November 21, 2017 / 5:51 AM / 7 months ago

CRISIL ratings for Indian debt instruments-Nov 21

    Nov 21 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of November 20, 2017.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Aquarius Engineers Pvt Ltd              BG                 CRISIL A4+     25      Reaffirmed
Asit C. Mehta Investment Interrmediates BG                 CRISIL A3      140     Upgraded from
Ltd                                                                               CRISIL A4+
Choksey Chemicals Pvt Ltd               BG                 CRISIL A4      20      Reaffirmed
Choksey Chemicals Pvt Ltd               LOC                CRISIL A4      10      Reaffirmed
Citicorp Finance India Ltd              ST Debt Programme  CRISIL A1+     10000   Reaffirmed
Citicorp Finance India Ltd              CP                 CRISIL A1+     40000   Reaffirmed
Corvine Chemicals and Pharmaceuticals   LOC                CRISIL A3      150     Reaffirmed
Ltd
Deepak Construction Co.                 BG                 CRISIL A4+     100     Reaffirmed
Efftronics Systems Pvt Ltd              BG                 CRISIL A4+     85      Reaffirmed
Issuer Not Cooperating
Enrich Exports                          Bill Discounting   CRISIL A4+     20      Reaffirmed
Gennext Abasan Pvt Ltd                  LOC                CRISIL A4      100     Reaffirmed
GKR Infracon (India) Pvt Ltd            BG                 CRISIL A4+     240     Reaffirmed
Hillson Footwear Pvt Ltd                LOC                CRISIL A3      10      Assigned
Indag Rubber Ltd                        LOC & BG           CRISIL A1      195     Withdrawal
Issuer Not Cooperating
Indag Rubber Ltd                        Pre Shipment CreditCRISIL A1      25      Withdrawal
Issuer Not Cooperating
Krishna Coil Cutters Pvt Ltd            Bill Discounting   CRISIL A4+     50      Upgraded from
                                                                                  CRISIL A4
Issuer Not Cooperating
Krishna Coil Cutters Pvt Ltd            LOC                CRISIL A4+     400     Upgraded from
                                                                                  CRISIL A4
Issuer Not Cooperating
L N Metallics Ltd                       BG                 CRISIL A4+     8       Reaffirmed
L N Metallics Ltd                       LOC                CRISIL A4+     41      Reaffirmed
Mahindra and Mahindra Financial         CP Programme       CRISIL A1+     85000
Services Ltd
Mahindra and Mahindra Financial         ST Bk Fac          CRISIL A1+     14000   Reaffirmed
Services Ltd
Malani Construction Co.                 BG                 CRISIL A2      1040    Reaffirmed
New Win Win Feeds Pvt Ltd               BG                 CRISIL A4+     2.9     Reaffirmed
Pooja Forge Ltd                         Bill Discounting   CRISIL A2+     22      Reaffirmed
                                        under LOC
Pooja Forge Ltd                         Foreign Exchange   CRISIL A2+     9.5     Reaffirmed
                                        Forward
Pooja Forge Ltd                         Inland/Import LOC  CRISIL A2+     200     Assigned
Pooja Forge Ltd                         Overdraft          CRISIL A2+     225     Assigned
Pooja Forge Ltd                         Sales Bill         CRISIL A2+     50      Assigned
                                        Discounting
R. E. Rogers India Pvt Ltd              BG                 CRISIL A3+     120     Reaffirmed
Railtech Infraventure Pvt Ltd           BG                 CRISIL A3+     100     Reaffirmed
Raj Hair International Pvt Ltd          Packing Credit     CRISIL A4      360     Downgraded
                                                                                  from CRISIL
                                                                                  A4+
Ramesh Agro Chem Corporation            BG                 CRISIL A4+     30      Assigned
Sahu Exports                            BG                 CRISIL A3+     5       Reaffirmed
Sahu Exports                            LOC                CRISIL A3+     2       Reaffirmed
Sahu Exports                            Packing Credit     CRISIL A3+     150     Reaffirmed
Samrakshana Electricals Ltd             BG                 CRISIL A4      17.5    Reaffirmed
Samrakshana Electricals Ltd             LOC                CRISIL A4      40      Reaffirmed
Santosh Infra Power Pvt Ltd             BG                 CRISIL A4+     70      Reaffirmed
