September 5, 2017 / 5:31 AM / 3 months ago

CRISIL ratings for Indian debt instruments-Sep 5

    Sep 5 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of September 4, 2017.

COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Atlantic Fabrics                        Packing Credit     CRISIL A4      30      Assigned
Bharti Enterprises (Holding) Pvt Ltd    CP                 CRISIL A1+     23000   Reaffirmed
Capricorn Food Products India Ltd       BG                 CRISIL A2      200     Reaffirmed
Capricorn Food Products India Ltd       LOC                CRISIL A2      400     Reaffirmed
Dainik Savera News and Media Network    LOC                CRISIL A4+     40      Reaffirmed
Dembla Valves Ltd                       BG                 CRISIL A4+     60      Reaffirmed
Dembla Valves Ltd                       Inland/Import LOC  CRISIL A4+     150     Reaffirmed
Dembla Valves Ltd                       Packing Credit     CRISIL A4+     135     Reaffirmed
Dembla Valves Ltd                       Proposed BG        CRISIL A4+     40      Reaffirmed
Ecko Cables Pvt Ltd                     BG                 CRISIL A4      10      Reaffirmed
Ecko Cables Pvt Ltd                     LOC                CRISIL A4      70      Reaffirmed
Goldfield Fragrances Pvt Ltd            LOC                CRISIL A4      10      Downgraded
                                                                                  from CRISIL
                                                                                  A4+
Issuer Not Cooperating
Goyal Glassware Pvt Ltd                 LOC                CRISIL A4      42.5    Downgraded
                                                                                  from CRISIL
                                                                                  A4+
Issuer Not Cooperating
Hindustan Hardy Spicer Ltd              BG                 CRISIL A4+     0.5     Reaffirmed
Hindustan Hardy Spicer Ltd              LOC                CRISIL A4+     1       Reaffirmed
Kalpataru Power Transmission Ltd        LOC & BG           CRISIL A1+     73600   Reaffirmed
Kalpataru Power Transmission Ltd        Proposed LOC & BG  CRISIL A1+     11400   Reaffirmed
KCL Ltd                                 BG                 CRISIL A3+     10      Reaffirmed
KCL Ltd                                 Foreign LOC        CRISIL A3+     4.5     Reaffirmed
KCL Ltd                                 LOC                CRISIL A3+     10      Reaffirmed
Kribhco Fertilizers Ltd                 BG^                CRISIL A1+     2850    Reaffirmed
^ Backed by Letter of Comfort from KRIBHCO; includes sublimit of Rs. 285 crore for Bank
Guarantee - II, includes sublimit of Rs. 150 crore for SBLC-1, Rs. 285 crore for SBLC-2, Rs. 1
crore for short term loan, Rs. 135 crore for Letter of Credit-1 (Sight/Usance) (Import/Inland),
Rs. 150 crore for letter of undertaking for Buyers Credit-1. 
Kribhco Fertilizers Ltd                 LOC**%             CRISIL A1+     500     Reaffirmed
** Guaranteed by KRIBHCO
% Interchangeable with Overdraft and Working Capital Demand Loan; interchangeable with Short
Term Loan and Bank Guarantee.
Kribhco Fertilizers Ltd                 ST Loan**$         CRISIL A1+     2500    Reaffirmed
** Guaranteed by KRIBHCO
$ Interchangeable with Foreign Currency Non-Resident Borrowings and Foreign Currency Demand Loan
of Rs. 250 crore; interchangeable with Standby Letter of Credit and Letter of Credit;
interchangeable with foreign currency limit for Rs. 100 crore and letter of credit and bank
guarantee for Rs. 120 crore.
Navair International Pvt Ltd            BG                 CRISIL A4+     50      Reaffirmed
Navair International Pvt Ltd            LOC                CRISIL A4+     20      Reaffirmed
Parksons Graphics Prop, Abhi - Ani Mfg. BG                 CRISIL A4+     5       Reaffirmed
Co. Pvt Ltd
Parksons Graphics Pvt Ltd               BG                 CRISIL A4+     3       Reaffirmed
Pashupati Cotspin Ltd                   BG                 CRISIL A4+     75      Assigned
PBN Constructions Pvt Ltd               BG                 CRISIL A4      75.2    Reaffirmed
Rushabh Investment Pvt Ltd              LOC                CRISIL A4+     35      Assigned
Rushabh Investment Pvt Ltd              BG                 CRISIL A4+     25      Assigned
Shree Bhavya Fabrics Ltd                Inland/Import LOC  CRISIL A4+     90      Reaffirmed
Shreno Ltd                              ST Bk Fac          CRISIL A1      180     Reaffirmed
SR Cylinders Pvt Ltd                    LOC                CRISIL A4      10      Assigned
SR Cylinders Pvt Ltd                    BG                 CRISIL A4      5       Assigned
Sri Krishna Explosives and Accessories  BG                 CRISIL A4+     40      Reaffirmed
Co.
