September 12, 2019 / 4:31 AM / 9 days ago

CRISIL ratings for Indian debt instruments-Sep 12

    Sep 12 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of September 11, 2019.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                          (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Bipin Exports                           Packing Credit     CRISIL A4+     70      Reaffirmed
Castle Rock Fisheries Pvt Ltd           Foreign Exchange   CRISIL A3+     225
                                        Forward
Upgraded from 'CRISIL A3'
Castle Rock Fisheries Pvt Ltd           Post Shipment      CRISIL A3+     400
                                        Credit
Upgraded from 'CRISIL A3'
DIC India Ltd                           LOC & BG           CRISIL A1      90.9    Reaffirmed
DIC India Ltd                           ST Debt            CRISIL A1      500     Reaffirmed
Diwanka Energy Pvt Ltd                  LOC                CRISIL A4+     15
Upgraded from 'CRISIL A4'
Eram Motors Pvt Ltd                     BG                 CRISIL A4      90      Reaffirmed
Filtrum Fibretechnologies Pvt Ltd       LOC                CRISIL A1      17      Reaffirmed
Fleetguard Filters Pvt Ltd              Bill Discounting   CRISIL A1+     140     Reaffirmed
Fleetguard Filters Pvt Ltd              Supplier Bill      CRISIL A1+     130     Reaffirmed
                                        Discounting
Hercules Pigments Pvt Ltd               BG                 CRISIL A3      5
Downgraded from 'CRISIL A3+'
Hitech Corporation Ltd                  FB Fac             CRISIL A1      190     Reaffirmed
Hitech Corporation Ltd                  LOC & BG           CRISIL A1      250     Reaffirmed
I-MAC India Coach Builders Pvt Ltd      BG                 CRISIL A3      20      Reaffirmed
Indiabulls Commercial Credit Ltd        CP Programme       CRISIL A1+     30000   Reaffirmed
KMS Coach Builders Pvt Ltd              BG                 CRISIL A3      50      Reaffirmed
Medibios Laboratories Ltd               BG                 CRISIL A3      2.5     Reaffirmed
Medibios Laboratories Ltd               LOC                CRISIL A3      25      Reaffirmed
Metlok Pvt Ltd                          LOC                CRISIL A4+     20      Withdrawn
Mulamoottil Construction                BG                 CRISIL A4+     55      Reaffirmed
Naran Lala Pvt Ltd                      BG                 CRISIL A4+     50      Reaffirmed
Naran Lala Pvt Ltd                      Proposed BG        CRISIL A4+     150     Reaffirmed
Nisan Exports                           Packing Credit     CRISIL A4+     200     Withdrawn
Raj Hair International Pvt Ltd          Packing Credit     CRISIL A4      360     Reaffirmed
Shri Gautam Ship Breaking Ind. Pvt Ltd  Foreign Exchange   CRISIL A4+     30      Reaffirmed
                                        Forward
Shri Gautam Ship Breaking Ind. Pvt Ltd  LOC                CRISIL A4+     600     Reaffirmed
Sree Sumangala Metals and Industries    LOC                CRISIL A4+     365.4   Reaffirmed
Pvt Ltd
Vivid Global Industries Ltd             LOC                CRISIL A4+     65      Reaffirmed

LONG TERM RATINGS:
-------------------
Adani Green Energy (UP) Ltd             Rupee TL           CRISIL AA/     2170
                                                           Stable
(Converted and Reassigned from 'Provisional CRISIL AA(SO)/Stable')
Amisal                                  Export Packing     CRISIL B+/     65      Reaffirmed
                                        Credit             Stable
Anandeshwar Industries Pvt Ltd          CC                 CRISIL B/      48.5    Reaffirmed
                                                           Stable
Anandeshwar Industries Pvt Ltd          Proposed CC Limit  CRISIL B/      48.5    Reaffirmed
                                                           Stable
Anandeshwar Industries Pvt Ltd          TL                 CRISIL B/      9       Assigned
                                                           Stable
Bipin Exports                           Foreign Bill       CRISIL BB/     10      Reaffirmed
                                        Discounting        Stable
Cape Flour Mills Pvt Ltd                CC                 CRISIL BB-/    230
                                                           Stable
Reaffirmed and Withdrawn
Cape Flour Mills Pvt Ltd                LT Loan            CRISIL BB-/    18.5
                                                           Stable
Reaffirmed and Withdrawn
Castle Rock Fisheries Pvt Ltd           Proposed WC Fac    CRISIL BBB/    25
                                                           Stable
Upgraded from 'CRISIL BBB-/Stable'
Chugh Industries                        CC                 CRISIL B+/     90      Reaffirmed
                                                           Stable
Chugh Industries                        Proposed FB Bk     CRISIL B+/     15      Reaffirmed
                                        Limits             Stable
Chugh Industries                        TL                 CRISIL B+/     15      Reaffirmed
                                                           Stable
