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CRISIL ratings for Indian debt instruments-Aug 6

    Aug 6  - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of August 5, 2020.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
AS Krishna Associates Pvt Ltd          BG                CRISIL A4+    105    -
(Issuer Not Cooperating)
Associated Soap Stone Distributing     BG                CRISIL A2     50     Reaffirmed
Company Pvt Ltd
Associated Soap Stone Distributing     LOC & BG          CRISIL A2     350    Reaffirmed
Company Pvt Ltd
B. Patel Infrastructure Pvt Ltd        BG                CRISIL A4+    230    Reaffirmed
Brabo Robotics And Automation Ltd      Non-FBL           CRISIL A3+    150    Assigned
Capital Powers                         Packing Credit    CRISIL A4     6.7    Assigned
Capital Powers                         Overdraft         CRISIL A4     30     Assigned
Capital Powers                         BG                CRISIL A4     4.5    Assigned
D R Polymers Pvt Ltd                   LOC               CRISIL A3+    1362   Migrated from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
D`Decor Exports Pvt Ltd                BG                CRISIL A1     80     Reaffirmed
D`Decor Exports Pvt Ltd                LOC               CRISIL A1     350    Reaffirmed
Dalmia Cement (Bharat) Ltd             Non-FBL           CRISIL A1+    18870  Assigned
Dalmia Cement (Bharat) Ltd             CP                CRISIL A1+    12000  Assigned
DDecor Home Fabrics Pvt Ltd            BG                CRISIL A1     150    Reaffirmed
DDecor Home Fabrics Pvt Ltd            LOC               CRISIL A1     150    Reaffirmed
Electrosteel Steels Ltd                Non-FBL^^^        CRISIL A1+    1800   Reaffirmed
^^^Includes sublimit of Rs 150 crore for standby letter of credit for buyers credit and bank
guarantee of Rs 50 crore
Finepac Structures Pvt Ltd             BG                CRISIL A4+    29     Migrated from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
Finepac Structures Pvt Ltd             Bill Purchase -   CRISIL A4+    8      Migrated from
                                       Disc Fac                               CRISIL A4+
(Issuer Not Cooperating)
Finepac Structures Pvt Ltd             Packing Credit in CRISIL A4+    25     Migrated from
                                       Foreign Currency                       CRISIL A4+
(Issuer Not Cooperating)
GDPA Fastners                          Packing Credit    CRISIL A4+    90     Migrated from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
Ginni International Ltd                Foreign Bill      CRISIL A4+    110.5  Downgraded
                                       Negotiation                            from CRISIL
                                                                              A3+
Ginni International Ltd                LOC & BG          CRISIL A4+    127.5  Downgraded
                                                                              from CRISIL
                                                                              A3+
IQF Foods Pvt Ltd                      Packing Credit in CRISIL A4+    120    Reaffirmed
                                       Foreign Currency
Pasupati Spinning and Weaving Mills LtdLOC               CRISIL A4     61.6   Downgraded
                                                                              from CRISIL
                                                                              A4+
Pasupati Spinning and Weaving Mills LtdLOC & BG          CRISIL A4     8      Downgraded
                                                                              from CRISIL
                                                                              A4+
Pasupati Spinning and Weaving Mills LtdPacking Credit    CRISIL A4     30     Downgraded
                                                                              from CRISIL
                                                                              A4+
Petrochem Asia Pvt Ltd                 LOC               CRISIL A3+    550    Migrated from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
Petrochem Asia Pvt Ltd                 Proposed NFBL     CRISIL A3+    300    Migrated from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
Revathi Equipment Ltd                  LOC & BG          CRISIL A2     375    Reaffirmed
Revathi Equipment Ltd                  ST Debt           CRISIL A2     350    Assigned
Ronak Rocks Pvt Ltd                    Foreign Bill      CRISIL A4+    250    Migrated from
                                       Purchase                               CRISIL A4+
(Issuer Not Cooperating)
Ronak Rocks Pvt Ltd                    Import LOC Limit  CRISIL A4+    100    Migrated from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
Ronak Rocks Pvt Ltd                    Packing Credit    CRISIL A4+    170    Migrated from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
S M Auto Engineering Pvt Ltd           BG                CRISIL A3+    10     Reaffirmed
S M Auto Engineering Pvt Ltd           LOC               CRISIL A3+    32     Reaffirmed
Saanika Industries Pvt Ltd             Inland Guarantees CRISIL A3+    20     Reaffirmed
Santosh Starch Products Ltd            Proposed ST Bk    CRISIL A4+    13.5   Reaffirmed
                                       Loan Fac
SRC Infra Developers Pvt Ltd           BG                CRISIL A4+    2800   Downgraded
                                                                              from CRISIL
                                                                              A3
Sulabh International Social Service    BG                CRISIL A1     7.5    Downgraded
Organisation                                                                  from CRISIL
                                                                              A1+
Tata Power Renewable Energy Ltd        CP                CRISIL A1+    17000  Reaffirmed
thyssenkrupp Industrial Solutions      LOC & BG          CRISIL A1     3445   Reaffirmed
(India) Pvt Ltd
Acer Granito Pvt Ltd                   Rating Advisory   -             -      -

(CRISIL vide its publication dated July 13, 2020 highlighted the aspect of non-co-operation by
Acer Granito Private
Limited.)


