CRISIL ratings for Indian debt instruments-Oct 13

Source : REUTERS
Last Updated: Thu, Oct 13, 2016 11:40 hrs

Oct 13 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of India (CRISIL) for local debt instruments as of October 12, 2016. COMPANY INSTRUMENT RATING AMOUNT MOVEMENT (RS.MLN) ------ ---------- ------ ----- --------- SHORT TERM RATINGS: ------------------- A. B. Kanisha Timbers LOC CRISIL A4 37.5 Assigned Anant Commodities Pvt Ltd Packing Credit CRISIL A4+ 350 Downgraded from CRISIL A3+ Anant Commodities Pvt Ltd Proposed ST Bk CRISIL A4+ 50 Downgraded Loan Fac from CRISIL A3+ Anucool Industrial Aids Pvt Ltd BG CRISIL A4+ 30 Reaffirmed Apollo Tyres Ltd LOC^ CRISIL A1+ 5470 Reaffirmed ^Interchangeable with bank guarantee/letter of undertaking or acceptances for buyers credit/packing credit Apollo Tyres Ltd CP CRISIL A1+ 9000 Reaffirmed Aquamall Water Solutions Ltd BG CRISIL A1+ 20 Reaffirmed Aquamall Water Solutions Ltd LOC CRISIL A1+ 100 Reaffirmed Aquamall Water Solutions Ltd Sales Bill CRISIL A1+ 100 Reaffirmed Discounting Axis Bank Ltd CD CRISIL A1+ 350000 Reaffirmed Bhaskar Resources Pvt Ltd BG CRISIL A4+ 30 Assigned Daga Global Chemicals Pvt Ltd BG CRISIL A3 20 Reaffirmed Daga Global Chemicals Pvt Ltd Bill Discounting* CRISIL A3 70 Reaffirmed *Includes letter of credit-backed usance bill discounting to the extent of Rs 50 million, and usance bill discounting to the extent of Rs 20 million, which is fully interchangeable with letter of credit-backed usance bill discounting Daga Global Chemicals Pvt Ltd Cheque Discounting CRISIL A3 2 Reaffirmed Daga Global Chemicals Pvt Ltd LOC CRISIL A3 675 Reaffirmed Forbes and Co. Ltd LOC^ CRISIL A1+ 155 Reaffirmed ^Interchangeable with bank guarantee Forbes and Co. Ltd LOC@ CRISIL A1+ 550 Reaffirmed @Interchangeable with buyer's credit and bank guarantee Forbes and Co. Ltd CP Programmes CRISIL A1+ 300 Reaffirmed Hardayal Infra Projects Pvt Ltd Proposed BG CRISIL A4+ 164.9 Assigned Hardayal Infra Projects Pvt Ltd BG CRISIL A4+ 250 Assigned Hatsun Agro Product Ltd CP CRISIL A1 1500 Reaffirmed Jennex Granite Industries Pvt Ltd Import LOC Limit CRISIL A4 40 Downgraded from CRISIL A4+ Jennex Granite Industries Pvt Ltd Post Shipment CRISIL A4 140 Downgraded Credit@ from CRISIL A4+ @Includes sublimit of Rs. 70 million of pre shipment credit facility Mittapalli Agro Products Pvt Ltd BG CRISIL A4+ 5 Reaffirmed Mittapalli Agro Products Pvt Ltd Foreign Exchange CRISIL A4+ 5 Reaffirmed Forward Navbharat Nirman Company BG CRISIL A4 53 Reaffirmed Navbharat Nirman Company Proposed ST Bk CRISIL A4 1.2 Reaffirmed Loan Fac PC Jeweller Ltd Foreign Exchange CRISIL A1 500 Reaffirmed Forward PC Jeweller Ltd LOC CRISIL A1 12744.4 Reaffirmed Rajlaxmi Construction BG CRISIL A4+ 120 Reaffirmed Tata Motors Finance Ltd BG CRISIL A1+ 7.1 Reaffirmed Tata Motors Finance Ltd Proposed BG CRISIL A1+ 5.75 Reaffirmed Tata Motors Finance Ltd ST Debt^ CRISIL A1+ 10000 Reaffirmed ^The common independent director on the boards of CRISIL and Tata Motors Finance Ltd did not participate in the rating committee meeting and the rating process for these instruments. Vedanta Ltd Non-FBL* CRISIL A1+ 142.2 Reaffirmed * Non fund based Limits of Rs15 billion are interchangeable