September 7, 2017 / 5:41 AM / 14 days ago

CRISIL ratings for Indian debt instruments-Sep 7

    Sep 7 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of September 6, 2017.

COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Arunnachala Impex Pvt Ltd               Inland/Import LOC  CRISIL A4+     50      Reaffirmed
Arunnachala Impex Pvt Ltd               Proposed NFBL      CRISIL A4+     200     Assigned
Axis Finance Ltd                        CP Programme       CRISIL A1+     40000   Reaffirmed
Axis Finance Ltd                        CP Programme (IPO  CRISIL A1+     40000   Reaffirmed
                                        Financing)  
Borax Morarji Ltd                       BG                 CRISIL A4      20      Reaffirmed
Borax Morarji Ltd                       LOC                CRISIL A4      195     Reaffirmed
Devi Construction Company               BG                 CRISIL A4      40      Reaffirmed
Everest Industries Ltd                  LOC*               CRISIL A1      3000    Reaffirmed
*Fully interchangeable with Bank Guarantee
Family Health Plan Insurance TPA Ltd    BG                 CRISIL A2+     235     Reaffirmed
Filteration Engineers India Pvt Ltd     BG                 CRISIL A4+     55      Assigned
G and T Industries Pvt Ltd              LOC                CRISIL A4      10      Assigned
Liners India Ltd                        BG                 CRISIL A4      7.5     Assigned
Liners India Ltd                        Proposed NFBL      CRISIL A4      45      Assigned
Liners India Ltd                        Import LOC Limit   CRISIL A4      65      Assigned
M.M. Import and Export                  LOC                CRISIL A4      70      Reaffirmed
NGL Fine Chem Ltd                       LOC                CRISIL A3+     48      Reaffirmed
NGL Fine Chem Ltd                       Packing Credit     CRISIL A3+     80      Reaffirmed
Popatlal Nathalal Shah                  Packing Credit     CRISIL A3      380     Reaffirmed
Popatlal Nathalal Shah                  Post Shipment      CRISIL A3      570     Reaffirmed
                                        Credit
Ravi Realcon Pvt Ltd                    BG                 CRISIL A4      20      Downgraded
                                                                                  from CRISIL
                                                                                  A4+
Issuer Not Cooperating
Reliance Cement Company Pvt Ltd         CP                 CRISIL A1+     1000    Assigned
Shakuntalam Impex Pvt Ltd               Export Packing     CRISIL A4+     17.5    Reaffirmed
                                        Credit*
*Fully interchangeable with foreign bills purchase (FBP)
Shakuntalam Impex Pvt Ltd               Foreign Bill       CRISIL A4+     65      Assigned
                                        Purchase
Shree Krishna Timber Co Pvt Ltd         LOC                CRISIL A3      50      Reaffirmed
Shree Krishna Timber Co Pvt Ltd         Standby Line of    CRISIL A3      15      Reaffirmed
                                        Credit
Silvertoss Industries Pvt Ltd           LOC                CRISIL A3      430     Reaffirmed
South West Pinnacle Exploration Pvt Ltd BG#                CRISIL A3      220     Reaffirmed
# Interchangeable with letter of credit up to Rs 3.0 crore
Sundaram BNP Paribas Home Finance Ltd   ST Debt (Including CRISIL A1+     10000   Reaffirmed
                                        CP)
 (Enhanced from Rs.400 Crore)
Sylvan Plyboard India Pvt Ltd           BG                 CRISIL A3+     7.5     Reaffirmed
Sylvan Plyboard India Pvt Ltd           LOC                CRISIL A3+     670     Reaffirmed
Texcel International Pvt Ltd            LOC                CRISIL A4      30      Downgraded
                                                                                  from CRISIL
                                                                                  A4+
Issuer Not Cooperating
The Ramco Cements Ltd                   CP Programme       CRISIL A1+     8250    Assigned
Vikas Ecotech Ltd                       LOC & BG           CRISIL A3+     410     Reaffirmed

MEDIUM TERM RATINGS:
-------------------
Sundaram BNP Paribas Home Finance Ltd   FD                 FAA+           -       Reaffirmed

