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CRISIL ratings for Indian debt instruments-Sep 21
September 21, 2017 / 5:53 AM / in 3 months

CRISIL ratings for Indian debt instruments-Sep 21

    Sep 21 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of September 20, 2017.

COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Absolute Projects India Ltd             LOC & BG           CRISIL A4+     300     Reaffirmed
Ashbee Industries India Pvt Ltd         LOC & BG           CRISIL A4+     70      Reaffirmed
Astral Poly Technik Ltd                 BG                 CRISIL A1+     15      Reaffirmed
Astral Poly Technik Ltd                 LOC                CRISIL A1+     100     Reaffirmed
Bharat Construction Co. - Rajkot        BG                 CRISIL A4+     10      Reaffirmed
Issuer Not Cooperating
Bilal Match Works                       BG                 CRISIL A4+     4.8     Reaffirmed
Bilal Match Works                       LOC                CRISIL A4+     35      Reaffirmed
Bright Up Technology Pvt Ltd            Proposed LOC & BG  CRISIL A4      60      Assigned
Bright Up Technology Pvt Ltd            Bill Discounting   CRISIL A4      20      Assigned
                                        under LOC
BSL Scaffolding Ltd                     Inland/Import LOC  CRISIL A4      80      Reaffirmed
C & E Ltd                               BG#                CRISIL A3      5       Reaffirmed
# Bank guarantee includes credit exposure limit of Rs 20 lakh
C & E Ltd                               Inland/Import LOC  CRISIL A3      45      Reaffirmed
Chavan Motors Division India Pvt Ltd    BG                 CRISIL A4+     20      Reaffirmed
Dhaval Agri Exports LLP                 Foreign            CRISIL A4+     140     Reaffirmed
                                        Documentary Bills
                                        Purchase
Dhaval Agri Exports LLP                 Packing Credit     CRISIL A4+     250     Reaffirmed
Garg Tube Ltd                           Export             CRISIL A4+     40      Reaffirmed
                                        Post-Shipment
                                        Credit
Garg Tube Ltd                           Foreign Exchange   CRISIL A4+     20      Reaffirmed
                                        Forward
Garg Tube Ltd                           Packing Credit in  CRISIL A4+     110     Reaffirmed
                                        Foreign Currency
Globe Textiles India Ltd                Packing Credit in  CRISIL A4+     250     Reaffirmed
                                        Foreign Currency
Grandway Incorporated                   Overdraft          CRISIL A4      20      Reaffirmed
IndusInd Bank Ltd                       CDs                CRISIL A1+     250000  Reaffirmed
Jyoti Cotspin Ltd                       LOC                CRISIL A4+     50      Assigned
Kasukurthi Sujatha Constructions Pvt LtdBG                 CRISIL A4+     800     Downgraded
                                                                                  from CRISIL
                                                                                  A3
Kasukurthi Sujatha Constructions Pvt LtdProposed BG        CRISIL A4+     700     Downgraded
                                                                                  from CRISIL
                                                                                   A3
MBR Flexibles Ltd                       Bill Discounting   CRISIL A4+     21.7    Reaffirmed
                                        under LOC
R.G.I. Meditech Pvt Ltd                 Inland             CRISIL A4+     20      Reaffirmed
R.G.I. Meditech Pvt Ltd                 Overdraft          CRISIL A4+     55      Reaffirmed
RAJ Packaging Industries Ltd            LOC                CRISIL A4+     10      Reaffirmed
Resinova Chemie Ltd                     LOC                CRISIL A1      50      Reaffirmed
Shivam Autozone India Pvt Ltd           BG                 CRISIL A4+     20      Reaffirmed
Shivam Autozone India Pvt Ltd           Proposed ST Bk     CRISIL A4+     27.5    Reaffirmed
                                        Loan Fac
Sunrise Naturals Pvt Ltd                LOC                CRISIL A4+     80      Reaffirmed
Sunrise Naturals Pvt Ltd                Packing Credit     CRISIL A4+     500     Reaffirmed
Torry Harris Seafoods Pvt Ltd           BG                 CRISIL A4+     5       Reaffirmed
Torry Harris Seafoods Pvt Ltd           Bill Discounting   CRISIL A4+     60      Reaffirmed
                                        under LOC
Torry Harris Seafoods Pvt Ltd           Foreign Bill       CRISIL A4+     100     Reaffirmed
                                        Discounting
