June 8, 2020 / 8:27 AM / a month ago

CRISIL ratings for Indian debt instruments-Jun 8

   Jun 8 - Below are the ratings awarded by Credit Rating Information Service of India (CRISIL)
for local debt instruments as of June 5, 2020.


COMPANY                                INSTRUMENT        RATING        AMOUNT  MOVEMENT
                                                                      (RS.MLN)
------                                 ----------        ------        -----   ---------
SHORT TERM RATINGS:
-------------------
Birla Carbon India Pvt Ltd             CP                CRISIL A1+    6000   Reaffirmed
EVIO Pvt Ltd                           LOC & BG          CRISIL A3     450    Reaffirmed
IIFL Wealth Finance Ltd                CP Programme(IPO  CRISIL A1+    60000  Reaffirmed
                                       Financing)
IIFL Wealth Finance Ltd                CP                CRISIL A1+    45000  Reaffirmed
IIFL Wealth Management Ltd             CP Programme(IPO  CRISIL A1+    25000  Reaffirmed
                                       Financing)
Kruti Power Projects Pvt Ltd           BG                CRISIL A4+    70     Reaffirmed
Kruti Power Projects Pvt Ltd           Proposed BG       CRISIL A4+    100    Reaffirmed
Muthoot Finance Ltd                    CP                CRISIL A1+    50000  Reaffirmed
MVS Engineering Pvt Ltd                BG                CRISIL A3+    90.7   Reaffirmed
MVS Engineering Pvt Ltd                LOC               CRISIL A3+    30     Reaffirmed
MVS Engineering Pvt Ltd                LOC & BG          CRISIL A3+    60     Assigned
Nikita Papers Ltd                      LOC               CRISIL A4+    70     -
(Downgraded from 'CRISIL A3')
Power Grid Corporation of India Ltd    BG                CRISIL A1+    11000  Reaffirmed
Power Grid Corporation of India Ltd    LOC               CRISIL A1+    16000  Reaffirmed
Power Grid Corporation of India Ltd    CP**              CRISIL A1+    90000  Reaffirmed
(**Short term debt and commercial paper borrowing will cumulatively not exceed Rs 9,000 crore at
any point)
Power Grid Corporation of India Ltd    ST Debt**         CRISIL A1+    90000  Reaffirmed
(**Short term debt and commercial paper borrowing will cumulatively not exceed Rs 9,000 crore at
any point)
Raymond Ltd                            Non-FBL@          CRISIL A1+    2109.5 Reaffirmed
(Continues on 'Rating Watch with Negative  Implications'. 
@Interchangeable with letter of credit, bank guarantee, buyer's credit, and suppliers' credit.)
Raymond Ltd                            Proposed Bill     CRISIL A1+    500    Reaffirmed
                                       Discounting Fac
(Continues on 'Rating Watch with Negative  Implications')
Raymond Ltd                            Proposed NFBL     CRISIL A1+    40.5   Reaffirmed
(Continues on 'Rating Watch with Negative  Implications')
Raymond Ltd                            CP                CRISIL A1+    5500   -
(Continues on 'Rating Watch with Negative  Implications')
Varsha Industries Pvt Ltd              Packing Credit    CRISIL A4+    100    Reaffirmed
YES Bank Ltd                           CDs               CRISIL A2     200000 Reaffirmed


