October 25, 2019 / 11:04 AM / 19 days ago

CRISIL ratings for Indian debt instruments-Oct 25

Oct 25 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of October 24, 2019.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Aquarius Engineers Pvt Ltd              LOC & BG           CRISIL A4+     40      -
AR Constructions                        BG                 CRISIL A4      40      -
(Issuer not cooperating)
Arjav Diamonds                          Post Shipment      CRISIL A4+     32.5    Reaffirmed
                                        Credit
Baker Gauges India Pvt Ltd              BG                 CRISIL A4+     20      -
(Issuer not cooperating); Migrated from CRISIL A3
Baker Gauges India Pvt Ltd              Capex LOC          CRISIL A4+     5.5     -
(Issuer not cooperating); Migrated from CRISIL A3
Banaskantha District Co-Operative Milk  ST Loan            CRISIL A1+     2250    Reaffirmed
Producers Union Ltd
Bindaas Foods Pvt Ltd                   Packing Credit in  CRISIL A4+     225     Reaffirmed
                                        Foreign Currency
Borkar Trading Company Pvt Ltd          Overdraft          CRISIL A4+     58.6    Assigned
Capital Electech Pvt Ltd                BG                 CRISIL A4+     640     Reaffirmed
Migrated from CRISIL A4+ (Issuer not cooperating)
Ceigall India Ltd                       BG                 CRISIL A3+     1280    Reaffirmed
Ceigall India Ltd                       Proposed BG        CRISIL A3+     1000    Reaffirmed
Cotmac Electronics Pvt Ltd              BG                 CRISIL A2      60
Placed on Rating Watch with Negative Implications
Cotmac Electronics Pvt Ltd              Bill Discounting   CRISIL A2      30      -
                                        under LOC
Placed on Rating Watch with Negative Implications
D. V. Pawar                             BG                 CRISIL A4+     24      Reaffirmed
Danieli India Ltd                       BG                 CRISIL A2      3450    Withdrawn
Danieli India Ltd                       BG%                CRISIL A2      1100    Withdrawn
%interchangeable with letter of credit upto Rs 20 crore, WDCL facility upto Rs 100 crore and
Packing credit facility upto Rs 40 crore
Danieli India Ltd                       BG*                CRISIL A2      1130    Withdrawn
*fully interchangeable between bank guarantee and Letter of credit
Danieli India Ltd                       BG^                CRISIL A2      750     Withdrawn
^interchangeable with letter of credit and upto Rs 50 crore with WDCL facility
Danieli India Ltd                       LOC*               CRISIL A2      450     Withdrawn
*fully interchangeable between bank guarantee and Letter of credit
Dayal Fertilizers Pvt Ltd               BG                 CRISIL A2      2.5     Reaffirmed
Dayal Fertilizers Pvt Ltd               LOC                CRISIL A2      15      Reaffirmed
DVP Infra Projects Pvt Ltd              BG                 CRISIL A4+     80      Reaffirmed
Eric Infrastructure                     BG                 CRISIL A4+     109.5
Upgraded from CRISIL A4
Flotek Engineering Services             BG                 CRISILA4+      18      -
Rating Reaffirmed and Withdrawn
Flotek Engineering Services             CC                 CRISILA4+      40      -
Rating Reaffirmed and Withdrawn
General Industrial Controls Pvt Ltd     BG                 CRISIL A3+     13      Reaffirmed
General Industrial Controls Pvt Ltd     Capex LOC          CRISIL A3+     20      Reaffirmed
General Industrial Controls Pvt Ltd     Import LOC Limit   CRISIL A3+     17.5    Reaffirmed
General Industrial Controls Pvt Ltd     Overdraft          CRISIL A3+     130     Reaffirmed
Gepong                                  BG                 CRISIL A4      50
(Issuer not cooperating);  Revised from CRISIL A4+
Himangi Foods Pvt Ltd                   BG                 CRISIL A4      40      -
(Issuer not cooperating);  Revised from CRISIL A4+
International Panaacea Ltd              BG                 CRISIL A4+     25      Reaffirmed
Jaidhar Constructions                   BG                 CRISIL A4      8       -
(Issuer not cooperating)
Ksheeraabd Constructions Pvt Ltd        BG                 CRISIL A4      600     -
Migrated from CRISIL A4+ (Issuer not cooperating)
Ksheeraabd Constructions Pvt Ltd        Proposed ST Bk     CRISIL A4      200     -
                                        Loan Fac
