May 5, 2020 / 9:04 AM / 20 days ago

CRISIL ratings for Indian debt instruments-May 5

    May 5  - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of May 4, 2020.


COMPANY                                INSTRUMENT        RATING        AMOUNT MOVEMENT
                                                                      (RS.MLN)
------                                 ----------        ------        -----  ---------
SHORT TERM RATINGS:
-------------------
Barclays Investments and Loans India   CP                CRISIL A1+    25000  Reaffirmed
Pvt Ltd
Bharti Construction Company            BG                CRISIL A4+    320    Assigned
Deepmala Fisheries                     Packing Credit    CRISIL A4+    70     Reaffirmed
(Migrated from 'CRISIL A4+ ISSUER NOT COOPERATING')
Deutsche Bank A. G.                    CDs               CRISIL A1+    20000  Reaffirmed
Deutsche Investments India Pvt Ltd     CP Programme      CRISIL A1+    22000  Reaffirmed
Dilip Impex Pvt Ltd                    BG                CRISIL A4+    50     Reaffirmed
Elgi Equipments Ltd                    LOC & BG##        CRISIL A1+    300    Reaffirmed
(##Interchangeable with bill discounting)
Elgi Equipments Ltd                    Packing Credit    CRISIL A1+    1650   Reaffirmed
Elgi Equipments Ltd                    ST Bk Fac@        CRISIL A1+    205    Reaffirmed
(@Interchangeable between letter of credit and bank guarantee)
Elgi Equipments Ltd                    ST Bk Fac#        CRISIL A1+    200    Reaffirmed
(#Interchangeable between PCFC and non-fund-based working capital facilities)
Elgi Equipments Ltd                    ST Bk Fac         CRISIL A1+    1175   Reaffirmed
J. K. Fenner India Ltd                 Proposed NFBL     CRISIL A1+    1332   -
J. K. Fenner India Ltd                 Proposed ST Bk    CRISIL A1+    10     Reaffirmed
                                       Loan Fac
J. K. Fenner India Ltd                 CP                CRISIL A1+    600    Reaffirmed
Jama Corporation Pvt Ltd               Letter Of Guarantee CRISIL A4+  4.5    -
(Downgraded from 'CRISIL A3')
Jama Corporation Pvt Ltd               Packing Credit    CRISIL A4+    305    -
(Downgraded from 'CRISIL A3')
Marudhar Industries Ltd                Inland/Import LOC CRISIL A4+    184    -
(ISSUER NOT COOPERATING; Migrated from 'CRISIL A3+)
Marudhar Industries Ltd                LOC               CRISIL A4+    50     -
(ISSUER NOT COOPERATING; Migrated from 'CRISIL A3+)
Mehrotra Buildcon Pvt Ltd              BG                CRISIL A2     1220   Reaffirmed
Muthoot Microfin Ltd                   CP                CRISIL A1     500    Reaffirmed
Ram Ratna Wires Ltd                    BG                CRISIL A2     50     Reaffirmed
Ram Ratna Wires Ltd                    LOC               CRISIL A2     10     Reaffirmed
Reliance Industries Ltd                CP                CRISIL A1+    345000 Reaffirmed
Reliance Retail Ltd                    Non-FBL           CRISIL A1+    28900  Reaffirmed
Reliance Retail Ltd                    CP                CRISIL A1+    200000 Reaffirmed
Samasta Microfinance Ltd               CP                CRISIL A1+    5000   Reaffirmed
Shanti Education Society               BG                CRISIL A2     25     Reaffirmed
Shanti Education Society               Overdraft         CRISIL A2     225    -
Siddheshwari Industries Pvt Ltd        BG                CRISIL A3+    10     Reaffirmed
Siddheshwari Industries Pvt Ltd        LOC               CRISIL A3+    165    Reaffirmed
Siddheshwari Industries Pvt Ltd        Non-FBL           CRISIL A3+    6      Reaffirmed
Sumitomo Mitsui Banking Corporation    CDs Programme     CRISIL A1+    5000   Reaffirmed
VIP Industries Ltd                     Non-FBL           CRISIL A1+    545    Reaffirmed

MEDIUM TERM RATINGS:
-------------------
J. K. Fenner India Ltd                 FD                FAA/Stable    -      Reaffirmed


