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CRISIL ratings for Indian debt instruments-Nov 6

    Nov 6  - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of November 5, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT  MOVEMENT
                                                                       (RS.MLN)
------                                ----------         ------        -----   ---------
SHORT TERM RATINGS:
-------------------
AKMB Projects Pvt Ltd                  BG                CRISIL A4+    70     Assigned
Ashoka Buildcon Ltd                    BG                CRISIL A1+    37900  Reaffirmed
Ashoka Buildcon Ltd                    Proposed ST Bk    CRISIL A1+    19050  Reaffirmed
                                       Loan Fac
Ashoka Buildcon Ltd                    CP                CRISIL A1+    2000   Assigned
B and A Packaging India Ltd            BG                CRISIL A3+    2      Reaffirmed
B and A Packaging India Ltd            LOC               CRISIL A3+    110    Reaffirmed
Dinshaws Dairy Foods Pvt Ltd           BG*               CRISIL A2+    5      Reaffirmed
* Interchangeable with letter of credit
Dinshaws Dairy Foods Pvt Ltd           ST Loan           CRISIL A2+    400    Reaffirmed
Go Fashion (India) Pvt Ltd             LOC               CRISIL A2     150    Reaffirmed
Hero Future Energies Pvt Ltd           LOC & BG          CRISIL A1     9000   Reaffirmed
Hero Future Energies Pvt Ltd           Overdraft         CRISIL A1     20     Reaffirmed
Hero Future Energies Pvt Ltd           Proposed LOC & BG CRISIL A1     2150   Reaffirmed
Hero Future Energies Pvt Ltd           CP                CRISIL A1     6000   Reaffirmed
Hyundai Motor India Ltd                BG@@              CRISIL A1+    100    Reaffirmed
@@Interchangeable with letter of credit
Hyundai Motor India Ltd                Packing Credit@   CRISIL A1+    36020  Reaffirmed
@Interchangeable with letter of credit, buyer's credit, short-term loan, overdraft, bill
discounting and bank guarantee
Hyundai Motor India Ltd                Proposed ST Bk    CRISIL A1+    880    Reaffirmed
                                       Loan Fac
Hyundai Motor India Ltd                ST Debt           CRISIL A1+    1000   Reaffirmed
Inox Wind Ltd                          BG                CRISIL A2     3150   Reaffirmed
Inox Wind Ltd                          LOC               CRISIL A2     10450  Reaffirmed
Inox Wind Ltd                          CP                CRISIL A2     20000  Reaffirmed
Madan Mohan Rice Mill Pvt Ltd          BG                CRISIL A4+    2.9    Reaffirmed
Max Speciality Films Ltd               Non-FBL           CRISIL A1     250    Upgraded from
                                                                              CRISIL A2+
Max Speciality Films Ltd               CP                CRISIL A1     500    Upgraded from
                                                                              CRISIL A2+
Maxop Engineering Company Pvt Ltd      LOC & BG          CRISIL A3+    64     Migrated from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
Maxop Engineering Company Pvt Ltd      Post Shipment     CRISIL A3+    205    Migrated from
                                       Credit                                 CRISIL A4+
(Issuer Not Cooperating)
Maxop Engineering Company Pvt Ltd      Pre Shipment      CRISIL A3+    90     Migrated from
                                       Credit                                 CRISIL A4+
(Issuer Not Cooperating)
Meso Pvt Ltd                           BG                CRISIL A3+    5      Reaffirmed
Meso Pvt Ltd                           LOC               CRISIL A3+    35     Reaffirmed
Multiflex Polybags Pvt Ltd             LOC               CRISIL A4+    1      Reaffirmed
N. C. Nahar                            BG                CRISIL A4+    650    Migrated from
                                                                              CRISIL A3+
(Issuer Not Cooperating)
Nath Industries Ltd                    BG                CRISIL A2     11     Reaffirmed
Phalada Agro Research Foundations Pvt  LOC & BG          CRISIL A4+    10     Reaffirmed
Ltd
Pradeep Stainless India Pvt Ltd        LOC               CRISIL A4+    70     Reaffirmed
Pradeep Stainless India Pvt Ltd        Packing Credit    CRISIL A4+    80     Reaffirmed
Praj HiPurity Systems Ltd              LOC & BG          CRISIL A1     200    Reaffirmed
Praj HiPurity Systems Ltd              CP                CRISIL A1     200    Withdrawn
Praj Industries Ltd                    LOC & BG*         CRISIL A1+    5170   Reaffirmed
*Interchangeable between bank guarantee and letter of credit
Raia Jewels Pvt Ltd                    Proposed ST Bk    CRISIL A3     13.2   Assigned
                                       Loan Fac
Rishi Techtex Ltd                      BG                CRISIL A3     2      Reaffirmed
Rishi Techtex Ltd                      Bill Discounting  CRISIL A3     5      Reaffirmed
                                       under LOC
RKS Steel Industries Pvt Ltd           BG                CRISIL A4     40     Downgraded
                                                                              from CRISIL
                                                                              A4+
Royal Star Agrotech Pvt Ltd            ST Loan           CRISIL A3     50     Assigned
