May 21, 2020 / 8:27 AM / 16 days ago

CRISIL ratings for Indian debt instruments-May 21

   May 21 - Below are the ratings awarded by Credit Rating Information Service of India (CRISIL)
for local debt instruments as of May 20, 2020.


COMPANY                                INSTRUMENT        RATING        AMOUNT MOVEMENT
                                                                      (RS.MLN)
------                                 ----------        ------        -----  ---------
SHORT TERM RATINGS:
-------------------
Alumayer India Pvt Ltd                 BG                CRISIL A4+    275    Reaffirmed
Alumayer India Pvt Ltd                 LOC & BG          CRISIL A4+    75     Reaffirmed
Amara Raja Infra Pvt Ltd               LOC & BG          CRISIL A2     875    Reaffirmed
Amara Raja Power Systems Ltd           BG                CRISIL A2     890    Reaffirmed
Amara Raja Power Systems Ltd           BG^               CRISIL A2     227    Reaffirmed
(^BG & LC limits are 100% interchangeable)
Amara Raja Power Systems Ltd           LOC               CRISIL A2     210    Reaffirmed
Amara Raja Power Systems Ltd           LOC^              CRISIL A2     778    Reaffirmed
(^BG & LC limits are 100% interchangeable)
Amara Raja Power Systems Ltd           LOC & BG^         CRISIL A2     1480   Reaffirmed
Anglo India Jute and Textile Industries ST Rating        CRISIL A4+    -      Reaffirmed
Pvt Ltd
Aryacon Contractors and Engineers      BG                CRISIL A4     10     Reaffirmed
Globe Cotyarn Pvt Ltd                  Foreign Demand    CRISIL A3     160    Reaffirmed
                                       Bill Purchase
Globe Cotyarn Pvt Ltd                  Foreign           CRISIL A3     90     Reaffirmed
                                       Discounting Bill
                                       Purchase
Globe Cotyarn Pvt Ltd                  LOC               CRISIL A3     20     Reaffirmed
Globe Cotyarn Pvt Ltd                  Packing Credit    CRISIL A3     270    Reaffirmed
Grasim Premium Fabric Pvt Ltd          ST Rating         CRISIL A1+    -      -
(Continues on 'Rating Watch with Positive Implications')
Manugraph India Ltd                    BG^               CRISIL A4+    140    -
(Downgraded from 'CRISIL A3'. 
^Letter of credit is fungible with bank guarantee of up to 50% of the limit)
Manugraph India Ltd                    LOC^              CRISIL A4+    100    -
(Downgraded from 'CRISIL A3'. 
^Letter of credit is fungible with bank guarantee of up to 50% of the limit)
Manugraph India Ltd                    CP                CRISIL A4+    100    -
(Downgraded from 'CRISIL A3')
Meridian Global Ventures Pvt Ltd       ST Rating         CRISIL A4+    -      Reaffirmed
Mumbai International Airport Ltd       BG                CRISIL A4+    3300   -
(Downgraded from 'CRISIL A3+'; Continues on 'Rating Watch with Negative Implications')
Mumbai International Airport Ltd       LOC               CRISIL A4+    2500   -
(Downgraded from 'CRISIL A3+'; Continues on 'Rating Watch with Negative Implications')
Muthoot Fincorp Ltd                    CP                CRISIL A1     9000   Reaffirmed
Quality Care India Ltd                 BG                CRISIL A1     45     Reaffirmed
Quality Care India Ltd                 LOC               CRISIL A1     20     Reaffirmed
SU Solartech Systems Pvt Ltd           Proposed BG       CRISIL A4+    40     Assigned
SU Solartech Systems Pvt Ltd           BG                CRISIL A4+    70     Assigned


LONG TERM RATINGS:
-------------------
Alumayer India Pvt Ltd                 CC                CRISIL        100    Reaffirmed
                                                         BB+/Stable
Amara Raja Infra Pvt Ltd               CC                CRISIL        325    Reaffirmed
                                                         BBB+/Stable
(Outlook revised from 'Negative' and rating)
Amara Raja Infra Pvt Ltd               Proposed LT Bk    CRISIL        600    Reaffirmed
                                       Loan Fac          BBB+/Stable
(Outlook revised from 'Negative' and rating)
Amara Raja Infra Pvt Ltd               TL                CRISIL        600    Reaffirmed
