November 24, 2017 / 10:33 AM / 7 months ago

CRISIL ratings for Indian debt instruments-Nov 24

    Nov 24 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of November 23, 2017.

COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Alcon Electronics Pvt Ltd               LOC                CRISIL A3      119.3   Reaffirmed
Aspee Sons                              LOC                CRISIL A4+     0.5     Downgraded
                                                                                  from CRISIL
                                                                                  A3
(Issuer Not Cooperating)
Aspee Springs Ltd.                      LOC                CRISIL A3      5       Withdrawal
(Issuer Not Cooperating)
B.S. Sponge Pvt Ltd                     LOC & BG           CRISIL A4      5       Withdrawal
(Issuer Not Cooperating)
Bharat Seats Ltd                        BG                 CRISIL A3      136     Reaffirmed
(Issuer Not Cooperating)
Bharat Seats Ltd                        LOC                CRISIL A3      80      Reaffirmed
(Issuer Not Cooperating)
Carnation Industries Ltd                BG                 CRISIL A4      10      Reaffirmed
(Issuer Not Cooperating)
Carnation Industries Ltd                Export Packing     CRISIL A4      160     Reaffirmed
                                        Credit
(Issuer Not Cooperating)
Carnation Industries Ltd                Foreign Bill       CRISIL A4      44.5    Reaffirmed
                                        Discounting
(Issuer Not Cooperating)
Carnation Industries Ltd                Foreign Bill       CRISIL A4      27.5    Reaffirmed
                                        Exchange
(Issuer Not Cooperating)
Carnation Industries Ltd                Foreign LOC        CRISIL A4      18      Reaffirmed
(Issuer Not Cooperating)
Carnation Industries Ltd                Foreign Usance     CRISIL A4      45      Reaffirmed
                                        Bills Purchase -
                                        Discounting
(Issuer Not Cooperating)
Carnation Industries Ltd                LOC                CRISIL A4      80      Reaffirmed
(Issuer Not Cooperating)
Carnation Industries Ltd                Packing Credit     CRISIL A4      40      Reaffirmed
(Issuer Not Cooperating)
Carnation Industries Ltd                Standby Line of    CRISIL A4      40      Reaffirmed
                                        Credit
(Issuer Not Cooperating)
Cenlub Industries Ltd                   BG                 CRISIL A4+     20      Reaffirmed
(Issuer Not Cooperating)
Cenlub Industries Ltd                   LOC                CRISIL A4+     10      Reaffirmed
(Issuer Not Cooperating)
Chaitanya Energy Pvt Ltd                BG                 CRISIL A4+     255     Reaffirmed
Chaitanya Energy Pvt Ltd                LOC                CRISIL A4+     35      Reaffirmed
Chenab Impex Pvt Ltd                    BG                 CRISIL A4      12      Withdrawal
(Issuer Not Cooperating)
Chenab Impex Pvt Ltd                    LOC                CRISIL A4      7.5     Withdrawal
(Issuer Not Cooperating)
Dev Priya Industries Pvt Ltd            BG                 CRISIL A4+     20      Downgraded
                                                                                  from CRISIL
                                                                                  A3+
(Issuer Not Cooperating)
Dhanbad Rockwool Insulation Pvt Ltd     BG                 CRISIL A4+     15      Assigned
Grasim Industries Ltd                   Export Packing     CRISIL A1+     700     Reaffirmed
                                        Credit@
@Interchangeable with packing credit in foreign currency
Grasim Industries Ltd                   LOC**              CRISIL A1+     4000    Reaffirmed
**Interchangeable with bank guarantee
Grasim Industries Ltd                   CP                 CRISIL A1+     5000    Reaffirmed
INARCO Pvt Ltd                          BG                 CRISIL A4+     2.5     Downgraded
                                                                                  from CRISIL
                                                                                  A3+
(Issuer Not Cooperating)
INARCO Pvt Ltd                          LOC                CRISIL A4+     55      Downgraded
                                                                                  from CRISIL
                                                                                  A3+
(Issuer Not Cooperating)
IPCA Laboratories Ltd                   CP                 CRISIL A1+     500     Reaffirmed
Kanti Bijlee Utpadan Nigam Ltd          BG                 CRISIL A1      1000    Upgraded from
                                                                                  CRISIL A3
Matrix Cellular (International)         BG                 CRISIL A3      50      Downgraded
Services Ltd                                                                      from CRISIL
                                                                                  A2+
Muthoot Capital Services Ltd            ST Debt            CRISIL A1      300     Reaffirmed
Ratna Khanij Udyog                      BG                 CRISIL A3      70      Assigned
Ratna Khanij Udyog                      Overdraft          CRISIL A3      30      Assigned
Ratna Sagar Pvt Ltd                     Purchase Bill      CRISIL A2+     75      Reaffirmed
                                        Discounting
Right Tight Fastners Pvt Ltd            LOC                CRISIL A4+     60      Downgraded
                                                                                  from CRISIL
                                                                                  A3+
(Issuer Not Cooperating)
Right Tight Fastners Pvt Ltd            Standby Line of    CRISIL A4+     25      Downgraded
                                        Credit                                    from CRISIL
                                                                                  A3+

