March 24, 2017 / 5:45 AM / 5 months ago

CRISIL ratings for Indian debt instruments-Mar 24

    Mar 24 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of March 23, 2017.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Amber Enterprises India Pvt Ltd         Bill Purchase -    CRISIL A2+     100     Reaffirmed
                                        Discounting Fac
Amber Enterprises India Pvt Ltd         LOC                CRISIL A2+     1212.5  Reaffirmed
Amber Enterprises India Pvt Ltd         LOC & BG           CRISIL A2+     750     Reaffirmed
Amber Enterprises India Pvt Ltd         Sales Bill         CRISIL A2+     450     Reaffirmed
                                        Discounting
Aster Industries                        Proposed LOC       CRISIL A4      5       Assigned
Automotive Stampings and Assemblies Ltd LOC & BG           CRISIL A2+     240     Reaffirmed
Bangalore Paper Store                   LOC                CRISIL A4      170     Reaffirmed
Bayer Bioscience Pvt Ltd                Non-FBL#           CRISIL A1+     4.2     Reaffirmed
# comprises letter of credit and bank guarantee (fully interchangeable)
Bayer Cropscience Ltd                   ST Debt            CRISIL A1+     2000    Reaffirmed
ECL Finance Ltd                         ST Debt Issue*     CRISIL A1+     30000   Reaffirmed
*Assigned for initial/ follow-on public offer financing on episodic basis
ECL Finance Ltd                         ST Debt Issue*     CRISIL A1+     20000   Reaffirmed
*Assigned for initial/ follow-on public offer financing on episodic basis
ECL Finance Ltd                         ST Debt Issue*     CRISIL A1+     20000   Reaffirmed
*Assigned for initial/ follow-on public offer financing on episodic basis
ECL Finance Ltd                         ST Debt            CRISIL A1+     36000   Reaffirmed
ECL Finance Ltd                         ST Principal -     CRISIL PP- MLD 12000   Reaffirmed
                                        Protected Mkt      A1+r
                                        Linked Debentures 
Galaxy Machinery Pvt Ltd                BG                 CRISIL A4      10      Reaffirmed
Galaxy Machinery Pvt Ltd                LOC                CRISIL A4      30      Reaffirmed
Grand Marine Foods                      Export Packing     CRISIL A4+     120     Upgraded from
                                        Credit                                    CRISIL A4
Grand Marine Foods                      Foreign Bill       CRISIL A4+     100     Upgraded from
                                        Negotiation                               CRISIL A4
GOL Offshore Ltd                        ST Loan            CRISIL D       1500    Reaffirmed
Himatsingka Seide Ltd                   BG                 CRISIL A2+     55      Reaffirmed
Himatsingka Seide Ltd                   Export Finance     CRISIL A2+     1000    Reaffirmed
                                        Limit*
*Interchangeable with bills discounting and export factoring 
Himatsingka Seide Ltd                   LOC                CRISIL A2+     2140    Reaffirmed
Himatsingka Seide Ltd                   Packing Credit#    CRISIL A2+     1850    Reaffirmed
#Interchangeable with bills discounting
Laxmi Organic Industries Ltd            BG                 CRISIL A2      70      Reaffirmed
Laxmi Organic Industries Ltd            LOC%               CRISIL A2      350     Reaffirmed
%Interchangeable with upto maximum of Rs.15 Crores for buyers' credit
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
Lucas-TVS Ltd                           ST Debt (Including CRISIL A1+     1500    Reaffirmed
                                        CP)
Lucas-TVS Ltd                           Packing Credit     CRISIL A1+     2350    Reaffirmed
Manu Electricals Pvt Ltd                BG                 CRISIL A4+     70      Reaffirmed
Manu Electricals Pvt Ltd                BG                 CRISIL A4+     70      Reaffirmed
MBG Commodities Pvt Ltd                 LOC & BG           CRISIL A3      3250    Reaffirmed
Meenu Creation LLP                      Foreign Bill       CRISIL A4+     200     Reaffirmed
                                        Discounting
Meenu Creation LLP                      Packing Credit     CRISIL A4+     400     Reaffirmed
Meenu Creation LLP                      Proposed ST Bk     CRISIL A4+     50      Reaffirmed
