November 20, 2017 / 8:59 AM / 8 months ago

CRISIL ratings for Indian debt instruments-Nov 20

   Nov 20 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of November 17, 2017.


COMPANY                                 INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Al Karma                                BG                 CRISIL D       37.5    Downgraded
                                                                                  from CRISIL
                                                                                  A4
Al Karma                                LOC                CRISIL D       7.5     Downgraded
                                                                                  from CRISIL
                                                                                  A4
Agappe Diagnostics Ltd                  CP                 CRISIL A2      100     Withdrawal
Alcon Electronics Pvt Ltd               LOC                CRISIL A3      119.3   Reaffirmed
Bipin Exports                           Packing Credit     CRISIL A4+     70      Reaffirmed
Florida Electrical Industries Ltd       BG                 CRISIL A4      90      Assigned
G. R. Engineering Pvt Ltd               BG                 CRISIL A4+     1700    Reaffirmed
G. R. Engineering Pvt Ltd               Letter Of GuaranteeCRISIL A4+     520     Reaffirmed
G. R. Engineering Pvt Ltd               LOC                CRISIL A4+     780     Reaffirmed
IRC Natural Resources Pvt Ltd           BG                 CRISIL A3      370     Reaffirmed
Kennametal India Ltd                    ST Debt            CRISIL A1+     250     Reaffirmed
Mohan Fabtex Ltd                        LOC                CRISIL A4+     400     Downgraded
                                                                                  from CRISIL
                                                                                  A3
Prudhvi Constructions Pvt Ltd           BG                 CRISIL A4+     50      Reaffirmed
Prudhvi Constructions Pvt Ltd           Proposed ST Bk     CRISIL A4+     30      Assigned
                                        Loan Fac
Shimla Autos Pvt Ltd                    BG                 CRISIL D       10      Downgraded
                                                                                  from CRISIL
                                                                                  A4
Issuer Not Cooperating
Shradha Apparels Worldwide              Foreign Bill       CRISIL D       25      Downgraded
                                        Negotiation                               from CRISIL
                                                                                  A4
Special Blasts Ltd                      BG                 CRISIL A3      500     Downgraded
                                                                                  from CRISIL
                                                                                  A3+
Special Blasts Ltd                      LOC                CRISIL A3      1100    Downgraded
                                                                                  from CRISIL
                                                                                  A3+
Tirupati Rice Industries                BG                 CRISIL A4      30      Assigned
Uniply Industries Ltd                   Proposed ST Bk     CRISIL A3      400     Reaffirmed
                                        Loan Fac
Vector Projects India Pvt Ltd           LOC & BG           CRISIL A3      100     Reaffirmed
Veerabhadra Minerals Pvt Ltd            BG                 CRISIL A4      0.8     Reaffirmed
Veerabhadra Minerals Pvt Ltd            Packing Credit     CRISIL A4      20      Reaffirmed
VPR Constructions                       BG                 CRISIL A4      38      Assigned

