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CRISIL ratings for Indian debt instruments-Mar 31
March 31, 2017 / 10:53 AM / 8 months ago

CRISIL ratings for Indian debt instruments-Mar 31

   Mar 31 Reuters) - Below are the ratings awarded by Credit Rating Information Service of India
CRISIL) for local debt instruments as of March 30, 2017.


COMPANY                               INSTRUMENT           RATING         AMOUNT  MOVEMENT
                                                                         RS.MLN)
------                                ----------           ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Aero Club                               BG                 CRISIL A3+     32.2    Reaffirmed
Aero Club                               LOC                CRISIL A3+     873     Reaffirmed
Alishan Veneer and Plywood Pvt Ltd      BG                 CRISIL A4+     6.5     Reaffirmed
Alishan Veneer and Plywood Pvt Ltd      LOC                CRISIL A4+     360     Reaffirmed
Amol Pharmaceuticals Pvt Ltd            Bill Discounting   CRISIL A4+     70      Notice of
                                                                                  Withdrawal
Amol Pharmaceuticals Pvt Ltd            LOC                CRISIL A4+     100     Notice of
                                                                                  Withdrawal
Aqua Machineries Pvt Ltd                BG                 CRISIL A4+     150     Reaffirmed
Aqua Machineries Pvt Ltd                Inland/Import LOC  CRISIL A4+     50      Reaffirmed
Asha Enterprises Pvt Ltd                BG                 CRISIL A4+     80      Assigned
Ashish Timber Depot                     LOC                CRISIL A4      140     Reaffirmed
Axel Polymers Ltd                       Inland/Import LOC  CRISIL A4      40      Reaffirmed
Bhati Constructions                     BG                 CRISIL A4+     70      Assigned
Central Bank of India                    CD Programme      CRISIL A1+     200000  Reaffirmed
Crompton Greaves Consumer Electricals   LOC*               CRISIL A1+     2800    Assigned
Ltd
Diasqua India Pvt Ltd                   Post Shipment      CRISIL A4      320     Reaffirmed
                                        Credit
Durasign Corporation                    Proposed BG        CRISIL A4      5       Reaffirmed
Edimannickal Fashion Jewellery -        BG                 CRISIL A4+     20      Assigned
kanjirapally
Entrack Overseas Pvt Ltd                Export Packing     CRISIL A4      250     Reaffirmed
                                        Credit
Enzal Chemicals India Ltd               BG                 CRISIL A4      1.5     Downgraded
                                                                                  from CRISIL
                                                                                  A4+
Enzal Chemicals India Ltd               LOC                CRISIL A4      26      Downgraded
                                                                                  from CRISIL
                                                                                  A4+
Gee Ltd                                 LOC                CRISIL A3+     100     Upgraded from
                                                                                  CRISIL A3
Gulati Brothers                         Packing Credit     CRISIL A4      35      Assigned
Gulati Brothers                         Overdraft          CRISIL A4      5       Assigned
DMR Hospitals Pvt Ltd                   Overdraft          CRISIL D       10      Downgraded
                                                                                  from CRISIL A4
Indag Rubber Ltd                        ST Rating          CRISIL A1+     0       Assigned
India Fashions Ltd                      LOC                CRISIL A4      40      Downgraded
                                                                                  from CRISIL
                                                                                  A4+
India Fashions Ltd                      Packing Credit     CRISIL A4      65      Downgraded
                                                                                  from CRISIL
