September 26, 2016 / 5:36 AM / a year ago

CRISIL ratings for Indian debt instruments-Sep 26

Sep 26 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of September 23, 2016.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Aarti Construction Company              BG                 CRISIL A4+     210     Reaffirmed
ADF Foods Ltd                           BG                 CRISIL A2+     8.3     Reaffirmed
ADF Foods Ltd                           Export Packing     CRISIL A2+     62.5    Reaffirmed
                                        Credit
ADF Foods Ltd                           Export Packing     CRISIL A2+     275     Reaffirmed
                                        Credit & Export
                                        Bills Negotiation/Foreign Bill discounting
ADF Foods Ltd                           Foreign Bill       CRISIL A2+     62.5    Reaffirmed
                                        Purchase
ADF Foods Ltd                           LOC                CRISIL A2+     11.7    Reaffirmed
Agarwal Mittal Concast Pvt Ltd          LOC                CRISIL A4      20      Suspended
Ajay Cotspin Industries                 BG                 CRISIL A4      25      Assigned
Alashore Marine Exports Pvt Ltd         Export Packing     CRISIL A4+     46      Upgraded from
                                        Credit                                    CRISIL A4
Alashore Marine Exports Pvt Ltd         Proposed NFBL      CRISIL A4+     2.5     Upgraded from
                                                                                  CRISIL A4
Anand Associates (Gandhinagar)          BG                 CRISIL A4+     70      Reaffirmed
Ashtanga Educational Trust              BG                 CRISIL A4      25      Reaffirmed
Bajaj Healthcare Ltd                    BG                 CRISIL A3+     10      Upgraded from
                                                                                  CRISIL A3
Bajaj Healthcare Ltd                    LOC                CRISIL A3+     165.5   Upgraded from
                                                                                  CRISIL A3
Bajaj Healthcare Ltd                    Post Shipment      CRISIL A3+     300     Upgraded from
                                        Credit                                    CRISIL A3
Best Value Chem Pvt Ltd                 BG                 CRISIL A3+     1       Upgraded from
                                                                                  CRISIL A3
Best Value Chem Pvt Ltd                 Foreign Exchange   CRISIL A3+     7.5     Upgraded from
                                        Forward                                   CRISIL A3
Chakiat Agencies Pvt Ltd                Proposed ST Bk     CRISIL A3+     95      Reaffirmed
                                        Loan Fac
Concept Pharmaceuticals Ltd             BG                 CRISIL A3      45      Reaffirmed
Concept Pharmaceuticals Ltd             LOC                CRISIL A3      80      Reaffirmed
Everest Ply & Veneers (P) Ltd.          LOC                CRISIL A4+     180     Reaffirmed
GRV Spintex Pvt Ltd                     BG                 CRISIL A4      33      Suspended
Heavy Metal Pipe Centre                 BG                 CRISIL A4      19      Suspended
Heavy Metal Pipe Centre                 LOC                CRISIL A4      40      Suspended
Iraki Trading Company                   LOC                CRISIL A4+     75      Suspended
Jagadeesh Marine Exports                Packing Credit in  CRISIL A3+     264     Suspended
                                        Foreign Currency
Jaya Hind Industries Ltd                BG                 CRISIL A1      105     Reaffirmed
Jaya Hind Industries Ltd                LOC                CRISIL A1      272     Reaffirmed
Jindal Wood Products Pvt Ltd            LOC                CRISIL A4      170     Reaffirmed
Jindal Wood Products Pvt Ltd            Packing Credit     CRISIL A4      30      Reaffirmed
Khushbu Sales Pvt Ltd                   LOC                CRISIL A4+     80      Suspended
Kotak Mahindra Investments Ltd          ST Debt            CRISIL A1+     35000   Reaffirmed
                                        Programme /CP
Kuksons Electronics Pvt Ltd             LOC & BG           CRISIL A4+     5       Assigned