                                        Loan Fac
Navkar Transcore Pvt Ltd                LOC                CRISIL A3+     180     Reaffirmed
Neptune Systems Pvt Ltd                 BG                 CRISIL A4+     30      Reaffirmed
Neptune Systems Pvt Ltd                 LOC                CRISIL A4+     25      Reaffirmed
NSC Projects Pvt Ltd                    Overdraft          CRISIL A3+     20      Assigned
NSC Projects Pvt Ltd                    BG                 CRISIL A3+     350     Assigned
Offshore Infrastructures Ltd            BG                 CRISIL A2+     5020    Upgraded from
                                                                                  CRISIL A2
Offshore Infrastructures Ltd            Proposed BG        CRISIL A2+     480     Upgraded from
                                                                                  CRISIL A2
P.K. Construction Shimla Pvt Ltd        BG                 CRISIL A4+     95      Reaffirmed
PICL (India) Pvt Ltd                    Packing Credit in  CRISIL A2+     120     Reaffirmed
                                        Foreign Currency
PICL (India) Pvt Ltd                    Purchase Bill      CRISIL A2+     80      Reaffirmed
                                        Discounting
PNB Gilts Ltd                           ST Debt            CRISIL A1+     2500    Reaffirmed
Popular Enterprise                      BG                 CRISIL A4+     20      Reaffirmed
Popular Enterprise                      BG                 CRISIL A4+     20      Reaffirmed
Power Grid Corporation of India Ltd     BG                 CRISIL A1+     6000    Reaffirmed
Power Grid Corporation of India Ltd     LOC                CRISIL A1+     16000   Reaffirmed
Power Grid Corporation of India Ltd     ST Debt (Including CRISIL A1+     46000   Reaffirmed
                                        CP)**
** PGCIL intends to raise short-term working capital loans against this programme
RD Dynamech Infra Pvt Ltd               BG                 CRISIL A4+     30      Notice of
                                                                                  Withdrawal
RD Dynamech Infra Pvt Ltd               LOC                CRISIL A4+     10      Notice of
                                                                                  Withdrawal
Shiv Durga Constructions and            BG                 CRISIL A4      80      Reaffirmed
Engineerings Pvt Ltd
Shogini Technoarts Pvt Ltd              LOC                CRISIL A4+     250     Reaffirmed
Siva Stones INC                         Export Packing     CRISIL A4      200     Reaffirmed
                                        Credit
TATA AutoComp Hendrickson Suspensions   BG                 CRISIL A1+     30      #
Pvt Ltd                                                                           
TATA AutoComp Hendrickson Suspensions   LOC*               CRISIL A1+     85      #
Pvt Ltd                                                                           
*Interchangeable with bank guarantee or buyer's credit of the order of Rs.6.5 Crore
Tata Autocomp Systems Ltd               LOC*               CRISIL A1+     700     Reaffirmed
* Interchangeable with bank guarantee
Tata Ficosa Automotive Systems Ltd      Bill Discounting   CRISIL A2+     75      Reaffirmed
Tata Ficosa Automotive Systems Ltd      LOC*               CRISIL A2+     90      Reaffirmed
*Interchangeable with bank guarantee to the extent of Rs.2.0 Crore
Tata Toyo Radiator Ltd                  ST Debt            CRISIL A1+     250     Reaffirmed
Tata Toyo Radiator Ltd                  BG                 CRISIL A1+     2.5     Reaffirmed
Tata Toyo Radiator Ltd                  Bill Discounting** CRISIL A1+     190     Reaffirmed
** Includes letter of credit-backed sales bill discounting up to Rs.3 crore
Tata Toyo Radiator Ltd                  Bill Discounting   CRISIL A1+     60      Reaffirmed
Tata Toyo Radiator Ltd                  LOC                CRISIL A1+     50      Reaffirmed
Torrent Power Ltd                       LOC & BG           CRISIL A1+     22610   Reaffirmed
Torrent Power Ltd                       Proposed LOC & BG  CRISIL A1+     1000    Reaffirmed
Torrent Power Ltd                       CP Programme       CRISIL A1+     1500    Reaffirmed
Varahi Ltd                              BG                 CRISIL A3+     155     Reaffirmed