Migrated from CRISIL A4+ (Issuer not cooperating)
Laljee Godhoo and Co.                   Overdraft          CRISIL A3+     100     Assigned
Mahadhan Seeds Pvt Ltd                  BG                 CRISIL A4      10      Reaffirmed
Mahathi Infra Services Pvt Ltd          BG                 CRISIL A4      50      -
(Issuer not cooperating);  Revised from CRISIL A4+
Midas Agro Foods Pvt Ltd                Packing Credit in  CRISIL A4+     160     Reaffirmed
                                        Foreign Currency
Nandan Denim Ltd                        BG                 CRISIL A4+     23.5    -
(Issuer not cooperating);  Revised from CRISIL A3+
Nandan Denim Ltd                        LOC                CRISIL A4+     158.5   -
(Issuer not cooperating);  Revised from CRISIL A3+
Nikita Papers Ltd                       LOC                CRISIL A3      70      Reaffirmed
Polo Queen Industrial and Fintech Ltd   BG                 CRISIL A4+     7.5     Reaffirmed
Prakash Ferrous Industries Pvt Ltd      BG                 CRISIL A3+     10      -
Prakash Ferrous Industries Pvt Ltd      Import LOC Limit   CRISIL A3+     36      -
Prakash Ferrous Industries Pvt Ltd      LOC                CRISIL A3+     274     -
Putzmeister India Pvt Ltd               BG                 CRISIL A4+     10      Reaffirmed
Putzmeister India Pvt Ltd               LOC                CRISIL A4+     22.5    Reaffirmed
R B A Exports Pvt Ltd                   BG                 CRISIL A3+     30      -
Upgraded from CRISIL A3
R B A Exports Pvt Ltd                   LOC                CRISIL A3+     40      -
Upgraded from CRISIL A3
R B A Exports Pvt Ltd                   Packing Credit     CRISIL A3+     260.8   -
Upgraded from CRISIL A3
Raj Exports                             Packing Credit     CRISIL A3+     400     Assigned
Raj Exports                             LOC                CRISIL A3+     10      Assigned

S V Constructions                       BG                 CRISIL A4+     65      Assigned
Shapoorji Pallonji Finance Pvt Ltd      CP                 CRISIL A1+     5000    -
Sicagen India Ltd                       BG                 CRISIL A4      80      -
(Issuer not cooperating); Migrated from CRISIL A4+
Sicagen India Ltd                       Channel Financing  CRISIL A4      320     -
(Issuer not cooperating); Migrated from CRISIL A4+
Sri Jayajothi and Company Pvt Ltd       LOC                CRISIL A4      63.5    -
(Issuer not cooperating);  Revised from CRISIL A4+
Sunita Natural Forest Product Pvt Ltd   BG                 CRISIL A4      50      Reaffirmed
Tata Capital Ltd                        CP                 CRISIL A1+     20000   Reaffirmed
Vinay Corporation                       Inland/Import LOC  CRISIL A4+     20      -
(Issuer not cooperating); Rating Migrated

LONG TERM RATINGS:
-------------------
Aquarius Engineers Pvt Ltd              CC                 CRISIL         120     -
                                                           BB+/Stable
Aquarius Engineers Pvt Ltd              TL                 CRISIL         31      Reaffirmed
                                                           BB+/Stable
AR Constructions                        CC                 CRISIL         25      -
                                                           B+/Stable
(Issuer not cooperating)
AR Constructions                        Proposed LT Bk     CRISIL         35      -
                                        Loan Fac           B+/Stable
(Issuer not cooperating)
Arjav Diamonds                          CC                 CRISIL         82.5    Reaffirmed
                                                           BB/Stable
Bajrang Cotex                           CC                 CRISIL         45      Reaffirmed
                                                           B+/Stable
Bajrang Cotex                           TL                 CRISIL         12.4    Reaffirmed
                                                           B+/Stable
Baker Gauges India Pvt Ltd              CC                 CRISIL         80      -
                                                           BB+/Stable
(Issuer not cooperating); Migrated from CRISIL BBB-/Stable
Baker Gauges India Pvt Ltd              Rupee TL           CRISIL         57.7    -
                                                           BB+/Stable
(Issuer not cooperating); Migrated from CRISIL BBB-/Stable
