November 23, 2017 / 5:36 AM / 7 months ago

CRISIL ratings for Indian debt instruments-Nov 23

    Nov 23 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of November 22, 2017.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Accurate Products Corporation Pvt Ltd   BG**               CRISIL A3+     7       Upgraded from
                                                                                  CRISIL A3
**Interchangeable with Letter of Credit upto Rs. 0.5 cr
Baab Constructions (India) Pvt Ltd      BG                 CRISIL A4      30      Reaffirmed
Belgaum Ferrocast India Pvt Ltd         BG                 CRISIL A4+     16      Reaffirmed
Best Value Chem Pvt Ltd                 BG                 CRISIL A3+     1       Reaffirmed
Best Value Chem Pvt Ltd                 Foreign Exchange   CRISIL A3+     12.5    Reaffirmed
                                        Forward
Calibre Chemicals Pvt Ltd               LOC & BG           CRISIL A2+     150     Reaffirmed
Cardio Fitness India Pvt Ltd            Foreign Exchange   CRISIL A4+     33.2    Reaffirmed
                                        Forward
Cardio Fitness India Pvt Ltd            LOC*               CRISIL A4+     45      Reaffirmed
*100% interchangeable with buyer's credit
Celebi Ground Handling Delhi Pvt Ltd    BG                 CRISIL A3+     650     Upgraded from
                                                                                  CRISIL A4+
Cooperatieve Rabobank U.A.              CDs Programme      CRISIL A1+     10000   Reaffirmed
Cotton Works                            BG                 CRISIL A4+     3.6     Reaffirmed
Diffusion Engineers Ltd                 BG                 CRISIL A2      70      Reaffirmed
Extraweave Pvt Ltd                      BG                 CRISIL A4+     15      Reaffirmed
Extraweave Pvt Ltd                      LOC                CRISIL A4+     40      Reaffirmed
Forbes and Co. Ltd                      LOC^               CRISIL A1+     155     Withdrawal
^ Interchangeable with Bank Guarantee
Forbes and Co. Ltd                      LOC@               CRISIL A1+     550     Withdrawal
@Interchangeable with buyer's credit and bank guarantee
Gracia Metals Pvt Ltd                   Letter Of GuaranteeCRISIL A4      5       Withdrawal
Gracia Metals Pvt Ltd                   LOC                CRISIL A4      10      Withdrawal
Hi-Tech Power and Steel Ltd             LOC                CRISIL A4+     290     Withdrawal
IAC International Automotive India Pvt  LOC & BG           CRISIL A2      300     Reaffirmed
Ltd
Indian Immunologicals Ltd               LOC & BG           CRISIL A1+     300     Reaffirmed
Indian Immunologicals Ltd               CP                 CRISIL A1+     1500    Reaffirmed
Kesar Alloys and Metals Pvt Ltd         Letter Of GuaranteeCRISIL A4+     2.5     Upgraded from
                                                                                  CRISIL A4
Kesar Alloys and Metals Pvt Ltd         LOC                CRISIL A4+     40      Upgraded from
                                                                                  CRISIL A4
Kesar Steel Corporation                 LOC                CRISIL A4      1       Withdrawal
Kotak Infrastructure Debt Fund Ltd      CP Programme       CRISIL A1+     300     Assigned
Lawrence Clothing Pvt Ltd               LOC Bill           CRISIL A4+     57      Reaffirmed
                                        Discounting
M B Rubber Pvt Ltd                      BG                 CRISIL A4+     80      Reaffirmed
M B Rubber Pvt Ltd                      LOC                CRISIL A4+     20      Reaffirmed
Mahadhan Seeds Pvt Ltd                  BG                 CRISIL A4      60      Reaffirmed
P.K. Sulphiker                          BG                 CRISIL A4      80      Reaffirmed
P.S.K.Engineering Construction and Co.  BG                 CRISIL A4+     350     Downgraded
