November 7, 2019 / 6:57 AM / 4 months ago

CRISIL ratings for Indian debt instruments-Nov 7

    Nov 7 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of November 6, 2019.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Aditya Timbers                          Overdraft          CRISIL A4      24      Assigned
AIA Engineering Ltd                     LOC & BG%%         CRISIL A1+     500     Reaffirmed
%%nk guarantee is a sub-limit (of Rs 20 crore) of the total limit
Apollo Tyres Ltd                        LOC^               CRISIL A1+     6000    Reaffirmed
^Interchangeable with bank guarantee/letter of undertaking or acceptances for buyer's
credit/packing credit
Apollo Tyres Ltd                        CP                 CRISIL A1+     9000    Reaffirmed
Baba Structural Pvt Ltd                 BG                 CRISIL A4+     17      Reaffirmed
Baba Structural Pvt Ltd                 Bill Discounting   CRISIL A4+     3       Reaffirmed
                                        under LOC
Ford Credit India Pvt Ltd               CP Programme       CRISIL A1+     7500    Reaffirmed
Jaycee Autofab Pvt Ltd                  BG                 CRISIL A3      5       Assigned
Kailash Healthcare Ltd                  BG                 CRISIL A2      20      Reaffirmed
Kailash Hospitals Ltd                   BG                 CRISIL A2      10      Reaffirmed
Kailash Hospitals Ltd                   LOC                CRISIL A2      10      Reaffirmed
KN Engineering Works Pvt Ltd            BG                 CRISIL A4+     50      Assigned
Raghul Spinning Mills                   BG                 CRISIL A4+     3       Upgraded from
                                                                                  CRISIL A4
Ravi Shankar Jaiswal                    Proposed NFBL      CRISIL A4+     35      Assigned
Ravi Shankar Jaiswal                    BG                 CRISIL A4+     36      Assigned
Southern Tropical Foods Pvt Ltd         BG                 CRISIL A3      7.5     Upgraded from
                                                                                  CRISIL A4+'
Southern Tropical Foods Pvt Ltd         Packing Credit     CRISIL A3      400     Upgraded from
                                                                                  CRISIL A4+'
Suven Life Sciences Ltd                 BG                 CRISIL A1      25      -
(Continues on 'Rating Watch with Positive Implications')
Suven Life Sciences Ltd                 LOC                CRISIL A1      200     -
(Continues on 'Rating Watch with Positive Implications')
Tricolite Electrical Industries Ltd     Bill Discounting   CRISIL A4+     100     -
(Migrated from 'CRISIL A4+ ISSUER NOT COOPERATING')
Tricolite Electrical Industries Ltd     LOC                CRISIL A4+     65      -
(Migrated from 'CRISIL A4+ ISSUER NOT COOPERATING')
VR Earth Movers and Constructions Pvt   BG                 CRISIL D       30      Downgraded
Ltd                                                                               from CRISIL A4
(ISSUER NOT COOPERATING)
VR Earth Movers and Constructions Pvt   Overdraft          CRISIL D       20.8    Downgraded
Ltd                                                                               from CRISIL A4
(ISSUER NOT COOPERATING)


