June 24, 2020 / 8:28 AM / 11 days ago

CRISIL ratings for Indian debt instruments-Jun 24

   Jun 24  - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of June 23, 2020.


COMPANY                                INSTRUMENT        RATING        AMOUNT MOVEMENT
                                                                      (RS.MLN)
------                                 ----------        ------        -----  ---------
SHORT TERM RATINGS:
-------------------
Akshaya Builders                       BG                CRISIL A4+    64     Reaffirmed
Birla Carbon India Pvt Ltd             Non-FBL^          CRISIL A1+    4000   Assigned
(^Interchangeable with Fund based limits)
Birla Carbon India Pvt Ltd             CP                CRISIL A1+    6000   Reaffirmed
D. K. Project Pvt Ltd                  BG                CRISIL A3     400    Reaffirmed
DOMS Industries Pvt Ltd                BG                CRISIL A2+    70     Reaffirmed
Electronica Plastic Machines Ltd       LOC               CRISIL A3+    40     Reaffirmed
Electronica Plastic Machines Ltd       Overdraft         CRISIL A3+    40     Reaffirmed
Emmbi Industries Ltd                   BG                CRISIL A2     80     Reaffirmed
Emmbi Industries Ltd                   LOC               CRISIL A2     230    Reaffirmed
G. S. Pharmbutor Pvt Ltd               BG                CRISIL A3+    12.5   Reaffirmed
G. S. Pharmbutor Pvt Ltd               LOC               CRISIL A3+    166.5  Reaffirmed
G. S. Pharmbutor Pvt Ltd               Sales Bill        CRISIL A3+    70     Reaffirmed
                                       Discounting
Glenmark Pharmaceuticals Ltd           BG                CRISIL A1+    100    Reaffirmed
Glenmark Pharmaceuticals Ltd           LOC               CRISIL A1+    1000   Reaffirmed
Glenmark Pharmaceuticals Ltd           Proposed ST Bk    CRISIL A1+    4500   Reaffirmed
                                       Loan Fac
Glenmark Pharmaceuticals Ltd           ST Loan           CRISIL A1+    7200   Reaffirmed
GSP Crop Science Pvt Ltd               LOC               CRISIL A2     1550   Reaffirmed
Hari Vallabh Shivhare                  BG                CRISIL A4     57     Assigned
IAC International Automotive India Pvt LOC & BG          CRISIL A2     400    Reaffirmed
Ltd
Ingersoll Rand India Ltd               LOC & BG          CRISIL A1+    870    Reaffirmed
Ingersoll Rand India Ltd               Proposed NFBL     CRISIL A1+    110    Reaffirmed
Kansai Nerolac Paints Ltd              CP                CRISIL A1+    300    Reaffirmed
Kerry Indev Logistics Pvt Ltd          BG                CRISIL A1     220    Reaffirmed
Kerry Indev Logistics Pvt Ltd          ST Loan           CRISIL A1     100    Reaffirmed
Kerry Indev Logistics Pvt Ltd          CP                CRISIL A1     200    Reaffirmed
Krisam Automation Pvt Ltd              BG                CRISIL A4+    70     Reaffirmed
Linc Pen and Plastics Ltd              LOC               CRISIL A1     25     Reaffirmed
Linc Pen and Plastics Ltd              Non-FBL           CRISIL A1     20     Reaffirmed
Mahindra Rural Housing Finance Ltd     CP                CRISIL A1+    10000  Reaffirmed
Mukund Hospitality Pvt Ltd             Overdraft         CRISIL A4+    16     Reaffirmed
National Export Industries             BG                CRISIL A4     0.1    Reaffirmed
Revathi Equipment Ltd                  LOC & BG          CRISIL A2     375    Reaffirmed
Revathi Equipment Ltd                  ST Debt           CRISIL A2     350    Reaffirmed
Roop Ram Educare Pvt Ltd               Overdraft         CRISIL A4+    60     -
(Migrated from 'CRISIL A4 ISSUER NOT COOPERATING')



LONG TERM RATINGS:
-------------------
Akshaya Builders                       CC                CRISIL        100    Reaffirmed
                                                         BB-/Stable
Ankur Traders And Manufacturers        Proposed TL       CRISIL        100    -
                                                         B/Stable
(Downgraded from 'CRISIL B+/Stable')
B. G. Chitale                          CC                CRISIL        550    Reaffirmed
                                                         A-/Stable
