING')
Mahavir Eco Projects Pvt Ltd           Drop Line         CRISIL        75.5   Reaffirmed
                                       Overdraft Fac     BB-/Stable
Mahavir Eco Projects Pvt Ltd           Proposed LT Bk    CRISIL        72     Reaffirmed
                                       Loan Fac          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   Assigned
                                                         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        34575  Reaffirmed
                                                         AA/Stable
Mint Environ Pvt Ltd                   Overdraft         CRISIL        29     Reaffirmed
                                                         BB-/Stable
Mint Environ Pvt Ltd                   Proposed LT Bk    CRISIL        12     Reaffirmed
                                       Loan Fac          BB-/Stable
Nath Bio-Genes India Ltd               CC                CRISIL        740    Reaffirmed
                                                         BBB/Stable
Nath Bio-Genes India Ltd               Proposed CC Limit CRISIL        10     Reaffirmed
                                                         BBB/Stable
Nimma Narayan Engineers And Contractors CC               CRISIL        15     Reaffirmed
                                                         BB/Stable
(Migrated from 'CRISIL BB/Stable ISSUER NOT COOPERATING')
Shri Rathi Steel (Dakshin) Ltd         CC                CRISIL        220    -
                                                         BBB+/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Shri Rathi Steel (Dakshin) Ltd         TL                CRISIL        20     -
                                                         BBB+/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Shri Rathi Steel Ltd                   CC                CRISIL        320    Reaffirmed
                                                         BBB+/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Shri Rathi Steel Ltd                   LT Loan           CRISIL        57     Reaffirmed
                                                         BBB+/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Shri Rathi Steel Ltd                   Proposed CC Limit CRISIL        33     Reaffirmed
                                                         BBB+/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
UltraTech Cement Ltd                   External          CRISIL        9714.2 Reaffirmed
                                       Commercial        AAA/Stable
                                       Borrowings
UltraTech Cement Ltd                   Proposed LT Bk    CRISIL       19895.8 Reaffirmed
                                       Loan Fac          AAA/Stable
UltraTech Cement Ltd                   Rupee TL          CRISIL      113072.6 Reaffirmed
                                                         AAA/Stable
UltraTech Cement Ltd                   NCD               CRISIL        2500   Reaffirmed
                                                         AAA/Stable
UltraTech Cement Ltd                   NCD               CRISIL        2500   Reaffirmed
                                                         AAA/Stable
UltraTech Cement Ltd                   NCD               CRISIL        2500   Reaffirmed
                                                         AAA/Stable
UltraTech Cement Ltd                   NCD               CRISIL        3600   Reaffirmed
                                                         AAA/Stable
UltraTech Cement Ltd                   NCD               CRISIL        2500   Reaffirmed
                                                         AAA/Stable
UltraTech Cement Ltd                   NCD               CRISIL        5000   Reaffirmed
                                                         AAA/Stable
UltraTech Cement Ltd                   NCD               CRISIL        6500   Reaffirmed
                                                         AAA/Stable
UltraTech Cement Ltd                   NCD               CRISIL        3000   Reaffirmed
                                                         AAA/Stable
Universal Forces Industries            CC                CRISIL        19     Reaffirmed
                                                         BB/Stable
Vaibhav Gems                           TL                CRISIL        12     Assigned
                                                         BBB/Stable
Varad Agri Tech Ltd                    CC                CRISIL        170    Reaffirmed
                                                         BB/Stable
Varad Agri Tech Ltd                    Proposed LT Bk    CRISIL        10     Reaffirmed
                                       Loan Fac          BB/Stable
Varad Agri Tech Ltd                    LT Rating         CRISIL        -      Reaffirmed
                                                         BB/Stable
V-Trans India Ltd                      CC                CRISIL        325    Reaffirmed
                                                         A-/Stable
V-Trans India Ltd                      Proposed FB Bk    CRISIL        95     Reaffirmed
                                       Limits            A-/Stable
V-Trans India Ltd                      TL                CRISIL        30     Reaffirmed
                                                         A-/Stable
Yashraj Biotechnology Ltd              LT Loan           CRISIL        220    Reaffirmed
                                                         BBB/Stable
Yashraj Biotechnology Ltd              Packing Credit    CRISIL        140    Assigned
                                                         BBB/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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