LONG TERM RATINGS:
-------------------
Aditya Timbers                          Proposed TL        CRISIL B+      50      Assigned
Aditya Timbers                          Proposed Overdraft CRISIL B+      6       Assigned
                                        Fac
Aditya Timbers                          Proposed LT Bk     CRISIL B+      20      Assigned
                                        Loan Fac
AIA Engineering Ltd                     CC & WC demand     CRISIL AA+     1000    Reaffirmed
                                        loan**
**Interchangeable with usance bill discounting, export packing credit, foreign bills
discounting, and letter of credit
Apollo Tyres Ltd                        CC**               CRISIL AA+     10000   Reaffirmed
**Interchangeable with working capital demand loan/foreign currency non-repatriable (B)/buyer's
credit/overdraft/foreign bill discounting/export bill receivables
Apollo Tyres Ltd                        Proposed LT Bk     CRISIL AA+     3500    Reaffirmed
                                        Loan Fac
Apollo Tyres Ltd                        TL                 CRISIL AA+     3000    Reaffirmed
Apollo Tyres Ltd                        NCD                CRISIL         5000    Assigned
                                                           AA+/Stable
Apollo Tyres Ltd                        NCD                CRISIL         350     Reaffirmed
                                                           AA+/Stable
Apollo Tyres Ltd                        NCD                CRISIL         4500    Reaffirmed
                                                           AA+/Stable
Apollo Tyres Ltd                        NCD                CRISIL         3000    Reaffirmed
                                                           AA+/Stable
Baba Structural Pvt Ltd                 CC                 CRISIL BB-     150     Reaffirmed
Baba Structural Pvt Ltd                 Channel Financing  CRISIL BB-     50      Reaffirmed
Bargarh Rice Millers Consortium Pvt Ltd CC                 CRISIL BB-     50      Assigned
Bargarh Rice Millers Consortium Pvt Ltd Proposed LT Bk     CRISIL BB-     20      Assigned
                                        Loan Fac
Brij Rama Hospitality Pvt Ltd           Drop Line          CRISIL BB+     50      Assigned
                                        Overdraft Fac
Brij Rama Hospitality Pvt Ltd           Proposed FB Bk     CRISIL BB+     50      Assigned
                                        Limits
Jaycee Autofab Pvt Ltd                  WC Fac             CRISIL BBB-    15      Assigned
Jaycee Autofab Pvt Ltd                  CC                 CRISIL BBB-    100     Assigned
Kailash Healthcare Ltd                  CC                 CRISIL BBB+    350     Reaffirmed
Kailash Healthcare Ltd                  TL                 CRISIL BBB+    1290    Reaffirmed
Kailash Hospitals Ltd                   CC                 CRISIL BBB+    30      Reaffirmed
Kailash Hospitals Ltd                   TL                 CRISIL BBB+    80.5    Reaffirmed
Kailash Hospitals Ltd                   Proposed FB Bk     CRISIL BBB+    17.5    Reaffirmed
                                        Limits
KN Engineering Works Pvt Ltd            Foreign Bill       CRISIL BB      20      Assigned
                                        Discounting
KN Engineering Works Pvt Ltd            Export Packing     CRISIL BB      80      Assigned
                                        Credit
Motilal Oswal Real Estate (MORE)        India Reality      -              -       -
                                        Excellence Fund -IV
(CRISIL Fund Management Capability Level - 1 -  Renewed & Reaffirmed)
Odisha Generation Phase II Transmission Rupee TL*          -              9540    Withdrawn
Ltd
*Sublimit of letter of credit equivalent to 80% of the rupee term loan amount
Raghul Spinning Mills                   CC                 CRISIL BB-     60      Upgraded from
                                                                                  CRISIL
                                                                                  B+/Stable
Raghul Spinning Mills                   Proposed LT Bk     CRISIL BB-     8       Upgraded from
                                        Loan Fac                                  CRISIL
                                                                                  B+/Stable
Raghul Spinning Mills                   TL                 CRISIL BB-     19      Upgraded from
                                                                                  CRISIL
                                                                                  B+/Stable
Ravi Shankar Jaiswal                    CC                 CRISIL BB      11      Assigned
Southern Tropical Foods Pvt Ltd         Foreign Bill       CRISIL BBB-    450     Upgraded from
                                        Discounting                               CRISIL
                                                                                  BB+/Positive
Southern Tropical Foods Pvt Ltd         LT Loan            CRISIL BBB-    130     Upgraded from
                                                                                  CRISIL
                                                                                  BB+/Positive
Southern Tropical Foods Pvt Ltd         Proposed LT Bk     CRISIL BBB-    12.5    Upgraded from
                                        Loan Fac                                  CRISIL
                                                                                  BB+/Positive
Suven Life Sciences Ltd                 CC                 CRISIL A       310     -
(Continues on 'Rating Watch with Positive Implications')
Suven Life Sciences Ltd                 Standby FB Limits  CRISIL A       50      -
(Continues on 'Rating Watch with Positive Implications')
Suven Life Sciences Ltd                 WC Fac             CRISIL A       500     -
(Continues on 'Rating Watch with Positive Implications')
Tricolite Electrical Industries Ltd     CC                 CRISIL BB      70      -
(Migrated from 'CRISIL BB-/Stable ISSUER NOT COOPERATING')
Tricolite Electrical Industries Ltd     Proposed LT Bk     CRISIL BB      3       -
                                        Loan Fac
(Migrated from 'CRISIL BB-/Stable ISSUER NOT COOPERATING')
Tricolite Electrical Industries Ltd     TL                 CRISIL BB      52      -
(Migrated from 'CRISIL BB-/Stable 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@thomsonreuters.com)
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