LONG TERM RATINGS:
-------------------
Cholamandalam Investment and Finance   Platinum Trust    Provisional   -      Provisional
Co. Ltd                                March 2020 -      CRISIL AAA(SO)       Rating
                                       Tranche II - Series A PTCs             Assigned
Cholamandalam Investment and Finance   Platinum Trust    Provisional   -      Provisional
Co. Ltd                                March 2020 -      CRISIL BBB+          Rating
                                       Tranche II –      (SO) Equivalent      Assigned
                                       Second Loss Facility    
Dhroov Resorts                         TL                CRISIL D      100    Assigned
EVIO Pvt Ltd                           TL                CRISIL        10     Reaffirmed
                                                         BBB-/Stable
IIFL Wealth Finance Ltd                LT Principal      CRISIL PP-MLD 5000   Assigned
                                       Protected Market  AAr/Stable
                                       Linked Debentures
Kruti Power Projects Pvt Ltd           CC                CRISIL        80     Reaffirmed
                                                         BB+/Stable
M G F Motors Ltd                       CC                CRISIL D      140    -
(Downgraded from 'CRISIL B/Stable')
M G F Motors Ltd                       Inventory Funding CRISIL D      315    -
                                       Fac
(Downgraded from 'CRISIL B/Stable')
M G F Motors Ltd                       TL                CRISIL D      67.5   -
(Downgraded from 'CRISIL B/Stable')
Muthoot Finance Ltd                    Subordinated Debt CRISIL        790    Assigned
                                                         AA/Positive
Muthoot Finance Ltd                    NCD               CRISIL        20000  Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    NCD               CRISIL        40000  Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    NCD               CRISIL        40000  Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    NCD               CRISIL        4110   Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    NCD               CRISIL        15000  Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    NCD               CRISIL        19500  Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    NCD               CRISIL        13000  Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    NCD               CRISIL        3652.7 Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    NCD               CRISIL        37.8   Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    NCD               CRISIL        39.2   Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    NCD               CRISIL        51.8   Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    NCD               CRISIL        926.2  Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    NCD               CRISIL        5000   Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    Subordinate Bond  CRISIL       437.571 Reaffirmed
                                                         AA/Positive