Torry Harris Seafoods Pvt Ltd           LOC                CRISIL A4+     20      Reaffirmed
Torry Harris Seafoods Pvt Ltd           Proposed ST Bk     CRISIL A4+     10      Reaffirmed
                                        Loan Fac
Torry Harris Seafoods Pvt Ltd           Standby Line of    CRISIL A4+     30      Reaffirmed
                                        Credit
Vinod Construction                      BG                 CRISIL A4+     100     Reaffirmed
Yes Knits                               Packing Credit     CRISIL A4+     24      Assigned
Yes Knits                               Foreign Bill       CRISIL A4+     60      Assigned
                                        Negotiation

MEDIUM TERM RATINGS:
-------------------

IndusInd Bank Ltd                       FD Programme       CRISIL A1+     -       Reaffirmed


LONG TERM RATINGS:
-------------------
Aaditya Kraft & Papers Pvt Ltd          CC                 CRISIL B       33      Reaffirmed
Aaditya Kraft & Papers Pvt Ltd          TL                 CRISIL B       179.5   Reaffirmed
Absolute Projects India Ltd             CC                 CRISIL BB+     80      Reaffirmed
Ajay Poly Pvt Ltd                       CC                 CRISIL BBB-    125     Assigned
Anirudh Texchem Pvt Ltd                 CC                 CRISIL BB-     71.5    Reaffirmed
Anirudh Texchem Pvt Ltd                 Proposed LT Bk     CRISIL BB-     5.5     Reaffirmed
                                        Loan Fac
Anirudh Texchem Pvt Ltd                 TL                 CRISIL BB-     28      Reaffirmed
Aravind Milkfoods Pvt Ltd               LT Loan            CRISIL B+      3.6     Assigned
Aravind Milkfoods Pvt Ltd               CC                 CRISIL B+      90      Assigned
Aravind Milkfoods Pvt Ltd               Export Packing     CRISIL B+      10      Assigned
                                        Credit
Ashbee Industries India Pvt Ltd         CC                 CRISIL BB      43.5    Reaffirmed
Ashbee Industries India Pvt Ltd         Rupee TL           CRISIL BB      6.5     Reaffirmed
Ashoka Sambalpur Baragarh Tollway Ltd   TL                 CRISIL A-(SO)  8100    Upgraded from
                                                                                  CRISIL BBB(SO)
Astral Poly Technik Ltd                 CC*                CRISIL AA-     1850    Reaffirmed
* Interchangeable with Buyers Credit
Astral Poly Technik Ltd                 CC#                CRISIL AA-     300     Reaffirmed
# Interchangeable with Buyers Credit, Bank Guarantee, Letter of Credit.
Astral Poly Technik Ltd                 External           CRISIL AA-     274.7   Reaffirmed
                                        Commercial
                                        Borrowings
Astral Poly Technik Ltd                 Proposed LT Bk     CRISIL AA-     310.3   Reaffirmed
                                        Loan Fac
Astral Poly Technik Ltd                 TL                 CRISIL AA-     950     Reaffirmed
Bhandari Precision Forgings Pvt Ltd     CC                 CRISIL B+      110     Assigned
Bharat Construction Co. - Rajkot        CC                 CRISIL BB-     40      Reaffirmed
Issuer Not Cooperating
Bilal Match Works                       CC                 CRISIL BB      80      Reaffirmed
Bilal Match Works                       Rupee TL           CRISIL BB      20.2    Reaffirmed
Bright Up Technology Pvt Ltd            Proposed CC Limit  CRISIL B       20      Assigned
BSL Scaffolding Ltd                     CC                 CRISIL B+      100     Upgraded from
                                                                                  CRISIL B
C & E Ltd                               CC*                CRISIL BBB-    165     Reaffirmed
* Includes export packing credit limit of Rs 3.7 crore and foreign bill discounting limit of Rs
5.8 crore.
C & E Ltd                               Proposed CC Limit  CRISIL BBB-    35      Reaffirmed
C & E Ltd                               Standby Line of    CRISIL BBB-    17.5    Reaffirmed
                                        Credit
Chavan Motors Division India Pvt Ltd    CC                 CRISIL BB      65      Reaffirmed
Chavan Motors Division India Pvt Ltd    Rupee TL           CRISIL BB      20      Reaffirmed
Dhaval Agri Exports LLP                 CC                 CRISIL BB      110     Reaffirmed
Dhaval Agri Exports LLP                 Proposed LT Bk     CRISIL BB      50.3    Reaffirmed
                                        Loan Fac
Dhaval Agri Exports LLP                 TL                 CRISIL BB      59.7    Reaffirmed
Faith Industries Pvt Ltd                CC*                CRISIL BB-     147.5   Reaffirmed
*Sublimit of Rs.50 million for export packing credit/foreign bill discounting.