Sri Krishna Explosives and Accessories  LOC                CRISIL A4+     25      Reaffirmed
Co.
SUL Steel Pvt Ltd                       BG                 CRISIL A4      50      Downgraded
                                                                                  from CRISIL
                                                                                  A4+
SUL Steel Pvt Ltd                       LOC                CRISIL A4      100     Downgraded
                                                                                  from CRISIL
                                                                                  A4+
Tata Capital Financial Services Ltd     CP                 CRISIL A1+     100000  Assigned
United Masterbatches Pvt Ltd            BG                 CRISIL A4      2       Reaffirmed
United Masterbatches Pvt Ltd            LOC                CRISIL A4      20      Reaffirmed

LONG TERM RATINGS:
-------------------
4th Apple Developers                    Proposed LT Bk     CRISIL B+      120     Reaffirmed
                                        Loan Fac
Atlantic Fabrics                        Proposed LT Bk     CRISIL B       20      Assigned
                                        Loan Fac
Bismillah Cashew Company                Proposed TL        CRISIL BB-     17      Assigned
Bismillah Cashew Company                Proposed LT Bk     CRISIL BB-     13      Assigned
                                        Loan Fac
Bismillah Cashew Company                CC                 CRISIL BB-     30      Assigned
Bismillah Cashew Company                Proposed CC Limit  CRISIL BB-     10      Assigned
Capricorn Food Products India Ltd       CC                 CRISIL BBB+    2350    Reaffirmed
Capricorn Food Products India Ltd       Export Packing     CRISIL BBB+    200     Reaffirmed
                                        Credit
Capricorn Food Products India Ltd       Foreign Bill       CRISIL BBB+    350     Reaffirmed
                                        Discounting
Capricorn Food Products India Ltd       TL                 CRISIL BBB+    281.3   Reaffirmed
Capricorn Food Products India Ltd       Proposed LT Bk     CRISIL BBB+    218.7   Reaffirmed
                                        Loan Fac
Capricorn Food Products India Ltd       Standby Line of    CRISIL BBB+    50      Reaffirmed
                                        Credit
D`Decor Properties LLP                  TL                 CRISIL BB      1315    Reaffirmed
Dainik Savera News and Media Network    CC                 CRISIL BB-     60      Reaffirmed
Dainik Savera News and Media Network    Proposed LT Bk     CRISIL BB-     0.8     Reaffirmed
                                        Loan Fac
Dainik Savera News and Media Network    TL                 CRISIL BB-     39.2    Reaffirmed
Dembla Valves Ltd                       CC                 CRISIL BB+     245     Reaffirmed
Dembla Valves Ltd                       Foreign Bill       CRISIL BB+     80      Reaffirmed
                                        Discounting
Ecko Cables Pvt Ltd                     CC                 CRISIL B-      50      Reaffirmed

Esh Ispat Pvt Ltd                       CC                 CRISIL B+      30      Reaffirmed
Esh Ispat Pvt Ltd                       Proposed CC Limit  CRISIL B+      20      Reaffirmed
Esh Ispat Pvt Ltd                       Proposed LT Bk     CRISIL B+      43      Reaffirmed
                                        Loan Fac
Esh Ispat Pvt Ltd                       Proposed TL        CRISIL B+      45      Reaffirmed
Esh Ispat Pvt Ltd                       TL                 CRISIL B+      42      Reaffirmed
Essem Jute Industries Ltd               BG                 CRISIL D       4       Reaffirmed
Essem Jute Industries Ltd               CC                 CRISIL D       55      Reaffirmed
Essem Jute Industries Ltd               LOC                CRISIL D       20      Reaffirmed
Essem Jute Industries Ltd               TL                 CRISIL D       19      Reaffirmed
Goldfield Fragrances Pvt Ltd            CC                 CRISIL B       97.5    Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Issuer Not Cooperating
Goldfield Fragrances Pvt Ltd            Proposed LT Bk     CRISIL B       9.9     Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BB+
Issuer Not Cooperating
Goldfield Fragrances Pvt Ltd            Standby Line of    CRISIL B       7.6     Downgraded
                                        Credit                                    from CRISIL
                                                                                  BB+
Issuer Not Cooperating
Goyal Glassware Pvt Ltd                 CC                 CRISIL B       180     Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Issuer Not Cooperating
Goyal Glassware Pvt Ltd                 Proposed LT Bk     CRISIL B       5.2     Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BB-
Issuer Not Cooperating
Goyal Glassware Pvt Ltd                 TL                 CRISIL B       140     Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Issuer Not Cooperating