with Fund Based Limits Vedanta Ltd ST Debt (Including CRISIL A1+ 138500 CP Programme) LONG TERM RATINGS: ------------------- A. B. Kanisha Timbers Proposed WC Fac CRISIL B+ 17.9 Assigned A. B. Kanisha Timbers CC CRISIL B+ 12.5 Assigned Anucool Industrial Aids Pvt Ltd CC CRISIL BB 120 Reaffirmed Apollo Tyres Ltd CC** CRISIL AA+ 9490 Reaffirmed **Interchangeable with working capital demand loan/foreign currency non-pepatriable(B)/buyers credit/overdraft/foreign bill discounting/export bill receivabl Apollo Tyres Ltd LT Loan CRISIL AA+ 500 Reaffirmed Apollo Tyres Ltd Proposed LT Bk CRISIL AA+ 1790 Reaffirmed Loan Fac Apollo Tyres Ltd NCD CRISIL AA+ 3000 Assigned Apollo Tyres Ltd NCD CRISIL AA+ 3250 Reaffirmed Apollo Tyres Ltd NCD CRISIL AA+ 1000 Reaffirmed Apollo Tyres Ltd NCD CRISIL AA+ 1250 Withdrawal Apollo Tyres Ltd NCD CRISIL AA+ 1000 Withdrawal Aquamall Water Solutions Ltd CC & WC demand loanCRISIL AA- 380 Reaffirmed Aquamall Water Solutions Ltd Proposed FB Bk CRISIL AA- 150 Reaffirmed Limits Aquamall Water Solutions Ltd WC Demand Loan CRISIL AA- 500 Reaffirmed Ashirvad Pipes Pvt Ltd CC* CRISIL A+ 650 Reaffirmed *Fully interchangeable with line of credit; foreign currency non-resident (B) loan, export packing credit/packing credit in foreign currency (EPC/PCFC), inlan Ashirvad Pipes Pvt Ltd External CRISIL A+ 379.3 Reaffirmed Commercial Borrowings Ashirvad Pipes Pvt Ltd TL CRISIL A+ 2337.9 Reaffirmed Ashirvad Pipes Pvt Ltd WC Demand Loan CRISIL A+ 1350 Reaffirmed Avi Agri Business Pvt Ltd Export Packing CRISIL BBB- 2000 Reaffirmed Credit Avi Agri Business Pvt Ltd LT Loan CRISIL BBB- 270 Reaffirmed Axis Bank Ltd Infrastructure CRISIL AAA 32050 Assigned Bonds Axis Bank Ltd Tier II Bonds CRISIL AAA 20000 Reaffirmed Issue (Under Basel III) Axis Bank Ltd Tier II Bonds CRISIL AAA 25000 Reaffirmed Issue (Under Basel III) Axis Bank Ltd Tier II Bonds CRISIL AAA 8500 Reaffirmed issue (Under Basel III) Axis Bank Ltd Infrastructure CRISIL AAA 50000 Reaffirmed Bonds Issue Axis Bank Ltd Infrastructure CRISIL AAA 60000 Reaffirmed Bonds Issue Bhaskar Resources Pvt Ltd CC CRISIL BB 40 Assigned Daga Global Chemicals Pvt Ltd Overdraft Fac^ CRISIL BBB- 160 Reaffirmed ^Includes secured overdraft facility against book debts to the extent of Rs 160 million, which is also fully interchangeable with foreign currency loan Daga Global Chemicals Pvt Ltd Proposed LT Bk CRISIL BBB- 23 Reaffirmed Loan Fac Euroamer Garuda Resorts (India) Pvt Ltd Proposed LT Bk CRISIL BB 170 Reaffirmed Loan Fac Forbes and Co. Ltd CC* CRISIL AA- 370 Reaffirmed *Interchangeable between packing credit and working capital loans Forbes and Co. Ltd Proposed FB Bk CRISIL AA- 606.2 Reaffirmed Limits Forbes and Co. Ltd Proposed LT Bk CRISIL AA- 873.3 Reaffirmed Loan Fac Forbes and Co. Ltd TL CRISIL AA- 65.5 Reaffirmed Forbes and Co. Ltd NCD CRISIL AA- 1000 Reaffirmed Forbes Technosys Ltd NCD CRISIL AA-(SO) 500 Reaffirmed Hardayal Infra Projects Pvt Ltd TL CRISIL BB 5.1 Assigned Hardayal Infra Projects Pvt Ltd Proposed CC Limit CRISIL BB 30 Assigned Hardayal Infra Projects Pvt Ltd CC CRISIL BB 50 Assigned Hari Om Rice Mill Pvt Ltd CC CRISIL BB 200 Reaffirmed Hatsun Agro Product Ltd CC CRISIL A 1000 Reaffirmed Hatsun Agro Product