November 11, 2019 / 9:00 AM / a month ago

CRISIL ratings for Indian debt instruments-Nov 11

    Nov 11 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of November 8, 2019.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                          (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
JAY Cee Punching Solutions Pvt Ltd      BG                 CRISIL A3      65      Assigned
Pioneer Global Projects Pvt Ltd         BG                 CRISIL A4+     15      Reaffirmed
Power Finance Corporation Ltd           ST Borrowing       CRISIL A1+     120000  Reaffirmed
                                        Programme^
^Borrowing programme for fiscal 2020. Total incremental long-term bank borrowing and borrowings
under the rated long-term bonds programme not to exceed Rs.69,000 crore at any point in time
during the fiscal. The long term borrowing programme includes Public Issue of Taxable
Non-Convertible Debentures aggregating Rs 10,000 crore.
Power Finance Corporation Ltd           ST Borrowing       CRISIL A1+     170000  Reaffirmed
                                        Programme~
~Borrowing programme for fiscal 2019. Total incremental long-term bank borrowing and borrowings
under the rated long-term bonds programme not to exceed Rs.80,000 crore at any point in time
during the fiscal.
Power Finance Corporation Ltd           ST Borrowing       CRISIL A1+     200000  Reaffirmed
                                        Programme* 
*Borrowing programme for fiscal 2018.
Salarpuria Properties Pvt Ltd           Non-FBL            CRISIL A1      741     Reaffirmed
Sattva Developers Pvt Ltd               Non-FBL            CRISIL A1      482     Reaffirmed
Shobikaa Impex Pvt Ltd                  BG                 CRISIL A3      200
Upgraded from 'CRISIL A4+'
Shobikaa Impex Pvt Ltd                  LOC                CRISIL A3      70
Upgraded from 'CRISIL A4+'
Shobikaa Impex Pvt Ltd                  Packing Credit     CRISIL A3      420
Upgraded from 'CRISIL A4+'
Svatantra Micro Housing Finance         ST Debt Issue      CRISIL A1+     1000
Corporation Ltd
Veremax Technologie Services Ltd        BG                 CRISIL A4+     20      Assigned
Yazdani Steel and Power Ltd             LOC & BG           CRISIL A4+     63.2
Upgraded from 'CRISIL A4'
Yazdani Steel and Power Ltd             Proposed BG        CRISIL A4+     250
Upgraded from 'CRISIL A4'

MEDIUM TERM RATINGS:
-------------------
Paranjape Schemes (Construction) Ltd    FD                 FB/ Stable     550
Issuer Not Cooperating; Revised from 'FB+/Stable Issuer Not Cooperating'

LONG TERM RATINGS:
-------------------
B and A Packaging India Ltd             Rating Advisory    -              -
B and A Packaging India Limited has now initiated cooperation, has confirmed timeliness in debt
servicing for September 2019 and has also provided ‘No Default Statement’ dated November 06,
2019.
Chamundi Die Cast Pvt Ltd               CC                 CRISIL BBB/    45      Reaffirmed
                                                           Stable
Chamundi Die Cast Pvt Ltd               TL                 CRISIL BBB/    205     Assigned
                                                           Stable
Darshita Southern India Happy Homes Pvt Proposed LT Bk     CRISIL A/      5700    Assigned
Ltd                                     Loan Fac           Stable
Dayal Cotspin Ltd                       CC                 CRISIL BB/     200     Reaffirmed
                                                           Stable
Dayal Cotspin Ltd                       Proposed LT Bk     CRISIL BB/     80      Reaffirmed
                                        Loan Fac           Stable
Devbhumi Realtors Pvt Ltd               CC                 CRISIL A/      9000    Reaffirmed
                                                           Stable
Devbhumi Realtors Pvt Ltd               Overdraft          CRISIL A/      4900    Reaffirmed
                                                           Stable
Devbhumi Realtors Pvt Ltd               Proposed LT Bk     CRISIL A/      5000    Reaffirmed
                                        Loan Fac           Stable
Devbhumi Realtors Pvt Ltd               TL                 CRISIL A/      7150    Assigned
                                                           Stable
Greenage Griha Nirman Pvt Ltd           Proposed LT Bk     CRISIL A/      1400    Reaffirmed
                                        Loan Fac           Stable
Gujarat Containers Ltd                  Rating Advisory    -              -
Gujarat Containers Limited has now initiated cooperation, has confirmed timeliness in debt
servicing for October 2019 and has also provided ‘No Default Statement’ dated November 05, 2019.