LONG TERM RATINGS:
-------------------
AS Krishna Associates Pvt Ltd          CC                CRISIL        195    -
                                                         BB-/Stable
(Issuer Not Cooperating)
Associated Soap Stone Distributing     Bill Discounting  CRISIL        20     Reaffirmed
Company Pvt Ltd                                          BBB+/Negative
Associated Soap Stone Distributing     CC                CRISIL        550    Reaffirmed
Company Pvt Ltd                                          BBB+/Negative
Associated Soap Stone Distributing     LT Loan           CRISIL        218.2  Reaffirmed
Company Pvt Ltd                                          BBB+/Negative
B. Patel Infrastructure Pvt Ltd        CC                CRISIL        70     Reaffirmed
                                                         BB/Stable
Brabo Robotics And Automation Ltd      TL                CRISIL        50     Assigned
                                                         BBB/Stable
Brabo Robotics And Automation Ltd      CC                CRISIL        200    Assigned
                                                         BBB/Stable
Capital Powers                         TL                CRISIL        4.8    Assigned
                                                         B+/Stable
Capital Powers                         Foreign Usance    CRISIL        12     Assigned
                                       Bills Purchase -  B+/Stable
                                       Discounting
D Decor Home Store LLP                 CC                CRISIL A/     300    Reaffirmed
                                                         Stable   
D R Polymers Pvt Ltd                   CC                CRISIL        738    Migrated from
                                                         BBB/Stable           CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
D`Decor Exports Pvt Ltd                CC                CRISIL A/     1715   Reaffirmed
                                                         Stable 
D`Decor Exports Pvt Ltd                LT Loan           CRISIL A/     1065.4 Reaffirmed
                                                         Stable  
D`Decor Properties LLP                 Proposed LT Bk    CRISIL        570    Reaffirmed
                                       Loan Fac          BB/Stable
D`Decor Properties LLP                 TL                CRISIL        745    Reaffirmed
                                                         BB/Stable
Dalmia Cement (Bharat) Ltd             Proposed FB Bk    CRISIL        520    Assigned
                                       Limits            AA+/Stable
Dalmia Cement (Bharat) Ltd             FB Fac            CRISIL        5610   Assigned
                                                         AA+/Stable
Dalmia Cement (Bharat) Ltd             External          CRISIL        820    Assigned
                                       Commercial        AA+/Stable
                                       Borrowings
Dalmia Cement (Bharat) Ltd             FCNR Loan         CRISIL        2000   Assigned
                                                         AA+/Stable
Dalmia Cement (Bharat) Ltd             Proposed TL       CRISIL        9650   Assigned
                                                         AA+/Stable
Dalmia Cement (Bharat) Ltd             Rupee TL          CRISIL        4530   Assigned
                                                         AA+/Stable
DDecor Home Fabrics Pvt Ltd            Export Packing    CRISIL A/     500    Reaffirmed
                                       Credit            Stable    
DDecor Home Fabrics Pvt Ltd            LT Loan           CRISIL A/     300.7  Reaffirmed
                                                         Stable   
DDecor Home Fabrics Pvt Ltd            WC Fac            CRISIL A/     2330   Reaffirmed
                                                         Stable
DDecor Realty LLP                      Proposed LT Bk    CRISIL        654    Reaffirmed
                                       Loan Fac          BB+/Stable
DDecor Realty LLP                      TL                CRISIL        196    Reaffirmed
                                                         BB+/Stable
Electrosteel Steels Ltd                CC*               CRISIL        1500   Reaffirmed
                                                         AA/Negative
*Cash credit has sublimit for non-fund-based facilities
Electrosteel Steels Ltd                CC                CRISIL        200    Reaffirmed
                                                         AA/Negative
Electrosteel Steels Ltd                Non-FBL^          CRISIL        1750   Reaffirmed
                                                         AA/Negative
^ Includes sublimit of Rs 50 crore for packing credit in foreign currency (PCFC)/export packing
credit (EPC)
Electrosteel Steels Ltd                Non-FBL^^         CRISIL        2500   Reaffirmed
                                                         AA/Negative
^^Interchangeable non-fund-based limits; sublimit of Rs 40 crore for cash credit, Rs 60 crore
for WCDL, Rs 50 crore for EPC/PCFC/post shipment credit in foreign currency (PSCFC)
Electrosteel Steels Ltd                Non-FBL**         CRISIL        2000   Reaffirmed
                                                         AA/Negative
** Includes sublimit of Rs 20 crore for cash credit
Electrosteel Steels Ltd                Non-FBL##         CRISIL        1500   Reaffirmed
                                                         AA/Negative
##Includes sublimit of Rs 50 crore for working capital demand loan (WCDL)
Electrosteel Steels Ltd                Proposed WC Fac   CRISIL        1750   Reaffirmed
                                                         AA/Negative
Electrosteel Steels Ltd                TL                CRISIL        28400  Reaffirmed
                                                         AA/Negative
Electrosteel Steels Ltd                Rupee TL          CRISIL        5600   Reaffirmed
                                                         AA/Negative
Embassy Office Parks Reit              NCD               CRISIL        40000  Reaffirmed
                                                         AAA/Stable
Emkay Taps and Cutting Tools Ltd       Rating Advisory   -             -      -
(CRISIL vide its publication dated June 30, 2020 highlighted the aspect of non-co-operation by
Emkay Taps and Cutting Tools Limited.)
