May 14, 2018 / 3:50 AM / 11 days ago

CRISIL ratings for Indian debt instruments-May 14

    May 14 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of May 11, 2018.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Astra Chemtech Pvt Ltd                  LOC                CRISIL A4+     30
Upgraded from 'CRISIL A4'
Astra Chemtech Pvt Ltd                  Packing Credit     CRISIL A4+     15
Upgraded from 'CRISIL A4'
Axis Bank Ltd                           CDs                CRISIL A1+     600000  Reaffirmed
Century Metal Recycling Ltd             LOC                CRISIL A2+     1050    Assigned
Century Metal Recycling Ltd             BG                 CRISIL A2+     106.2   Assigned
Chemfab Alkalis Ltd                     BG                 CRISIL A2      130     Reaffirmed
Issuer Not Cooperating; Rating Migrated
Chemfab Alkalis Ltd                     LOC                CRISIL A2      55      Reaffirmed
Issuer Not Cooperating; Rating Migrated
Deccan Engineering Constructions Pvt LtdBG                 CRISIL A4      50      Assigned
Assigned; Suspension Revoked
Harsha Constructions                    Overdraft          CRISIL A4+     60      Assigned
Harsha Constructions                    BG                 CRISIL A4+     290     Assigned
JK Lakshmi Cement Ltd                   CP Programme*      CRISIL A1+     3750    Reaffirmed
(Enhanced from Rs.320 Crore) *of which Rs.175 crore is carved out of working capital limits
Kamlesh Autowheels Pvt Ltd              Proposed NFBL      CRISIL A4+     7       Assigned
Khilari Infrastructure Pvt Ltd          BG                 CRISIL A4+     350
Issuer Not Cooperating; Migrated from 'CRISIL A3' 
Khilari Infrastructure Pvt Ltd          Proposed BG        CRISIL A4+     1200
Issuer Not Cooperating; Migrated from 'CRISIL A3' 
Mahavir Rice Mills                      Packing Credit     CRISIL A4+     130
Upgraded from 'CRISIL A4'
Omega International                     Packing Credit in  CRISIL A4+     60      Reaffirmed
                                        Foreign Currency
Orient Craft Ltd                        Non-FBL            CRISIL A3      1680
Downgraded from 'CRISIL A3+'
Spak Surfactants Pvt Ltd                Foreign LOC        CRISIL A4      20      Reaffirmed
Tirath Ram Ahuja Pvt Ltd                BG                 CRISIL A4      70      Reaffirmed
Tirath Ram Ahuja Pvt Ltd                Overdraft          CRISIL A4      12      Reaffirmed
Tirath Ram Ahuja Pvt Ltd                Proposed ST Bk     CRISIL A4      8       Reaffirmed
                                        Loan Fac
Top Gear Transmission Pvt Ltd           BG                 CRISIL A4      7.5
Upgraded from 'CRISIL D'
Top Gear Transmission Pvt Ltd           LOC                CRISIL A4      15
Upgraded from 'CRISIL D'
Top Gear Transmissions                  BG                 CRISIL A4      5
Upgraded from 'CRISIL D'
Top Gear Transmissions                  LOC                CRISIL A4      17.5
Upgraded from 'CRISIL D'
Toyota Financial Services India Ltd     CP                 CRISIL A1+     18000   Reaffirmed
Vedang Cellular Services Pvt Ltd        BG                 CRISIL A4+     1.5
Issuer Not Cooperating; Migrated from 'CRISIL A3' 
Vedang Radio Technology Pvt Ltd         BG                 CRISIL A4+     1.5
Issuer Not Cooperating; Migrated from 'CRISIL A3' 
Wins International                      Bill Discounting   CRISIL A4      20      Reaffirmed
Wins International                      Packing Credit     CRISIL A4      30      Reaffirmed

LONG TERM RATINGS:
-------------------
916 Epari Jeweller Pvt Ltd              CC                 CRISIL B       20      Assigned
Apco Vehicles India Pvt Ltd             CC                 CRISIL BBB-    75      Reaffirmed
Apco Vehicles India Pvt Ltd             Inventory Funding  CRISIL BBB-    145     Reaffirmed
                                        Fac
Apco Vehicles India Pvt Ltd             LT Loan            CRISIL BBB-    10      Reaffirmed
Aspam Food Cold Storage Pvt Ltd         Rupee TL           CRISIL BBB     300     Assigned
Astra Chemtech Pvt Ltd                  CC                 CRISIL BB-     70
Upgraded from 'CRISIL B+'
Astra Chemtech Pvt Ltd                  Proposed LT Bk     CRISIL BB-     40
                                        Loan Fac
Upgraded from 'CRISIL B+'
Astra Chemtech Pvt Ltd                  WC Demand Loan     CRISIL BB-     70
Upgraded from 'CRISIL B+'
Axis Bank Ltd                           Tier I Bonds       CRISIL AA+     35000   Reaffirmed
                                        (Under Basel III)
Axis Bank Ltd                           Tier I Bonds       CRISIL AA+     35000   Reaffirmed
                                        (Under Basel III)
Axis Bank Ltd                           Tier II Bonds      CRISIL AAA     50000   Reaffirmed