M S Ship Breaking Pvt Ltd               Import LOC Limit*  CRISIL A4      65      Reaffirmed
*Sublimit of line of credit of Rs.145 million
Mahatma Education Society               Overdraft Fac      CRISIL A3+     386.4   Reaffirmed
Mridhul Timbers Pvt Ltd                 LOC                CRISIL A4      125     Reaffirmed
Mutual Industries Ltd                   LOC & BG           CRISIL A1      30      Reaffirmed
National Bank For Agriculture and Rural CP                 CRISIL A1+     230000  Reaffirmed
Development
National Bank For Agriculture and Rural One-Year CDs       CRISIL A1+     100000  Reaffirmed
Development                             Programme
Enhanced from Rs.60 Billion
Navdeep Chemicals Pvt Ltd               BG                 CRISIL A3      25      Suspended
Navdeep Chemicals Pvt Ltd               LOC                CRISIL A3      8       Suspended
Neeraj Builders                         BG                 CRISIL A4+     120     Suspended
Neeraj Builders                         Overdraft Fac      CRISIL A4+     10      Suspended
Omnitel Technologies Pvt Ltd            BG                 CRISIL A4      147.5   Suspended
Omnitel Technologies Pvt Ltd            Overdraft Fac      CRISIL A4      3.5     Suspended
Panna International                     Foreign            CRISIL A4+     170     Reaffirmed
                                        Discounting Bill
                                        Purchase
PMC Rubber Chemicals India Pvt Ltd      BG                 CRISIL A4      10      Reaffirmed
PMC Rubber Chemicals India Pvt Ltd      LOC                CRISIL A4      112.5   Reaffirmed
Prakash Plastic Industries              BG                 CRISIL A4+     3       Suspended
Radharani Himghar Pvt Ltd               BG                 CRISIL A4      1.8     Reassigned
Rajasthan Cylinders and Containers Ltd  BG                 CRISIL A4      5       Assigned
Regen Powertech Pvt Ltd                 BG                 CRISIL A3      8750    Suspended
Regen Powertech Pvt Ltd                 Proposed BG        CRISIL A3      250     Suspended
Sagar Pulp and Paper Mills Ltd          Bill Discounting   CRISIL A4+     5       Reaffirmed
Sagar Pulp and Paper Mills Ltd          Foreign LOC        CRISIL A4+     15      Reaffirmed
Santosh Overseas Ltd                    BG                 CRISIL A3      120     Suspended
Santosh Overseas Ltd                    Derivatives Fac    CRISIL A3      100     Suspended
Santosh Overseas Ltd                    LOC                CRISIL A3      340     Suspended
Santosh Overseas Ltd                    Packing Credit     CRISIL A3      450     Suspended
Santosh Overseas Ltd                    Standby Export     CRISIL A3      160     Suspended
                                        Packing Credit
Solid Ply Pvt Ltd                       LOC                CRISIL A4+     140     Reaffirmed
Steel and Industrial Forgings Ltd       LOC                CRISIL A4      50      Assigned

Steel and Industrial Forgings Ltd       BG                 CRISIL A4      32.5    Assigned
Tirupati Veneers Pvt Ltd                LOC                CRISIL A4+     180     Reaffirmed
TJSB Sahakari Bank Ltd                  BG                 CRISIL A2+     2050    Reaffirmed
Triway Container Freight Station Pvt    BG                 CRISIL A4+     30      Reaffirmed
Ltd
Tulip Granites Pvt Ltd                  Foreign            CRISIL A3      80      Upgraded from
                                        Documentary Bills                         CRISIL A4+
                                        Purchase
Tulip Granites Pvt Ltd                  Inland/Import LOC  CRISIL A3      80      Upgraded from
                                                                                  CRISIL A4+
Tulip Granites Pvt Ltd                  Packing Credit     CRISIL A3      100     Upgraded from
                                                                                  CRISIL A4+
Vadilal Industries Ltd                  BG                 CRISIL A3      59.5    Reaffirmed
Vadilal Industries Ltd                  LOC                CRISIL A3      77.5    Reaffirmed
Waterfront Constructions Pvt Ltd        BG                 CRISIL A4+     80      Assigned

MEDIUM TERM RATINGS:
-------------------