Baker Gauges India Pvt Ltd              WC Fac             CRISIL         16.8    -
                                                           BB+/Stable
(Issuer not cooperating); Migrated from CRISIL BBB-/Stable
Banaskantha District Co-Operative Milk  CC*                CRISIL         2000    Reaffirmed
Producers Union Ltd                                        AA+/Stable
* Cash credit is interchangeable with short-term loan
Banaskantha District Co-Operative Milk  LT Loan            CRISIL         2680    Reaffirmed
Producers Union Ltd                                        AA+/Stable
Banaskantha District Co-Operative Milk  Proposed LT Bk     CRISIL         1070    Reaffirmed
Producers Union Ltd                     Loan Fac           AA+/Stable
Bindaas Foods Pvt Ltd                   CC                 CRISIL         81      Reaffirmed
                                                           BB+/Stable
Borkar Trading Company Pvt Ltd          TL                 CRISIL         90.6    Assigned
                                                           BB/Stable
Borkar Trading Company Pvt Ltd          CC                 CRISIL         215     Assigned
                                                           BB/Stable
Capital Electech Pvt Ltd                CC                 CRISIL         10      -
                                                           BB+/Stable
Migrated from CRISIL BB/Stable (Issuer not cooperating)
Ceigall India Ltd                       CC                 CRISIL         110     Reaffirmed
                                                           BBB/Stable
Cotmac Electronics Pvt Ltd              CC                 CRISIL BBB+    250     -
Placed on Rating Watch with Negative Implications
Cotmac Electronics Pvt Ltd              Channel Financing  CRISIL BBB+    18.1    -
Placed on Rating Watch with Negative Implications
Cotmac Electronics Pvt Ltd              Proposed WC Fac    CRISIL BBB+    80      -
Placed on Rating Watch with Negative Implications
D. V. Pawar                             CC                 CRISIL         64.5    Reaffirmed
                                                           BB+/Stable
D. V. Pawar                             Proposed LT Bk     CRISIL         61.5    Reaffirmed
                                        Loan Fac           BB+/Stable
Danieli India Ltd                       CC                 CRISIL         350     Withdrawn
                                                           BBB+/Positive
Danieli India Ltd                       CC@                CRISIL         400     Withdrawn
                                                           BBB+/Positive
@includes corporate card facility of Rs 1.4 crores
Danieli India Ltd                       Overdraft#         CRISIL         1500    Withdrawn
                                                           BBB+/Positive
#fully interchangeable with Bill discounting, PCFC, Export Bill Purchased, Buyer's Credit &
Invoice financing
Danieli India Ltd                       Proposed LT Bk     CRISIL         70      Withdrawn
                                        Loan Fac           BBB+/Positive
Danieli India Ltd                       WC Demand Loan$    CRISIL         550     Withdrawn
                                                           BBB+/Positive
Danieli India Ltd                       WC Demand Loan     CRISIL         500     Withdrawn
                                                           BBB+/Positive
Dayal Fertilizers Pvt Ltd               CC                 CRISIL         180     Reaffirmed
                                                           BBB+/Stable
Dayal Fertilizers Pvt Ltd               Proposed LT Bk     CRISIL         32.5    Reaffirmed
                                        Loan Fac           BBB+/Stable
Dayal Industries Pvt Ltd                CC                 CRISIL         200     Reaffirmed
                                                           BBB+/Stable
Dayal Industries Pvt Ltd                LT Loan            CRISIL         40      Reaffirmed
                                                           BBB+/Stable
Dayal Seeds Pvt Ltd                     CC                 CRISIL         160     Reaffirmed
                                                           BBB/Stable
Dayal Seeds Pvt Ltd                     LT Loan            CRISIL         30      Reaffirmed