Sheelu Exports                          Export Packing     CRISIL A4      95      Reaffirmed
                                        Credit
Sheelu Exports                          Proposed Export    CRISIL A4      2.5     Reaffirmed
                                        Packing Credit
Starcon Infra Projects India Pvt Ltd    BG                 CRISIL A4+     150     Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
Starwood Veneers Pvt Ltd                Inland/Import LOC* CRISIL A4      60      Reaffirmed
*It is has a sublimit of Buyers Credit worth Rs.6 crore
Subha-Soumya Cold Storage Pvt Ltd       BG                 CRISIL A4      1.5     Reaffirmed
Technocraft Industries India Ltd        BG                 CRISIL A1+     438.3   Reaffirmed
Technocraft Industries India Ltd        Foreign Exchange   CRISIL A1+     12.5    Reaffirmed
                                        Forward
Technocraft Industries India Ltd        LOC & BG           CRISIL A1+     100     Reaffirmed
Technocraft Industries India Ltd        Overdraft          CRISIL A1+     100     Reaffirmed
Technocraft Industries India Ltd        Packing Credit in  CRISIL A1+     500     Reaffirmed
                                        Foreign Currency
Technocraft Industries India Ltd        Post Shipment      CRISIL A1+     550     Reaffirmed
                                        Credit
Univastu India Ltd                      BG                 CRISIL A4+     25      Reaffirmed
Univastu India Ltd                      LOC                CRISIL A4+     5       Reaffirmed
Urvi Exim                               Packing Credit     CRISIL A4      100     Reaffirmed
Vectus Industries Ltd                   LOC                CRISIL A4+     20      Withdrawal
Issuer Not Cooperating
Veejay Lakshmi Engineering Works Ltd    LOC & BG           CRISIL A4+     120     Downgraded
                                                                                  from CRISIL A3
MEDIUM TERM RATINGS:
-------------------
Mahindra and Mahindra Financial         FD Programme       FAAA
Services Ltd


LONG TERM RATINGS:
-------------------
Aquarius Engineers Pvt Ltd              CC                 CRISIL BB+     120     Reaffirmed
Aquarius Engineers Pvt Ltd              TL                 CRISIL BB+     30      Reaffirmed
Asit C. Mehta Investment Interrmediates Overdraft          CRISIL BBB-    234.5   Upgraded from
Ltd                                                                               CRISIL BB+
Asit C. Mehta Investment Interrmediates Proposed LT Bk     CRISIL BBB-    75.5    Upgraded from
Ltd                                     Loan Fac                                  CRISIL BB+
Bnazrum Agro Exports Pvt Ltd            Bill Discounting   CRISIL D       90      Reaffirmed
Bnazrum Agro Exports Pvt Ltd            LT Loan            CRISIL D       70      Reaffirmed
Bnazrum Agro Exports Pvt Ltd            Overdraft          CRISIL D       10      Reaffirmed
Bnazrum Agro Exports Pvt Ltd            Packing Credit     CRISIL D       170     Reaffirmed
Bnazrum Agro Exports Pvt Ltd            Proposed WC Fac    CRISIL D       10      Reaffirmed
Cadsys (India) Ltd                      Foreign Bill       CRISIL BB+     30      Reaffirmed
                                        Discounting
Cadsys (India) Ltd                      Overdraft          CRISIL BB+     40      Reaffirmed
Cadsys (India) Ltd                      TL                 CRISIL BB+     5       Reaffirmed
Caliber Technologies Pvt Ltd            CC                 CRISIL BB+     5       Upgraded from
                                                                                  CRISIL BB
Caliber Technologies Pvt Ltd            TL                 CRISIL BB+     68.9    Upgraded from
                                                                                  CRISIL BB
Choksey Chemicals Pvt Ltd               CC                 CRISIL B       62.5    Reaffirmed
Choksey Chemicals Pvt Ltd               Proposed FB Bk     CRISIL B       35      Assigned
                                        Limits
Citicorp Finance India Ltd              LT Bk Fac          CRISIL AAA     9500    Reaffirmed
Citicorp Finance India Ltd              Commoptionally     CRISIL PP-MLD  3000    Reaffirmed
                                        convertible        AAAr
                                        debentureity Linked Debentures
Citicorp Finance India Ltd              Equity-Linked      CRISIL PP-MLD  164.5   Reaffirmed