Jaya Hind Industries Ltd                FD                 FA+            500     Reaffirmed
National Bank For Agriculture and Rural FD Programme       FAAA           1000    Reaffirmed
Development
Navdeep Chemicals Pvt Ltd               FD                 FA-            30      Suspended
Vadilal Industries Ltd                  FD                 FA-            150     Reaffirmed

LONG TERM RATINGS:
-------------------
Aarti Construction Company              CC                 CRISIL BB      50      Reaffirmed
Aditya Motocorp Pvt Ltd                 CC                 CRISIL B       60      Assigned
Aditya Motocorp Pvt Ltd                 TL                 CRISIL B       35      Assigned
Agarwal Mittal Concast Pvt Ltd          CC                 CRISIL B       320     Suspended
Agarwal Mittal Concast Pvt Ltd          LT Loan            CRISIL B       107     Suspended
Agarwal Mittal Concast Pvt Ltd          Proposed LT Bk     CRISIL B       13      Suspended
                                        Loan Fac
Ajay Cotspin Industries                 LT Loan            CRISIL B       562.5   Assigned
Ajay Cotspin Industries                 CC                 CRISIL B       100     Assigned
Akbar Online Booking Company Pvt Ltd    CC                 CRISIL BB      100     Suspended
Akbar Online Booking Company Pvt Ltd    Proposed LT Bk     CRISIL BB      94      Suspended
                                        Loan Fac
Akbar Online Booking Company Pvt Ltd    TL                 CRISIL BB      6       Suspended
Alashore Marine Exports Pvt Ltd         TL                 CRISIL BB-     44      Upgraded from
                                                                                  CRISIL B+
Anand Associates (Gandhinagar)          CC                 CRISIL BB+     10      Reaffirmed
Anand Associates (Gandhinagar)          Proposed BG        CRISIL BB+     20      Reaffirmed
Ashtanga Educational Trust              Proposed LT Bk     CRISIL B-      0.3     Reaffirmed
                                        Loan Fac
Ashtanga Educational Trust              Rupee TL           CRISIL B-      127.2   Reaffirmed
Bajaj Healthcare Ltd                    CC                 CRISIL BBB     50      Upgraded from
                                                                                  CRISIL BBB-
Bajaj Healthcare Ltd                    TL                 CRISIL BBB     274.5   Upgraded from
                                                                                  CRISIL BBB-
Belij Hydro Power Pvt Ltd               LT Loan            CRISIL BBB-    203.5   Assigned
Best Value Chem Pvt Ltd                 CC                 CRISIL BBB     217.2   Upgraded from
                                                                                  CRISIL BBB-
Best Value Chem Pvt Ltd                 Rupee TL           CRISIL BBB     99.3    Upgraded from
                                                                                  CRISIL BBB-
Carreg Commodities Pvt Ltd              CC                 CRISIL B+      50      Upgraded from
                                                                                  CRISIL B
Carreg Commodities Pvt Ltd              Proposed LT Bk     CRISIL B+      50      Upgraded from
                                        Loan Fac                                  CRISIL B
Chakiat Agencies Pvt Ltd                CC                 CRISIL BBB     50      Reaffirmed
Chakiat Agencies Pvt Ltd                LT Loan            CRISIL BBB     55      Reaffirmed
Concept Pharmaceuticals Ltd             CC                 CRISIL BBB-    65.8    Reaffirmed
Concept Pharmaceuticals Ltd             Foreign Currency   CRISIL BBB-    234.2   Reaffirmed
                                        Demand Loan
Concept Pharmaceuticals Ltd             Foreign Currency TLCRISIL BBB-    110     Reaffirmed
Concept Pharmaceuticals Ltd             Proposed LT Bk     CRISIL BBB-    80      Reaffirmed
                                        Loan Fac
Diamond Solvex Pvt Ltd                  CC                 CRISIL B+      175     Suspended
Diamond Solvex Pvt Ltd                  Overdraft Fac      CRISIL B+      6.8     Suspended
Diamond Solvex Pvt Ltd                  Proposed LT Bk     CRISIL B+      45.7    Suspended
                                        Loan Fac
