October 29, 2019 / 10:36 AM / 14 days ago

CRISIL ratings for Indian debt instruments-Oct 29

   Oct 29 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of October 25, 2019.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Aadinath Cashew Industries              Packing Credit     CRISIL A4      52      Reaffirmed
ABM International Ltd                   LOC                CRISIL A4      400     Reaffirmed
ABM International Ltd                   Proposed ST Bk     CRISIL A4      80      Reaffirmed
                                        Loan Fac
ALP Nishikawa Company Pvt Ltd           BG                 CRISIL A2+     10      Reaffirmed
ALP Nishikawa Company Pvt Ltd           LOC                CRISIL A2+     70      Reaffirmed
Bhavna Property Developers Ltd.         BG                 CRISIL A4+     65      Reaffirmed
Bips Systems Ltd                        LOC & BG           CRISIL A4+     65      Reaffirmed
Bips Systems Ltd                        Proposed BG        CRISIL A4+     25      Reaffirmed
Chirag Corporation                      BG                 CRISIL A4+     49      Assigned
Essae Digitronics Pvt Ltd               BG@                CRISIL A2      200     Reaffirmed
@Fully fungible with bill discounting under letter of credit facility to the extent of Rs 1
crore
Ferrum Extreme Engineering Pvt Ltd      BG                 CRISIL A3      20      Reaffirmed
Ferrum Extreme Engineering Pvt Ltd      LOC                CRISIL A3      140     Reaffirmed
Ferrum Extreme Engineering Pvt Ltd      Proposed Bill      CRISIL A3      50      Reaffirmed
                                        Discounting Fac
Gazebo Industries Ltd                   Foreign Exchange   CRISIL A4      1       Reaffirmed
                                        Forward
Gazebo Industries Ltd                   LOC & BG           CRISIL A4      70      Reaffirmed
Gazebo Industries Ltd                   Packing Credit     CRISIL A4      105     Reaffirmed
GSEC Ltd                                BG                 CRISIL A3+     300     Reaffirmed
GSEC Ltd                                LOC                CRISIL A3+     110     Reaffirmed
H.P.Cotton Casuals Pvt Ltd              Import LOC Limit   CRISIL A3      4.6     Reassigned
Hothur Ispat Pvt Ltd                    LOC                CRISIL A4+     100     Reaffirmed
Infosys Ltd                             CP Programme       CRISIL A1+     -       Reaffirmed
IPM India Wholesale Trading Pvt Ltd     ST Loan            CRISIL A1+     8800    Assigned
Jiwarajka Textile Industries            BG                 CRISIL A2      40.8    Reaffirmed
Karam Industries                        LOC                CRISIL A2+     100     Upgraded from
                                                                                  CRISIL A2
Karnataka Antibiotics and               BG                 CRISIL A1      32.5    Reaffirmed
Pharmaceuticals Ltd
Karnataka Antibiotics and               LOC                CRISIL A1      60      Reaffirmed
Pharmaceuticals Ltd
Lakme Vitrified LLP                     BG                 CRISIL A4+     35.2    Reaffirmed
Mahatma Education Society               Overdraft          CRISIL A3+     386.4   Reaffirmed
Nano Kernel Ltd                         BG                 CRISIL A4+     5       Reaffirmed
P N International                       BG                 CRISIL A2+     5       Upgraded from
                                                                                  CRISIL A2
P N International                       Foreign            CRISIL A2+     255     Upgraded from
                                        Discounting Bill                          CRISIL A2
                                        Purchase
P N International                       LOC                CRISIL A2+     30      Upgraded from
                                                                                  CRISIL A2
Rajeev Kumar Contractor Pvt Ltd         BG                 CRISIL A4+     120     Reaffirmed
Rajlaxmi Constructions Ltd              BG                 CRISIL A4+     366     Reaffirmed
Rajlaxmi Constructions Ltd              Proposed NFBL      CRISIL A4+     4       Reaffirmed
Sanzyme Biologics Pvt Ltd               Inland/Import LOC  CRISIL A1      40      Reaffirmed
Sanzyme Pvt Ltd                         Inland/Import LOC  CRISIL A1      220     Reaffirmed
Seaward Exports Pvt Ltd                 Foreign Bill       CRISIL A4+     100     Assigned
                                        Purchase
Seaward Exports Pvt Ltd                 Packing Credit     CRISIL A4+     40      Assigned
