March 6, 2019 / 4:48 AM / 6 months ago

CRISIL ratings for Indian debt instruments-Mar 6

    Mar 6 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of March 5, 2019.

COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Apex Frozen Foods Ltd                   Export Funding*    CRISIL A2+     300     Reaffirmed
*Interchangeable between packing credit in foreign currency, export packing credit, foreign bill
discounting and letter of credit.
Apex Frozen Foods Ltd                   Export Funding^    CRISIL A2+     700     Reaffirmed
^Interchangeable between packing credit in foreign currency, export packing credit, foreign bill
purchase and standby working capital limit.
Apex Frozen Foods Ltd                   Non-FBL@           CRISIL A2+     75      Reaffirmed
@ includes letter of credit and stand-by letter of credit facilities.
Apis India Ltd                          BG                 CRISIL A3      5       Downgraded
                                                                                  from CRISIL
                                                                                  A3+
Apis India Ltd                          Export Packing     CRISIL A3      380     Downgraded
                                        Credit                                    from CRISIL
                                                                                  A3+
Baphana Jewellers Pvt Ltd               ST Loan            CRISIL A4+     100     Reaffirmed
Bharti Airtel Ltd                       CP                 CRISIL A1+     150000  Reaffirmed
(Enhanced from Rs.10000 Crore)
Bioxera Pharma Pvt Ltd                  BG                 CRISIL A4+     6       Reaffirmed
Bioxera Pharma Pvt Ltd                  LOC                CRISIL A4+     35      Reaffirmed
Galaxy Office Automation Pvt Ltd        BG                 CRISIL A3+     40      Reaffirmed
Gem Edible Oils Pvt Ltd                 LOC                CRISIL A3+     710     Assigned
Global Kitchens (Kolkata) LLP           BG                 CRISIL A3      5       Reaffirmed
Haryana Oils and Soya Ltd               LOC                CRISIL A4+     950     Reaffirmed
Knit Gallery                            Proposed ST Bk     CRISIL A3      780     Assigned
                                        Loan Fac
Knit Gallery                            Bill Purchase      CRISIL A3      120     Assigned
Knit Gallery                            Packing Credit     CRISIL A3      320     Assigned
Lee Pharma Ltd                          BG                 CRISIL A3      15      Reaffirmed
Lee Pharma Ltd                          LOC                CRISIL A3      140     Reaffirmed
Mittal International                    Foreign            CRISIL A3      30      Assigned
                                        Documentary Bills
                                        Purchase
Suspension revoked
Nuvoco Vistas Corporation Ltd           BG                 CRISIL A1+     110.5   Reaffirmed
Nuvoco Vistas Corporation Ltd           LOC & BG*          CRISIL A1+     1201    Reaffirmed
*Full interchangeable with bank guarantee and letter of credit
Nuvoco Vistas Corporation Ltd           Overdraft^         CRISIL A1+     250     Reaffirmed
Nuvoco Vistas Corporation Ltd           Overdraft          CRISIL A1+     350     Reaffirmed
Nuvoco Vistas Corporation Ltd           CP                 CRISIL A1+     3000    Reaffirmed
Offshore Infrastructures Ltd            BG                 CRISIL A1      16687   Reaffirmed
REC Ltd                                 ST Borrowing       CRISIL A1+     120000  Reaffirmed
                                        programme^@
(Enhanced from Rs.8000 Crore),^ Borrowing programme for fiscal 2019 (refers to financial year,
April 1 to March 31). The overall limit for the long-term borrowing programme and the short-term
borrowing programme is Rs.85000.0 crore.,@ Short-term bank borrowing including total short-term
bank borrowing and borrowing under the rated short-term debt programme not to exceed Rs.12000.0
crore at any point during fiscal 2019.
REC Ltd                                 ST Debt Programme$ CRISIL A1+     50000   Reaffirmed
$ Borrowing programme for fiscal 2018.
