September 27, 2019 / 9:44 AM / 2 months ago

CRISIL ratings for Indian debt instruments-Sep 27

    Sep 27 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of September 26, 2019.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Adglobal 360 India Pvt Ltd              Sales Bill         CRISIL A4+     60      Reaffirmed
                                        Discounting
Ashtech India Pvt Ltd                   LOC & BG           CRISIL A4+     90      Downgraded
                                                                                  from CRISIL A3
Ashtech India Pvt Ltd                   Packing Credit     CRISIL A4+     60      Downgraded
                                                                                  from CRISIL
                                                                                  BBB-/Stable
ASL Industries Ltd                      BG                 CRISIL A4+     20      -
(Issuer Not Cooperating)
Dhanashree Electronics Ltd              LOC                CRISIL A4      100     -
(Issuer Not Cooperating)
Dhcube Industries Pvt Ltd               BG                 CRISIL A4+     25      Assigned
Do All Engineering Industries           BG                 CRISIL A4      30      -
(Issuer Not Cooperating)
Emmbros Autocomp Ltd                    BG                 CRISIL A4+     1.2     Migrated from
                                                                                  CRISIL A3
(Issuer Not Cooperating)
Farmachem Life Pvt Ltd                  LOC                CRISIL A4      60      -
(Issuer Not Cooperating)
Finolex Industries Ltd                  LOC & BG*          CRISIL A1+     11927.5 Reaffirmed
*Letter of Credit & Bank Guarantee are interchangeable with buyer's credit.
Finolex Industries Ltd                  Proposed ST Bk     CRISIL A1+     1030    Reaffirmed
                                        Loan Fac
Future Consumer Ltd                     CP                 CRISIL A1      1000    Assigned
GIC Housing Finance Ltd                 CP                 CRISIL A1+     15000   Reaffirmed
Gujarat Narmada Valley Fertilizers and  CP                 CRISIL A1+     10000   Withdrawn
Chemicals Ltd
Guru Raghavendra Infrastructures        BG                 CRISIL A4+     200     Reaffirmed
Guru Raghavendra Infrastructures        Inland/Import LOC  CRISIL A4+     100     Reaffirmed
Hindustan Petroleum Corporation Ltd     Non-FBL            CRISIL A1+     170000  Reaffirmed
Hindustan Petroleum Corporation Ltd     CP Programme       CRISIL A1+     150000  Reaffirmed
Kings Marine Products                   Bill Discounting   CRISIL A4      40      Reaffirmed
Kings Marine Products                   Packing Credit     CRISIL A4      80      Reaffirmed
Kings Marine Products                   Proposed ST Bk     CRISIL A4      14.9    Reaffirmed
                                        Loan Fac
Leebo Metals Pvt Ltd                    BG                 CRISIL A3      6       Reaffirmed
Leebo Metals Pvt Ltd                    LOC                CRISIL A3      30      Reaffirmed
Master Linens Inc.                      Packing Credit     CRISIL A4+     140     Assigned
MMP Industries Ltd                      Bill Discounting   CRISIL A2      30      Reaffirmed
MMP Industries Ltd                      LOC                CRISIL A2      80      Reaffirmed
Omega Rolling Mills Pvt Ltd             BG                 CRISIL A3      25      Reaffirmed
Omega Rolling Mills Pvt Ltd             LOC                CRISIL A3      75      Reaffirmed
Power Chem Plast Ltd                    LOC                CRISIL A4+     25      -
(Issuer Not Cooperating)
Power Chem Plast Ltd                    Proposed NFBL      CRISIL A4+     10      -
(Issuer Not Cooperating)
Pro-Interactive Services India Pvt Ltd  BG                 CRISIL A3      20      Reaffirmed
Raga Commodities Pvt Ltd                BG                 CRISIL A4      16      Assigned
Rajendra And Co.                        Overdraft          CRISIL A4+     20      Reaffirmed
Salzer Electronics Ltd                  BG                 CRISIL A1      88.4    Reaffirmed
Salzer Electronics Ltd                  Bill Discounting   CRISIL A1      180     Reaffirmed
Salzer Electronics Ltd                  LOC                CRISIL A1      64      Reaffirmed
Salzer Electronics Ltd                  CP                 CRISIL A1      200     Reaffirmed
Shri Bholanath Carpets Ltd              Packing Credit in  CRISIL A4      75      Revised from
                                        Foreign Currency                          CRISIL A4+ 
(Issuer Not Cooperating)
Shri Bholanath Carpets Ltd              Post Shipment      CRISIL A4      30      Revised from
                                        Credit                                    CRISIL A4+ 
(Issuer Not Cooperating)
Studds Accessories Ltd                  Overdraft          CRISIL A1      10      Upgraded from
                                                                                  CRISIL A2+
Techno Springs India Pvt Ltd            Packing Credit in  CRISIL A3      37.5    Reaffirmed
                                        Foreign Currency
Worth Peripherals Ltd                   Non-FBL            CRISIL A2      1.8     Reaffirmed


