November 8, 2019 / 5:29 AM / 4 months ago

CRISIL ratings for Indian debt instruments-Nov 8

   Nov 8 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of November 7, 2019.


COMPANY                                 INSTRUMENT         RATING        AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                  ----------         ------        -----   ---------
SHORT TERM RATINGS:
-------------------
Ashwin Corporation                      LOC                CRISIL A3      170     -
(Migrated from 'CRISIL A4+ Issuer Not Cooperative )
Ashwin Corporation                      Proposed LOC       CRISIL A3      130     -
(Migrated from 'CRISIL A4+ Issuer Not Cooperative )
Capricorn Food Products India Ltd       BG                 CRISIL A2      200     Reaffirmed
(Placed on 'Rating Watch with Negative implications')
Capricorn Food Products India Ltd       LOC                CRISIL A2      400     Reaffirmed
(Placed on 'Rating Watch with Negative implications')
Flash Distribution Pvt Ltd              BG                 CRISIL A3      430     Reaffirmed
JSW Vallabh Tinplate Pvt Ltd            BG                 CRISIL A3+     10      Reaffirmed
(Continues on 'Rating Watch with Developing Implications')
Jyoti Steel Industries                  LOC                CRISIL A4+     250     -
(Upgraded from 'CRISIL A4' )
Jyoti Steel Industries                  Post Shipment      CRISIL A4+     127.5   -
                                        Credit
(Upgraded from 'CRISIL A4' )
Leather Linkers Footwear Pvt Ltd        Bill Discounting   CRISIL A4+     20      Reaffirmed
Leather Linkers Footwear Pvt Ltd        Packing Credit     CRISIL A4+     40      Reaffirmed
Milo Tile LLP                           BG                 CRISIL A4+     12.8    Reaffirmed
P.K. Advertising Services Pvt Ltd       BG                 CRISIL A4+     20      Reaffirmed
Pratap Kundu                            BG                 CRISIL A4+     50      Reaffirmed
Sanghi Brothers (Indore) Pvt Ltd        BG                 CRISIL A4+     40      Reaffirmed
Sanghi Brothers (Indore) Pvt Ltd        LOC                CRISIL A4+     150     Reaffirmed
Saryu Properties and Hotels Pvt Ltd     LOC                CRISIL A4+     20      Reaffirmed
Scon Projects Pvt Ltd                   BG                 CRISIL A3+     150     Reaffirmed
Sogo Computers Pvt Ltd                  BG                 CRISIL A4+     10      -
(Upgraded from 'CRISIL A4' )
State Bank of India                     CDs Programme      CRISIL A1+     240000  Reaffirmed
State Bank of India                     CDs Programme*     CRISIL A1+     135000  Reaffirmed
*Transferred from State Bank of Bikaner and Jaipur, State Bank of Travancore, 
State Bank of Patiala, State Bank of Hyderabad, and State Bank of Mysore to 
State Bank of India (SBI) on their amalgamation with SBI with effect from April 1, 2017.

MEDIUM TERM RATINGS:
-------------------
State Bank of India                     FD Programme#      FAAA/Stable            Reaffirmed
#The rating pertains only to the fixed deposit programme of State Bank of Indore (SBoI),
 rated by CRISIL, which has been transferred to SBI following the merger of SBoI with SBI.