Indian Receivable Trust Jun 19 A        Series A PTCs      CRISIL AAA (SO)3669.6
(Originator: Tata Motors Finance Ltd)
Converted from Provisional Rating to Final Rating
Indian Receivable Trust Jun 19 A        Second loss Fac    CRISIL BBB+    220.2
(Originator: Tata Motors Finance Ltd)                      (SO) Equivalent
Converted from Provisional Rating to Final Rating
Janta Rice Mill                         CC                 CRISIL BB-/    95      Reaffirmed
                                                           Stable
Janta Rice Mill                         Proposed LT Bk     CRISIL BB-/    26.8    Reaffirmed
                                        Loan Fac           Stable
Janta Rice Mill                         TL                 CRISIL BB-/    1.4     Reaffirmed
                                                           Stable
JAY Cee Punching Solutions Pvt Ltd      TL                 CRISIL BBB-/   25      Assigned
                                                           Stable
JAY Cee Punching Solutions Pvt Ltd      CC                 CRISIL BBB-/   260     Assigned
                                                           Stable
Mindcomp Properties Pvt Ltd             Proposed LT Bk     CRISIL A/      6000    Reaffirmed
                                        Loan Fac           Stable
Paranjape Schemes (Construction) Ltd    CC                 CRISIL B/      80
                                                           Stable
Issuer Not Cooperating; Revised from 'CRISIL BB+/Stable Issuer Not Cooperating'
Paranjape Schemes (Construction) Ltd    Proposed LT Bk     CRISIL B/      70
                                        Loan Fac           Stable
Issuer Not Cooperating; Revised from 'CRISIL BB+/Stable Issuer Not Cooperating'
Paranjape Schemes (Construction) Ltd    TL                 CRISIL B/      300
                                                           Stable
Issuer Not Cooperating; Revised from 'CRISIL BB+/Stable Issuer Not Cooperating'
Paranjape Schemes (Construction) Ltd    NCD                CRISIL B/      1750
                                                           Stable
Issuer Not Cooperating; Revised from 'CRISIL BB+/Stable Issuer Not Cooperating'
Pioneer Global Projects Pvt Ltd         CC                 CRISIL BB/     40      Reaffirmed
                                                           Stable
Pioneer Global Projects Pvt Ltd         Proposed LT Bk     CRISIL BB/     4       Reaffirmed
                                        Loan Fac           Stable
Pioneer Global Projects Pvt Ltd         TL                 CRISIL BB/     6       Reaffirmed
                                                           Stable
Power Finance Corporation Ltd           CC*                CRISIL AAA/    100000  Reaffirmed
                                                           Stable
*Limit for working capital'working capital demand loan/overdraft facility/cash credit/line of
credit/bank guarantee. Limit includes long-term and short-term facilities. Total working capital
borrowing not to exceed board-approved limit of Rs 10,000 crore. However, quantum of sanctioned
working capital facilities may be different from the Board-approved limit for outstanding
working capital borrowing.
Power Finance Corporation Ltd           LT Borrowing       CRISIL AAA/    690000  Reaffirmed
                                        Programme^         Stable
^Borrowing programme for fiscal 2020. Total incremental long-term bank borrowing and borrowings
under the rated long-term bonds programme not to exceed Rs.69,000 crore at any point in time
during the fiscal. The long term borrowing programme includes Public Issue of Taxable
Non-Convertible Debentures aggregating Rs 10,000 crore.
Power Finance Corporation Ltd           LT Borrowing       CRISIL AAA/    800000  Reaffirmed
                                        Programme~         Stable
~Borrowing programme for fiscal 2019. Total incremental long-term bank borrowing and borrowings
under the rated long-term bonds programme not to exceed Rs.80,000 crore at any point in time
during the fiscal.
Power Finance Corporation Ltd           LT Borrowing       CRISIL AAA/    640000  Reaffirmed
                                        Programme*         Stable
*Borrowing programme for fiscal 2018.