Sanjay Rice Mills Pvt Ltd              BG                CRISIL A4+    3.2    Reaffirmed
Texmo Industries                       LOC & BG          CRISIL A1+    70     Reaffirmed



 
LONG TERM RATINGS:
-------------------
AKMB Projects Pvt Ltd                  Proposed FB Bk    CRISIL        20     Assigned
                                       Limits            BB/Stable
AKMB Projects Pvt Ltd                  CC                CRISIL        10     Assigned
                                                         BB/Stable
Arun Vidyuth Pvt Ltd                   LT Loan           -             145.1  Withdrawn
(Issuer Not Cooperating)
Arun Vidyuth Pvt Ltd                   Proposed LT Bk    -             84.9   Withdrawn
                                       Loan Fac
(Issuer Not Cooperating)
Ashoka Buildcon Ltd                    BG*               CRISIL        750    Reaffirmed
                                                         AA-/Stable
*fully interchangeable with fund-based facilities
Ashoka Buildcon Ltd                    CC                CRISIL        4600   Reaffirmed
                                                         AA-/Stable
Ashoka Buildcon Ltd                    Rupee TL          CRISIL        510    Assigned
                                                         AA-/Stable
Ashoka Buildcon Ltd                    CC**              CRISIL        250    Assigned
                                                         AA-/Stable
**Fully interchangeable with non-fund based limit
Asian Concretes and Cements Pvt Ltd    Proposed TL       CRISIL        900    Migrated from
                                                         A+/Stable            CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Asian Fine Cements Pvt Ltd             CC                CRISIL        150    Migrated from
                                                         A-/Stable            CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Asian Fine Cements Pvt Ltd             Proposed LT Bk    CRISIL        20     Migrated from
                                       Loan Fac          A-/Stable            CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Asian Fine Cements Pvt Ltd             TL                CRISIL        730    Migrated from
                                                         A-/Stable            CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
B and A Packaging India Ltd            CC                CRISIL        150    Reaffirmed
                                                         BBB/Stable
B and A Packaging India Ltd            Proposed FB Bk    CRISIL        33     Reaffirmed
                                       Limits            BBB/Stable
B and A Packaging India Ltd            TL                CRISIL        105    Reaffirmed
                                                         BBB/Stable
Clean Wind Power (Devgarh) Pvt Ltd     LT Loan           CRISIL        6210   Assigned
                                                         A/Stable
Clean Wind Power (Devgarh) Pvt Ltd     WC TL             CRISIL        330    Assigned
                                                         A/Stable
Coco Fibre Tex                         Foreign Bill      -             70     Withdrawn
                                       Discounting
(Issuer Not Cooperating)
Coco Fibre Tex                         Packing Credit    -             40     Withdrawn
(Issuer Not Cooperating)
Columbia Asia Hospitals Pvt Ltd        Overdraft         CRISIL        350    Reaffirmed
                                                         BBB+/Watch
                                                         Developing
(Placed on 'Rating Watch with Developing Implications')
Columbia Asia Hospitals Pvt Ltd        Rupee TL          CRISIL        5080   Reaffirmed
                                                         BBB+/Watch
                                                         Developing
(Placed on 'Rating Watch with Developing Implications')
Dinshaws Dairy Foods Pvt Ltd           CC                CRISIL        100    Reaffirmed
                                                         A-/Negative
Dinshaws Dairy Foods Pvt Ltd           CC & WC demand    CRISIL        300    Reaffirmed
                                       loan              A-/Negative
Dinshaws Dairy Foods Pvt Ltd           Proposed LT Bk    CRISIL        6.5    Reaffirmed
                                       Loan Fac          A-/Negative
Dinshaws Dairy Foods Pvt Ltd           Rupee TL          CRISIL        958.5  Reaffirmed
                                                         A-/Negative
Ess Kay Fincorp Ltd                    Proposed LT Bk    CRISIL        2750   Reaffirmed
                                       Loan Fac          A/Stable
Ess Kay Fincorp Ltd                    TL                CRISIL        3150   Reaffirmed
                                                         A/Stable
Ess Kay Fincorp Ltd                    WC Demand Loan    CRISIL        100    Reaffirmed
                                                         A/Stable
Ess Kay Fincorp Ltd                    NCDs              CRISIL        8410   Reaffirmed
                                                         A/Stable
Ess Kay Fincorp Ltd                    LT Principal      CRISIL PP-MLD 400    Assigned
                                       Protected Market  Ar/Stable
                                       Linked Debentures
