November 26, 2019 / 7:30 AM / 15 days ago

CRISIL ratings for Indian debt instruments-Nov 26

   Nov 26 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of November 25, 2019.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
ABS Electroplaters (India) Pvt Ltd      LOC                CRISIL A4      100     -
(Issuer Not Cooperating); Revised from CRISIL A4+
Air India SATS Airport Services Pvt Ltd BG                 CRISIL A1      1250    Reaffirmed
Air India SATS Airport Services Pvt Ltd Overdraft          CRISIL A1      400     Reaffirmed
Alphonsa Cashew Industries              Packing Credit     CRISIL A4+     600     Reaffirmed
Apna Sahakari Bank Ltd                  BG*                CRISIL A4+     1150    -
Downgraded from CRISIL A3. 
*Interchangeable with letter of credit/packing credit/post shipment credit/buyers credit
Bina Udyog Pvt Ltd                      BG                 CRISIL A4+     50      Reaffirmed
Campus Activewear Pvt Ltd               BG                 CRISIL A1      110     Assigned
Comet Exports                           Foreign            CRISIL A4      10      Reaffirmed
                                        Discounting Bill
                                        Purchase
Comet Exports                           Packing Credit     CRISIL A4      75      Reaffirmed
Creaative Powertech Pvt Ltd             LOC                CRISIL A4      6       Reaffirmed
Devi Polymers Pvt Ltd                   BG                 CRISIL A3+     10      Reaffirmed
Devi Polymers Pvt Ltd                   LOC                CRISIL A3+     10      Reaffirmed
Devi Polymers Pvt Ltd                   Packing Credit in  CRISIL A3+     5       Reaffirmed
                                        Foreign Currency
Eskay Iodine Pvt Ltd                    LOC                CRISIL A3      450     Assigned
Gajalakshmi Chennai Dyes and Chemicals  Proposed ST Bk     CRISIL A4+     12.5    -
                                        Loan Fac
INFINA Finance Pvt Ltd                  CP Issue*          CRISIL A1+     40000   Withdrawn
*Assigned for initial/ follow-on public offer financing on episodic basis
INFINA Finance Pvt Ltd                  CP Issue*          CRISIL A1+     50000   Assigned
*Assigned for initial/ follow-on public offer financing on episodic basis
INFINA Finance Pvt Ltd                  CP                 CRISIL A1+     12000   Reaffirmed
M C S R Constructions                   BG                 CRISIL A4+     120     Assigned
M. M. Yarns Pvt Ltd                     BG                 CRISIL A3+     50      Reaffirmed
Maps Granito Pvt Ltd                    BG                 CRISIL A4+     50      Assigned
R. K. Ganapathi Chettiar                Proposed ST Bk     CRISIL A2      50      Reaffirmed
                                        Loan Fac
S S Sreejith                            BG                 CRISIL A4      30      Reaffirmed
Satluj Spintex Ltd                      BG                 CRISIL A3+     12.5    Reaffirmed
Stahl Tecniks Pvt Ltd                   BG                 CRISIL A4+     200     Reaffirmed
Tech Data Advanced Solutions (India)    LOC                CRISIL A2+     60      Reaffirmed
Pvt Ltd
Placed on Rating Watch with Negative Implications
Ujaas Energy Ltd                        BG                 CRISIL A4+     623.7   Reaffirmed
Ujaas Energy Ltd                        LOC*               CRISIL A4+     342     Reaffirmed
* Interchangeable with bank guarantee of Rs.14.2 crore
Vertiv Energy Pvt Ltd                   BG#                CRISIL A2+     2230.3  Assigned
#Interchangeable with Stand by letter of credit (SBLC) to the extent Rs 203.23 crore
Vidhi Specialty Food Ingredients Ltd    BG                 CRISIL A2      0.5     -
Upgraded from CRISIL A3+
Vidhi Specialty Food Ingredients Ltd    Foreign Exchange   CRISIL A2      8       -
                                        Forward
Upgraded from CRISIL A3+
Vidhi Specialty Food Ingredients Ltd    LOC                CRISIL A2      90      -