Hindustan Hardy Spicer Ltd              CC                 CRISIL BB-     55      Downgraded
                                                                                  from CRISIL BB
Hindustan Hardy Spicer Ltd              Proposed WC Fac    CRISIL BB-     60.3    Downgraded
                                                                                  from CRISIL BB
Hindustan Hardy Spicer Ltd              TL                 CRISIL BB-     21      Downgraded
                                                                                  from CRISIL BB
Island Star Mall Developers Pvt Ltd     Overdraft          CRISIL A-      750     Assigned
Island Star Mall Developers Pvt Ltd     TL                 CRISIL A-      4800    Assigned
Kalpataru Power Transmission Ltd        CC#                CRISIL AA      7750    Reaffirmed
#Rs 12.5 crores is interchangeable between fund-based and non-fund-based limits
Kalpataru Power Transmission Ltd        LOC & BG^          CRISIL AA      6620    Reaffirmed
^Interchangeable with fund-based limits; however, overall fund-based limits will not exceed
Rs.800 crore
Kalpataru Power Transmission Ltd        Proposed LOC & BG^ CRISIL AA      4500    Reaffirmed
KCL Ltd                                 CC                 CRISIL BBB     81      Reaffirmed
KCL Ltd                                 LT Loan            CRISIL BBB     437.4   Reaffirmed
KCL Ltd                                 Proposed LT Bk     CRISIL BBB     27.6    Assigned
                                        Loan Fac
KCL Ltd                                 WC Fac             CRISIL BBB     87      Assigned
Kribhco Fertilizers Ltd                 CC**               CRISIL AA-     2000    Reaffirmed
** Guaranteed by KRIBHCO    
Kribhco Fertilizers Ltd                 CC & WC demand     CRISIL AA-     1250    Reaffirmed
                                        loan**
** Guaranteed by KRIBHCO 
Kribhco Fertilizers Ltd                 LT Bk Fac**        CRISIL AA-     4050    Reaffirmed

** Guaranteed by KRIBHCO 
Kribhco Fertilizers Ltd                 Standby LOC**#     CRISIL AA-     4000    Reaffirmed
** Guaranteed by KRIBHCO
# Includes sublimit of Rs. 200 crore of Financial Bank Guarantee - I, Rs. 50 crore for
Overdraft, Rs. 100 crore for Working Capital Demand Loan, Rs. 35 crore for Financial Bank
Guarantee - II, Rs. 100 crore for Performance Bank Guarantee, Rs. 400 crore for Import Letter of
Credit (Usance/Sight), Rs. 100 crore for Inland Letter of Credit (Usance/Sight), Rs. 50 crore
for Capex Letter of Credit (Sight/Usance), Rs. 150 crore for Standby Letter of Credit (SBLC) ' I
and Rs. 400 crore for Buyers Credit.
Kritan Urbane Living                    TL                 CRISIL BB      100     Assigned
Kudos Finance and Investments Pvt Ltd   Proposed LT Bk     CRISIL B+      50      Assigned
                                        Loan Fac
L R N Finance Ltd                       Proposed LT Bk     CRISIL D       100     Assigned
                                        Loan Fac
Lakshmi Ranga Enterprises Pvt Ltd       CC                 CRISIL D       77.5    Reaffirmed
Lakshmi Ranga Enterprises Pvt Ltd       TL                 CRISIL D       22.5    Reaffirmed
Lakshmi Traders - Chennai               CC                 CRISIL D       40      Reaffirmed
Lakshmi Traders - Chennai               Proposed WC Fac    CRISIL D       20      Reaffirmed
Megastar Foods Pvt Ltd                  CC                 CRISIL BB      200     Assigned
Megastar Foods Pvt Ltd                  TL                 CRISIL BB      35      Assigned
Navair International Pvt Ltd            CC                 CRISIL BB      50      Reaffirmed
Parksons Graphics Prop, Abhi - Ani Mfg. CC                 CRISIL BB+     40      Reaffirmed
Co. Pvt Ltd
Parksons Graphics Prop, Abhi - Ani Mfg. Proposed LT Bk     CRISIL BB+     64.4    Reaffirmed
Co. Pvt Ltd                             Loan Fac
Parksons Graphics Pvt Ltd               CC                 CRISIL BB+     80      Reaffirmed
Parksons Graphics Pvt Ltd               Proposed LT Bk     CRISIL BB+     142.4   Reaffirmed
                                        Loan Fac
Parksons Graphics Pvt Ltd               Rupee TL           CRISIL BB+     23      Reaffirmed
Parth Cold Storage - Banaskantha        CC                 CRISIL B       2.5     Reaffirmed
Parth Cold Storage - Banaskantha        Pledge Loan        CRISIL B       25      Reaffirmed
Parth Cold Storage - Banaskantha        TL                 CRISIL B       47.5    Reaffirmed
Pashupati Cotspin Ltd                   LT Loan            CRISIL BB+     875     Assigned
Pashupati Cotspin Ltd                   CC                 CRISIL BB+     500     Assigned
PBN Constructions Pvt Ltd               CC                 CRISIL B+      30      Reaffirmed
PBN Constructions Pvt Ltd               Proposed CC Limit  CRISIL B+      4.8     Reaffirmed
Rushabh Investment Pvt Ltd              CC                 CRISIL BB      65      Assigned