Faith Industries Pvt Ltd                TL                 CRISIL BB-     2       Reaffirmed
Garg Tube Ltd                           CC                 CRISIL BB      70      Reaffirmed
Globe Textiles India Ltd                CC                 CRISIL BB+     250     Reaffirmed
Globe Textiles India Ltd                TL                 CRISIL BB+     50      Reaffirmed
Golden Vats Pvt Ltd                     CC                 CRISIL BB+     150     Reaffirmed
Grandway Incorporated                   CC                 CRISIL B       60      Reaffirmed
Grandway Incorporated                   Export Packing     CRISIL B       20      Reaffirmed
                                        Credit
Indore Treasure Island Pvt Ltd          TL                 CRISIL BBB+    1612    Assigned
IndusInd Bank Ltd                       Tier-I Bonds       CRISIL AA      10000   Reaffirmed
                                        (Under Basel III)
IndusInd Bank Ltd                       Tier-I Bonds       CRISIL AA      10000   Reaffirmed
                                        (Under Basel III)
IndusInd Bank Ltd                       Infrastructure     CRISIL AA+     15000   Reaffirmed
                                        Bond issue
Jyoti Cotspin Ltd                       CC                 CRISIL BB      60      Assigned
Jyoti Cotspin Ltd                       Proposed LT Bk     CRISIL BB      50      Assigned
                                        Loan Fac
K. Lall International                   CC                 CRISIL B+      5       Assigned
K. Lall International                   Foreign LOC        CRISIL B+      200     Assigned
Kallam Academy of Educational Society   CC                 CRISIL BB      30      Reaffirmed
Kallam Academy of Educational Society   LT Loan            CRISIL BB      70      Reaffirmed
Kasukurthi Sujatha Constructions Pvt LtdCC                 CRISIL BB      700     Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
Kasukurthi Sujatha Constructions Pvt LtdProposed CC Limit  CRISIL BB      300     Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
MBR Flexibles Ltd                       CC                 CRISIL BB      85      Reaffirmed
MBR Flexibles Ltd                       TL                 CRISIL BB      50.2    Reaffirmed
MBR Flexibles Ltd                       WC TL              CRISIL BB      10      Reaffirmed
Meti Cotton Ginning and Pressing FactoryCC                 CRISIL B+      27.5    Assigned
Meti Cotton Ginning and Pressing FactoryProposed TL        CRISIL B+      30      Assigned
Meti Cotton Ginning and Pressing FactoryTL                 CRISIL B+      42.5    Assigned
Meti Cotton Ginning and Pressing FactoryFac                Rating         -       Reaffirmed
OPS Jewells Pvt Ltd                     CC                 CRISIL BB-     130     Reaffirmed
OPS Jewells Pvt Ltd                     Proposed LT Bk     CRISIL BB-     20      Reaffirmed
                                        Loan Fac
Parasmal Pagariya and Co                CC                 CRISIL BB-     150     Reaffirmed
Parker Estate Developers Pvt Ltd        TL                 CRISIL BB      90      Reaffirmed
Issuer Not Cooperating
Premier Spincot                         CC                 CRISIL BB-     40      Reaffirmed
Premier Spincot                         LT Loan            CRISIL BB-     38      Reaffirmed
Premier Spincot                         Proposed LT Bk     CRISIL BB-     22      Reaffirmed
                                        Loan Fac
Issuer Not Cooperating
R.G.I. Meditech Pvt Ltd                 LT Loan            CRISIL BB+     73      Upgraded from
                                                                                  CRISIL BB
R.G.I. Meditech Pvt Ltd                 Proposed LT Bk     CRISIL BB+     2       Upgraded from
                                        Loan Fac                                  CRISIL BB
RAJ Packaging Industries Ltd            CC                 CRISIL BB+     90      Reaffirmed
Rajasthan Lime Udyog                    CC                 CRISIL BB      140     Reaffirmed
Ramdevbaba Solvent Pvt Ltd              CC                 CRISIL BB      106.5   Reaffirmed
Ramdevbaba Solvent Pvt Ltd              TL                 CRISIL BB      43.5    Reaffirmed
