November 4, 2019 / 9:02 AM / a month ago

CRISIL ratings for Indian debt instruments-Nov 4

Nov 4 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of November 1, 2019.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
BDS Projects India Pvt Ltd              BG                 CRISIL A4+     100     Reaffirmed
Bharti Airtel Ltd                       CP                 CRISIL A1+     150000  Reaffirmed
Bharti Enterprises (Holding) Pvt Ltd    CP                 CRISIL A1+     23000   Reaffirmed
Bharti Hexacom Ltd                      CP                 CRISIL A1+     10000   Reaffirmed
Bharti Telecom Ltd                      CP                 CRISIL A1+     70000   Reaffirmed
BMK Pvt Ltd                             BG                 CRISIL A4+     60      Assigned
Dhancot Fibres Pvt Ltd                  Bill Discounting   CRISIL A3      440     Reaffirmed
Gatiman Auto Pvt Ltd                    BG                 CRISIL A4      2       -
Migrated from CRISIL A4 (Issuer not cooperating)
Gatiman Auto Pvt Ltd                    LOC                CRISIL A4      14.5    -
Migrated from CRISIL A4 (Issuer not cooperating)
Hero Housing Finance Ltd                CP                 CRISIL A1+     1500    Reaffirmed
Itoli Granito LLP                       BG                 CRISIL A4+     38      Assigned
Navdeep Construction Company            BG                 CRISIL A4+     250     Reaffirmed
Navdeep Construction Company            Overdraft          CRISIL A4+     20      Reaffirmed
Pashupati Capital Services Pvt Ltd      BG                 CRISIL A3      2500    Reaffirmed
Rama Pulp and Papers Ltd                BG                 CRISIL A2      11      -
Upgraded from CRISIL A3+; Removed from Rating Watch with Developing Implications
Ramesh Agro Chem Corporation            BG                 CRISIL A4+     30      Reaffirmed
Rocket Engineering Corporation Pvt Ltd  BG                 CRISIL A4+     40      -
Migrated from CRISIL A4+ (Issuer not cooperating)
Rocket Engineering Corporation Pvt Ltd  LOC                CRISIL A4+     10      -
Migrated from CRISIL A4+ (Issuer not cooperating)
Sah Polymers Ltd                        BG                 CRISIL A4+     42      Assigned
Suspension Revoked
Sonic Biochem Extractions Pvt Ltd       BG                 CRISIL A2      120     Reaffirmed
Surya Prakaas Foundry                   BG                 CRISIL A4      25      Reaffirmed
Surya Prakaas Foundry                   Inland/Import LOC  CRISIL A4      5       Reaffirmed
Swathy Constructions                    BG                 CRISIL A4      31      Assigned
Synthite Industries Pvt Ltd             Export Finance     CRISIL A1+     1500    Reaffirmed
                                        Limit^
^100% interchangeability between letter of credit
Synthite Industries Pvt Ltd             LOC & BG           CRISIL A1+     250     Reaffirmed
Synthite Industries Pvt Ltd             Packing Credit##   CRISIL A1+     1598    Reaffirmed
##100% interchangeability between packing credit in foreign currency, foreign documentary bill
purchase, and foreign usance discount bill purchase
Synthite Industries Pvt Ltd             Packing Credit@@   CRISIL A1+     1500    Reaffirmed
@@100% interchangeability between packing credit in foreign currency, import letter of credit,
standby letter of credit, short-term loan, and overdraft export invoice financing.