Varahi Ltd                              LOC                CRISIL A3+     220     Reaffirmed
Vardhman Stampings Pvt Ltd              BG                 CRISIL A3+     2.5     Reaffirmed
Vardhman Stampings Pvt Ltd              LOC                CRISIL A3+     600     Reaffirmed
Vardhman Stampings Pvt Ltd              BG                 CRISIL A3+     2.5     Reaffirmed
Vardhman Stampings Pvt Ltd              LOC                CRISIL A3+     600     Reaffirmed
Yatin Steels India Pvt Ltd              LOC                CRISIL A4+     3690    Notice of
                                                                                  Withdrawal
MEDIUM TERM RATINGS:
-------------------
Beardsell Ltd                           FD Programme       FB+            50      Reaffirmed
    
LONG TERM RATINGS:
-------------------
Abhay Ispat (India) Pvt Ltd             CC                 CRISIL BBB-    1415    Reaffirmed
Abhay Ispat (India) Pvt Ltd             Channel Financing  CRISIL BBB-    400     Reaffirmed
Abhay Ispat (India) Pvt Ltd             Electronic Dealer  CRISIL BBB-    500     Assigned
                                        Financing
                                        Scheme(e-DFS)
Aiswarya Silks                          CC                 CRISIL B+      90      Reaffirmed
Aiswarya Silks                          LT Loan            CRISIL B+      10      Reaffirmed
Aiswarya Silks                          Standby Line of    CRISIL B+      5       Reaffirmed
                                        Credit
Amber Enterprises India Pvt Ltd         Buyer`s Credit     CRISIL A-      100     Reaffirmed
Amber Enterprises India Pvt Ltd         CC                 CRISIL A-      637.5   Reaffirmed
Amber Enterprises India Pvt Ltd         CC & WC demand loanCRISIL A-      725     Reaffirmed
Amber Enterprises India Pvt Ltd         Proposed LT Bk     CRISIL A-      181.1   Reaffirmed
                                        Loan Fac
Amber Enterprises India Pvt Ltd         TL                 CRISIL A-      428.9   Reaffirmed
Amber Enterprises India Pvt Ltd         WC Demand Loan     CRISIL A-      100     Reaffirmed
Amber Enterprises India Pvt Ltd         WC TL              CRISIL A-      772.6   Reaffirmed
Aster Industries                        Proposed TL        CRISIL B+      75      Assigned
Aster Industries                        CC                 CRISIL B+      12      Assigned
Aster Industries                        Proposed CC Limit  CRISIL B+      18      Assigned
Automotive Stampings and Assemblies Ltd CC#                CRISIL A-      170     Reaffirmed
#Interchangeable with bank guarantee and letter of credit up to Rs 5.00 Crore; and with working
capital demand loan, short-term loan, letter of credit, bank guarantee, and export credit up to
Rs 9.00 Crore
Automotive Stampings and Assemblies Ltd LT Loan            CRISIL A-      300     Reaffirmed
Automotive Stampings and Assemblies Ltd Proposed LT Bk     CRISIL A-      120     Reaffirmed
                                        Loan Fac
Bangalore Paper Store                   CC                 CRISIL B+      40      Reaffirmed
Bayer Bioscience Pvt Ltd                FB Fac             CRISIL AA      255.8   Reaffirmed
Bayer Cropscience Ltd                   FB Fac*            CRISIL AA+     1125.5  Reaffirmed
*Fully interchangeable with cash credit, overdraft, short-term loans, letter of credit, and bank
guarantee
Bayer Cropscience Ltd                   Proposed LT Bk     CRISIL AA+     154.5   Reaffirmed
                                        Loan Fac
Bayer Cropscience Ltd                   FB Fac*            CRISIL AA+     1125.5  Reaffirmed
*Fully interchangeable with cash credit, overdraft, short-term loans, letter of credit, and bank
guarantee
Bayer Cropscience Ltd                   Proposed LT Bk     CRISIL AA+     154.5   Reaffirmed
                                        Loan Fac
Bayer Vapi Pvt Ltd                      LT Bk Fac          CRISIL AA+     130     Reaffirmed
Bayer Vapi Pvt Ltd                      LT Bk Fac*         CRISIL AA+     50      Reaffirmed
*Interchangeable with non-fund-based facilities
Bayer Vapi Pvt Ltd                      Proposed LT Bk     CRISIL AA+     20      Reaffirmed
                                        Loan Fac
Brijlax Auto Pvt Ltd                    CC                 CRISIL B+      5       Upgraded from
