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Company News

CRISIL ratings for Indian debt instruments-Oct 13

Oct 13 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of October 10, 2014.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Agarwal Foundries                     LOC                CRISIL A3+     40      Reaffirmed
AMA Industries Pvt Ltd                BG                 CRISIL A4      35      Reaffirmed
Aries Agro Ltd                        LOC*               CRISIL A2      766     Reaffirmed
*Interchangeable with Bank Guarantee and Buyers Credit to the extent of Rs.130 million
Arizona Sites Pvt Ltd                 BG                 CRISIL A4      150     Reaffirmed
Arora Industries                      Export Packing     CRISIL A4+     4.5     Reaffirmed
                                      Credit
Arora Industries                      LOC                CRISIL A4+     19.6    Assigned
Arora Knit Fab Pvt Ltd                Foreign LOC*       CRISIL A4+     46.3    Assigned
*Fully interchangeable with inland letter of credit
Arora Knit Fab Pvt Ltd                Export Performance CRISIL A4+     3.7     Assigned
                                      Guarantee
B. M. Raj Industries                  Inland/Import LOC  CRISIL A4      10      Assigned
Crown Steel Company                   Foreign Exchange   CRISIL A4+     9.5     Reaffirmed
                                      Forward
Crown Steel Company                   LOC                CRISIL A4+     425     Assigned
Danush Interiors & Contractors        LOC                CRISIL A4      10      Assigned
Family Health Plan (TPA) Ltd          BG                 CRISIL A2      110     Reaffirmed
Family Health Plan (TPA) Ltd          Proposed BG        CRISIL A2      105     Reaffirmed
Garg Industries Ltd                   LOC                CRISIL A4+     5.9     Reaffirmed
Geojit BNP Paribas Financial Services BG                 CRISIL A1      510     Reaffirmed
Ltd
Geojit BNP Paribas Financial Services Proposed BG        CRISIL A1      100     Reaffirmed
Ltd
Globsyn Technologies Ltd              BG                 CRISIL A4+     2.5     Reaffirmed
GSP Crop Science Pvt Ltd              LOC                CRISIL A2+     1500    Upgraded from
                                                                                CRISIL A3+
H M International                     Import LOC Limit   CRISIL A4      55      Reaffirmed
H M International                     Proposed ST Bk     CRISIL A4      25      Reaffirmed
                                      Loan Fac
Hyundai Motor India Ltd.              STD                CRISIL A1+     1000    Reaffirmed
Hyundai Motor India Ltd.              BG#                CRISIL A1+     100     Reaffirmed
#Bank Guarantee is interchangeable with Letter of Credit
Hyundai Motor India Ltd.              Proposed ST Bk     CRISIL A1+     1160    Reaffirmed
                                      Loan Fac
Hyundai Motor India Ltd.              Packing Credit*    CRISIL A1+     24490   Reaffirmed
*Interchangeable between Letter of Credit, Buyer's Credit, Short-Term Loan, Intra Day Overdraft,
Bill Discounting, and Bank Guarantee
Hyundai Motor India Ltd.              Packing Credit**   CRISIL A1+     4500    Assigned
** Interchangeable with Letter of Credit, Buyers Credit, Short Term Loan, Intra Day Overdraft,
Bill Discounting and Bank Guarantee; includes Rs. 480 million for forward contract
Hyundai Motor India Ltd.              Packing Credit     CRISIL A1+     6750    Assigned
Industrial and Commercial Bank of     CD                 CRISIL A1+     3000    Assigned
China Ltd
J.P.G. Constructions Pvt Ltd          BG                 CRISIL A4+     120     Reaffirmed
Jagannath Plastics Pvt Ltd            LOC                CRISIL A4      10      Reaffirmed
Lorex Ceramic                         BG                 CRISIL A4      13      Reaffirmed
Lubrizol India Pvt Ltd                BG                 CRISIL A1+     30      Reaffirmed
Lubrizol India Pvt Ltd                LOC                CRISIL A1+     30      Reaffirmed
Lubrizol India Pvt Ltd                LOC & BG*          CRISIL A1+     100     Reaffirmed
*Fully Interchangeable with Standby Letter of Credit.
