May 7, 2020 / 6:02 AM / 24 days ago

CRISIL ratings for Indian debt instruments-May 7

    May 7  - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of May 6, 2020.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Aqualite Industries Pvt Ltd             LOC                CRISIL A2      350     Reaffirmed
Baidyanath Power Pvt Ltd                BG                 CRISIL A2+     350     Reassigned
Eppeltone Engineers Pvt Ltd             BG                 CRISIL A4+     85      Assigned;
                                                                                  Suspension
                                                                                  revoked
Hamilton Housewares Pvt Ltd             CP                 CRISIL A1+     600     Reaffirmed
Hamilton Housewares Pvt Ltd             LOC                CRISIL A1+     1600    Reaffirmed
Hamilton Writing Instruments Pvt Ltd    LOC & BG           CRISIL A2+     90      Reaffirmed
Joyalukkas India Pvt Ltd                ST Loan            CRISIL A1      950     Reaffirmed
Magma Fincorp Ltd                       CP                 CRISIL A1+             Reaffirmed
(Reduced from Rs.3000 Crore)
Magma Housing Finance Ltd               CP                 CRISIL A1+             Reaffirmed
(Reduced from Rs.400 Crore)
Muthoot Fincorp Ltd                     CP                 CRISIL A1      9000    Reaffirmed
PTC India Financial Services Ltd        CP                 CRISIL A1+     17500   Reaffirmed
Samunnati Financial Intermediation &    ST Loan            CRISIL A2+     150     Reassigned
Services Pvt Ltd
Samunnati Financial Intermediation &    CP                 CRISIL A2+     1000    Reaffirmed
Services Pvt Ltd
Shivdhara Spinners And Spinners Pvt Ltd Bill Discounting   CRISIL D       20      Downgraded
                                                                                  from CRISIL
                                                                                  A4+
Shriram Transport Finance Co. Ltd       CP                 CRISIL A1+     75000   Reaffirmed
Shriram Transport Finance Co. Ltd       BG                 CRISIL A1+     14796.3 Reaffirmed
Shriram Transport Finance Co. Ltd       ST Bk Fac          CRISIL A1+     17993   Reaffirmed
Shubhalakshmi Polyesters Ltd            BG                 CRISIL A3+     230     Assigned;
                                                                                  Suspension
                                                                                  revoked
Shubhalakshmi Polyesters Ltd            Foreign Exchange   CRISIL A3+     130     Assigned;
                                        Forward                                   Suspension
                                                                                  revoked
Shubhalakshmi Polyesters Ltd            LOC                CRISIL A3+     5716    Assigned;
                                                                                  Suspension
                                                                                  revoked
Shubhlaxmi Polytex Ltd                  LOC                CRISIL A3+     35      Reaffirmed
Sun Pharmaceutical Industries Ltd       CP                 CRISIL A1+     40000   Reaffirmed
Sun Pharmaceutical Industries Ltd       BG$                CRISIL A1+     150     Reaffirmed
$Fully interchangeable with letter of credit
Sun Pharmaceutical Industries Ltd       LOC#               CRISIL A1+     755     Reaffirmed
#Fully interchangeable with bank guarantee
Sun Pharmaceutical Industries Ltd       Proposed LOC       CRISIL A1+     35      Reaffirmed
Sun Pharmaceutical Industries Ltd       Proposed BG        CRISIL A1+     110     Reaffirmed
Viswaat Chemicals Ltd                   BG                 CRISIL A3+     30      Reaffirmed
Viswaat Chemicals Ltd                   LOC                CRISIL A3+     290     Reaffirmed
WheelsEMI Pvt Ltd                       CP                 CRISIL A2      100     Reaffirmed

MEDIUM TERM RATINGS:
-------------------
Bansal Credits Ltd                      FD                 FA-/Stable     -       Reaffirmed
Paranjape Schemes (Construction) Ltd    FD                 FB/Stable      550     -
(Issuer Not Cooperating)
Shriram Transport Finance Co. Ltd       FD Programme       FAAA/Negative  -       Reaffirmed
Outlook revised from 'Stable
 
    
LONG TERM RATINGS:
-------------------
Aqualite Industries Pvt Ltd             CC                 CRISIL         2450    Reaffirmed
                                                           BBB+/Stable