Ltd LT Loan CRISIL A 4080 Reaffirmed Hatsun Agro Product Ltd Proposed LT Bk CRISIL A 2920 Reaffirmed Loan Fac Hatsun Agro Product Ltd WC Loan CRISIL A 1000 Reaffirmed Jennex Granite Industries Pvt Ltd Secured Overdraft CRISIL B+ 50 Downgraded Fac from CRISIL BB- Kameshwar Industries CC CRISIL B 80 Reaffirmed Kameshwar Industries Proposed LT Bk CRISIL B 37.8 Reaffirmed Loan Fac Kameshwar Industries TL CRISIL B 12.2 Reaffirmed Kogta Financial India Ltd CC CRISIL BB+ 500 Reaffirmed Kogta Financial India Ltd TL CRISIL BB+ 50 Reaffirmed Kogta Financial India Ltd Subordinated NCDs* CRISIL BB+ 150 Reaffirmed Lord Krishna Rice Mills - Gangoh CC CRISIL B+ 80 Reaffirmed Lord Krishna Rice Mills - Gangoh Proposed CC Limit CRISIL B+ 20 Reaffirmed Mittapalli Agro Products Pvt Ltd Export Packing CRISIL BB- 390 Reaffirmed Credit Nagpur Distillers Pvt Ltd CC CRISIL BB 60 Reaffirmed Nagpur Distillers Pvt Ltd TL CRISIL BB 15 Reaffirmed Navbharat Nirman Company CC CRISIL B 25.8 Reaffirmed Patidar Boards Pvt Ltd CC CRISIL BB- 60 Upgraded from CRISIL B+ Patidar Boards Pvt Ltd LT Loan CRISIL BB- 160 Upgraded from CRISIL B+ PC Jeweller Ltd CC CRISIL A 22863.5 Reaffirmed PC Jeweller Ltd LT Loan CRISIL A 870 Reaffirmed PC Jeweller Ltd Proposed BG CRISIL A 8.9 Reaffirmed PC Jeweller Ltd Proposed CC Limit CRISIL A 378.2 Reaffirmed PC Jeweller Ltd Proposed TL CRISIL A 5 Reaffirmed PC Jeweller Ltd Proposed Standby CRISIL A 910 Reaffirmed Line of Credit PC Jeweller Ltd Standby Line of CRISIL A 1090 Reaffirmed Credit Radhe Cotton CC CRISIL B+ 75 Reaffirmed Radhe Cotton TL CRISIL B+ 16.6 Reaffirmed Rajlaxmi Construction CC CRISIL BB- 130 Downgraded from CRISIL BB Rajlaxmi Construction Proposed LT Bk CRISIL BB- 50 Downgraded Loan Fac from CRISIL BB Rangoli Particle Boards Pvt Ltd CC CRISIL B+ 50 Reaffirmed Rangoli Particle Boards Pvt Ltd Proposed LT Bk CRISIL B+ 25 Reaffirmed Loan Fac Rangoli Particle Boards Pvt Ltd TL CRISIL B+ 50 Reaffirmed Satya Trucking Pvt Ltd Inventory Funding CRISIL BB 45 Reaffirmed Fac Satya Trucking Pvt Ltd Proposed LT Bk CRISIL BB 260 Reaffirmed Loan Fac Shri Ganesh Agro Industries CC CRISIL B 45 Assigned Shri Ganesh Agro Industries WC Demand Loan CRISIL B 30 Assigned Shri Ganesh Agro Products TL CRISIL B 45 Assigned Shri Ganesh Agro Products WC Fac CRISIL B 45 Assigned Sir Shadi Lal Enterprises Ltd CC CRISIL C 710 Reaffirmed Sir Shadi Lal Enterprises Ltd Proposed LT Bk CRISIL C 404.5 Reaffirmed Loan Fac Sir Shadi Lal Enterprises Ltd SEFASU Loan CRISIL C 185.5 Reaffirmed Sir Shadi Lal Enterprises Ltd WC TL CRISIL C 700 Reaffirmed SRM Transports India Pvt Ltd Overdraft Fac CRISIL BB 30 Reaffirmed SRM Transports India Pvt Ltd Proposed LT Bk CRISIL BB 167 Reaffirmed Loan Fac SRM Transports India Pvt Ltd TL CRISIL BB 58 Reaffirmed Surinder Kumar and Company CC CRISIL BB- 250 Reaffirmed T.R.Chemicals Ltd BG CRISIL D 10 Assigned; Suspension Revoked T.R.Chemicals Ltd CC CRISIL D 90 Assigned; Suspension Revoked T.R.Chemicals Ltd Funded Interest TL CRISIL D 8.6 Assigned; Suspension Revoked T.R.Chemicals Ltd Proposed LT Bk CRISIL D 28.8 Assigned; Loan Fac Suspension Revoked T.R.Chemicals Ltd TL CRISIL D 19.1 Assigned; Suspension Revoked T.R.Chemicals Ltd WC TL CRISIL D 13.5 Assigned; Suspension