REC Ltd                                 ST Debt Programme  CRISIL A1+     220000  Reaffirmed
Reliance Industries Ltd                 CP                 CRISIL A1+     345000  Reaffirmed
Tagros Chemicals India Pvt Ltd          LOC                CRISIL A1+     935     Assigned
Tagros Chemicals India Pvt Ltd          BG                 CRISIL A1+     65      Assigned
Techno Electric And Engineering Co. Ltd Non-FBL            CRISIL A1+     5000    Reaffirmed
Techno Electric And Engineering Co. Ltd CP Programme       CRISIL A1+     500     Reaffirmed

LONG TERM RATINGS:
-------------------
Apex Frozen Foods Ltd                   Foreign Currency TLCRISIL A-      51.7    Reaffirmed
Apex Frozen Foods Ltd                   Proposed LT Bk     CRISIL A-      21      Reaffirmed
                                        Loan Fac
Apis India Ltd                          FB Fac             CRISIL BBB-    300     Downgraded
                                                                                  from CRISIL
                                                                                  BBB
Balkrishna Fabrics                      CC                 CRISIL BB      50      Reaffirmed
Balkrishna Fabrics                      Proposed CC Limit  CRISIL BB      10      Reaffirmed
Bharti Airtel Ltd                       Proposed LT Bk     CRISIL AA      200000  Reaffirmed
                                        Loan Fac
Bharti Airtel Ltd                       NCD                CRISIL AA      30000   Reaffirmed
Bharti Airtel Ltd                       NCD                CRISIL AA      2725    Reaffirmed
Bioxera Pharma Pvt Ltd                  CC                 CRISIL BB+     40      Reaffirmed
Bioxera Pharma Pvt Ltd                  Corporate Loan     CRISIL BB+     28.4    Reaffirmed
Bioxera Pharma Pvt Ltd                  Proposed LT Bk     CRISIL BB+     5.9     Reaffirmed
                                        Loan Fac
Bioxera Pharma Pvt Ltd                  TL                 CRISIL BB+     74.7    Reaffirmed
Galaxy Office Automation Pvt Ltd        CC                 CRISIL BBB     100     Reaffirmed
Galaxy Office Automation Pvt Ltd        Proposed LT Bk     CRISIL BBB     110     Reaffirmed
                                        Loan Fac
Gem Edible Oils Pvt Ltd                 TL                 CRISIL BBB     30      Assigned
Gem Edible Oils Pvt Ltd                 CC                 CRISIL BBB     160     Assigned
Genesis Colors Ltd                      Proposed WC Fac    CRISIL BBB     450     Reaffirmed
(Continues on Rating Watch with Positive Implications)
Genesis La Mode Pvt Ltd                 CC                 CRISIL BBB     270     Reaffirmed
(Continues on Rating Watch with Positive Implications)
Genesis La Mode Pvt Ltd                 Proposed LT Bk     CRISIL BBB     50      Reaffirmed
                                        Loan Fac
(Continues on Rating Watch with Positive Implications)
Genesis Luxury Fashion Pvt Ltd          CC                 CRISIL BBB     280     Reaffirmed
(Continues on Rating Watch with Positive Implications)
Genesis Luxury Fashion Pvt Ltd          Proposed LT Bk     CRISIL BBB     40      Reaffirmed
                                        Loan Fac
(Continues on Rating Watch with Positive Implications)

GLF Lifestyle Brands Pvt Ltd            CC                 CRISIL BBB-    30      Reaffirmed
(Continues on Rating Watch with Positive Implications)
GLF Lifestyle Brands Pvt Ltd            Proposed LT Bk     CRISIL BBB-    30      Reaffirmed
                                        Loan Fac
(Continues on Rating Watch with Positive Implications)
Global Kitchens (Kolkata) LLP           Proposed LT Bk     CRISIL BBB-    13      Reaffirmed
                                        Loan Fac
Global Kitchens (Kolkata) LLP           TL                 CRISIL BBB-    117     Reaffirmed
GML India Fashion Pvt Ltd               CC                 CRISIL BBB     20      Reaffirmed
Continues on Rating Watch With Positive Implications
GML India Fashion Pvt Ltd               Proposed LT Bk     CRISIL BBB     40      Reaffirmed
                                        Loan Fac
Continues on Rating Watch With Positive Implications
Haryana Oils and Soya Ltd               Overdraft          CRISIL BB      40      Reaffirmed
Hinduja Renewables Energy Pvt Ltd       LT Loan            CRISIL A       1290    Reaffirmed
