May 16, 2018 / 6:13 AM / 2 months ago

CRISIL ratings for Indian debt instruments-May 16

    May 16 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of May 15, 2018.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Abharan Motors Pvt Ltd                  BG                 CRISIL A4+     2.1     Reaffirmed
Asian Leather Pvt Ltd                   BG                 CRISIL A3      3       Reaffirmed
Asian Leather Pvt Ltd                   Export Packing     CRISIL A3      80      Reaffirmed
                                        Credit
Asian Leather Pvt Ltd                   Foreign Bill       CRISIL A3      80      Reaffirmed
                                        Discounting
Asian Leather Pvt Ltd                   LOC                CRISIL A3      4       Reaffirmed
Asian Leather Pvt Ltd                   Standby Line of    CRISIL A3      25      Reaffirmed
                                        Credit
Augustan Knitwear Pvt Ltd               Bill Discounting   CRISIL A4+     190     Reaffirmed
Augustan Knitwear Pvt Ltd               LOC                CRISIL A4+     60      Reaffirmed
Augustan Knitwear Pvt Ltd               Packing Credit     CRISIL A4+     100     Reaffirmed
Amaleswari Constructions                BG                 CRISIL D       40      Downgraded
                                                                                  from CRISIL
                                                                                  A4
Bajaj Steel Industries Ltd              BG                 CRISIL A3      5       Reaffirmed
Bajaj Steel Industries Ltd              LOC                CRISIL A3      60      Reaffirmed
Bajaj Steel Industries Ltd              LOC & BG#          CRISIL A3      70      Reaffirmed
#Includes sublimit of bank guarantee of Rs 5.0 crore
Berry Alloys Ltd                        BG                 CRISIL A3      95.7    Reaffirmed
Berry Alloys Ltd                        LOC                CRISIL A3      300     Reaffirmed
C&S Electric Ltd                        LOC & BG           CRISIL A2+     3727    Downgraded
                                                                                  from CRISIL A1
(Removed from Rating Watch with Developing Implications)
Fullerton India Credit Co. Ltd          CP                 CRISIL A1+     26000   Assigned
Ishaan TPR                              LOC                CRISIL A4      70      Reaffirmed
Kathiawar Steels                        Foreign Exchange   CRISIL A4+     7       Reaffirmed
                                        Forward
Kathiawar Steels                        LOC                CRISIL A4+     350     Reaffirmed
Kesh Knitwear Pvt Ltd                   Export Packing     CRISIL A4+     45      Reaffirmed
                                        Credit & Export
                                        Bills Negotiation/Foreign Bill discounting
Kesh Knitwear Pvt Ltd                   LOC                CRISIL A4+     10      Reaffirmed
N.P. Agro India Industries Ltd          LOC                CRISIL A4      3.5     Upgraded from
                                                                                  CRISIL D
Nilons Enterprises Pvt Ltd              BG                 CRISIL A3      30      Reaffirmed
Pressmach Engineers Pvt Ltd             BG                 CRISIL A4+     20      Reassigned
Pressmach Infrastructure Pvt Ltd        BG                 CRISIL A4+     5       Reassigned
Raju E V                                BG                 CRISIL A4      43      Assigned
Regency Linx Exports Pvt Ltd            Foreign            CRISIL D       126     Downgraded
                                        Documentary Bills                         from CRISIL A4
                                        Purchase
(Issuer Not Cooperating)
Regency Linx Exports Pvt Ltd            Packing Credit     CRISIL D       110     Downgraded
                                                                                  from CRISIL A4
(Issuer Not Cooperating)
Sudalagunta Sugars Ltd                  BG                 CRISIL D       150.5   Downgraded
                                                                                  from CRISIL
                                                                                  A4
Seshaasai Business Forms Pvt Ltd        LOC & BG           CRISIL A2      190     Reaffirmed
Siddhi Diamonds                         Post Shipment      CRISIL A4+     40      Reaffirmed
                                        Credit
Sree Saradhambal Automobiles Erode Pvt  Inventory Funding  CRISIL A4+     170     Reaffirmed