                                        (Under Basel III)
Axis Bank Ltd                           Tier II Bonds      CRISIL AAA     25000   Reaffirmed
                                        (Under Basel III)
Axis Bank Ltd                           Tier II Bonds      CRISIL AAA     8500    Reaffirmed
                                        (Under Basel III)
Axis Bank Ltd                           Tier II Bonds      CRISIL AAA     20000   Reaffirmed
                                        (Under Basel III)
Axis Bank Ltd                           Infrastructure     CRISIL AAA     32050   Reaffirmed
                                        Bonds
Axis Bank Ltd                           Infrastructure     CRISIL AAA     60000   Reaffirmed
                                        Bonds
Axis Bank Ltd                           Infrastructure     CRISIL AAA     50000   Reaffirmed
                                        Bonds
Century Metal Recycling Ltd             TL                 CRISIL A-      100     Assigned
Century Metal Recycling Ltd             CC                 CRISIL A-      1200    Assigned
Century Metal Recycling Ltd             Bill Discounting   CRISIL A-      309.1   Assigned
Chemfab Alkalis Ltd                     CC                 CRISIL BBB+    100     Reaffirmed

Issuer Not Cooperating; Rating Migrated
Chemfab Alkalis Ltd                     LT Loan            CRISIL BBB+    450     Reaffirmed
Issuer Not Cooperating; Rating Migrated
Chemfab Alkalis Ltd                     Proposed LT Bk     CRISIL BBB+    200     Reaffirmed
                                        Loan Fac
Issuer Not Cooperating; Rating Migrated
Deccan Engineering Constructions Pvt LtdCC                 CRISIL B+      50      Assigned
Assigned; Suspension Revoked
Dwarkadhish Sakhar Karkhana Ltd         CC                 CRISIL BB+     850     Assigned
Assigned; Suspension Revoked
Dwarkadhish Sakhar Karkhana Ltd         TL                 CRISIL BB+     208.8   Assigned
Assigned; Suspension Revoked
Electronic Payment and Services Pvt Ltd Proposed LT Bk     CRISIL BBB-    530
                                        Loan Fac
Assigned
Electronic Payment and Services Pvt Ltd TL                 CRISIL BBB-    470
Assigned
Emil Traders Pvt Ltd                    CC                 CRISIL BB      470     Reaffirmed
Emil Traders Pvt Ltd                    Export Packing     CRISIL BB      100     Reaffirmed
                                        Credit
Emil Traders Pvt Ltd                    Foreign Bill       CRISIL BB      50      Assigned
                                        Discounting
Georai Taluka Shikshak Sahakari         CC                 CRISIL BBB-    7       Withdrawn
Patsanstha Maryadit
Hablis Hotels                           Overdraft          CRISIL BB      70
Issuer Not Cooperating; Migrated from 'CRISIL BBB-'
Hablis Hotels                           Proposed LT Bk     CRISIL BB      230
                                        Loan Fac
Issuer Not Cooperating; Migrated from 'CRISIL BBB-'
Harsha Constructions                    Proposed Overdraft CRISIL BB      40      Assigned
                                        Fac
Harsha Constructions                    Proposed BG        CRISIL BB      60      Assigned
Harsha Constructions                    LT Loan            CRISIL BB      50      Assigned
Invesco Asset Management (India) Pvt LtdInvesco India      CRISIL AAAmfs          Reaffirmed
                                        Liquid Fund
Invesco Asset Management (India) Pvt LtdInvesco India      CRISIL AAAmfs          Reaffirmed
                                        Liquid Fund
J B Publishing House Pvt Ltd            CC                 CRISIL B+      125     Reaffirmed
J B Publishing House Pvt Ltd            LT Loan            CRISIL B+      35      Reaffirmed
J B Publishing House Pvt Ltd            Proposed TL        CRISIL B+      15      Assigned
Kamlesh Autowheels Pvt Ltd              Rupee TL           CRISIL BB-     18.5    Assigned
Kamlesh Autowheels Pvt Ltd              CC                 CRISIL BB-     150     Assigned
Khilari Infrastructure Pvt Ltd          CC                 CRISIL BB      150
Issuer Not Cooperating; Migrated from 'CRISIL BBB-' 
Khilari Infrastructure Pvt Ltd          Proposed CC Limit  CRISIL BB      300
Issuer Not Cooperating; Migrated from 'CRISIL BBB-' 
Light Craft & Sound Pvt Ltd             CC                 CRISIL BB      0.5
Issuer Not Cooperating
Light Craft & Sound Pvt Ltd             Proposed LT Bk     CRISIL BB      3.56
                                        Loan Fac
Issuer Not Cooperating
Light Craft & Sound Pvt Ltd             TL                 CRISIL BB      5
Issuer Not Cooperating
Mahavir Rice Mills                      CC                 CRISIL BB-     20
Upgraded from 'CRISIL B+'