                                                                                  from CRISIL A3
Isser Not Cooperating
Radha Kishan Agrotech Pvt Ltd           BG                 CRISIL A4+     25      Reaffirmed
Ramkrishna Electricals Ltd              BG                 CRISIL A4+     60      Reaffirmed
Ramkrishna Electricals Ltd              LOC                CRISIL A4+     35      Reaffirmed
Sandha Heemghar Pvt Ltd                 BG                 CRISIL A4      1.2     Reaffirmed
Santhigiri Ayurveda Siddha Vaidyasala   BG                 CRISIL A4+     1.2     Reaffirmed
Shri Bajrang Alloys Ltd                 BG                 CRISIL A4      10      Reaffirmed
Suraj Products Ltd                      LOC                CRISIL A4+     10      Reaffirmed
Isser Not Cooperating
Ziqitza Health Care Ltd                 BG                 CRISIL A3+     575     Reaffirmed

LONG TERM RATINGS:
-------------------
Accurate Products Corporation Pvt Ltd   LT Loan            CRISIL BBB     77      Upgraded from
                                                                                  CRISIL BBB-
Accurate Products Corporation Pvt Ltd   Proposed LT Bk     CRISIL BBB     31      Upgraded from
                                        Loan Fac                                  CRISIL BBB-
Accurate Products Corporation Pvt Ltd   WC Fac*            CRISIL BBB     85      Upgraded from
                                                                                  CRISIL BBB-
*Interchangeable with Cash Credit upto Rs 7.5 cr and Packing credit in foreign currency upto Rs.
4.5 cr
Apex Welcare Pvt Ltd                    CC                 CRISIL BB+     13      Reaffirmed
Apex Welcare Pvt Ltd                    Overdraft          CRISIL BB+     20      Reaffirmed
Apex Welcare Pvt Ltd                    Proposed LT Bk     CRISIL BB+     54      Reaffirmed
                                        Loan Fac
Apex Welcare Pvt Ltd                    TL                 CRISIL BB+     113     Reaffirmed
AVC Motors - Muktsar                    CC                 CRISIL B       50      Reaffirmed
AVC Motors - Muktsar                    Proposed LT Bk     CRISIL B       7.4     Reaffirmed
                                        Loan Fac
AVC Motors - Muktsar                    TL                 CRISIL B       42.6    Reaffirmed
Baab Constructions (India) Pvt Ltd      CC                 CRISIL B       50      Reaffirmed
Baab Constructions (India) Pvt Ltd      Proposed TL        CRISIL B       4.2     Reaffirmed
Bajrang Cotex                           CC                 CRISIL B+      45      Reaffirmed
Bajrang Cotex                           TL                 CRISIL B+      12.4    Reaffirmed
Belgaum Ferrocast India Pvt Ltd         CC                 CRISIL BB-     60      Reaffirmed
Belgaum Ferrocast India Pvt Ltd         Proposed LT Bk     CRISIL BB-     42      Reaffirmed
                                        Loan Fac
Belgaum Ferrocast India Pvt Ltd         TL                 CRISIL BB-     23      Reaffirmed
Best Value Chem Pvt Ltd                 CC                 CRISIL BBB     290     Reaffirmed
Best Value Chem Pvt Ltd                 TL                 CRISIL BBB     121.5   Reaffirmed
Blue Ocean Beverages Pvt Ltd            CC                 CRISIL BB+     20      Reaffirmed
Blue Ocean Beverages Pvt Ltd            TL                 CRISIL BB+     30      Reaffirmed
BRC Infra Pvt Ltd                       Secured Overdraft  CRISIL BB-     60      Reaffirmed
                                        Fac
Calibre Chemicals Pvt Ltd               CC*                CRISIL A-      435     Reaffirmed
*Fully interchangeable with cash credit/working capital demand loan/export finance/buyer's
credit/letter of credit/bank guarantee
Calibre Chemicals Pvt Ltd               CC^                CRISIL A-      50      Reaffirmed
^Interchangeable with letter of credit and bank guarantee facilities of up to Rs 5 crore.
