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CRISIL ratings for Indian debt instruments-Oct 9

    Oct 9  - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of October 8, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT  MOVEMENT
                                                                       (RS.MLN)
------                                ----------         ------        -----   ---------
SHORT TERM RATINGS:
-------------------
Anupam Rasayan India Ltd               Non-FBL           CRISIL A2+    120    Reaffirmed
Apis India Ltd                         BG                CRISIL A4+    5      Reaffirmed
Aqua Plumbings Pvt Ltd                 LOC               CRISIL A3+    150    Reaffirmed
Arjun Enterprises Pvt Ltd              Inland/Import LOC CRISIL A4     145    Assigned
Baby Marine International              Bill Purchase-    CRISIL A4     67.6   Downgraded
                                       Discounting Fac                        from CRISIL
                                                                              A4+
Baby Marine International              Packing Credit    CRISIL A4     75     Downgraded
                                                                              from CRISIL
                                                                              A4+
Baby Marine Sarass                     Bill Purchase-    CRISIL A4     50     Downgraded
                                       Discounting Fac                        from CRISIL
                                                                              A4+
(Issuer Not Cooperating)
Baby Marine Sarass                     Packing Credit    CRISIL A4     60     Downgraded
                                                                              from CRISIL
                                                                              A4+
(Issuer Not Cooperating)
Cadila Healthcare Ltd                  BG                CRISIL A1+    500    Reaffirmed
Cadila Healthcare Ltd                  LOC               CRISIL A1+    1000   Reaffirmed
Cadila Healthcare Ltd                  CP                CRISIL A1+    13000  Reaffirmed
DBS Bank India Ltd                     CDs               CRISIL A1+    15000  Reaffirmed
Eltech Appliances Pvt Ltd              LOC & BG          CRISIL A4+    320    Migrated from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
Ester Industries Ltd                   Foreign Exchange  CRISIL A2+    93     Assigned
                                       Forward
Ester Industries Ltd                   BG                CRISIL A2+    40     Assigned
Ester Industries Ltd                   Inland/Import LOC CRISIL A2+    1220   Assigned
Ester Industries Ltd                   CP                CRISIL A2+    400    Assigned
Hariom Pipe Industries Ltd             BG                CRISIL A3+    5      Reaffirmed
Hariom Pipe Industries Ltd             LOC               CRISIL A3+    90     Reaffirmed
Innovative Tyres and Tubes Ltd         BG                CRISIL A4+    10     Reaffirmed
Innovative Tyres and Tubes Ltd         Foreign Exchange  CRISIL A4+    10     Reaffirmed
                                       Forward
Innovative Tyres and Tubes Ltd         LOC               CRISIL A4+    140    Reaffirmed
Jai Parvati Forge Ltd                  BG                CRISIL A3+    0.5    Reaffirmed
Jai Parvati Forge Ltd                  LOC               CRISIL A3+    50     Reaffirmed
JK Paper Ltd                           CP                CRISIL A1+    1500   Reaffirmed
KKR India Asset Finance Ltd            CP                CRISIL A1+    5000   Reaffirmed
Krishna Institute of Medical Sciences  Non-FBL           CRISIL A1+    40     Assigned
Ltd
(Assigned; Suspension Revoked)
NRB Bearings Ltd                       CP                CRISIL A1+    850    Reaffirmed
REC Ltd                                ST Borrowing      CRISIL A1+    100000 Reaffirmed
                                       programme^@
^Borrowing programme for fiscal 2021 (refers to financial year, April 1 to March 31). The
overall limit for the long-term borrowing programme and the short-term borrowing programme is
Rs.110000.0 crore./@ Short-term bank borrowing including total short-term bank borrowing and
borrowing under the rated short-term debt programme (including commercial paper) not to exceed
Rs.10000.0 crore at any point during fiscal 2021.It also includes commercial paper limit not
exceeding Rs 4000 crore at any point during fiscal 2021
REC Ltd                                ST Borrowing      CRISIL A1+    120000 Reaffirmed
                                       programme&
&Borrowing programme for fiscal 2020
SBL Energy Ltd                         LOC               CRISIL A4+    10     Migrated from
                                                                              CRISIL A3
(Issuer Not Cooperating)
SBL Energy Ltd                         Proposed LOC & BG CRISIL A4+    70     Migrated from
                                                                              CRISIL A3
(Issuer Not Cooperating)
Shapoorji Pallonji Finance Pvt Ltd     CP                CRISIL A1+    5000   Withdrawn
Special Blasts Ltd                     BG                CRISIL A4+    500    Migrated from
                                                                              CRISIL A3
(Issuer Not Cooperating)
Special Blasts Ltd                     Foreign Exchange  CRISIL A4+    65     Migrated from
                                       Fac                                    CRISIL A3
(Issuer Not Cooperating)
Special Blasts Ltd                     LOC               CRISIL A4+    1100   Migrated from
                                                                              CRISIL A3
(Issuer Not Cooperating)
STS Utility Services                   BG                CRISIL A4     12.8   Reaffirmed