Ess Kay Fincorp Ltd                    LT Principal      CRISIL PP-MLD 1252.5 Reaffirmed
                                       Protected Market  Ar/Stable
                                       Linked Debentures
Go Fashion (India) Pvt Ltd             CC                CRISIL        500    Reaffirmed
                                                         BBB+/Stable
(Outlook revised from 'Positive' and rating reaffirmed)
Hero Future Energies Pvt Ltd           LOC & BG^         CRISIL        2000   Reaffirmed
                                                         A+/Stable
^Interchangeable with fund based limits
Hero Future Energies Pvt Ltd           LT Loan           CRISIL        470    Reaffirmed
                                                         A+/Stable
Hero Solar Energy Pvt Ltd              Rupee TL          CRISIL        2000   Reaffirmed
                                                         A+/Stable
Hero Solar Energy Pvt Ltd              NCD               CRISIL        1000   Reaffirmed
                                                         A+/Stable
Hero Wind Energy Pvt Ltd               NCD               CRISIL        1000   Reaffirmed
                                                         A+/Stable
Hundekari Motors Pvt Ltd               CC                -             55     Withdrawn
Hundekari Motors Pvt Ltd               TL                -             55     Withdrawn
Inox Wind Ltd                          CC**              CRISIL        650    Reaffirmed
                                                         BBB+/Stable
**Rs.65 crore is interchangeable with letter of credit/bank guarantee
Inox Wind Ltd                          CC*               CRISIL        387    Reaffirmed
                                                         BBB+/Stable
*Rs.38.70 crore is interchangeable with letter of credit
Inox Wind Ltd                          CC                CRISIL        550    Reaffirmed
                                                         BBB+/Stable
Inox Wind Ltd                          CC***             CRISIL        500    Reaffirmed
                                                         BBB+/Stable
***Rs.50 crore is interchangeable with letter of credit/bank guarantee
Inox Wind Ltd                          CC#               CRISIL        200    Reaffirmed
                                                         BBB+/Stable
#Rs.20 crore is interchangeable with letter of credit/bank guarantee
Inox Wind Ltd                          CC##              CRISIL        750    Reaffirmed
                                                         BBB+/Stable
##Rs.75 crore is interchangeable with letter of credit/bank guarantee
Inox Wind Ltd                          CC###             CRISIL        150    Reaffirmed
                                                         BBB+/Stable
###Rs.15 crore is interchangeable with letter of credit
Inox Wind Ltd                          CC                CRISIL        100    Reaffirmed
                                                         BBB+/Stable
Inox Wind Ltd                          LT Loan           CRISIL        1308.2 Reaffirmed
                                                         BBB+/Stable
Inox Wind Ltd                          Proposed LT Bk    CRISIL        6804.8 Reaffirmed
                                       Loan Fac          BBB+/Stable
Inox Wind Ltd                          NCD               Provisional   19999  Assigned
                                                         CRISIL
                                                         AA(CE)/Negative^
^A prefix of 'Provisional' indicates that the rating centrally factors in the strength of
specific structures, and will be supported by certain critical documentation by the issuer,
without which the rating would either have been different or not assigned ab initio. This is in
compliance with directive issued by the Securities and Exchange Board of India (SEBI) on May 6,
2015, on 'Standardising the term, rating symbol, and manner of disclosure with regard to
conditional/provisional/in-principle ratings assigned by credit rating agencies (CRAs)' 
Jakson Solar Pvt Ltd                   LT Loan           CRISIL        123.7  Assigned
                                                         BBB+/Stable
Kamlesh Autowheels Pvt Ltd             CC                -             110    Withdrawn
(Issuer Not Cooperating)
Kamlesh Autowheels Pvt Ltd             Rupee TL          -             18.5   Withdrawn
(Issuer Not Cooperating)
Madan Mohan Rice Mill Pvt Ltd          CC                CRISIL        67.5   Reaffirmed
                                                         BB/Stable
Max Speciality Films Ltd               Buyer`s Credit#   CRISIL        1144.9 Upgraded from
                                                         A/Stable             CRISIL
                                                                              A-/Stable
#Convertible to respective term loans on maturity 
Max Speciality Films Ltd               FB Fac            CRISIL        50     Upgraded from
                                                         A/Stable             CRISIL
                                                                              A-/Stable
Max Speciality Films Ltd               Proposed LT Bk    CRISIL        9.7    Upgraded from
                                       Loan Fac          A/Stable             CRISIL
