March 7, 2019 / 4:49 AM / 12 days ago

CRISIL ratings for Indian debt instruments-Mar 7

    Mar 7 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of March 6, 2019.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                          (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Dalmia Laminators Ltd                   BG                 CRISIL A3      50      Reaffirmed
Continues on 'Rating Watch with Developing Implications'
Dalmia Laminators Ltd                   LOC                CRISIL A3      120     Reaffirmed
Continues on 'Rating Watch with Developing Implications'
Demosha Chemicals Pvt Ltd               BG                 CRISIL A3      25      Reaffirmed
Demosha Chemicals Pvt Ltd               LOC                CRISIL A3      40      Reaffirmed
Denis Chem Lab Ltd                      LOC Bill           CRISIL A3      8       Assigned
                                        Discounting
Denis Chem Lab Ltd                      LOC                CRISIL A3      47.5    Assigned
Denis Chem Lab Ltd                      Foreign Exchange   CRISIL A3      2.5     Assigned
                                        Forward
Denis Chem Lab Ltd                      BG                 CRISIL A3      37.5    Assigned
ICICI Prudential Asset Management Co.   ST Rating          CRISIL A4              Assigned
Ltd
JBS Enterprises Pvt Ltd                 BG                 CRISIL A4+     95      Reaffirmed
Jyoti Strips Pvt Ltd                    BG                 CRISIL A2      50      Reaffirmed
Continues on 'Rating Watch with Developing Implications'
Jyoti Strips Pvt Ltd                    LOC                CRISIL A2      1860    Reaffirmed
Continues on 'Rating Watch with Developing Implications'
Jyoti Strips Pvt Ltd                    Proposed LOC       CRISIL A2      480     Reaffirmed
Continues on 'Rating Watch with Developing Implications'
Keen and Core Developers                BG                 CRISIL A4      50
Legend Ceramic Pvt Ltd                  BG                 CRISIL A4+     10      Assigned
Madura Industrial Textiles Ltd          BG                 CRISIL A2      150
Upgraded from 'CRISIL A3+'
Madura Industrial Textiles Ltd          LOC                CRISIL A2      1430
Upgraded from 'CRISIL A3+'
Neel Industries Pvt Ltd                 LOC*               CRISIL A2+     100     Reaffirmed
Placed on 'Rating Watch with Developing Implications'; *Interchangeable with BG up to Rs.1 crore
S R C Infra Pvt Ltd                     Proposed BG        CRISIL A4+     124     Assigned
Sapphire Papers Mill Pvt Ltd            BG                 CRISIL A4+     20      Reaffirmed
Sentiss Pharma Pvt Ltd                  Packing Credit     CRISIL A2+     650     Reaffirmed
Shivam Motors Pvt Ltd                   BG                 CRISIL A4+     100     Assigned
Shivam Motors Pvt Ltd                   LOC                CRISIL A4+     30      Assigned
Temple Packaging Pvt Ltd                BG                 CRISIL A3+     20
Downgraded from 'CRISIL A2'
Temple Packaging Pvt Ltd                LOC                CRISIL A3+     30      Assigned
Downgraded from 'CRISIL A2'
Thomas Cook India Ltd                   BG$$               CRISIL A1+     650     Reaffirmed
$$ Fully interchangeable with LC
Thomas Cook India Ltd                   BG                 CRISIL A1+     1230    Reaffirmed
Thomas Cook India Ltd                   LOC##              CRISIL A1+     2600    Reaffirmed
## Facility of Rs 150 crore fully interchangeable with bank guarantee and post-shipment credit
in foreign currency (PSFC) up to Rs 25 crore, Facility of Rs 75 crore fully interchangeable
between LC and BG, Facility of Rs 35 crore interchangeable with BG to the tune of Rs 15 crore
Thomas Cook India Ltd                   LOC                CRISIL A1+     100     Reaffirmed
Thomas Cook India Ltd                   Overdraft          CRISIL A1+     250     Reaffirmed
Thomas Cook India Ltd                   Overdraft@         CRISIL A1+     490     Reaffirmed
@Facility of 49 crore interchangeable with LC of up to Rs 25 crore
Thomas Cook India Ltd                   ST Debt (Including CRISIL A1+     1000    Reaffirmed