TRG Industries Pvt Ltd                 BG*               CRISIL A4+    800    Reaffirmed
* Interchangeability of bank guarantee facility with secured overdraft facility to the extent of
Rs 9 crore
Vidya Herbs Pvt Ltd                    Post Shipment     CRISIL A2     450    Reaffirmed
                                       Credit

 
MEDIUM TERM RATINGS:
-------------------
JK Paper Ltd                           FD                FAA/Stable    1000   Reaffirmed




LONG TERM RATINGS:
-------------------
Aibel Apparels                         CC                CRISIL        100    Reaffirmed
                                                         BB-/Stable
All Services Global Pvt Ltd            Ratings           -             -      -
(CRISIL is yet to receive adequate information to enable it to undertake a rating review.)
Anupam Rasayan India Ltd               External          CRISIL        412.6  Reaffirmed
                                       Commercial        A-/Stable
                                       Borrowings
Anupam Rasayan India Ltd               Foreign Currency TCRISIL        246.3  Reaffirmed
                                                         A-/Stable
Anupam Rasayan India Ltd               FB Fac            CRISIL        2550   Reaffirmed
                                                         A-/Stable
Anupam Rasayan India Ltd               Proposed LT Bk    CRISIL        451.1  Reaffirmed
                                       Loan Fac          A-/Stable
Anupam Rasayan India Ltd               TL                CRISIL        2720   Reaffirmed
                                                         A-/Stable
Apis India Ltd                         CC                CRISIL        50     Reaffirmed
                                                         BB+/Positive
(Outlook revised from 'Stable' and rating reaffirmed)
Apis India Ltd                         Export Packing    CRISIL        300    Reaffirmed
                                       Credit            BB+/Positive
(Outlook revised from 'Stable' and rating reaffirmed)
Apis India Ltd                         Standby FB Limits CRISIL        60     Reaffirmed
                                                         BB+/Positive
(Outlook revised from 'Stable' and rating reaffirmed)
Apis India Ltd                         FB Fac            CRISIL        270    Reaffirmed
                                                         BB+/Positive
(Outlook revised from 'Stable' and rating reaffirmed)
Aqua Plumbings Pvt Ltd                 CC                CRISIL        300    Reaffirmed
                                                         BBB/Stable
Arjun Enterprises Pvt Ltd              CC                CRISIL        137.5  Migrated from
                                                         B+/Stable            CRISIL
                                                                              B+/Stable
(Issuer Not Cooperating)
Arjun Enterprises Pvt Ltd              CC & WC demand    CRISIL        80     Migrated from
                                       Loan              B+/Stable            CRISIL
                                                                              B+/Stable
(Issuer Not Cooperating)
Arjun Enterprises Pvt Ltd              Proposed CC Limit CRISIL        37.5   Migrated from
                                                         B+/Stable            CRISIL
                                                                              B+/Stable
(Issuer Not Cooperating)
Cadila Healthcare Ltd                  CC*               CRISIL        13000  Reaffirmed
                                                         AA+/Stable
*Fully interchangeable with working capital demand loan and packing credit in foreign currency
Cadila Healthcare Ltd                  LT Loan           CRISIL        17640  Reaffirmed
                                                         AA+/Stable
Cadila Healthcare Ltd                  Proposed LT Bk    CRISIL        3630   Reaffirmed
                                       Loan Fac          AA+/Stable
Cadila Healthcare Ltd                  NCD               CRISIL        1250   Reaffirmed
                                                         AA+/Stable
Eltech Appliances Pvt Ltd              CC                CRISIL        100    Migrated from
                                                         BB+/Stable           CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Eltech Appliances Pvt Ltd              Proposed LT Bk    CRISIL        930    Migrated from
                                       Loan Fac          BB+/Stable           CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Emerging Projects Pvt Ltd              Overdraft         CRISIL        45     Migrated from
                                                         BB+/Stable           CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Emerging Projects Pvt Ltd              TL                CRISIL        75     Migrated from
                                                         BB+/Stable           CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Ester Industries Ltd                   TL                CRISIL        818.9  Assigned
                                                         A-/Stable
Ester Industries Ltd                   CC*               CRISIL        1260   Assigned
                                                         A-/Stable
*Interchangeable with Packing Credit
Ester Industries Ltd                   Bill Discounting**CRISIL        300    Assigned
                                                         A-/Stable
**Interchangeable with Foreign Inland
Ester Industries Ltd                   Proposed LT Bk    CRISIL        8.3    Assigned
                                       Loan Fac          A-/Stable