                                                         BBB+/Stable
(Outlook revised from 'Negative' and rating)
Amara Raja Power Systems Ltd           CC                CRISIL        799    Reaffirmed
                                                         BBB+/Negative
Amara Raja Power Systems Ltd           CC*               CRISIL        300    Reaffirmed
                                                         BBB+/Negative
(*Rs 30 Cr inclusive of VBD sub limit of Rs 20 Cr)
Amara Raja Power Systems Ltd           Proposed LT Bk    CRISIL        906    Reaffirmed
                                       Loan Fac          BBB+/Negative
Anglo India Jute and Textile Industries LT Rating        CRISIL        -      Reaffirmed
Pvt Ltd                                                  BB/Stable
Arafaath Travels Pvt Ltd               Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Aryacon Contractors and Engineers      CC                CRISIL        60     Reaffirmed
                                                         B+/Stable
Ganga Care Hospital Ltd                Proposed CC Limit CRISIL        17.5   Reaffirmed
                                                         A+/Stable
Ganga Care Hospital Ltd                Proposed TL       CRISIL        50     Reaffirmed
                                                         A+/Stable
Globe Cotyarn Pvt Ltd                  CC                CRISIL        20     Reaffirmed
                                                         BBB-/Stable
Grasim Premium Fabric Pvt Ltd          LT Rating         CRISIL AA+    -      -
(Continues on 'Rating Watch with Positive Implications')
Kedia Pipes                            CC                CRISIL        290    Reaffirmed
                                                         BB/Stable
Krish Agro Farms Pvt Ltd               LT Rating         CRISIL        -      Assigned
                                                         B+/Stable
M Arunachalam Projects and             Rating Advisory   -             -      -
Infrastructure Company Pvt Ltd
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Magnum Export                          Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Mahakaushal Sugar and Power Industries Rating Advisory   -             -      -
Ltd
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Manugraph India Ltd                    CC                CRISIL        230    -
                                                         BB+/Negative
(Downgraded from 'CRISIL BBB-/Negative')
Manugraph India Ltd                    CC**              CRISIL        220    -
                                                         BB+/Negative
(Downgraded from 'CRISIL BBB-/Negative'. 
**Cash credit facility is completely fungible with letter of credit and bank guarantee)
Manugraph India Ltd                    Proposed FB Bk    CRISIL        135    -
                                       Limits            BB+/Negative
(Downgraded from 'CRISIL BBB-/Negative')
Manugraph India Ltd                    Proposed LT Bk    CRISIL        490    -
                                       Loan Fac          BB+/Negative
(Downgraded from 'CRISIL BBB-/Negative')
Meridian Global Ventures Pvt Ltd       LT Rating         CRISIL        -      Reaffirmed
                                                         BB-/Stable
Mumbai International Airport Ltd       BG#               CRISIL BB+    1750   -
(Downgraded from 'CRISIL BBB'; Continues on 'Rating Watch with Negative Implications'.
#Financial Guarantee. Interchangeable with Rupee Term Loan)
Mumbai International Airport Ltd       CC                CRISIL BB+    3300   -
(Downgraded from 'CRISIL BBB'; Continues on 'Rating Watch with Negative Implications')
Mumbai International Airport Ltd       LOC*              CRISIL BB+    500    -
(Downgraded from 'CRISIL BBB'; Continues on 'Rating Watch with Negative Implications'. 
*Interchangeable with Sight Letter of Credit, Usance Letter of Credit, Buyers Credit, Inland
Letter of Credit to the extent of Rs. 15 crores, Performance bank guarantee, Financial bank
guarantee to the extent of Rs. 40 crores, and Revolving Short Term Loan to the extent of Rs. 20
crores.) 