Chugh Industries                        Warehouse Receipts CRISIL B+/     30      Reaffirmed
                                                           Stable
DIC India Ltd                           CC                 CRISIL A+/     500     Reaffirmed
                                                           Negative
DIC India Ltd                           NCD                CRISIL A+/     100     Reaffirmed
                                                           Negative
Diwanka Energy Pvt Ltd                  CC                 CRISIL BB-/    70
                                                           Stable
Upgraded from 'CRISIL B/Stable'
Emil Pharmaceutical Industries Pvt Ltd  Export Packing     CRISIL BBB-/   110     Reaffirmed
                                        Credit             Stable
Eram Motors Pvt Ltd                     CC                 CRISIL B/      150
                                                           Stable
Downgraded from 'CRISIL B+/Stable'
Eram Motors Pvt Ltd                     Inventory Funding  CRISIL B/      150
                                        Fac                Stable
Downgraded from 'CRISIL B+/Stable'
Eram Motors Pvt Ltd                     LT Loan            CRISIL B/      170
                                                           Stable
Downgraded from 'CRISIL B+/Stable'
Filtrum Fibretechnologies Pvt Ltd       CC^                CRISIL A/      15      Reaffirmed
                                                           Stable
^Interchangeable with Letter of Credit
Filtrum Fibretechnologies Pvt Ltd       Packing Credit     CRISIL A/      12.5    Reaffirmed
                                                           Stable
Filtrum Fibretechnologies Pvt Ltd       Proposed FB Bk     CRISIL A/      5.5     Reaffirmed
                                        Limits             Stable
Filtrum Fibretechnologies Pvt Ltd       Proposed TL        CRISIL A/      100     Reaffirmed
                                                           Stable
Fleetguard Filters Pvt Ltd              CC*                CRISIL AA/     430     Reaffirmed
                                                           Stable
*Interchangeable with working capital demand loan to the extent of Rs.40.0 crore and export
finance to the extent of Rs.30.0 crore
Hercules Pigments Pvt Ltd               Fund & NFBL        CRISIL BBB-/   75      Reaffirmed
                                                           Stable
Outlook revised from 'Positive' and rating reaffirmed
Hercules Pigments Pvt Ltd               Packing Credit     CRISIL BBB-/   20      Reaffirmed
                                                           Stable
Outlook revised from 'Positive' and rating reaffirmed
Hercules Pigments Pvt Ltd               WC Loan            CRISIL BBB-/   80      Reaffirmed
                                                           Stable
Outlook revised from 'Positive' and rating reaffirmed
HI-TECH AGRO FOOD Pvt Ltd               CC                 CRISIL B+/     82.5    Reaffirmed
                                                           Stable
Hitech Corporation Ltd                  FB Fac             CRISIL A/      560     Reaffirmed
                                                           Stable
Hitech Corporation Ltd                  LT Bk Fac          CRISIL A/      450     Reaffirmed
                                                           Stable
Hitech Corporation Ltd                  TL                 CRISIL A/      645     Assigned
                                                           Stable
Hitech Corporation Ltd                  Proposed LT Bk     CRISIL A/      5       Assigned
                                        Loan Fac           Stable
Hitech Print Systems Ltd                CC                 CRISIL D       100
Issuer Not Cooperating; Downgraded from 'CRISIL B/Stable Issuer Not Cooperating'
Hitech Print Systems Ltd                LOC & BG           CRISIL D       45
Issuer Not Cooperating; Downgraded from 'CRISIL B/Stable Issuer Not Cooperating'
Hitech Print Systems Ltd                Proposed FB Bk     CRISIL D       38
                                        Limits
Issuer Not Cooperating; Downgraded from 'CRISIL B/Stable Issuer Not Cooperating'
Hitech Print Systems Ltd                TL                 CRISIL D       27
Issuer Not Cooperating; Downgraded from 'CRISIL B/Stable Issuer Not Cooperating'
I-MAC India Coach Builders Pvt Ltd      CC                 CRISIL BBB-/   50      Reaffirmed
                                                           Stable
I-MAC India Coach Builders Pvt Ltd      Proposed LT Bk     CRISIL BBB-/   30      Reaffirmed
                                        Loan Fac           Stable
Indiabulls Commercial Credit Ltd        LT Bk Fac          CRISIL AA+     500     Reaffirmed
Continues on 'Rating Watch with
Indiabulls Commercial Credit Ltd        Proposed LT Bk     CRISIL AA+     24500   Reaffirmed
                                        Loan Fac
Continues on 'Rating Watch with
Indiabulls Commercial Credit Ltd        NCD*               CRISIL AA+     20000
Continues on 'Rating Watch with Developing Implications'; *public issue of retail secured
