November 8, 2018 / 4:14 AM / 6 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 6, 2018.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                          (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Accurate Products Corporation Pvt Ltd   BG                 CRISIL A3+     7       Reaffirmed
Active Tools Pvt Ltd                    Packing Credit     CRISIL A4+     80      Reaffirmed
Asset Engineers Pvt Ltd                 BG                 CRISIL A4      5       Assigned

Avanse Financial Services Ltd           Rating Update      -              -
CRISIL's rating on Avanse Financial Services Limited (Avanse) is driven by expectation of
support from the Dewan group, whose flagship company is Dewan Housing Finance Corporation Ltd
(DHFL). Therefore, in the light of recent developments on liquidity front for DHFL, the rating
on Avanse will also be closely monitored. 

Dewan Housing Finance Corporation Ltd   Rating Update      -              -
CRISIL believes that DHFL's ability to raise resources from capital markets and traditional bank
lines will be important for managing current funding challenges and ensuring business growth.
Therefore, these will be the key monitorables and rating-sensitivity factors. CRISIL will
continue to cautiously monitor with specific focus on liquidity position, access to funds, and
developments on asset quality. 

ECL Finance Ltd                         CP Programme       CRISIL A1+     50000   Reaffirmed
ECL Finance Ltd                         CP Programme (IPO  CRISIL A1+     100000  Reaffirmed
                                        Financing)
ECL Finance Ltd                         ST Principal-      CRISIL PP-MLD  12000   Reaffirmed
                                        Protected Market-  A1+r
                                        Linked Debentures
Export Import Bank of India             ST CD Programme*   CRISIL A1+     98209.9 Reaffirmed
(Reduced from Rs.15651.95 Crore); *Amount outstanding under long-term and short-term
certificates of deposit programmes and commercial paper programme will not exceed Rs 9820.99
crore at any point in time
Export Import Bank of India             CP Programme*      CRISIL A1+     98209.9 Reaffirmed
(Reduced from Rs.15651.95 Crore); *Amount outstanding under long-term and short-term
certificates of deposit programmes and commercial paper programme will not exceed Rs 9820.99
crore at any point in time
IL Jin Electronics India Pvt Ltd        Sales Bill         CRISIL A2+     200
                                        Discounting*
Upgraded from 'CRISIL A2' ; *Sublimit - Cash credit of Rs 15 crore, buyer's credit of Rs 10
crore, working capital demand loan of Rs 15.0 crore and Purchase Bill Discounting- Rs 20 crore.
JWL Cold Store Pvt Ltd                  BG                 CRISIL A2+     70      Assigned
Maa Prabhabati Rice Mill                BG                 CRISIL A4      5       Reaffirmed
Mercury Travels Ltd                     BG                 CRISIL A3      15      Reaffirmed
Continues on 'Rating Watch with Developing Implications'
Nanma Properties Pvt Ltd                BG                 CRISIL A4+     20      Assigned
Nanma Properties Pvt Ltd                Overdraft          CRISIL A4+     300     Assigned
PICL (India) Pvt Ltd                    Non- FBL           CRISIL A2+     110     Reaffirmed
Pradeep Metals Ltd                      BG                 CRISIL A4+     30      Reaffirmed
Pradeep Metals Ltd                      Export Bill        CRISIL A4+     190     Reaffirmed
                                        Purchase
Pradeep Metals Ltd                      Foreign Exchange   CRISIL A4+     15.3    Reaffirmed
                                        Forward
Pradeep Metals Ltd                      Packing Credit in  CRISIL A4+     260     Reaffirmed
                                        Foreign Currency
Prime Ispat Ltd                         BG                 CRISIL A3      30      Reaffirmed
Ruksh Garments Pvt Ltd                  Packing Credit     CRISIL A4      25      Reaffirmed
Migrated from 'CRISIL A4 ISSUER NOT COOPERATING' to 'CRISIL D ISSUER NOT COOPERATING' and
Simultaneously Migrated to 'CRISIL A4 ISSUER NOT COOPERATING'
Ruksh Garments Pvt Ltd                  Sales Bill         CRISIL A4      20      Reaffirmed
                                        Discounting
Migrated from 'CRISIL A4 ISSUER NOT COOPERATING' to 'CRISIL D ISSUER NOT COOPERATING' and
Simultaneously Migrated to 'CRISIL A4 ISSUER NOT COOPERATING'
S. M. Shankarrao Mohite Patil S. S. K.  ST Loan            CRISIL A4      62.8    Reaffirmed
Ltd
Shiv Industries (Food) Pvt Ltd          BG                 CRISIL A4+     6.2     Reaffirmed
SIS Cash Services Pvt Ltd               BG                 CRISIL A2      250
Downgraded from 'CRISIL A2+'
SIS Prosegur Holdings Pvt Ltd           BG                 CRISIL A2      280     Reaffirmed
Vijay Kapoor Constructions              Proposed ST Bk     CRISIL A4+     22.5    Assigned
                                        Loan Fac
Vijay Kapoor Constructions              BG                 CRISIL A4+     7.5     Assigned
Yash Technologies Pvt Ltd               BG                 CRISIL A1      400
Assigned
Yash Technologies Pvt Ltd               LOC                CRISIL A1      350     Assigned
Aadhar Housing Finance Ltd              Rating Update      -              -
CRISIL's rating on Aadhar Housing Finance Ltd (Aadhar housing) is driven by expectation of
support from the Dewan group, whose flagship company is Dewan Housing Finance Corporation Ltd
(DHFL). Therefore, in the light of recent developments on liquidity front for DHFL, the rating
on Aadhar Housing will also be closely monitored.