Upgraded from CRISIL A3+
Vidhi Specialty Food Ingredients Ltd    Packing Credit     CRISIL A2      373.2   Assigned
Upgraded from CRISIL A3+


LONG TERM RATINGS:
-------------------
ABS Electroplaters (India) Pvt Ltd      CC                 CRISIL B       750     -
(Issuer Not Cooperating); Revised from CRISIL BB+/Negative
Air India SATS Airport Services Pvt Ltd Buyer`s Credit$    CRISIL A       500     Reaffirmed
$Interchangeable with Term Loan
Air India SATS Airport Services Pvt Ltd Buyer`s Credit     CRISIL A       1620    Reaffirmed
Air India SATS Airport Services Pvt Ltd CC^                CRISIL A       300     Reaffirmed
^Interchangeable with Bank Guarantee, Buyers Credit and Term Loan
Air India SATS Airport Services Pvt Ltd CC                 CRISIL A       400     Reaffirmed
Air India SATS Airport Services Pvt Ltd CC#                CRISIL A       500     Reaffirmed
#Interchangeable with WCDL
Air India SATS Airport Services Pvt Ltd FB Fac%            CRISIL A       750     Reaffirmed
%Interchangeable with CC Rs.20 crore, WCDL Rs.40 crore and BG Rs.75 crore
Air India SATS Airport Services Pvt Ltd TL                 CRISIL A       530     Reaffirmed
Alpha Polymers                          CC                 -              87.5    Withdrawn
(Issuer Not Cooperating)
Alpha Polymers                          Inland/Import LOC  -              15      Withdrawn
(Issuer Not Cooperating)
Alpha Polymers                          LT Loan            -              49      Withdrawn
(Issuer Not Cooperating)
Ankit International - Baddi             Proposed LT Bk     CRISIL A       1       Assigned
                                        Loan Fac
Ankit International - Baddi             CC                 CRISIL A       500     Assigned
Ankit International - Baddi             LT Loan            CRISIL A       79      Assigned
B. N. Global Pvt Ltd                    CC                 CRISIL D       1300    -
(Issuer Not Cooperating); Downgraded from CRISIL B/Stable
B. N. Global Pvt Ltd                    LT Loan            CRISIL D       37.5    -
(Issuer Not Cooperating); Downgraded from CRISIL B/Stable
B. N. Global Pvt Ltd                    Proposed LT Bk     CRISIL D       50      -
                                        Loan Fac
(Issuer Not Cooperating); Downgraded from CRISIL B/Stable
Bhargav Foods                           CC                 CRISIL D       150     -
(Issuer Not Cooperating); Downgraded from CRISIL B+/Stable
Bina Udyog Pvt Ltd                      CC                 CRISIL BB      185     Reaffirmed
Bina Udyog Pvt Ltd                      LT Loan            CRISIL BB      35      Reaffirmed
Campus Activewear Pvt Ltd               TL                 CRISIL A       450     Assigned
Campus Activewear Pvt Ltd               CC                 CRISIL A       1250    Assigned
Comet Exports                           Proposed LT Bk     CRISIL B-      95      Reaffirmed
                                        Loan Fac
Creaative Powertech Pvt Ltd             CC                 CRISIL B+      18      Reaffirmed
Creaative Powertech Pvt Ltd             LT Loan            CRISIL B+      50.2    Reaffirmed
Creaative Powertech Pvt Ltd             Proposed LT Bk     CRISIL B+      205.8   Reaffirmed
                                        Loan Fac
Devi Polymers Pvt Ltd                   CC                 CRISIL BBB     210     Reaffirmed
Devi Polymers Pvt Ltd                   Proposed LT Bk     CRISIL BBB     275     Assigned
                                        Loan Fac
Elta Tools & Dies                       CC                 CRISIL BB      75      Reaffirmed
Elta Tools & Dies                       Proposed LT Bk     CRISIL BB      30      Reaffirmed
                                        Loan Fac
Elta Tools & Dies                       TL                 CRISIL BB      75      Reaffirmed
Eskay Iodine Pvt Ltd                    TL                 CRISIL BBB-    50      Assigned
Eskay Iodine Pvt Ltd                    Proposed FB Bk     CRISIL BBB-    20      Assigned