Revoked Tata Motors Finance Ltd Perpetual Bonds* CRISIL A+ 4150 Reaffirmed ^The common independent director on the boards of CRISIL and Tata Motors Finance Ltd did not participate in the rating committee meeting and the rating process for these instruments. Tata Motors Finance Ltd CC & WC demand CRISIL AA 40.48 Reaffirmed loan* * Only cash credit facility, not interchangeable with working capital demand loan facility for the following: Andhra Bank Rs 1.0 billion, IDBI Bank Rs 100 million, and Syndicate Bank Rs 100 million; For Standard Chartered Bank cash credit/working capital demand loan limit of Rs 1.5 billion, Rs 1.05 billion is interchangeable with term loan Tata Motors Finance Ltd LT Bk Fac** CRISIL AA 70.263 Reaffirmed ** For South Indian Bank- Rs 0.25 billion of term loan is interchangeable with CC Tata Motors Finance Ltd Proposed CC Limit# CRISIL AA 6.8 Reaffirmed # Facility is fungible with long-term bank facility Tata Motors Finance Ltd Proposed LT Bk CRISIL AA 76.208 Reaffirmed Loan Fac Tata Motors Finance Ltd NCDs^ CRISIL AA 20000 Assigned ^The common independent director on the boards of CRISIL and Tata Motors Finance Ltd did not participate in the rating committee meeting and the rating process for these instruments. Tata Motors Finance Ltd NCDs^ CRISIL AA 30000 Reaffirmed ^The common independent director on the boards of CRISIL and Tata Motors Finance Ltd did not participate in the rating committee meeting and the rating process for these instruments. Tata Motors Finance Ltd NCDs^ CRISIL AA 50000 Reaffirmed ^The common independent director on the boards of CRISIL and Tata Motors Finance Ltd did not participate in the rating committee meeting and the rating process for these instruments. Tata Motors Finance Ltd Subordinated Debt CRISIL AA 14000 Reaffirmed Programme^ ^The common independent director on the boards of CRISIL and Tata Motors Finance Ltd did not participate in the rating committee meeting and the rating process for these instruments. Uptime Infratel Services India Pvt Ltd BG CRISIL D 5 Suspended Uptime Infratel Services India Pvt Ltd CC CRISIL D 40 Suspended Uptime Infratel Services India Pvt Ltd Proposed LT Bk CRISIL D 30 Suspended Loan Fac Uptime Infratel Services India Pvt Ltd WC TL CRISIL D 40 Suspended Vedanta Ltd External CRISIL AA- 33.09 Reaffirmed Commercial Borrowings Vedanta Ltd FB Fac** CRISIL AA- 37.12 Reaffirmed **Fund based Limits are completely interchangeable with Non Fund based Limits Vedanta Ltd LT Loan CRISIL AA- 2.55 Reaffirmed Vedanta Ltd Proposed LT Bk CRISIL AA- 10.48 Reaffirmed Loan Fac Vedanta Ltd Rupee TL CRISIL AA- 10 Reaffirmed Vedanta Ltd TL CRISIL AA- 145.25 Reaffirmed Vedanta Ltd NCD CRISIL AA- 12500 Vedanta Ltd NCD CRISIL AA- 15000 Vedanta Ltd NCD CRISIL AA- 111000 Vedanta Ltd NCD CRISIL AA- 21000 Vindhya Cereals Pvt Ltd CC CRISIL B 320 Downgraded from CRISIL B+ Vindhya Cereals Pvt Ltd Proposed LT Bk CRISIL B 16.2 Downgraded Loan Fac from CRISIL B+ Vindhya Cereals Pvt Ltd TL CRISIL B 43.8 Downgraded from CRISIL B+ -------------------------------------------------------------------------------------------- $: 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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