Ester Industries Ltd                   Corporate Loan    CRISIL        369.8  Assigned
                                                         A-/Stable
Hariom Pipe Industries Ltd             CC/ Overdraft Fac CRISIL        400    Reaffirmed
                                                         BBB/Stable
Hariom Pipe Industries Ltd             LT Loan           CRISIL        67.3   Reaffirmed
                                                         BBB/Stable
Hariom Pipe Industries Ltd             TL                CRISIL        305    Assigned
                                                         BBB/Stable
Home Grown Nursery And Farms           CC                -             50     Withdrawn
Innovative Tyres and Tubes Ltd         CC                CRISIL        150    Reaffirmed
                                                         BB/Stable
Innovative Tyres and Tubes Ltd         Standby Line of   CRISIL        10     Reaffirmed
                                       Credit            BB/Stable
Innovative Tyres and Tubes Ltd         TL                CRISIL        63     Reaffirmed
                                                         BB/Stable
Innovative Tyres and Tubes Ltd         WC Fac            CRISIL        23.2   Reaffirmed
                                                         BB/Stable
Jai Parvati Forge Ltd                  Bill Discounting  CRISIL        80     Reaffirmed
                                                         BBB/Stable
Jai Parvati Forge Ltd                  CC                CRISIL        230    Reaffirmed
                                                         BBB/Stable
Jai Parvati Forge Ltd                  Proposed WC Fac   CRISIL        1.8    Reaffirmed
                                                         BBB/Stable
Jai Parvati Forge Ltd                  TL                CRISIL        84.7   Reaffirmed
                                                         BBB/Stable
Jai Parvati Forge Ltd                  WC Demand Loan    CRISIL        13     Reaffirmed
                                                         BBB/Stable
JK Paper Ltd                           External          CRISIL        4000   Reaffirmed
                                       Commercial        AA-/Stable
                                       Borrowings
JK Paper Ltd                           Rupee TL          CRISIL        15290  Reaffirmed
                                                         AA-/Stable
JK Paper Ltd                           WC Fac            CRISIL        7200   Reaffirmed
                                                         AA-/Stable
JK Paper Ltd                           NCDs              CRISIL        3350   Reaffirmed
                                                         AA-/Stable
KKR India Asset Finance Ltd            Proposed LT Bk    CRISIL        17950  Reaffirmed
                                       Loan Fac          AA/Stable
KKR India Asset Finance Ltd            TL                CRISIL        27550  Reaffirmed
                                                         AA/Stable
KKR India Asset Finance Ltd            NCD               CRISIL        10000  Reaffirmed
                                                         AA/Stable
Krishna Institute of Medical Sciences  CC                CRISIL        500    Assigned
Ltd                                                      AA-/Stable
(Assigned; Suspension Revoked)
Krishna Institute of Medical Sciences  TL                CRISIL        1049.5 Assigned
Ltd                                                      AA-/Stable
(Assigned; Suspension Revoked)
Krishna Institute of Medical Sciences  Proposed FB Bk    CRISIL        110.5  Assigned
Ltd                                    Limits            AA-/Stable
(Assigned; Suspension Revoked)
Maruti Granites and Marbles Pvt Ltd    CC                CRISIL D      110    Downgraded
                                                                              from CRISIL
                                                                              B+/Stable
(Issuer Not Cooperating)
Nandhana Foods Pvt Ltd                 CC                CRISIL        150    Downgraded
                                                         BB-/Stable           from CRISIL
                                                                              BB/Stable
Nandhana Foods Pvt Ltd                 LT Loan           CRISIL        350    Downgraded
                                                         BB-/Stable           from CRISIL
                                                                              BB/Stable
NRB Bearings Ltd                       CC@               CRISIL        800    Reaffirmed
                                                         AA-/Negative
@Interchangeable with buyer's credit (BC), export packing credit (EPC), bill discounting (BD),
letter of credit (LC), and bank guarantee (BG)
NRB Bearings Ltd                       CC#               CRISIL        670    Reaffirmed
                                                         AA-/Negative
#Interchangeable with working capital demand loan (WCDL) /LC/standby letter of
credit/guarantee/EPC
NRB Bearings Ltd                       CC&               CRISIL        400    Reaffirmed
                                                         AA-/Negative
& Interchangeable with WCDL, EPC, LC/BC, and capex BC
NRB Bearings Ltd                       CC^               CRISIL        800    Reaffirmed
                                                         AA-/Negative
^ Interchangeable with cash credit, WCDL/foreign currency non-repatriable (FCNR)/EPC/BC
NRB Bearings Ltd                       CC@@              CRISIL        750    Reaffirmed
                                                         AA-/Negative
@@ Interchangeable with STL/CP, BC/EPC/FCNR, CC/WCDL.