Diamond Solvex Pvt Ltd                  TL                 CRISIL B+      22.5    Suspended
Earth Baug                              Proposed CC Limit  CRISIL BB      50      Suspended
Earth Baug                              Proposed LT Bk     CRISIL BB      100     Suspended
                                        Loan Fac
Earth Classic                           Proposed CC Limit  CRISIL BB      50      Suspended
Earth Classic                           Proposed LT Bk     CRISIL BB      100     Suspended
                                        Loan Fac
Everest Ply & Veneers (P) Ltd.          CC                 CRISIL BB      45      Reaffirmed
Everest Ply & Veneers (P) Ltd.          LT Loan            CRISIL BB      60.9    Reaffirmed
Everest Ply & Veneers (P) Ltd.          Proposed LT Bk     CRISIL BB      14.1    Reaffirmed
                                        Loan Fac
GRV Spintex Pvt Ltd                     CC                 CRISIL B+      120     Suspended
GRV Spintex Pvt Ltd                     Proposed LT Bk     CRISIL B+      5       Suspended
                                        Loan Fac
GRV Spintex Pvt Ltd                     TL                 CRISIL B+      477.5   Suspended
Heavy Metal Pipe Centre                 CC                 CRISIL B       40      Suspended
Hothur Ispat Pvt Ltd                    BG                 CRISIL D       2       Suspended
Hothur Ispat Pvt Ltd                    CC                 CRISIL D       50      Suspended
Hothur Ispat Pvt Ltd                    LOC                CRISIL D       50      Suspended
Hothur Ispat Pvt Ltd                    LT Loan            CRISIL D       533.3   Suspended
Iraki Trading Company                   CC                 CRISIL BB      40      Suspended
Jagadeesh Marine Exports                Foreign Bill       CRISIL BBB     336     Suspended
                                        Discounting
Jagadeesh Marine Exports                Proposed LT Bk     CRISIL BBB     13.5    Suspended
                                        Loan Fac
Jagadeesh Marine Exports                Standby LOC        CRISIL BBB     30      Suspended
Jagmohan Motors Ltd                     CC                 CRISIL BBB-    250     Negative
                                                                                  Implications
Jagmohan Motors Ltd                     Channel Financing  CRISIL BBB-    95      Negative
                                                                                  Implications
Jagmohan Motors Ltd                     Proposed LT Bk     CRISIL BBB-    5       Negative
                                        Loan Fac                                  Implications
Jaya Hind Industries Ltd                CC                 CRISIL A       360     Reaffirmed
Jet Knitwears Pvt Ltd                   CC                 CRISIL BB-     80      Suspended
Jet Knitwears Pvt Ltd                   Standby Line of    CRISIL BB-     10      Suspended
                                        Credit
Jet Knitwears Pvt Ltd                   TL                 CRISIL BB-     5       Suspended
Jindal Wood Products Pvt Ltd            CC                 CRISIL B+      10      Reaffirmed
Kej Minerals Pvt Ltd                    CC                 CRISIL BB      92.5    Suspended
Khushbu Sales Pvt Ltd                   CC                 CRISIL BB-     80      Suspended
Khushbu Sales Pvt Ltd                   TL                 CRISIL BB-     140     Suspended
Kotak Mahindra Investments Ltd          NCD                CRISIL AAA     9674    Assigned
Kotak Mahindra Investments Ltd          Subordinated Debt  CRISIL AAA     1000    Reaffirmed
                                        Issue
Kotak Mahindra Investments Ltd          NCDs               CRISIL AAA     22326   Reaffirmed
Reduced from Rs.32.0 Billion
Kotak Mahindra Investments Ltd          LT Bk Fac          CRISIL AAA     2000    Reaffirmed
Kotak Mahindra Investments Ltd          Proposed LT Bk     CRISIL AAA     2750    Reaffirmed
                                        Loan Fac*
*Interchangeable with short term bank facilities
Kotak Mahindra Investments Ltd          WC Demand Loan     CRISIL AAA     5250    Reaffirmed
Kuksons Electronics Pvt Ltd             Proposed CC Limit  CRISIL BB-     15      Assigned
