September 30, 2016 / 9:46 AM / 10 months ago

CRISIL ratings for Indian debt instruments-Sep 30

30 Min Read

Sep 30 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of September 29, 2016.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Aarti Industries Ltd                    LOC & BG           CRISIL A1+     2350    Upgraded from
                                                                                  CRISIL A1
ASSRM & Co                              Buyer Credit Limit CRISIL A4      70      Suspended
Aswathi Exports                         Export Packing     CRISIL A4+     60      Assigned
                                        Credit & Export
                                        Bills Negotiation/Foreign Bill discounting
Baazar Retail Ltd                       BG                 CRISIL A2+     2.5     Reaffirmed
Bhuptani Associates                     BG                 CRISIL A4+     40      Suspended
Flexican Bellows and Hoses Pvt Ltd      Inland/Import LOC  CRISIL A4      60      Suspended
Girin Deka                              BG                 CRISIL A4      100     Assigned
Indu Corporation Pvt Ltd                LOC                CRISIL A3+     1000    Upgraded from
                                                                                  CRISIL A3
International Commerce Ltd              BG                 CRISIL A4+     300     Suspended
International Rubber Tech Pvt Ltd       Export Packing     CRISIL A4      22.5    Suspended
                                        Credit
Jagdamba Ispat Pvt Ltd                  BG                 CRISIL A4+     12.8    Assigned
Kaira Can Co. Ltd                       BG                 CRISIL A2+     5       Reaffirmed
Kaira Can Co. Ltd                       Export Packing     CRISIL A2+     20      Reaffirmed
                                        Credit & Export
                                        Bills Negotiation/Foreign Bill discounting
Kaira Can Co. Ltd                       LOC                CRISIL A2+     190     Reaffirmed
Kaira Can Co. Ltd                       Overdraft Fac      CRISIL A2+     25      Reaffirmed
Karnani Solvex Pvt Ltd                  Export Packing     CRISIL A4+     240     Assigned
                                        Credit
Kasturi Commodities Pvt Ltd             LOC                CRISIL A4+     400     Suspended
KIMS Al Shifa Healthcare Pvt Ltd        Overdraft Fac      CRISIL A4+     10      Reaffirmed
Kores India Ltd                         BG                 CRISIL A3+     356.7   Reaffirmed
Kores India Ltd                         LOC                CRISIL A3+     500     Reaffirmed
Krans Projects Pvt Ltd                  BG                 CRISIL A4      70      Downgraded
                                                                                  from CRISIL
                                                                                  A4+
Mahalaxmi Investment and Trading Pvt LtdBG                 CRISIL A4      50      Suspended
Mahalaxmi Investment and Trading Pvt LtdBill Purchase -    CRISIL A4      30      Suspended
                                        Discounting Fac
Mahalaxmi Investment and Trading Pvt LtdLOC                CRISIL A4      50      Suspended
Mahesh Value Products Pvt Ltd           LOC                CRISIL A4      40      Reaffirmed
Masturlal Fabrichem Pvt Ltd             LOC                CRISIL A4+     23.9    Assigned
Masturlal Fabrichem Pvt Ltd             BG                 CRISIL A4+     60      Assigned
Mayur Seeds and Agritech                BG                 CRISIL A4      90      Suspended
Meridian Apparels Pvt Ltd               Foreign Bill       CRISIL A4+     140     Reaffirmed
                                        Discounting
Modern Prefab Systems Pvt Ltd           BG                 CRISIL A4+     462.2   Reaffirmed
Mount Zion Medical College              BG                 CRISIL A4      70      Suspended
Mukund Overseas                         Export Packing     CRISIL A4+     10      Suspended
                                        Credit
Mukund Overseas                         Foreign LOC        CRISIL A4+     5       Suspended
Muthu Pipes Pvt Ltd                     BG                 CRISIL A4      5       Suspended
Muthu Pipes Pvt Ltd                     LOC                CRISIL A4      20      Suspended