LONG TERM RATINGS:
-------------------
Andhra Pradesh State Financial          9.48% Bond Series  CRISIL B+      2000    -
Corporation                             V/2012
(Continues on 'Rating Watch with Negative Implications')
Andhra Pradesh State Financial          8.35% Bond Series  CRISIL B+      242     -
Corporation                             IV/2009
(Continues on 'Rating Watch with Negative Implications')
Andhra Pradesh State Financial          Bonds Series VII & CRISIL B+      2080    -
Corporation                             VIII/2014
(Continues on 'Rating Watch with Negative Implications')
Ashwin Corporation                      CC                 CRISIL BBB-    200     -
(Migrated from 'CRISIL BB+/Stable Issuer Not Cooperative )
Capricorn Food Products India Ltd       CC                 CRISIL BBB+    2150    Reaffirmed
(Placed on 'Rating Watch with Negative implications')
Capricorn Food Products India Ltd       Export Packing     CRISIL BBB+    400     Reaffirmed
                                        Credit
(Placed on 'Rating Watch with Negative implications')
Capricorn Food Products India Ltd       Foreign Bill       CRISIL BBB+    350     Reaffirmed
                                        Discounting
(Placed on 'Rating Watch with Negative implications')
Capricorn Food Products India Ltd       Proposed LT Bk     CRISIL BBB+    249.9   Reaffirmed
                                        Loan Fac
(Placed on 'Rating Watch with Negative implications')
Capricorn Food Products India Ltd       Standby Line of    CRISIL BBB+    50      Reaffirmed
                                        Credit
(Placed on 'Rating Watch with Negative implications')
Capricorn Food Products India Ltd       TL                 CRISIL BBB+    250.1   Reaffirmed
(Placed on 'Rating Watch with Negative implications')
Flash Distribution Pvt Ltd              CC                 CRISIL BBB-    100     Reaffirmed
Flash Distribution Pvt Ltd              Channel Financing  CRISIL BBB-    260     Reaffirmed
Haq Steels and Metaliks Ltd             CC                 CRISIL BBB     200     Reaffirmed
Hindustan Dall and Flour Mills          CC                 CRISIL BBB-    60      -
(Migrated from 'CRISIL BB+/Stable ISSUER NOT COOPERATING)
Hindustan Dall and Flour Mills          Proposed CC Limit  CRISIL BBB-    40      -
(Migrated from 'CRISIL BB+/Stable Issuer Not Cooperative )
Horizon Packs Pvt Ltd                   CC                 CRISIL A-      420     Reaffirmed
JSW Vallabh Tinplate Pvt Ltd            CC*                CRISIL BBB     390     Reaffirmed
(Continues on 'Rating Watch with Developing Implications,*Non-fund LC facility of Rs. 3 crore)
JSW Vallabh Tinplate Pvt Ltd            LT Loan            CRISIL BBB     805.1   Reaffirmed
(Continues on 'Rating Watch with Developing Implications')
JSW Vallabh Tinplate Pvt Ltd            Proposed LT Bk     CRISIL BBB     338.4   Reaffirmed
                                        Loan Fac
(Continues on 'Rating Watch with Developing Implications')
Jyoti Steel Industries                  CC                 CRISIL BB-     110     -
(Upgraded from 'CRISIL B+/Stable' )
Jyoti Steel Industries                  Corporate Loan     CRISIL BB-     30.3    -
(Upgraded from 'CRISIL B+/Stable' )
Jyoti Steel Industries                  LT Loan            CRISIL BB-     2.2     -
(Upgraded from 'CRISIL B+/Stable' )
Leather Linkers Footwear Pvt Ltd        TL                 CRISIL BB      5       Reaffirmed
Milo Tile LLP                           CC                 CRISIL BB-     80      Reaffirmed
Milo Tile LLP                           TL                 CRISIL BB-     32.2    Reaffirmed
Moon Diamonds                           Export Packing     CRISIL BB      170     -
                                        Credit