LONG TERM RATINGS:
-------------------
Advani Hotels and Resorts India Ltd     BG                                7.5     Withdrawal
Advani Hotels and Resorts India Ltd     CC                                30      Withdrawal
Advani Hotels and Resorts India Ltd     Proposed LT Bk                    35      Withdrawal
                                        Loan Fac
Advani Hotels and Resorts India Ltd     TL                                227.5   Withdrawal
Al Karma                                CC                 CRISIL D       35      Downgraded
                                                                                  from CRISIL
                                                                                  B-
Al Karma                                Proposed LT Bk     CRISIL D       7.5     Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  B-
Al Karma                                WC Fac             CRISIL D       2.5     Downgraded
                                                                                  from CRISIL
                                                                                  B-
Alcon Electronics Pvt Ltd               CC                 CRISIL BBB-    97.5    Reaffirmed
Asirvad Microfinance Ltd                Proposed LT Bk     CRISIL A+      3330    Reaffirmed
                                        Loan Fac
Asirvad Microfinance Ltd                TL                 CRISIL A+      9670    Reaffirmed
Atharva Educational Trust               Proposed LT Bk                    150     Withdrawal
                                        Loan Fac
Issuer Not Cooperating
Bipin Exports                           Foreign Bill       CRISIL BB      10      Reaffirmed
                                        Discounting
Dhoot Dal Mill                          Export Packing     CRISIL B       95      Assigned
                                        Credit
Ennjay Enterprises                      CC                 CRISIL BB-     75      Assigned
Ennjay Enterprises                      Proposed LT Bk     CRISIL BB-     5       Assigned
                                        Loan Fac
Florida Electrical Industries Ltd       CC/ Overdraft Fac  CRISIL B+      20      Assigned
Florida Electrical Industries Ltd       CC                 CRISIL B+      100     Assigned
G. R. Engineering Pvt Ltd               CC                 CRISIL BB      106.2   Reaffirmed
G. R. Engineering Pvt Ltd               CC & WC demand loanCRISIL BB      70      Reaffirmed
G. R. Engineering Pvt Ltd               Proposed CC Limit  CRISIL BB      223.8   Reaffirmed
G. R. Engineering Pvt Ltd               WC Demand Loan     CRISIL BB      200     Reaffirmed
Great Eastern Retail Pvt Ltd            CC                 CRISIL BBB-    800     Reaffirmed
Great Eastern Retail Pvt Ltd            LT Loan            CRISIL BBB-    300     Reaffirmed
Indian Infrastructure Equipment         Series A PTCs      CRISIL AA (SO) 0       Final Rating
Receivables Trust - June, 2017
(IIERT June 2017)
IRC Natural Resources Pvt Ltd           CC                 CRISIL BBB-    20      Reaffirmed
IRC Natural Resources Pvt Ltd           TL                 CRISIL BBB-    370     Assigned
Ivalue Infosolutions Pvt Ltd            Buyer`s Credit                    120     Withdrawal
Ivalue Infosolutions Pvt Ltd            CC                                70      Withdrawal
JM Frictech India Pvt Ltd               Bill Discounting   CRISIL BBB     30      Reaffirmed
JM Frictech India Pvt Ltd               CC                 CRISIL BBB     120     Reaffirmed
JM Frictech India Pvt Ltd               Proposed LT Bk     CRISIL BBB     4.7     Reaffirmed
                                        Loan Fac
JM Frictech India Pvt Ltd               TL                 CRISIL BBB     180.7   Reaffirmed
Kalinga Enterprises Pvt Ltd             CC                 CRISIL B+      90      Reaffirmed

