September 4, 2019 / 8:43 AM / 2 months ago

CRISIL ratings for Indian debt instruments-Sep 4

    Sep 4 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of September 3, 2019.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
ACC India Pvt Ltd                       BG                 CRISIL A3      100     Assigned
Amtra                                   Foreign LOC        CRISIL A4+     330     Reaffirmed
Apco Infratech Pvt Ltd                  LOC & BG           CRISIL A2+     17500   Reaffirmed
Apco Infratech Pvt Ltd                  Proposed ST Bk     CRISIL A2+     7000    Reaffirmed
                                        Loan Fac
Calstar Sponge Ltd                      BG                 CRISIL A3      50      Assigned
(Suspension Revoked)
Calstar Sponge Ltd                      Inland/Import LOC  CRISIL A3      85      Assigned
(Suspension Revoked)
Chaitanya Energy Pvt Ltd                BG                 CRISIL A4+     700     Reaffirmed
Electro Circuit Systems                 BG                 CRISIL A4      40      Reaffirmed
(Migrated from 'CRISIL A4 ISSUER NOT COOPERATING')
Electro Circuit Systems                 LOC                CRISIL A4      5       Reaffirmed
(Migrated from 'CRISIL A4 ISSUER NOT COOPERATING')
Essbee Enterprises - Mumbai             BG                 CRISIL A4      100     Assigned
JS Auto Cast Foundry India Pvt Ltd      Bills Receivable   CRISIL A3      15      Reaffirmed
                                        Discounting
JS Auto Cast Foundry India Pvt Ltd      LOC                CRISIL A3      70      Reaffirmed
Karuna Management Services Ltd          BG                 CRISIL A2      85      Reaffirmed
NK Power and Infrastructure Pvt Ltd     BG                 CRISIL A3      740     Assigned
Nysaa Retail Pvt Ltd                    Proposed NFBL      CRISIL A3      50      Reaffirmed
Posco Maharashtra Steel Pvt Ltd         CP                 CRISIL A1+     4000    Reaffirmed
PVR Projects Ltd                        BG                 CRISIL A3+     1020    -
(Migrated from 'CRISIL A4+ ISSUER NOT COOPERATING')
Samosaran Yarns Pvt Ltd                 BG                 CRISIL A4+     30      -
(ISSUER NOT COOPERATING; Migrated from 'CRISIL A3')
Saurav Chemicals Ltd                    LOC                CRISIL A2      57.5    Reaffirmed
Schwing Stetter India Pvt Ltd           ST Unsecured Loan  CRISIL A1      400     Reaffirmed
Seshaasai Business Forms Pvt Ltd        LOC & BG           CRISIL A2      400     Reaffirmed
Tech-Force Composites Pvt Ltd           LOC                CRISIL A3      5       Reaffirmed
VNS Accessories (India) LLP             Packing Credit in  CRISIL A4      120     Reaffirmed
                                        Foreign Currency



