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CRISIL ratings for Indian debt instruments-Sep 11
September 11, 2017 / 5:38 AM / 13 days ago

CRISIL ratings for Indian debt instruments-Sep 11

    Sep 11 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of September 8, 2017.

COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Basant Overseas                        Export Packing    CRISIL A4+    70     Reaffirmed
                                       Credit & Export
                                       Bills Negotiation/Foreign Bill discounting
Bhagwandas Metals Ltd                  Proposed ST Bk    CRISIL A4     55     Reaffirmed
                                       Loan Fac
Canara Bank                            CDs Programme     CRISIL A1+    200000 Reaffirmed
(Reduced from Rs.50000 Crore)
Cochin Frozen Foods                    Packing Credit    CRISIL A4     35     Reaffirmed
Devendran Coal International Pvt Ltd   BG                CRISIL A4+    10     Reaffirmed
Devi Sea Foods Ltd                     Post Shipment     CRISIL A2+    500    Reaffirmed
                                       Credit
Devi Sea Foods Ltd                     Pre Shipment CrediCRISIL A2+    750    Reaffirmed
Devi Sea Foods Ltd                     Proposed ST Bk    CRISIL A2+    392.3  Reaffirmed
                                       Loan Fac
Devi Sea Foods Ltd                     Standby LOC       CRISIL A2+    88.2   Reaffirmed
Emco Exports                           LOC               CRISIL A4+    20     Reaffirmed
Emco Exports                           Packing Credit    CRISIL A4+    60     Reaffirmed
G. Shankar                             BG                CRISIL A3     2250   Assigned
GRM Overseas Ltd                       Export Packing    CRISIL A4+    930    Reaffirmed
                                       Credit
Issuer Not Cooperating
Indian Marine Industries               BG                CRISIL A4     0.1    Reaffirmed
Indian Marine Industries               Export Bill       CRISIL A4     30     Reaffirmed
                                       Purchase
                                       -Discounting
INFINA Finance Pvt Ltd                 CP Issue*         CRISIL A1+    75000  Assigned
*Assigned for initial/ follow-on public offer financing on episodic basis.

INFINA Finance Pvt Ltd                 CP Issue*         CRISIL A1+    75000  Withdrawn
*Assigned for initial/ follow-on public offer financing on episodic basis.

INFINA Finance Pvt Ltd                 ST Debt           CRISIL A1+    4500   Reaffirmed
JM Financial Capital Ltd               CP Issue^         CRISIL A1+    10000  Assigned
^Assigned for initial public offering financing on an episodic basis.
JM Financial Capital Ltd               CP Issue^         CRISIL A1+    10000  Withdrawal
^Assigned for initial public offering financing on an episodic basis.
JM Financial Capital Ltd               ST Debt (IncludingCRISIL A1+    10000  Reaffirmed
                                       CP)
JM Financial Products Ltd              CP Issue^         CRISIL A1+    25000  Assigned
^Assigned for initial public offering financing on an episodic basis.

JM Financial Products Ltd              CP Issue^         CRISIL A1+    35000  Withdrawal
^Assigned for initial public offering financing on an episodic basis.

JM Financial Products Ltd              CP                CRISIL A1+    35000  Reaffirmed
Kalinga Automobiles Pvt Ltd            BG                CRISIL A4+    0.5    Reaffirmed
Karan Automotives Pvt Ltd              LOC               CRISIL A4     25     Downgraded
                                                                              from CRISIL
                                                                              A4+
Kotak Mahindra Investments Ltd         ST Debt Issue*    CRISIL A1+    20000  Assigned
*Assigned for initial/ follow-on public offer financing on episodic basis.