MEDIUM TERM RATINGS:
-------------------
Hindustan Petroleum Corporation Ltd     FD Programme       FAAA/Stable    -       Reaffirmed


LONG TERM RATINGS:
-------------------
A R Sulphonates Pvt Ltd                 Fund & NFBL        -              498     Withdrawn
(Issuer Not Cooperating)
Ajita Sil-Chem Pvt Ltd                  CC                 CRISIL BB+     120     Reaffirmed
Ajita Sil-Chem Pvt Ltd                  LT Loan            CRISIL BB+     132.5   Reaffirmed
Ajita Sil-Chem Pvt Ltd                  Proposed BG        CRISIL BB+     37.5    Reaffirmed
Ashtech India Pvt Ltd                   LT Loan            CRISIL BB+     440     Downgraded
                                                                                  from CRISIL
                                                                                  BBB-/Stable
Ashtech India Pvt Ltd                   Overdraft          CRISIL BB+     240     Downgraded
                                                                                  from CRISIL
                                                                                  BBB-/Stable
Ashtech India Pvt Ltd                   Rupee TL           CRISIL BB+     120     Downgraded
                                                                                  from CRISIL
                                                                                  BBB-/Stable
ASL Industries Ltd                      CC                 CRISIL BB      95      -
(Issuer Not Cooperating)
ASL Industries Ltd                      LT Loan            CRISIL BB      48.5    -
(Issuer Not Cooperating)
ASL Industries Ltd                      Proposed FB Bk     CRISIL BB      136.5   -
                                        Limits
(Issuer Not Cooperating)
Avadh Alloys Pvt Ltd                    CC                 CRISIL B+      69.8    Reaffirmed
BOB Capital Markets Ltd                 Rating Advisory    -              -       -
CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review
Brightstar Healthcare Pvt Ltd           TL                 -              300     Withdrawn
(Issuer Not Cooperating)
British Scaffolding International Ltd   CC                 Withdrawn      20      -
British Scaffolding International Ltd   LT Loan            Withdrawn      10      -
British Scaffolding International Ltd   Packing Credit     Withdrawn      70      -
Cadchem Laboratories Ltd                CC                 CRISIL D       72.5    Downgraded
                                                                                  from CRISIL
                                                                                  B+/Stable
(Issuer Not Cooperating)
Cadchem Laboratories Ltd                LT Loan            CRISIL D       43      Downgraded
                                                                                  from CRISIL
                                                                                  B+/Stable
(Issuer Not Cooperating)
Cadchem Laboratories Ltd                Non-FBL            CRISIL D       32.5    Downgraded
                                                                                  from CRISIL
                                                                                  B+/Stable
(Issuer Not Cooperating)
Caterpillar Financial Services India    CC                 CRISIL AAA     6750    Assigned
Pvt Ltd
Caterpillar Financial Services India    Proposed LT Bk     CRISIL AAA     3250    Assigned
Pvt Ltd                                 Loan Fac
D. K. Properties                        Proposed LT Bk     CRISIL BB-     200     Assigned
                                        Loan Fac
Dhanashree Electronics Ltd              CC                 CRISIL B+      50      -
(Issuer Not Cooperating)
Dhanashree Electronics Ltd              Proposed CC Limit  CRISIL B+      50      -
(Issuer Not Cooperating)
Dhcube Industries Pvt Ltd               CC                 CRISIL BB      100     Reaffirmed
Dhcube Industries Pvt Ltd               TL                 CRISIL BB      55      Reaffirmed
Dhruv Medicos Pvt Ltd                   CC                 CRISIL BB-     100     -
(Issuer Not Cooperating)
Do All Engineering Industries           CC                 CRISIL B       30      -
(Issuer Not Cooperating)
Do All Engineering Industries           Proposed LT Bk     CRISIL B       40      -
                                        Loan Fac
(Issuer Not Cooperating)
Emmbros Autocomp Ltd                    CC                 CRISIL BB+     90      Migrated from
                                                                                  CRISIL
                                                                                  BBB-/Stable
(Issuer Not Cooperating)
Emmbros Autocomp Ltd                    LT Loan            CRISIL BB+     224.8   Migrated from
                                                                                  CRISIL
                                                                                  BBB-/Stable
(Issuer Not Cooperating)
Emmbros Autocomp Ltd                    Proposed FB Bk     CRISIL BB+     29      Migrated from
                                        Limits                                    CRISIL
                                                                                  BBB-/Stable
(Issuer Not Cooperating)
Emmbros Autocomp Ltd                    TL                 CRISIL BB+     15      Migrated from
                                                                                  CRISIL
                                                                                  BBB-/Stable
(Issuer Not Cooperating)
Ess Kay Fincorp Ltd                     Proposed LT Bk     CRISIL A       3150    Reaffirmed
                                        Loan Fac
