October 16, 2019 / 9:07 AM / a month ago

CRISIL ratings for Indian debt instruments-Oct 16

    Oct 16 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of October 15, 2019.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Brisk India Pvt Ltd                     BG                 CRISIL A4+     110     Migrated from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Bhagwati Power and Steel Ltd            CC                 -              170     Withdrawn
(ISSUER NOT COOPERATING*; Migrated from 'CRISIL A3+'; Rating Withdrawn)
Bhagwati Power and Steel Ltd            LOC                -              200     Withdrawn
(ISSUER NOT COOPERATING*; Migrated from 'CRISIL A3+'; Rating Withdrawn)
Bhagwati Power and Steel Ltd            Proposed LT Bk     -              39.5    Withdrawn
                                        Loan Fac
(ISSUER NOT COOPERATING*; Migrated from 'CRISIL A3+'; Rating Withdrawn)
Bhagwati Power and Steel Ltd            TL                 -              175.5   Withdrawn
(ISSUER NOT COOPERATING*; Migrated from 'CRISIL A3+'; Rating Withdrawn)
Bhagwati Power and Steel Ltd            WC Demand Loan     -              65      Withdrawn
(ISSUER NOT COOPERATING*; Migrated from 'CRISIL A3+'; Rating Withdrawn)
BSR Infratech India Ltd                 BG*                CRISIL A2+    5850    Reaffirmed
* Includes sub-limit in the form of Cash Credit, WCDL and Overdraft facility worth Rs.35 crores
Chavan Motors Division India Pvt Ltd    BG                 CRISIL A4+     20      Reaffirmed
Creative Business Associates            BG                 CRISIL A4+     40      Reaffirmed
Ganga Kaveri Seeds Pvt Ltd              BG                 CRISIL A3      175     Migrated from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Megha Plast Pvt Ltd                     LOC                CRISIL D       30      Downgraded
                                                                                  from 'CRISIL
                                                                                  A4
N I Engineering Technologies Pvt Ltd    BG                 CRISIL A4      40      Reaffirmed
S. Ganesh and Nagendra Co               Foreign LOC        CRISIL D       45      Downgraded
                                                                                  from 'CRISIL
                                                                                  A4
Padmavahini Transformers Pvt Ltd        BG                 CRISIL A4      2       Reaffirmed
Padmavahini Transformers Pvt Ltd        Inland/Import LOC  CRISIL A4      3       Reaffirmed
R D Industries                          Buyer`s Credit     CRISIL A4+     40      Assigned
Rockeira Engineering LLP                BG                 CRISIL A4+     305     Reaffirmed
Shri Shyamjee Agro Industries           Proposed NFBL      CRISIL A4      48.1    Assigned
Shri Shyamjee Agro Industries           Overdraft          CRISIL A4      4.4     Assigned
Shri Shyamjee Agro Industries           BG                 CRISIL A4      27.5    Assigned
TNS Heavy Engineering Pvt Ltd           BG                 CRISIL A4+     29.5    Reaffirmed
VeeGee Industrial Enterprises Pvt Ltd   BG                 CRISIL A3+     174.5   Reaffirmed
VeeGee Industrial Enterprises Pvt Ltd   LOC                CRISIL A3+     100     Reaffirmed


LONG TERM RATINGS:
-------------------
Amalorpavam Educational Welfare Society Ratings            -              -       -
CRISIL is yet to receive adequate information to enable it to undertake a rating review.
Ampo Valves India Pvt Ltd               Ratings            -              -       -
CRISIL is yet to receive adequate information to enable it to undertake a rating review.
Ashro Textiles Pvt Ltd                  CC                 CRISIL D       20      Downgraded
                                                                                  from 'CRISIL
                                                                                  B/Stable'
Ashro Textiles Pvt Ltd                  LT Loan            CRISIL D       23      Downgraded
                                                                                  from 'CRISIL
                                                                                  B/Stable'
Ashro Textiles Pvt Ltd                  Proposed FB Bk     CRISIL D       17      Downgraded
                                        Limits                                    from 'CRISIL
                                                                                  B/Stable'
Ashro Textiles Pvt Ltd                  WC TL              CRISIL D       10      Downgraded
                                                                                  from 'CRISIL
                                                                                  B/Stable'
Bagga Luxury Motorcars LLP              CC                 CRISIL D       100     Downgraded
                                                                                  from 'CRISIL
                                                                                  B+/Stable'
Barnala Steel Industries - Ludhiana     CC                 CRISIL BB-     110     Reaffirmed
Belstar Investment and Finance Pvt Ltd  Series A PTCs      CRISIL A+ (SO) 860.2   -
- Northern Arc 2019 MFI Kodaira
(Converted from Provisional Rating to Final Rating)
Belstar Investment and Finance Pvt Ltd  Series A PTCs      CRISIL A+ (SO) 860.2   -
- Northern Arc 2019 MFI Kodaira
(Converted from Provisional Rating to Final Rating)
Brisk India Pvt Ltd                     CC                 CRISIL BB      50      Migrated from
                                                                                  CRISIL
                                                                                  BB/Stable
(Issuer Not Cooperating)
BSR Infratech India Ltd                 Overdraft          CRISIL A-      1150    Reaffirmed
BSR Infratech India Ltd                 Proposed WC Fac    CRISIL A-      500     Reaffirmed
Reaffirmed
BSR Infratech India Ltd                 Proposed BG        CRISIL A-      1500    Reaffirmed
Reaffirmed
Chavan Motors Division India Pvt Ltd    CC                 CRISIL BB-     65      Downgraded
                                                                                  from 'CRISIL
                                                                                  BB/Stable'
Chavan Motors Division India Pvt Ltd    Rupee TL           CRISIL BB-     20      Downgraded
                                                                                  from 'CRISIL
                                                                                  BB/Stable'
Chhattisgarh Hydro Power LLP            Ratings            -              -       -
CRISIL is yet to receive adequate information to enable it to undertake a rating review.