Aqualite Industries Pvt Ltd             LT Loan            CRISIL         876.5   Reaffirmed
                                                           BBB+/Stable
Aqualite Industries Pvt Ltd             Proposed FB Bk     CRISIL         3.5     Reaffirmed
                                        Limits             BBB+/Stable
Baidyanath Power Pvt Ltd                Proposed LT Bk     CRISIL         199.3   Reaffirmed
                                        Loan Fac           A-/Stable
Baidyanath Power Pvt Ltd                TL                 CRISIL         700.7   Reaffirmed
                                                           A-/Stable
Bansal Credits Ltd                      CC                 CRISIL         140     Reaffirmed
                                                           BBB-/Stable 
Outlook revised from 'Positive
Bansal Credits Ltd                      Proposed LT Bk     CRISIL         750     Reaffirmed
                                        Loan Fac           BBB-/Stable 
Outlook revised from 'Positive
Bansal Credits Ltd                      TL                 CRISIL         310     Reaffirmed
                                                           BBB-/Stable 
Outlook revised from 'Positive
Chemmanur Credits and Investments Ltd   Proposed LT Bk     CRISIL BBB-    250
                                        Loan Fac
Placed on 'Rating Watch with Negative Implications'
Digikredit Finance Pvt Ltd              Proposed LT Bk     CRISIL         2500    Reaffirmed
                                        Loan Fac           BBB-/Stable
Outlook revised from 'Positive
Eppeltone Engineers Pvt Ltd             CC                 CRISIL         35      Assigned;
                                                           BB-/Stable             Suspension
                                                                                  revoked
Geo VPL Finance Pvt Ltd                 CC                 CRISIL         850     Reaffirmed
                                                           BBB-/Stable
Hamilton Housewares Pvt Ltd             CC                 CRISIL         1300    Reaffirmed
                                                           AA-/Positive
Hamilton Housewares Pvt Ltd             Proposed LT Bk     CRISIL         500     Reaffirmed
                                        Loan Fac           AA-/Positive
Hamilton Writing Instruments Pvt Ltd    CC##               CRISIL         210     Reaffirmed
                                                           A-/Stable
## Includes sublimit of Rs 13 crore for export packing credit
Hamilton Writing Instruments Pvt Ltd    CC*                CRISIL         60      Reaffirmed
                                                           A-/Stable
*Fully interchangeable with working capital demand
Hamilton Writing Instruments Pvt Ltd    LT Loan            CRISIL         180.4   Reaffirmed
                                                           A-/Stable
Happy Forgings Ltd                      CC                 CRISIL         1400
                                                           A/Stable
Happy Forgings Ltd                      LT Loan            CRISIL         668.3
                                                           A/Stable
Happy Forgings Ltd                      Proposed LT Bk     CRISIL         631.7
                                        Loan Fac           A/Stable
Indel Money Pvt Ltd                     CC                 CRISIL         275     Reaffirmed
                                                           BBB-/Stable
Indel Money Pvt Ltd                     Proposed LT Bk     CRISIL         325     Reaffirmed
                                        Loan Fac           BBB-/Stable
Joyalukkas India Pvt Ltd                CC^                CRISIL         3000    Reaffirmed
                                                           A/Negative
Outlook revised from 'Stable/^Interchangeable with Short Term Loan facility upto Rs 300 crores &
Standby Letter of Credit upto Rs 125 crores
Joyalukkas India Pvt Ltd                CC%                CRISIL         1250    Reaffirmed
                                                           A/Negative
Outlook revised from 'Stable/%Interchangeable with Working Capital Demand Loan facility upto Rs
125 crores, Standby Letter of Credit upto Rs 125 crores & Gold Metal Loan facility upto Rs 25
crores
Joyalukkas India Pvt Ltd                CC$                CRISIL         750     Reaffirmed