Hinduja Renewables Pvt Ltd              TL                 CRISIL A       208.2   Reassigned
                                                                                  from CRISIL
                                                                                  A(SO)
Kiran Energy Solar Power Pvt Ltd        TL                 CRISIL A       192.6   Assigned
Kiran Renewables Pvt Ltd                TL                 CRISIL A       230     Assigned
Kiran Solar One Pvt Ltd                 TL                 CRISIL A       500     Assigned
Kiran Suryaprakash India Pvt Ltd        TL                 CRISIL A       299.6   Assigned
Knit Gallery                            TL                 CRISIL BBB-    100     Assigned
Lee Pharma Ltd                          Bill Discounting   CRISIL BBB-    175.4   Reaffirmed
Lee Pharma Ltd                          CC                 CRISIL BBB-    500     Reaffirmed
Lee Pharma Ltd                          TL                 CRISIL BBB-    359.6   Reaffirmed
Lee Pharma Ltd                          WC TL              CRISIL BBB-    70      Reaffirmed
Metro Retail Pvt Ltd                    CC                 CRISIL A-      340     Reaffirmed
Mittal International                    Packing Credit     CRISIL BBB-    170     Assigned
Suspension revoked
New Habitat Housing Finance And         CC                 CRISIL BB+     30      Downgraded
Development Ltd                                                                   from CRISIL
                                                                                  BBB-
New Habitat Housing Finance And         Proposed LT Bk     CRISIL BB+     460     Downgraded
Development Ltd                         Loan Fac                                  from CRISIL
                                                                                  BBB-
New Habitat Housing Finance And         TL                 CRISIL BB+     510     Downgraded
Development Ltd                                                                   from CRISIL
                                                                                  BBB-
Nuvoco Vistas Corporation Ltd           CC & WC demand     CRISIL AA      1075    Reaffirmed
                                        loan^
^Interchangeable with bank guarantee/letter of credit
Nuvoco Vistas Corporation Ltd           CC & WC demand loanCRISIL AA      250     Reaffirmed
Nuvoco Vistas Corporation Ltd           Proposed FB Bk     CRISIL AA      599     Reaffirmed
                                        Limits
Nuvoco Vistas Corporation Ltd           TL                 CRISIL AA      7500    Reaffirmed
Nuvoco Vistas Corporation Ltd           WC Demand Loan     CRISIL AA      200     Reaffirmed
Nuvoco Vistas Corporation Ltd           NCD@               CRISIL AA      28500   Reaffirmed
@@GOI fully serviced bonds for fiscal 2019
Offshore Infrastructures Ltd            CC                 CRISIL A       550     Reaffirmed
Offshore Infrastructures Ltd            Proposed BG        CRISIL A       313     Reaffirmed
Offshore Infrastructures Ltd            Proposed CC Limit  CRISIL A       450     Reaffirmed
Raajhans Solar Pvt Ltd                  LT Loan            CRISIL A       410     Reaffirmed
REC Ltd                                 Bond@@             CRISIL AAA     150000  Assigned
@@GOI fully serviced bonds for fiscal 2019
REC Ltd                                 LT Borrowing       CRISIL AAA     730000  Reaffirmed
                                        Programme^#**
(Enhanced from Rs.52000 Crore),^ Borrowing programme for fiscal 2019 (refers to financial year,
April 1 to March 31). The overall limit for the long-term borrowing programme and the short-term
borrowing programme is Rs.85000.0 crore.# Total incremental long-term bank borrowing and
borrowings under the rated long-term bonds programme not to exceed Rs.73000.0 crore any point in
time during fiscal 2019. The long-term borrowing programme includes tax-free bonds under Section
10 of the Income Tax Act 1961 and lower Tier II bonds,** Includes Rs.8627 crore of extra
budgetary resources raised by REC on behalf of Ministry of Power
REC Ltd                                 LT Borrowing       CRISIL AAA     500000  Reaffirmed
                                        Programme$*
$ Borrowing programme for fiscal 2018,*Includes Rs.4000 crore of extra budgetary resources
raised by REC on behalf of Ministry of Power.
