May 24, 2019 / 8:12 AM / 2 months ago

CRISIL ratings for Indian debt instruments-May 24

   May 24 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of May 23, 2019.


COMPANY                                 INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Ammann India Pvt Ltd                    Inland/Import LOC# CRISIL A1      150     Reaffirmed
#Interchangeable with bank guarantee and buyers credit/letter 
of undertaking for buyers credit
Ammann India Pvt Ltd                    Non-FBL@           CRISIL A1      100     Reaffirmed
@Foreign exchange Pre Settlement Risk Limits, Domestic Letter of
 credit backed bills discounting
Aston Ceramic                           BG                 CRISIL A4      14      Reaffirmed
Automatic Electric Ltd                  Proposed ST Bk     CRISIL A4      2       -
                                        Loan Fac
Bucon Infratech Pvt Ltd                 BG                 CRISIL A4      100     Reaffirmed
Comt Constructions Pvt Ltd              BG                 CRISIL A3      570     Reaffirmed
Enn Aar Poles                           BG                 CRISIL A4+     100     Assigned
Gurudeva Trust                          Overdraft          CRISIL A4+     30      -
Upgraded from CRISIL A4
Haresh Chemicals                        LOC                CRISIL A4      145     Reaffirmed
Migrated from CRISIL A4 (ISSUER NOT COOPERATING)
Ishaan TPR                              LOC                CRISIL A4      70      Reaffirmed
Kotak Mahindra Investments Ltd          CP                 CRISIL A1+     70000   Reaffirmed
Kotak Mahindra Investments Ltd          CP Programme(IPO   CRISIL A1+     20000   Reaffirmed
                                        Financing) 
My Car (Pune) Pvt Ltd                   BG                 CRISIL A3      25      Reaffirmed
OMR Bagla Automotive Systems India Ltd  Bill Discounting   CRISIL A3+     100     Reaffirmed
OMR Bagla Automotive Systems India Ltd  Capex LOC          CRISIL A3+     25      Reaffirmed
OMR Bagla Automotive Systems India Ltd  LOC & BG           CRISIL A3+     80      Reaffirmed
Oyster Printers and Publishers Pvt Ltd  BG                 CRISIL A4+     20      -
Upgraded from CRISIL A4
Surya Exim Ltd                          BG                 CRISIL A4+     70      -
Downgraded from CRISIL A3
Surya Exim Ltd                          Bill Discounting   CRISIL A4+     90      -
                                        under LOC
Downgraded from CRISIL A3
Surya Exim Ltd                          LOC                CRISIL A4+     1725    -
Downgraded from CRISIL A3
Tulsa Gas Technologies India Pvt Ltd    BG                 CRISIL A4+     60      Reaffirmed
Vantech Chemicals Ltd                   BG                 CRISIL A4+     2.5     Reaffirmed
Vantech Chemicals Ltd                   Foreign Exchange   CRISIL A4+     5       Reaffirmed
                                        Forward
Vantech Chemicals Ltd                   LOC                CRISIL A4+     50.5    Reaffirmed
Vardhaman Plastochem Pvt Ltd            LOC                CRISIL A3      4       Reaffirmed


LONG TERM RATINGS:
-------------------
Alcobrew Distilleries India Pvt Ltd     Bill Discounting   CRISIL BBB+    270     Reaffirmed
Alcobrew Distilleries India Pvt Ltd     CC                 CRISIL BBB+    697.5   Reaffirmed
Alcobrew Distilleries India Pvt Ltd     Proposed CC Limit  CRISIL BBB+    370     Reaffirmed
Alcobrew Distilleries India Pvt Ltd     Proposed TL        CRISIL BBB+    350     Reaffirmed
Alcobrew Distilleries India Pvt Ltd     Rupee TL           CRISIL BBB+    62.5    Reaffirmed
Ammann India Pvt Ltd                    CC*                CRISIL A+      350     Reaffirmed
*Interchangeable with working capital demand loan, packing credit/packing credit 
foreign currency, and post-shipment credit
Ammann India Pvt Ltd                    Proposed LT Bk     CRISIL A+      50      Reaffirmed