                                                           A/Negative
Outlook revised from 'Stable/$ Interchangeable with Short Term Loan facility upto Rs 75 crores &
Gold Metal Loan upto Rs 75 crores
Joyalukkas India Pvt Ltd                CC#                CRISIL         750     Reaffirmed
                                                           A/Negative
Outlook revised from 'Stable/# Interchangeable with Short Term Loan facility upto Rs 75 crores &
Standby Letter of Credit upto Rs 75 crores
Joyalukkas India Pvt Ltd                CC**               CRISIL         4080    Reaffirmed
                                                           A/Negative
Outlook revised from 'Stable/** Fully Interchangeable with Short Term Loan facility
Joyalukkas India Pvt Ltd                CC##               CRISIL         1250    Reaffirmed
                                                           A/Negative
Outlook revised from 'Stable/## Interchangeable with Working Capital Demand Loan facility upto
Rs 125 crores, Standby Letter of Credit upto Rs 125 crores & Gold Metal Loan facility upto Rs
110 crores
Joyalukkas India Pvt Ltd                CC&                CRISIL         450     Reaffirmed
                                                           A/Negative
Outlook revised from 'Stable/& Interchangeable with Short Term Loan facility upto Rs 45 crores &
Standby Letter of Credit upto Rs 35 crores
Joyalukkas India Pvt Ltd                Proposed LT Bk     CRISIL         34.6    Reaffirmed
                                        Loan Fac           A/Negative
Outlook revised from 'Stable
Joyalukkas India Pvt Ltd                TL                 CRISIL         585.4   Reaffirmed
                                                           A/Negative
Outlook revised from 'Stable
Joyalukkas India Pvt Ltd                WC Demand Loan*    CRISIL         650     Reaffirmed
                                                           A/Negative
Outlook revised from 'Stable/*Interchangeable with Cash Credit facility upto Rs 65 crores & Gold
Metal Loan upto Rs 50 crores
Joyalukkas India Pvt Ltd                WC Demand Loan     CRISIL         750     Reaffirmed
                                                           A/Negative
Outlook revised from 'Stable
Lendingkart Finance Ltd                 CC                 CRISIL         100     Reaffirmed
                                                           BBB+/Stable
Outlook revised from 'Positive
Lendingkart Finance Ltd                 TL                 CRISIL         1900    Reaffirmed
                                                           BBB+/Stable
Outlook revised from 'Positive
Lendingkart Finance Ltd                 LT Principal       CRISIL PP-MLD  200     Reaffirmed
                                        Protected Market   BBB+r/Stable
                                        Linked Debentures
Outlook revised from 'Positive
Meghmani Finechem Ltd                   LT Loan            CRISIL A+      5130
Continues on 'Rating Watch with Developing Implications'
Meghmani Finechem Ltd                   Proposed LT Bk     CRISIL A+      35
                                        Loan Fac
Continues on 'Rating Watch with Developing Implications'
Meghmani Finechem Ltd                   WC Fac             CRISIL A+      1335
Continues on 'Rating Watch with Developing Implications'
Muthoot Fincorp Ltd                     NCD                CRISIL A/Stable21.9    Reaffirmed
Muthoot Fincorp Ltd                     NCD                CRISIL A/Stable3.5     Reaffirmed
Muthoot Fincorp Ltd                     NCD                CRISIL A/Stable9.2     Reaffirmed
Muthoot Fincorp Ltd                     NCD                CRISIL A/Stable5000    Reaffirmed
Muthoot Fincorp Ltd                     Subordinated Debt  CRISIL A/Stable335.9   Reaffirmed
Muthoot Fincorp Ltd                     CC & WC demand loanCRISIL         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                     Perpetual Bonds    CRISIL         1440    Reaffirmed
                                                           BBB+/Stable
Orange Retail Finance India Pvt Ltd     NCD                CRISIL         600     Reaffirmed
                                                           BBB-/Stable
Outlook revised from 'Positive
Orange Retail Finance India Pvt Ltd     Proposed LT Bk     CRISIL         600     Reaffirmed
                                        Loan Fac           BBB-/Stable
Outlook revised from 'Positive'
Paranjape Schemes (Construction) Ltd    NCD                CRISIL B/Stable1750    -