Mahendra Sponge and Power Ltd         LOC                CRISIL A3+     300     Assigned
Malu Electrodes Pvt Ltd               LOC                CRISIL A1      500     Upgraded from
                                                                                CRISIL A2+
Mangalore Chemicals and Fertilizers LtLOC#^              CRISIL A3+ @   7150    Downgraded
                                                                                from CRISIL A2
Mangalore Chemicals and Fertilizers LtLoan Equivalent    CRISIL A3+ @   312.8   Downgraded
                                      Risk Limits                               from CRISIL A2
Maruti Ispat & Energy Pvt Ltd         LOC                CRISIL A3+     100     Reaffirmed
MG Housing Pvt Ltd                    BG                 CRISIL A4      100     Reaffirmed
MS Agarwal Foundries Pvt Ltd          LOC                CRISIL A3+     250     Assigned
Ncubate Logistic & Warehousing Pvt LtdLOC                CRISIL A4+     450     Reaffirmed
Nitta Gelatin India Ltd               Bill Purchase      CRISIL A2+     360     Reaffirmed
                                      Discounting Fac
Nitta Gelatin India Ltd               LOC & BG           CRISIL A2+     39.1    Reaffirmed
Nitta Gelatin India Ltd               Line of Credit     CRISIL A2+     46      Reaffirmed
Nitta Gelatin India Ltd               Packing Credit     CRISIL A2+     289     Reaffirmed
Offshore Infrastructures Ltd          BG                 CRISIL A2      2750    Reaffirmed
Offshore Infrastructures Ltd          Proposed BG        CRISIL A2      1500    Reaffirmed
Poddar Tyres Ltd                      BG                 CRISIL A1      10      Reaffirmed
Poddar Tyres Ltd                      LOC                CRISIL A1      190     Reaffirmed
Positive Packaging Industries Ltd     BG                 CRISIL A2+ #   5       Reaffirmed
Positive Packaging Industries Ltd     LOC                CRISIL A2+ #   150     Reaffirmed
Rajnandini Metal Pvt Ltd              Inland/Import LOC  CRISIL A4      40      Assigned
Rateria Laminators Pvt. Ltd           BG                 CRISIL A4+     40      Reaffirmed
Srinath Builders and Housing Co Pvt   BG                 CRISIL A4+     490     Reaffirmed
Srinath Builders and Housing Co Pvt   Proposed ST Bk     CRISIL A4+     1035    Assigned
                                      Loan Fac
TCNS Clothing Co. Pvt Ltd             LOC                CRISIL A3+     75      Reaffirmed
Vallabhji Malsi & Co.                 BG                 CRISIL A2+     50      Reaffirmed


MEDIUM TERM RATINGS:
-------------------
Kolte-Patil Developers Ltd            FD                 FAA-           500     Reaffirmed

LONG TERM RATINGS:
-------------------
Actis Generics Pvt Ltd                CC                 CRISIL D       45      Assigned
Actis Generics Pvt Ltd                TL                 CRISIL D       80      Assigned
Agarwal Foundries                     CC                 CRISIL BBB     150     Reaffirmed
Agarwal Foundries                     Proposed LT Bk     CRISIL BBB     70      Reaffirmed
                                      Loan Fac

AMA Industries Pvt Ltd                CC                 CRISIL B       30      Reaffirmed
AMA Industries Pvt Ltd                LT Loan            CRISIL B       15      Reaffirmed
Antara Jewellery Pvt Ltd              CC*                CRISIL BBB+    300     Reaffirmed
*Includes sublimit of Rs. 100.0 Million of Working Capital Demand Loan, Rs. 150.0 Million of
Standby Letter of Credit and Rs. 50.0 Million of Packing Credit in Foreign Currency
Aries Agro Ltd                        CC                 CRISIL BBB+    840     Reaffirmed
Aries Agro Ltd                        LT Loan            CRISIL BBB+    160     Reaffirmed
Arin Tea Pvt Ltd                      CC                 CRISIL BBB-    52.5    Reaffirmed
Arin Tea Pvt Ltd                      TL                 CRISIL BBB-    90      Reaffirmed
Arora Industries                      CC                 CRISIL BB      300     Reaffirmed
Arora Industries                      Rupee TL           CRISIL BB      75.9    Assigned
Arora Knit Fab Pvt Ltd                TL                 CRISIL BB      65      Assigned
Arora Knit Fab Pvt Ltd                CC                 CRISIL BB      285     Assigned
Arrjavv Builder Pvt Ltd               Proposed LT Bk     CRISIL B       95      Assigned
                                      Loan Fac
B. M. Raj Industries                  Proposed LT Bk     CRISIL B+      7.5     Assigned