Sharda Rice Mill                        CC                 CRISIL B       350     Downgraded
                                                                                  from CRISIL BB
Issuer Not Cooperating
Sharda Rice Mill                        TL                 CRISIL B       30      Downgraded
                                                                                  from CRISIL BB
Issuer Not Cooperating
Shree Bhavya Fabrics Ltd                CC                 CRISIL BB-     340     Reaffirmed
Shree Bhavya Fabrics Ltd                Channel Financing  CRISIL BB-     44      Reaffirmed
Shree Bhavya Fabrics Ltd                Proposed TL        CRISIL BB-     36      Reaffirmed
Shree Developers - Jhansi               TL                 CRISIL B+      56.5    Reaffirmed
Shree Developers - Jhansi               WC Fac             CRISIL B+      23.5    Reaffirmed
Shreno Ltd                              CC^                CRISIL A       150     Reaffirmed
Shreno Ltd                              CC*                CRISIL A       200     Reaffirmed
Shreno Ltd                              Overdraft          CRISIL A       20      Reaffirmed
Shreno Ltd                              TL                 CRISIL A       600     Reaffirmed
Shreno Ltd                              WC Demand Loan     CRISIL A       200     Reaffirmed
Shyam Ferrous Ltd                       CC*                CRISIL BB      121.5   Reaffirmed
*Includes sublimit of Rs.30 million for Bank Guarantee, Rs.25 million for Letter of Credit and
Rs.70 million for WCDL.
Shyam Ferrous Ltd                       Proposed LT Bk     CRISIL BB      96.2    Reaffirmed
                                        Loan Fac
Shyam Ferrous Ltd                       TL                 CRISIL BB      25      Reaffirmed
SR Cylinders Pvt Ltd                    TL                 CRISIL B+      64      Assigned
SR Cylinders Pvt Ltd                    Proposed LT Bk     CRISIL B+      6       Assigned
                                        Loan Fac
SR Cylinders Pvt Ltd                    CC                 CRISIL B+      15      Assigned
Issuer Not Cooperating
Sri Krishna Explosives and Accessories  CC                 CRISIL BB-     10      Reaffirmed
Co.
Sri Lakshminarasimha Poultry Farms Pvt  CC                 CRISIL C       235.3   Reaffirmed
Ltd
Sri Lakshminarasimha Poultry Farms Pvt  LT Loan            CRISIL C       175     Reaffirmed
Ltd
Sri Varalakshmi Motors Pvt Ltd          CC                 CRISIL B+      52.5    Reaffirmed
Sterling Habitats Pvt Ltd               NCD Series I       CRISIL B(SO)   250     Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Sterling Habitats Pvt Ltd               NCD Series II      CRISIL B(SO)   250     Downgraded
                                                                                  from CRISIL
                                                                                  BB-
SUL Steel Pvt Ltd                       CC                 CRISIL B       230     Downgraded
                                                                                  from CRISIL BB
SUL Steel Pvt Ltd                       Proposed LT Bk     CRISIL B       120     Downgraded
                                        Loan Fac                                  from CRISIL BB
Tata Capital Financial Services Ltd     Perpetual Bonds    CRISIL AA      2000    Reaffirmed
                                        Programme
Tata Capital Financial Services Ltd     NCD                CRISIL AA+     102405  Reaffirmed
Tata Capital Financial Services Ltd     Subordinated Debt  CRISIL AA+     15000   Reaffirmed
United Masterbatches Pvt Ltd            CC                 CRISIL B+      38.1    Reaffirmed
United Masterbatches Pvt Ltd            TL                 CRISIL B+      19.9    Reaffirmed
Unity Fabtext Industries Pvt Ltd        CC                 CRISIL D       15      Downgraded
                                                                                  from CRISIL B+
Unity Fabtext Industries Pvt Ltd        LOC                CRISIL D       6       Downgraded
                                                                                  from CRISIL B+
Unity Fabtext Industries Pvt Ltd        Proposed LT Bk     CRISIL D       19      Downgraded
                                        Loan Fac                                  from CRISIL B+
Unity Fabtext Industries Pvt Ltd        TL                 CRISIL D       60      Downgraded
                                                                                  from CRISIL B+
Windston Springs Pvt Ltd                CC                 CRISIL B       70      Downgraded
                                                                                  from CRISIL BB
Issuer Not Cooperating
Windston Springs Pvt Ltd                Proposed LT Bk     CRISIL B       30      Downgraded
                                        Loan Fac                                  from CRISIL BB
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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