                                                                                  CRISIL B
Brijlax Auto Pvt Ltd                    Electronic Dealer  CRISIL B+      30      Upgraded from
                                        Financing Scheme                          CRISIL B
                                        (e - DFS)
Brijlax Auto Pvt Ltd                    LT Loan            CRISIL B+      15      Upgraded from
                                                                                  CRISIL B
Brijlax Auto Pvt Ltd                    Proposed CC Limit  CRISIL B+      11.8    Upgraded from
                                                                                  CRISIL B
ECL Finance Ltd                         CC                 CRISIL AA      20800   Reaffirmed
ECL Finance Ltd                         LT Bk Fac          CRISIL AA      46477.8 Reaffirmed
ECL Finance Ltd                         Proposed LT Bk     CRISIL AA      25022.2 Reaffirmed
                                        Loan Fac**
**interchangeable with short term bank facilities    
ECL Finance Ltd                         NCDs               CRISIL AA      12000   Reaffirmed
ECL Finance Ltd                         NCDs               CRISIL AA      20000   Reaffirmed
ECL Finance Ltd                         NCDs               CRISIL AA      9300    Reaffirmed
ECL Finance Ltd                         Principal          CRISIL PP- MLD 11900   Reaffirmed
                                        Protected Equity   Aar
                                        Linked Debentures
ECL Finance Ltd                         Principal          CRISIL PP- MLD 350     Reaffirmed
                                        Protected          Aar
                                        Commoptionally convertible debentureity 
                                        Linked Debentures
ECL Finance Ltd                         LT Principal       CRISIL PP- MLD 5000    Reaffirmed
                                        Protected Market   Aar
                                        Linked Debentures
Elroy Motors Pvt Ltd                    CC                 CRISIL BB      10      Reaffirmed
Elroy Motors Pvt Ltd                    Electronic Dealer  CRISIL BB      160     Reaffirmed
                                        Financing Scheme
                                        (e - DFS)
Elroy Motors Pvt Ltd                    Proposed Inventory CRISIL BB      120     Assigned
                                        Funding
Elroy Motors Pvt Ltd                    CC                 CRISIL BB      10      Reaffirmed
Elroy Motors Pvt Ltd                    Electronic Dealer  CRISIL BB      160     Reaffirmed
                                        Financing Scheme
                                        (e - DFS)
Elroy Motors Pvt Ltd                    Proposed Inventory CRISIL BB      120     Assigned
                                        Funding
Galaxy Machinery Pvt Ltd                CC                 CRISIL B       70      Downgraded
                                                                                  from CRISIL B+
Galaxy Machinery Pvt Ltd                LT Loan            CRISIL B       17      Downgraded
                                                                                  from CRISIL B+
Galaxy Machinery Pvt Ltd                Proposed LT Bk     CRISIL B       73      Downgraded
                                        Loan Fac                                  from CRISIL B+
Gemini Equipment and Rentals Pvt Ltd    Proposed LT Bk     CRISIL D       45.5    Reaffirmed
                                        Loan Fac
Gemini Equipment and Rentals Pvt Ltd    Rupee TL           CRISIL D       104.5   Reaffirmed
GOL Offshore Ltd                        LOC & BG           CRISIL D       1850    Reaffirmed
GOL Offshore Ltd                        LT Loan            CRISIL D       8020    Reaffirmed
GOL Offshore Ltd                        Proposed LOC & BG  CRISIL D       650     Reaffirmed
GOL Offshore Ltd                        Proposed LT Bk     CRISIL D       2980    Reaffirmed
                                        Loan Fac
Grand Marine Foods                      LT Loan            CRISIL BB-     0.9     Upgraded from
                                                                                  CRISIL B+