                                      Loan Fac
B. M. Raj Industries                  Proposed CC Limit  CRISIL B+      5       Assigned
B. M. Raj Industries                  LT Loan            CRISIL B+      2.5     Assigned
B. M. Raj Industries                  CC                 CRISIL B+      35      Assigned
Crown Steel Company                   CC                 CRISIL BB      50      Reaffirmed
Danush Interiors & Contractors        CC                 CRISIL B+      120     Assigned
D-Link (INDIA) Ltd                    CC & WC demand loanCRISIL A       100     Reaffirmed
Family Health Plan (TPA) Ltd          CC                 CRISIL BBB+    55      Reaffirmed
Gangol Sahkari Dugdh Utpadak Sangh LtdCC                 CRISIL BB-     110     Reaffirmed
Garg Industries Ltd                   CC                 CRISIL BB      230     Reaffirmed
Garg Industries Ltd                   Proposed LT Bk     CRISIL BB      10      Reaffirmed
                                      Loan Fac
Garg Industries Ltd                   TL                 CRISIL BB      10      Reaffirmed
Globsyn Technologies Ltd              CC                 CRISIL BB+     60      Reaffirmed
Globsyn Technologies Ltd              TL                 CRISIL BB+     21.5    Reaffirmed
GSP Crop Science Pvt Ltd              CC                 CRISIL A-      1100    Upgraded from
                                                                                CRISIL BBB
GSP Crop Science Pvt Ltd              Proposed LT Bk     CRISIL A-      51.9    Upgraded from
                                      Loan Fac                                  CRISIL BBB
GSP Crop Science Pvt Ltd              TL                 CRISIL A-      774.9   Upgraded from
                                                                                CRISIL BBB
H M International                     CC                 CRISIL B       62.5    Reaffirmed
H M International                     Proposed LT Bk     CRISIL B       7.5     Reaffirmed
                                      Loan Fac
Hira Automobiles Ltd                  CC                 CRISIL BB-     250     Reaffirmed
Indiabulls Asset Management Company LtIndiabulls Liquid  CRISIL AAAmfs          Reaffirmed
                                      Fund
International Institute of InformationLT Loan            CRISIL BBB+    110     Upgraded from
Technology                                                                      CRISIL BBB
International Institute of InformationProposed LT Bk     CRISIL BBB+    110     Assigned
Technology                            Loan Fac
J.P.G. Constructions Pvt Ltd          CC                 CRISIL BB      11.5    Upgraded from
                                                                                CRISIL BB-
J.P.G. Constructions Pvt Ltd          Proposed LT Bk     CRISIL BB      31.8    Assigned
                                      Loan Fac
Jagannath Plastics Pvt Ltd            CC                 CRISIL B+      35      Reaffirmed
Jagannath Plastics Pvt Ltd            Proposed LT Bk     CRISIL B+      15      Reaffirmed
                                      Loan Fac
Jagannath Plastics Pvt Ltd            TL                 CRISIL B+      80      Assigned
Kolte-Patil Developers Ltd            NCD                CRISIL A+      1000    Reaffirmed
Kolte-Patil Developers Ltd            CC                 CRISIL A+      680     Reaffirmed
Kolte-Patil Developers Ltd            Mortgage Loan Fac  CRISIL A+      100     Reaffirmed
Kolte-Patil Developers Ltd            Overdraft Fac      CRISIL A+      40      Reaffirmed
Kolte-Patil Developers Ltd            Proposed LT Bk     CRISIL A+      203.9   Reaffirmed
                                      Loan Fac
Kolte-Patil Developers Ltd            TL                 CRISIL A+      976.1   Reaffirmed
Lorex Ceramic                         CC                 CRISIL B+      30      Upgraded from
                                                                                CRISIL B
Lorex Ceramic                         Proposed LT Bk     CRISIL B+      2.2     Upgraded from
                                      Loan Fac                                  CRISIL B
Lorex Ceramic                         TL                 CRISIL B+      74.3    Upgraded from
                                                                                CRISIL B
Lubrizol India Pvt Ltd                CC                 CRISIL AA-     60      Reaffirmed