(Issuer Not Cooperating)
Sanya Motors Pvt Ltd                    Inventory Funding  CRISIL A4      150     Reaffirmed
                                        Fac
Sharda Flour Pvt Ltd                    BG                 CRISIL A4+     12.5    Assigned
Super Tannery Ltd                       BG                 CRISIL A4+     16.5    Withdrawal
(Issuer Not Cooperating)
United Project Construction Ltd         BG                 CRISIL A4+     40      Assigned

MEDIUM TERM RATINGS:
-------------------
Muthoot Capital Services Ltd            FD                 FA-            -       Reaffirmed




LONG TERM RATINGS:
-------------------
Ajinkya Big Bazar                       CC                 CRISIL D       45      Downgraded
                                                                                  from CRISIL B+
Ajinkya Big Bazar                       Proposed BG        CRISIL D       3.2     Downgraded
                                                                                  from CRISIL B+
Ajinkya Big Bazar                       WC Demand Loan     CRISIL D       25      Downgraded
                                                                                  from CRISIL B+
Ajinkya Big Bazar                       Rupee TL           CRISIL D       6.8     Downgraded
                                                                                  from CRISIL B+
Ajinkya Big Bazar                       Proposed CC Limit  CRISIL D       10      Downgraded
                                                                                  from CRISIL B+
Alcon Electronics Pvt Ltd               CC                 CRISIL BBB-    127.5   Reaffirmed
Alcon Electronics Pvt Ltd               Rupee TL           CRISIL BBB-    120     Reaffirmed
Ankur Iron India Pvt Ltd                CC                 CRISIL D       90      Downgraded
                                                                                  from CRISIL B
Ankur Iron India Pvt Ltd                LOC                CRISIL D       50      Downgraded
                                                                                  from CRISIL A4
Ankur Iron India Pvt Ltd                Proposed LT Bk     CRISIL D       21.2    Downgraded
                                        Loan Fac                                  from CRISIL B
Ankur Iron India Pvt Ltd                TL                 CRISIL D       3.8     Downgraded
                                                                                  from CRISIL B
Aspee Precision Components Pvt Ltd      CC                 CRISIL BB      22.5    Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
(Issuer Not Cooperating)
Aspee Sons                              CC                 CRISIL BB      42      Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
(Issuer Not Cooperating)
Aspee Springs Ltd.                      CC                 CRISIL BBB-    95      Withdrawal
(Issuer Not Cooperating)
Aspee Springs Ltd.                      TL                 CRISIL BBB-    7.3     Withdrawal
(Issuer Not Cooperating)
B.S. Sponge Pvt Ltd                     CC                 CRISIL B       220     Withdrawal
(Issuer Not Cooperating)
B.S. Sponge Pvt Ltd                     Proposed LT Bk     CRISIL B       29.2    Withdrawal
                                        Loan Fac
(Issuer Not Cooperating)
Bharat Seats Ltd                        CC                 CRISIL BBB-    352     Reaffirmed
(Issuer Not Cooperating)
Bharat Seats Ltd                        External           CRISIL BBB-    82.1    Reaffirmed
                                        Commercial
                                        Borrowings
(Issuer Not Cooperating)
Bharat Seats Ltd                        FCNR (B) LT Loan   CRISIL BBB-    475.4   Reaffirmed
(Issuer Not Cooperating)
Bharat Seats Ltd                        Foreign Currency TLCRISIL BBB-    160     Reaffirmed
(Issuer Not Cooperating)
Bharat Seats Ltd                        Proposed LT Bk     CRISIL BBB-    3       Reaffirmed
                                        Loan Fac
(Issuer Not Cooperating)
Cenlub Industries Ltd                   CC                 CRISIL BB      100     Reaffirmed
(Issuer Not Cooperating)
Cenlub Industries Ltd                   Corporate Loan     CRISIL BB      40      Reaffirmed
(Issuer Not Cooperating)
Chaitanya Energy Pvt Ltd                Secured Overdraft  CRISIL BB      90      Upgraded from
                                        Fac                                       CRISIL BB-
Chenab Impex Pvt Ltd                    CC                 CRISIL B       30      Withdrawal
(Issuer Not Cooperating)
Chenab Impex Pvt Ltd                    Proposed LT Bk     CRISIL B       30.5    Withdrawal
                                        Loan Fac
(Issuer Not Cooperating)
Dev Priya Industries Pvt Ltd            CC                 CRISIL BB+     300     Downgraded
                                                                                  from CRISIL
                                                                                  BBB
(Issuer Not Cooperating)
Dev Priya Industries Pvt Ltd            Proposed LT Bk     CRISIL BB+     64.8    Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BBB
(Issuer Not Cooperating)
Dev Priya Industries Pvt Ltd            Rupee TL           CRISIL BB+     115.2   Downgraded
                                                                                  from CRISIL
                                                                                  BBB
(Issuer Not Cooperating)
Dhanbad Rockwool Insulation Pvt Ltd     TL                 CRISIL BB      12.5    Assigned
Dhanbad Rockwool Insulation Pvt Ltd     CC                 CRISIL BB      45      Assigned
Five Stars Bulkcarriers Pvt Ltd         External           CRISIL BB+     3536.3  Rating Watch
                                        Commercial                                with
                                        Borrowings                                Developing
Implications'.