redeemable non-convertible debenture
Indiabulls Commercial Credit Ltd        NCD@               CRISIL AA+     5000
Continues on 'Rating Watch with Developing Implications'; @ public issue of retail unsecured
redeemable non-convertible debenture
Indiabulls Commercial Credit Ltd        NCD*               CRISIL AA+     30000
Continues on 'Rating Watch with Developing Implications'; *public issue of retail secured
redeemable non-convertible debenture
Indiabulls Commercial Credit Ltd        NCDs               CRISIL AA+     14500
Continues on 'Rating Watch with Developing Implications'
Indiabulls Commercial Credit Ltd        Subordinated       CRISIL AA+     5000
                                        Debt   
Continues on 'Rating Watch with Developing Implications'
KMS Coach Builders Pvt Ltd              CC                 CRISIL BBB-/   100     Reaffirmed
                                                           Stable
L R N Finance Ltd                       Proposed LT Bk     CRISIL D       100     Reaffirmed
                                        Loan Fac
Issuer Not Cooperating
L R N Finance Ltd                       NCD                CRISIL D       300
Issuer Not Cooperating
L R N Finance Ltd                       NCD                CRISIL D       300
Issuer Not Cooperating
L R N Finance Ltd                       NCD                CRISIL D       250
Issuer Not Cooperating
Manorama Ropes India Pvt Ltd            CC                 CRISIL BB+/    150     Reaffirmed
                                                           Stable
Manorama Ropes India Pvt Ltd            TL                 CRISIL BB+/    10      Reaffirmed
                                                           Stable
MDA Agrocot Pvt Ltd                     CC                 CRISIL B-/     70
                                                           Stable
Upgraded from 'CRISIL D'
MDA Agrocot Pvt Ltd                     Foreign Bill       CRISIL B-/     250
                                        Discounting        Stable
Upgraded from 'CRISIL D'
Medibios Laboratories Ltd               CC                 CRISIL BBB-/   80      Reaffirmed
                                                           Stable
Medibios Laboratories Ltd               TL                 CRISIL BBB-/   52.5    Reaffirmed
                                                           Stable
Medibios Laboratories Ltd               WC TL              CRISIL BBB-/   30      Reaffirmed
                                                           Stable
Metlok Pvt Ltd                          CC                 CRISIL BB+     60      Withdrawn
Metlok Pvt Ltd                          TL                 CRISIL BB+     20      Withdrawn
Mulamoottil Construction                CC                 CRISIL BB-/    47      Reaffirmed
                                                           Stable
Muthoot Automotive India Pvt Ltd        Inventory Funding  CRISIL B+/     90      Reaffirmed
                                        Fac                Stable
Muthoot Automotive India Pvt Ltd        Standby Line of    CRISIL B+/     10      Reaffirmed
                                        Credit             Stable
Naran Lala Pvt Ltd                      CC                 CRISIL BB/     30      Reaffirmed
                                                           Stable
Naran Lala Pvt Ltd                      Proposed CC Limit  CRISIL BB/     70      Assigned
                                                           Stable
Nithya Tobaccos                         CC                 CRISIL B/      160     Assigned
                                                           Stable
P Krishna Pillai Memorial Printing and  LT Loan            CRISIL B+/     80      Reaffirmed
Publishing Company Pvt Ltd                                 Stable
Parampujya Solar Energy Pvt Ltd         Rupee TL           CRISIL AA/     5170
                                                           Stable
Converted and Reassigned from 'Provisional CRISIL AA(SO)/Stable'
Paras Synthetics (India) Pvt Ltd        Proposed Overdraft CRISIL BB-/    130     Reaffirmed
                                        Fac                Stable
Prayatna Developers Pvt Ltd             Rupee TL           CRISIL AA/     3660
                                                           Stable
(Converted and Reassigned from 'Provisional CRISIL AA(SO)/Stable')
Raj Hair International Pvt Ltd          Bill Discounting   CRISIL B+/     100     Reaffirmed
                                                           Stable
Raj Hair International Pvt Ltd          Proposed LT Bk     CRISIL B+/     12      Reaffirmed
                                        Loan Fac           Stable
Rohan Metals Pvt Ltd                    CC                 CRISIL B/      140     Reaffirmed
                                                           Stable
Migrated from 'CRISIL B/Stable Issuer Not Cooperating'
Rohan Metals Pvt Ltd                    Proposed LT Bk     CRISIL B/      10      Reaffirmed
                                        Loan Fac           Stable
Migrated from 'CRISIL B/Stable Issuer Not Cooperating'