Resinova Chemie Ltd                     CC                 CRISIL A+      170     Reaffirmed
Saishakti Agencies                      CC                 CRISIL BB      250     Reaffirmed
Shivam Autozone India Pvt Ltd           CC                 CRISIL BB      150     Reaffirmed
Shivam Autozone India Pvt Ltd           Electronic Dealer  CRISIL BB      100     Reaffirmed
                                        Financing
                                        Scheme(e-DFS)
Shivam Autozone India Pvt Ltd           Inventory Funding  CRISIL BB      290     Reaffirmed
                                        Fac
Shivam Autozone India Pvt Ltd           Proposed Inventory CRISIL BB      120     Reaffirmed
                                        Funding
Shivam Autozone India Pvt Ltd           TL                 CRISIL BB      170     Reaffirmed
Shivam Autozone India Pvt Ltd           WC Demand Loan     CRISIL BB      72.5    Reaffirmed
Shruthi Milk Products Pvt Ltd           CC                 CRISIL BB      100     Reaffirmed
Shruthi Milk Products Pvt Ltd           LT Loan            CRISIL BB      100     Reaffirmed
Sree Sobhana Jewellers                  CC                 CRISIL BB      10      Reaffirmed
Sree Sobhana Jewellers                  Inventory Funding  CRISIL BB      110     Reaffirmed
                                        Fac
Sree Sobhana Jewellers                  LT Loan            CRISIL BB      5       Reaffirmed
Sree Sobhana Jewellers                  Proposed CC Limit  CRISIL BB      25      Reaffirmed
Sri Lakshmi Venkata Krishna Raw &       CC                 CRISIL BB-     200     Reaffirmed
Boiled Rice Mill
Sri Lakshmi Venkata Krishna Raw &       LT Loan            CRISIL BB-     35      Reaffirmed
Boiled Rice Mill
Sri Lakshmi Venkata Krishna Raw &       Proposed LT Bk     CRISIL BB-     65      Reaffirmed
Boiled Rice Mill                        Loan Fac
Sri Nidamanuri Educational Society      Cash TL            CRISIL BB      65      Reaffirmed
Sri Nidamanuri Educational Society      Overdraft          CRISIL BB      60      Reaffirmed
Sri Rama Modern and Paraboiled Rice MillCC                 CRISIL BB-     250     Reaffirmed
Sri Rama Modern and Paraboiled Rice MillProposed LT Bk     CRISIL BB-     33.5    Reaffirmed
                                        Loan Fac
Sri Rama Modern and Paraboiled Rice MillTL                 CRISIL BB-     16.5    Reaffirmed
Sunrise Naturals Pvt Ltd                Proposed LT Bk     CRISIL BB      22.5    Reaffirmed
                                        Loan Fac
Thankys Exports Pvt Ltd                 CC                 CRISIL BB      120     -
Issuer Not Cooperating
Torry Harris Seafoods Pvt Ltd           Export Packing     CRISIL BB      80      Reaffirmed
                                        Credit
Torry Harris Seafoods Pvt Ltd           WC Fac             CRISIL BB      100     Reaffirmed
Uttam Food Infrastructure Park Pvt Ltd  Overdraft          CRISIL BBB-    80      Reaffirmed
Uttam Food Infrastructure Park Pvt Ltd  Proposed LT Bk     CRISIL BBB-    69.5    Reaffirmed
                                        Loan Fac
Vinod Construction                      CC                 CRISIL BB      50      Upgraded from
                                                                                  CRISIL BB-
Vishal Infrabuild Ltd                   Proposed LT Bk     CRISIL BB-     150     Reaffirmed
                                        Loan Fac
Viswas Exports                          TL                 CRISIL BB-     18.2    Assigned
Viswas Exports                          CC                 CRISIL BB-     57      Assigned
Viswas Exports                          Proposed LT Bk     CRISIL BB-     24.8    Assigned
                                        Loan Fac
Yes Knits                               Proposed LT Bk     CRISIL BB-     12      Assigned
                                        Loan Fac
Yes Knits                               LT Loan            CRISIL BB-     1.5     Assigned
Yes Knits                               Hire Purchase Loan CRISIL BB-     1.3     Assigned
Yes Knits                               CC                 CRISIL BB-     1.2     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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