Nirma Ltd                               LOC & BG           CRISIL A1+     4000    Reaffirmed
Northern India Trading Co               LOC                CRISIL A4      5       Reaffirmed
NTPC-SAIL Power Company Pvt Ltd         LOC & BG           CRISIL A1+     1450    Reaffirmed
Pasupati Acrylon Ltd                    BG                 CRISIL A3      49.6    Upgraded from
                                                                                  CRISIL A4+
Pasupati Acrylon Ltd                    LOC                CRISIL A3      1500.9  Upgraded from
                                                                                  CRISIL A4+
Pragati Construction                    BG                 CRISIL A4+     208.5   Reaffirmed
Promising Exports Ltd                   Foreign Exchange   CRISIL A4+     3.5     Notice of
                                        Forward                                   Withdrawal
Promising Exports Ltd                   LOC                CRISIL A4+     75      Notice of
                                                                                  Withdrawal
Promising Exports Ltd                   Post Shipment      CRISIL A4+     100     Notice of
                                        Credit                                    Withdrawal
Promising Exports Ltd                   Pre Shipment CreditCRISIL A4+     100     Notice of
                                                                                  Withdrawal
Revathi Equipment Ltd                   LOC & BG           CRISIL A2      375     Reaffirmed
Ricasil Ceramic Industries Pvt Ltd      BG                 CRISIL A4+     29      Suspended
Ricasil Ceramic Industries Pvt Ltd      Foreign Exchange   CRISIL A4+     5       Suspended
                                        Forward
Ricasil Ceramic Industries Pvt Ltd      LOC#               CRISIL A4+     46      Suspended
 # Bank Guarantee is sub-limit of Letter Of Credit to the extent of Rs.3 million
Shree Jagdamba Agrico Exports Pvt Ltd   Packing Credit     CRISIL A4+     650     Assigned
Sree Mangayarkarasi Mills Pvt Ltd       Letter Of GuaranteeCRISIL A4+     0.5     Suspended
Sree Mangayarkarasi Mills Pvt Ltd       LOC                CRISIL A4+     20      Suspended
Sri Jayabalaji Spinners Pvt Ltd         BG                 CRISIL A4+     2.5     Suspended
TAL Manufacturing Solutions Ltd         Bill Discounting   CRISIL A1      150     Reaffirmed
TAL Manufacturing Solutions Ltd         LOC & BG           CRISIL A1      1165    Reaffirmed
Tecco Ceramics                          BG                 CRISIL A4+     5       Assigned
Tex Corp Ltd                            ST Bk Fac          CRISIL A3+     140     Assigned
Vallabhji Malsi and Co.                 BG                 CRISIL A2+     50      Reaffirmed
Vallabhji Malsi and Co.                 Export Finance     CRISIL A2+     200     Reaffirmed
                                        Limit*
*Interchangeable between Pre & Post Shipment Credit/ Cash Credit/ WCDL/ Gold Loan upto 50%

LONG TERM RATINGS:
-------------------
Aarkay Food Products Ltd                CC                 CRISIL D       27.5    Suspended

Aarkay Food Products Ltd                TL                 CRISIL D       28.1    Suspended
Aarti Industries Ltd                    CC                 CRISIL AA-     7950    Upgraded from
                                                                                  CRISIL A+
Aarti Industries Ltd                    Proposed CC Limit  CRISIL AA-     670     Upgraded from
                                                                                  CRISIL A+
Aarti Industries Ltd                    Proposed TL        CRISIL AA-     1000    Upgraded from
                                                                                  CRISIL A+
Aarti Industries Ltd                    TL                 CRISIL AA-     1650    Upgraded from
                                                                                  CRISIL A+
Aran Kitchen World India Pvt Ltd        CC                 CRISIL D       60      Suspended
Aran Kitchen World India Pvt Ltd        LOC                CRISIL D       40      Suspended
Arihant Tiles And Marbles Pvt. Ltd.     CC                 CRISIL BB+     120     Suspended
Arupadai Arulmurugan Spinners Pvt Ltd   CC                 CRISIL B-      80      Suspended