                                        Limits
Eskay Iodine Pvt Ltd                    Bill Discounting   CRISIL BBB-    20      Assigned
Foundation For Life Sciences and        Overdraft          -              60      Withdrawn
Business Management
(Issuer Not Cooperating)
Foundation For Life Sciences and        TL                 -              390     Withdrawn
Business Management
(Issuer Not Cooperating)
Friends Alloys                          CC                 -              130     Withdrawn
(Issuer Not Cooperating)
Friends Alloys                          LOC                -              30      Withdrawn
(Issuer Not Cooperating)
Friends Alloys                          Proposed LT Bk     -              30      Withdrawn
                                        Loan Fac
(Issuer Not Cooperating)
Gajalakshmi Chennai Dyes and Chemicals  CC                 CRISIL BB      12.5    -
Gajalakshmi Chennai Dyes and Chemicals  Channel Financing  CRISIL BB      30      Reaffirmed
Henraajh Feeds India Pvt Ltd            CC                 CRISIL BB      125     Reaffirmed
Henraajh Feeds India Pvt Ltd            TL                 CRISIL BB      75      Reaffirmed
Injectoplast Pvt Ltd                    CC*#               CRISIL BBB+    300     -
Continues on Rating Watch with Negative Implications. 
*Includes Working Capital Demand Loan Sublimit to the extent of Rs.30 crs
#Includes Pre shipment Export Credit ,Post Shipment Credit and notional forward 
contract sublimit to the extent of Rs.25 crs 
Injectoplast Pvt Ltd                    Proposed LT Bk     CRISIL BBB+    25      Reaffirmed
                                        Loan Fac
Continues on Rating Watch with Negative Implications 
JBR Impex India Pvt Ltd                 CC                 CRISIL D       200     -
(Issuer Not Cooperating); Downgraded from CRISIL B+/Stable
Kunj Bihari Gold Leaf Industries Pvt Ltd BG                -              1.5     Withdrawn
(Issuer Not Cooperating)
Kunj Bihari Gold Leaf Industries Pvt Ltd CC                -              45      Withdrawn
(Issuer Not Cooperating)
Kunj Bihari Gold Leaf Industries Pvt Ltd Proposed LT Bk    -              3       Withdrawn
                                         Loan Fac
(Issuer Not Cooperating)
Kunj Bihari Gold Leaf Industries Pvt Ltd TL                -              17      Withdrawn
(Issuer Not Cooperating)
Lotus Overseas                          CC                 -              70      Withdrawn
(Issuer Not Cooperating)
Lotus Overseas                          LT Loan            -              11.4    Withdrawn
(Issuer Not Cooperating)
Lotus Overseas                          Proposed LT Bk     -              0.1     Withdrawn
                                        Loan Fac
(Issuer Not Cooperating)
M C S R Constructions                   Proposed LT Bk     CRISIL BB+     10      Assigned
                                        Loan Fac
M C S R Constructions                   CC                 CRISIL BB+     30      Assigned
M. M. Yarns Pvt Ltd                     CC                 CRISIL BBB     200     Reaffirmed
M. M. Yarns Pvt Ltd                     LT Loan            CRISIL BBB     726.1   Reaffirmed
M. M. Yarns Pvt Ltd                     Proposed FB Bk     CRISIL BBB     283.9   Reaffirmed
                                        Limits
Maps Granito Pvt Ltd                    TL                 CRISIL BB      410     Assigned
Maps Granito Pvt Ltd                    CC                 CRISIL BB      200     Assigned
Marya Frozen Agro Food Products Pvt Ltd CC                 -              36.2    Withdrawn
(Issuer Not Cooperating)
Marya Frozen Agro Food Products Pvt Ltd Export Packing     -              50      Withdrawn
                                        Credit
(Issuer Not Cooperating)
Marya Frozen Agro Food Products Pvt Ltd TL                 -              95      Withdrawn
(Issuer Not Cooperating)
Marya Frozen Agro Food Products Pvt Ltd WC Fac             -              3.5     Withdrawn