Ltd                                     Fac
Sree Saradhambal Automobiles Erode Pvt  Overdraft          CRISIL A4+     50      Reaffirmed
Ltd
Sree Saradhambal Automobiles Pvt Ltd    Inventory Funding  CRISIL A4+     50      Reaffirmed
                                        Fac
Sree Saradhambal Automobiles Pvt Ltd    Overdraft          CRISIL A4+     35      Reaffirmed
United Drilling Tools Ltd               Packing Credit     CRISIL A4+     204     Assigned
United Drilling Tools Ltd               BG                 CRISIL A4+     120     Assigned
United Drilling Tools Ltd               LOC                CRISIL A4+     84      Assigned
Vijaynath Roof And Wall Cladding        BG                 CRISIL A4      150     Reaffirmed
Systems Pvt Ltd
Vijaynath Roof And Wall Cladding        LOC                CRISIL A4      52.5    Reaffirmed
Systems Pvt Ltd



LONG TERM RATINGS:
-------------------
Abharan Motors Pvt Ltd                  CC                 CRISIL BB+     140     Upgraded from
                                                                                  CRISIL BB
Abharan Motors Pvt Ltd                  Inventory Funding  CRISIL BB+     120     Upgraded from
                                        Fac                                       CRISIL BB
Abharan Motors Pvt Ltd                  Proposed LT Bk     CRISIL BB+     1.3     Upgraded from
                                        Loan Fac                                  CRISIL BB
Abharan Motors Pvt Ltd                  TL                 CRISIL BB+     18.7    Upgraded from
                                                                                  CRISIL BB
Actis Generics Pvt Ltd                  CC                 CRISIL B+      60      Migrated from
                                                                                  CRISL B-
(Issuer Not Cooperating)
Actis Generics Pvt Ltd                  LT Loan            CRISIL B+      29      Migrated from
                                                                                  CRISL B-
(Issuer Not Cooperating)
Actis Generics Pvt Ltd                  Proposed LT Bk     CRISIL B+      36      Migrated from
                                        Loan Fac                                  CRISL B-
(Issuer Not Cooperating)
Akash Agro Industries Ltd               CC                 CRISIL BBB-    123.5   Withdrawn
Amaleswari Constructions                CC                 CRISIL D       25      Downgraded
                                                                                  from CRISIL
                                                                                  B+
Amaleswari Constructions                Proposed LT Bk     CRISIL D       15      Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  B+
Asian Leather Pvt Ltd                   Proposed FB Bk     CRISIL BBB-    8       Reaffirmed
                                        Limits
Augustan Knitwear Pvt Ltd               LT Loan            CRISIL BB+     115     Reaffirmed

Avant Trading Company Pvt Ltd           Overdraft          CRISIL B       50      Downgraded
                                                                                  from CRISIL
                                                                                  B+
Avant Trading Company Pvt Ltd           Proposed LT Bk     CRISIL B       20      Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  B+
Bajaj Steel Industries Ltd              CC@                CRISIL BBB-    300     Reaffirmed
@Includes sublimit for packing credit/post-shipment credit/export packing credit/pre-shipment
credit in foreign currency/foreign bill purchase/post-shipment credit in foreign currency to an
extent of Rs 10 crore
Bajaj Steel Industries Ltd              CC                 CRISIL BBB-    140     Reaffirmed
Bajaj Steel Industries Ltd              TL*                CRISIL BBB-    42.5    Reaffirmed
* Includes sublimit of standby letter of credit to an extent of Rs 2.84 crore
Bajaj Steel Industries Ltd              TL                 CRISIL BBB-    18.3    Reaffirmed
Berry Alloys Ltd                        CC                 CRISIL BBB-    300     Reaffirmed
Berry Alloys Ltd                        Funded Interest TL CRISIL BBB-    13.2    Reaffirmed
Berry Alloys Ltd                        LT Loan            CRISIL BBB-    89.8    Reaffirmed
Berry Alloys Ltd                        WC TL              CRISIL BBB-    111.3   Reaffirmed
C&S Electric Ltd                        CC                 CRISIL A-      2100    Reaffirmed
(Removed from Rating Watch with Developing Implications)