Kotak Mahindra Investments Ltd         ST Debt (IncludingCRISIL A1+    55000  Reaffirmed
                                       CP)
Kotak Mahindra Investments Ltd         ST Debt Issue     CRISIL A1+    6000   Withdrawal
Kotak Mahindra Prime Ltd               Proposed ST Bk    CRISIL A1+    29850  Reaffirmed
                                       Loan Fac
Kotak Mahindra Prime Ltd               ST Loan           CRISIL A1+    150    Reaffirmed
Kotak Mahindra Prime Ltd               ST Debt Issue^    CRISIL A1+    20000  Assigned
^Assigned for initial/ follow-on public offer financing on episodic basis
Kotak Mahindra Prime Ltd               ST Debt Issue^    CRISIL A1+    40000  Withdrawal
^Assigned for initial/ follow-on public offer financing on episodic basis
Kotak Mahindra Prime Ltd               ST Debt           CRISIL A1+    90000  Reaffirmed
(Enhanced from Rs.7000 crore)
Luke Export                            Foreign Bill      CRISIL A4     80     Reaffirmed
                                       Discounting
Luke Export                            Packing Credit    CRISIL A4     60     Reaffirmed
Mayfair Hotels and Resorts (Sikkim) PvtOverdraft         CRISIL A3     10     Reassigned
Ltd
Mayfair Hotels and Resorts Ltd         BG                CRISIL A3     10     Upgraded from
                                                                              CRISIL A4+
Mira Marine Foods                      Packing Credit    CRISIL A4     36     Reaffirmed
Reliance Home Finance Ltd              ST Debt Programme CRISIL A1+    15000  Withdrawal
Shiv Industries (Food) Pvt Ltd         BG                CRISIL A4+    6.2    Reassigned
Uma Exports Ltd                        Foreign Bill      CRISIL A3     80     Reaffirmed
                                       Purchase
Uma Exports Ltd                        Proposed NFBL     CRISIL A3     40     Reaffirmed
Vidhi Specialty Food Ingredients Ltd   Bill Discounting  CRISIL A3+    225    Reaffirmed
Vidhi Specialty Food Ingredients Ltd   LOC               CRISIL A3+    170    Reaffirmed
Vidhi Specialty Food Ingredients Ltd   Packing Credit    CRISIL A3+    380    Reaffirmed

LONG TERM RATINGS:
-------------------
Aranhikkal Granite Unit                CC                CRISIL BB-    50     Reaffirmed
Aranhikkal Granite Unit                Proposed LT Bk    CRISIL BB-    50     Reaffirmed
                                       Loan Fac
Basant Overseas                        Proposed LT Bk    CRISIL BB+    10     Reaffirmed
                                       Loan Fac
Bhagwandas Metals Ltd                  CC                CRISIL B      30     Reaffirmed
Bharath Electronics & Appliances       CC                CRISIL BB+    55     Reaffirmed
Bharath Electronics & Appliances       LT Loan           CRISIL BB+    5      Reaffirmed