Sai Srinivasa Cotton Industries         CC                 CRISIL B+/     102.6   Reaffirmed
                                                           Stable
Migrated from 'CRISIL B+/Stable Issuer Not Cooperating'
Sakku Spinning Mills Pvt Ltd            Bill Discounting   CRISIL BB+/    500     Reaffirmed
                                                           Stable
Sakku Spinning Mills Pvt Ltd            CC                 CRISIL BB+/    300     Reaffirmed
                                                           Stable
Sakku Spinning Mills Pvt Ltd            LT Loan            CRISIL BB+/    200     Reaffirmed
                                                           Stable
Sakku Spinning Mills Pvt Ltd            Proposed LT Bk     CRISIL BB+/    100     Reaffirmed
                                        Loan Fac           Stable
Santhagarik Agro Pvt Ltd                CC                 CRISIL B+/     50      Reaffirmed
                                                           Stable
Santhagarik Agro Pvt Ltd                TL                 CRISIL B+/     25.5    Reaffirmed
                                                           Stable
Shri Gautam Ship Breaking Ind. Pvt Ltd  CC                 CRISIL BB/     100     Reaffirmed
                                                           Stable
Shyama Agro Foods                       TL                 CRISIL B/      60      Reaffirmed
                                                           Stable
Sree Sumangala Metals and Industries    CC                 CRISIL BB+/    300     Reaffirmed
Pvt Ltd                                                    Negative
Outlook revised from 'Stable' and rating reaffirmed
Sree Sumangala Metals and Industries    LT Loan            CRISIL BB+/    31      Reaffirmed
Pvt Ltd                                                    Negative
Outlook revised from 'Stable' and rating reaffirmed
Sri Lakshmi Poultry complex Pvt Ltd     CC                 CRISIL BB/     320     Reaffirmed
                                                           Stable
Sri Lakshmi Poultry complex Pvt Ltd     Proposed LT Bk     CRISIL BB/     17.1    Reaffirmed
                                        Loan Fac           Stable
Sri Srinivasa Raw and Boiled Rice Mill  CC                 CRISIL BB-/    195     Reaffirmed
                                                           Stable
Sri Srinivasa Raw and Boiled Rice Mill  Proposed LT Bk     CRISIL BB-/    13      Reaffirmed
                                        Loan Fac           Stable
Sterling Habitats Pvt Ltd               NCD - Series I     CRISIL D       250
Downgraded from 'CRISIL C'
Sterling Habitats Pvt Ltd               NCD - Series II    CRISIL D       250
Downgraded from 'CRISIL C'
Thakkarsons Roll Forming Pvt Ltd        CC#                CRISIL D       95
Issuer Not Cooperating; Downgraded from 'CRISIL BB-/Stable Issuer Not Cooperating'; #Includes
sublimit of Rs.6.25 Crore of Overdraft against Book debts
Thakkarsons Roll Forming Pvt Ltd        LOC & BG^          CRISIL D       65
Issuer Not Cooperating; Downgraded from 'CRISIL BB-/Stable Issuer Not Cooperating'; ^includes
sub-limit of Bank Guarantee of Rs.0.7 Crore
The Hi-Tech Gears Ltd                   LT Loan            CRISIL BBB+/   595     Reaffirmed
                                                           Stable
The Hi-Tech Gears Ltd                   WC Fac             CRISIL BBB+/   905     Reaffirmed
                                                           Stable
Tibrewala Electromech Pvt Ltd           Medium TL          CRISIL BBB/    50
                                                           Stable
Upgraded from 'CRISIL BBB-/Stable'
Tibrewala Electromech Pvt Ltd           WC Demand Loan     CRISIL BBB/    350
                                                           Stable
Upgraded from 'CRISIL BBB-/Stable'
Trimula G Basmati Pvt Ltd               CC                 CRISIL D       142.5
Downgraded from 'CRISIL B+/Stable'
Umashakti Steels Pvt Ltd                CC                 CRISIL BB+/    60
                                                           Negative
Downgraded from 'CRISIL BBB-/Stable'
Umashakti Steels Pvt Ltd                TL                 CRISIL BB+/    90
                                                           Negative
Downgraded from 'CRISIL BBB-/Stable'
Vitthalrao Shinde Sahakari Sakhar       Proposed WC Fac    CRISIL BB-/    900
Karkhana Ltd                                               Stable
Downgraded from 'CRISIL BB/Stable'
Vitthalrao Shinde Sahakari Sakhar       Sugar Pledge CC    CRISIL BB-/    2750
Karkhana Ltd                                               Stable
Downgraded from 'CRISIL BB/Stable'
Vivid Global Industries Ltd             Export Packing     CRISIL BB+/    40      Reaffirmed
                                        Credit & Export    Stable
                                        Bills Negotiation/Foreign Bill discounting
Outlook revised from 'Positive' and rating reaffirmed

--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

CRISIL may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222 , E-mail at
rru.data@thomsonreuters.com)
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