November 22, 2019 / 6:18 AM / 24 days ago

CRISIL ratings for Indian debt instruments-Nov 22

    Nov 22 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of November 21, 2019.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
ABD Diamonds Pvt Ltd                    Foreign Exchange   CRISIL A4      12.5    Reaffirmed
                                        Forward
Ahmedabad Packaging Industries Ltd      BG                 CRISIL A4+     20      Reaffirmed
Bharat Heavy Electricals Ltd            LOC & BG           CRISIL A1+     526200  Reaffirmed
Bharat Heavy Electricals Ltd            Proposed LOC & BG  CRISIL A1+     13800   Reaffirmed
Gayatri Spinners Ltd                    BG                 CRISIL A4      4       Reaffirmed
Geo Aquatic Products Pvt Ltd            Packing Credit     CRISIL A4+     50      -
Upgraded from 'CRISIL A4'
Karvy Data Management Services Ltd      LOC & BG           CRISIL A4+     1100    -
Downgraded from 'CRISIL A2'
Karvy Data Management Services Ltd      Overdraft          CRISIL A4+     900     -
Downgraded from 'CRISIL A2'
L&T-MHPS Turbine Generators Pvt Ltd     WC Demand Loan#    CRISIL A1      100     -
#Fully Interchangeable with OD upto Rs. 4 crore
L&T-MHPS Turbine Generators Pvt Ltd     WC Demand Loan^^   CRISIL A1      600     -
^^ Interchangeable with EPC upto Rs 100 crore , LC upto Rs 50 crore and BG upto Rs 25 crore
L&T-MHPS Turbine Generators Pvt Ltd     Export Packing     CRISIL A1      2000    -
                                        Credit^
^ Interchangeable with LC and Invoice Financing upto Rs. 50 crore, with Buyer's 
Credit upto Rs. 100 crore, Export Bills Purchased upto Rs. 200 crore
L&T-MHPS Turbine Generators Pvt Ltd     Export Packing     CRISIL A1      3000    -
                                        Credit
L&T-MHPS Turbine Generators Pvt Ltd     Foreign Exchange   CRISIL A1      1500    Reaffirmed
                                        Forward*
* The facility being rated is a plain vanilla forward contract 
L&T-MHPS Turbine Generators Pvt Ltd     Overdraft^^        CRISIL A1      400     -
^^ Interchangeable with EPC upto Rs 100 crore , LC upto Rs 50 crore and BG upto Rs 25 crore
Menon and Menon Ltd                     BG                 CRISIL A3      85      -
Migrated from 'CRISIL A4+ ISSUER NOT COOPERATING
Menon and Menon Ltd                     LOC                CRISIL A3      65      -
Migrated from 'CRISIL A4+ ISSUER NOT COOPERATING
Muthoot Fincorp Ltd                     CP                 CRISIL A1      9000    Reaffirmed
(Reduced from Rs.1500 Crore)
Peregrine Guarding Pvt Ltd              BG                 CRISIL A3      325     Reaffirmed
Reliance Jio Infocomm Ltd               CP                 CRISIL A1+     350000  Reaffirmed
(Enhanced from Rs.30000 Crore) 
Sainath Knitex Pvt Ltd                  BG                 CRISIL A4+     2.5     Reaffirmed
Sciknow Techno Solutions Ltd            Proposed LOC & BG  CRISIL A4+     400     -
Downgraded from 'CRISIL A3+'
Skylark Feeds Pvt Ltd                   Pledge Loan        CRISIL A2+     215.7   Reaffirmed
Spentika Ceramic Pvt Ltd                BG                 CRISIL A4+     16.5    Reassigned
Tenon Facility Management India Pvt Ltd BG                 CRISIL A3      20      Assigned
Unique Construction - Surat             BG                 CRISIL A4+     770     -



LONG TERM RATINGS:
-------------------
ABD Diamonds Pvt Ltd                    CC                 CRISIL B       5       Reaffirmed
ABD Diamonds Pvt Ltd                    TL                 CRISIL B       282.5   Reaffirmed
Aditya Sai Cot Spin Pvt Ltd             CC                 CRISIL B+      170     Reaffirmed
Ahmedabad Packaging Industries Ltd      Overdraft          CRISIL BB+     110     Reaffirmed
Ahmedabad Packaging Industries Ltd      Proposed LT Bk     CRISIL BB+     31.2    Reaffirmed
                                        Loan Fac