                                        Debentures         AAAr
Corvine Chemicals and Pharmaceuticals   CC                 CRISIL BBB-    160     Reaffirmed
Ltd
Corvine Chemicals and Pharmaceuticals   Proposed LT Bk     CRISIL BBB-    430     Reaffirmed
Ltd                                     Loan Fac
Deepak Construction Co.                 Overdraft          CRISIL BB-     40      Reaffirmed
Efftronics Systems Pvt Ltd              CC                 CRISIL BB      160     Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Issuer Not Cooperating
Enrich Exports                          LT Loan            CRISIL BB-     65      Downgraded
                                                                                  from CRISIL BB
Enrich Exports                          Packing Credit     CRISIL BB-     130     Downgraded
                                                                                  from CRISIL BB
Gayatri Rolling Mills Pvt Ltd           CC                 CRISIL B+      55      Upgraded from
                                                                                  CRISIL B
Gayatri Rolling Mills Pvt Ltd           TL                 CRISIL B+      30.9    Upgraded from
                                                                                  CRISIL B
Gennext Abasan Pvt Ltd                  CC                 CRISIL B       30      Reaffirmed
GKR Infracon (India) Pvt Ltd            Overdraft          CRISIL BB      60      Upgraded from
                                                                                  CRISIL BB-
GKR Infracon (India) Pvt Ltd            Proposed LT Bk     CRISIL BB      700     Upgraded from
                                        Loan Fac                                  CRISIL BB-
Headword Publishing Company Pvt Ltd     CC                 CRISIL B       70      Downgraded
                                                                                  from CRISIL B+
Hillson Footwear Pvt Ltd                CC                 CRISIL BBB-    45      Assigned
Indag Rubber Ltd                        CC                 CRISIL A       80      Withdrawal
Issuer Not Cooperating
Iterema Poultry LLP                     CC                 CRISIL BB      162     Upgraded from
                                                                                  CRISIL BB-
Iterema Poultry LLP                     LT Loan            CRISIL BB      63      Upgraded from
                                                                                  CRISIL BB-
J Thomas and Co Pvt Ltd                 CC                 CRISIL BBB+    230     Reaffirmed
Jai Mahakal Warehousing Company         LT Loan            CRISIL BB-     6.6     Reaffirmed
Jai Mahakal Warehousing Company         Proposed LT Bk     CRISIL BB-     3.4     Reaffirmed
                                        Loan Fac
Jai Mahakal Warehousing Company         TL                 CRISIL BB-     57      Reaffirmed
Kamaths Ourtimes Ice Creams Pvt Ltd     TL                 CRISIL A-      120     Assigned
Kamaths Ourtimes Ice Creams Pvt Ltd     CC                 CRISIL A-      50      Assigned
Kamaths Ourtimes Ice Creams Pvt Ltd     Secured Overdraft  CRISIL A-      60      Assigned
                                        Fac
Krishna Coil Cutters Pvt Ltd            CC                 CRISIL BB+     200     Upgraded from
                                                                                  CRISIL B
Issuer Not Cooperating
Krishna Coil Cutters Pvt Ltd            Proposed FB Bk     CRISIL BB+     10      Upgraded from
                                        Limits                                    CRISIL B
Issuer Not Cooperating
L N Metallics Ltd                       CC                 CRISIL BB      120     Reaffirmed
L N Metallics Ltd                       Proposed LT Bk     CRISIL BB      19.8    Reaffirmed
                                        Loan Fac
Longulf Trading India Pvt Ltd           CC                 CRISIL BB+     200     Reaffirmed
Luker Electric Technologies Pvt Ltd     Proposed LT Bk     CRISIL BB      145.5   Assigned
                                        Loan Fac
Luker Electric Technologies Pvt Ltd     CC                 CRISIL BB      146.5   Assigned
Luker Electric Technologies Pvt Ltd     LT Loan            CRISIL BB      8       Assigned
M.G. Infraestates Pvt Ltd               TL                 CRISIL B+      140     Reaffirmed
Mahindra and Mahindra Financial         NCDs               CRISIL AA+     5921