LONG TERM RATINGS:
-------------------
Accurate Products Corporation Pvt Ltd   LT Loan            CRISIL BBB     62.3    Reaffirmed
Accurate Products Corporation Pvt Ltd   Proposed LT Bk     CRISIL BBB     45.7    Reaffirmed
                                        Loan Fac
Accurate Products Corporation Pvt Ltd   WC Fac             CRISIL BBB     85      Reaffirmed
Active Tools Pvt Ltd                    CC                 CRISIL BB      10
Upgraded from 'CRISIL BB-'
Annapurna Finance Pvt Ltd               LT Bk Fac          CRISIL A-      1000    Reaffirmed
Annapurna Finance Pvt Ltd               Proposed LT Bk     CRISIL A-      7500    Reaffirmed
                                        Loan Fac
Annapurna Finance Pvt Ltd               NCD                CRISIL A-      460     Assigned
Ashapura Agrocomm Pvt Ltd               CC                 CRISIL BB+     280     Reaffirmed
Ashapura Agrocomm Pvt Ltd               Overdraft          CRISIL BB+     37      Assigned
Asset Engineers Pvt Ltd                 TL                 CRISIL B+      37.6    Assigned
Asset Engineers Pvt Ltd                 Proposed WC Fac    CRISIL B+      13.2    Assigned
Asset Engineers Pvt Ltd                 Proposed LT Bk     CRISIL B+      29.2    Assigned
                                        Loan Fac
Asset Engineers Pvt Ltd                 CC                 CRISIL B+      10      Assigned
Dusters Total Solutions Services Pvt LtdCC                 CRISIL A-      600     Reaffirmed
ECL Finance Ltd                         CC**               CRISIL AA      25800   Reaffirmed
**Including working capital demand loan
ECL Finance Ltd                         LT Bk Fac          CRISIL AA      123550  Reaffirmed
ECL Finance Ltd                         Proposed LT Bk     CRISIL AA      650     Reaffirmed
                                        Loan Fac*
*Interchangeable with short term bank facilities
ECL Finance Ltd                         Retail Bond        CRISIL AA      20000   Assigned
ECL Finance Ltd                         NCD@               CRISIL AA      20000   Reaffirmed
@proposed public issue of retail NCDs
ECL Finance Ltd                         NCD                CRISIL AA      41300   Reaffirmed
ECL Finance Ltd                         Subordinated Debt  CRISIL AA      4000    Reaffirmed