                                                                                  A4+
Indus Teqsite Pvt Ltd                   BG                 CRISIL A3      15      Reaffirmed
Indus Teqsite Pvt Ltd                   LOC                CRISIL A3      10      Reaffirmed
J and S Construction                    BG                 CRISIL A4      30      Reaffirmed
Jai Ambey Wire Exim Pvt Ltd             Composite WC Limit CRISIL A4      30      Reaffirmed
Kamal Coach Works Pvt Ltd               BG                 CRISIL A4+     100     Reaffirmed
Kaneriya Oil Industries                 BG                 CRISIL A3+     3       Reaffirmed
Kapoor Industries Ltd                   BG                 CRISIL A4+     2.5     Issuer Not
                                                                                  Cooperating;
                                                                                  
Downgraded from CRISIL A
Kapoor Industries Ltd                   Export Packing     CRISIL A4+     780     Issuer Not
                                        Credit & Export                           Cooperating;
                                        Bills Negotiation/Foreign Bill discounting
Downgraded from CRISIL A
Kapoor Industries Ltd                   LOC                CRISIL A4+     6       Issuer Not
                                                                                  Cooperating;
                                                                                  
Downgraded from CRISIL A
Kodibail Import Export Pvt Ltd          Foreign LOC        CRISIL A4      20      Reaffirmed
M. M. Industries - Ramgarh              LOC                CRISIL A4      100     Assigned
Mallikarjun Construction Co.            BG                 CRISIL A4      70      Reaffirmed
Mallikarjun Construction Co.            Proposed ST Bk     CRISIL A4      5       Reaffirmed
                                        Loan Fac
Mansi International Pvt Ltd             LOC                CRISIL A4+     35      Reaffirmed
Marwadi Commodity Broker Pvt Ltd        BG                 CRISIL A2+     400     Reaffirmed
Marwadi Shares and Finance Ltd          BG                 CRISIL A2+     2950    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
New Spice Sales and Solutions Ltd       LOC*               CRISIL A3      2050    Reaffirmed
*Includes sublimit of Rs 10 crore for bill discounting facility
New Spice Sales and Solutions Ltd       Proposed LOC       CRISIL A3      1450    Reaffirmed
New Spice Sales and Solutions Ltd       LOC*               CRISIL A3      2050    Reaffirmed
New Spice Sales and Solutions Ltd       Proposed LOC       CRISIL A3      1450    Reaffirmed
Pratibha Electrical Contractor LLP      BG                 CRISIL A4      130     Reaffirmed
Pratibha Electrical Contractor LLP      Inland/Import LOC  CRISIL A4      30      Reaffirmed
Pratibha Electrical Contractor LLP      LOC                CRISIL A4      20      Reaffirmed
PTC Energy Ltd                          Proposed ST Bk     CRISIL A1      2500    Reaffirmed
                                        Loan Fac
Pushpagiri Medical Society              LOC & BG           CRISIL A4+     400     Assigned
R. R. Enterprises - Mumbai              BG                 CRISIL A4      50      Reaffirmed
Rai Bahadur Narain Singh Sugar Mills LtdBG                 CRISIL A4      20      Reaffirmed
Ramaa Shyama Papers Pvt Ltd             Inland/Import LOC  CRISIL A4+     6.9     Assigned
Ramaa Shyama Papers Pvt Ltd             BG                 CRISIL A4+     5       Assigned

Rhythm Real Food Products               Proposed NFBL      CRISIL A4+     23.7    Assigned
Rural Electrification Corporation Ltd   ST Debt Programme^@CRISIL A1+     50000   Assigned
^ Borrowing programme for fiscal 2018 refers to financial year,
 April 1 to March 31). The overall limit for the long-term borrowing 
programme and the short-term borrowing programme is Rs.55000.0 crore.
# Total incremental long-term bank borrowing and borrowings under the
 rated long-term bonds programme not to exceed Rs.50000.0 crore any point 
in time during fiscal 2018. The long-term borrowing programme includes 
tax-free bonds under Section 10 of the Income Tax Act 1961 and lower Tier II bonds. 