Arupadai Arulmurugan Spinners Pvt Ltd   Proposed LT Bk     CRISIL B-      40.3    Suspended
                                        Loan Fac
Arupadai Arulmurugan Spinners Pvt Ltd   TL                 CRISIL B-      89.7    Suspended
ASSRM & Co                              CC                 CRISIL B+      50      Suspended
Aswathi Exports                         LT Loan            CRISIL BB      10      Assigned
Autocreates Services Pvt Ltd            Lease Rental       CRISIL B+      150     Reaffirmed
                                        Discounting Loan
Autocreates Services Pvt Ltd            Proposed LT Bk     Withdrawal     70      Reaffirmed
                                        Loan Fac
Baazar Retail Ltd                       CC                 CRISIL A-      400.5   Reaffirmed
Bhuptani Associates                     CC                 CRISIL BB-     30      Suspended
Bhuptani Associates                     Proposed LT Bk     CRISIL BB-     70      Suspended
                                        Loan Fac
BNR Infrastructure Projects Pvt Ltd     CC                 CRISIL BB      170     Suspended
Deligent Hotel Corporation Pvt Ltd      LT Loan            CRISIL BB+     400     Reaffirmed
Flexican Bellows and Hoses Pvt Ltd      CC                 CRISIL B+      40      Suspended
Flexican Bellows and Hoses Pvt Ltd      Cash TL            CRISIL B+      10.7    Suspended
Girin Deka                              CC                 CRISIL B+      40      Assigned
Glatt Solutions Pvt Ltd                 TL                 CRISIL BB      165     Assigned
Gujarat State Petroleum Corporation Ltd BG*                Withdrawal     42.15   @
*Interchangeable with letter of credit/standby letter of credit.
Gujarat State Petroleum Corporation Ltd Line of Credit     Withdrawal     20      @
Gujarat State Petroleum Corporation Ltd ST Loan            Withdrawal     22      @
Gujarat State Petroleum Corporation Ltd TL                 Withdrawal     57.43   @
Gupta Syntex Pvt Ltd                    CC                 CRISIL B+      25      Suspended
Gupta Syntex Pvt Ltd                    TL                 CRISIL B+      88      Suspended
Indu Corporation Pvt Ltd                CC                 CRISIL BBB     700     Upgraded from
                                                                                  CRISIL BBB-
International Commerce Ltd              CC                 CRISIL BB+     100     Suspended
International Rubber Tech Pvt Ltd       CC                 CRISIL B       10      Suspended
International Rubber Tech Pvt Ltd       LT Loan            CRISIL B       32.7    Suspended
International Rubber Tech Pvt Ltd       Proposed LT Bk     CRISIL B       32.3    Suspended
                                        Loan Fac
International Rubber Tech Pvt Ltd       Standby Line of    CRISIL B       2.5     Suspended
                                        Credit
Jagdamba Ispat Pvt Ltd                  CC                 CRISIL BB-     81      Assigned
Jagdamba Ispat Pvt Ltd                  Proposed FB Bk     CRISIL BB-     6.2     Assigned
                                        Limits
Jagdamba Ispat Pvt Ltd                  LT Loan            CRISIL BB-     40      Assigned
Jara Infratech Ltd                      Proposed BG        CRISIL B+      85      Assigned
Jara Infratech Ltd                      Proposed CC Limit  CRISIL B+      35      Assigned
Kaira Can Co. Ltd                       CC                 CRISIL A-      125     Reaffirmed
Kaira Can Co. Ltd                       WC Fac*            CRISIL A-      150     Reaffirmed
*Sublimits for overdraft facility of Rs 75 million, working capital demand loan of Rs 60
million, letter of credit of Rs 150 million, buyer's credit of Rs 150 million
Karnani Solvex Pvt Ltd                  CC                 CRISIL BB+     200     Assigned
Karnani Solvex Pvt Ltd                  TL                 CRISIL BB+     10      Assigned
Kasturi Commodities Pvt Ltd             CC                 CRISIL BB      100     Suspended
KIMS Al Shifa Healthcare Pvt Ltd        LT Loan            CRISIL BB+     204.4   Reaffirmed
KIMS Al Shifa Healthcare Pvt Ltd        Rupee TL           CRISIL BB+     534.4   Reaffirmed
Kores India Ltd                         CC & WC demand     CRISIL BBB     643.5   Reaffirmed
                                        loan*
*includes overdraft facility.