LONG TERM RATINGS:
-------------------
ACC India Pvt Ltd                       Overdraft          CRISIL BBB-    200     Assigned
Anandaloke Medical Centre Pvt Ltd       Overdraft          CRISIL BBB-    75      Reaffirmed
Apco Infratech Pvt Ltd                  CC                 CRISIL A-      2500    Reaffirmed
Apco Infratech Pvt Ltd                  Proposed LT Bk     CRISIL A-      500     Reaffirmed
                                        Loan Fac
Calstar Sponge Ltd                      CC                 CRISIL BBB-    140     Assigned
(Suspension Revoked)
Chaitanya Energy Pvt Ltd                Proposed WC Fac    CRISIL BB-     100     Reaffirmed
Chaitanya Energy Pvt Ltd                Secured Overdraft  CRISIL BB-     200     Reaffirmed
                                        Fac
Electro Circuit Systems                 CC                 CRISIL B+      35      Reaffirmed
(Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING'*)
Electro Circuit Systems                 Proposed LT Bk     CRISIL B+      20      Reaffirmed
                                        Loan Fac
(Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING'*)
Essbee Enterprises - Mumbai             CC                 CRISIL B+      40      Assigned
Feedback Energy Distribution Co. Ltd    WC Fac             -              500     Withdrawn
Feedback Energy Distribution Co. Ltd    NCD                -              500     Withdrawn
JS Auto Cast Foundry India Pvt Ltd      Bill Discounting   CRISIL BBB-    46.2    Reaffirmed
JS Auto Cast Foundry India Pvt Ltd      CC                 CRISIL BBB-    141.5   Reaffirmed
JS Auto Cast Foundry India Pvt Ltd      Standby Line of    CRISIL BBB-    10      Reaffirmed
                                        Credit
JS Auto Cast Foundry India Pvt Ltd      TL                 CRISIL BBB-    107.3   Reaffirmed
Karuna Management Services Ltd          CC                 CRISIL BBB+    900     Reaffirmed
Karuna Management Services Ltd          Channel Financing  CRISIL BBB+    550     Reaffirmed
Karuna Management Services Ltd          Proposed CC Limit  CRISIL BBB+    550     Reaffirmed
Karuna Management Services Ltd          Standby LOC        CRISIL BBB+    45      Reaffirmed
Land Kart Builders Pvt Ltd              LT Loan            -              1360    Withdrawn
(Continues on 'Rating Watch with Developing Implications'; Rating withdrawn)
Land Kart Builders Pvt Ltd              Proposed LT Bk     -              40      Withdrawn
                                        Loan Fac
(Continues on 'Rating Watch with Developing Implications'; Rating withdrawn)
Mahelka Motors Pvt Ltd                  CC                 CRISIL B+      33      Assigned
Mahelka Motors Pvt Ltd                  TL                 CRISIL B+      22      Assigned
Menzies Aviation Bobba (Bangalore) Pvt  BG                 -              500     Withdrawn
Ltd
Narsimha Iron and Steel Pvt Ltd         CC                 CRISIL BB      75      Reaffirmed
Narsimha Iron and Steel Pvt Ltd         TL                 CRISIL BB      45      Reaffirmed
NK Power and Infrastructure Pvt Ltd     CC                 CRISIL BBB-    130     Assigned
Nysaa Retail Pvt Ltd                    Proposed FB Bk     CRISIL BBB-    150     Reaffirmed
                                        Limits
Nysaa Retail Pvt Ltd                    Proposed LT Bk     CRISIL BBB-    100     Reaffirmed
                                        Loan Fac
Posco Maharashtra Steel Pvt Ltd         CC*                CRISIL AA      3300    Reaffirmed
*interchangeable with working capital demand loan for Rs 330 crores, pre/post shipping export
credit for USD 5 million (Approx. Rs 32.17 crores) , buyer's credit  for Rs 82.5 crores and
import financing for Rs 330 crores
PVR Projects Ltd                        CC                 CRISIL BBB     30      -
(Migrated from 'CRISIL BB+/Stable ISSUER NOT COOPERATING')
PVR Projects Ltd                        Overdraft          CRISIL BBB     270     -
(Migrated from 'CRISIL BB+/Stable ISSUER NOT COOPERATING')
PVR Projects Ltd                        Proposed LT Bk     CRISIL BBB     730     -
                                        Loan Fac
(Migrated from 'CRISIL BB+/Stable ISSUER NOT COOPERATING')
Samosaran Syntex Pvt Ltd                CC                 CRISIL BB+     250     -
(ISSUER NOT COOPERATING; Migrated from 'CRISIL BBB-/Stable')
Samosaran Syntex Pvt Ltd                Proposed FB Bk     CRISIL BB+     125     -
                                        Limits
(ISSUER NOT COOPERATING; Migrated from 'CRISIL BBB-/Stable')
Samosaran Yarns Pvt Ltd                 CC                 CRISIL BB+     400     -
(ISSUER NOT COOPERATING; Migrated from 'CRISIL BBB-/Stable')
Samosaran Yarns Pvt Ltd                 LT Loan            CRISIL BB+     386     -
(ISSUER NOT COOPERATING; Migrated from 'CRISIL BBB-/Stable')
Saurav Chemicals Ltd                    Proposed LT Bk     -              57.8    Withdrawn
                                        Loan Fac
Saurav Chemicals Ltd                    Bill Discounting   CRISIL BBB+    75      Reaffirmed
Saurav Chemicals Ltd                    CC                 CRISIL BBB+    375     Reaffirmed
Schwing Stetter India Pvt Ltd           FB Fac             CRISIL A       3700    Downgraded
                                                                                  from 'CRISIL
                                                                                  A+/Stable
Schwing Stetter India Pvt Ltd           TL                 CRISIL A       1800    Downgraded
                                                                                  from 'CRISIL
                                                                                  A+/Stable
Seshaasai Business Forms Pvt Ltd        CC                 CRISIL BBB+    700     Reaffirmed
Seshaasai Business Forms Pvt Ltd        LT Loan            CRISIL BBB+    540.4   Reaffirmed
Seshaasai Business Forms Pvt Ltd        Proposed LT Bk     CRISIL BBB+    16.4    Reaffirmed
                                        Loan Fac
Shakti Apifoods Pvt Ltd                 Bill Discounting   CRISIL BB-     920     -
(Migrated from 'CRISIL BB-/Stable; ISSUER NOT COOPERATING')
Shakti Apifoods Pvt Ltd                 CC                 CRISIL BB-     125     -
(Migrated from 'CRISIL BB-/Stable; ISSUER NOT COOPERATING')
Shakti Apifoods Pvt Ltd                 Proposed LT Bk     CRISIL BB-     98.4    -
                                        Loan Fac
(Migrated from 'CRISIL BB-/Stable; ISSUER NOT COOPERATING')
Shakti Apifoods Pvt Ltd                 TL                 CRISIL BB-     56.6    -
(Migrated from 'CRISIL BB-/Stable; ISSUER NOT COOPERATING')
Sruti Filatex Pvt Limi                  CC                 CRISIL BB+     155     Reaffirmed
Sruti Filatex Pvt Limi                  Proposed LT Bk     CRISIL BB+     36.9    Reaffirmed
                                        Loan Fac
Sruti Filatex Pvt Limi                  TL                 CRISIL BB+     78.1    Reaffirmed
Sterling Habitats Pvt Ltd               NCD - Series I     CRISIL C       250     Downgraded
                                                                                  from CRISIL
                                                                                  B(SO)/Negative
Sterling Habitats Pvt Ltd               NCD - Series II    CRISIL C       250     Downgraded
                                                                                  from CRISIL
                                                                                  B(SO)/Negative
Tech-Force Composites Pvt Ltd           Bill Discounting   CRISIL BBB-    71.4    Reaffirmed
Tech-Force Composites Pvt Ltd           CC                 CRISIL BBB-    25      Reaffirmed
Tech-Force Composites Pvt Ltd           TL                 CRISIL BBB-    18.6    Reaffirmed
Techno Springs India Pvt Ltd            Rating Advisory    --             -       -
CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review
Usaka Industrial Components Pvt Ltd     TL                 CRISIL B+      40      Assigned
Usaka Industrial Components Pvt Ltd     Bill Discounting   CRISIL B+      20      Assigned
Usaka Industrial Components Pvt Ltd     CC                 CRISIL B+      40      Assigned
VNS Accessories (India) LLP             Foreign Bill       CRISIL B+      120     Reaffirmed
                                        Discounting

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