Rural Electrification Corporation Ltd   ST Debt Programme$ CRISIL A1+     70000   Reaffirmed
$ Borrowing programme for fiscal 2017
Rural Electrification Corporation Ltd    ST Debt Programme CRISIL A1+     150000  Reaffirmed
Sarathy Coffee Curing Works             Export Packing     CRISIL A4      17      Reaffirmed
                                        Credit
Sarathy Coffee Curing Works             Foreign Bill       CRISIL A4      10      Reaffirmed
                                        Discounting
Sharp Tanks and Structurals Pvt Ltd     BG                 CRISIL A4      260     Issuer Not
                                                                                  Cooperating;
Downgraded from CRISIL A4+
Sharp Tanks and Structurals Pvt Ltd     LOC                CRISIL A4      50      Issuer Not
                                                                                  Cooperating;
Downgraded from CRISIL A4+
Shivaraja Impex Company                 Packing Credit     CRISIL A4      10      Reaffirmed
Shivaraja Impex Company                 Proposed ST Bk     CRISIL A4      15      Reaffirmed
                                        Loan Fac
Sri Ramani Spinners Pvt Ltd             BG                 CRISIL A4      2.2     Reaffirmed
Stark Ridge Paper Pvt Ltd               BG                 CRISIL A4      11.7    Assigned
Suresh Enterprises Pvt Ltd              BG                 CRISIL A4+     100     Reaffirmed
Synokem Pharmaceuticals Ltd             Bill Discounting   CRISIL A2      10      Upgraded from
                                        under LOC                                 CRISIL A3+
System Control and Automation Pvt Ltd   LOC                CRISIL A4+     20      Assigned
Tarawade Logistics Pvt Ltd              BG                 CRISIL A4      50      Reaffirmed
UPL Environmental Engineers Ltd         BG                 CRISIL A4      300     Reaffirmed
Wiintrack Exports                       Packing Credit     CRISIL A4+     85      Assigned
Y.M.R. Constructions                    BG                 CRISIL A4      105     Reaffirmed
Y.M.R. Constructions                    Overdraft          CRISIL A4      42.5    Reaffirmed
Young Industries                        Inland/Import LOC  CRISIL A4      20      Downgraded
                                                                                  from CRISIL
                                                                                  A4+
MEDIUM TERM RATINGS:
-------------------
National Bank For Agriculture and Rural FD Programme       FAAA           1000    Reaffirmed
Development
PKF Finance Ltd                         FD                 FA-                    Reaffirmed
Punjab Kashmir Finance Ltd              FD                 FA-                    Reaffirmed

LONG TERM RATINGS:
-------------------
A B Equipments                          Proposed LT Bk     CRISIL BB      15      Assigned
                                        Loan Fac
A B Equipments                          CC                 CRISIL BB      25      Assigned
A B Equipments                          Channel Financing  CRISIL BB      70      Assigned
Aadhar Rice Mill Pvt Ltd                CC                 CRISIL B       125     Issuer Not
                                                                                  Cooperating;
Downgraded from CRISIL BB
Aadhar Rice Mill Pvt Ltd                Rupee TL           CRISIL B       26.1    Issuer Not
                                                                                  Cooperating;
Downgraded from CRISIL BB
Adani Power Ltd                         LT Loan            -              116023.3Withdrawal
Adani Power Ltd                         BG                 CRISIL BB-     11654   Reaffirmed
Adani Power Ltd                         LOC                CRISIL BB-     31120   Reaffirmed
Adani Power Ltd                         LT Loan            CRISIL BB-     18817.9 Reaffirmed
Adani Power Ltd                         WC Fac             CRISIL BB-     4000    Notice of
                                                                                  Withdrawal
Aero Club                               CC                 CRISIL BBB     2440    Reaffirmed
Aero Club                               CC & WC demand loanCRISIL BBB     290     Reaffirmed
Aero Club                               WC Demand Loan     CRISIL BBB     2270    Assigned
Airports Authority of India             LT Borrowing       CRISIL AAA     30000   Reaffirmed
                                        Programme
Ajanta Spintex Ltd                      CC                 CRISIL D       140     Downgraded
                                                                                  from CRISIL B-