Campus Student Communities Pvt Ltd      NCD                CRISIL BB-     3000    Reaffirmed
Isser Not Cooperating
Cardio Fitness India Pvt Ltd            CC                 CRISIL BB      100     Reaffirmed
Cardio Fitness India Pvt Ltd            Proposed LT Bk     CRISIL BB      1.8     Reaffirmed
                                        Loan Fac
CAVIER BATHFITTINGS LTD.                CC                 CRISIL B+      60      Reaffirmed
CAVIER BATHFITTINGS LTD.                Proposed LT Bk     CRISIL B+      30      Reaffirmed
                                        Loan Fac
Celebi Ground Handling Delhi Pvt Ltd    CC                 CRISIL BBB     140     Upgraded from
                                                                                  CRISIL BB
Celebi Ground Handling Delhi Pvt Ltd    TL                 CRISIL BBB     560     Upgraded from
                                                                                  CRISIL BB
CMAX Metals India Pvt Ltd               CC                 CRISIL B+      15      Reaffirmed
CMAX Metals India Pvt Ltd               Proposed LT Bk     CRISIL B+      35      Reaffirmed
                                        Loan Fac
Cotton Works                            CC                 CRISIL BB      80      Reaffirmed
Cotton Works                            TL                 CRISIL BB      51.5    Reaffirmed
Diffusion Engineers Ltd                 CC                 CRISIL BBB+    180     Reaffirmed
Diffusion Engineers Ltd                 Proposed WC Fac    CRISIL BBB+    100     Reaffirmed
Enam Castings Pvt Ltd                   CC                 CRISIL BB-     50      Assigned
Enam Castings Pvt Ltd                   TL                 CRISIL BB-     10      Assigned
Extraweave Pvt Ltd                      Export Packing     CRISIL BB      100     Reaffirmed
                                        Credit
Extraweave Pvt Ltd                      Foreign Bill       CRISIL BB      20      Reaffirmed
                                        Discounting
Forbes and Co. Ltd                      CC*                CRISIL AA-     370     Withdrawal
*Interchangeable between packing credit and working capital loans
Forbes and Co. Ltd                      Proposed FB Bk     CRISIL AA-     606.2   Withdrawal
                                        Limits
Forbes and Co. Ltd                      Proposed LT Bk     CRISIL AA-     938.8   Withdrawal
                                        Loan Fac
Friends Agrichem Pvt Ltd                Proposed LT Bk     CRISIL BB-     78      Assigned
                                        Loan Fac
Friends Agrichem Pvt Ltd                CC                 CRISIL BB-     40      Assigned
Friends Agrichem Pvt Ltd                LT Loan            CRISIL BB-     22      Assigned
Gracia Metals Pvt Ltd                   CC                 CRISIL B+      25      Withdrawal
Gracia Metals Pvt Ltd                   Proposed LT Bk     CRISIL B+      5       Withdrawal
                                        Loan Fac
Hi-Tech Power and Steel Ltd             CC                 CRISIL BB+     450     Withdrawal
Hi-Tech Power and Steel Ltd             Proposed LT Bk     CRISIL BB+     18.6    Withdrawal
                                        Loan Fac
Hi-Tech Power and Steel Ltd             Standby Line of    CRISIL BB+     50      Withdrawal
                                        Credit
Hi-Tech Power and Steel Ltd             TL                 CRISIL BB+     511.4   Withdrawal
IAC International Automotive India Pvt  CC                 CRISIL BBB+    200     Reaffirmed
Ltd
IAC International Automotive India Pvt  TL                 CRISIL BBB+    119.2   Reaffirmed
Ltd
Indian Immunologicals Ltd               CC                 CRISIL AA-     900     Reaffirmed
Indian Immunologicals Ltd               CC*                CRISIL AA-     650     Reaffirmed
*Interchangeable with export packing credit and working capital demand loan
Indian Immunologicals Ltd               CC#                CRISIL AA-     100     Reaffirmed
#Interchangeable with export packing credit, working capital demand loan, and letter of
credit/bank guarantee
Indian Immunologicals Ltd               Proposed TL        CRISIL AA-     66      Reaffirmed