NRB Bearings Ltd                       CC                CRISIL        250    Reaffirmed
                                                         AA-/Negative
NRB Bearings Ltd                       Proposed LT Bk    CRISIL        150    Assigned
                                       Loan Fac          AA-/Negative
NRB Bearings Ltd                       NCD               CRISIL        300    Reaffirmed
                                                         AA-/Negative
NRB Bearings Ltd                       NCD               CRISIL        200    Withdrawn
                                                         AA-/Negative
Palathra Constructions Pvt Ltd         CC                CRISIL        500    Reaffirmed
                                                         BB-/Stable
Panchshil Techpark Pvt Ltd             BG                CRISIL        400    Assigned
                                                         AA-/Stable
Panchshil Techpark Pvt Ltd             TL^               CRISIL        2250   Assigned
                                                         AA-/Stable
^ Sub limit of Rs 10 cr as capex LC
Paragon Industries Ltd                 CC                CRISIL        700    Reaffirmed
                                                         BBB+/Stable
Paragon Industries Ltd                 Proposed WC Fac   CRISIL        35.6   Reaffirmed
                                                         BBB+/Stable
Paragon Industries Ltd                 TL                CRISIL        64.4   Reaffirmed
                                                         BBB+/Stable
REC Ltd                                Perpetual NCD^#   CRISIL        30000  Assigned
                                                         AAA/Stable
^Borrowing programme for fiscal 2021 (refers to financial year, April 1 to March 31). The
overall limit for the long-term borrowing programme and the short-term borrowing programme is
Rs.110000.0 crore./#Total incremental long-term bank borrowing and borrowings under the rated
long-term bonds programme not to exceed Rs.100000.0 crore any point in time during fiscal 2021.
REC Ltd                                LT Borrowing      CRISIL        1000000Reaffirmed
                                       Programme^#       AAA/Stable
^Borrowing programme for fiscal 2021 (refers to financial year, April 1 to March 31). The
overall limit for the long-term borrowing programme and the short-term borrowing programme is
Rs.110000.0 crore./#Total incremental long-term bank borrowing and borrowings under the rated
long-term bonds programme not to exceed Rs.100000.0 crore any point in time during fiscal 2021.
REC Ltd                                Bond@@            CRISIL        150000 Reaffirmed
                                                         AAA/Stable
@@ GOI Fully serviced bonds
REC Ltd                                LT Borrowing      CRISIL        2390815Reaffirmed
                                       Programme         AAA/Stable
REC Ltd                                LT Principal      CRISIL PP-MLD 10000  Reaffirmed
                                       Protected Market  AAAr/Stable
                                       Linked Debentures^#
^Borrowing programme for fiscal 2021 (refers to financial year, April 1 to March 31). The
overall limit for the long-term borrowing programme and the short-term borrowing programme is
Rs.110000.0 crore./#Total incremental long-term bank borrowing and borrowings under the rated
long-term bonds programme not to exceed Rs.100000.0 crore any point in time during fiscal 2021.
Rredifice Pvt Ltd                      Ratings           -             -      -
(CRISIL is yet to receive adequate information to enable it to undertake a rating review.)