Ajanta Spintex Ltd                      LT Loan            CRISIL D       275     Downgraded
                                                                                  from CRISIL B-
Alishan Veneer and Plywood Pvt Ltd      CC                 CRISIL BB-     100     Downgraded
                                                                                  from CRISIL BB
Alishan Veneer and Plywood Pvt Ltd      Proposed LT Bk     CRISIL BB-     33      Downgraded
                                        Loan Fac                                  from CRISIL BB
Amol Pharmaceuticals Pvt Ltd            CC                 CRISIL BB+     50      Notice of
                                                                                  Withdrawal
Amol Pharmaceuticals Pvt Ltd            Proposed LT Bk     CRISIL BB+     132.5   Notice of
                                        Loan Fac                                  Withdrawal
Aqua Machineries Pvt Ltd                CC                 CRISIL BB+     50      Reaffirmed
Aqua Machineries Pvt Ltd                LT Bk Fac          CRISIL BB+     20      Assigned
Arashu Clothing Company                 TL                 CRISIL BB-     4       Assigned
Arashu Clothing Company                 CC                 CRISIL BB-     40      Assigned
Arashu Clothing Company                 Proposed LT Bk     CRISIL BB-     16      Assigned
                                        Loan Fac
Archeesh Health Care Pvt Ltd            LT Loan            CRISIL B       100     Assigned
Archeesh Health Care Pvt Ltd            Proposed FB Bk     CRISIL B       10      Assigned
                                        Limits
Asha Enterprises Pvt Ltd                CC/ Overdraft Fac  CRISIL BB+     15      Assigned
Ashish Timber Depot                     CC                 CRISIL B+      5       Reaffirmed
Auto Centre                             Channel Financing  CRISIL BB      50      Reaffirmed
Auto Centre                             Overdraft          CRISIL BB      150     Reaffirmed
Axel Polymers Ltd                       CC                 CRISIL B       50      Reaffirmed
Balraj Kumar Vinod Kumar                Proposed CC Limit  CRISIL B+      70      Assigned
Bhati Constructions                     LT Loan            CRISIL BB      20      Assigned
Bhati Constructions                     CC/ Overdraft Fac  CRISIL BB      40      Assigned
Blue Pink Apparels Pvt Ltd              CC                 CRISIL B       40      Reaffirmed
Blue Pink Apparels Pvt Ltd              LT Loan            CRISIL B       16.7    Reaffirmed
Boss Computers Pvt Ltd                  CC                 CRISIL D       35      Assigned
Boss Computers Pvt Ltd                  TL                 CRISIL D       35      Assigned
Brijlax Motors Pvt Ltd                  CC                 CRISIL BB-     30      Reaffirmed
Brijlax Motors Pvt Ltd                  Electronic Dealer  CRISIL BB-     80      Reaffirmed
                                        Financing
                                        Schemee-DFS
Brijlax Motors Pvt Ltd                  CC                 CRISIL BB-     30      Reaffirmed
Brijlax Motors Pvt Ltd                  Electronic Dealer  CRISIL BB-     80      Reaffirmed
                                        Financing
                                        Schemee-DFS
Central Bank of India                   Tier-I Perpetual   CRISIL A       5000    Downgraded
                                        Bond Issue Under                          from CRISIL
                                        Basel II                                  A+/Negative
Central Bank of India                   Upper Tier-II      CRISIL A       6000    Downgraded
                                        Bonds Under Basel                         from CRISIL
                                        II                                        A+/Negative
Central Bank of India                   Tier-II Bond Issue CRISIL A+      20000   Downgraded
                                        Under Basel III                           from CRISIL
                                                                                  AA-/Negative
Central Bank of India                   Lower Tier-II      CRISIL A+      23000   Downgraded
                                        Bonds Under Basel                         from CRISIL
                                        II                                        AA-/Negative
Crompton Greaves Consumer Electricals   CC                 CRISIL AA      500     Assigned
Ltd
Dasmesh Mechanical Works                CC                 CRISIL BB-     50      Upgraded from