B. G. Chitale                          Proposed LT Bk    CRISIL        79.5   Reaffirmed
                                       Loan Fac          A-/Stable
B. G. Chitale                          TL                CRISIL        165.5  Reaffirmed
                                                         A-/Stable
Birla Carbon India Pvt Ltd             FB Fac*           CRISIL        1000   Assigned
                                                         AA-/Stable
(*Interchangeable with Non fund based limits)
Clover Solar Pvt Ltd                   LT Loan           CRISIL        40.8   Reaffirmed
                                                         BBB+/Stable
Clover Solar Pvt Ltd                   Proposed FB Bk    CRISIL        104.2  Reaffirmed
                                       Limits            BBB+/Stable
Coromandel Agro Products and Oils Ltd  CC                CRISIL        220    Reaffirmed
                                                         BB/Stable
D. K. Project Pvt Ltd                  CC                CRISIL        75     Reaffirmed
                                                         BBB-/Stable
DOMS Industries Pvt Ltd                CC                CRISIL        250    Reaffirmed
                                                         A-/Stable
DOMS Industries Pvt Ltd                Proposed WC Fac   CRISIL        40     Reaffirmed
                                                         A-/Stable
DOMS Industries Pvt Ltd                Rupee TL          CRISIL        40     Reaffirmed
                                                         A-/Stable
Electronica Plastic Machines Ltd       CC                CRISIL        40     Reaffirmed
                                                         BBB/Stable
Emmbi Industries Ltd                   CC                CRISIL        1120   Reaffirmed
                                                         BBB+/Stable
Emmbi Industries Ltd                   Corporate Loan    CRISIL        213.6  Reaffirmed
                                                         BBB+/Stable
Emmbi Industries Ltd                   TL                CRISIL        249.3  Reaffirmed
                                                         BBB+/Stable
G. S. Pharmbutor Pvt Ltd               Bill Discounting  CRISIL        510.5  Reaffirmed
                                                         BBB/Stable
G. S. Pharmbutor Pvt Ltd               CC                CRISIL        273.5  Reaffirmed
                                                         BBB/Stable
G. S. Pharmbutor Pvt Ltd               LT Loan           CRISIL        258.4  Reaffirmed
                                                         BBB/Stable
G. S. Pharmbutor Pvt Ltd               Proposed LT Bk    CRISIL        308.6  Reaffirmed
                                       Loan Fac          BBB/Stable
Glenmark Pharmaceuticals Ltd           CC                CRISIL        3250   Reaffirmed
                                                         AA-/Stable
Glenmark Pharmaceuticals Ltd           LT Loan           CRISIL        1000   Reaffirmed
                                                         AA-/Stable
Glenmark Pharmaceuticals Ltd           WC Demand Loan    CRISIL        1450   Reaffirmed
                                                         AA-/Stable
GSP Crop Science Pvt Ltd               CC                CRISIL        1475   Reaffirmed
                                                         BBB+/Stable
GSP Crop Science Pvt Ltd               Standby Line of   CRISIL        150    Reaffirmed
                                       Credit            BBB+/Stable
GSP Crop Science Pvt Ltd               TL                CRISIL        457    Reaffirmed
                                                         BBB+/Stable
IAC International Automotive India Pvt CC                CRISIL        200    Reaffirmed
Ltd                                                      BBB+/Stable
IAC International Automotive India Pvt TL                CRISIL        140    Reaffirmed
Ltd                                                      BBB+/Stable
Ingersoll Rand India Ltd               CC                CRISIL AA+    20     Reaffirmed