                                                           BBB/Stable
DVP Infra Projects Pvt Ltd              CC                 CRISIL         50      Reaffirmed
                                                           BB+/Stable
DVP Infra Projects Pvt Ltd              Rupee TL           CRISIL         85      Reaffirmed
                                                           BB+/Stable
Eric Infrastructure                     CC                 CRISIL         0.5     -
                                                           BB-/Stable
Upgraded from CRISIL B+/Stable
General Industrial Controls Pvt Ltd     TL                 CRISIL         169.5   Reaffirmed
                                                           BBB/Stable
                                        Loan Fac           B+/Stable
Downgraded from CRISIL BB-/Stable
Putzmeister India Pvt Ltd               Bill Discounting   CRISIL         5       Reaffirmed
                                                           BB+/Stable
Putzmeister India Pvt Ltd               CC                 CRISIL         90      Reaffirmed
                                                           BB+/Stable
Putzmeister India Pvt Ltd               TL                 CRISIL         70      Reaffirmed
                                                           BB+/Stable
Putzmeister India Pvt Ltd               Proposed LT Bk     CRISIL         2.5     Reaffirmed
                                        Loan Fac           BB+/Stable
PVS Laboratories Ltd                    CC                 CRISIL         60      -
                                                           B+/Stable
(Issuer not cooperating)
R B A Exports Pvt Ltd                   LT Loan            CRISIL         168.1   -
                                                           BBB/Stable
Upgraded from CRISIL BBB-/Stable
R B A Exports Pvt Ltd                   Proposed FB Bk     CRISIL         5.8     -
                                        Limits             BBB/Stable
Upgraded from CRISIL BBB-/Stable
R T Exports Ltd                         TL                 CRISIL D       149.5   -
(Issuer not cooperating)
Raj Exports                             TL                 CRISIL         98.5    Assigned
                                                           BBB/Stable
Raj Exports                             Proposed LT Bk     CRISIL         86.2    Assigned
                                        Loan Fac           BBB/Stable
Raj Exports                             Credit Limit Under CRISIL         30      Assigned
                                        Gold Card          BBB/Stable
Rekha Corporation Pvt Ltd               CC                 CRISIL         50      -
                                                           B+/Stable
(Issuer not cooperating)
Rekha Corporation Pvt Ltd               Proposed LT Bk     CRISIL         30      -
                                        Loan Fac           B+/Stable
(Issuer not cooperating)
Rudra Enterprises                       CC                 CRISIL D       65      -
(Issuer not cooperating)
S V Constructions                       Secured Overdraft  CRISIL         90      Assigned
                                        Fac                BB+/Stable
Sadha Exports                           CC                 CRISIL         80      Reaffirmed
                                                           BB-/Stable
Shapoorji Pallonji Finance Pvt Ltd      Proposed LT Bk     CRISIL         2750    Reaffirmed
                                        Loan Fac           A+/Stable
Shapoorji Pallonji Finance Pvt Ltd      TL                 CRISIL         5000    Reaffirmed
                                                           A+/Stable
Shapoorji Pallonji Finance Pvt Ltd      WC Fac             CRISIL         2250    Reaffirmed
                                                           A+/Stable
Shapoorji Pallonji Finance Pvt Ltd      NCD                CRISIL         2000    -
                                                           A+/Stable
Shri Venkateshwara Corporation          CC                 CRISIL         100     Reaffirmed
                                                           BB-/Stable
Shri Venkateshwara Corporation          Proposed LT Bk     CRISIL         10      Reaffirmed
                                        Loan Fac           BB-/Stable