*Includes Rs.4000 cro
REC Ltd                                 LT Borrowing       CRISIL AAA     -       Reaffirmed
                                        Programme
Reliance Industries Ltd                 FB Fac*            CRISIL AAA     600000  Reaffirmed
*Fully interchangeable between bank guarantee, letter of credit, export packing credit, and
post-shipment credit.
Reliance Industries Ltd                 Proposed LT Bk     CRISIL AAA     49650   Reaffirmed
                                        Loan Fac
Reliance Industries Ltd                 Rupee TL           CRISIL AAA     350     Reaffirmed
Reliance Industries Ltd                 NCD                CRISIL AAA     80000   Assigned
Reliance Industries Ltd                 NCD                CRISIL AAA     20000   Reaffirmed
Reliance Industries Ltd                 NCD                CRISIL AAA     100000  Reaffirmed
Reliance Industries Ltd                 NCD                CRISIL AAA     100000  Reaffirmed
Reliance Industries Ltd                 NCD                CRISIL AAA     100000  Reaffirmed
Reliance Industries Ltd                 NCDs               CRISIL AAA     100080  Reaffirmed
Scope Ingredients Pvt Ltd               Proposed LT Bk     CRISIL BB+     100     Reaffirmed 
                                        Loan Fac
Scope Specialities LLP                  Proposed LT Bk     CRISIL BB+     150     Reaffirmed
                                        Loan Fac
Sharda Motor Industries Ltd             CC*                CRISIL AA-     850     Reaffirmed
*Interchangeable with letter of credit and bank guarantee
Sharda Motor Industries Ltd             LT Loan            CRISIL AA-     250     Reaffirmed
Sharda Motor Industries Ltd             Proposed FB Bk     CRISIL AA-     570     Reaffirmed
                                        Limits
Solarfield Energy Pvt Ltd               TL                 CRISIL A       1317.5  Assigned
Solarfield Energy Two Pvt Ltd           TL                 CRISIL A       193.5   Assigned
Tagros Chemicals India Pvt Ltd          Export Packing     CRISIL A+      2945    Assigned
                                        Credit#
#Completely interchangeable with Foreign bill discounting, Pre-Shipment credit in foreign
Currency, Export bills discounting.
Tagros Chemicals India Pvt Ltd          CC                 CRISIL A+      30      Assigned
Tagros Chemicals India Pvt Ltd          Proposed LT Bk     CRISIL A+      104.6   Assigned
                                        Loan Fac*
*Interchangeable with proposed short term, fund based and non-fund based facilities
Tagros Chemicals India Pvt Ltd          TL                 CRISIL A+      2385.8  Assigned
Tagros Chemicals India Pvt Ltd          Letter of Comfort  CRISIL A+      34.6    Assigned
Techno Electric And Engineering Co. Ltd FB Fac             CRISIL AA-     410     Reaffirmed
Techno Electric And Engineering Co. Ltd FB Fac*            CRISIL AA-     1600    Reaffirmed
*Fully interchangeable with non-fund based limits
Techno Electric And Engineering Co. Ltd Non-FBL^           CRISIL AA-     1640    Reaffirmed
^Fully interchangeable with fund-based facilities
Techno Electric And Engineering Co. Ltd Non-FBL%           CRISIL AA-     500     Reaffirmed
%Includes sub-limit of Rs.10 crore for fund-based facilities
Techno Electric And Engineering Co. Ltd Non-FBL#           CRISIL AA-     600     Reaffirmed
#Includes sub-limit of Rs.5 crore for fund-based facilities
Techno Electric And Engineering Co. Ltd Non-FBL$           CRISIL AA-     1600    Reaffirmed
$Includes sub-limit of Rs.85 crore for fund-based facilities
Techno Electric And Engineering Co. Ltd Non-FBL            CRISIL AA-     2600    Reaffirmed
Techno Electric And Engineering Co. Ltd Proposed LT Bk     CRISIL AA-     850     Reaffirmed
                                        Loan Fac
VVD and Sons Pvt Ltd                    Channel Financing  CRISIL BBB+    50      Reaffirmed
VVD and Sons Pvt Ltd                    Proposed LT Bk     CRISIL BBB+    110     Reaffirmed
                                        Loan Fac
--------------------------------------------------------------------------------------------
$: 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@thomsonreuters.com)
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