Mahendra Sponge and Power Ltd         CC                 CRISIL BBB     450     Assigned
Mahendra Sponge and Power Ltd         LT Loan            CRISIL BBB     65      Assigned
Mahendra Strips Pvt Ltd               CC                 CRISIL BBB     125     Assigned
Malu Electrodes Pvt Ltd               CC                 CRISIL A       167.5   Upgraded from
                                                                                CRISIL A-
Malu Electrodes Pvt Ltd               Proposed LT Bk     CRISIL A       52.5    Upgraded from
                                      Loan Fac                                  CRISIL A-
Mangalore Chemicals and Fertilizers LtCC*                CRISIL BBB @   3000    Downgraded
                                                                                from CRISIL
                                                                                BBB+
Mangalore Chemicals and Fertilizers LtProposed LT Bk     CRISIL BBB @   18.4    Downgraded
                                      Loan Fac                                  from CRISIL
                                                                                BBB+
Mangalore Chemicals and Fertilizers LtTL                 CRISIL BBB @   2518.8  Downgraded
                                                                                from CRISIL
                                                                                BBB+
Maruti Ispat & Energy Pvt Ltd         CC                 CRISIL BBB     180     Reaffirmed
Maruti Ispat & Energy Pvt Ltd         Proposed LT Bk     CRISIL BBB     16      Reaffirmed
                                      Loan Fac
Maruti Ispat & Energy Pvt Ltd         TL                 CRISIL BBB     90      Reaffirmed
Medplus Health Services Pvt Ltd       NCD                CRISIL BB+     450     Enhanced from
                                                                                Rs. 420.0
                                                                                Million
MG Housing Pvt Ltd                    Proposed TL        CRISIL B+      450     Reaffirmed
MG Housing Pvt Ltd                    TL                 CRISIL B+      300     Reaffirmed
MS Agarwal Foundries Pvt Ltd          CC*                CRISIL BBB     460     Reaffirmed
*Includes sublimit of packing credit of Rs. 100 million, Bill Discounting facility of Rs. 50
million and buyer's credit of Rs. 200 million
MS Agarwal Foundries Pvt Ltd          CC                 CRISIL BBB     290     Reaffirmed
Nagpur Sortex                         CC                 CRISIL B       60      Reaffirmed
Nagpur Sortex                         Proposed LT Bk     CRISIL B       22.5    Reaffirmed
                                      Loan Fac
Nagpur Sortex                         TL                 CRISIL B       77.5    Reaffirmed
Neravy Saiva Sithananda Pullvar SO.   Proposed LT Bk     CRISIL B       50      Assigned
Soupramanien Pillai Education and     Loan Fac
Social Trust
Neravy Saiva Sithananda Pullvar SO.   Proposed WC Fac    CRISIL B       30      Assigned
Soupramanien Pillai Education and
Social Trust
Nibber Castings Pvt Ltd               CC                 CRISIL BB      140     Reaffirmed
Nibber Castings Pvt Ltd               Proposed LT Bk     CRISIL BB      12.9    Reaffirmed
                                      Loan Fac
Nibber Castings Pvt Ltd               TL                 CRISIL BB      12.2    Reaffirmed
Nitta Gelatin India Ltd               CC                 CRISIL A-      50      Reaffirmed
Nitta Gelatin India Ltd               LT Loan            CRISIL A-      130     Reaffirmed
Offshore Infrastructures Ltd          CC*                CRISIL BBB+    500     Reaffirmed
*Interchangeable with bank guarantee to the extent of Rs. 200 Million
Offshore Infrastructures Ltd          Proposed LT Bk     CRISIL BBB+    250     Reaffirmed
                                      Loan Fac
Om Construction - Raipur              TL                 CRISIL B       150     Assigned
Optival Health Solutions Pvt Ltd      CC                 CRISIL BB+     750     Reaffirmed
Petronet LNG Ltd                      NCD                CRISIL AA+     10000   Assigned
Poddar Tyres Ltd                      CC                 CRISIL A-      400     Reaffirmed
Positive Packaging Industries Ltd     CC*                CRISIL A- #    450     Reaffirmed
* Interchangeable with Export Packing Credit for upto Rs 180 Million; Interchangeable with
Export Bill Discounting for upto Rs 150 Million.