(Continues on 'Rating Watch with Developing Implications') 
Jayanth Cotton Industries              CC                CRISIL        60     Reaffirmed
                                                         B/Stable
Jayanth Cotton Industries              LT Loan           CRISIL        50     Reaffirmed
                                                         B/Stable
Kansai Nerolac Paints Ltd              CC*               CRISIL        1600   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
Kerry Indev Logistics Pvt Ltd          CC                CRISIL        880    Reaffirmed
                                                         A/Stable
Kerry Indev Logistics Pvt Ltd          LT Loan           CRISIL        200    Reaffirmed
                                                         A/Stable
Krisam Automation Pvt Ltd              Overdraft         CRISIL        70     Reaffirmed
                                                         BB-/Stable
Krisam Automation Pvt Ltd              TL                CRISIL        1.5    Reaffirmed
                                                         BB-/Stable
Linc Pen and Plastics Ltd              CC                CRISIL        375    Reaffirmed
                                                         A/Stable
Linc Pen and Plastics Ltd              FB Fac            CRISIL        220    Reaffirmed
                                                         A/Stable
Linc Pen and Plastics Ltd              LT Loan           CRISIL        219.7  Reaffirmed
                                                         A/Stable
Linc Pen and Plastics Ltd              Proposed FB Bk    CRISIL        80.3   Assigned
                                       Limits            A/Stable
Mahindra Rural Housing Finance Ltd     LT Bk Fac         -             2500   Withdrawn
Mahindra Rural Housing Finance Ltd     WC Demand Loan    -             750    Withdrawn
Mahindra Rural Housing Finance Ltd     LT Bk Fac         CRISIL        750    Reaffirmed
                                                         AA+/Stable
Mahindra Rural Housing Finance Ltd     WC Demand Loan    CRISIL        500    Reaffirmed
                                                         AA+/Stable
Mahindra Rural Housing Finance Ltd     Subordinated Debt CRISIL        2000   Reaffirmed
                                                         AA+/Stable
Mahindra Rural Housing Finance Ltd     Subordinated Debt CRISIL        3000   Reaffirmed
                                                         AA+/Stable
Mahindra Rural Housing Finance Ltd     NCD               CRISIL        8000   Reaffirmed
                                                         AA+/Stable
Mahindra Rural Housing Finance Ltd     NCD               CRISIL        7500   Reaffirmed
                                                         AA+/Stable
Mahindra Rural Housing Finance Ltd     NCD               CRISIL        1500   Reaffirmed
                                                         AA+/Stable
Manjushree Innovations Pvt Ltd         CC                CRISIL        140    Reaffirmed
                                                         BB-/Stable
Manjushree Innovations Pvt Ltd         Proposed LT Bk    CRISIL        95     Reaffirmed
                                       Loan Fac          BB-/Stable
Manjushree Innovations Pvt Ltd         TL                CRISIL        265    Reaffirmed
                                                         BB-/Stable
Matrix Fine Sciences Pvt Ltd           CC                CRISIL        120    -
                                                         BBB+/Stable
(Upgraded from 'CRISIL BBB/Positive')
Matrix Fine Sciences Pvt Ltd           Proposed FB Bk    CRISIL        71.5   -
                                       Limits            BBB+/Stable
(Upgraded from 'CRISIL BBB/Positive')
Matrix Fine Sciences Pvt Ltd           TL                CRISIL        418.5  -
                                                         BBB+/Stable
(Upgraded from 'CRISIL BBB/Positive')
Medley Pharmaceuticals Ltd             Rating Advisory   -             -      -
(CRISIL vide its publication dated May 30, 2020 highlighted the aspect of non-co-operation by
Medley Pharmaceuticals Limited.)