Sicagen India Ltd                       CC                 CRISIL         370     -
                                                           B+/Stable
(Issuer not cooperating); Migrated from CRISIL BB/Stable
Sicagen India Ltd                       Proposed LT Bk     CRISIL         130     -
                                        Loan Fac           B+/Stable
(Issuer not cooperating); Migrated from CRISIL BB/Stable
Siddartha Civil Works Pvt Ltd           CC                 CRISIL         80      -
                                                           B+/Stable
(Issuer not cooperating)
Sri Jayajothi and Company Pvt Ltd       CC                 CRISIL         377.5   -
                                                           B+/Stable
(Issuer not cooperating);  Revised from CRISIL BB-/Stable
Sri Jayajothi and Company Pvt Ltd       LT Loan            CRISIL         1077.2  -
                                                           B+/Stable
(Issuer not cooperating);  Revised from CRISIL BB-/Stable
Sri Jayajothi and Company Pvt Ltd       TL                 CRISIL         120     -
                                                           B+/Stable
(Issuer not cooperating);  Revised from CRISIL BB-/Stable
Sri Jayajothi and Company Pvt Ltd       WC Demand Loan     CRISIL         318.5   -
                                                           B+/Stable
(Issuer not cooperating);  Revised from CRISIL BB-/Stable
Sri Shyam Cold Storage                  TL                 CRISIL         60      Assigned
                                                           BB-/Stable
SRK Infracon India Pvt Ltd              LT Loan            CRISIL         100     -
                                                           B+/Stable
(Issuer not cooperating)
Star City Multispeciality Hospital Pvt  Proposed LT Bk     CRISIL         125.1   -
Ltd                                     Loan Fac           B+/Stable
Migrated from CRISIL B+/Stable (Issuer not cooperating)
Star City Multispeciality Hospital Pvt  TL                 CRISIL         24.9    -
Ltd                                                        B+/Stable
Migrated from CRISIL B+/Stable (Issuer not cooperating)
Sunita Natural Forest Product Pvt Ltd   CC                 CRISIL         35      Reaffirmed
                                                           B+/Stable
Supraja Dairy Pvt Ltd                   CC                 CRISIL         59.5    -
                                                           B+/Stable
(Issuer not cooperating)
Supraja Dairy Pvt Ltd                   LT Loan            CRISIL         4.1     -
                                                           B+/Stable
(Issuer not cooperating)
Supraja Dairy Pvt Ltd                   Proposed LT Bk     CRISIL         12.9    -
                                        Loan Fac           B+/Stable
(Issuer not cooperating)
Tata Capital Ltd                        CC & WC demand loanCRISIL         150     Reaffirmed
                                                           AAA/Stable
Tata Capital Ltd                        Proposed LT Bk     CRISIL         100     Reaffirmed
                                        Loan Fac           AAA/Stable
Tata Capital Ltd                        PS                 CRISIL         400     Assigned
                                                           AAA/Stable
Tata Capital Ltd                        PS                 CRISIL         400     Assigned
                                                           AAA/Stable
Tata Capital Ltd                        PS                 CRISIL         29222   Reaffirmed
                                                           AAA/Stable
Tata Capital Ltd                        NCDs               CRISIL         14000   Reaffirmed
                                                           AAA/Stable
Thatipalli Infra Projects               LT Loan            CRISIL         80      -
                                                           B+/Stable
(Issuer not cooperating)
Vinay Corporation                       CC - Book Debt     CRISIL         50      -
                                                           BB+/Stable
(Issuer not cooperating); Migrated from CRISIL BB+/Positive

--------------------------------------------------------------------------------------------
$: 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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