                                        Loan Fac
Ammann India Pvt Ltd                    TL                 CRISIL A+      350     Reaffirmed
Aston Ceramic                           CC                 CRISIL B+      35      -
Upgraded from CRISIL B
Aston Ceramic                           Proposed LT Bk     CRISIL B+      16      -
                                        Loan Fac
Upgraded from CRISIL B
Aston Ceramic                           TL                 CRISIL B+      35      -
Upgraded from CRISIL B
Automatic Electric Ltd                  CC                 CRISIL B-      248     -
Bucon Infratech Pvt Ltd                 Overdraft          CRISIL B+      140     Reaffirmed
C. Ramakrishna Padayatchi               Export Packing     CRISIL B+      51.5    Reaffirmed
                                        Credit
Cauvery Buildtech                       BG                 -              37.5    Withdrawn
Cauvery Buildtech                       CC                 -              40      Withdrawn
Comt Constructions Pvt Ltd              CC                 CRISIL BBB-    75      Reaffirmed
Comt Constructions Pvt Ltd              Drop Line          CRISIL BBB-    10      Reaffirmed
                                        Overdraft Fac
Comt Constructions Pvt Ltd              Proposed LT Bk     CRISIL BBB-    105     Reaffirmed
                                        Loan Fac
Eastern Silk Industries Ltd             Funded Interest TL CRISIL D       545.7   Reaffirmed
(Issuer Not Cooperating)
Eastern Silk Industries Ltd             Proposed LT Bk     CRISIL D       45      Reaffirmed
                                        Loan Fac
(Issuer Not Cooperating)
Eastern Silk Industries Ltd             TL                 CRISIL D       535.7   Reaffirmed
(Issuer Not Cooperating)
Eastern Silk Industries Ltd             WC Fac             CRISIL D       628.7   Reaffirmed
(Issuer Not Cooperating)
Eastern Silk Industries Ltd             WC TL              CRISIL D       2959.9  Reaffirmed
(Issuer Not Cooperating)
Enn Aar Poles                           Proposed FB Bk     CRISIL BB-     5       Assigned
                                        Limits
Enn Aar Poles                           CC                 CRISIL BB-     75      Assigned
Gurudeva Trust                          TL                 CRISIL BB-     82      -
Upgraded from CRISIL B
Haresh Chemicals                        CC                 CRISIL B+      40      -
Migrated from CRISIL B (ISSUER NOT COOPERATING)
Ishaan TPR                              CC                 CRISIL B+      25      -
Upgraded from CRISIL B
Ishaan TPR                              LT Loan            CRISIL B+      10      -
Upgraded from CRISIL B
J. N. Traders                           CC                 CRISIL BB-     65      -
Upgraded from CRISIL B
J. N. Traders                           LT Loan            CRISIL BB-     25      -
Upgraded from CRISIL B
Jayaam Galvanizers Pvt Ltd              CC                 CRISIL BB+     65      -
Upgraded from CRISIL BB
Jayaam Galvanizers Pvt Ltd              TL                 CRISIL BB+     35      -
Upgraded from CRISIL BB
Kotak Mahindra Investments Ltd          Proposed LT Bk     CRISIL AAA     4500    Reaffirmed
                                        Loan Fac*
*Interchangeable with short term facilities
Kotak Mahindra Investments Ltd          WC Demand Loan     CRISIL AAA     10500   Reaffirmed
Kotak Mahindra Investments Ltd          NCD                CRISIL AAA     20000   Assigned
Kotak Mahindra Investments Ltd          NCDs               CRISIL AAA     58343   Reaffirmed
Kotak Mahindra Investments Ltd          Subordinated Debt  CRISIL AAA     2000    Reaffirmed
                                        Issue
Kotak Mahindra Investments Ltd          LT Principal       CRISIL PP-MLD  5000    Reaffirmed
                                        Protected Market   AAAr
                                        Linked Debentures 