Kuksons Electronics Pvt Ltd             CC                 CRISIL BB-     30      Assigned
Laxmi Cotton Industries                 CC                 CRISIL B+      70      Suspended
Laxmi Opticals                          CC                 CRISIL B-      80      Downgraded
                                                                                  from CRISIL B
Laxmi Opticals                          Proposed CC Limit  CRISIL B-      80      Downgraded
                                                                                  from CRISIL B
Lokmat Media Pvt Ltd                    CC                 CRISIL A+      230     Reaffirmed
Lokmat Media Pvt Ltd                    TL                 CRISIL A+      270     Reaffirmed
M S Ship Breaking Pvt Ltd               CC*                CRISIL B+      80      Reaffirmed
*Sublimit of line of credit of Rs.145 million
M. K. Stone                             CC                 CRISIL B-      20      Suspended
M. K. Stone                             Proposed LT Bk     CRISIL B-      7       Suspended
                                        Loan Fac
M. K. Stone                             TL                 CRISIL B-      47      Suspended
Mahatma Education Society               Proposed LT Bk     CRISIL BBB     84.2    Reaffirmed
                                        Loan Fac
Mahatma Education Society               TL                 CRISIL BBB     1529.4  Reaffirmed
Manappuram Home Finance Pvt Ltd         Proposed LT Bk     CRISIL A+      500     Assigned
                                        Loan Fac
Mehsana Dairy and Food Products Ltd     CC                 CRISIL B+      70      Assigned
Mehsana Dairy and Food Products Ltd     TL                 CRISIL B+      300     Assigned
Momai Apparels Ltd                      CC                 CRISIL BBB-    270     Reaffirmed
Momai Apparels Ltd                      Foreign LOC        CRISIL BBB-    55      Reaffirmed
Mridhul Timbers Pvt Ltd                 CC                 CRISIL B       25      Reaffirmed
Mutual Industries Ltd                   CC**               CRISIL A+      200     Upgraded from
                                                                                  CRISIL A
**Interchangeable with letter of credit and bank guarantee
Mutual Industries Ltd                   CC^                CRISIL A+      150     Upgraded from
                                                                                  CRISIL A
^Interchangeable with letter of credit and bank guarantee to the extent of Rs.50 million
Mutual Industries Ltd                   CC^^               CRISIL A+      150     Upgraded from
                                                                                  CRISIL A
^^Interchangeable with letter of credit and bank guarantee to the extent of Rs.40 million
Mutual Industries Ltd                   CC                 CRISIL A+      70      Upgraded from
                                                                                  CRISIL A
Mutual Industries Ltd                   Proposed LT Bk     CRISIL A+      45.7    Upgraded from
                                        Loan Fac                                  CRISIL A
Mutual Industries Ltd                   TL                 CRISIL A+      554.3   Upgraded from
                                                                                  CRISIL A
Mutual Industries Ltd                   WC TL              CRISIL A+      150     Upgraded from
                                                                                  CRISIL A
National Bank For Agriculture and Rural Bonds              CRISIL AAA     1060000 Reaffirmed
Development
National Bank For Agriculture and Rural Tax-Free Bonds     CRISIL AAA     50000   Reaffirmed
Development
Navdeep Chemicals Pvt Ltd               CC                 CRISIL BBB-    47      Suspended
Navdeep Chemicals Pvt Ltd               LT Loan            CRISIL BBB-    10      Suspended
Navdeep Chemicals Pvt Ltd               Proposed LT Bk     CRISIL BBB-    4.5     Suspended
                                        Loan Fac
Neeraj Builders                         CC                 CRISIL BB-     50      Suspended
Neeraj Builders                         Proposed LT Bk     CRISIL BB-     50      Suspended