(Issuer Not Cooperating)
Paranjape Schemes (Construction) Ltd    CC                 CRISIL         80
                                                           B/Stable
(Issuer Not Cooperating)
Paranjape Schemes (Construction) Ltd    Proposed LT Bk     CRISIL         70
                                        Loan Fac           B/Stable
(Issuer Not Cooperating)
Paranjape Schemes (Construction) Ltd    TL                 CRISIL         300
                                                           B/Stable
(Issuer Not Cooperating)
PTC India Financial Services Ltd        NCD                CRISIL         1813.8  Assigned
                                                           A+/Stable
PTC India Financial Services Ltd        NCD                CRISIL         2150    Reaffirmed
                                                           A+/Stable
PTC India Financial Services Ltd        Tier II Bonds      CRISIL         4000    Reaffirmed
                                        (Under Basel III)  A+/Stable
PTC India Financial Services Ltd        LT Bk Fac          CRISIL         10000   Reaffirmed
                                                           A+/Stable
PTC India Financial Services Ltd        Proposed LT Bk     CRISIL         100000  Reaffirmed
                                        Loan Fac*          A+/Stable
*Interchangable with short term bank facility
Rama Krishna Rice Mill                  CC                 CRISIL         140     Migrated from
                                                           BB-/Stable             CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Ripuraj Agro Pvt Ltd                    CC                 CRISIL         80      Reaffirmed
                                                           BBB-/Stable
Ripuraj Agro Pvt Ltd                    LT Loan            CRISIL         5       Reaffirmed
                                                           BBB-/Stable
Ripuraj Agro Pvt Ltd                    WC Loan            CRISIL         230     Reaffirmed
                                                           BBB-/Stable
Samunnati Financial Intermediation &    Proposed LT Bk     CRISIL         1850    Reaffirmed
Services Pvt Ltd                        Loan Fac           BBB+/Stable
Shivdhara Spinners And Spinners Pvt Ltd CC                 CRISIL D       375     Downgraded
                                                                                  from CRISIL
                                                                                  BB-/Stable
Shivdhara Spinners And Spinners Pvt Ltd TL                 CRISIL D       355     Downgraded
                                                                                  from CRISIL
                                                                                  BB-/Stable
Shriram Transport Finance Co. Ltd       BG                 CRISIL         5850    Reaffirmed
                                                           AA+/Negative
Outlook revised from 'Stable
Shriram Transport Finance Co. Ltd       CC & WC demand loanCRISIL         59275   Reaffirmed
                                                           AA+/Negative
Outlook revised from 'Stable
Shriram Transport Finance Co. Ltd       LT Bk Fac@         CRISIL         125932.8Reaffirmed
                                                           AA+/Negative
Outlook revised from 'Stable
Shriram Transport Finance Co. Ltd       Proposed LT Bk     CRISIL         138582.9Reaffirmed
                                        Loan Fac           AA+/Negative
Outlook revised from 'Stable
Shriram Transport Finance Co. Ltd       NCD                CRISIL         447800  Reaffirmed
                                                           AA+/Negative
Outlook revised from 'Stable
Shriram Transport Finance Co. Ltd       NCD                CRISIL         100000  Reaffirmed
                                                           AA+/Negative
Outlook revised from 'Stable
Shriram Transport Finance Co. Ltd       Subordinated Debt  CRISIL         41317#  Reaffirmed
                                                           AA+/Negative
Outlook revised from 'Stable/#Rs 131.7 crore transferred from Shriram Equipment Finance Company
Limited to Shriram Transport Finance Company Limited upon amal
Shriram Transport Finance Co. Ltd       Subordinated Debt  CRISIL         15000   Reaffirmed
                                        Issue (Tier II)    AA+/Negative
                                        Bonds