ECL Finance Ltd                         LT Principal       CRISIL PP-MLD  3000    Assigned
                                        Protected Market   AAr
                                        Linked Debentures 
ECL Finance Ltd                         LT Principal       CRISIL PP-MLD  10000   Reaffirmed
                                        Protected Market   AAr
                                        Linked Debentures
ECL Finance Ltd                         Principal-         CRISIL PP-MLD  11900   Reaffirmed
                                        Protected Equity-  AAr
                                        Linked Debentures
ECL Finance Ltd                         Principal-         CRISIL PP-MLD  350     Reaffirmed
                                        Protected          AAr
                                        Commoptionally convertible debentureity- Linked
Debentures
Export Import Bank of India             Tier- 1 Bonds      CRISIL AA+     11000   Reaffirmed
                                        Under Basel III
Export Import Bank of India             Proposed LT Bk     CRISIL AAA     30000   Reaffirmed
                                        Loan Fac
Export Import Bank of India             Bonds Issue        CRISIL AAA     50000   Reaffirmed
Export Import Bank of India             Bonds Issue        CRISIL AAA     50000   Reaffirmed
Export Import Bank of India             Bonds              CRISIL AAA     455319  Reaffirmed
Export Import Bank of India             LT CD Programme*   CRISIL AAA     98209.9 Reaffirmed
(Reduced from Rs.15651.95 Crore); *Amount outstanding under long-term and short-term
certificates of deposit programmes and commercial paper programme will not exceed Rs 9820.99
crore at any point in time

Export Import Bank of India             Term Deposit       FAAA                   Reaffirmed
                                        Programme
HCY Industrial Parks Pvt Ltd            Lease Rental       CRISIL         787.5   Reaffirmed
                                        Discounting (LRD)  AA-(SO)#
                                        Loan*
#The structured obligation (SO) rating continues as the LRD loan has a debt service reserve
account and an escrow mechanism; *IndoSpace FWS Industrial Park Pvt Ltd, HCY Warehousing Pvt
Ltd, and HCY Industrial Parks Pvt Ltd jointly and severally hold the total lease renting
discounting (LRD) loan of Rs 78.75 crore.