Life Line Feeds India Pvt Ltd           CC                 CRISIL BBB-    550     Reaffirmed
Life Line Feeds India Pvt Ltd           TL                 CRISIL BBB-    513.7   Reaffirmed
My Car (Pune) Pvt Ltd                   CC                 CRISIL BBB-    200     Reaffirmed
My Car (Pune) Pvt Ltd                   Inventory Funding  CRISIL BBB-    2134    Reaffirmed
                                        Fac
My Car (Pune) Pvt Ltd                   Proposed TL        CRISIL BBB-    201     Reaffirmed
My Car (Pune) Pvt Ltd                   Rupee TL           CRISIL BBB-    360     Reaffirmed
Natural Technofab                       CC                 CRISIL BB-     37.5    -
Upgraded from CRISIL B+
Natural Technofab                       LT Bk Fac          CRISIL BB-     47.3    -
Upgraded from CRISIL B+
Natural Technofab                       Proposed LT Bk     CRISIL BB-     5.2     -
                                        Loan Fac
Upgraded from CRISIL B+
OMR Bagla Automotive Systems India Ltd  CC                 CRISIL BBB     40      Reaffirmed
OMR Bagla Automotive Systems India Ltd  Proposed LT Bk     CRISIL BBB     65      Reaffirmed
                                        Loan Fac
Oyster Printers and Publishers Pvt Ltd  CC                 CRISIL BB-     70      -
Upgraded from CRISIL B+
Shree Mangal Trading Company            CC                 CRISIL B+      50      Assigned
Sri Sridevi Raw and Boiled Rice Mill    CC                 CRISIL B+      99      Reaffirmed
Sri Sridevi Raw and Boiled Rice Mill    Proposed LT Bk     CRISIL B+      1       Reaffirmed
                                        Loan Fac
Surya Exim Ltd                          CC                 CRISIL BB+     762.5   -
Downgraded from CRISIL BBB-
Surya Exim Ltd                          Proposed LT Bk     CRISIL BB+     122.5   -
                                        Loan Fac
Downgraded from CRISIL BBB-
Thirumalai Chemicals Ltd                FB Fac*            -              1044    Withdrawn
*Of which Rs. 311 Cr are interchangeable between fund based and non-fund based limits
Thirumalai Chemicals Ltd                FB Fac             -              706     Withdrawn
Thirumalai Chemicals Ltd                Non-FBL*           -              2066    Withdrawn
*Of which Rs. 311 Cr are interchangeable between fund based and non-fund based limits
Thirumalai Chemicals Ltd                Non-FBL            -              1382    Withdrawn
Thirumalai Chemicals Ltd                Proposed FB Bk     -              617.4   Withdrawn
                                        Limits
Tulasi Seeds Pvt Ltd                    CC                 CRISIL B+      500     Reaffirmed
Migrated from CRISIL B+ (ISSUER NOT COOPERATING)
Tulasi Seeds Pvt Ltd                    Proposed LT Bk     CRISIL B+      180     Reaffirmed
                                        Loan Fac
Migrated from CRISIL B+ (ISSUER NOT COOPERATING)
Tulsa Gas Technologies India Pvt Ltd    CC                 CRISIL BB      40      Reaffirmed
Vantech Chemicals Ltd                   CC                 CRISIL BB+     67.5    -
Upgraded from CRISIL BB
Vantech Chemicals Ltd                   LT Loan            CRISIL BB+     37.6    -
Upgraded from CRISIL BB
Vantech Chemicals Ltd                   Proposed LT Bk     CRISIL BB+     36.9    -
                                        Loan Fac
Upgraded from CRISIL BB
Vardhaman Plastochem Pvt Ltd            CC                 CRISIL BBB-    110     Reaffirmed
Vardhaman Plastochem Pvt Ltd            Proposed LT Bk     CRISIL BBB-    2.7     Reaffirmed
                                        Loan Fac
Vardhaman Plastochem Pvt Ltd            TL                 CRISIL BBB-    128.3   Reaffirmed
--------------------------------------------------------------------------------------------
$: 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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