Sri Lakshmi Ganapathi Rice and Flour    Proposed BG        CRISIL A4      20      Assigned
Mills
Sri Ramadas Motor Transport Ltd         BG                 CRISIL A2+     17.5    Reaffirmed
Sri Ramadas Motor Transport Ltd         LOC                CRISIL A2+     2.5     Reaffirmed
Sri Ramadas Motor Transport Ltd         Proposed BG        CRISIL A2+     57.5    Reaffirmed
Star Battery Ltd                        BG                 CRISIL A4      12.5    Reaffirmed
Star Battery Ltd                        LOC                CRISIL A4      20      Reaffirmed
Stichwell Exports Pvt Ltd               Export Packing     CRISIL A3      65      Reaffirmed
                                        Credit
Stichwell Exports Pvt Ltd               Foreign Bill       CRISIL A3      20      Reaffirmed
                                        Discounting
Tag Corporation                         BG                 CRISIL A3+     450     (Upgraded
                                                                                  from CRISIL
                                                                                  A3)
Tag Corporation                         LOC                CRISIL A3+     100     (Upgraded
                                                                                  from CRISIL
                                                                                  A3)
Windsor Refractories Ltd                BG                 CRISIL A4+     8       Reaffirmed
Windsor Refractories Ltd                Bill Discounting   CRISIL A4+     15      Reaffirmed
Windsor Refractories Ltd                Overdraft          CRISIL A4+     30      Reaffirmed
Windsor Refractories Ltd                Packing Credit     CRISIL A4+     35      Reaffirmed
Windsor Refractories Ltd                Proposed ST Bk     CRISIL A4+     2       Reaffirmed
                                        Loan Fac


LONG TERM RATINGS:
-------------------
Aadinath Cashew Industries              Proposed LT Bk     CRISIL B+      15.1    Upgraded from
                                        Loan Fac                                  CRISIL
                                                                                  B/Stable
Aadinath Cashew Industries              TL                 CRISIL B+      12.9    Upgraded from
                                                                                  CRISIL
                                                                                  B/Stable
ABM International Ltd                   Bill Discounting   CRISIL B       20      Reaffirmed
ALP Nishikawa Company Pvt Ltd           CC                 CRISIL A-      320     Reaffirmed
ALP Nishikawa Company Pvt Ltd           Proposed LT Bk     CRISIL A-      15      Reaffirmed
                                        Loan Fac
ALP Nishikawa Company Pvt Ltd           TL                 CRISIL A-      285     Reaffirmed
Bangalore Institute of Gastroenterology Overdraft          CRISIL D       20      Assigned
Pvt Ltd
Bangalore Institute of Gastroenterology TL                 CRISIL D       100     Assigned
Pvt Ltd
Bhavna Property Developers Ltd.         CC                 CRISIL BB+     135     Reaffirmed
Bips Systems Ltd                        CC                 CRISIL BB      25      Reaffirmed
Bips Systems Ltd                        Proposed CC Limit  CRISIL BB      10      Assigned
Cedar Inclusive Finance Trust 6         Series A2 PTCs     CRISIL A (SO)  60.2    Withdrawn
(Originator - ESAF Small Finance Bank Ltd)
Cedar Inclusive Finance Trust 6         Series A1 PTCs     CRISIL AA- (SO)1048.3  Withdrawn
(Originator - ESAF Small Finance Bank Ltd)
Cedar Inclusive Finance Trust 6         Series A3 PTCs     CRISIL BBB (SO)60.2    Withdrawn
(Originator - ESAF Small Finance Bank Ltd)
Chirag Corporation                      Proposed FB Bk     CRISIL BB-     31      Assigned
                                        Limits
Chirag Corporation                      CC                 CRISIL BB-     20      Assigned
Crescent Chemicals                      CC                 -              170     Withdrawn
(Issuer Not Cooperating)
Crescent Organics Pvt Ltd               Bill Discounting   -              50      Withdrawn
(Issuer Not Cooperating)
Crescent Organics Pvt Ltd               CC                 -              50      Withdrawn
(Issuer Not Cooperating)
Crescent Organics Pvt Ltd               LOC                -              2150    Withdrawn
(Issuer Not Cooperating)
Crescent Organics Pvt Ltd               LOC Bill           -              50      Withdrawn
                                        Discounting
(Issuer Not Cooperating)