Bhumya Tea Company Pvt Ltd             CC                CRISIL B+     289.2  Upgraded from
                                                                              CRISIL
                                                                              B/Stable
Issuer Not Cooperating
Bhumya Tea Company Pvt Ltd             TL                CRISIL B+     142.9  Upgraded from
                                                                              CRISIL
                                                                              B/Stable
Issuer Not Cooperating
Canara Bank                            Tier I Bonds      CRISIL        25000  Reaffirmed
                                       (Under Basel III) AA/Negative
Canara Bank                            Tier I Bonds      CRISIL        30000  Reaffirmed
                                       (Under Basel III) AAA/Negative
Canara Bank                            Tier I Bonds      CRISIL        24000  Reaffirmed
                                       (Under Basel III) AAA/Negative
Canara Bank                            Tier I Bonds      CRISIL        25000  Reaffirmed
                                       (Under Basel III) AAA/Negative
Canara Bank                            Upper Tier-II     CRISIL        10000  Reaffirmed
                                       Bonds (Under BaselAAA/Negative
                                       II)
(Reduced from Rs.2000 Crore)
Canara Bank                            Perpetual Tier-I  CRISIL        15896  Reaffirmed
                                       Bonds (Under BaselAAA/Negative
                                       II)
Canara Bank                            Lower Tier-II     CRISIL        10250  Reaffirmed
                                       Bonds (Under BaselAAA/Negative
                                       II)
(Reduced from Rs.2500 Crore)
Cochin Frozen Foods                    Bill Discounting  CRISIL B      30     Reaffirmed
Devendran Coal International Pvt Ltd   Bill Discounting  CRISIL BB+    70     Reaffirmed
Devendran Coal International Pvt Ltd   CC                CRISIL BB+    440    Reaffirmed
Devendran Coal International Pvt Ltd   LT Loan           CRISIL BB+    80     Reaffirmed
D-Link India Ltd                       CC & WC demand loaCRISIL A      100    Reaffirmed
Emco Exports                           Foreign Bill      CRISIL BB     10     Reaffirmed
                                       Discounting
Emco Exports                           Proposed LT Bk    CRISIL BB     30     Reaffirmed
                                       Loan Fac
G. Shankar                             TL                CRISIL BBB-   100    Assigned
G. Shankar                             Overdraft         CRISIL BBB-   650    Assigned
GRM Overseas Ltd                       Proposed LT Bk    CRISIL BB     440    Reaffirmed
                                       Loan Fac
Issuer Not Cooperating
GRM Overseas Ltd                       Standby Line of   CRISIL BB     130    Reaffirmed
                                       Credit
Issuer Not Cooperating
Harichandana Cottons Pvt Ltd           CC                CRISIL B+     30     Upgraded from
                                                                              CRISIL
                                                                              B/Stable
Issuer Not Cooperating
Harichandana Cottons Pvt Ltd           LT Loan           CRISIL B+     22.5   Upgraded from
                                                                              CRISIL
                                                                              B/Stable
Issuer Not Cooperating
Harichandana Cottons Pvt Ltd           Proposed LT Bk    CRISIL B+     20     Upgraded from
                                       Loan Fac                               CRISIL
                                                                              B/Stable
Issuer Not Cooperating
Himalya International Ltd              BG                CRISIL D      15     Downgraded
                                                                              from CRISIL
                                                                              A4
Issuer Not Cooperating
Himalya International Ltd              CC & WC demand loaCRISIL D      516.4  Downgraded
                                                                              from CRISIL C
Issuer Not Cooperating
Himalya International Ltd              Funded Interest TLCRISIL D      362.1  Downgraded
                                                                              from CRISIL C
Issuer Not Cooperating
Himalya International Ltd              LOC               CRISIL D      5      Downgraded
                                                                              from CRISIL
                                                                              A4
Issuer Not Cooperating
Himalya International Ltd              LOC & BG          CRISIL D      50     Downgraded
                                                                              from CRISIL
                                                                              A4
Issuer Not Cooperating
Himalya International Ltd              TL                CRISIL D      751.7  Downgraded
                                                                              from CRISIL C
Issuer Not Cooperating
Himalya International Ltd              WC TL             CRISIL D      243.1  Downgraded
                                                                              from CRISIL C
Issuer Not Cooperating
Hindustan Everest Tools Ltd            CC                CRISIL D      40     Reaffirmed