SBL Energy Ltd                         CC                CRISIL        100    Migrated from
                                                         BB+/Stable           CRISIL
                                                                              BBB-/Negative
(Issuer Not Cooperating)
SBL Energy Ltd                         Proposed CC Limit CRISIL        100    Migrated from
                                                         BB+/Stable           CRISIL
                                                                              BBB-/Negative
(Issuer Not Cooperating)
SBL Energy Ltd                         TL                CRISIL        20     Migrated from
                                                         BB+/Stable           CRISIL
                                                                              BBB-/Negative
(Issuer Not Cooperating)
Shapoorji Pallonji Finance Pvt Ltd     NCD               CRISIL A-     2000   Downgraded
                                                                              from CRISIL
                                                                              A+/Stable
('Placed on 'Rating Watch with Negative Implications')
Shapoorji Pallonji Finance Pvt Ltd     Proposed LT Bk    CRISIL        2750   Downgraded
                                       Loan Fac          A-/Watch             from CRISIL
                                                         Negative             A+/Stable
(Placed on 'Rating Watch with Negative Implications')
Shapoorji Pallonji Finance Pvt Ltd     TL                CRISIL        5000   Downgraded
                                                         A-/Watch             from CRISIL
                                                         Negative             A+/Stable
(Placed on 'Rating Watch with Negative Implications')
Shapoorji Pallonji Finance Pvt Ltd     WC Fac            CRISIL        2250   Downgraded
                                                         A-/Watch             from CRISIL
                                                         Negative             A+/Stable
(Placed on 'Rating Watch with Negative Implications')
Sharda Electricals                     CC                CRISIL        110    Reaffirmed
                                                         BB/Stable
Sharda Electricals                     Proposed FB Bk    CRISIL        20     Reaffirmed
                                       Limits            BB/Stable
Special Blasts Ltd                     CC                CRISIL        555    Migrated from
                                                         BB+/Stable           CRISIL
                                                                              BBB-/Negative
(Issuer Not Cooperating)
Special Blasts Ltd                     Proposed FB Bk    CRISIL        80     Migrated from
                                       Limits            BB+/Stable           CRISIL
                                                                              BBB-/Negative
(Issuer Not Cooperating)
Special Blasts Ltd                     Standby Line of   CRISIL        100    Migrated from
                                       Credit            BB+/Stable           CRISIL
                                                                              BBB-/Negative
(Issuer Not Cooperating)
STS Utility Services                   CC                CRISIL        65     Downgraded
                                                         B/Stable             from CRISIL
                                                                              B+/Stable
Thakur Agro Products                   CC                CRISIL        70     Reaffirmed
                                                         B+/Stable
Thakur Agro Products                   TL                CRISIL        25     Reaffirmed
                                                         B+/Stable
TRG Industries Pvt Ltd                 Secured Overdraft CRISIL        60     Reaffirmed
                                       Fac               BB/Stable
Vidya Herbs Pvt Ltd                    Export Packing    CRISIL        150    Reaffirmed
                                       Credit            BBB+/Stable
(Outlook revised from 'Positive' and rating reaffirmed)
Vidya Herbs Pvt Ltd                    Foreign Bill      CRISIL        250    Reaffirmed
                                       Discounting       BBB+/Stable
(Outlook revised from 'Positive' and rating reaffirmed)
Vidya Herbs Pvt Ltd                    LT Loan           CRISIL        300    Reaffirmed
                                                         BBB+/Stable
(Outlook revised from 'Positive' and rating reaffirmed)
Vidya Herbs Pvt Ltd                    Proposed TL       CRISIL        181.5  Reaffirmed
                                                         BBB+/Stable
(Outlook revised from 'Positive' and rating reaffirmed)
Vidya Herbs Pvt Ltd                    Proposed WC Fac   CRISIL        168.5  Reaffirmed
                                                         BBB+/Stable
(Outlook revised from 'Positive' and rating reaffirmed)
Vishal Arogya Sampat Pvt Ltd           CC                CRISIL        140    Migrated from
                                                         BB-/Stable           CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
Vishal Arogya Sampat Pvt Ltd           LT Loan           CRISIL        26.2   Migrated from
                                                         BB-/Stable           CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
Vishal Arogya Sampat Pvt Ltd           Secured Overdraft CRISIL        90     Migrated from
                                       Fac               BB-/Stable           CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
Vishal Arogya Sampat Pvt Ltd           Proposed CC Limit CRISIL        208.8  Migrated from
                                                         BB-/Stable           CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
Zydus Wellness Ltd                     NCD               CRISIL        15000  Reaffirmed
                                                         AA+/Stable


--------------------------------------------------------------------------------------------
$: 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@refinitiv.com)
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