Kores India Ltd                         Proposed LT Bk     CRISIL BBB     70      Reaffirmed
                                        Loan Fac#
# sub-limit under LAP
Kores India Ltd                         TL                 CRISIL BBB     418     Reaffirmed
Krans Projects Pvt Ltd                  CC                 CRISIL B+      65      Downgraded
                                                                                  from CRISIL BB
Krans Projects Pvt Ltd                  Proposed LT Bk     CRISIL B+      74.5    Downgraded
                                        Loan Fac                                  from CRISIL BB
Lamba Food Products                     CC                 CRISIL BB-     75      Assigned
Lamba Food Products                     Proposed LT Bk     CRISIL BB-     5       Assigned
                                        Loan Fac
LB Cotton Industries LLP                CC                 CRISIL B-      50      Assigned
LB Cotton Industries LLP                TL                 CRISIL B-      30      Assigned
Mahalaxmi Investment and Trading Pvt LtdCC                 CRISIL B       100     Suspended
Mahalaxmi Investment and Trading Pvt LtdProposed LT Bk     CRISIL B       5       Suspended
                                        Loan Fac
Mahalaxmi Investment and Trading Pvt LtdTL                 CRISIL B       25      Suspended
Mahesh Value Products Pvt Ltd           CC                 CRISIL B+      70      Reaffirmed
Mahesh Value Products Pvt Ltd           LT Loan            CRISIL B+      34.5    Reaffirmed
Mahesh Value Products Pvt Ltd           Proposed WC Fac    CRISIL B+      120     Reaffirmed
Martin & Brown Bio-Sciences             CC                 CRISIL B       75      Assigned
Masturlal Fabrichem Pvt Ltd             Secured Overdraft  CRISIL BB-     5.5     Assigned
                                        Fac
Masturlal Fabrichem Pvt Ltd             Proposed LT Bk     CRISIL BB-     58.1    Assigned
                                        Loan Fac
Masturlal Fabrichem Pvt Ltd             CC                 CRISIL BB-     52.5    Assigned
Mayur Seeds and Agritech                CC                 CRISIL B       40      Suspended
Meridian Apparels Pvt Ltd               CC                 CRISIL BB-     20      Reaffirmed
Meridian Apparels Pvt Ltd               Export Packing     CRISIL BB-     120     Reaffirmed
                                        Credit
Meridian Apparels Pvt Ltd               Packing Credit     CRISIL BB-     140     Reaffirmed
Meridian Apparels Pvt Ltd               Proposed LT Bk     CRISIL BB-     45      Reaffirmed
                                        Loan Fac
Meridian Apparels Pvt Ltd               TL                 CRISIL BB-     10      Reaffirmed
Mithila Motors Pvt Ltd                  CC                 CRISIL BB      300     Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Mithila Motors Pvt Ltd                  Inventory Funding  CRISIL BB      130     Downgraded
                                        Fac                                       from CRISIL
                                                                                  BB+
Mithila Motors Pvt Ltd                  TL                 CRISIL BB      70      Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Modern Prefab Systems Pvt Ltd           CC                 CRISIL BB      395     Reaffirmed
Modern Prefab Systems Pvt Ltd           TL                 CRISIL BB      2.7     Reaffirmed
Mount Zion Medical College              LT Loan            CRISIL B+      150     Suspended
Mount Zion Medical College              Overdraft Fac      CRISIL B+      12.5    Suspended
Mukund Overseas                         CC                 CRISIL BB-     37      Suspended
Mukund Overseas                         Proposed LT Bk     CRISIL BB-     3       Suspended
                                        Loan Fac
Muthu Pipes Pvt Ltd                     CC                 CRISIL B       30      Suspended
Muthu Pipes Pvt Ltd                     Proposed LT Bk     CRISIL B       88      Suspended
                                        Loan Fac
Muthu Pipes Pvt Ltd                     Standby Line of    CRISIL B       5       Suspended
                                        Credit
Muthu Pipes Pvt Ltd                     TL                 CRISIL B       2       Suspended
Nirma Ltd                               CC*^$              CRISIL AA      12000   Reaffirmed
*Interchangeable with letter of credit and bank guarantee to the extent of Rs3950 million 
^Interchangeable with inland/import letter of credit to the extent of Rs250