Synthite Industries Pvt Ltd             Packing Credit     CRISIL A1+     1250    Reaffirmed
VNR Exports                             Bill Discounting   CRISIL A4+     50      Reaffirmed
Alphageo (India) Ltd                    BG                 CRISIL         848     -
                                                           A2/Watch
                                                           Developing
Continues on Rating Watch with Developing Implications

LONG TERM RATINGS:
-------------------
Alphageo (India) Ltd                    CC                 CRISIL         400     -
                                                           BBB+/Watch
                                                           Developing
Continues on Rating Watch with Developing Implications
Associated Small Industries             CC/ Overdraft Fac  CRISIL B+/Stable50     Reaffirmed
BDS Projects India Pvt Ltd              Secured Overdraft  CRISIL         10      Reaffirmed
                                        Fac                BB/Stable
Bharti Airtel Ltd                       NCD                CRISIL AA      30000   -
Placed on Rating Watch with Negative Implications
Bharti Airtel Ltd                       NCD                CRISIL AA      2725    -
Placed on Rating Watch with Negative Implications
Bharti Airtel Ltd                       Proposed LT Bk     CRISIL         200000  Reaffirmed
                                        Loan Fac           AA/Watch
                                                           Negative
Placed on Rating Watch with Negative Implications
Bharti Telecom Ltd                      NCD                CRISIL AA+     60000   -
Placed on Rating Watch with Negative Implications
Bharti Telecom Ltd                      NCD                CRISIL AA+     2000    -
Placed on Rating Watch with Negative Implications
Bharti Telecom Ltd                      Proposed LT Bk     CRISIL         10000   -
                                        Loan Fac           AA+/Watch
                                                           Negative
Placed on Rating Watch with Negative Implications
BMK Pvt Ltd                             CC/ Overdraft Fac  CRISIL         30      Assigned
                                                           BB/Stable
Chokshi Texlen Pvt Ltd                  CC                 CRISIL         140     Reaffirmed
                                                           BB+/Stable
Chokshi Texlen Pvt Ltd                  Proposed LT Bk     CRISIL         2       Reaffirmed
                                        Loan Fac           BB+/Stable
Chokshi Texlen Pvt Ltd                  TL                 CRISIL         313     Reaffirmed
                                                           BB+/Stable
Dhancot Fibres Pvt Ltd                  Proposed LT Bk     CRISIL         10      Reaffirmed
                                        Loan Fac           BBB-/Positive
Outlook revised from Stable
Gatiman Auto Pvt Ltd                    CC                 CRISIL B+/Stable46      -
Migrated from CRISIL B+/Stable  (Issuer not cooperating)
Ginger Properties Pvt Ltd               TL                 CRISIL B/Stable90      Reaffirmed
Gulf Orient Shipping LLP                CC                 CRISIL D       50      -
Downgraded from CRISIL B+/Stable
Gulf Orient Shipping LLP                Proposed LT Bk     CRISIL D       70      -
                                        Loan Fac
Downgraded from CRISIL B+/Stable
Hero Housing Finance Ltd                CC & WC demand loanCRISIL         400     Reaffirmed
                                                           AA+/Stable
Hero Housing Finance Ltd                Proposed LT Bk     CRISIL         1718.7  Reaffirmed
                                        Loan Fac           AA+/Stable
Hero Housing Finance Ltd                TL                 CRISIL         6881.3  Reaffirmed
                                                           AA+/Stable
Hero Housing Finance Ltd                NCD                CRISIL         1000    Reaffirmed
                                                           AA+/Stable
Hero Housing Finance Ltd                NCD                CRISIL         500     Reaffirmed
                                                           AA+/Stable
Hero Housing Finance Ltd                Subordinated Debt  CRISIL         2000    Reaffirmed
                                                           AA+/Stable
Itoli Granito LLP                       LT Loan            CRISIL         181.5   Assigned
                                                           BB/Stable
Itoli Granito LLP                       CC                 CRISIL         80      Assigned
                                                           BB/Stable
Jai Maangarh Palace                     LT Loan            CRISIL B/Stable74      Reaffirmed
L&T Liquid Fund                         L&T Liquid Fund    CRISIL AAAmfs  -       Assigned
Lakshmi Venkat Farms Ltd                CC                 CRISIL         60      -
                                                           BB/Stable
Upgraded from CRISIL BB-/Stable
Lakshmi Venkat Farms Ltd                Proposed LT Bk     CRISIL         54      -
                                        Loan Fac           BB/Stable
Upgraded from CRISIL BB-/Stable
Mahalekshmi Silks                       CC                 CRISIL         90      Reaffirmed
                                                           BB/Stable
Mahalekshmi Silks                       Proposed LT Bk     CRISIL         50      Reaffirmed
                                        Loan Fac           BB/Stable
Mahalekshmi Silks                       TL                 CRISIL         20      Reaffirmed
                                                           BB/Stable
Micro Logistics India Pvt Ltd           CC                 CRISIL D       80      -
Downgraded from CRISIL B+/Stable
Micro Logistics India Pvt Ltd           Proposed FB Bk     CRISIL D       20      -
                                        Limits
Downgraded from CRISIL B+/Stable
Navdeep Construction Company            LT Loan            CRISIL         52      Reaffirmed
                                                           BB/Stable
Navdeep Construction Company            Proposed LT Bk     CRISIL         78      Reaffirmed
                                        Loan Fac           BB/Stable
Navdeep Construction Company            Secured Overdrawal CRISIL         150     Reaffirmed