C&S Electric Ltd                        External           CRISIL A-      86.3    Reaffirmed
                                        Commercial
                                        Borrowings
(Removed from Rating Watch with Developing Implications)
C&S Electric Ltd                        LOC & BG           CRISIL A-      700     Reaffirmed
(Removed from Rating Watch with Developing Implications)
C&S Electric Ltd                        TL                 CRISIL A-      146.7   Reaffirmed
(Removed from Rating Watch with Developing Implications)
Frontier Warehousing Pvt Ltd            TL                 CRISIL BBB     135     Assigned
Frontier Warehousing Pvt Ltd            Lease Rental       CRISIL BBB     1140    Assigned
                                        Discounting Loan
Frontier Warehousing Pvt Ltd            Proposed TL        CRISIL BBB     950     Assigned
Fullerton India Credit Co. Ltd          Proposed LT Bk     CRISIL AAA     80000   Assigned
                                        Loan Fac
Fullerton India Credit Co. Ltd          NCD                CRISIL AAA     22000   Assigned
Fullerton India Credit Co. Ltd          Subordinated Deb   CRISIL AAA     3000    Assigned
HGS International Services Pvt Ltd      CC                 CRISIL A       250     -
(Continues on Rating Watch with Positive Implications)
HGS International Services Pvt Ltd      Proposed LT Bk     CRISIL A       250     -
                                        Loan Fac
(Continues on Rating Watch with Positive Implications)
Ishaan TPR                              CC                 CRISIL B       25      Reaffirmed
Ishaan TPR                              LT Loan            CRISIL B       10      Reaffirmed
Jay Khodiyar Cotton Pvt Ltd             CC                 CRISIL B+      79.5    Reaffirmed
Kalamboli Structurals And Roofings Pvt  Overdraft          CRISIL BB+     100     Withdrawn
Ltd
Kalamboli Structurals And Roofings Pvt  Proposed LT Bk     CRISIL BB+     65      Withdrawn
Ltd                                     Loan Fac
Kathiawar Steels                        CC                 CRISIL BB-     40      Reaffirmed
Kathiawar Steels                        Proposed LT Bk     CRISIL BB-     103     Reaffirmed
                                        Loan Fac
Kesh Knitwear Pvt Ltd                   TL                 CRISIL BB-     10      Reaffirmed
Khetan Pack Fine Pvt Ltd                CC                 CRISIL BB      55      Withdrawn
(Migrated from CRISIL BB)
Khetan Pack Fine Pvt Ltd                Proposed LT Bk     CRISIL BB      45      Withdrawn
                                        Loan Fac
(Migrated from CRISIL BB)
Khetan Pack Fine Pvt Ltd                TL                 CRISIL BB      20      Withdrawn
(Migrated from CRISIL BB)
M Madhavaraya Prabhu                    CC                 CRISIL BB-     50      Upgraded from
                                                                                  CRISIL B+
Mac Steel Pvt Ltd                       CC                 CRISIL BB-     45      Upgraded from
                                                                                  CRISIL B+
Mac Steel Pvt Ltd                       Proposed LT Bk     CRISIL BB-     6       Upgraded from
                                        Loan Fac                                  CRISIL B+
Mac Steel Pvt Ltd                       TL                 CRISIL BB-     14      Upgraded from
                                                                                  CRISIL B+
N.P. Agro India Industries Ltd          CC                 CRISIL B+      246.5   Upgraded from
                                                                                  CRISIL D
N.P. Agro India Industries Ltd          Proposed LT Bk     CRISIL B+      52.6    Upgraded from
                                        Loan Fac                                  CRISIL D
N.P. Agro India Industries Ltd          TL                 CRISIL B+      17.4    Upgraded from
                                                                                  CRISIL D
Natural Herbals and Seeds               CC                 CRISIL BB-     195     Reaffirmed
Nilons Enterprises Pvt Ltd              CC                 CRISIL BBB-    420     Reaffirmed
(Outlook revised from Stable)
Nilons Enterprises Pvt Ltd              Corporate Loan     CRISIL BBB-    146.5   Reaffirmed
(Outlook revised from Stable)
Nilons Enterprises Pvt Ltd              Proposed LT Bk     CRISIL BBB-    477.3   Reaffirmed
                                        Loan Fac
(Outlook revised from Stable)