                                        CP)
Videotex International Pvt Ltd          LOC                CRISIL A2+     130     Assigned

LONG TERM RATINGS:
-------------------
Bateli Tea Co. Ltd                      CC                 CRISIL BBB-    130     Reaffirmed
Continues on 'Rating Watch with Developing Implications'
Bateli Tea Co. Ltd                      LT Loan            CRISIL BBB-    220     Reaffirmed
Continues on 'Rating Watch with Developing Implications'
Bhuyan Associates Pvt Ltd               CC                 CRISIL BB      57.5    Reaffirmed
Bhuyan Associates Pvt Ltd               Proposed FB Bk     CRISIL BB      3.9     Reaffirmed
                                        Limits
Bhuyan Associates Pvt Ltd               Standby Line of    CRISIL BB      7.5     Reaffirmed
                                        Credit
Bhuyan Associates Pvt Ltd               TL                 CRISIL BB      7       Reaffirmed
Brindavan Bottlers Pvt Ltd              CC                 CRISIL BBB+    400
Migrated from 'CRISIL BB+ Issuer Not Cooperating'
Brindavan Bottlers Pvt Ltd              LT Loan            CRISIL BBB+    350
Migrated from 'CRISIL BB+ Issuer Not Cooperating'
Brindavan Bottlers Pvt Ltd              Proposed FB Bk     CRISIL BBB+    100
                                        Limits
Migrated from 'CRISIL BB+ Issuer Not Cooperating'
Dalmia Laminators Ltd                   CC                 CRISIL BBB-    790     Reaffirmed
Continues on 'Rating Watch with Developing Implications'
Dalmia Laminators Ltd                   LT Loan            CRISIL BBB-    420     Reaffirmed
Continues on 'Rating Watch with Developing Implications'
Demosha Chemicals Pvt Ltd               CC                 CRISIL BBB-    120     Reaffirmed
Denis Chem Lab Ltd                      TL                 CRISIL BBB-    114.5   Assigned
Denis Chem Lab Ltd                      CC                 CRISIL BBB-    155     Assigned
DLF Emporio Ltd                         NCD Issue          CRISIL AA(SO)  5250    Reaffirmed
DLF Promenade Ltd                       NCD Issue          CRISIL AA(SO)  5250    Reaffirmed
DSP Investment Managers Pvt Ltd         Bond               CRISIL AAA     6000    Reaffirmed
DSP Investment Managers Pvt Ltd         DSP Low Duration   CRISIL AAAmfs
                                        Fund
Update on credit quality ratings on mutual fund schemes post the rating action on Dewan Housing
Finance Corporation Ltd
Embassy Office Parks Reit               NCD                Provisional    40000   Reaffirmed
                                                           CRISIL AAA^
Gopal Udhyog                            CC                 CRISIL BB-     125     Reaffirmed

Imaginative Flexipacks Ltd              Proposed FB Bk     CRISIL BB-     1       Assigned
                                        Limits
Imaginative Flexipacks Ltd              Rupee TL           CRISIL BB-     65      Assigned
Indiabulls Asset Management Co. Ltd     Indiabulls Ultra   CRISIL AAAmfs
                                        ST Fund
Update on credit quality ratings on mutual fund schemes post the rating action on Dewan Housing
Finance Corporation Ltd
JBM Solar Energy Maharashtra Pvt Ltd    Proposed LT Bk     CRISIL A-      220     Reaffirmed
                                        Loan Fac
Placed on 'Rating Watch with Developing Implications' 
JBM Solar Energy Maharashtra Pvt Ltd    Rupee TL           CRISIL A-      2330    Reaffirmed
Placed on 'Rating Watch with Developing Implications' 
Jbm Solar Power Maharashtra Pvt Ltd     Proposed LT Bk     CRISIL A-      130     Reaffirmed
                                        Loan Fac
Placed on 'Rating Watch with Developing Implications' 
Jbm Solar Power Maharashtra Pvt Ltd     Rupee TL           CRISIL A-      1570    Reaffirmed
Placed on 'Rating Watch with Developing Implications' 
JBS Enterprises Pvt Ltd                 CC                 CRISIL BB      40      Reaffirmed
JM Financial Asset Management Ltd       JM Low Duration    CRISIL AAAmfs
                                        Fund
Update on credit quality ratings on mutual fund schemes post the rating action on Dewan Housing
Finance Corporation Ltd