                                        Loan Fac
Omnitel Technologies Pvt Ltd            TL                 CRISIL B+      10      Suspended
Panna International                     Proposed LT Bk     CRISIL BB      8.6     Reaffirmed
                                        Loan Fac
Panna International                     Secured Overdraft  CRISIL BB      18.4    Reaffirmed
                                        Fac
PMC Rubber Chemicals India Pvt Ltd      CC                 CRISIL B       337.5   Reaffirmed
Poorvi Housing Development Company Pvt  Proposed TL        CRISIL B       100     Suspended
Ltd
Prakash Plastic Industries              CC                 CRISIL BB-     75      Suspended
Prakash Plastic Industries              Proposed LT Bk     CRISIL BB-     25      Suspended
                                        Loan Fac
Prakash Plastic Industries              TL                 CRISIL BB-     22      Suspended
Radharani Himghar Pvt Ltd               CC                 CRISIL B-      40.2    Reaffirmed
Radharani Himghar Pvt Ltd               Proposed LT Bk     CRISIL B-      17.2    Reaffirmed
                                        Loan Fac
Radharani Himghar Pvt Ltd               TL                 CRISIL B-      29.6    Reaffirmed
Radharani Himghar Pvt Ltd               WC Fac             CRISIL B-      11.2    Reaffirmed
Rajamane Industries Pvt Ltd             CC                 CRISIL BB      20      Reaffirmed
Rajamane Industries Pvt Ltd             LT Loan            CRISIL BB      10      Reaffirmed
Rajamane Industries Pvt Ltd             Proposed LT Bk     CRISIL BB      10      Reaffirmed
                                        Loan Fac
Rajamane Industries Pvt Ltd             TL                 CRISIL BB      110     Reaffirmed
Rajasthan Cylinders and Containers Ltd  CC                 CRISIL B       45      Assigned
Rasa Marketing Pvt Ltd                  CC                 CRISIL BB      50      Assigned
Rasa Marketing Pvt Ltd                  Proposed CC Limit  CRISIL BB      50      Assigned
Regen Powertech Pvt Ltd                 CC                 CRISIL BBB-    6550    Suspended
Regen Powertech Pvt Ltd                 LT Loan            CRISIL BBB-    442.4   Suspended
Regen Powertech Pvt Ltd                 Proposed CC Limit  CRISIL BBB-    4507.6  Suspended
Riddhi Siddhi Gluco Biols Ltd           LT Loan            CRISIL BBB     1350    Reaffirmed
Riddhi Siddhi Gluco Biols Ltd           Proposed LT Bk     CRISIL BBB     2500    Reaffirmed
                                        Loan Fac
Sagar Pulp and Paper Mills Ltd          CC                 CRISIL BB-     35      Reaffirmed
Sagar Pulp and Paper Mills Ltd          Proposed LT Bk     CRISIL BB-     24.5    Reaffirmed
                                        Loan Fac
Sagar Pulp and Paper Mills Ltd          TL                 CRISIL BB-     10.5    Reaffirmed
Sangameshwar Dall Mill                  CC                 CRISIL BB-     70      Reaffirmed
Santosh Overseas Ltd                    Bill Discounting   CRISIL BBB-    271.9   Suspended
Santosh Overseas Ltd                    CC                 CRISIL BBB-    2640    Suspended
Santosh Overseas Ltd                    Export Packing     CRISIL BBB-    90      Suspended
                                        Credit
Santosh Overseas Ltd                    Warehouse FinancingCRISIL BBB-    400     Suspended
Santosh Warehousing Ltd                 TL                 CRISIL BB-     310     Suspended
Sarra Motors Pvt Ltd                    CC                 CRISIL B       40      Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Sarra Motors Pvt Ltd                    Proposed LT Bk     CRISIL B       10      Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BB-
Sarra Motors Pvt Ltd                    WC Demand Loan     CRISIL B       30      Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Sharma Rice Mills                       CC                 CRISIL B+      50      Suspended
Sharma Rice Mills                       Proposed LT Bk     CRISIL B+      20      Suspended
                                        Loan Fac
Sharma Rice Mills                       Rupee TL           CRISIL B+      30      Suspended
Shiv Ganga Store                        CC                 CRISIL B-      5.5     Assigned