Grand Marine Foods                      Standby Line of    CRISIL BB-     6.1     Upgraded from
                                        Credit                                    CRISIL B+
Himatsingka Seide Ltd                   Proposed LT Bk     CRISIL A-      2.2     Reaffirmed
                                        Loan Fac
Himatsingka Seide Ltd                   Proposed WC Fac    CRISIL A-      116.1   Reaffirmed
Himatsingka Seide Ltd                   TL                 CRISIL A-      10648   Reaffirmed
Himatsingka Seide Ltd                   WC Fac             CRISIL A-      450     Assigned
Himatsingka Seide Ltd                   NCD                CRISIL A-      200     Assigned
Laxmi Organic Industries Ltd            CC^^               CRISIL BBB+    400     Reaffirmed
^^Interchangeable with upto maximum of Rs. 20 crores for working capital demand loan, Rs. 15
crores for Export packing credit/packing credit in foreign currency / export bill discounting/
export bill negotiation
Laxmi Organic Industries Ltd            CC@@               CRISIL BBB+    660     Reaffirmed
@@Includes sublimit of Rs. 33 crores for working capital demand loan, Rs. 15 crores for export
packing credit/packing credit in foreign currency / export bill
Laxmi Organic Industries Ltd            CC&                CRISIL BBB+    350     Reaffirmed
&Fully interchangeability with fund based working capital and letter of credit, includes a
sublimit for standby line of credit of Rs. 15 Crores for onward lending of working capital
limits to the borrower's subsidiary 'Laxmi Petrochem Middle East FZE' in Dubai
Laxmi Organic Industries Ltd            Standby Line of    CRISIL BBB+    50      Reaffirmed
                                        Credit
Laxmi Organic Industries Ltd            TL                 CRISIL BBB+    95      Reaffirmed
Laxmi Organic Industries Ltd            External           CRISIL BBB+    589.7   Reaffirmed
                                        Commercial
                                        Borrowings
Laxmi Organic Industries Ltd            LOC@@@             CRISIL BBB+    750     Reaffirmed
@@@Fully interchangeability with fund based working capital and letter of credit, includes
sublimit of Rs. 65 crores for buyers credit, Rs.49 crores for export packing credit/packing
credit in foreign currency / export bill discounting/ export bill negotiation, Rs. 10 Crores for
cash credit, Rs. 5 Crores for working capital demand loan
Laxmi Organic Industries Ltd            LOC!               CRISIL BBB+    500     Reaffirmed
! Fully interchangeability with buyers credit, cash credit, working capital demand loan, export
packing credit/packing credit in foreign currency, post shipment credit/ post shipment in
foreign currency, sale invoice discounting
Laxmi Organic Industries Ltd            LOC & BG#          CRISIL BBB+    300     Reaffirmed
#Interchangeable with Rs. 50 Crores for cash credit
Lubrizol India Pvt Ltd                  CC                 CRISIL AA-     60      Reaffirmed
Lucas-TVS Ltd                           CC                 CRISIL AA+     1245    Reaffirmed
Manu Electricals Pvt Ltd                CC                 CRISIL BB-     25      Reaffirmed
Manu Electricals Pvt Ltd                Proposed LT Bk     CRISIL BB-     30      Reaffirmed
                                        Loan Fac
Manu Electricals Pvt Ltd                CC                 CRISIL BB-     25      Reaffirmed
Manu Electricals Pvt Ltd                Proposed LT Bk     CRISIL BB-     30      Reaffirmed
                                        Loan Fac
Maruti Industries                       CC                 CRISIL BB-     90      Reaffirmed
Maruti Industries                       Proposed LT Bk     CRISIL BB-     10      Reaffirmed
                                        Loan Fac
MBG Commodities Pvt Ltd                 CC                 CRISIL BBB-    250     Reaffirmed
MBG Commodities Pvt Ltd                 Proposed LT Bk     CRISIL BBB-    250     Reaffirmed
                                        Loan Fac
Meenu Creation LLP                      Proposed LT Bk     CRISIL BB-     100     Reaffirmed
                                        Loan Fac
Muthuraja Modern Rice Mill              TL                 CRISIL B+      10      Assigned
Muthuraja Modern Rice Mill              CC                 CRISIL B+      30      Assigned