Mukund Hospitality Pvt Ltd             LT Loan           CRISIL        51     Reaffirmed
                                                         BB+/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Mukund Hospitality Pvt Ltd             Proposed LT Bk    CRISIL        33     Reaffirmed
                                       Loan Fac          BB+/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
National Export Industries             CC                CRISIL        120    Reaffirmed
                                                         B+/Stable
National Export Industries             Proposed LT Bk    CRISIL        13.5   Reaffirmed
                                       Loan Fac          B+/Stable
Radhekrishna Extractions Pvt Ltd       Proposed WC Fac   -             300    Withdrawn
Radhekrishna Extractions Pvt Ltd       CC                CRISIL        200    -
                                                         BBB/Stable
(Upgraded from 'CRISIL BBB-/Stable')
Revathi Equipment Ltd                  CC                CRISIL        580    Reaffirmed
                                                         BBB+/Stable
Revathi Equipment Ltd                  Proposed FB Bk    CRISIL        150.8  Reaffirmed
                                       Limits            BBB+/Stable
Roop Ram Educare Pvt Ltd               Proposed LT Bk    CRISIL        130    -
                                       Loan Fac          BB-/Stable
(Migrated from 'CRISIL B/Stable ISSUER NOT COOPERATING')
Roop Ram Educare Pvt Ltd               TL                CRISIL        10     -
                                                         BB-/Stable
(Migrated from 'CRISIL B/Stable ISSUER NOT COOPERATING')
Sapat International Pvt Ltd            CC                CRISIL        145    Reaffirmed
                                                         BBB+/Positive
Sapat International Pvt Ltd            Proposed LT Bk    CRISIL        5      Reaffirmed
                                       Loan Fac          BBB+/Positive
Shahi Food Industries                  Proposed LT Bk    CRISIL        60     Assigned
                                       Loan Fac          B/Stable
Shirdi Sai Electricals Ltd             BG                CRISIL D      5120   Reaffirmed
(Migrated from 'CRISIL D ISSUER NOT COOPERATING')
Shirdi Sai Electricals Ltd             CC                CRISIL D      780    Reaffirmed
(Migrated from 'CRISIL D ISSUER NOT COOPERATING')
Shirdi Sai Electricals Ltd             CC/ Overdraft Fac CRISIL D      300    Reaffirmed
(Migrated from 'CRISIL D ISSUER NOT COOPERATING')
Shirdi Sai Electricals Ltd             LOC               CRISIL D      1470   Reaffirmed
(Migrated from 'CRISIL D ISSUER NOT COOPERATING')
Shirdi Sai Electricals Ltd             Proposed LT Bk    CRISIL D      280    Reaffirmed
                                       Loan Fac
(Migrated from 'CRISIL D ISSUER NOT COOPERATING')
Shriram Transport Finance Co. Ltd      Sansar Trust May  CRISIL AA+    -      -
                                       2018 -Series A PTCs
(Downgraded from 'CRISIL AAA (SO)' ; Placed on 'Rating Watch with Negative Implication')
Shriram Transport Finance Co. Ltd      Sansar Trust May  CRISIL BBB+   -      -
                                       2018 - Second loss
                                       Fac
(Placed on 'Rating Watch with Negative Implication')
SRM Trust - AP                         Rupee TL          CRISIL        4620   -
                                                         BB/Stable
Supreme Manor Wada Bhiwandi            TL                CRISIL D      3770   Reaffirmed
Infrastructure Pvt Ltd
(ISSUER NOT COOPERATING; Rating Migrated)
Supreme Manor Wada Bhiwandi            NCD               CRISIL D      367.2  -
Infrastructure Pvt Ltd
(ISSUER NOT COOPERATING; Rating Migrated)
Torrent Power Grid Ltd                 LT Loan           CRISIL        2440   Reaffirmed
                                                         AA+/Stable
Veekesy Plastomers India Pvt Ltd       CC                CRISIL        30     Assigned
                                                         BB-/Stable
Vitane Biologics Pvt Ltd               Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
--------------------------------------------------------------------------------------------
$: 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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