Shiv Ganga Store                        Proposed LT Bk     CRISIL B-      6.5     Assigned
                                        Loan Fac
Shiva Shakti Grains India Pvt Ltd       CC                 CRISIL B       235     Suspended
Shiva Shakti Grains India Pvt Ltd       Proposed LT Bk     CRISIL B       13.2    Suspended
                                        Loan Fac
Shiva Shakti Grains India Pvt Ltd       TL                 CRISIL B       146.8   Suspended
Shiva Shakti Grains India Pvt Ltd       Warehouse FinancingCRISIL B       105     Suspended
Solid Ply Pvt Ltd                       CC                 CRISIL BB      50      Reaffirmed
Solid Ply Pvt Ltd                       LT Loan            CRISIL BB      45      Reaffirmed
Solid Ply Pvt Ltd                       Proposed LT Bk     CRISIL BB      15      Reaffirmed
                                        Loan Fac
Spykar Lifestyles Pvt Ltd               Proposed LT Bk     CRISIL BB+     300     Suspended
                                        Loan Fac
Sri Sai Appa BioCare                    Proposed LT Bk     CRISIL B       40      Assigned
                                        Loan Fac
Sri Sai Appa BioCare                    Proposed BG        CRISIL B       50      Assigned
Sri Sai Appa BioCare                    Proposed CC Limit  CRISIL B       10      Assigned
Steel and Industrial Forgings Ltd       TL                 CRISIL B       29.8    Assigned
Steel and Industrial Forgings Ltd       Standby Line of    CRISIL B       12.5    Assigned
                                        Credit
Steel and Industrial Forgings Ltd       Proposed LT Bk     CRISIL B       7.7     Assigned
                                        Loan Fac
Steel and Industrial Forgings Ltd       CC                 CRISIL B       62.5    Assigned
Talbro Forgings                         CC                 CRISIL BB+     3       Suspended
Talbro Forgings                         Export Packing     CRISIL BB+     32      Suspended
                                        Credit
Talbro Forgings                         Proposed LT Bk     CRISIL BB+     25      Suspended
                                        Loan Fac
Tirupati Veneers Pvt Ltd                CC                 CRISIL BB      70      Reaffirmed
Tricot Impex Pvt Ltd                    Drop Line          CRISIL B       175     Suspended
                                        Overdraft Fac
Triway Container Freight Station Pvt    Loan Against       CRISIL BB+     75      Reaffirmed
Ltd                                     Property
Triway Container Freight Station Pvt    Proposed LT Bk     CRISIL BB+     15      Reaffirmed
Ltd                                     Loan Fac
Triway Container Freight Station Pvt    LT Loan            CRISIL BB+     280     Reaffirmed
Ltd
Tulip Granites Pvt Ltd                  LT Loan            CRISIL BBB-    60      Upgraded from
                                                                                  CRISIL BB+
Tulip Granites Pvt Ltd                  Proposed LT Bk     CRISIL BBB-    150     Upgraded from
                                        Loan Fac                                  CRISIL BB+
Vadilal Industries Ltd                  Bill Discounting   CRISIL BBB-    20      Reaffirmed
Vadilal Industries Ltd                  CC                 CRISIL BBB-    383.8   Reaffirmed
Vadilal Industries Ltd                  Export Packing     CRISIL BBB-    192.9   Reaffirmed
                                        Credit
Vadilal Industries Ltd                  Proposed LT Bk     CRISIL BBB-    507.9   Reaffirmed
                                        Loan Fac
Vadilal Industries Ltd                  TL                 CRISIL BBB-    608.4   Reaffirmed
Vraj Integrated Textile Park Ltd        TL                 CRISIL BB-     360     Suspended
Vrundavan Ginning and Oil Mill          CC                 CRISIL B+      60      Suspended
Vrundavan Ginning and Oil Mill          Proposed LT Bk     CRISIL B+      40      Suspended
                                        Loan Fac
Waterfront Constructions Pvt Ltd        CC                 CRISIL BB-     140     Assigned
--------------------------------------------------------------------------------------------
$: 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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