Crescent Organics Pvt Ltd               Proposed LT Bk     -              100     Withdrawn
                                        Loan Fac
(Issuer Not Cooperating)
Devin Exim Pvt Ltd                      CC                 -              200     Withdrawn
(Issuer Not Cooperating)
Devin Exim Pvt Ltd                      LOC                -              40      Withdrawn
(Issuer Not Cooperating)
Devin Exim Pvt Ltd                      Proposed LT Bk     -              10      Withdrawn
                                        Loan Fac
(Issuer Not Cooperating)
Dew Diamonds                            WC Loan            CRISIL BB-     50      Assigned
Dew Diamonds                            Proposed LT Bk     CRISIL BB-     15      Assigned
                                        Loan Fac
Dew Diamonds                            TL                 CRISIL BB-     1.9     Assigned
Dharam Stainless Steel Pvt Ltd          BG                 -              3       Withdrawn
(Issuer Not Cooperating)
Dharam Stainless Steel Pvt Ltd          CC                 -              15      Withdrawn
(Issuer Not Cooperating)
Dharam Stainless Steel Pvt Ltd          Foreign Bill       -              25      Withdrawn
                                        Purchase
(Issuer Not Cooperating)
Dharam Stainless Steel Pvt Ltd          Inland/Import LOC  -              5       Withdrawn
(Issuer Not Cooperating)
Dharam Stainless Steel Pvt Ltd          Packing Credit     -              35      Withdrawn
(Issuer Not Cooperating)
Dharam Stainless Steel Pvt Ltd          Proposed LT Bk     -              1.6     Withdrawn
                                        Loan Fac
(Issuer Not Cooperating)
Dharam Stainless Steel Pvt Ltd          TL                 -              20.4    Withdrawn
(Issuer Not Cooperating)
Diamond Footcare Udyog Pvt Ltd          CC                 -              440     Withdrawn
(Issuer Not Cooperating)
Diamond Footcare Udyog Pvt Ltd          Inland/Import LOC  -              45      Withdrawn
(Issuer Not Cooperating)
Diamond Footcare Udyog Pvt Ltd          Proposed LT Bk     -              2.7     Withdrawn
                                        Loan Fac
(Issuer Not Cooperating)
Diamond Footcare Udyog Pvt Ltd          TL                 -              62.3    Withdrawn
(Issuer Not Cooperating)
Essae Digitronics Pvt Ltd               CC*                CRISIL BBB+    200     -
*Interchangeable with letter of credit up to Rs 5 crore
Essae Digitronics Pvt Ltd               CC / Overdraft Fac*CRISIL BBB+    40      Reaffirmed
*Interchangeable with letter of credit up to Rs 5 crore
Ferrum Extreme Engineering Pvt Ltd      CC                 CRISIL BBB-    95      Reaffirmed
Ferrum Extreme Engineering Pvt Ltd      Proposed TL        CRISIL BBB-    30      Reaffirmed
Ferrum Extreme Engineering Pvt Ltd      Proposed WC Fac    CRISIL BBB-    20      Assigned
Ferrum Extreme Engineering Pvt Ltd      TL                 CRISIL BBB-    95      Assigned
Filco Trade Centre Pvt Ltd              Overdraft          CRISIL BB-     55      Upgraded from
                                                                                  CRISIL
                                                                                  B+/Stable
Filco Trade Centre Pvt Ltd              Proposed LT Bk     CRISIL BB-     45      Upgraded from
                                        Loan Fac                                  CRISIL
                                                                                  B+/Stable
Gazebo Industries Ltd                   CC                 CRISIL B+      7.5     Reaffirmed
GSEC Ltd                                CC                 CRISIL BBB     80      Reaffirmed
H.P.Cotton Casuals Pvt Ltd              CC                 CRISIL BBB-    270     Reaffirmed
H.P.Cotton Casuals Pvt Ltd              TL                 CRISIL BBB-    121.9   Assigned
H.P.Cotton Casuals Pvt Ltd              Proposed FB Bk     CRISIL BBB-    3.6     Assigned
                                        Limits
Hothur Ispat Pvt Ltd                    CC                 CRISIL BB      150     Upgraded from
                                                                                  CRISIL
                                                                                  BB-/Stable
Hothur Ispat Pvt Ltd                    Proposed TL        CRISIL BB      300     Upgraded from
                                                                                  CRISIL
                                                                                  BB-/Stable
Hothur Ispat Pvt Ltd                    Proposed WC Fac    CRISIL BB      250     Assigned