Services Ltd
Mahindra and Mahindra Financial         Subordinated Debt  CRISIL AA+     7388
Services Ltd                            Programme
Mahindra and Mahindra Financial         CC                 CRISIL AA+     19570   Reaffirmed
Services Ltd
Mahindra and Mahindra Financial         LT Bk Fac          CRISIL AA+     108697  Reaffirmed
Services Ltd
Mahindra and Mahindra Financial         Proposed LT Bk     CRISIL AA+     64163   Reaffirmed
Services Ltd                            Loan Fac
Malani Construction Co.                 CC                 CRISIL BBB+    210     Reaffirmed
New Win Win Feeds Pvt Ltd               CC                 CRISIL BB      40.5    Reaffirmed
New Win Win Feeds Pvt Ltd               Proposed LT Bk     CRISIL BB      22.6    Reaffirmed
                                        Loan Fac
New Win Win Feeds Pvt Ltd               TL                 CRISIL BB      14      Reaffirmed
Pooja Forge Ltd                         CC                 CRISIL A-      75      Reaffirmed
Pooja Forge Ltd                         CC & WC demand loanCRISIL A-      178     Reaffirmed
Premier Agro Products Pvt Ltd           CC                 CRISIL BB-     100     Reaffirmed
Premier Agro Products Pvt Ltd           TL                 CRISIL BB-     10      Reaffirmed
PSN Construction Equipment Pvt Ltd      Inventory Funding  CRISIL BBB+    165     Upgraded from
                                        Fac                                       CRISIL BBB
R. E. Rogers India Pvt Ltd              CC                 CRISIL BBB     0.5     Reaffirmed
R. E. Rogers India Pvt Ltd              Proposed LT Bk     CRISIL BBB     9.5     Assigned
                                        Loan Fac
Railtech Infraventure Pvt Ltd           Buyer`s Credit     CRISIL BBB     72      Reaffirmed
Railtech Infraventure Pvt Ltd           CC                 CRISIL BBB     30      Reaffirmed
Railtech Infraventure Pvt Ltd           LT Loan            CRISIL BBB     28      Reaffirmed
Raj Agrovet Farm                        CC                 CRISIL BB-     80      Withdrawal
Raj Agrovet Farm                        TL                 CRISIL BB-     10      Withdrawal
Raj Hair International Pvt Ltd          Bill Discounting   CRISIL B+      100     Downgraded
                                                                                  from CRISIL BB
Raj Hair International Pvt Ltd          Proposed LT Bk     CRISIL B+      12      Downgraded
                                        Loan Fac                                  from CRISIL BB
Ramesh Agro Chem Corporation            Proposed LT Bk     CRISIL BB      20      Assigned
                                        Loan Fac
Ramesh Agro Chem Corporation            CC                 CRISIL BB      30      Assigned
Rami Reddy Constructions                LT Loan            CRISIL B       150     Reaffirmed
Riddhi Agro Industries                  CC                 CRISIL BB      180     Assigned
Sahu Exports                            Proposed LT Bk     CRISIL BBB     48      Reaffirmed
                                        Loan Fac
Sahu Exports                            TL                 CRISIL BBB     45      Reaffirmed
Samrakshana Electricals Ltd             CC                 CRISIL B-      100     Downgraded
                                                                                  from CRISIL B
Samrakshana Electricals Ltd             Proposed LT Bk     CRISIL B-      271.2   Downgraded
                                        Loan Fac                                  from CRISIL B
Sandhya Poultry Farm                    CC                 CRISIL B       80      Reaffirmed
Issuer Not Cooperating
Sandhya Poultry Farm                    LT Loan            CRISIL B       44.5    Reaffirmed
Issuer Not Cooperating
Santosh Infra Power Pvt Ltd             CC                 CRISIL BB      40      Reaffirmed
Sheelu Exports                          SME Care Loan      CRISIL B-      5       Downgraded
                                                                                  from CRISIL B+
Shirodkar Preci Comp Pvt Ltd            CC                 CRISIL BB      75      Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Shirodkar Preci Comp Pvt Ltd            TL                 CRISIL BB      45      Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Square Corporation                      Proposed LT Bk     CRISIL BB      190     Assigned