Indian Immunologicals Ltd               TL                 CRISIL AA-     484     Reaffirmed
Jai Hind Sugar Pvt Ltd                  TL                 CRISIL B+      910     Assigned
Jai Hind Sugar Pvt Ltd                  CC                 CRISIL B+      50      Assigned
Jai Hind Sugar Pvt Ltd                  Sugar Pledge CC    CRISIL B+      350     Assigned
Jain Cord Industries Pvt Ltd            Overdraft          CRISIL BB      150     Reaffirmed
Jain Cord Industries Pvt Ltd            TL                 CRISIL BB      272.5   Reaffirmed
Kesar Alloys and Metals Pvt Ltd         CC                 CRISIL BB-     61.8    Upgraded from
                                                                                  CRISIL B
Kesar Alloys and Metals Pvt Ltd         Electronic Dealer  CRISIL BB-     40      Upgraded from
                                        Financing                                 CRISIL B
                                        Scheme(e-DFS)
Kesar Alloys and Metals Pvt Ltd         TL                 CRISIL BB-     43.2    Upgraded from
                                                                                  CRISIL B
Kesar Steel Corporation                 CC                 CRISIL B+      8       Withdrawal
Kesar Steel Corporation                 Proposed LT Bk     CRISIL B+      21      Withdrawal
                                        Loan Fac
Kotak Infrastructure Debt Fund Ltd      NCD                CRISIL AAA     3000    Assigned
Lawrence Clothing Pvt Ltd               CC                 CRISIL BB      50      Reaffirmed
M B Rubber Pvt Ltd                      CC                 CRISIL BB-     100     Reaffirmed
M B Rubber Pvt Ltd                      Proposed BG        CRISIL BB-     107     Reaffirmed
Mahadhan Seeds Pvt Ltd                  CC                 CRISIL B+      60      Reaffirmed
Mahadhan Seeds Pvt Ltd                  Proposed LT Bk     CRISIL B+      10      Reaffirmed
                                        Loan Fac
P.K. Sulphiker                          CC                 CRISIL B       80      Reaffirmed
P.S.K.Engineering Construction and Co.  Overdraft          CRISIL BB+     300     Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
Isser Not Cooperating
P.S.K.Engineering Construction and Co.  TL                 CRISIL BB+     10.4    Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
Isser Not Cooperating
Polmon Instruments Pvt Ltd              CC                 CRISIL BB+     70      Reaffirmed
Polmon Instruments Pvt Ltd              Proposed LT Bk     CRISIL BB+     30      Reaffirmed
                                        Loan Fac
Polyplastics Auto Components Pvt Ltd    CC                 CRISIL B       20      Withdrawal
Isser Not Cooperating
Polyplastics Auto Components Pvt Ltd    Proposed LT Bk     CRISIL B       7       Withdrawal
                                        Loan Fac
Isser Not Cooperating
Polyplastics Auto Components Pvt Ltd    TL                 CRISIL B       83      Withdrawal
Isser Not Cooperating
Radha Kishan Agrotech Pvt Ltd           CC                 CRISIL BB-     24.5    Reaffirmed
Radha Kishan Agrotech Pvt Ltd           Proposed LT Bk     CRISIL BB-     25.5    Reaffirmed
                                        Loan Fac
Radha Kishan Agrotech Pvt Ltd           TL                 CRISIL BB-     5       Reaffirmed
Ramkrishna Electricals Ltd              CC                 CRISIL BB      160     Reaffirmed
Ramkrishna Electricals Ltd              Proposed LT Bk     CRISIL BB      9.5     Reaffirmed
                                        Loan Fac
Sandha Heemghar Pvt Ltd                 CC                 CRISIL B+      112.7   Reaffirmed
Sandha Heemghar Pvt Ltd                 Proposed TL        CRISIL B+      2.1     Reaffirmed
Sandha Heemghar Pvt Ltd                 WC Fac             CRISIL B+      20      Reaffirmed
Sansar Trust June 2017 III-(Originator: Series A PTCs      CRISIL AAA (SO)-       Final rating
Shriram Transport Finance Co. Ltd)
Sansar Trust June 2017 III-(Originator: Second loss Fac    CRISIL BBB+    -       Final rating
Shriram Transport Finance Co. Ltd)                         (SO)                            