LONG TERM RATINGS:
-------------------
Arunnachala Impex Pvt Ltd               CC                 CRISIL BB+     200     Reaffirmed
Arunnachala Impex Pvt Ltd               Proposed LT Bk     CRISIL BB+     100     Assigned
                                        Loan Fac
Arunnachala Impex Pvt Ltd               Proposed CC Limit  CRISIL BB+     300     Assigned
Axis Finance Ltd                        Subordinated Debt  CRISIL AAA     3000    Assigned
Axis Finance Ltd                        NCD                CRISIL AAA     20000   Reaffirmed
Axis Finance Ltd                        Subordinated Debt  CRISIL AAA     5000    Reaffirmed
Bayer Cropscience Ltd                   FB Fac*            CRISIL AA+     1125.5  Reaffirmed
*Fully interchangeable with cash credit, overdraft, short-term loans, letter of credit, and bank
guarantee.
Bayer Cropscience Ltd                   Proposed LT Bk     CRISIL AA+     154.5   Reaffirmed
                                        Loan Fac
Borax Morarji Ltd                       CC                 CRISIL B       90      Reaffirmed
Borax Morarji Ltd                       Proposed LT Bk     CRISIL B       2.2     Reaffirmed
                                        Loan Fac
Camellia Clothing Ltd                   CC                 CRISIL B-      80      Reaffirmed
Devi Construction Company               CC                 CRISIL B-      90      Reaffirmed
Everest Industries Ltd                  CC                 CRISIL A+      1900    Reaffirmed
Everest Industries Ltd                  LT Loan            CRISIL A+      548     Reaffirmed
Everest Industries Ltd                  Proposed LT Bk     CRISIL A+      82      Reaffirmed
                                        Loan Fac
Everest Industries Ltd                  WC TL              CRISIL A+      225     Reaffirmed
Family Health Plan Insurance TPA Ltd    CC                 CRISIL A-      100     Reaffirmed
Filteration Engineers India Pvt Ltd     CC                 CRISIL BB      40      Assigned
G and T Industries Pvt Ltd              Proposed WC Fac    CRISIL B+      10      Assigned
G and T Industries Pvt Ltd              CC                 CRISIL B+      40      Assigned
KK Finecot Pvt Ltd                      CC                 CRISIL BB-     100     Reaffirmed
L&T Infra Debt Fund Ltd                 NCD                CRISIL AAA     5000    Assigned
L&T Infra Debt Fund Ltd                 NCD                CRISIL AAA     25000   Reaffirmed
L&T Infra Debt Fund Ltd                 NCD                CRISIL AAA     37500   Reaffirmed
L&T Infra Debt Fund Ltd                 PS                 CRISIL AAA     2500    Reaffirmed
Liners India Ltd                        CC                 CRISIL B-      125     Reaffirmed
Liners India Ltd                        Proposed LT Bk     CRISIL B-      7.5     Assigned
                                        Loan Fac
Liners India Ltd                        Foreign Bill       CRISIL B-      10      Reaffirmed
                                        Discounting
M.M. Import and Export                  CC                 CRISIL B       10      Reaffirmed
MPL Automobiles Agency Pvt Ltd          Inventory Funding  CRISIL B-      125     Reaffirmed
                                        Fac
MPL Automobiles Agency Pvt Ltd          Secured Overdraft  CRISIL B-      250     Reaffirmed
                                        Fac
MPL Motors Pvt Ltd                      CC                 CRISIL B-      16      Reaffirmed
MPL Motors Pvt Ltd                      Inventory Funding  CRISIL B-      25      Reaffirmed
                                        Fac
NGL Fine Chem Ltd                       CC                 CRISIL BBB     80      Reaffirmed
NGL Fine Chem Ltd                       Proposed LT Bk     CRISIL BBB     47.9    Reaffirmed
                                        Loan Fac
NGL Fine Chem Ltd                       TL                 CRISIL BBB     253     Reaffirmed
North Western Karnataka Road Transport  Proposed LT Bk     CRISIL BB-     128.9   Assigned
Corporation                             Loan Fac
North Western Karnataka Road Transport  TL                 CRISIL BB-     1081.1  Assigned
Corporation
Popatlal Nathalal Shah                  Packing Credit     CRISIL BBB-    21      Reaffirmed
Popatlal Nathalal Shah                  Post Shipment      CRISIL BBB-    49      Reaffirmed
                                        Credit
Rakesh Marble & Granite                 CC                 CRISIL B       15      Downgraded
                                                                                  from CRISIL B+
Issuer Not Cooperating
Ravi Realcon Pvt Ltd                    CC                 CRISIL B       42.5    Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Issuer Not Cooperating
Shakuntalam Impex Pvt Ltd               Standby Line of    CRISIL BB-     12      Assigned
                                        Credit
Shakuntalam Impex Pvt Ltd               Proposed WC Fac    CRISIL BB-     15.5    Assigned
Shree Krishna Timber Co Pvt Ltd         CC                 CRISIL BBB-    100     Reaffirmed
Silvertoss Industries Pvt Ltd           CC                 CRISIL BBB-    150     Reaffirmed
South West Pinnacle Exploration Pvt Ltd Bill Discounting   CRISIL BBB-    40      Reaffirmed
South West Pinnacle Exploration Pvt Ltd CC*                CRISIL BBB-    170     Reaffirmed
* Interchangeable with working capital demand loan up to Rs 7.5 crore
South West Pinnacle Exploration Pvt Ltd Proposed LT Bk     CRISIL BBB-    70      Reaffirmed
                                        Loan Fac
Sylvan Plyboard India Pvt Ltd           CC                 CRISIL BBB     400     Reaffirmed
T R Sawhney Motors Pvt Ltd              CC                 CRISIL BBB+    500     Reaffirmed
T R Sawhney Motors Pvt Ltd              Inventory Funding  CRISIL BBB+    700     Reaffirmed
                                        Fac
Texcel International Pvt Ltd            CC                 CRISIL B       102     Downgraded
                                                                                  from CRISIL BB
Issuer Not Cooperating
Vikas Ecotech Ltd                       CC                 CRISIL BBB     560     Reaffirmed
Vikas Ecotech Ltd                       CC/ Overdraft Fac  CRISIL BBB     150     Reaffirmed
Vikas Ecotech Ltd                       Export Packing     CRISIL BBB     360     Reaffirmed
                                        Credit & Export
                                        Bills Negotiation/Foreign Bill discounting
Vikas Ecotech Ltd                       TL                 CRISIL BBB     90      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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