                                                                              A-/Stable
Max Speciality Films Ltd               TL                CRISIL        2015.4 Upgraded from
                                                         A/Stable             CRISIL
                                                                              A-/Stable
Max Speciality Films Ltd               WC Fac*           CRISIL        1600   Upgraded from
                                                         A/Stable             CRISIL
                                                                              A-/Stable
*Includes fund based and non-fund based working capital limits, which are fully interchangeable
Max Speciality Films Ltd               WC Fac^           CRISIL        500    Upgraded from
                                                         A/Stable             CRISIL
                                                                              A-/Stable
^Includes Rs 30 crore of fund based working capital and Rs 45 crore of non-fund based working
capital with an overall capping of Rs 50 crore
Maxop Engineering Company Pvt Ltd      CC                CRISIL        25     Migrated from
                                                         BBB/Stable           CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Maxop Engineering Company Pvt Ltd      Export Packing    CRISIL        644    Migrated from
                                       Credit*           BBB/Stable           CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating) / *Interchangeable with Cash credit, Pre-shipment credit and
Post-shipment credit
Maxop Engineering Company Pvt Ltd      LT Loan           CRISIL        800    Migrated from
                                                         BBB/Stable           CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Maxop Engineering Company Pvt Ltd      Proposed LT Bk    CRISIL        139.2  Migrated from
                                       Loan Fac          BBB/Stable           CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Meso Pvt Ltd                           Export Packing    CRISIL        180    Reaffirmed
                                       Credit            BBB/Stable
Modern Distropolis Ltd                 CC                -             175    Withdrawn
(Rating reaffirmed and Withdrawn)
Modern Distropolis Ltd                 Proposed LT Bk    -             10     Withdrawn
                                       Loan Fac
(Rating reaffirmed and Withdrawn)
Modern Distropolis Ltd                 TL                -             25     Withdrawn
(Rating reaffirmed and Withdrawn)
Multiflex Polybags Pvt Ltd             CC                CRISIL        22.5   Reaffirmed
                                                         BB-/Stable
Multiflex Polybags Pvt Ltd             Proposed LT Bk    CRISIL        43     Reaffirmed
                                       Loan Fac          BB-/Stable
Multiflex Polybags Pvt Ltd             TL                CRISIL        23.5   Reaffirmed
                                                         BB-/Stable
N. C. Nahar                            CC                CRISIL        70     Migrated from
                                                         BB+/Stable           CRISIL
                                                                              BBB/Stable
(Issuer Not Cooperating)
Nath Industries Ltd                    CC*               CRISIL        125    Reaffirmed
                                                         BBB+/Stable
*Letter of credit sublimit of Rs 1.50 crore
Nath Industries Ltd                    TL                CRISIL        16.3   Reaffirmed
                                                         BBB+/Stable
Phalada Agro Research Foundations Pvt  CC                CRISIL        30     Upgraded from
Ltd                                                      BB+/Stable           CRISIL
                                                                              BB/Stable
Phalada Agro Research Foundations Pvt  Export Packing    CRISIL        130    Upgraded from
Ltd                                    Credit & Export   BB+/Stable           CRISIL
                                       Bills Negotiation/Foreign Bill         BB/Stable
                                       Discounting                 
Phalada Agro Research Foundations Pvt  LT Loan           CRISIL        50     Upgraded from
Ltd                                                      BB+/Stable           CRISIL
                                                                              BB/Stable
Pradeep Stainless India Pvt Ltd        Bill Discounting  CRISIL        77.1   Reaffirmed
                                                         BB+/Stable
Pradeep Stainless India Pvt Ltd        LT Loan           CRISIL        60     Reaffirmed
                                                         BB+/Stable
Praj HiPurity Systems Ltd              CC                CRISIL        500    Reaffirmed
                                                         A+/Stable
Praj Industries Ltd                    CC                CRISIL        180    Reaffirmed
                                                         AA/Stable
Raia Jewels Pvt Ltd                    CC*               CRISIL        420    Reaffirmed
                                                         BBB-/Stable