Issuer Not Cooperating
Hindustan Everest Tools Ltd            LOC               CRISIL D      15     Reaffirmed
Issuer Not Cooperating
Hindustan Everest Tools Ltd            Packing Credit    CRISIL D      70     Reaffirmed
Issuer Not Cooperating
Hindustan Everest Tools Ltd            TL                CRISIL D      5.9    Reaffirmed
Issuer Not Cooperating
India Infoline Finance Ltd             Subordinated Debt CRISIL        10000  Reaffirmed
                                                         AA/Stable
India Infoline Housing Finance Ltd     NCD               CRISIL        2000   Reaffirmed
                                                         AA/Stable
India Infoline Housing Finance Ltd     NCD               CRISIL        5000   Reaffirmed
                                                         AA/Stable
India Infoline Housing Finance Ltd     NCD               CRISIL        500    Reaffirmed
                                                         AA/Stable
Indian Marine Industries               Export Packing    CRISIL B+     60     Reaffirmed
                                       Credit
Indian Marine Industries               Proposed LT Bk    CRISIL B+     9.9    Reaffirmed
                                       Loan Fac
Jindal Engravures                      Proposed LT Bk    CRISIL B-     54.5   Assigned
                                       Loan Fac
Jindal Engravures                      Proposed WC Fac   CRISIL B-     5.5    Assigned
JM Financial Capital Ltd               NCD               CRISIL        2000   Reaffirmed
                                                         AA/Stable
JM Financial Products Ltd              CC                CRISIL AA     2000   Reaffirmed
JM Financial Products Ltd              LT Bk Fac         CRISIL AA     2000   Reaffirmed
JM Financial Products Ltd              Proposed LT Bk    CRISIL AA     1000   Reaffirmed
                                       Loan Fac
JM Financial Products Ltd              NCDs              CRISIL        15700  Reaffirmed
                                                         AA/Stable
Kalinga Automobiles Pvt Ltd            CC                CRISIL BB-    150    Reaffirmed
Kalinga Automobiles Pvt Ltd            Electronic Dealer CRISIL BB-    100    Reaffirmed
                                       Financing
                                       Scheme(e-DFS)
Kalinga Automobiles Pvt Ltd            Proposed LT Bk    CRISIL BB-    11.7   Reaffirmed
                                       Loan Fac
Kalinga Automobiles Pvt Ltd            TL                CRISIL BB-    0.8    Reaffirmed
Karan Automotives Pvt Ltd              CC                CRISIL B      60     Downgraded
                                                                              from CRISIL
                                                                              BB-/Stable
Karan Automotives Pvt Ltd              Proposed TL       CRISIL B      9.5    Downgraded
                                                                              from CRISIL
                                                                              BB-/Stable
Karan Automotives Pvt Ltd              TL                CRISIL B      20.5   Downgraded
                                                                              from CRISIL
                                                                              BB-/Stable
Kotak Mahindra Investments Ltd         LT Bk Fac         CRISIL AAA    2000   Reaffirmed
Kotak Mahindra Investments Ltd         Proposed LT Bk    CRISIL AAA    6250   Reaffirmed
                                       Loan Fac*
*Interchangeable with short term facilities
Kotak Mahindra Investments Ltd         WC Demand Loan    CRISIL AAA    6750   Reaffirmed
Kotak Mahindra Investments Ltd         NCDs              CRISIL        32000  Reaffirmed
                                                         AAA/Stable
Kotak Mahindra Investments Ltd         Subordinated Debt CRISIL        2000   Reaffirmed
                                       Issue             AAA/Stable
Kotak Mahindra Prime Ltd               CC & WC demand loaCRISIL AAA    38500  Reaffirmed
Kotak Mahindra Prime Ltd               LT Loan           CRISIL AAA    2710   Reaffirmed
Kotak Mahindra Prime Ltd               Proposed LT Bk    CRISIL AAA    28790  Reaffirmed
                                       Loan Fac
Kotak Mahindra Prime Ltd               NCD               CRISIL        22519  Withdrawal
                                                         AAA/Stable
Kotak Mahindra Prime Ltd               NCD               CRISIL        169376 Reaffirmed
                                                         AAA/Stable
Kotak Mahindra Prime Ltd               Subordinated Debt CRISIL        7911   Reaffirmed
                                                         AAA/Stable
Kotak Mahindra Prime Ltd               Nifty Linked      CRISIL PP-MLD 3291   Reaffirmed
                                       Debentures        AAAr/Stable
Leoline Foods Pvt Ltd                  CC                CRISIL D      20     Downgraded
                                                                              from CRISIL
                                                                              B/Stable
Leoline Foods Pvt Ltd                  LT Loan           CRISIL D      106    Downgraded
                                                                              from CRISIL
                                                                              B/Stable
Luke Export                            TL                CRISIL B+     10     Reaffirmed
Magnum Aviation Pvt Ltd                BG                CRISIL D      60     Downgraded