Beauty Etoile Pvt Ltd                   TL                 CRISIL A-      1300    Assigned
Bharat Heavy Electricals Ltd            CC                 CRISIL AA      27780   -
Downgraded from 'CRISIL AA+/Negative'
Bharat Heavy Electricals Ltd            Proposed CC Limit  CRISIL AA      32220   -
Downgraded from 'CRISIL AA+/Negative'
Dariyalal Industries                    CC                 -              65      Withdrawn
Dariyalal Industries                    LT Loan            -              7       Withdrawn
Dariyalal Industries                    Proposed LT Bk     -              128     Withdrawn
                                        Loan Fac
Gayatri Spinners Ltd                    CC                 CRISIL B+      50      -
Upgraded from 'CRISIL B/Stable'
Gayatri Spinners Ltd                    LT Loan            CRISIL B+      3       -
Upgraded from 'CRISIL B/Stable'
Gayatri Spinners Ltd                    Proposed LT Bk     CRISIL B+      23      -
                                        Loan Fac
Upgraded from 'CRISIL B/Stable'
Geo Aquatic Products Pvt Ltd            Bill Discounting   CRISIL BB-     50      -
Upgraded from 'CRISIL B+/Stable'
Geo Aquatic Products Pvt Ltd            Proposed LT Bk     CRISIL BB-     7.4     -
                                        Loan Fac
Upgraded from 'CRISIL B+/Stable'
Healthplus Research And Medicentre LLP  LT Loan            CRISIL D       400     -
Downgraded from 'CRISIL B/Stable'
Himavasini Cars Pvt Ltd                 CC                 CRISIL BB-     30      -
Upgraded from 'CRISIL B+/Stable'
Himavasini Cars Pvt Ltd                 Electronic Dealer  CRISIL BB-     30      -
                                        Financing
                                        Scheme(e-DFS)
Upgraded from 'CRISIL B+/Stable'
Himavasini Cars Pvt Ltd                 LT Loan            CRISIL BB-     20      -
Upgraded from 'CRISIL B+/Stable'
JSR Developers Pvt Ltd                  TL                 CRISIL B+      90      Reaffirmed
Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING'*
Karvy Data Management Services Ltd      CC                 CRISIL BB+     1900    -
Downgraded from 'CRISIL BBB+/Negative'

Karvy Data Management Services Ltd      LT Loan            CRISIL BB+     1738.6  -
Downgraded from 'CRISIL BBB+/Negative'
Karvy Data Management Services Ltd      Proposed LT Bk     CRISIL BB+     1361.4  -
                                        Loan Fac
Downgraded from 'CRISIL BBB+/Negative'
Karvy Data Management Services Ltd      NCDs               CRISIL         10000   -
                                                           BB+/Negative
(Downgraded from 'CRISIL BBB+/Negative')
Karvy DigiKonnect Ltd                   CC                 CRISIL BB      200     -
Downgraded from 'CRISIL BBB/Negative'
Karvy DigiKonnect Ltd                   Proposed LT Bk     CRISIL BB      400     -
                                        Loan Fac
Downgraded from 'CRISIL BBB/Negative'
Karvy DigiKonnect Ltd                   TL                 CRISIL BB      50      -
Downgraded from 'CRISIL BBB/Negative'
Karvy DigiKonnect Ltd                   NCDs               CRISIL         1000    -
                                                           BB/Negative
(Downgraded from 'CRISIL BBB/Negative')
Karvy Forde Search Pvt Ltd              CC                 CRISIL BB      150     -
Downgraded from 'CRISIL BBB/Negative'
Karvy Innotech Ltd                      Proposed LT Bk     CRISIL BB      1500    -
                                        Loan Fac
Downgraded from 'CRISIL BBB-/Negative'
Karvy Renewable Energy Projects Ltd     LT Loan            CRISIL BB      121.5   -
Downgraded from 'CRISIL BBB-/Negative'
Karvy Renewable Energy Projects Ltd     Proposed LT Bk     CRISIL BB      28.5    -
                                        Loan Fac
Downgraded from 'CRISIL BBB-/Negative'
Khator Technical Textiles Ltd           BG                 CRISIL D       7       -