Creative Business Associates            CC                 CRISIL BB      10      Reaffirmed
Creative Business Associates            Proposed BG        CRISIL BB      30      Reaffirmed
Creative Business Associates            Proposed CC Limit  CRISIL BB      20      Reaffirmed
Crescent Chemicals                      Ratings            -              -       -
CRISIL is yet to receive adequate information to enable it to undertake a rating review.
Crescent Organics Pvt Ltd               Ratings            -              -       -
CRISIL is yet to receive adequate information to enable it to undertake a rating review.
Diamond Footcare Udyog Pvt Ltd          Ratings            -              -       -
CRISIL is yet to receive adequate information to enable it to undertake a rating review.
Featherlite Buildcon Pvt Ltd            Proposed LT Bk     CRISIL D       0.6     Downgraded
                                        Loan Fac                                  from 'CRISIL
                                                                                  B+/Stable'
Featherlite Buildcon Pvt Ltd            TL                 CRISIL D       119.4   Downgraded
                                                                                  from 'CRISIL
                                                                                  B+/Stable'
Ganga Kaveri Seeds Pvt Ltd              CC                 CRISIL BBB-    460     Migrated from
                                                                                  CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Ganga Kaveri Seeds Pvt Ltd              Proposed LT Bk     CRISIL BBB-    235     Migrated from
                                        Loan Fac                                  CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Goaltore Cold Storage Pvt Ltd           CC                 CRISIL B       60      Upgraded from
                                                                                  CRISIL
                                                                                  B-/Stable
Goaltore Cold Storage Pvt Ltd           Proposed CC Limit  CRISIL B       40      Upgraded from
                                                                                  CRISIL
                                                                                  B-/Stable
Goaltore Cold Storage Pvt Ltd           WC Demand Loan     CRISIL B       10      Upgraded from
                                                                                  CRISIL
                                                                                  B-/Stable
Huhtamaki Foodservice Packaging India   CC                 CRISIL BBB-    170     Reaffirmed
Pvt Ltd
Huhtamaki Foodservice Packaging India   LT Loan            CRISIL BBB-    130     Reaffirmed
Pvt Ltd
Imperial Merchants Pvt Ltd              Ratings            -              -       -
CRISIL is yet to receive adequate information to enable it to undertake a rating review.
Kamalakanta Cold Storage Pvt Ltd        CC                 CRISIL B       70.7    Reaffirmed
Kamalakanta Cold Storage Pvt Ltd        Proposed FB Bk     CRISIL B       1.9     Reaffirmed
                                        Limits
Kamalakanta Cold Storage Pvt Ltd        TL                 CRISIL B       13.5    Reaffirmed
Kamalakanta Cold Storage Pvt Ltd        WC Fac             CRISIL B       13.9    Reaffirmed
L.G. Agro Industries                    CC                 CRISIL         150     Upgraded from
                                                           BB/Stable              CRISIL
                                                                                  BB-/Stable
Le Merite Exports Ltd                   Export Packing     CRISIL BB      200     Reaffirmed
                                        Credit
Le Merite Exports Ltd                   Proposed FB Bk     CRISIL BB      150     Reaffirmed
                                        Limits
Megha Plast Pvt Ltd                     CC                 CRISIL D       70      Downgraded
                                                                                  from 'CRISIL
                                                                                  B+/Stable'
N I Engineering Technologies Pvt Ltd    Open CC            CRISIL B+      55      Reaffirmed
N I Engineering Technologies Pvt Ltd    Proposed LT Bk     CRISIL B+      5       Reaffirmed
                                        Loan Fac
Nikita Industries Pvt Ltd               CC                 CRISIL BB      6       Upgraded from
                                                                                  CRISIL
                                                                                  BB-/Stable'
Nikita Industries Pvt Ltd               Proposed LT Bk     CRISIL BB      88      Upgraded from
                                        Loan Fac                                  CRISIL
                                                                                  BB-/Stable'
Nikita Industries Pvt Ltd               TL                 CRISIL BB      6       Upgraded from
                                                                                  CRISIL
                                                                                  BB-/Stable'
Padmavahini Transformers Pvt Ltd        CC                 CRISIL B+      47.5    Upgraded from
                                                                                  CRISIL
                                                                                  B/Stable'
Padmavahini Transformers Pvt Ltd        WC Demand Loan     CRISIL B+      7.5     Upgraded from
                                                                                  CRISIL
                                                                                  B/Stable'
Pulimoottil Silks and Apparel Pvt Ltd   Ratings            -              -       -
CRISIL is yet to receive adequate information to enable it to undertake a rating review.