Five Stars Bulkcarriers Pvt Ltd         LT Loan            CRISIL BB+     128.2   Rating Watch
                                                                                  with
                                                                                  Developing
Implications'.
Grasim Industries Ltd                   CC*                CRISIL AAA     3600    Reaffirmed
*Interchangeable with working capital demand loan
Grasim Industries Ltd                   Proposed LT Bk     CRISIL AAA     3352.3  Reaffirmed
                                        Loan Fac
Grasim Industries Ltd                   Rupee TL           CRISIL AAA     8347.7  Reaffirmed
Grasim Industries Ltd                   NCD                CRISIL AAA     5000    Reaffirmed
Green Infra Renewable Energy Ltd        TL                 CRISIL A+      14480   Assigned
Green Infra Renewable Energy Ltd        LOC@               CRISIL A+      2000    Assigned
@Interchangeable with short term Loan and capex letter of credit
Green Infra Renewable Energy Ltd        Proposed WC Fac    CRISIL A+      520     Assigned
INARCO Pvt Ltd                          CC                 CRISIL BB+     40      Downgraded
                                                                                  from CRISIL
                                                                                  BBB
(Issuer Not Cooperating)
INARCO Pvt Ltd                          Proposed LT Bk     CRISIL BB+     2.5     Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BBB
(Issuer Not Cooperating)
IPCA Laboratories Ltd                   NCD                CRISIL AA-     50      Reaffirmed
Jaipur-Mahua Tollway Pvt Ltd            Bond               CRISIL AAA(SO) 1150    Assigned^
^A prefix of 'Provisional' indicates that the rating centrally factors in the strength of
specific structures, and will be supported by certain critical documentation.
Jaipur-Mahua Tollway Pvt Ltd            Bond               CRISIL AAA(SO) 3000    Assigned^
^A prefix of 'Provisional' indicates that the rating centrally factors in the strength of
specific structures, and will be supported by certain critical documentation.
Kamtanath Food Product Pvt Ltd          CC                 CRISIL B+      40      Assigned
Kamtanath Food Product Pvt Ltd          LT Loan            CRISIL B+      80      Assigned
Kanti Bijlee Utpadan Nigam Ltd          CC                 CRISIL A+      2200    Upgraded from
                                                                                  CRISIL BBB-
Kanti Bijlee Utpadan Nigam Ltd          LT Loan            CRISIL A+      30197.5 Upgraded from
                                                                                  CRISIL BBB-
Kanti Bijlee Utpadan Nigam Ltd          Proposed LT Bk     CRISIL A+      605.3   Upgraded from
                                        Loan Fac                                  CRISIL BBB-
Lion Fabrics Pvt Ltd                    CC                 CRISIL BB-     224.3   Assigned
Lion Fabrics Pvt Ltd                    TL                 CRISIL BB-     655.7   Assigned
Maganlal Mehta & Co Diamond and Gold    CC                 CRISIL BB      260     Reaffirmed
Jewellery Pvt Ltd
Matrix Cellular (International)         CC                 CRISIL BBB-    170     Downgraded
Services Ltd                                                                      from CRISIL A-
Matrix Cellular (International)         Proposed CC Limit  CRISIL BBB-    30      Downgraded
Services Ltd                                                                      from CRISIL A-
Muthoot Capital Services Ltd            CC                 CRISIL A-      3600    Reaffirmed
Muthoot Capital Services Ltd            LT Loan            CRISIL A-      250     Reaffirmed
Muthoot Capital Services Ltd            Proposed LT Bk     CRISIL A-      6980    Reaffirmed
                                        Loan Fac
Muthoot Capital Services Ltd            WC Demand Loan     CRISIL A-      4200    Reaffirmed
Muthoot Capital Services Ltd            WC TL              CRISIL A-      970     Reaffirmed
Muthoot Capital Services Ltd            NCD                CRISIL A-      500     Reaffirmed
Muthoot Capital Services Ltd            FD                 FA-            -       Reaffirmed
Phalada Agro Research Foundations Pvt   CC                 CRISIL BB+     80      Upgraded from
Ltd                                                                               CRISIL BB
Phalada Agro Research Foundations Pvt   Export Packing     CRISIL BB+     27.5    Upgraded from
Ltd                                     Credit                                    CRISIL BB