Finepac Structures Pvt Ltd             CC                CRISIL        35     Migrated from
                                                         BB+/Stable           CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Finepac Structures Pvt Ltd             Proposed BG       CRISIL        2.1    Migrated from
                                                         BB+/Stable           CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Finepac Structures Pvt Ltd             TL                CRISIL        20.9   Migrated from
                                                         BB+/Stable           CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Ginni International Ltd                CC                CRISIL        1140   Downgraded
                                                         BB+/Stable           from CRISIL
                                                                              BBB/Negative
Ginni International Ltd                LT Loan           CRISIL        284.3  Downgraded
                                                         BB+/Stable           from CRISIL
                                                                              BBB/Negative
Ginni International Ltd                Proposed LT Bk    CRISIL        407.7  Downgraded
                                       Loan Fac          BB+/Stable           from CRISIL
                                                                              BBB/Negative
Ginni International Ltd                Proposed WC Fac   CRISIL        150    Downgraded
                                                         BB+/Stable           from CRISIL
                                                                              BBB/Negative
Global Payments Asia-Pacific India Pvt Overdraft         CRISIL A/     1000   Reaffirmed
Ltd                                                      Stable   
Global Payments Asia-Pacific India Pvt WC Demand Loan    CRISIL A/     4900   Reaffirmed
Ltd                                                      Stable 
Heritage Finlease Ltd                  CC                CRISIL        250    Reaffirmed
                                                         BBB-/Stable
Heritage Finlease Ltd                  Proposed CC Limit CRISIL        250    Reaffirmed
                                                         BBB-/Stable
Heritage Finlease Ltd                  NCD               CRISIL        500    Assigned
                                                         BBB-/Stable
Hi-Tech Pipes Ltd                      Rating Advisory   -             -      -
(CRISIL vide its publication dated July 10, 2020 highlighted the aspect of non-co-operation by
Hi-Tech Pipes Limited.)
Home Idea Curtain Fabrics              CC                CRISIL A/Stabl200    Reaffirmed
IQF Foods Pvt Ltd                      CC                CRISIL        30     Reaffirmed
                                                         BB/Stable
IQF Foods Pvt Ltd                      TL                CRISIL        16     Reaffirmed
                                                         BB/Stable
IQF Foods Pvt Ltd                      WC Demand Loan    CRISIL        5      Reaffirmed
                                                         BB/Stable
IQF Foods Pvt Ltd                      WC TL             CRISIL        9      Reaffirmed
                                                         BB/Stable
Maruti Bitumen Pvt Ltd                 CC                CRISIL        220    Reaffirmed
                                                         BB/Stable
Maruti Bitumen Pvt Ltd                 Proposed LT Bk    CRISIL        10     Reaffirmed
                                       Loan Fac          BB/Stable
Maruti Bitumen Pvt Ltd                 WC TL             CRISIL        35.9   Reaffirmed
                                                         BB/Stable
Maruti Bitumen Pvt Ltd                 TL                CRISIL        29.4   Reaffirmed
                                                         BB/Stable
Narayan Texfab Pvt Ltd                 Rupee TL          CRISIL        43     Assigned
                                                         BB-/Stable
Narayan Texfab Pvt Ltd                 Proposed WC Fac   CRISIL        70     Assigned
                                                         BB-/Stable
Narayan Texfab Pvt Ltd                 CC                CRISIL        50     Assigned
                                                         BB-/Stable
Narayan Texfab Pvt Ltd                 Loan Against      CRISIL        37     Assigned
                                       Property          BB-/Stable
Pasupati Spinning and Weaving Mills LtdCC                CRISIL        283.3  Downgraded
                                                         B+/Stable            from CRISIL
                                                                              BB-/Stable
Pasupati Spinning and Weaving Mills LtdForeign Bill      CRISIL        43.2   Downgraded
                                       Discounting       B+/Stable            from CRISIL
                                                                              BB-/Stable
Pasupati Spinning and Weaving Mills LtdProposed LT Bk    CRISIL        107.5  Downgraded
                                       Loan Fac          B+/Stable            from CRISIL
                                                                              BB-/Stable