Nilons Enterprises Pvt Ltd              Standby Line of    CRISIL BBB-    28.5    Reaffirmed
                                        Credit
(Outlook revised from Stable)
Nilons Enterprises Pvt Ltd              TL                 CRISIL BBB-    128.9   Reaffirmed
(Outlook revised from Stable)
Nilons Enterprises Pvt Ltd              WC TL              CRISIL BBB-    18.8    Reaffirmed
(Outlook revised from Stable)
Pressmach Engineers Pvt Ltd             CC                 CRISIL BB-     135     Reaffirmed
Pressmach Infrastructure Pvt Ltd        CC                 CRISIL BB-     75      Reaffirmed
Pressmach Infrastructure Pvt Ltd        LT Loan            CRISIL BB-     71      Reaffirmed
Raju E V                                Standby Line of    CRISIL B       5       Assigned
                                        Credit
Raju E V                                Proposed LT Bk     CRISIL B       4.5     Assigned
                                        Loan Fac
Raju E V                                CC                 CRISIL B       47.5    Assigned
Regency Linx Exports Pvt Ltd            TL                 CRISIL D       4       Downgraded
                                                                                  from CRISIL B
(Issuer Not Cooperating)
Sanghavi Foods Pvt Ltd                  CC                 CRISIL BBB-    155     Reaffirmed
Sanghavi Foods Pvt Ltd                  Proposed LT Bk     CRISIL BBB-    183.7   Reaffirmed
                                        Loan Fac
Sanghavi Foods Pvt Ltd                  TL                 CRISIL BBB-    11.3    Reaffirmed
Seshaasai Business Forms Pvt Ltd        CC                 CRISIL BBB+    600     Reaffirmed
Seshaasai Business Forms Pvt Ltd        Proposed LT Bk     CRISIL BBB+    162.4   Reaffirmed
                                        Loan Fac
Seshaasai Business Forms Pvt Ltd        TL                 CRISIL BBB+    404.4   Reaffirmed
Siddhi Diamonds                         Proposed LT Bk     CRISIL BB-     10      Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BB
Sree Saradhambal Automobiles Erode Pvt  Inventory Funding  CRISIL BB-     35      Reaffirmed
Ltd                                     Fac
Sree Saradhambal Automobiles Erode Pvt  LT Loan            CRISIL BB-     45      Reaffirmed
Ltd
Sree Saradhambal Automobiles Pvt Ltd    Inventory Funding  CRISIL BB-     245     Reaffirmed
                                        Fac
Sree Saradhambal Automobiles Pvt Ltd    LT Loan            CRISIL BB-     110     Reaffirmed
Sudalagunta Sugars Ltd                  Bill Discounting   CRISIL D       100     Downgraded
                                                                                  from CRISIL
                                                                                  B+
Sudalagunta Sugars Ltd                  CC                 CRISIL D       925     Downgraded
                                                                                  from CRISIL
                                                                                  B+
Sudalagunta Sugars Ltd                  LT Loan            CRISIL D       461.7   Downgraded
                                                                                  from CRISIL
                                                                                  B+
Sudalagunta Sugars Ltd                  SEFASU Loan        CRISIL D       123.7   Downgraded
                                                                                  from CRISIL
                                                                                  B+
Sudalagunta Sugars Ltd                  Warehouse Fin      CRISIL D       248.5   Downgraded
                                                                                  from CRISIL
                                                                                  B+
Sudalagunta Sugars Ltd                  WC Demand Loan     CRISIL D       33.4    Downgraded
                                                                                  from CRISIL
                                                                                  B+
United Drilling Tools Ltd               Proposed LT Bk     CRISIL BB+     8.1     Assigned
                                        Loan Fac
Vijaynath Roof And Wall Cladding        CC                 CRISIL B       30      Reaffirmed
Systems Pvt Ltd
Vijaynath Roof And Wall Cladding        Proposed LT Bk     CRISIL B       145     Reaffirmed
Systems Pvt Ltd                         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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