(ISSUER NOT COOPERATING; Migrated from 'CRISIL BBB-/Negative')
Moon Diamonds                           Proposed LT Bk     CRISIL BB      180     -
                                        Loan Fac
(ISSUER NOT COOPERATING; Migrated from 'CRISIL BBB-/Negative')
Orbit Bearings India Pvt Ltd.           Rating Advisory    -              -       -
(CRISIL vide its publication dated October 31, 2019 highlighted the aspect of 
non-co-operation by Orbit Bearings India Private Limited.)
P.K. Advertising Services Pvt Ltd       CC                 CRISIL BB-     100     Reaffirmed
Pratap Kundu                            CC                 CRISIL BB-     20      Reaffirmed
Sanghi Brothers (Indore) Pvt Ltd        CC                 CRISIL BB-     710     -
(Downgraded from 'CRISIL BB+/Stable)
Sanghi Brothers (Indore) Pvt Ltd        LT Loan            CRISIL BB-     90.4    -
(Downgraded from 'CRISIL BB+/Stable)
Sani Steels Corporation                 CC                 CRISIL BB-     65      Reaffirmed
Saryu Properties and Hotels Pvt Ltd     CC                 CRISIL BB+     50      Reaffirmed
Saryu Properties and Hotels Pvt Ltd     LT Loan            CRISIL BB+     370     Reaffirmed
Saryu Properties and Hotels Pvt Ltd     Overdraft          CRISIL BB+     55      Reaffirmed
Saryu Properties and Hotels Pvt Ltd     Proposed LT Bk     CRISIL BB+     50      Reaffirmed
                                        Loan Fac
Scon Projects Pvt Ltd                   CC                 CRISIL BBB     241.4   Reaffirmed
Shineshilpi Jewellers Pvt Ltd           CC                 CRISIL BB+     200     -
(ISSUER NOT COOPERATING; Migrated from 'CRISIL BBB-/Stable)
Sogo Computers Pvt Ltd                  CC                 CRISIL BB-     167     -
(Upgraded from 'CRISIL B+/Stable)
Sogo Computers Pvt Ltd                  Proposed FB Bk     CRISIL BB-     3       -
                                        Limits
(Upgraded from 'CRISIL B+/Stable)
Sri Raja Rajeshwara Cotton Industries   CC                 CRISIL BB-     100     Reaffirmed
(Migrated from 'CRISIL BB-/Stable Issuer Not Cooperative * )
State Bank of India                     Tier I Bonds       CRISIL         35000   Assigned
                                        (Under Basel III)  AA+/Stable
State Bank of India                     Tier I Bonds       CRISIL         35000   Reaffirmed
                                        (Under Basel III)  AA+/Stable
State Bank of India                     Tier-I Bond        CRISIL         171000  Reaffirmed
                                        Issue (Under Basel AA+/Stable
                                        III)
State Bank of India                     Tier-I Perpetual   CRISIL         1650    Withdrawn
                                        Bonds (Under Basel AAA/Stabe
                                        II)
State Bank of India                     Tier-II Bonds      CRISIL         50000   Reaffirmed
                                        (Under Basel III)  AAA/Stable
State Bank of India                     Tier-II Bond Issue CRISIL         20000   Reaffirmed
                                        (Under Basel III)  AAA/Stable
State Bank of India                     Upper Tier-II      CRISIL         100500  Reaffirmed
                                        Bonds (Under Basel AAA/Stable
                                        II)
State Bank of India                     Upper Tier-II      CRISIL         53400   Reaffirmed
                                        Bonds (Under       AAA/Stable
                                        Basel II)*
*Transferred from State Bank of Bikaner and Jaipur, State Bank of Travancore, 
State Bank of Patiala, State Bank of Hyderabad, and State Bank of Mysore to 
State Bank of India (SBI) on their amalgamation with SBI with effect from April 1, 2017.
State Bank of India                     Tier-I Perpetual   CRISIL         15450   Reaffirmed
                                        Bonds (Under       AAA/Stable
                                        Basel II)*
*Transferred from State Bank of Bikaner and Jaipur, State Bank of Travancore, 
State Bank of Patiala, State Bank of Hyderabad, and State Bank of Mysore to 
State Bank of India (SBI) on their amalgamation with SBI with effect from April 1, 2017.
State Bank of India                     Upper Tier-II      CRISIL         42500   Withdrawn
                                        Bonds (under Basel AAA/Stable
                                        II)
State Bank of India                     Tier-II Bonds      CRISIL         50000   Reaffirmed
                                        (Under Basel III)  AAA/Stable
State Bank of India                     Perpetual Tier-I   CRISIL         25500   Reaffirmed
                                        Bonds (under Basel AAA/Stable
                                        II)
State Bank of India                     Tier-II Bond Issue CRISIL         36100   Reaffirmed
                                        (Under Basel III)* AAA/Stable
*Transferred from State Bank of Bikaner and Jaipur, State Bank of Travancore, 
State Bank of Patiala, State Bank of Hyderabad, and State Bank of Mysore to 
State Bank of India (SBI) on their amalgamation with SBI with effect from April 1, 2017.
State Bank of India                     Lower Tier-II      CRISIL         183400  Reaffirmed
                                        Bonds (Under Basel AAA/Stable
                                        II)
State Bank of India                     Lower Tier-II      CRISIL         12500   Reaffirmed
                                        Bonds (Under Basel AAA/Stable
                                        II)*
*Transferred from State Bank of Bikaner and Jaipur, State Bank of Travancore, 
State Bank of Patiala, State Bank of Hyderabad, and State Bank of Mysore to 
State Bank of India (SBI) on their amalgamation with SBI with effect from April 1, 2017.
State Bank of India                     Tier-I Perpetual   CRISIL         25500   Reaffirmed
                                        Bonds (Under       AAA/Stable
                                        Basel II)
Sujitha Poultry Farm                    CC                 CRISIL B       50      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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