Kancheshwar Sugar Ltd                   Proposed WC Fac    CRISIL D       110     Reaffirmed
Kancheshwar Sugar Ltd                   Sugar Pledge CC    CRISIL D       480     Reaffirmed
Kancheshwar Sugar Ltd                   TL                 CRISIL D       450     Reaffirmed
Kancheshwar Sugar Ltd                   WC TL              CRISIL D       190     Assigned
Kaveri Cotton Industries                CC                 CRISIL B       40      Reaffirmed
Kaveri Cotton Industries                LT Loan            CRISIL B       26.2    Reaffirmed
Kaveri Cotton Industries                Proposed LT Bk     CRISIL B       3.8     Assigned
                                        Loan Fac
Krishnaveni Film Exhibitors Pvt Ltd     LT Loan            CRISIL BB-     450     Reaffirmed
Maa Annapurna Jute And Carpets          CC                 CRISIL B       33.5    Assigned
Industries Pvt Ltd
Maa Annapurna Jute And Carpets          TL                 CRISIL B       100     Assigned
Industries Pvt Ltd
Mahalaxmi Food Products                 TL                 CRISIL B+      74.5    Assigned
Mahalaxmi Food Products                 Proposed TL        CRISIL B+      8       Assigned
Mahalaxmi Food Products                 CC                 CRISIL B+      80      Assigned
Mahalaxmi Food Products                 Project Loan       CRISIL B+      37.5    Assigned
Modernizing Trends Pvt Ltd              CC                 CRISIL BB-     120     Reaffirmed
Modernizing Trends Pvt Ltd              Proposed LT Bk     CRISIL BB-     5.9     Reaffirmed
                                        Loan Fac
Modernizing Trends Pvt Ltd              TL                 CRISIL BB-     4.1     Reaffirmed
Mohan Fabtex Ltd                        CC                 CRISIL BB+     110     Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
New Habitat Housing Finance And         CC                 CRISIL BBB-    30      Reaffirmed
Development Ltd
New Habitat Housing Finance And         Proposed LT Bk     CRISIL BBB-    460     Reaffirmed
Development Ltd                         Loan Fac
New Habitat Housing Finance And         TL                 CRISIL BBB-    510     Reaffirmed
Development Ltd
Permeshwar Fashions Impex Pvt Ltd       BG                                2.5     Withdrawal
Permeshwar Fashions Impex Pvt Ltd       CC                                360     Withdrawal
Permeshwar Fashions Impex Pvt Ltd       LOC                               20      Withdrawal
Permeshwar Fashions Impex Pvt Ltd       LT Loan                           50      Withdrawal
Permeshwar Fashions Impex Pvt Ltd       Proposed LT Bk                    104.4   Withdrawal
                                        Loan Fac
Permeshwar Fashions Impex Pvt Ltd       Standby Line of                   70      Withdrawal
                                        Credit
Pride Coke Pvt Ltd                      CC                 CRISIL B-      160     Reaffirmed
Pride Coke Pvt Ltd                      TL                 CRISIL B-      41.4    Reaffirmed
Prudhvi Constructions Pvt Ltd           Proposed LT Bk     CRISIL BB      60      Upgraded from
                                        Loan Fac                                  CRISIL BB-
Prudhvi Constructions Pvt Ltd           Secured Overdraft  CRISIL BB      60      Assigned
                                        Fac
Sadha Exports                           CC                 CRISIL B+      80      Reaffirmed
Sanklecha Constructions Pvt Ltd         Drop Line          CRISIL D       200     Downgraded
                                        Overdraft Fac                             from CRISIL
                                                                                  B+
Sarda Rice and Oil Mills                CC                 CRISIL B+      76      Reaffirmed
Sarda Rice and Oil Mills                TL                 CRISIL B+      54      Reaffirmed
Selvarani Dhall Industries              CC                 CRISIL D       100     Downgraded
                                                                                  from CRISIL
                                                                                  B+
Selvarani Impex                         CC                 CRISIL D       90      Downgraded
                                                                                  from CRISIL
                                                                                  B+
Selvarani Impex                         Proposed LT Bk     CRISIL D       10      Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  B+
Shimla Autos Pvt Ltd                    CC                 CRISIL D       50      Downgraded
                                                                                  from CRISIL B
Issuer Not Cooperating
Shimla Autos Pvt Ltd                    TL                 CRISIL D       21      Downgraded
                                                                                  from CRISIL B
Issuer Not Cooperating
Shradha Apparels Worldwide              Foreign Bill       CRISIL D       55      Downgraded
                                        Purchase                                  from CRISIL
                                                                                  B+
Sical Multimodal and Rail Transport Ltd BG                                300     Withdrawal
Sical Multimodal and Rail Transport Ltd CC                                200     Withdrawal
Sical Multimodal and Rail Transport Ltd LT Loan                           1714.4  Withdrawal
Special Blasts Ltd                      CC                 CRISIL BBB-    655     Downgraded
                                                                                  from CRISIL
                                                                                  BBB
Special Blasts Ltd                      Corporate Loan     CRISIL BBB-    88      Downgraded
                                                                                  from CRISIL
                                                                                  BBB
Special Blasts Ltd                      Proposed LT Bk     CRISIL BBB-    57      Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BBB
Tirupati Rice Industries                CC                 CRISIL B+      20      Assigned
Uniply Industries Ltd                   Proposed LT Bk     CRISIL BBB-    1130    Reaffirmed
                                        Loan Fac
Vector Projects India Pvt Ltd           CC                 CRISIL BBB-    900     Reaffirmed
Veerabhadra Minerals Pvt Ltd            CC                 CRISIL B+      8       Reaffirmed
Veerabhadra Minerals Pvt Ltd            Foreign Bill       CRISIL B+      10      Reaffirmed
                                        Discounting
Veerabhadra Minerals Pvt Ltd            Foreign LOC        CRISIL B+      15      Reaffirmed
Veerabhadra Minerals Pvt Ltd            LT Loan            CRISIL B+      16.2    Reaffirmed
Vel Trust 1997                          LT Loan            CRISIL BB+     90      Downgraded
                                                                                  from CRISIL
                                                                                  BBB
Vel Trust 1997                          Overdraft          CRISIL BB+     90      Downgraded
                                                                                  from CRISIL
                                                                                  BBB
VPR Constructions                       Secured Overdraft  CRISIL B-      120     Assigned
                                        Fac
--------------------------------------------------------------------------------------------
$: 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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