Ess Kay Fincorp Ltd                     TL                 CRISIL A       2850    Reaffirmed
Ess Kay Fincorp Ltd                     NCD                CRISIL A/Stable1000    Reaffirmed
Ess Kay Fincorp Ltd                     NCD                CRISIL A/Stable1000    Reaffirmed
Ess Kay Fincorp Ltd                     NCD                CRISIL A/Stable1500    Reaffirmed
Ess Kay Fincorp Ltd                     NCD                CRISIL A/Stable3000    Reaffirmed
Ess Kay Fincorp Ltd                     LT Principal       CRISIL PP-MLD  500     Reaffirmed
                                        Protected Market   Ar/Stable
                                        Linked Debentures
Farmachem Life Pvt Ltd                  CC                 CRISIL B+      27.5    -
(Issuer Not Cooperating)
Farmachem Life Pvt Ltd                  Proposed LT Bk     CRISIL B+      2.5     -
                                        Loan Fac
(Issuer Not Cooperating)
Finolex Industries Ltd                  CC                 CRISIL AA      825     Reaffirmed
GIC Housing Finance Ltd                 Proposed LT Bk     CRISIL AA+     1000    Reaffirmed
                                        Loan Fac
GIC Housing Finance Ltd                 NCD                CRISIL         450     Withdrawn
                                                           AA+/Stable
GIC Housing Finance Ltd                 NCD                CRISIL         5050    Reaffirmed
                                                           AA+/Stable
Goel Coal Sizing Pvt Ltd                CC                 CRISIL B+      90      Revised from
                                                                                  CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Guru Raghavendra Infrastructures        Secured Overdraft  CRISIL BB      50      Reaffirmed
                                        Fac
Himachal Hydel Projects Pvt Ltd         LT Loan            CRISIL B-      360     Migrated from
                                                                                  CRISIL
                                                                                  B-/Stable
(Issuer Not Cooperating)
Hindustan Petroleum Corporation Ltd     CC*                CRISIL AAA     40000   Reaffirmed
*Fungible with bank guarantee
Hindustan Petroleum Corporation Ltd     FB Fac             CRISIL AAA     240000  Reaffirmed
Hindustan Petroleum Corporation Ltd     NCD                CRISIL         30000   Assigned
                                                           AAA/Stable
Hindustan Petroleum Corporation Ltd     NCD                CRISIL         25000   Reaffirmed
                                                           AAA/Stable
Hindustan Petroleum Corporation Ltd     NCD                CRISIL         20000   Reaffirmed
                                                           AAA/Stable
Horizon Industrial Products Pvt Ltd     CC                 -              125     Withdrawn
(Issuer Not Cooperating)
Studds Accessories Ltd                  LT Loan            CRISIL A       480     Upgraded from
                                                                                  CRISIL
                                                                                  A-/Stable
Swastik Furnaces Pvt Ltd                CC                 Withdrawn      85      -
Swastik Furnaces Pvt Ltd                Letter Of GuaranteeWithdrawn      25      -
Tarsun Steels India Pvt Ltd             CC                 CRISIL B+      65      Revised from
                                                                                  CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Tarsun Steels India Pvt Ltd             LT Loan            CRISIL B+      8.5     Revised from
                                                                                  CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Tarsun Steels India Pvt Ltd             Proposed LT Bk     CRISIL B+      16.5    Revised from
                                        Loan Fac                                  CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Techno Springs India Pvt Ltd            CC                 CRISIL BBB-    10      Reaffirmed
Techno Springs India Pvt Ltd            LT Loan            CRISIL BBB-    96      Reaffirmed
Techno Springs India Pvt Ltd            Proposed TL        CRISIL BBB-    29      Reaffirmed
Vedanta Creations Ltd                   Rating Advisory    -              -       -
CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review
Vinoth Distributors                     CC                 CRISIL B+      100     Migrated from
                                                                                  CRISIL
                                                                                  B+/Stable
(Issuer Not Cooperating)
Vinoth Distributors                     Proposed LT Bk     CRISIL B+      30      Migrated from
                                        Loan Fac                                  CRISIL
                                                                                  B+/Stable
(Issuer Not Cooperating)
Worth Peripherals Ltd                   CC                 CRISIL BBB+    70      Reaffirmed
Worth Peripherals Ltd                   Proposed TL        CRISIL BBB+    30      Reaffirmed
ZNA Infra Pvt Ltd                       Proposed LT Bk     CRISIL B+      75      -
                                        Loan Fac
(Issuer Not Cooperating)
ZNA Infra Pvt Ltd                       TL                 CRISIL B+      95      -
(Issuer Not Cooperating)

--------------------------------------------------------------------------------------------
$: 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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