Mumbai International Airport Ltd       Rupee TL          CRISIL BB+    3500   -
(Downgraded from 'CRISIL BBB'; Continues on 'Rating Watch with Negative Implications')
Mumbai International Airport Ltd       Rupee TL          CRISIL BB+    82967.4-
(Downgraded from 'CRISIL BBB'; Continues on 'Rating Watch with Negative Implications')
Mumbai International Airport Ltd       NCD               CRISIL BB+    20000  -
(Downgraded from 'CRISIL BBB'; Continues on 'Rating Watch with Negative Implications')
Murudeshwar Ceramics Ltd               Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Muthoot Fincorp Ltd                    CC & WC demand loan CRISIL      73500  Reaffirmed
                                                         A/Stable
Muthoot Fincorp Ltd                    Proposed LT Bk    CRISIL        185    Reaffirmed
                                       Loan Fac          A/Stable
Muthoot Fincorp Ltd                    TL                CRISIL        1625   Reaffirmed
                                                         A/Stable
Muthoot Fincorp Ltd                    NCD               CRISIL        5000   Assigned
                                                         A/Stable
Muthoot Fincorp Ltd                    NCD               CRISIL        21.9   Reaffirmed
                                                         A/Stable
Muthoot Fincorp Ltd                    NCD               CRISIL        3.5    Reaffirmed
                                                         A/Stable
Muthoot Fincorp Ltd                    NCD               CRISIL        9.2    Reaffirmed
                                                         A/Stable
Muthoot Fincorp Ltd                    NCD               CRISIL        5000   Reaffirmed
                                                         A/Stable
Muthoot Fincorp Ltd                    Subordinated Debt CRISIL        355.9  Reaffirmed
                                                         A/Stable
Muthoot Fincorp Ltd                    Perpetual Bonds   CRISIL        1440   Reaffirmed
                                                         BBB+/Stable
Navi Mumbai International Airport Pvt  Proposed LT Bk    CRISIL BB+    103000 -
Ltd                                    Loan Fac
(Downgraded from 'CRISIL BBB'; Continues on 'Rating Watch with Negative Implications')
Orange Mamatkheda Wind Pvt Ltd         LT Loan           -             6200   Withdrawn
Panchdeep Constructions Ltd.           Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Proventus Life Sciences Pvt Ltd        Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Quality Care India Ltd                 CC                CRISIL        850    Reaffirmed
                                                         A+/Stable
Quality Care India Ltd                 Proposed TL       CRISIL        155.2  Reaffirmed
                                                         A+/Stable
Quality Care India Ltd                 TL                CRISIL        3002.8 Reaffirmed
                                                         A+/Stable
Raigarh Ispat and Power Pvt Ltd        Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Ramkrishna Care Medical Sciences Pvt Ltd CC              CRISIL        50     Reaffirmed
                                                         A+/Stable
Ramkrishna Care Medical Sciences Pvt Ltd Proposed LT Bk  CRISIL        23     Reaffirmed
                                       Loan Fac          A+/Stable
Ramkrishna Care Medical Sciences Pvt Ltd TL              CRISIL        737    Reaffirmed
                                                         A+/Stable
Sanjana Cryogenic Storages Ltd         Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Shree Ambe Food Products Pvt Ltd       Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Skyway RMC Plants Pvt Ltd              Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
SMSG Automart Pvt Ltd                  Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
SU Solartech Systems Pvt Ltd           Proposed FB Bk    CRISIL        20     Assigned
                                       Limits            BB-/Stable
SU Solartech Systems Pvt Ltd           CC                CRISIL        30     Assigned
                                                         BB-/Stable
SVN Agro Refineries                    Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Taj Leather Works                      Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Vasu Enterprises                       Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Vigyan Bharati Charitable Trust        Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
--------------------------------------------------------------------------------------------
$: 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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