Outlook revised from 'Stable
Shriram Transport Finance Co. Ltd       LT Principal       CRISIL PP-MLD  5000    Reaffirmed
                                        Protected Market   AA+r/Negative
                                        Linked Debentures
Outlook revised from 'Stable
Shubhalakshmi Polyesters Ltd            CC                 CRISIL         4000    Assigned;
                                                           BBB/Stable             Suspension
                                                                                  revoked
Shubhalakshmi Polyesters Ltd            Proposed LT Bk     CRISIL         13.7    Assigned;
                                        Loan Fac           BBB/Stable             Suspension
                                                                                  revoked
Shubhalakshmi Polyesters Ltd            TL                 CRISIL         2710.3  Assigned;
                                                           BBB/Stable             Suspension
                                                                                  revoked
Shubhlaxmi Polytex Ltd                  CC                 CRISIL         287.5   Reaffirmed
                                                           BBB/Stable
Outlook revised from 'Positive
Shubhlaxmi Polytex Ltd                  Proposed CC Limit  CRISIL         2.5     Reaffirmed
                                                           BBB/Stable
Outlook revised from 'Positive
Shubhlaxmi Polytex Ltd                  TL                 CRISIL         425     Reaffirmed
                                                           BBB/Stable
Outlook revised from 'Positive
Sun Pharmaceutical Industries Ltd       CC^@               CRISIL         620     Reaffirmed
                                                           AAA/Stable
^Fully interchangeable with working capital demand loan/@All facilities are interchangeable with
non-fund based limits
Sun Pharmaceutical Industries Ltd       Proposed CC Limit  CRISIL         90      Reaffirmed
                                                           AAA/Stable
Tarapur Transformers Ltd                Rating Advisory    -              -
CRISIL is yet to receive adequate information from Tarapur Transformers Limited
(Tarapur) to enable it to undertake a rating review. CRISIL is taking all poss
Vastu Finserve India Pvt Ltd            NCD                CRISIL A/Stable2500    Reaffirmed
Vastu Finserve India Pvt Ltd            Proposed LT Bk     CRISIL         2500    Reaffirmed
                                        Loan Fac           A/Stable
Vastu Housing Finance Corporation Ltd   NCD                CRISIL A/Stable1000    Reaffirmed
Vastu Housing Finance Corporation Ltd   NCD                CRISIL A/Stable1200    Reaffirmed
Vastu Housing Finance Corporation Ltd   CC                 CRISIL         290     Reaffirmed
                                                           A/Stable
Vastu Housing Finance Corporation Ltd   LT Bk Fac          CRISIL         1574.9  Reaffirmed
                                                           A/Stable
Vastu Housing Finance Corporation Ltd   Proposed LT Bk     CRISIL         1935.1  Reaffirmed
                                        Loan Fac           A/Stable
Viswaat Chemicals Ltd                   CC                 CRISIL         715     Reaffirmed
                                                           BBB/Negative
Outlook revised from 'Positive'
Viswaat Chemicals Ltd                   TL                 CRISIL         436     Reaffirmed
                                                           BBB/Negative
Outlook revised from 'Positive'
Vizag Educational Institutions Pvt Ltd  Lease Rental       CRISIL         400     Reaffirmed
                                        Discounting Loan   BB+/Stable
WheelsEMI Pvt Ltd                       Proposed LT Bk     CRISIL         295     Reaffirmed
                                        Loan Fac           BBB/Negative
Outlook revised from 'Stable
WheelsEMI Pvt Ltd                       TL                 CRISIL         705     Reaffirmed
                                                           BBB/Negative
Outlook revised from 'Stable
WheelsEMI Pvt Ltd                       NCD                CRISIL         150     Reaffirmed
                                                           BBB/Negative
Outlook revised from '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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