Marath Enterprises and Crushers Pvt Ltd Proposed LT Bk     CRISIL D       40
                                        Loan Fac
Downgraded from 'CRISIL B-Issuer Not Cooperating'
Marath Enterprises and Crushers Pvt Ltd TL                 CRISIL D       120
Downgraded from 'CRISIL B-Issuer Not Cooperating'
Muthoot Capital Services Ltd- Firefinch Series A1 PTCs     CRISIL A (SO)
CV IFMR Capital 2017
Upgraded from CRISIL A- (SO)
Muthoot Capital Services Ltd- Firefinch Series A2 PTCs     CRISIL A (SO)          Reaffirmed
CV IFMR Capital 2017
N. S. Engineering Projects Pvt Ltd      BG                 CRISIL D       55
Downgraded from 'CRISIL B-'
N. S. Engineering Projects Pvt Ltd      CC                 CRISIL D       390
Downgraded from 'CRISIL B-'
N. S. Engineering Projects Pvt Ltd      Funded Interest TL CRISIL D       76.7
Downgraded from 'CRISIL B-'
N. S. Engineering Projects Pvt Ltd      Inland Guarantees  CRISIL D       10
Downgraded from 'CRISIL B-'
N. S. Engineering Projects Pvt Ltd      LOC                CRISIL D       80
Downgraded from 'CRISIL B-'
N. S. Engineering Projects Pvt Ltd      Proposed LT Bk     CRISIL D       105.1
                                        Loan Fac
Downgraded from 'CRISIL B-'
N. S. Engineering Projects Pvt Ltd      TL                 CRISIL D       181
Downgraded from 'CRISIL B-'
N. S. Engineering Projects Pvt Ltd      WC TL              CRISIL D       103.6
Downgraded from 'CRISIL B-'
Narayan Agro Foods Ltd                  CC                 CRISIL C       70      Reaffirmed
Nipha India Pvt Ltd                     CC                 CRISIL BB      20      Assigned
Nipha India Pvt Ltd                     LT Loan            CRISIL BB      130     Assigned
Omega International                     Foreign Bill       CRISIL BB-     120     Reaffirmed
                                        Discounting
Orient Craft Ltd                        CC*                CRISIL BBB-    5316
Downgraded from 'CRISIL BBB' ; *Interchangeable with export packing credit, packing credit in
foreign currency, foreign documentary bills for purchase, foreign bill negotiation, and foreign
bill purchase 
Orient Craft Ltd                        Rupee TL           CRISIL BBB-    3504
Downgraded from 'CRISIL BBB'
Prerna Beverages Pvt Ltd                CC                 CRISIL B       4
Downgraded from 'CRISIL B+'
Prerna Beverages Pvt Ltd                Proposed CC Limit  CRISIL B       15
Downgraded from 'CRISIL B+'
Prerna Beverages Pvt Ltd                Proposed TL        CRISIL B       57.5
Downgraded from 'CRISIL B+'
Prerna Beverages Pvt Ltd                TL                 CRISIL B       23.5
Downgraded from 'CRISIL B+'
Punjab Kesari Publishers Pvt Ltd        Proposed TL        CRISIL B-      100
Assigned
Spak Surfactants Pvt Ltd                Bill Discounting   CRISIL B       20      Reaffirmed
Spak Surfactants Pvt Ltd                CC                 CRISIL B       10      Reaffirmed
Spak Surfactants Pvt Ltd                LT Loan            CRISIL B       89.3    Reaffirmed
Spak Surfactants Pvt Ltd                Proposed LT Bk     CRISIL B       0.7     Reaffirmed
                                        Loan Fac
Top Gear Transmission Pvt Ltd           CC                 CRISIL B-      20
Upgraded from 'CRISIL D'
Top Gear Transmission Pvt Ltd           LT Loan            CRISIL B-      9.7
Upgraded from 'CRISIL D'
Top Gear Transmission Pvt Ltd           Proposed LT Bk     CRISIL B-      47.8
                                        Loan Fac
Upgraded from 'CRISIL D'
Top Gear Transmissions                  CC                 CRISIL B-      40
Upgraded from 'CRISIL D'
Top Gear Transmissions                  Proposed LT Bk     CRISIL B-      27.5
                                        Loan Fac
Upgraded from 'CRISIL D'
Toyota Financial Services India Ltd     NCDs               CRISIL AAA     37200   Reaffirmed
(Reduced from Rs.4120 Crore) 
Vedang Cellular Services Pvt Ltd        CC                 CRISIL BB+     62
Issuer Not Cooperating; Migrated from 'CRISIL BBB-' 
Vedang Cellular Services Pvt Ltd        Proposed LT Bk     CRISIL BB+     36.5
                                        Loan Fac
Issuer Not Cooperating; Migrated from 'CRISIL BBB-' 
Vedang Radio Technology Pvt Ltd         CC                 CRISIL BB+     50
Issuer Not Cooperating; Migrated from 'CRISIL BBB-' 
Vedang Radio Technology Pvt Ltd         Proposed LT Bk     CRISIL BB+     48.5
                                        Loan Fac
Issuer Not Cooperating; Migrated from 'CRISIL BBB-' 
West Bengal Mfg. Co Pvt Ltd             CC                 CRISIL BB+     90      Reaffirmed
Wins International                      Proposed LT Bk     CRISIL B+      50      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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