R D Industries                          Proposed LT Bk     CRISIL BB+     30      Assigned
                                        Loan Fac
R D Industries                          LT Loan            CRISIL BB+     60      Assigned
R D Industries                          CC                 CRISIL BB+     20      Assigned
RA Fashions Pvt Ltd                     CC                 CRISIL D       25      Downgraded
                                                                                  from 'CRISIL
                                                                                  B/Stable'
RA Fashions Pvt Ltd                     LT Loan            CRISIL D       19.1    Downgraded
                                                                                  from 'CRISIL
                                                                                  B/Stable'
RA Fashions Pvt Ltd                     WC TL              CRISIL D       25.9    Downgraded
                                                                                  from 'CRISIL
                                                                                  B/Stable'
Ranju Automobiles Pvt Ltd               CC                 CRISIL D       110     Downgraded
                                                                                  from 'CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Rockeira Engineering LLP                CC                 CRISIL BB+     20      Reaffirmed
Rockeira Engineering LLP                Proposed LT Bk     CRISIL BB+     275     Reaffirmed
                                        Loan Fac
Rockeira Engineering LLP                Overdraft          CRISIL BB+     100     Reaffirmed
Roysons Ceramics Pvt Ltd                CC                 CRISIL D       33.5    Downgraded
                                                                                  from 'CRISIL
                                                                                  B/Stable
(Issuer Not Cooperating)
Roysons Ceramics Pvt Ltd                TL                 CRISIL D       125     Downgraded
                                                                                  from 'CRISIL
                                                                                  B/Stable
(Issuer Not Cooperating)
S. Ganesh and Nagendra Co               Overdraft          CRISIL D       25      Downgraded
                                                                                  from CRISIL
                                                                                  B+/Stable'
S. Ganesh and Nagendra Co               Proposed LT Bk     CRISIL D       10      Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  B+/Stable'
S. R. V. Knits Exports                  Ratings            -              -       -
CRISIL is yet to receive adequate information to enable it to undertake a rating review.
Sai Projects (Mumbai) Pvt Ltd           BG                 -              165     Withdrawn
(Issuer Not Cooperating)
Sai Projects (Mumbai) Pvt Ltd           Overdraft          -              10      Withdrawn
(Issuer Not Cooperating)
Shri Shyamjee Agro Industries           CC                 CRISIL B+      20      Assigned
Strawberry Constructions Pvt Ltd        TL                 CRISIL BB      900     Reaffirmed
TNS Heavy Engineering Pvt Ltd           CC                 CRISIL BB      80      Upgraded from
                                                                                  CRISIL
                                                                                  BB-/Stable'
TNS Heavy Engineering Pvt Ltd           Proposed BG        CRISIL BB      0.5     Upgraded from
                                                                                  CRISIL
                                                                                  BB-/Stable'
Ujjawal Sawera Samiti                   Proposed LT Bk     CRISIL B+      10      Assigned
                                        Loan Fac
(Suspension Revoked)
Uma Ispat Ltd                           CC                 -              6       Withdrawn
(ISSUER NOT COOPERATING; Migrated from 'CRISIL BBB-/Stable'; Rating Withdrawn)
Uma Ispat Ltd                           Electronic Dealer  -              117     Withdrawn
                                        Financing
                                        Scheme(e-DFS)
(ISSUER NOT COOPERATING; Migrated from 'CRISIL BBB-/Stable'; Rating Withdrawn)
Uma Ispat Ltd                           Proposed LT Bk     -              90.5    Withdrawn
                                        Loan Fac
(ISSUER NOT COOPERATING; Migrated from 'CRISIL BBB-/Stable'; Rating Withdrawn)
VEE GEE Auto Components Pvt Ltd         LT Loan            CRISIL BB+     385.6   Reaffirmed
VEE GEE Auto Components Pvt Ltd         WC Demand Loan     CRISIL BB+     100     Reaffirmed
VeeGee Industrial Enterprises Pvt Ltd   Bill Discounting   CRISIL BBB     750     Reaffirmed
VeeGee Industrial Enterprises Pvt Ltd   CC                 CRISIL BBB     450     Reaffirmed
VeeGee Industrial Enterprises Pvt Ltd   LT Loan            CRISIL BBB     934.9   Reaffirmed
VeeGee Industrial Enterprises Pvt Ltd   Proposed FB Bk     CRISIL BBB     4.9     Reaffirmed
                                        Limits
VeeGee Industrial Enterprises Pvt Ltd   WC Demand Loan     CRISIL BBB     300     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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