Infosys Ltd                             LT Debt Programme  CRISIL AAA     -       -
IPM India Wholesale Trading Pvt Ltd     Overdraft*         CRISIL AA      3460    Reaffirmed
*Interchangeable with short-term loan
IPM India Wholesale Trading Pvt Ltd     Proposed LT Bk     CRISIL AA      4560    Reaffirmed
                                        Loan Fac
Jiwarajka Textile Industries            CC                 CRISIL BBB+    350     Reaffirmed
Jiwarajka Textile Industries            Proposed LT Bk     CRISIL BBB+    627.4   Reaffirmed
                                        Loan Fac
Jiwarajka Textile Industries            TL                 CRISIL BBB+    231.8   Reaffirmed
Karam Industries                        CC                 CRISIL A-      200     Upgraded from
                                                                                  CRISIL
                                                                                  BBB+/Stable
Karnataka Antibiotics and               CC                 CRISIL A-      120     Reaffirmed
Pharmaceuticals Ltd
Karnataka Antibiotics and               Proposed LT Bk     CRISIL A-      40.1    Reaffirmed
Pharmaceuticals Ltd                     Loan Fac
Karnataka Antibiotics and               TL                 CRISIL A-      142.2   Reaffirmed
Pharmaceuticals Ltd
Kotak Mahindra Life Insurance Co. Ltd   Financial Strength AAA/Stable     -       Reaffirmed
                                        Rating
KTB Ventures Holding Pvt Ltd            CC                 -              50      Reaffirmed
                                                                                  and Withdrawn
Lakme Vitrified LLP                     CC                 CRISIL BB      150     Reaffirmed
Lakme Vitrified LLP                     Standby Line of    CRISIL BB      15      Reaffirmed
                                        Credit
Lakme Vitrified LLP                     TL                 CRISIL BB      170     Reaffirmed
Lissie Medical Institutions             LT Loan            CRISIL A-      290     Reaffirmed
Lissie Medical Institutions             Overdraft          CRISIL A-      210     Reaffirmed
Lotus Global Pvt Ltd                    Foreign Bill       CRISIL BBB-    238     Reaffirmed
                                        Discounting
Lotus Global Pvt Ltd                    TL                 CRISIL BBB-    12      Reaffirmed
Mahatma Education Society               Proposed LT Bk     CRISIL BBB     84.2    Reaffirmed
                                        Loan Fac
Mahatma Education Society               TL                 CRISIL BBB     1529.4  Reaffirmed
Mantras Green Resources Ltd             BG                 -              77.5    Withdrawn
(Issuer Not Cooperating)
Mantras Green Resources Ltd             CC                 -              70      Withdrawn
(Issuer Not Cooperating)
Mantras Green Resources Ltd             LT Loan            -              52.5    Withdrawn
(Issuer Not Cooperating)
MSKB Industries Pvt Ltd                 Proposed LT Bk     CRISIL B       200     Assigned
                                        Loan Fac
Nano Kernel Ltd                         Bill Discounting   CRISIL BB-     15      Reaffirmed
Nano Kernel Ltd                         CC                 CRISIL BB-     30      Reaffirmed
Nano Kernel Ltd                         Proposed WC Fac    CRISIL BB-     22      Reaffirmed
Nano Kernel Ltd                         WC Demand Loan     CRISIL BB-     28      Assigned
P N International                       CC                 CRISIL A-      20      Upgraded from
                                                                                  CRISIL
                                                                                  BBB+/Stable
Pilania Steels Pvt Ltd                  CC                 -              75      Withdrawn
(Issuer Not Cooperating)
R. P. Industries                        CC                 -              100     Withdrawn
(Issuer Not Cooperating)
R. P. Industries                        Inland/Import LOC  -              20      Withdrawn
(Issuer Not Cooperating)
R. P. Industries                        Proposed LT Bk     -              22      Withdrawn
                                        Loan Fac
(Issuer Not Cooperating)
R. P. Industries                        Standby Line of    -              15      Withdrawn
                                        Credit
(Issuer Not Cooperating)
R. P. Industries                        TL                 -              15      Withdrawn
(Issuer Not Cooperating)
Rajlaxmi Constructions Ltd              CC                 CRISIL BB+     230     Upgraded from