Jyoti Strips Pvt Ltd                    CC                 CRISIL BBB+    480     Reaffirmed
Continues on 'Rating Watch with Developing Implications'
Jyoti Strips Pvt Ltd                    Proposed LT Bk     CRISIL BBB+    50      Assigned
                                        Loan Fac
Continues on 'Rating Watch with Developing Implications'
Keen and Core Developers                CC                 CRISIL C       60      Assigned
Krishna Beads Industries LLP            CC                 CRISIL BB      95      Assigned
Legend Ceramic Pvt Ltd                  CC                 CRISIL BB      60      Assigned
Liberty Hospitals                       LT Loan            CRISIL B       90
Issuer Not Cooperating; Rating Withdrawn
Liberty Hospitals                       Overdraft          CRISIL B       20
Issuer Not Cooperating; Rating Withdrawn
Madura Industrial Textiles Ltd          CC                 CRISIL BBB+    900
Upgraded from 'CRISIL BBB'
Madura Industrial Textiles Ltd          Rupee TL           CRISIL BBB+    880
Upgraded from 'CRISIL BBB'
Neel Industries Pvt Ltd                 CC^^               CRISIL A-      60      Reaffirmed
Placed on 'Rating Watch with Developing Implications'; ^^Interchangeable with working capital
demand loan; changeable one-way with letter of credit and bank guarantee (BG)

Neel Industries Pvt Ltd                 Proposed LT Bk     CRISIL A-      40      Reaffirmed
                                        Loan Fac
Placed on 'Rating Watch with Developing Implications'
NLC India Ltd                           CC                 CRISIL AAA     22000   Reaffirmed
NLC India Ltd                           LOC & BG           CRISIL AAA     8000    Reaffirmed
NLC India Ltd                           Proposed LT Bk     CRISIL AAA     57410   Reaffirmed
                                        Loan Fac
NLC India Ltd                           TL                 CRISIL AAA     20000   Reaffirmed
Pumarth Commodities Pvt Ltd             Rating Update      -
CRISIL is awaiting adequate information from the company which will enable them to carry out the
rating review
Pumarth Credit and Capital Ltd          Rating Update      -
CRISIL is awaiting adequate information from the company which will enable them to carry out the
rating review
Rajhans Infratech Pvt Ltd               TL                 CRISIL D       160     Assigned
RG Sundar and Co                        CC                 CRISIL B+      54.5    Assigned
S R C Infra Pvt Ltd                     Proposed TL        CRISIL BB+     1676    Assigned
Sapphire Papers Mill Pvt Ltd            CC                 CRISIL BB+     90      Reaffirmed
Sapphire Papers Mill Pvt Ltd            LT Loan            CRISIL BB+     98.5    Reaffirmed
Sapphire Papers Mill Pvt Ltd            Proposed LT Bk     CRISIL BB+     26      Reaffirmed
                                        Loan Fac
Sentiss Pharma Pvt Ltd                  Proposed FB Bk     CRISIL A-      160     Reaffirmed
                                        Limits
Outlook revised from 'Stable' and rating reaffirmed
Shivam Motors Pvt Ltd                   Electronic Dealer  CRISIL BB+     390     Assigned
                                        Financing
                                        Scheme(e-DFS)
Shivam Motors Pvt Ltd                   Channel Financing  CRISIL BB+     120     Assigned
Shivam Motors Pvt Ltd                   CC                 CRISIL BB+     70      Assigned
Shivam Motors Pvt Ltd                   Proposed LT Bk     CRISIL BB+     60      Assigned
                                        Loan Fac
Shivam Motors Pvt Ltd                   Drop Line          CRISIL BB+     40      Assigned
                                        Overdraft Fac
Somani Motors Pvt Ltd                   Electronic Dealer  CRISIL B+      110     Reaffirmed
                                        Financing
                                        Scheme(e-DFS)
Sri Raghavendra Poultry Farm            CC                 CRISIL D       2       Assigned
Sri Raghavendra Poultry Farm            TL                 CRISIL D       48      Assigned
Sri Rajalakshmi Poultry Farm            CC                 CRISIL D       2       Assigned