Muthoot Finance Ltd                    Subordinate Bond  CRISIL       232.879 Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    Subordinate Bond  CRISIL        209.3  Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    Subordinate Bond  CRISIL        1000   Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    Subordinated Debt CRISIL        500    Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    Subordinated Debt CRISIL        317.8  Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    Subordinated Debt CRISIL       230.392 Reaffirmed
                                                         AA/Positive 
Muthoot Finance Ltd                    LT Principal      CRISIL PP-MLD 1500   Assigned
                                       Protected Market  AAr/Positive
                                       Linked Debentures
MVS Engineering Pvt Ltd                CC                CRISIL        15     Reaffirmed
                                                         BBB/Stable
MVS Engineering Pvt Ltd                Drop Line         CRISIL        64.3   Reaffirmed
                                       Overdraft Fac     BBB/Stable
Nikita Papers Ltd                      CC                CRISIL        250    -
                                                         BB+/Stable
(Downgraded from 'CRISIL BBB-/Negative')
Nikita Papers Ltd                      LT Loan           CRISIL        420    -
                                                         BB+/Stable
(Downgraded from 'CRISIL BBB-/Negative')
Nikita Papers Ltd                      Rupee TL          CRISIL        55     -
                                                         BB+/Stable
(Downgraded from 'CRISIL BBB-/Negative')
Power Grid Corporation of India Ltd    CC                CRISIL        30000  Reaffirmed
                                                         AAA/Stable
Power Grid Corporation of India Ltd    Proposed LT Bk    CRISIL        68000  Reaffirmed
                                       Loan Fac          AAA/Stable
Power Grid Corporation of India Ltd    LT Borrowing      CRISIL        100000 Assigned
                                       Programme&        AAA/Stable
(&The borrowing programme pertains to fiscal 2021. Of the total Rs 10,000 crore, Rs 2800 crore
has been raised as bonds under Series LXVII)
Power Grid Corporation of India Ltd    LT Borrowing      CRISIL        100000 Reaffirmed
                                       Programme*        AAA/Stable
(* The borrowing programme pertains to fiscal 2020. Of the total Rs 10,000 crore, Rs 5020 crore
was raised as bonds under Series LXIII, LXIV, LXV and LXVI) 
Power Grid Corporation of India Ltd    LT Borrowing      CRISIL        300000 Reaffirmed
                                       Programme@        AAA/Stable
(@ The borrowing programme pertains to fiscal 2019. Of the total Rs 30,000 crore, Rs 20,000
crore was to be raised as bonds, against which Rs 5487.5 crore was raised under Series LXII and
GOI Fully Serviced Bond. The remaining Rs 10,000 crore was to be raised as long-term loans.) 
Power Grid Corporation of India Ltd    LT Borrowing      CRISIL        260000 Reaffirmed
                                       Programme#        AAA/Stable
(#The borrowing programme pertains to fiscal 2017. Of the total Rs 26,000 crore, Rs 14,000 crore
was to be raised as bonds against which Rs 13481 crore has already been raised under Series
LIII, LIV, LV, LVI, LVII and LVIII. The remaining Rs 12,000 crore was to be raised as long-term
loans.) 
Power Grid Corporation of India Ltd    LT Borrowing      CRISIL        260000 Reaffirmed
                                       Programme^        AAA/Stable
(^The borrowing programme pertains to fiscal 2018. Of the total Rs 26,000 crore, Rs 14,000 crore
was to be raised as bonds against which Rs 9130 crore has already been raised under Series LIX,
LX and LXI. The remaining Rs 12,000 crore was to be raised as long-term loans.) 
Power Grid Corporation of India Ltd    Bond Programme    CRISIL      429139.4 Reaffirmed
                                                         AAA/Stable
Power Grid Corporation of India Ltd    Bond Programme    CRISIL      105657.8 Withdrawn
                                                         AAA/Stable
Raymond Apparel Ltd                    Proposed TL       CRISIL A+     500    Reaffirmed
(Continues on 'Rating Watch with Developing Implications')
Raymond Ltd                            CC                CRISIL AA-    4600   Reaffirmed
(Continues on 'Rating Watch with Negative  Implications')
Raymond Ltd                            Fund & NFBL       CRISIL AA-    1750   Reaffirmed
(Continues on 'Rating Watch with Negative  Implications')
Raymond Ltd                            Proposed CC Limit CRISIL AA-    250    Reaffirmed
(Continues on 'Rating Watch with Negative  Implications')
Raymond Ltd                            Proposed FB Bk    CRISIL AA-    1150   Reaffirmed
                                       Limits*
(Continues on 'Rating Watch with Negative  Implications'. *Interchangeable with non-fund based
bank limits)
Raymond Ltd                            Proposed Rupee TL CRISIL AA-    365.3  Reaffirmed
(Continues on 'Rating Watch with Negative  Implications')
Raymond Ltd                            Rupee TL          CRISIL AA-    7134.7 Reaffirmed
(Continues on 'Rating Watch with Negative  Implications')
Raymond Ltd                            NCDs              CRISIL AA-    2750   -
(Continues on 'Rating Watch with Negative  Implications')
Roj Leather Exports Pvt Ltd            Export Packing    CRISIL        5      Withdrawn
                                       Credit            BBB-/Stable
(Rating Reaffirmed and Withdrawn)
Roj Leather Exports Pvt Ltd            Foreign Bill      CRISIL        95     Withdrawn
                                       Discounting       BBB-/Stable
(Rating Reaffirmed and Withdrawn)
Roj Leather Exports Pvt Ltd            Inland/Import LOC CRISIL        5      Withdrawn
                                                         BBB-/Stable
(Rating Reaffirmed and Withdrawn)
Sakar Industries Pvt Ltd               CC                CRISIL        100    Assigned
                                                         BB+/Stable
(Assigned; Suspension revoked)
Sri Venkata Lakshmi Aqua Traders       CC                CRISIL        46     Assigned
                                                         BB-/Stable
Sri Venkata Lakshmi Aqua Traders       Overdraft         CRISIL        24     Assigned
                                                         BB-/Stable
T. R. Polypet Industries               CC & WC demand loan CRISIL D    59.8   Assigned
Varsha Industries Pvt Ltd              CC                CRISIL        600    Reaffirmed
                                                         BB/Stable
Varsha Industries Pvt Ltd              LT Loan           CRISIL        6.3    Reaffirmed
                                                         BB/Stable
Varsha Industries Pvt Ltd              Proposed FB Bk    CRISIL        102.2  Reaffirmed
                                       Limits            BB/Stable
YES Bank Ltd                           Tier II Bonds     CRISIL        139410 Assigned
                                       (Under Basel III) BBB/Stable
YES Bank Ltd                           Infrastructure    CRISIL        37800  Assigned
                                       Bonds             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)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below