(Issuer Not Cooperating)
Metro Emporium LLP                      LT Loan            -              243.2   Withdrawn
(Issuer Not Cooperating)
Narain and Company                      CC                 -              500     Withdrawn
(Issuer Not Cooperating)
Narain and Company                      LOC                -              300     Withdrawn
(Issuer Not Cooperating)
NIAE Educational Society                Overdraft          -              30      Withdrawn
(Issuer Not Cooperating)
NIAE Educational Society                Proposed LT Bk     -              40      Withdrawn
                                        Loan Fac
(Issuer Not Cooperating)
Northern Motors Pvt Ltd                 CC                 CRISIL BB-     45.6    Reaffirmed
Northern Motors Pvt Ltd                 Proposed LT Bk     CRISIL BB-     20.4    Reaffirmed
                                        Loan Fac
Northern Motors Pvt Ltd                 Secured Overdraft  CRISIL BB-     49.5    Reaffirmed
                                        Fac
Northern Motors Pvt Ltd                 WC TL              CRISIL BB-     34.5    Reaffirmed
Orange Jaisalmer Wind Energy Pvt Ltd    CC                 -              72      Withdrawn
Orange Jaisalmer Wind Energy Pvt Ltd    TL                 -              1358    Withdrawn
Pebco Motors Ltd                        CC                 CRISIL BBB     15      Reaffirmed
Pebco Motors Ltd                        Electronic Dealer  CRISIL BBB     135     Reaffirmed
                                        Financing
                                        Scheme(e-DFS)
Pebco Motors Ltd                        LT Loan            CRISIL BBB     75      Reaffirmed
QRS Retail Ltd                          CC                 CRISIL BB      550     Assigned
Assigned; Suspension Revoked
QRS Retail Ltd                          TL                 CRISIL BB      60      Assigned
Assigned; Suspension Revoked
R. K. Ganapathi Chettiar                CC                 CRISIL BBB+    150     Reaffirmed
R. K. Ganapathi Chettiar                Export Packing     CRISIL BBB+    100     Reaffirmed
                                        Credit
Reliance Jio Infratel Pvt Ltd           Proposed LT Bk     CRISIL AAA     300000  Reaffirmed
                                        Loan Fac
Rudra Agro                              CC                 CRISIL D       200     Downgraded
                                                                                  from CRISIL
                                                                                  B/Stable
(Issuer Not Cooperating)
Rudra Agro                              CC                 CRISIL D       200     Downgraded
                                                                                  from CRISIL
                                                                                  B/Stable
(Issuer Not Cooperating)
S S Sreejith                            CC                 CRISIL B       65      Reaffirmed
S S Sreejith                            Proposed WC Fac    CRISIL B       55      Assigned
S.B. Packagings Pvt Ltd                 CC                 CRISIL BBB+    60      Assigned
S.B. Packagings Pvt Ltd                 TL                 CRISIL BBB+    140     Assigned
Sakshi Markfin Pvt Ltd                  CC                 -              120     Withdrawn
(Issuer Not Cooperating)
Sakshi Markfin Pvt Ltd                  LOC                -              70      Withdrawn
(Issuer Not Cooperating)
Sakshi Markfin Pvt Ltd                  Proposed FB Bk     -              20      Withdrawn
                                        Limits
(Issuer Not Cooperating)
Salma Export Import Agency              CC                 CRISIL BB-     25      Reaffirmed
Salma Export Import Agency              LOC                CRISIL BB-     55      Reaffirmed
Salma Export Import Agency              Overdraft          CRISIL BB-     20      Reaffirmed
Sarvajnik Shikshonnyan Sansthan         Proposed FB Bk     CRISIL B+      10      Reaffirmed