                                                                                  CRISIL
                                                                                  BB/Stable
RQS Engineering Pvt Ltd                 CC                 CRISIL BB      130     Upgraded from
                                                                                  CRISIL
                                                                                  BB-/Stable
RQS Engineering Pvt Ltd                 Proposed LT Bk     CRISIL BB      8       Upgraded from
                                        Loan Fac                                  CRISIL
                                                                                  BB-/Stable
RQS Engineering Pvt Ltd                 TL                 CRISIL BB      42      Upgraded from
                                                                                  CRISIL
                                                                                  BB-/Stable
Sai Deepa Rock Drills Pvt Ltd           CC                 CRISIL BBB     22.4    Assigned
Sai Deepa Rock Drills Pvt Ltd           TL                 CRISIL BBB     227.6   Assigned
Sanzyme Biologics Pvt Ltd               CC                 CRISIL A+      100     Reaffirmed
Sanzyme Biologics Pvt Ltd               Proposed LT Bk     CRISIL A+      180     Reaffirmed
                                        Loan Fac
Sanzyme Pvt Ltd                         CC                 CRISIL A+      100     Reaffirmed
Sanzyme Pvt Ltd                         Proposed LT Bk     CRISIL A+      350     Reaffirmed
                                        Loan Fac
Satya Parkash And Bros Pvt Ltd          BG                 -              570     Withdrawn
(Issuer Not Cooperating)
Satya Parkash And Bros Pvt Ltd          CC                 -              50      Withdrawn
(Issuer Not Cooperating)
Seven-11 Industries                     CC                 CRISIL BB-     65      Reaffirmed
Sri Lakshmi Ganapathi Rice and Flour    Proposed CC Limit  CRISIL B       5       Assigned
Mills
Sri Lakshmi Ganapathi Rice and Flour    CC                 CRISIL B       35      Assigned
Mills
Sri Lakshmi Ganapathi Rice and Flour    LT Loan            CRISIL B       40      Assigned
Mills
Sri Ramadas Motor Transport Ltd         CC                 CRISIL A-      295     Reaffirmed
Sri Ramadas Motor Transport Ltd         Overdraft          CRISIL A-      5       Reaffirmed
Sri Ramadas Motor Transport Ltd         TL                 CRISIL A-      500     Reaffirmed
Star Battery Ltd                        Proposed LT Bk     CRISIL B+      87.5    Reaffirmed
                                        Loan Fac
Stichwell Exports Pvt Ltd               LT Loan            CRISIL BBB-    55      Reaffirmed
Stitch-9                                CC                 CRISIL BB      55      Reaffirmed
Tag Corporation                         Buyer`s Credit     CRISIL BBB     10      (Upgraded
                                                                                  from CRISIL
                                                                                  BBB-/Stable)
Tag Corporation                         CC                 CRISIL BBB     320     (Upgraded
                                                                                  from CRISIL
                                                                                  BBB-/Stable)
Tag Corporation                         LT Loan            CRISIL BBB     130     (Upgraded
                                                                                  from CRISIL
                                                                                  BBB-/Stable)
Valsad District Cooperative Milk        CC                 CRISIL AA      400     Reaffirmed
Producers Union Ltd
Valsad District Cooperative Milk        LT Loan            CRISIL AA      2689    Reaffirmed
Producers Union Ltd
Valsad District Cooperative Milk        Proposed LT Bk     CRISIL AA      411     Reaffirmed
Producers Union Ltd                     Loan Fac
Valsad District Cooperative Milk        WC Fac             CRISIL AA      2000    Reaffirmed
Producers Union Ltd
Whirlpool of India Ltd                  CC                 CRISIL AA+     3000    Reaffirmed
Win Power Systems                       Proposed LT Bk     CRISIL B       10      Assigned
                                        Loan Fac
--------------------------------------------------------------------------------------------
$: 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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