                                        Loan Fac
Square Corporation                      LT Loan            CRISIL BB      30      Assigned
Square Corporation                      CC                 CRISIL BB      40      Assigned
Square Corporation                      Export Packing     CRISIL BB      140     Assigned
                                        Credit
Starcon Infra Projects India Pvt Ltd    CC                 CRISIL BB+     50      Downgraded
                                                                                  from CRISIL A3
Starwood Veneers Pvt Ltd                Export Packing     CRISIL B       11      Reaffirmed
                                        Credit & Export
                                        Bills Negotiation/Foreign Bill discounting
Starwood Veneers Pvt Ltd                Overdraft          CRISIL B       20      Reaffirmed
Starwood Veneers Pvt Ltd                Proposed LT Bk     CRISIL B       9       Reaffirmed
                                        Loan Fac
Subha-Soumya Cold Storage Pvt Ltd       CC                 CRISIL B-      64      Reaffirmed
Subha-Soumya Cold Storage Pvt Ltd       LT Loan            CRISIL B-      21.3    Reaffirmed
Subha-Soumya Cold Storage Pvt Ltd       Proposed LT Bk     CRISIL B-      48.8    Reaffirmed
                                        Loan Fac
Subha-Soumya Cold Storage Pvt Ltd       WC Loan            CRISIL B-      14.4    Reaffirmed
Technocraft Industries India Ltd        Post Shipment      CRISIL A+      450     Reaffirmed
                                        Credit$$
Technocraft Industries India Ltd        Proposed LT Bk     CRISIL A+      259.2   Reaffirmed
                                        Loan Fac
Technocraft Industries India Ltd        TL                 CRISIL A+      1760    Reaffirmed
Technocraft Industries India Ltd        WC Fac             CRISIL A+      2530    Reaffirmed
Technocraft Industries India Ltd        WC Fac%%           CRISIL A+      550     Reaffirmed
%% Fully Interchangeable with Pre shipment/Post Shipment finance, Letter of credit, Bank
Guarantee (Financial/Performance).
Technocraft Industries India Ltd        WC Fac**           CRISIL A+      410     Reaffirmed
** Fully Interchangeable with Working Capital Demand Loan, Pre shipment/Post Shipment finance,
Letter of credit, Buyers Credit, Overdraft and Cash Credit
Technocraft Industries India Ltd        WC Fac@            CRISIL A+      500     Reaffirmed
@ Fully Interchangeable with Pre shipment/Post Shipment finance, Letter of credit, Bank
Guarantee (Financial/Performance), Cash Credit.
Technocraft Industries India Ltd        WC Fac@            CRISIL A+      400     Reaffirmed
@ Fully Interchangeable with Pre shipment/Post Shipment finance, Letter of credit, Bank
Guarantee (Financial/Performance), Cash Credit.
Technocraft Industries India Ltd        WC Fac##           CRISIL A+      500     Reaffirmed
## Fully Interchangeable with Working Capital Demand Loan, Pre shipment/Post Shipment finance,
Letter of credit, Buyers Credit, Cash Credit
Univastu India Ltd                      CC                 CRISIL BB      45      Upgraded from
                                                                                  CRISIL BB-
Univastu India Ltd                      Proposed BG        CRISIL BB      15      Upgraded from
                                                                                  CRISIL BB-
Univastu India Ltd                      Proposed CC Limit  CRISIL BB      10      Upgraded from
                                                                                  CRISIL BB-
Vectus Industries Ltd                   CC                 CRISIL BB+     480     Withdrawal
Issuer Not Cooperating
Veejay Lakshmi Engineering Works Ltd    CC                 CRISIL BB+     205     Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
Veejay Lakshmi Engineering Works Ltd    Proposed LT Bk     CRISIL BB+     25      Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BBB-
Veejay Lakshmi Engineering Works Ltd    Proposed WC Fac    CRISIL BB+     50      Downgraded
                                                                                  from CRISIL
                                                                                  BBB-

--------------------------------------------------------------------------------------------
$: 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)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below