LONG TERM RATINGS:
-------------------
Bharti Construction Company            Overdraft         CRISIL        180    Assigned
                                                         BB+/Stable
Chaitanya India Fin Credit Pvt Ltd     Proposed LT Bk    CRISIL        4400   Reaffirmed
                                       Loan Fac          A-/Stable
Chaitanya India Fin Credit Pvt Ltd     TL                CRISIL        600    Assigned
                                                         A-/Stable
Deepmala Fisheries                     Proposed LT Bk    CRISIL        28     Reaffirmed
                                       Loan Fac          BB-/Stable
(Migrated from 'CRISIL BB-/Stable ISSUER NOT COOPERATING')
Deepmala Fisheries                     TL                CRISIL        22     Reaffirmed
                                                         BB-/Stable
(Migrated from 'CRISIL BB-/Stable ISSUER NOT COOPERATING')
Dilip Impex Pvt Ltd                    CC                CRISIL        35     Reaffirmed
                                                         BB-/Stable
Elgi Equipments Ltd                    CC                CRISIL        330    Reaffirmed
                                                         AA/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Elgi Equipments Ltd                    Proposed WC Fac   CRISIL        940    Reaffirmed
                                                         AA/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Elgi Equipments Ltd                    Standby LOC       CRISIL        450    Reaffirmed
                                                         AA/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Frontier Warehousing Pvt Ltd.          Rating Advisory   -             -      -
(CRISIL vide its publication dated April 30, 2020 highlighted the aspect of non-co-operation by
Frontier Warehousing Private Limited.)
Geethalaya Exports                     BG                CRISIL        2.5    -
                                                         BBB-/Stable
(Rating Reaffirmed and Withdrawn)
Geethalaya Exports                     Export Packing    CRISIL        100    -
                                       Credit            BBB-/Stable
(Rating Reaffirmed and Withdrawn)
Geethalaya Exports                     LOC               CRISIL        2      -
                                                         BBB-/Stable
(Rating Reaffirmed and Withdrawn)
Geethalaya Exports                     LT Loan           CRISIL        82     -
                                                         BBB-/Stable
(Rating Reaffirmed and Withdrawn)
Geethalaya Exports                     Proposed LT Bk    CRISIL        7.5    -
                                       Loan Fac          BBB-/Stable
(Rating Reaffirmed and Withdrawn)