Muthuraja Modern Rice Mill              Proposed LT Bk     CRISIL B+      10      Assigned
                                        Loan Fac
National Electronics                    CC                 CRISIL B+      120     Assigned
Navkar Transcore Pvt Ltd                CC                 CRISIL BBB     60      Reaffirmed
Neptune Systems Pvt Ltd                 CC                 CRISIL BB+     35      Upgraded from
                                                                                  CRISIL BB
NSC Projects Pvt Ltd                    CC                 CRISIL BBB     100     Assigned
Offshore Infrastructures Ltd            CC                 CRISIL A-      600     Upgraded from
                                                                                  CRISIL BBB+
Offshore Infrastructures Ltd            Proposed CC Limit  CRISIL A-      150     Upgraded from
                                                                                  CRISIL BBB+
Offshore Infrastructures Ltd            Proposed LT Bk     CRISIL A-      250     Upgraded from
                                        Loan Fac                                  CRISIL BBB+
P.K. Construction Shimla Pvt Ltd        CC                 CRISIL BB+     65      Reaffirmed
P.S. Bhat Brother                       CC                 CRISIL B+      45      Reaffirmed
P.S. Bhat Brother                       Proposed CC Limit  CRISIL B+      25      Reaffirmed
P.S. Bhat Brother                       Proposed LT Bk     CRISIL B+      50      Reaffirmed
                                        Loan Fac
Paramashiva Motors Pvt Ltd              CC                 CRISIL B+      80      Assigned
Paramashiva Motors Pvt Ltd              LT Loan            CRISIL B+      20      Assigned
Parv Metal Processing Co.               CC                 CRISIL BB      80      Upgraded from
                                                                                  CRISIL BB-
Parv Metal Processing Co.               Proposed LT Bk     CRISIL BB      1.5     Upgraded from
                                        Loan Fac                                  CRISIL BB-
PICL (India) Pvt Ltd                    CC                 CRISIL A-      130     Reaffirmed
PICL (India) Pvt Ltd                    FB Fac             CRISIL A-      125     Reaffirmed
PICL (India) Pvt Ltd                    Proposed LT Bk     CRISIL A-      118.5   Reaffirmed
                                        Loan Fac
PICL (India) Pvt Ltd                    TL                 CRISIL A-      31.5    Reaffirmed
Popular Enterprise                      CC                 CRISIL BB-     7.5     Reaffirmed
Popular Enterprise                      Proposed LT Bk     CRISIL BB-     72.5    Reaffirmed
                                        Loan Fac
Popular Enterprise                      CC                 CRISIL BB-     7.5     Reaffirmed
Popular Enterprise                      Proposed LT Bk     CRISIL BB-     72.5    Reaffirmed
                                        Loan Fac
Power Grid Corporation of India Ltd     CC                 CRISIL AAA     3000    Reaffirmed
Power Grid Corporation of India Ltd     Bond Programme     CRISIL AAA     90912   Reaffirmed
                                        Series (XLIII,
                                        XLIV and XLV)*
* Outstanding amount as on March 31, 2016
Power Grid Corporation of India Ltd     Bond Programme     CRISIL AAA     53062.5 Reaffirmed
                                        (Series XXXIII and
                                        XXXIV)*
* Outstanding amount as on March 31, 2016
Power Grid Corporation of India Ltd     Bond Programme     CRISIL AAA     24650   Reaffirmed
                                        (Series XXVIII and
                                        XXIX)*
* Outstanding amount as on March 31, 2016
Power Grid Corporation of India Ltd     Bond Programme     CRISIL AAA     20150   Reaffirmed
                                        (Series XXIV, XXV,
                                        XXVI and XXVII)*
* Outstanding amount as on March 31, 2016
Power Grid Corporation of India Ltd     Bond Programme     CRISIL AAA     1537.5  Reaffirmed
                                        (Series XXIII)*
* Outstanding amount as on March 31, 2016