Downgraded from 'CRISIL BB-/Stable'
Khator Technical Textiles Ltd           CC                 CRISIL D       30      -
Downgraded from 'CRISIL BB-/Stable'
Khator Technical Textiles Ltd           LOC                CRISIL D       10      -
Downgraded from 'CRISIL BB-/Stable'
Khator Technical Textiles Ltd           Packing Credit     CRISIL D       20      -
Downgraded from 'CRISIL BB-/Stable'
Khator Technical Textiles Ltd           Proposed LT Bk     CRISIL D       43      -
                                        Loan Fac
Downgraded from 'CRISIL BB-/Stable'
Khator Technical Textiles Ltd           TL                 CRISIL D       90      -
Downgraded from 'CRISIL BB-/Stable'
L&T-MHPS Turbine Generators Pvt Ltd     CC@                CRISIL A       1000    Reaffirmed
@ Fully Interchangeable with WCDL, PCRE/PCFC, Bills Discounting
L&T-MHPS Turbine Generators Pvt Ltd     LOC & BG@@         CRISIL A       3650    Reaffirmed
@@ Interchangeble with LC upto Rs 25 crore
L&T-MHPS Turbine Generators Pvt Ltd     Proposed LT Bk     CRISIL A       5750    Assigned
                                        Loan Fac
Mantras Green Resources Ltd             BG                 CRISIL D       47.5    Assigned
Mantras Green Resources Ltd             Inland/Import LOC  CRISIL D       30      Assigned
Mantras Green Resources Ltd             Proposed LT Bk     CRISIL D       2.1     Assigned
                                        Loan Fac
Mantras Green Resources Ltd             WC Fac             CRISIL D       70      Assigned
Mantras Green Resources Ltd             TL                 CRISIL D       50.4    Assigned
Menon and Menon Ltd                     CC                 CRISIL BBB-    200     -
Migrated from 'CRISIL BB+/Stable ISSUER NOT COOPERATING
Menon and Menon Ltd                     LT Loan            CRISIL BBB-    280     -
Migrated from 'CRISIL BB+/Stable ISSUER NOT COOPERATING
Menon and Menon Ltd                     Proposed LT Bk     CRISIL BBB-    135.3   Assigned
                                        Loan Fac
Migrated from 'CRISIL BB+/Stable ISSUER NOT COOPERATING
Mohit Diamonds Pvt Ltd                  Packing Credit     CRISIL D       415.4   -
Downgraded from 'CRISIL BB-/Stable'
Mohit Diamonds Pvt Ltd                  Post Shipment      CRISIL D       469.6   -
                                        Credit
Downgraded from 'CRISIL BB-/Stable'
Mohit Diamonds Pvt Ltd                  Proposed LT Bk     CRISIL D       243.5   -
                                        Loan Fac
Downgraded from 'CRISIL BB-/Stable'
Mohit Diamonds Pvt Ltd                  Standby LOC        CRISIL D       71.5    -
Downgraded from 'CRISIL BB-/Stable'
Muthoot Fincorp Ltd                     CC & WC demand loanCRISIL A       73500   Reaffirmed
Muthoot Fincorp Ltd                     Proposed LT Bk     CRISIL A       185     Reaffirmed
                                        Loan Fac
Muthoot Fincorp Ltd                     TL                 CRISIL A       1625    Reaffirmed
Muthoot Fincorp Ltd                     NCDs               CRISIL         21.9    Reaffirmed
                                                           A/Stable
Muthoot Fincorp Ltd                     NCDs               CRISIL         3.5     Reaffirmed
                                                           A/Stable
Muthoot Fincorp Ltd                     NCDs               CRISIL         9.2     Reaffirmed
                                                           A/Stable
Muthoot Fincorp Ltd                     NCDs               CRISIL         5000    Reaffirmed
                                                           A/Stable
Muthoot Fincorp Ltd                     Subordinated Debt  CRISIL         355.9   Reaffirmed
                                                           A/Stable
Muthoot Fincorp Ltd                     Perpetual Bonds    CRISIL         1440    Reaffirmed