                                                           BB/Stable
Opus Dei Logistics (India) Pvt Ltd      CC                 CRISIL D       70      -
Downgraded from CRISIL B+/Stable
Opus Dei Logistics (India) Pvt Ltd      Proposed LT Bk     CRISIL D       30      -
                                        Loan Fac
Downgraded from CRISIL B+/Stable
Pashupati Capital Services Pvt Ltd      Overdraft          CRISIL         80      Reaffirmed
                                                           BBB-/Stable
Rama Pulp and Papers Ltd                CC*                CRISIL         125     -
                                                           BBB+/Stable
Upgraded from CRISIL BBB; Removed from Rating Watch with Developing Implications;*Letter of
credit sublimit of Rs 1.50 crore;*Bank guarantee sublimit of Rs 1.50 crores;*Export packaging
credit sublimit of Rs 2.00 crore;*Foreign bill discounting sublimit of Rs 1.00 crore;*Letter 
of undertaking for bank guarantee sublimit of Rs 3.00 crore;* Full interchangeability among 
non-fund-based limits
Rama Pulp and Papers Ltd                TL                 CRISIL         16.3    -
                                                           BBB+/Stable
Upgraded from CRISIL BBB; Removed from Rating Watch with Developing Implications
Ramesh Agro Chem Corporation            CC                 CRISIL         30      Reaffirmed
                                                           BB/Stable
Ramesh Agro Chem Corporation            Proposed LT Bk     CRISIL         20      Reaffirmed
                                        Loan Fac           BB/Stable
Rocket Engineering Corporation Pvt Ltd  CC                 CRISIL         100     -
                                                           BB+/Stable
Migrated from CRISIL BB+/Stable (Issuer not cooperating)
Rocket Engineering Corporation Pvt Ltd  Proposed LT Bk     CRISIL         180     -
                                        Loan Fac           BB+/Stable
Migrated from CRISIL BB+/Stable (Issuer not cooperating)
Rocket Engineering Corporation Pvt Ltd  Standby Line of    CRISIL         20      -
                                        Credit             BB+/Stable
Migrated from CRISIL BB+/Stable (Issuer not cooperating)
S. J. Logistics India Ltd               CC                 CRISIL D       180     -
Downgraded from CRISIL B+/Stable
S. J. Logistics India Ltd               Proposed LT Bk     CRISIL D       60      -
                                        Loan Fac
Downgraded from CRISIL B+/Stable
S. J. Logistics India Ltd               TL                 CRISIL D       40      -
Downgraded from CRISIL B+/Stable
Sah Polymers Ltd                        CC                 CRISIL         65      Assigned
                                                           BB/Stable
Suspension Revoked
Sah Polymers Ltd                        LT Loan            CRISIL         3       Assigned
                                                           BB/Stable
Suspension Revoked
Shikha Textiles                         CC                 CRISIL         60      Assigned
                                                           BB-/Stable
Shree Banke Bihari Ispat Pvt Ltd        CC                 CRISIL         100     Assigned
                                                           BBB/Stable
Shree Banke Bihari Ispat Pvt Ltd        Rupee TL           CRISIL         50      Assigned
                                                           BBB/Stable
SNJ Distillers Pvt Ltd                  CC                 CRISIL         740     -
                                                           BBB+/Watch
                                                           Developing
Continues on Rating Watch with Developing Implications
SNJ Distillers Pvt Ltd                  LT Loan            CRISIL         950     -
                                                           BBB+/Watch
                                                           Developing
Continues on Rating Watch with Developing Implications
Sonic Biochem Extractions Pvt Ltd       CC                 CRISIL         1522.7  Reaffirmed
                                                           BBB+/Stable
Sonic Biochem Extractions Pvt Ltd       TL                 CRISIL         150     Reaffirmed
                                                           BBB+/Stable
Surya Prakaas Foundry                   CC                 CRISIL B/Stable42.5    -
Upgraded from CRISIL B-/Stable
Surya Prakaas Foundry                   LT Loan            CRISIL B/Stable4       -
Upgraded from CRISIL B-/Stable
Surya Prakaas Foundry                   Proposed LT Bk     CRISIL B/Stable3.5     -
                                        Loan Fac
Upgraded from CRISIL B-/Stable
Swathy Constructions                    CC                 CRISIL B+/Stabe50      Assigned
Synthite Industries Pvt Ltd             CC                 CRISIL         2       Reaffirmed
                                                           AA-/Positive
Synthite Industries Pvt Ltd             Packing Credit*    CRISIL         1800    Reaffirmed
                                                           AA-/Positive
*100% interchangeability between packing credit in foreign currency, foreign bill purchase,
foreign bill discounting, foreign bill negotiation, bill purchase,bill discounting, working
capital demand loan, and short-term loan
Synthite Industries Pvt Ltd             Proposed WC Fac    CRISIL         280     Reaffirmed
                                                           AA-/Positive
Vinayak Autolink Pvt Ltd                Inventory Funding  CRISIL         120     Reaffirmed
                                        Fac                B-/Stable
VNR Exports                             CC                 CRISIL         30      Reaffirmed
                                                           BB+/Negative
Outlook revised from Stable
VNR Exports                             Packing Credit     CRISIL         160     Reaffirmed
                                                           BB+/Negative
Outlook revised from Stable
Vodafone Idea Ltd                       NCD                CRISIL BBB+    35000   -
Downgraded from CRISIL A/Negative; Placed on Rating Watch with Negative Implications




--------------------------------------------------------------------------------------------
$: 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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