                                        Limits
Satluj Spintex Ltd                      CC                 CRISIL BBB     1850    Reaffirmed
Satluj Spintex Ltd                      LT Loan            CRISIL BBB     1137.5  Reaffirmed
Shree Baba Naga Food Stuff Ltd          CC                 CRISIL D       1250    -
(Issuer Not Cooperating); Downgraded from CRISIL B/Stable
SHRI Trust W 2018 (Originator: Sundaram Series A PTCs      CRISIL AAA (SO)-       Reaffirmed
Finance Ltd) -SHRI Trust W 2018
Sivaraj Holiday Inn Pvt Ltd             Cash TL            -              76.4    Withdrawn
(Issuer Not Cooperating)
SP Sugar & Agro Pvt Ltd                 CC                 CRISIL D       50      Downgraded
                                                                                  from CRISIL
                                                                                  B+/Stable
SP Sugar & Agro Pvt Ltd                 LT Loan            CRISIL D       250     Downgraded
                                                                                  from CRISIL
                                                                                  B+/Stable
Subhash Stone Industries Pvt Ltd        CC                 CRISIL BB-     90      Reaffirmed
Suman Creation                          Export Packing     -              100     Withdrawn
                                        Credit
(Issuer Not Cooperating)
Suman Creation                          Proposed ST Bk     -              25      Withdrawn
                                        Loan Fac
(Issuer Not Cooperating)
Sun N Wind Infra Energy Pvt Ltd         TL                 -              450     Withdrawn
(Issuer Not Cooperating)
Tech Data Advanced Solutions (India)    CC                 CRISIL A-      750     Reaffirmed
Pvt Ltd
Placed on Rating Watch with Negative Implications
Tech Data Advanced Solutions (India)    Overdraft          CRISIL A-      3930    Reaffirmed
Pvt Ltd
Placed on Rating Watch with Negative Implications
Tesna Tech Pvt Ltd                      CC                 CRISIL BB+     60      Reaffirmed
Migrated from CRISIL BB+/Stable (Issuer Not Cooperating)
Tesna Tech Pvt Ltd                      LT Bk Fac          CRISIL BB+     7.8     Reaffirmed
Migrated from CRISIL BB+/Stable (Issuer Not Cooperating)
Tesna Tech Pvt Ltd                      Proposed LT Bk     CRISIL BB+     2.2     Reaffirmed
                                        Loan Fac
Migrated from CRISIL BB+/Stable (Issuer Not Cooperating)
Ujaas Energy Ltd                        CC                 CRISIL BB      295     -
Downgraded from CRISIL BB+/Stable
Ujaas Energy Ltd                        Proposed FB Bk     CRISIL BB      2338.8  -
                                        Limits
Downgraded from CRISIL BB+/Stable
Ujaas Energy Ltd                        Standby Fund Based CRISIL BB      80      -
                                        WC
Downgraded from CRISIL BB+/Stable
Ujaas Energy Ltd                        TL                 CRISIL BB      690.5   -
Downgraded from CRISIL BB+/Stable
Varnada Industries Pvt Ltd              CC                 CRISIL B       85      -
(Issuer Not Cooperating); Revised from CRISIL BB+/Negative
Varnada Industries Pvt Ltd              TL                 CRISIL B       65      -
(Issuer Not Cooperating); Revised from CRISIL BB+/Negative
Vertiv Energy Pvt Ltd                   CC*                CRISIL A-      123     Assigned
*Interchangeable between Bank guarantees/Standby letter of credit (SBLC)
Vidhi Specialty Food Ingredients Ltd    Bill Discounting   CRISIL BBB+    330     -
Upgraded from CRISIL BBB/Positive
Vidhi Specialty Food Ingredients Ltd    TL                 CRISIL BBB+    15.5    Assigned
Upgraded from CRISIL BBB/Positive
--------------------------------------------------------------------------------------------
$: 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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