                                                           BBB+/Stable
Peregrine Guarding Pvt Ltd              CC*                CRISIL BBB-    925     Reaffirmed
*Rs.3 crore of bank guarantee is a sub-limit of cash credit limit
Peregrine Guarding Pvt Ltd              CC                 CRISIL BBB-    200     Reaffirmed
Peregrine Guarding Pvt Ltd              Proposed FB Bk     CRISIL BBB-    250     Reaffirmed
                                        Limits
R. R. Enterprises - Mumbai              BG                 -              50      Withdrawn
R. R. Enterprises - Mumbai              CC                 -              30      Withdrawn
R. R. Enterprises - Mumbai              Proposed LT Bk     -              150     Withdrawn
                                        Loan Fac
Reliance Jio Infocomm Ltd               NCDs               CRISIL         50000   Reaffirmed
                                                           AAA/Stable
Reliance Jio Infocomm Ltd               NCDs               CRISIL         30000   Withdrawn
                                                           AAA/Stable
Reliance Jio Infocomm Ltd               NCDs               CRISIL         150000  Reaffirmed
                                                           AAA/Stable
Reliance Jio Infocomm Ltd               NCDs               CRISIL         5000    Reaffirmed
                                                           AAA/Stable
Reliance Jio Infocomm Ltd               NCDs               CRISIL         100000  Reaffirmed
                                                           AAA/Stable
Reliance Jio Infocomm Ltd               8.95% NCDs         CRISIL         20000   Reassigned
                                                           AAA/Stable
(Reassigned from 'CRISIL AAA(CE)/Stable')
Sainath Knitex Pvt Ltd                  CC                 CRISIL BB      70      Reaffirmed
Sainath Knitex Pvt Ltd                  Proposed LT Bk     CRISIL BB      21      Reaffirmed
                                        Loan Fac
Sciknow Techno Solutions Ltd            Proposed CC Limit  CRISIL BB      50      -
Downgraded from 'CRISIL BBB/Negative'
Sciknow Techno Solutions Ltd            Proposed TL        CRISIL BB      50      -
Downgraded from 'CRISIL BBB/Negative'
Shir Aaurthor Cotton Modern Rice Mill   CC                 CRISIL BB      260     Reaffirmed
Skylark Feeds Pvt Ltd                   CC                 CRISIL A-      250     Reaffirmed
Skylark Feeds Pvt Ltd                   LT Loan            CRISIL A-      74.3    Reaffirmed
Skylark Feeds Pvt Ltd                   WC Demand Loan     CRISIL A-      60      Reaffirmed
Skylark Foods Pvt Ltd                   CC                 CRISIL BBB+    32.2    Reaffirmed
Skylark Foods Pvt Ltd                   Proposed FB Bk     CRISIL BBB+    15      Reaffirmed
                                        Limits
Skylark Foods Pvt Ltd                   TL                 CRISIL BBB+    52.8    Assigned
Skylark Hatcheries Pvt Ltd              CC                 CRISIL A-      350     Reaffirmed
Skylark Hatcheries Pvt Ltd              Proposed FB Bk     CRISIL A-      94      Reaffirmed
                                        Limits
Skylark Hatcheries Pvt Ltd              TL                 CRISIL A-      68.2    Reaffirmed
Sneha Marketing                         CC                 CRISIL D       39.5    -
(Issuer not cooperating) ; Downgraded from 'CRISIL B/Stable
Sneha Marketing                         Foreign LOC        CRISIL D       60      -
(Issuer not cooperating) ; Downgraded from 'CRISIL B/Stable
Sneha Marketing                         Proposed LT Bk     CRISIL D       0.5     -
                                        Loan Fac
(Issuer not cooperating) ; Downgraded from 'CRISIL B/Stable
Spentika Ceramic Pvt Ltd                CC                 CRISIL BB-     35      Reaffirmed
Spentika Ceramic Pvt Ltd                LT Loan            CRISIL BB-     24      Reaffirmed