Pasupati Spinning and Weaving Mills LtdTL                CRISIL        14.6   Downgraded
                                                         B+/Stable            from CRISIL
                                                                              BB-/Stable
Petrochem Asia Pvt Ltd                 CC                CRISIL        70     Migrated from
                                                         BBB/Stable           CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Revathi Equipment Ltd                  CC                CRISIL        370    Reaffirmed
                                                         BBB+/Stable
Revathi Equipment Ltd                  Proposed FB Bk    CRISIL        360.8  Reaffirmed
                                       Limits            BBB+/Stable
S M Auto Engineering Pvt Ltd           CC                CRISIL        400    Reaffirmed
                                                         BBB/Stable
S M Auto Engineering Pvt Ltd           Rupee TL          CRISIL        500    Reaffirmed
                                                         BBB/Stable
Saanika Industries Pvt Ltd             CC                CRISIL        358    Reaffirmed
                                                         BBB/Stable
Saanika Industries Pvt Ltd             Credit Limit UnderCRISIL        47.6   Reaffirmed
                                       Gold Card         BBB/Stable
Saanika Industries Pvt Ltd             Proposed LT Bk    CRISIL        84.8   Reaffirmed
                                       Loan Fac          BBB/Stable
Saanika Industries Pvt Ltd             TL                CRISIL        189.6  Reaffirmed
                                                         BBB/Stable
Santosh Starch Products Ltd            CC                CRISIL        180    Reaffirmed
                                                         BB+/Stable
SBESS Services ProjectCo Two Pvt Ltd   Proposed LOC      Provisional   15000  Assigned
                                                         CRISIL AAA(CE)
                                                         / Stable^
^A prefix of Provisional indicates that the rating centrally factors in the strength of specific
structures, and will be supported by certain critical documentation by the issuer, without which
the rating would either have been different or not assigned ab initio. This is in compliance
with a May 6, 2015 directive by the Securities and Exchange Board of India, Standardizing the
term, rating symbol, and manner of disclosure with regards to conditional/ provisional/
in-principle ratings assigned by credit rating agencies.
Shri Sourab Sagar Trading Co. Pvt Ltd  CC                CRISIL        120    Migrated from
                                                         BB-/Stable           CRISIL
                                                                              BB/Stable
(Issuer Not Cooperating)
SM Exhaust Technology Pvt Ltd          CC                CRISIL        150    Reaffirmed
                                                         BBB-/Stable
SM Exhaust Technology Pvt Ltd          Rupee TL          CRISIL        155    Reaffirmed
                                                         BBB-/Stable
Somany Fine Vitrified Pvt Ltd          Rating Advisory   -             -      -
(CRISIL vide its publication dated July 13, 2020 highlighted the aspect of non-co-operation by
Somany Fine Vitrified
Private Limited)
SRC Infra Developers Pvt Ltd           CC                CRISIL        800    Downgraded
                                                         BB+/Negative         from CRISIL
                                                                              BBB-/Negative
SRC Infra Developers Pvt Ltd           Proposed WC Fac   CRISIL        650    Downgraded
                                                         BB+/Negative         from CRISIL
                                                                              BBB-/Negative
Sulabh International Social Service    Overdraft         CRISIL        650    Downgraded
Organisation                                             A+/Stable            from CRISIL
                                                                              AA-/Stable
Sulabh International Social Service    TL                CRISIL        342.5  Downgraded
Organisation                                             A+/Stable            from CRISIL
                                                                              AA-/Stable
Tata Power Renewable Energy Ltd        TL                CRISIL        12260  Reaffirmed
                                                         AA-/Positive
Tata Power Renewable Energy Ltd        WC Fac*           CRISIL        500    Reaffirmed
                                                         AA-/Positive
*Fully interchangeable with overdraft/short-term loan/bank guarantee/standby line of credit
thyssenkrupp Industrial Solutions      Proposed LOC & BG -             110    Withdrawn
(India) Pvt Ltd
thyssenkrupp Industrial Solutions      Overdraft         CRISIL        15     Reaffirmed
(India) Pvt Ltd                                          A+/Stable


--------------------------------------------------------------------------------------------
$: 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@refinitiv.com)
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