Phalada Agro Research Foundations Pvt   Foreign Bill       CRISIL BB+     25      Upgraded from
Ltd                                     Discounting                               CRISIL BB
Phalada Agro Research Foundations Pvt   LT Loan            CRISIL BB+     87.5    Upgraded from
Ltd                                                                               CRISIL BB
Polyplastics Uttar Bharat Pvt Ltd       CC                 Withdrawal     32.5    Withdrawal
(Issuer Not Cooperating)
Polyplastics Uttar Bharat Pvt Ltd       LOC                Withdrawal     15      Withdrawal
(Issuer Not Cooperating)
Polyplastics Uttar Bharat Pvt Ltd       Proposed LT Bk     Withdrawal     31.8    Withdrawal
                                        Loan Fac
(Issuer Not Cooperating)
Polyplastics Uttar Bharat Pvt Ltd       TL                 Withdrawal     49.6    Withdrawal
(Issuer Not Cooperating)
Raipur Steelcasting India Pvt Ltd       CC                 CRISIL BB      48      Withdrawal
Raipur Steelcasting India Pvt Ltd       Proposed LT Bk     CRISIL BB      8.5     Withdrawal
                                        Loan Fac
Ratna Sagar Pvt Ltd                     CC                 CRISIL A-      690     Reaffirmed
Right Tight Fastners Pvt Ltd            CC                 CRISIL BB+     200     Downgraded
                                                                                  from CRISIL
                                                                                  BBB
(Issuer Not Cooperating)
Right Tight Fastners Pvt Ltd            Proposed LT Bk     CRISIL BB+     204.2   Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BBB
(Issuer Not Cooperating)
Right Tight Fastners Pvt Ltd            TL                 CRISIL BB+     229.8   Downgraded
                                                                                  from CRISIL
                                                                                  BBB
(Issuer Not Cooperating)
Sai Smaran Foods Ltd                    CC                 CRISIL BB+     400     Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
(Issuer Not Cooperating)
Sanya Motors Pvt Ltd                    CC                 CRISIL B-      150     Reaffirmed
Sanya Motors Pvt Ltd                    Proposed LT Bk     CRISIL B-      75      Reaffirmed
                                        Loan Fac
Sharda Flour Pvt Ltd                    TL                 CRISIL BB      20.1    Assigned
Sharda Flour Pvt Ltd                    Proposed TL        CRISIL BB      2.4     Assigned
Sharda Flour Pvt Ltd                    CC                 CRISIL BB      115     Assigned
Shriaman Agrovet Pvt Ltd                CC                 CRISIL B+      22      Reaffirmed
Shriaman Agrovet Pvt Ltd                LT Loan            CRISIL B+      42.5    Reaffirmed
Shriaman Agrovet Pvt Ltd                Proposed LT Bk     CRISIL B+      15.5    Reaffirmed
                                        Loan Fac
Sponge Enterprises Pvt Ltd              Packing Credit     CRISIL B       90      Reaffirmed
Sri Krishna Diamonds & Jewellery        CC                 CRISIL BB+     200     Reaffirmed
Super Tannery Ltd                       CC                 CRISIL BB+     50      Withdrawal
(Issuer Not Cooperating)
Super Tannery Ltd                       Corporate Loan     CRISIL BB+     90      Withdrawal
(Issuer Not Cooperating)
Super Tannery Ltd                       Export Packing     CRISIL BB+     552.5   Withdrawal
                                        Credit
(Issuer Not Cooperating)
Super Tannery Ltd                       Foreign Bill       CRISIL BB+     350     Withdrawal
                                        Purchase
(Issuer Not Cooperating)
Super Tannery Ltd                       LOC                CRISIL BB+     80      Withdrawal
(Issuer Not Cooperating)
Super Tannery Ltd                       Standby Line of    CRISIL BB+     30      Withdrawal
                                        Credit
(Issuer Not Cooperating)
Super Tannery Ltd                       TL                 CRISIL BB+     31      Withdrawal
(Issuer Not Cooperating)
United Project Construction Ltd         CC                 CRISIL BB-     30      Assigned
Vaishnav Cashews                        CC                 CRISIL D       55      Downgraded
                                                                                  from CRISIL B
(Issuer Not Cooperating)
Vishnu Sugar Mills Ltd                  CC                 CRISIL BB+     750     Reaffirmed
Vishnu Sugar Mills Ltd                  TL                 CRISIL BB+     105.7   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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