Spentika Ceramic Pvt Ltd                Proposed LT Bk     CRISIL BB-     49.5    Assigned
                                        Loan Fac
Swagattam Plastics                      CC                 CRISIL BB-     70      Reaffirmed
Tenon Facility Management India Pvt Ltd Proposed FB Bk     CRISIL BBB-    30      Reaffirmed
                                        Limits
Tenon Facility Management India Pvt Ltd CC*                CRISIL BBB-    170     Assigned
*Rs.12 crore of Working Capital Demand Loan, Rs.2 crore of Performance Bank Guarantee 
and Rs.2 crore of overdraft against fixed deposit are sub-limit of cash credit
Tenon Facility Management India Pvt Ltd CC                 CRISIL BBB-    180     -
Tribhovandas Bhimji Zaveri Ltd          CC1                CRISIL BBB+    1650    Reaffirmed
1 Includes sublimit of metal gold loan of Rs.130 crore, bank guarantee of Rs.10 crore.
Tribhovandas Bhimji Zaveri Ltd          CC2                CRISIL BBB+    435     Reaffirmed
2 Fully interchangeable with working capital demand loan. Includes of Gold Loan 20 crore, 
and also includes sublimit of bank guarantee of Rs.10 crore 
Tribhovandas Bhimji Zaveri Ltd          CC3                CRISIL BBB+    700     Reaffirmed
3 Includes sublimit of gold loan of Rs.70 crore, working capital demand loan of Rs.50 crore; 
financial guarantee of Rs.5 crore
Tribhovandas Bhimji Zaveri Ltd          CC4                CRISIL BBB+    750     Reaffirmed
4 Includes sublimit of working capital demand loan of Rs.10 crore; Includes sublimit
of bank guarantee & stand by letter of credit of Rs.60 crore for gold loan
Tribhovandas Bhimji Zaveri Ltd          CC5                CRISIL BBB+    830     Reaffirmed
5 Includes sublimit of bank guarantee of Rs.45 crore for gold loan, working capital
 demand loan of Rs. 70 crore
Tribhovandas Bhimji Zaveri Ltd          CC6                CRISIL BBB+    1830    Reaffirmed
6 Includes sublimit of metal gold loan of Rs.183 crore, bank guarantee
 of Rs.183 crore for gold loan
Tribhovandas Bhimji Zaveri Ltd          CC7                CRISIL BBB+    330     Reaffirmed
7 Interchangeable with working capital demand loan, bank guarantee;
 stand by letter of credit and metal loan of Rs 33 crore
Tribhovandas Bhimji Zaveri Ltd          Proposed CC Limit  CRISIL BBB+    825     Reaffirmed
Unique Construction - Surat             Proposed LT Bk     -              1000    Withdrawn
                                        Loan Fac
Unique Construction - Surat             CC                 CRISIL BB      250     -
Downgraded from 'CRISIL BBB-
Unique Construction - Surat             Overdraft          CRISIL BB      50      -
Downgraded from 'CRISIL BBB-
Unique Construction - Surat             Proposed LT Bk     CRISIL BB      180     -
                                        Loan Fac
Downgraded from 'CRISIL BBB-
Vaibhav Energy Saving Equipments Pvt LtdCC                 CRISIL D       30      Assigned;
                                                                                  Suspension
                                                                                  Revoked
Vaibhav Energy Saving Equipments Pvt LtdLT Loan            CRISIL D       28.2    Assigned;
                                                                                  Suspension
                                                                                  Revoked
Vaibhav Energy Saving Equipments Pvt LtdProposed LT Bk     CRISIL D       41.8    Assigned;
                                        Loan Fac                                  Suspension
                                                                                  Revoked
--------------------------------------------------------------------------------------------
$: 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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