Santhigiri Ayurveda Siddha Vaidyasala   CC                 CRISIL BB-     78      Reaffirmed
Santhigiri Ayurveda Siddha Vaidyasala   LT Loan            CRISIL BB-     10.8    Reaffirmed
Shree Ram Cotex                         CC                 CRISIL B       60      Reaffirmed
Shree Ram Cotex                         TL                 CRISIL B       27.5    Reaffirmed
Shri Bajrang Alloys Ltd                 Bill Discounting   CRISIL B       80      Reaffirmed
Shri Bajrang Alloys Ltd                 CC                 CRISIL B       200     Reaffirmed
Shri Bajrang Alloys Ltd                 Proposed LT Bk     CRISIL B       200     Reaffirmed
                                        Loan Fac
Shri Bajrang Alloys Ltd                 TL                 CRISIL B       220     Reaffirmed
Shri Dnyaneshwar Sahakari Sakhar        CC                 CRISIL B+      400     Downgraded
Karkhana Ltd                                                                      from CRISIL BB
Shri Dnyaneshwar Sahakari Sakhar        TL                 CRISIL B+      350     Downgraded
Karkhana Ltd                                                                      from CRISIL BB
Shri Dnyaneshwar Sahakari Sakhar        WC Demand Loan     CRISIL B+      100     Downgraded
Karkhana Ltd                                                                      from CRISIL BB
Sneha Vinyl Products Pvt Ltd            Proposed TL        CRISIL BB-     5       Assigned
Sneha Vinyl Products Pvt Ltd            CC                 CRISIL BB-     65      Assigned
Sneha Vinyl Products Pvt Ltd            LT Loan            CRISIL BB-     85      Assigned
Suraj Products Ltd                      CC                 CRISIL BB      155     Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Isser Not Cooperating
Suraj Products Ltd                      Proposed LT Bk     CRISIL BB      30      Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BB+
Isser Not Cooperating
Suraj Products Ltd                      TL                 CRISIL BB      45      Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Isser Not Cooperating
Trivik Hotels and Resorts Pvt Ltd       TL                 CRISIL D       100     Downgraded
                                                                                  from CRISIL B+
Trupti Automotives                      CC                 CRISIL BB+     80      Upgraded from
                                                                                  CRISIL BB
Trupti Automotives                      Electronic Dealer  CRISIL BB+     50      Upgraded from
                                        Financing                                 CRISIL BB
                                        Scheme(e-DFS)
Trupti Automotives                      Proposed LT Bk     CRISIL BB+     4.4     Upgraded from
                                        Loan Fac                                  CRISIL BB
Trupti Automotives                      TL                 CRISIL BB+     6       Upgraded from
                                                                                  CRISIL BB
Vaibhav Ispat Pvt Ltd                   CC                 CRISIL BB-     75      Upgraded from
                                                                                  CRISIL B+
VBM Power and Infrastructure Pvt Ltd    TL                 CRISIL D       105.8   Reaffirmed
Vipin Kumar Nitin Kumar                 Warehouse Receipts CRISIL B       100     Reaffirmed
Win Win Vehicles (Car) Pvt Ltd          Standby Line of    CRISIL BB-     20      Assigned
                                        Credit
Win Win Vehicles (Car) Pvt Ltd          Drop Line          CRISIL BB-     19      Assigned
                                        Overdraft Fac
Win Win Vehicles (Car) Pvt Ltd          Electronic Dealer  CRISIL BB-     80      Assigned
                                        Financing
                                        Scheme(e-DFS)
Ziqitza Health Care Ltd                 CC                 CRISIL BBB     90      Reaffirmed
--------------------------------------------------------------------------------------------
$: 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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