Power Finance Corporation Ltd           Subordinated NCDs  CRISIL AAA/    150000  Reaffirmed
                                                           Stable
Power Finance Corporation Ltd           Bonds              CRISIL AAA/    1859434 Reaffirmed
                                                           Stable
Salarpuria Properties Pvt Ltd           Drop Line          CRISIL A/      910     Reaffirmed
                                        Overdraft Fac      Stable
Salarpuria Properties Pvt Ltd           Proposed LT Bk     CRISIL A/      1839    Reaffirmed
                                        Loan Fac           Stable
Salarpuria Properties Pvt Ltd           Rupee TL           CRISIL A/      910     Reaffirmed
                                                           Stable
Salarpuria Real Estates Pvt Ltd         Overdraft          CRISIL A/      175     Reaffirmed
                                                           Stable
Salarpuria Real Estates Pvt Ltd         Proposed LT Bk     CRISIL A/      870     Reaffirmed
                                        Loan Fac           Stable
Salarpuria Real Estates Pvt Ltd         TL                 CRISIL A/      130     Reaffirmed
                                                           Stable
Satern Griha Nirman Pvt Ltd             Proposed LT Bk     CRISIL A/      500     Assigned
                                        Loan Fac           Stable
Assigned
Sattva Developers Pvt Ltd               Drop Line          CRISIL A/      1058    Reaffirmed
                                        Overdraft Fac      Stable
Sattva Developers Pvt Ltd               Overdraft          CRISIL A/      150     Reaffirmed
                                                           Stable
Sattva Developers Pvt Ltd               Proposed LT Bk     CRISIL A/      500     Assigned
                                        Loan Fac           Stable
Shobikaa Impex Pvt Ltd                  Proposed WC Fac    CRISIL BBB-/   130
                                                           Stable
Upgraded from 'CRISIL BB+/Stable'
Shobikaa Impex Pvt Ltd                  TL                 CRISIL BBB-/   80      Assigned
                                                           Stable
Upgraded from 'CRISIL BB+/Stable'
Shree Lokender Industries               CC                 CRISIL B+/     60      Reaffirmed
                                                           Stable
Shree Rupanadham Steel Pvt Ltd          Rupee TL           CRISIL BBB/    50      Assigned
                                                           Stable
Shree Rupanadham Steel Pvt Ltd          CC                 CRISIL BBB/    100     Assigned
                                                           Stable
Shree Rupanadham Steel Pvt Ltd          Proposed CC Limit  CRISIL BBB/    100     Assigned
                                                           Stable
Shree SaiHasti Agroproducts Ltd         CC                 CRISIL B+/     170     Reaffirmed
                                                           Stable
Shree SaiHasti Agroproducts Ltd         Proposed LT Bk     CRISIL B+/     6       Reaffirmed
                                        Loan Fac           Stable
Shreeya Peanuts Pvt Ltd                 CC                 CRISIL BB-/    150
                                                           Stable
Issuer Not Cooperating; Rating Withdrawn
Shreeya Peanuts Pvt Ltd                 TL                 CRISIL BB-/    50
                                                           Stable
Issuer Not Cooperating; Rating Withdrawn
Star CV Trust May 2019 (Originator:     Series A PTCs      CRISIL AAA     1577.1
IndoStar Capital Finance Ltd)                              (SO)
Converted from Provisional Rating to Final Rating
Svatantra Micro Housing Finance         Proposed LT Bk     CRISIL A+/     3621    Reaffirmed
Corporation Ltd                         Loan Fac           Stable
Svatantra Micro Housing Finance         TL                 CRISIL A+/     1879    Reaffirmed
Corporation Ltd                                            Stable
Svatantra Micro Housing Finance         NCD                CRISIL A+/     531
Corporation Ltd                                            Stable
Teja Educational Society                LT Loan            CRISIL BB-/    14.5    Reaffirmed
                                                           Stable
Teja Educational Society                Secured Overdraft  CRISIL BB-/    40      Reaffirmed
                                        Fac                Stable
Teja Educational Society                TL                 CRISIL BB-/    76.5    Reaffirmed
                                                           Stable
Unique Automobiles India Pvt Ltd        CC                 CRISIL BB+/    65      Reaffirmed
                                                           Stable
Migrated from 'CRISIL BB+/Stable Issuer Not Cooperating'
Unique Automobiles India Pvt Ltd        Proposed WC Fac    CRISIL BB+/    25      Assigned
                                                           Stable
Migrated from 'CRISIL BB+/Stable Issuer Not Cooperating'
Veremax Technologie Services Ltd        LT Loan            CRISIL BB-/    10      Assigned
                                                           Stable
Veremax Technologie Services Ltd        CC                 CRISIL BB-/    170     Assigned
                                                           Stable
West Wind Retails Pvt Ltd               CC                 -              55      Withdrawn
West Wind Retails Pvt Ltd               LT Loan            -              20      Withdrawn
Yazdani Steel and Power Ltd             CC                 CRISIL BB/     180
                                                           Stable
Upgraded from 'CRISIL B+/Stable'
Yazdani Steel and Power Ltd             LT Loan            CRISIL BB/     240
                                                           Stable
Upgraded from 'CRISIL B+/Stable'
Yazdani Steel and Power Ltd             Proposed LT Bk     CRISIL BB/     239.2   Assigned
                                        Loan Fac           Stable
Upgraded from 'CRISIL B+/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@thomsonreuters.com)
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