Power Grid Corporation of India Ltd     Bond Programme     CRISIL AAA     3450    Reaffirmed
                                        (Series XXII)*
* Outstanding amount as on March 31, 2016
Power Grid Corporation of India Ltd     Bond Programme     CRISIL AAA     7162.5  Reaffirmed
                                        (Series XVII and
                                        XVIII)*
* Outstanding amount as on March 31, 2016
Power Grid Corporation of India Ltd     Bond Programme     CRISIL AAA     1500    Reaffirmed
                                        (Series XVI)*
* Outstanding amount as on March 31, 2016
Power Grid Corporation of India Ltd     Bond Programme     CRISIL AAA     2250    Reaffirmed
                                        (Series XV)*
* Outstanding amount as on March 31, 2016
Power Grid Corporation of India Ltd     Bond Programme     CRISIL AAA     1956.3  Reaffirmed
                                        (Series XI, XII
                                        and XIII)*
* Outstanding amount as on March 31, 2016
Power Grid Corporation of India Ltd     Bond Programme     CRISIL AAA     93681.3 Reaffirmed
                                        (Series XXXV,
                                        XXXVI, XXXVII, XXXVIII and XXXIX)*
* Outstanding amount as on March 31, 2016
Power Grid Corporation of India Ltd     Bond Programme     CRISIL AAA     88300   Reaffirmed
                                        (Series XL, XLI
                                        and XLII)*
* Outstanding amount as on March 31, 2016
Power Grid Corporation of India Ltd     Bond Programme     CRISIL AAA     12525   Reaffirmed
                                        (Series XIX, XX,
                                        and XXI)*
* Outstanding amount as on March 31, 2016
Power Grid Corporation of India Ltd     Bond Programme     CRISIL AAA     40612.5 Reaffirmed
                                        (Series XXX, XXXI
                                        and XXXII)*
* Outstanding amount as on March 31, 2016
Power Grid Corporation of India Ltd     Bond Programme     CRISIL AAA     108870  Reaffirmed
                                        Series (XLVI,
                                        XLVII, XLVIII and XLIX)*
* Outstanding amount as on March 31, 2016
Power Grid Corporation of India Ltd     Bond Programme     CRISIL AAA     73260   Reaffirmed
                                        (Series L, LI and
                                        LII)*
* Outstanding amount as on March 31, 2016
Power Grid Corporation of India Ltd     LT Borrowing       CRISIL AAA     260000  Reaffirmed
                                        Programme
                                        (Enhanced from Rs.14,000 crore)#
#Out of total amount of Rs 26,000 crore, PGCIL intends to raise Rs 12,000 crore as long term
loans from banks.
Ramkripa Agro Foods Pvt Ltd             CC                 CRISIL BB      49.5    Reaffirmed
Ramkripa Agro Foods Pvt Ltd             LT Loan            CRISIL BB      25.5    Reaffirmed
RD Dynamech Infra Pvt Ltd               BG                 -              10      Withdrawal
RD Dynamech Infra Pvt Ltd               CC                 -              7.5     Withdrawal
RD Dynamech Infra Pvt Ltd               LT Loan            -              0.8     Withdrawal
RD Dynamech Infra Pvt Ltd               Proposed LT Bk     -              12.6    Withdrawal
                                        Loan Fac
RD Dynamech Infra Pvt Ltd               CC                 CRISIL BB      7.5     Notice of
                                                                                  Withdrawal
Samasta Microfinance Ltd                Proposed LT Bk     CRISIL A       250     Assigned
                                        Loan Fac
Shiv Durga Constructions and            CC                 CRISIL B       27.5    Reaffirmed
Engineerings Pvt Ltd
Shiv Durga Constructions and            Proposed LT Bk     CRISIL B       12.5    Reaffirmed
Engineerings Pvt Ltd                    Loan Fac
Shiv Durga Constructions and            TL                 CRISIL B       5       Reaffirmed
Engineerings Pvt Ltd
Shiv Durga Constructions and            CC                 CRISIL B       27.5    Reaffirmed
Engineerings Pvt Ltd
Shiv Durga Constructions and            Proposed LT Bk     CRISIL B       12.5    Reaffirmed