$Interchangeable with bank guarantee to the extent of Rs400 million
Nirma Ltd                               TL                 CRISIL AA      25000   Reaffirmed
Northern India Trading Co               CC - Book Debt     CRISIL B+      20      Reaffirmed
Northern India Trading Co               Export Packing     CRISIL B+      62.5    Reaffirmed
                                        Credit
Northern India Trading Co               Proposed LT Bk     CRISIL B+      2.5     Reaffirmed
                                        Loan Fac
NTPC-SAIL Power Company Pvt Ltd         LT Loan            CRISIL AA      13050   Reaffirmed
NTPC-SAIL Power Company Pvt Ltd         Proposed LT Bk     CRISIL AA      7850    Reaffirmed
                                        Loan Fac
NTPC-SAIL Power Company Pvt Ltd         WC Demand Loan*    CRISIL AA      2650    Reaffirmed
* Interchangeable to Rs.1150 Million Non- fund Based Limits from SBI; 
Sublimit of Rs.640 Million for Inland/Import LC & Rs.600 Million of BG
Pasupati Acrylon Ltd                    CC                 CRISIL BBB-    106.2   Upgraded from
                                                                                  CRISIL BB+
Pasupati Acrylon Ltd                    Proposed LT Bk     CRISIL BBB-    115.6   Upgraded from
                                        Loan Fac                                  CRISIL BB+
Pasupati Acrylon Ltd                    TL                 CRISIL BBB-    134.1   Upgraded from
                                                                                  CRISIL BB+
Pasupati Acrylon Ltd                    WC TL              CRISIL BBB-    16.5    Upgraded from
                                                                                  CRISIL BB+
Pink Star                               Export Packing     CRISIL D       40      Suspended
                                        Credit
Pink Star                               Post Shipment      CRISIL D       150     Suspended
                                        Credit
Pink Star                               Proposed LT Bk     CRISIL D       53.8    Suspended
                                        Loan Fac
PM Dimensions Pvt Ltd                   CC                 CRISIL D       90      Suspended
Power Welfare Society                   LT Loan            CRISIL D       300     Assigned
Prabhat Industries                      CC                 CRISIL BB-     120     Suspended
Prabhat Industries                      Proposed TL        CRISIL BB-     2.4     Suspended
Prabhat Industries                      TL                 CRISIL BB-     37.6    Suspended
Pragati Construction                    CC                 CRISIL BB+     30      Reaffirmed
Punjab Medical Foundation Charitable    Overdraft Fac      CRISIL B+      50      Upgraded from
Trust                                                                             CRISIL B
Punjab Medical Foundation Charitable    TL                 CRISIL B+      40      Upgraded from
Trust                                                                             CRISIL B
Punjab Medical Foundation Charitable    Proposed LT Bk     CRISIL B+      114.2   Upgraded from
Trust                                   Loan Fac                                  CRISIL B
Raj Jewels                              CC                 CRISIL B+      60      Suspended
Ramchandra Dahyabhai Narrow Fab Pvt Ltd CC                 CRISIL BB      60      Suspended
Rashmi Yarns Ltd                        CC                 CRISIL B       180     Suspended
Rashmi Yarns Ltd                        Proposed LT Bk     CRISIL B       20      Suspended
                                        Loan Fac
Responce Renewable Energy Ltd           TL                 CRISIL BB      500     Assigned
Revathi Equipment Ltd                   CC                 CRISIL BBB+    669.5   Reaffirmed
Revathi Equipment Ltd                   Proposed TL        CRISIL BBB+    61.3    Reaffirmed
Ricasil Ceramic Industries Pvt Ltd      CC                 CRISIL BB      200     Suspended
Ricasil Ceramic Industries Pvt Ltd      LT Loan@           CRISIL BB      370     Suspended
@ Buyer's Credit is sub-limit of Long Term Loan to the extent of Rs.250 million
Rise Packers Pvt. Ltd                   CC                 CRISIL B       50      Suspended
Rise Packers Pvt. Ltd                   LT Loan            CRISIL B       29.6    Suspended
Rise Packers Pvt. Ltd                   Proposed LT Bk     CRISIL B       0.4     Suspended
                                        Loan Fac