Sri Rajalakshmi Poultry Farm            TL                 CRISIL D       48      Assigned
Temple Packaging Pvt Ltd                CC                 CRISIL BBB     370
Downgraded from 'CRISIL BBB+/Negative'
Temple Packaging Pvt Ltd                Corporate Loan     CRISIL BBB     177.5
Downgraded from 'CRISIL BBB+/Negative'
Temple Packaging Pvt Ltd                External           CRISIL BBB     138.7
                                        Commercial
                                        Borrowings
Downgraded from 'CRISIL BBB+/Negative'
Temple Packaging Pvt Ltd                TL                 CRISIL BBB     248.3   Assigned
Downgraded from 'CRISIL BBB+/Negative'
Thomas Cook India Ltd                   CC**               CRISIL AA-     650     Reaffirmed
** Fully interchangeable with working capital demand loan (WCDL) and Letter of Credit
Thomas Cook India Ltd                   Overdraft@@        CRISIL AA-     1400    Reaffirmed
@@ Facility of Rs 15 crore interchangeable with WCDL of up to Rs 12 crore, facility of Rs 75
crore fully interchangebale between LC and BG, facility of Rs 50 crore fully interchangeable
with WCDL and Short term loan (STL), Rs 30 crore with bank guarantee
Thomas Cook India Ltd                   Proposed LT Bk     CRISIL AA-     20      Reaffirmed
                                        Loan Fac
Universal Educational Society           Overdraft          CRISIL BBB-    36.9    Reaffirmed
Universal Educational Society           TL                 CRISIL BBB-    342.5   Assigned
Universal Educational Society           Proposed LT Bk     CRISIL BBB-    2.6     Assigned
                                        Loan Fac
Vasant Masala Pvt Ltd                   TL                 CRISIL BB+     215     Assigned
Vasant Masala Pvt Ltd                   CC                 CRISIL BB+     79      Assigned
Vasant Masala Pvt Ltd                   Proposed LT Bk     CRISIL BB+     10      Assigned
                                        Loan Fac
Videotex International Pvt Ltd          LT Loan            CRISIL BBB+    100     Assigned
Videotex International Pvt Ltd          CC                 CRISIL BBB+    195     Assigned
Vighneshwar Ispat Pvt Ltd               CC                 CRISIL B       45
Issuer Not Cooperating; Rating Withdrawn
Vighneshwar Ispat Pvt Ltd               TL                 CRISIL B       10
Issuer Not Cooperating; Rating Withdrawn
Vivriti Glenn 01 2019 (Originator:      Series A1 PTCs     Provisional
Muthoot Capital Services Ltd)                              CRISIL AA+ (SO)
Provisional Rating Assigned; @A prefix of 'Provisional' indicates that the rating centrally
factors in the strength of specific structures, and will be supported by certain critical
documentation by the issuer, without which the rating would either have been different or not
assigned ab initio. This is in compliance with a May 6, 2015, Securities and Exchange Board of
India (SEBI) directive, 'Standardising the term, rating symbol, and manner of disclosure with
regard to conditional/ provisional/ in-principle ratings assigned by CRAs.
Zim Laboratories Ltd                    BG                 CRISIL BBB-    80
Rating Reaffirmed and Withdrawn 
Zim Laboratories Ltd                    CC*                CRISIL BBB-    650
Rating Reaffirmed and Withdrawn ; *Fully interchangeable with pre-shipment and post-shipment
Zim Laboratories Ltd                    External           CRISIL BBB-    291.1
                                        Commercial
                                        Borrowings
Rating Reaffirmed and Withdrawn 
Zim Laboratories Ltd                    LOC                CRISIL BBB-    50
Rating Reaffirmed and Withdrawn 
Zim Laboratories Ltd                    LT Loan            CRISIL BBB-    48.7
Rating Reaffirmed and Withdrawn 
Zim Laboratories Ltd                    Proposed LT Bk     CRISIL BBB-    40.2
                                        Loan Fac
Rating Reaffirmed and Withdrawn 

--------------------------------------------------------------------------------------------
$: 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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