Engineerings Pvt Ltd                    Loan Fac
Shiv Durga Constructions and            TL                 CRISIL B       5       Reaffirmed
Engineerings Pvt Ltd
Shogini Technoarts Pvt Ltd              CC                 CRISIL BB+     280     Reaffirmed
Shogini Technoarts Pvt Ltd              TL                 CRISIL BB+     30      Reaffirmed
Siva Stones INC                         Proposed LT Bk     CRISIL B-      3.6     Reaffirmed
                                        Loan Fac
Siva Stones INC                         Proposed LT Bk     CRISIL B-      3.6     Reaffirmed
                                        Loan Fac
TATA AutoComp Hendrickson Suspensions   CC                 CRISIL A+      15      #
Pvt Ltd                                                                           
Tata Autocomp Systems Ltd               NCD                CRISIL AA-     1000    Reaffirmed
Tata Autocomp Systems Ltd               CC                 CRISIL AA-     1450    Reaffirmed
Tata Ficosa Automotive Systems Ltd      CC                 CRISIL A-      65      Reaffirmed
Tata Ficosa Automotive Systems Ltd      Proposed LT Bk     CRISIL A-      16.4    Reaffirmed
                                        Loan Fac
Tata Toyo Radiator Ltd                  Bill Discounting***CRISIL AA-     200     Reaffirmed
***Interchangeable with buyer's credit
Tata Toyo Radiator Ltd                  CC                 CRISIL AA-     100     Reaffirmed
Tata Toyo Radiator Ltd                  LOC & BG*          CRISIL AA-     150     Reaffirmed
*Credit exposure of Rs.1 crore as sub-limit for cash credit limit
Tata Toyo Radiator Ltd                  Proposed LT Bk     CRISIL AA-     877     Reaffirmed
                                        Loan Fac
Torrent Power Ltd                       CC                 CRISIL AA-     8500    Reaffirmed
Torrent Power Ltd                       Proposed TL        CRISIL AA-     8590    Reaffirmed
Torrent Power Ltd                       TL                 CRISIL AA-     79300   Reaffirmed
Torrent Power Ltd                       NCD                CRISIL AA-     4950    Assigned
Torrent Power Ltd                       NCD                CRISIL AA-     3000    Reaffirmed
Torrent Power Ltd                       NCD                CRISIL AA-     2000    Reaffirmed
Torrent Power Ltd                       NCD                CRISIL AA-     1750    Reaffirmed
Torrent Power Ltd                       NCD                CRISIL AA-     1750    Reaffirmed
Varahi Ltd                              CC                 CRISIL BBB     570     Reaffirmed
Varahi Ltd                              Proposed LT Bk     CRISIL BBB     122     Reaffirmed
                                        Loan Fac
Varahi Ltd                              TL                 CRISIL BBB     713     Reaffirmed
Vardhman Stampings Pvt Ltd              CC                 CRISIL BBB     300     Reaffirmed
Vardhman Stampings Pvt Ltd              Proposed LT Bk     CRISIL BBB     25      Reaffirmed
                                        Loan Fac
Vardhman Stampings Pvt Ltd              CC                 CRISIL BBB     300     Reaffirmed
Vardhman Stampings Pvt Ltd              Proposed LT Bk     CRISIL BBB     25      Reaffirmed
                                        Loan Fac
Vishal Papertech India Ltd              TL                 CRISIL BB      110.3   Assigned
Vishal Papertech India Ltd              Proposed LT Bk     CRISIL BB      2.4     Assigned
                                        Loan Fac
Vishal Papertech India Ltd              CC                 CRISIL BB      160     Assigned
Vishal Papertech India Ltd              Corporate Loan     CRISIL BB      27.3    Assigned
West Bengal Mfg. Co Pvt Ltd             CC                 CRISIL BB+     90      Reaffirmed
Yatin Steels India Pvt Ltd              CC*                CRISIL BB+     650     Notice of
                                                                                  Withdrawal
*Sublimits of letter of credit
Yatin Steels India Pvt Ltd              Proposed LT Bk     Withdrawal     10      Notice of
                                        Loan Fac                                  Withdrawal
--------------------------------------------------------------------------------------------
$: 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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