Sachin Fibers                           TL                 CRISIL B+      40      Assigned
Sachin Fibers                           WC Demand Loan     CRISIL B+      40      Assigned
Scientific International Pvt Ltd        Drop Line          CRISIL B       68      Assigned
                                        Overdraft Fac
Scientific International Pvt Ltd        TL                 CRISIL B       52      Assigned
Shere Punjab Jewellers Pvt Ltd          CC                 CRISIL BB-     75      Reaffirmed
Shere Punjab Jewellers Pvt Ltd          Proposed FB Bk     CRISIL BB-     24.3    Reaffirmed
                                        Limits
Shere Punjab Jewellers Pvt Ltd          TL                 CRISIL BB-     30.7    Reaffirmed
Shree Jagdamba Agrico Exports Pvt Ltd   CC                 CRISIL BB      50      Assigned
Shri Ambica International Food Company  CC                 CRISIL D       1100    Downgraded
Pvt Ltd                                                                           from CRISIL B
Shri Ambica International Food Company  Export Packing     CRISIL D       700     Downgraded
Pvt Ltd                                 Credit                                    from CRISIL
                                                                                  A4+
Shri Ambica International Food Company  TL                 CRISIL D       110.6   Downgraded
Pvt Ltd                                                                           from CRISIL B
Sree Mangayarkarasi Mills Pvt Ltd       CC                 CRISIL BB-     60      Suspended
Sree Mangayarkarasi Mills Pvt Ltd       LT Loan            CRISIL BB-     35      Suspended
Sree Mangayarkarasi Mills Pvt Ltd       Proposed LT Bk     CRISIL BB-     64.5    Suspended
                                        Loan Fac
Sri Jayabalaji Spinners Pvt Ltd         CC                 CRISIL BB      20      Suspended
Sri Jayabalaji Spinners Pvt Ltd         Proposed LT Bk     CRISIL BB      13.1    Suspended
                                        Loan Fac
Sri Jayabalaji Spinners Pvt Ltd         Rupee TL           CRISIL BB      20.2    Suspended
Sri Rajeswari Fireworks                 CC                 CRISIL B+      50      Suspended
Sri Rajeswari Fireworks                 LT Loan            CRISIL B+      4.5     Suspended
Sri Rajeswari Fireworks                 Proposed LT Bk     CRISIL B+      10.5    Suspended
                                        Loan Fac
TAL Manufacturing Solutions Ltd         CC                 CRISIL A       1000    Reaffirmed
TAL Manufacturing Solutions Ltd         LT Loan^           CRISIL A       550     Reaffirmed
^Interchangeable with letter of credit up to Rs.550 million
Tecco Ceramics                          LT Loan            CRISIL BB-     69      Assigned
Tecco Ceramics                          CC                 CRISIL BB-     20      Assigned
Technovaa Plastic Industries Pvt Ltd    CC                 CRISIL B-      180     Assigned
Technovaa Plastic Industries Pvt Ltd    TL                 CRISIL B-      475     Assigned
Tex Corp Ltd                            Overdraft Fac      CRISIL BBB     75      Assigned
Tex Corp Ltd                            Proposed LT Bk     CRISIL BBB     35      Assigned
                                        Loan Fac
Trinity Sand & Minerals Pvt Ltd         CC                 CRISIL BB-     40      Suspended
Trinity Sand & Minerals Pvt Ltd         TL                 CRISIL BB-     180     Suspended
Vallabhji Malsi and Co.                 CC                 CRISIL A-      600     Reaffirmed
Vallabhji Malsi and Co.                 Packing Credit     CRISIL A-      350     Reaffirmed
Vardhman Enterprise - Ahmedabad         CC                 CRISIL B+      48      Assigned
Vardhman Enterprise - Ahmedabad         Drop Line          CRISIL B+      44.5    Assigned
                                        Overdraft Fac
Vindeep Developers Pvt Ltd              Overdraft Fac      CRISIL D       5       Suspended
Vindeep Developers Pvt Ltd              Proposed LT Bk     CRISIL D       4.4     Suspended
                                        Loan Fac
Vindeep Developers Pvt Ltd              TL                 CRISIL D       100.6   Suspended
Voxco Pigments and Chemicals Pvt Ltd    CC                 CRISIL BB      70      Reaffirmed
Voxco Pigments and Chemicals Pvt Ltd    Proposed LT Bk     CRISIL BB      115     Reaffirmed
                                        Loan Fac
Voxco Pigments and Chemicals Pvt Ltd    TL                 CRISIL BB      5       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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