March 3, 2020 / 5:14 AM / a month ago

CRISIL ratings for Indian debt instruments-Mar 3

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

COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Agro Tech Foods Ltd                     BG                 CRISIL A1+     100     Reaffirmed
Agro Tech Foods Ltd                     LOC                CRISIL A1+     50      Reaffirmed
Agro Tech Foods Ltd                     LOC & BG           CRISIL A1+     250     Reaffirmed
Agro Tech Foods Ltd                     Standby LOC        CRISIL A1+     50      Reaffirmed
Agro Tech Foods Ltd                     CP                 CRISIL A1+     500     Reaffirmed
Akshara Industries Ltd                  LOC                CRISIL A3      315     Reaffirmed
Kiwi Enterprises Pvt Ltd                Export Packing     CRISIL A3      150     Reaffirmed
                                        Credit & Export
                                        Bills Negotiation/Foreign Bill discounting
Kiwi Enterprises Pvt Ltd                Foreign Exchange   CRISIL A3      10      Reaffirmed
                                        Forward
Logwell Forge Ltd                       LOC & BG           CRISIL A3      70      Migrated from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Muthoot Finance Ltd                     CP                 CRISIL A1+     50000   Reaffirmed
Prabh Dayal Om Parkash Infrastructure   BG                 CRISIL A3      204.5   Reaffirmed
Ltd
Ray Engineering Pvt Ltd                 BG                 CRISIL A4+     670     Downgraded
                                                                                  from CRISIL A3
Shakun Polymers Pvt Ltd                 BG                 CRISIL A2      5       Reaffirmed
Sheelu Exports                          Export Packing     CRISIL A4      95      Reaffirmed
                                        Credit
Sky Cotex India Pvt Ltd                 Proposed ST Bk     CRISIL A3+     30      Reaffirmed
                                        Loan Fac
Vehere Interactive Pvt Ltd              BG                 CRISIL A4+     280     Assigned
Vossloh Beekay Castings Ltd             BG**               CRISIL A2      40      Reaffirmed
**Interchangeable with letter of credit
Vossloh Beekay Castings Ltd             LOC*               CRISIL A2      28      Reaffirmed
*Interchangeable with bank guarantee