IL Jin Electronics India Pvt Ltd        LT Loan            CRISIL A-      300
Upgraded from 'CRISIL BBB+'
JWL Cold Store Pvt Ltd                  CC                 CRISIL A-      20      Reaffirmed
JWL Cold Store Pvt Ltd                  Drop Line          CRISIL A-      7.5     Reaffirmed
                                        Overdraft Fac
JWL Cold Store Pvt Ltd                  TL                 CRISIL A-      356.8   Reaffirmed
Maa Prabhabati Rice Mill                CC                 CRISIL B       9       Reaffirmed
Maa Prabhabati Rice Mill                TL                 CRISIL B       58      Reaffirmed
Madhav Copper Ltd                       CC                 CRISIL BB+     80      Reaffirmed
Madhav Copper Ltd                       TL                 CRISIL BB+     15      Reaffirmed
Mercury Travels Ltd                     CC                 CRISIL BBB-    260     Reaffirmed
Continues on 'Rating Watch with Developing Implications'
Monga Iron & Steel Pvt. Ltd.            CC                 CRISIL D       60
Downgraded from CRISIL B- ; Issuer Not Cooperating
Monga Iron & Steel Pvt. Ltd.            Proposed LT Bk     CRISIL D       60
                                        Loan Fac
Downgraded from CRISIL B- ; Issuer Not Cooperating
Nanma Properties Pvt Ltd                CC                 CRISIL BB+     100     Reaffirmed
Padmavathi Cotton Industries            TL                 CRISIL BB-     57.9    Assigned
Padmavathi Cotton Industries            CC                 CRISIL BB-     45      Assigned
Padmavathi Cotton Industries            Proposed CC Limit  CRISIL BB-     7.1     Assigned
PICL (India) Pvt Ltd                    FB Fac             CRISIL A-      385     Reaffirmed
PICL (India) Pvt Ltd                    TL                 CRISIL A-      110     Reaffirmed
Pradeep Metals Ltd                      CC                 CRISIL BB+     125     Reaffirmed
Outlook revised from 'Negative' and rating reaffirmed
Pradeep Metals Ltd                      LT Loan            CRISIL BB+     339.7   Reaffirmed
Outlook revised from 'Negative' and rating reaffirmed
Prime Ispat Ltd                         CC                 CRISIL BBB-    380     Reaffirmed
Prime Ispat Ltd                         Proposed LT Bk     CRISIL BBB-    57      Reaffirmed
                                        Loan Fac
Prime Ispat Ltd                         TL                 CRISIL BBB-    133     Assigned
PVR Ltd                                 LT Loan            CRISIL AA-     4233.3  Reaffirmed
PVR Ltd                                 WC Fac             CRISIL AA-     250     Reaffirmed
PVR Ltd                                 NCDs               CRISIL AA-     6850    Reaffirmed
Ruksh Garments Pvt Ltd                  Proposed FB Bk     CRISIL B-      6       Reaffirmed
                                        Limits
Migrated from 'CRISIL B- ISSUER NOT COOPERATING' to 'CRISIL D ISSUER NOT COOPERATING' and
Simultaneously Migrated to 'CRISIL B- ISSUER NOT COOPERATING'
Ruksh Garments Pvt Ltd                  TL                 CRISIL B-      49      Reaffirmed
Migrated from 'CRISIL B- ISSUER NOT COOPERATING' to 'CRISIL D ISSUER NOT COOPERATING' and
Simultaneously Migrated to 'CRISIL B- ISSUER NOT COOPERATING'
S K Timbers                             CC                 CRISIL B+      80      Assigned
S. M. Shankarrao Mohite Patil S. S. K.  Bill Discounting   CRISIL C       224.7
Ltd
Downgraded from 'CRISIL B-'
S. M. Shankarrao Mohite Patil S. S. K.  LT Loan            CRISIL C       310.4
Ltd
Downgraded from 'CRISIL B-'
S. M. Shankarrao Mohite Patil S. S. K.  Medium TL          CRISIL C       364.8
Ltd
Downgraded from 'CRISIL B-'
S. M. Shankarrao Mohite Patil S. S. K.  Proposed LT Bk     CRISIL C       37.3
Ltd                                     Loan Fac
Downgraded from 'CRISIL B-'
S. M. Shankarrao Mohite Patil S. S. K.  Sugar Pledge CC    CRISIL C       3000
Ltd
Downgraded from 'CRISIL B-'
Sanwariyaji Synthetics                  CC                 CRISIL BBB-    180     Reaffirmed
Sanwariyaji Synthetics                  TL                 CRISIL BBB-    63.1    Reaffirmed
Sanwariyaji Texfab Industries Ltd       CC                 CRISIL BBB-    67.5    Reaffirmed
Sanwariyaji Texfab Industries Ltd       TL                 CRISIL BBB-    45      Reaffirmed
Service Master Clean Ltd                CC                 CRISIL A-      330     Reaffirmed
Shiv Industries (Food) Pvt Ltd          CC                 CRISIL BB      50      Reaffirmed
Shiv Industries (Food) Pvt Ltd          Proposed LT Bk     CRISIL BB      91.8    Reaffirmed
                                        Loan Fac
Shiv Industries (Food) Pvt Ltd          TL                 CRISIL BB      2       Reaffirmed
Shiv Shakti Industries Pvt Ltd          CC                 CRISIL BB      101.7   Assigned
Shiv Shakti Industries Pvt Ltd          TL                 CRISIL BB      4.6     Assigned
Shri Paharimata Cold Storage Pvt Ltd    CC                 CRISIL B-      50      Reaffirmed
Shri Paharimata Cold Storage Pvt Ltd    Proposed LT Bk     CRISIL B-      7       Reaffirmed
                                        Loan Fac
Shri Paharimata Cold Storage Pvt Ltd    Rupee TL           CRISIL B-      19      Reaffirmed
SIS Cash Services Pvt Ltd               CC                 CRISIL BBB+    150
Downgraded from 'CRISIL A-'
SIS Prosegur Holdings Pvt Ltd           CC                 CRISIL BBB+    400     Reaffirmed
SRS Thermax Ltd                         CC                 CRISIL D       20
Downgraded from 'CRISIL B'
SRS Thermax Ltd                         TL                 CRISIL D       50
Downgraded from 'CRISIL B'
Tech Sis Ltd                            CC                 CRISIL BBB+    50      Reaffirmed
Tech Sis Ltd                            Proposed LT Bk     CRISIL BBB+    60      Reaffirmed
                                        Loan Fac
Tech Sis Ltd                            TL                 CRISIL BBB+    140     Reaffirmed
Vijay Kapoor Constructions              CC                 CRISIL BB-     40      Assigned
Viva Books Pvt Ltd                      CC                 CRISIL BBB-    260     Reaffirmed
Yash Technologies Pvt Ltd               External           CRISIL A       1500    Assigned
                                        Commercial
                                        Borrowings
--------------------------------------------------------------------------------------------
$: 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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