Geethalaya Exports                     Standby Line of   CRISIL        16     -
                                       Credit            BBB-/Stable
(Rating Reaffirmed and Withdrawn)
J. K. Fenner India Ltd                 Proposed FB Bk    CRISIL        1495   Reaffirmed
                                       Limits            AA-/Stable
J. K. Fenner India Ltd                 Proposed LT Bk    CRISIL        500    -
                                       Loan Fac          AA-/Stable
J. K. Fenner India Ltd                 TL                CRISIL        886.5  Reaffirmed
                                                         AA-/Stable
J. K. Fenner India Ltd                 NCD               CRISIL        500    Assigned
                                                         AA-/Stable
J. K. Fenner India Ltd                 NCD               CRISIL        300    Reaffirmed
                                                         AA-/Stable
Jama Corporation Pvt Ltd               Bill Discounting  CRISIL        350    -
                                                         BB+/Negative
(Downgraded from 'CRISIL BBB-/Negative')
Jama Corporation Pvt Ltd               CC                CRISIL        100    -
                                                         BB+/Negative
(Downgraded from 'CRISIL BBB-/Negative')
Jama Corporation Pvt Ltd               Rupee TL          CRISIL        85     -
                                                         BB+/Negative
(Downgraded from 'CRISIL BBB-/Negative')
Marudhar Industries Ltd                CC                CRISIL        400    -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Migrated from 'CRISIL BBB/Stable)
Marudhar Industries Ltd                Rupee TL          CRISIL        16     -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Migrated from 'CRISIL BBB/Stable)
Mehrotra Buildcon Pvt Ltd              CC                CRISIL        280    Reaffirmed
                                                         BBB+/Stable
Muthoot Microfin Ltd                   Proposed LT Bk    CRISIL        656    Reaffirmed
                                       Loan Fac          A/Stable
Muthoot Microfin Ltd                   TL                CRISIL        24344  Reaffirmed
                                                         A/Stable
Muthoot Microfin Ltd                   NCD               CRISIL        3000   Assigned
                                                         A/Stable
Muthoot Microfin Ltd                   NCD               CRISIL        750    Reaffirmed
                                                         A/Stable
Muthoot Microfin Ltd                   NCD               CRISIL        400    Reaffirmed
                                                         A/Stable
Muthoot Microfin Ltd                   NCD               CRISIL        650    Reaffirmed
                                                         A/Stable
Muthoot Microfin Ltd                   NCD               CRISIL        700    Reaffirmed
                                                         A/Stable
Muthoot Microfin Ltd                   NCD               CRISIL        700    Reaffirmed
                                                         A/Stable
New Stone Quarry                       CC                CRISIL        50     Reaffirmed
                                                         B+/Stable
(Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING')
New Stone Quarry                       Proposed LT Bk    CRISIL        30.9   Reaffirmed
                                       Loan Fac          B+/Stable
(Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING')
Patwari Forgings Pvt Ltd               CC/ Overdraft Fac CRISIL        50     Reaffirmed
                                                         B+/Stable
Peejay Agro Foods Pvt Ltd              CC                CRISIL D      75.5   -
(Downgraded from 'CRISIL B-/Stable')
Peejay Agro Foods Pvt Ltd              LT Loan           CRISIL D      48.5   -
(Downgraded from 'CRISIL B-/Stable')
Raisons Fibres                         CC                CRISIL        30     Reaffirmed
                                                         B/Stable
Raisons Fibres                         TL                CRISIL        30     Reaffirmed
                                                         B/Stable
Ram Ratna Wires Ltd                    Bill Discounting  CRISIL        150    Reaffirmed
                                                         BBB+/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Ram Ratna Wires Ltd                    CC                CRISIL        1110   Reaffirmed
                                                         BBB+/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Ram Ratna Wires Ltd                    TL                CRISIL        506    Reaffirmed
                                                         BBB+/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Ram Ratna Wires Ltd                    WC Demand Loan    CRISIL        250    Reaffirmed
                                                         BBB+/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Reliance Industries Ltd                FB Fac*           CRISIL        600000 Reaffirmed
                                                         AAA/Stable
(*Fully interchangeable between bank guarantee, letter of credit, export packing credit, and
post-shipment credit)
Reliance Industries Ltd                Proposed LT Bk    CRISIL        50000  Reaffirmed
                                       Loan Fac          AAA/Stable
Reliance Industries Ltd                NCD               CRISIL        150000 Reaffirmed
                                                         AAA/Stable
Reliance Industries Ltd                NCD               CRISIL        190000 Reaffirmed
                                                         AAA/Stable
Reliance Industries Ltd                NCD               CRISIL        80000  Reaffirmed
                                                         AAA/Stable
Reliance Industries Ltd                NCD               CRISIL        20000  Reaffirmed
                                                         AAA/Stable
Reliance Industries Ltd                NCD               CRISIL        100000 Reaffirmed
                                                         AAA/Stable
Reliance Industries Ltd                NCD               CRISIL        100000 Reaffirmed
                                                         AAA/Stable
Reliance Industries Ltd                NCD               CRISIL        100000 Reaffirmed
                                                         AAA/Stable
Reliance Industries Ltd                NCD               CRISIL        5000   Reaffirmed
                                                         AAA/Stable
Reliance Retail Ltd                    FB Fac*           CRISIL        57000  Reaffirmed
                                                         AAA/Stable
(* Fungible with Non-Fund based facilities)
Reliance Retail Ltd                    FB Fac            CRISIL        27600  Reaffirmed
                                                         AAA/Stable
Reliance Retail Ltd                    Proposed FB Bk    CRISIL        56500  Reaffirmed
                                       Limits            AAA/Stable
Samasta Microfinance Ltd               Proposed LT Bk    CRISIL        8460.5 Reaffirmed
                                       Loan Fac          A+/Stable
Samasta Microfinance Ltd               TL                CRISIL        11539.5Reaffirmed
                                                         A+/Stable
Samasta Microfinance Ltd               NCD               CRISIL        10000  Assigned
                                                         A+/Stable
Samasta Microfinance Ltd               NCD               CRISIL        1500   Reaffirmed
                                                         A+/Stable
Samasta Microfinance Ltd               LT Principal      CRISIL PP-MLD 3000   Reaffirmed
                                       Protected Market  A+r/Stable
                                       Linked Debentures
Samasta Microfinance Ltd               Principal         CRISIL PP-MLD 1000   Reaffirmed
                                       Protected Market  A+r/Stable
                                       Linked Non-Convertible Subordinated Debentures 
Shanti Education Society               Proposed LT Bk    CRISIL        509.5  Reaffirmed
                                       Loan Fac          BBB+/Negative
Shanti Education Society               TL                CRISIL        390.5  Assigned
                                                         BBB+/Negative
Siddheshwari Industries Pvt Ltd        CC                CRISIL        250    Reaffirmed
                                                         BBB/Stable
Siddheshwari Industries Pvt Ltd        LT Loan           CRISIL        99     Reaffirmed
                                                         BBB/Stable
VIP Industries Ltd                     FB Fac*           CRISIL        750    Reaffirmed
                                                         AA/Stable
(*Interchangeable with non-fun based limits)
VIP Industries Ltd                     Proposed WC Fac   CRISIL        1505   Reaffirmed
                                                         AA/Stable
--------------------------------------------------------------------------------------------
$: 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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