Positive Packaging Industries Ltd     CC                 CRISIL A- #    650     Reaffirmed
Positive Packaging Industries Ltd     External           CRISIL A- #    491     Reaffirmed
                                      Commercial
                                      Borrowings
Positive Packaging Industries Ltd     LOC**              CRISIL A- #    200     Reaffirmed
**Fully Interchangeable with fund-based limits.
Positive Packaging Industries Ltd     Proposed LT Bk     CRISIL A- #    604     Reaffirmed
                                      Loan Fac
Rajnandini Metal Pvt Ltd              Proposed LT Bk     CRISIL B+      80      Assigned
                                      Loan Fac
Rajnandini Metal Pvt Ltd              Overdraft Fac      CRISIL B+      130     Assigned
Ram Chander Builders Pvt Ltd          Proposed LT Bk     CRISIL B       100     Assigned
                                      Loan Fac
Ram Chander Builders Pvt Ltd          TL                 CRISIL B       30      Assigned
Rateria Laminators Pvt. Ltd           Bill Discounting   CRISIL BB      20      Reaffirmed
Rateria Laminators Pvt. Ltd           Proposed LT Bk     CRISIL BB      34      Assigned
                                      Loan Fac
Rateria Laminators Pvt. Ltd           Channel Financing  CRISIL BB      40      Assigned
Ratusaria Steels Pvt Ltd              CC                 CRISIL BB-     115     Reaffirmed
Ratusaria Steels Pvt Ltd              Proposed LT Bk     CRISIL BB-     30.5    Reaffirmed
                                      Loan Fac
Ratusaria Steels Pvt Ltd              TL                 CRISIL BB-     7       Reaffirmed
Ritemed Pharma Retail Pvt Ltd         CC                 CRISIL BB+     126     Reaffirmed
Ritemed Pharma Retail Pvt Ltd         LT Loan            CRISIL BB+     44      Reaffirmed
Sheyn International School            LT Loan            CRISIL B       72.5    Assigned
Simbhaoli Sugars Ltd                  CC                 CRISIL D       3337.5  Downgraded
                                                                                from CRISIL B-
Simbhaoli Sugars Ltd                  LOC & BG           CRISIL D       912.5   Downgraded
                                                                                from CRISIL A4
Simbhaoli Sugars Ltd                  Proposed LT Bk     CRISIL D       965.6   Downgraded
                                      Loan Fac                                  from CRISIL B-
Simbhaoli Sugars Ltd                  TL                 CRISIL D       2220.6  Downgraded
                                                                                from CRISIL B-
Simbhaoli Sugars Ltd                  WC TL*             CRISIL D       500     Downgraded
                                                                                from CRISIL B-
* Working Capital Term Loan (WCTL) was sanctioned as a part of Corporate Debt Restructuring
(CDR)
Siri Smelters & Energy Pvt Ltd        TL                 CRISIL D       85.5    Assigned
Siri Smelters & Energy Pvt Ltd        CC                 CRISIL D       31.8    Assigned
Siri Smelters & Energy Pvt Ltd        Proposed TL        CRISIL D       32.7    Assigned
Srinath Builders and Housing Co Pvt LtCC                 CRISIL BB      90      Reaffirmed
Srinath Builders and Housing Co Pvt LtCorporate Loan     CRISIL BB      100     Reaffirmed
Srinath Builders and Housing Co Pvt LtProposed BG        CRISIL BB      510     Reaffirmed
Srinath Builders and Housing Co Pvt LtProposed CC Limit  CRISIL BB      60      Reaffirmed
Srinath Builders and Housing Co Pvt LtStandby Line of    CRISIL BB      18      Assigned
                                      Credit
Super Ispat (Raipur) Pvt Ltd          CC                 CRISIL BBB     60      Upgraded from
                                                                                CRISIL BB-
T. C. M. Steels (India)               CC                 CRISIL BB-     140     Reaffirmed
TCNS Clothing Co. Pvt Ltd             CC                 CRISIL BBB     380     Reaffirmed
TCNS Clothing Co. Pvt Ltd             Proposed LT Bk     CRISIL BBB     55      Reaffirmed
                                      Loan Fac
TCNS Clothing Co. Pvt Ltd             TL                 CRISIL BBB     30      Reaffirmed
Vallabhji Malsi & Co.                 CC#                CRISIL A-      300     Reaffirmed
#Includes sublimit of working capital demand loan of Rs. 300 million, standby letter of credit
of Rs. 200 million, Rs. 250 million of pre shipment credit and Rs. 100 million of post shipment
credit
Vallabhji Malsi & Co.                 CC                 CRISIL A-      350     Reaffirmed
Vallabhji Malsi & Co.                 Packing Credit     CRISIL A-      350     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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