                                                                              from CRISIL
                                                                              A4+
Magnum Aviation Pvt Ltd                CC                CRISIL D      95     Downgraded
                                                                              from CRISIL
                                                                              BB+/Stable
Magnum Aviation Pvt Ltd                Overdraft         CRISIL D      75     Downgraded
                                                                              from CRISIL
                                                                              A4+
Mayfair Hotels and Resorts (Sikkim) PvtProposed LT Bk    CRISIL BBB-   276.4  Upgraded from
Ltd                                    Loan Fac                               CRISIL
                                                                              BB/Stable
Mayfair Hotels and Resorts (Sikkim) PvtTL                CRISIL BBB-   323    Upgraded from
Ltd                                                                           CRISIL
                                                                              BB/Stable
Mayfair Hotels and Resorts Ltd         CC                CRISIL BBB-   35     Upgraded from
                                                                              CRISIL
                                                                              BB/
Mayfair Hotels and Resorts Ltd         Proposed LT Bk    CRISIL BBB-   110.4  Upgraded from
                                       Loan Fac                               CRISIL
                                                                              BB/
Mayfair Hotels and Resorts Ltd         TL                CRISIL BBB-   1044.6 Upgraded from
                                                                              CRISIL
                                                                              BB/
Mira Marine Foods                      Bill Discounting  CRISIL B+     50     Reaffirmed
Rakesh Masala Pvt Ltd                  CC                CRISIL BB+    65     Downgraded
                                                                              from CRISIL
                                                                              BBB-/Stable
Issuer Not Cooperating
Rakesh Masala Pvt Ltd                  TL                CRISIL BB+    60     Downgraded
                                                                              from CRISIL
                                                                              BBB-/Stable
Issuer Not Cooperating
Sastasundar Healthbuddy Ltd            CC                CRISIL B+     110    Assigned
Sastasundar Healthbuddy Ltd            Proposed FB Bk    CRISIL B+     140    Assigned
                                       Limits
Shiv Industries (Food) Pvt Ltd         CC                CRISIL BB     50     Reaffirmed
Shiv Industries (Food) Pvt Ltd         TL                CRISIL BB     2      Reaffirmed
Shiv Industries (Food) Pvt Ltd         Proposed LT Bk    CRISIL BB     91.8   Reaffirmed
                                       Loan Fac
Shri Mahavir Sthan Nyas Samiti         CC                CRISIL BB     40     Downgraded
                                                                              from CRISIL
                                                                              BBB-
Issuer Not Cooperating
Shri Mahavir Sthan Nyas Samiti         Proposed LT Bk    CRISIL BB     10     Downgraded
                                       Loan Fac                               from CRISIL
                                                                              BBB-
Issuer Not Cooperating
Shri Mahavir Sthan Nyas Samiti         TL                CRISIL BB     80     Downgraded
                                                                              from CRISIL
                                                                              BBB-
Issuer Not Cooperating
Swan Agri Products Pvt Ltd             CC                CRISIL BB     60     Assigned
Tentiwala Metal Products Ltd           BG                CRISIL D      40     Reaffirmed
Issuer Not Cooperating
Tentiwala Metal Products Ltd           Overdraft         CRISIL D      173    Reaffirmed
Issuer Not Cooperating
Tentiwala Metal Products Ltd           TL                CRISIL D      81.5   Reaffirmed
Issuer Not Cooperating
Uma Exports Ltd                        CC                CRISIL BBB-   250    Reaffirmed
Uma Exports Ltd                        Foreign Bill      CRISIL BBB-   250    Reaffirmed
                                       Purchase
Uma Exports Ltd                        Proposed FB Bk    CRISIL BBB-   100    Reaffirmed
                                       Limits
Vangili Feeds                          TL                CRISIL BB-    162.1  Upgraded from
                                                                              CRISIL
                                                                              B+
Vidhi Specialty Food Ingredients Ltd   TL                CRISIL BBB    42.2   Reaffirmed
Walwhan Renewable Energy Pvt Ltd       Proposed Rupee TL CRISIL AA-    22000  Assigned
Welspun Energy Rajasthan Pvt Ltd       Proposed Rupee TL CRISIL A-     5900   Assigned
Welspun Solar Madhya Pradesh Pvt Ltd   Proposed Rupee TL CRISIL AA-    6400   Assigned
--------------------------------------------------------------------------------------------
$: 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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