*Includes a sub limit of working capital demand loan of Rs 42 Crore, bank guarantee of Rs 10
Crore, standby letter of credit of Rs 10 Crore, pre shipment credit of Rs 6.50 Crore, post
shipment credit of Rs 6.50 Crore
Raia Jewels Pvt Ltd                    Gold Loan         CRISIL        140    Reaffirmed
                                                         BBB-/Stable
Raia Jewels Pvt Ltd                    LT Loan           CRISIL        196.8  Reaffirmed
                                                         BBB-/Stable
Rishi Techtex Ltd                      CC                CRISIL        170    Reaffirmed
                                                         BBB-/Stable
Rishi Techtex Ltd                      LT Loan           CRISIL        17     Reaffirmed
                                                         BBB-/Stable
Rishi Techtex Ltd                      Proposed LT Bk    CRISIL        16     Reaffirmed
                                       Loan Fac          BBB-/Stable
Rishi Techtex Ltd                      TL                CRISIL        50     Reaffirmed
                                                         BBB-/Stable
RKS Steel Industries Pvt Ltd           CC                CRISIL        170    Downgraded
                                                         B+/Stable            from CRISIL
                                                                              BB-/Stable
RKS Steel Industries Pvt Ltd           LT Loan           CRISIL        194    Downgraded
                                                         B+/Stable            from CRISIL
                                                                              BB-/Stable
Royal Star Agrotech Pvt Ltd            CC                CRISIL        350    Upgraded from
                                                         BBB-/Stable          CRISIL
                                                                              BB+/Stable
Royal Star Agrotech Pvt Ltd            Rupee TL          CRISIL        20     Upgraded from
                                                         BBB-/Stable          CRISIL
                                                                              BB+/Stable
Sai Construction Pvt Ltd               Lease Rental      CRISIL        1000   Migrated from
                                       Discounting Loan  BBB-/Stable          CRISIL
                                                                              B+/Stable
(Issuer Not Cooperating)
Sandeep Gilhotra Ranjana Gilhotra      TL                -             120    Withdrawn
Godowns
(Migrated from 'CRISIL B/Stable Issuer not Cooperating'; Rating Withdrawn)
Sanjay Rice Mills Pvt Ltd              CC                CRISIL        33.5   Reaffirmed
                                                         BB/Stable
Sanjay Rice Mills Pvt Ltd              Proposed FB Bk    CRISIL        16.3   Reaffirmed
                                       Limits            BB/Stable
Siva Sai Marine                        Proposed LT Bk    -             80     Withdrawn
                                       Loan Fac
Sree Sellandiamman Rice Mill           CC                CRISIL        70     Reaffirmed
                                                         BB-/Stable
Sri Nandha Educational Trust           Overdraft         CRISIL        150    -
                                                         BB+/Watch
                                                         Negative
(Placed on 'Rating Watch with Negative Implications')
Sri Nandha Educational Trust           Proposed LT Bk    CRISIL        4.7    -
                                       Loan Fac          BB+/Watch
                                                         Negative
(Placed on 'Rating Watch with Negative Implications')
Sri Nandha Educational Trust           TL                CRISIL        110    -
                                                         BB+/Watch
                                                         Negative
(Placed on 'Rating Watch with Negative Implications')
Texmo Industries                       Proposed TL       -             850    Withdrawn
Texmo Industries                       CC                CRISIL        650    Reaffirmed
                                                         AA-/Stable
Unihealth Consultancy Pvt Ltd          Foreign Currency  CRISIL D      25     Downgraded
                                       TL                                     from CRISIL
                                                                              B/Stable
Vangili Feeds                          TL                CRISIL        162.1  Reaffirmed
                                                         BB/Stable
Victory Paper and Boards India Ltd     TL                CRISIL        250    Assigned
                                                         B+/Stable
VRA Cotton Mills Pvt Ltd               CC                -             20     Withdrawn
(Issuer Not Cooperating)
VRA Cotton Mills Pvt Ltd               Export Packing    -             450    Withdrawn
                                       Credit
(Issuer Not Cooperating)


--------------------------------------------------------------------------------------------
$: 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@refinitiv.com)
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