LONG TERM RATINGS:
-------------------
Agro Tech Foods Ltd                     CC*                CRISIL         800     Reaffirmed
                                                           AA-/Negative
Outlook revised from Stable and rating,* Fully interchangeable between funds based facility and
non-fund based facility
Agro Tech Foods Ltd                     CC                 CRISIL         50      Reaffirmed
                                                           AA-/Negative
Outlook revised from Stable and rating
Agro Tech Foods Ltd                     Proposed LT Bk     CRISIL         403     Reaffirmed
                                        Loan Fac           AA-/Negative
Outlook revised from Stable and rating
Agro Tech Foods Ltd                     TL                 CRISIL         47      Reaffirmed
                                                           AA-/Negative
Outlook revised from Stable and rating
Agro Tech Foods Ltd                     WC Demand Loan     CRISIL         300     Reaffirmed
                                                           AA-/Negative
Outlook revised from Stable and rating
Agro Tech Foods Ltd                     WC Loan#           CRISIL         420     Reaffirmed
                                                           AA-/Negative
Outlook revised from Stable and rating,# Inter-changeable between working capital loan and Cash
Credit
Akshara Industries Ltd                  CC                 CRISIL         50      Reaffirmed
                                                           BBB-/Positive
Bhagwati Veneers                        CC                 CRISIL B/Stable30      Assigned
Bhagwati Veneers                        LT Loan            CRISIL B/Stable60      Assigned
Gyan Sagar Foundation                   Drop Line          CRISIL         50      Upgraded from
                                        Overdraft Fac      BBB-/Stable            CRISIL
                                                                                  BB+/Stable
Gyan Sagar Foundation                   Proposed LT Bk     CRISIL         60      Upgraded from
                                        Loan Fac           BBB-/Stable            CRISIL
                                                                                  BB+/Stable
Gyan Sagar Foundation                   TL                 CRISIL         640     Upgraded from
                                                           BBB-/Stable            CRISIL
                                                                                  BB+/Stable
Hindustan Agro Mills                    CC                 CRISIL         86.6    Assigned
                                                           BB-/Stable
Kiwi Enterprises Pvt Ltd                Proposed LT Bk     CRISIL         90      Reaffirmed
                                        Loan Fac           BBB-/Negative
Logwell Forge Ltd                       CC                 CRISIL         240     Migrated from
                                                           BBB-/Stable            CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Logwell Forge Ltd                       Loan Against       CRISIL         65.8    Migrated from
                                        Property           BBB-/Stable            CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Logwell Forge Ltd                       Proposed FB Bk     CRISIL         26.8    Migrated from
                                        Limits             BBB-/Stable            CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Logwell Forge Ltd                       TL                 CRISIL         107.4   Migrated from
                                                           BBB-/Stable            CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Magalir Micro Capital Pvt Ltd           Proposed LT Bk     CRISIL         800     Withdrawn
                                        Loan Fac           BBB-/Stable
Muthoot Finance Ltd                     NCD                CRISIL         6000    Assigned
                                                           AA/Positive
Muthoot Finance Ltd                     NCD                CRISIL         28110   Assigned
                                                           AA/Positive
Muthoot Finance Ltd                     NCD                CRISIL         40000   Reaffirmed
                                                           AA/Positive
Muthoot Finance Ltd                     NCD                CRISIL         15000   Reaffirmed
                                                           AA/Positive
Muthoot Finance Ltd                     NCD                CRISIL         30000   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
Orient Ispat Pvt Ltd                    CC                 CRISIL         150     Withdrawn
                                                           B+/Stable
(Issuer Not Cooperating)
Orient Ispat Pvt Ltd                    Proposed LT Bk     CRISIL         25.8    Withdrawn
                                        Loan Fac           B+/Stable
(Issuer Not Cooperating)
Orient Ispat Pvt Ltd                    TL                 CRISIL         15      Withdrawn
                                                           B+/Stable
(Issuer Not Cooperating)
Prabh Dayal Om Parkash Infrastructure   CC                 CRISIL         400     Reaffirmed
Ltd                                                        BBB-/Stable
Prabh Dayal Om Parkash Infrastructure   LT Loan            CRISIL         35.5    Reaffirmed
Ltd                                                        BBB-/Stable
Ray Engineering Pvt Ltd                 CC                 CRISIL         130     Downgraded
                                                           BB+/Stable             from CRISIL
                                                                                  BBB-/Stable
Ray Engineering Pvt Ltd                 Overdraft          CRISIL         35      Downgraded
                                                           BB+/Stable             from CRISIL
                                                                                  BBB-/Stable
Shakun Polymers Pvt Ltd                 CC                 CRISIL         500     Reaffirmed
                                                           BBB+/Stable
Shakun Polymers Pvt Ltd                 Foreign Bill       CRISIL         200     Reaffirmed
                                        Purchase           BBB+/Stable
Shakun Polymers Pvt Ltd                 Proposed LT Bk     CRISIL         45      Reaffirmed
                                        Loan Fac           BBB+/Stable
Shakun Polymers Pvt Ltd                 TL                 CRISIL         200     Assigned
                                                           BBB+/Stable
Sheelu Exports                          Proposed LT Bk     CRISIL         7.5     Reaffirmed
                                        Loan Fac           B-/Stable
Sky Cotex India Pvt Ltd                 CC                 CRISIL         480     Reaffirmed
                                                           BBB/Stable
Sky Cotex India Pvt Ltd                 LT Loan            CRISIL         150     Reaffirmed
                                                           BBB/Stable
Sky Cotex India Pvt Ltd                 Proposed LT Bk     CRISIL         106     Reaffirmed
                                        Loan Fac           BBB/Stable
Sree Astalaxmi Spinning Mills Pvt Ltd   Proposed LT Bk     CRISIL         62      Assigned
                                        Loan Fac           BBB-/Stable
Sree Astalaxmi Spinning Mills Pvt Ltd   CC                 CRISIL         100     Assigned
                                                           BBB-/Stable
Sree Astalaxmi Spinning Mills Pvt Ltd   LT Loan            CRISIL         38      Assigned
                                                           BBB-/Stable
Sterling Chemicals and Alcohols Ltd     CC                 CRISIL         225     Migrated from
                                                           BB+/Stable             CRISIL
                                                                                  BB/Stable
(Issuer Not Cooperating)
Sterling Chemicals and Alcohols Ltd     LT Loan            CRISIL         25      Migrated from
                                                           BB+/Stable             CRISIL
                                                                                  BB/Stable
(Issuer Not Cooperating)
Surat Hazira NH-6 Tollway Pvt Ltd       TL                 CRISIL BB-     18140   Downgraded
                                                                                  from CRISIL
                                                                                  BB/Stable
Vehere Interactive Pvt Ltd              CC                 CRISIL         70      Assigned
                                                           BB+/Stable
Vinita Synthetic Industries Pvt Ltd     LOC                CRISIL         60      -
                                                           B+/Stable
Rating reaffirmed and Withdrawn
Vinita Synthetic Industries Pvt Ltd     Proposed LT Bk     CRISIL         6       -
                                        Loan Fac           B+/Stable
Rating reaffirmed and Withdrawn
Vinita Synthetic Industries Pvt Ltd     TL                 CRISIL         49      -
                                                           B+/Stable
Rating reaffirmed and Withdrawn
Vossloh Beekay Castings Ltd             CC                 CRISIL         28      Reaffirmed
                                                           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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