                                                                                  CRISIL B-
Dasmesh Mechanical Works                LT Loan            CRISIL BB-     35      Upgraded from
                                                                                  CRISIL B-
Dasmesh Mechanical Works                TL                 CRISIL BB-     130     Upgraded from
                                                                                  CRISIL B-
D-Link India Ltd                        CC & WC demand loanCRISIL A       100     Reaffirmed
DMR Hospitals Pvt Ltd                   Proposed LT Bk     CRISIL D       26      Downgraded
                                        Loan Fac                                  from CRISIL B
DMR Hospitals Pvt Ltd                   Rupee TL           CRISIL D       89      Downgraded
                                                                                  from CRISIL B
Durasign Corporation                    Proposed CC Limit  CRISIL B       15      Reaffirmed
Durasign Corporation                    Proposed LT Bk     CRISIL B       20      Reaffirmed
                                        Loan Fac
Durasign Corporation                    Proposed TL        CRISIL B       10      Reaffirmed
Edimannickal Fashion Jewellery -        Gold Loan          CRISIL BB-     5       Assigned
kanjirapally
Edimannickal Fashion Jewellery -        CC                 CRISIL BB-     65      Assigned
kanjirapally
Entrack Overseas Pvt Ltd                Proposed LT Bk     CRISIL B+      550     Reaffirmed
                                        Loan Fac
Enzal Chemicals India Ltd               CC                 CRISIL B+      80      Downgraded
                                                                                  from CRISIL
                                                                                  BB-/
Enzal Chemicals India Ltd               Proposed LT Bk     CRISIL B+      12.5    Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BB-/
Five-Star Business Finance Ltd          LT Bk Fac          -              70      Notice of
                                                                                  Withdrawal
Five-Star Business Finance Ltd          CC                 CRISIL BBB     50      Notice of
                                                                                  Withdrawal
Five-Star Business Finance Ltd          CC                 CRISIL BBB     75      Reaffirmed
Five-Star Business Finance Ltd          LT Bk Fac          CRISIL BBB     545     Reaffirmed
Five-Star Business Finance Ltd          Proposed LT Bk     CRISIL BBB     85      Reaffirmed
                                        Loan Fac
Five-Star Business Finance Ltd          Proposed CC Limit  CRISIL BBB     175     Reaffirmed
G.S.R. Motors Pvt Ltd                   CC                 CRISIL BB-     83      Reaffirmed
G.S.R. Motors Pvt Ltd                   Proposed LT Bk     CRISIL BB-     10      Reaffirmed
                                        Loan Fac
Gee Ltd                                 CC                 CRISIL BBB     425     Upgraded from
                                                                                  CRISIL BBB-
Gee Ltd                                 Proposed LT Bk     CRISIL BBB     159.2   Upgraded from
                                        Loan Fac                                  CRISIL BBB-
Gee Ltd                                 TL                 CRISIL BBB     95.8    Upgraded from
                                                                                  CRISIL BBB-
Gold Spin India Pvt Ltd                 CC                 CRISIL B+      71.5    Assigned
Gold Spin India Pvt Ltd                 LT Loan            CRISIL B+      4.8     Assigned
Gold Spin India Pvt Ltd                 Proposed LT Bk     CRISIL B+      14.5    Assigned
                                        Loan Fac
Gulati Brothers                         Foreign Bill       CRISIL B       12.5    Assigned
                                        Purchase
H M Steels Ltd                          CC                 CRISIL D       260     Reaffirmed
H M Steels Ltd                          Funded Interest TL CRISIL D       55.1    Reaffirmed
H M Steels Ltd                          Letter Of GuaranteeCRISIL D       20      Reaffirmed
H M Steels Ltd                          WC TL              CRISIL D       400     Reaffirmed
H M Steels Ltd                          CC                 CRISIL D       260     Reaffirmed
H M Steels Ltd                          Funded Interest TL CRISIL D       55.1    Reaffirmed
H M Steels Ltd                          Letter Of GuaranteeCRISIL D       20      Reaffirmed
H M Steels Ltd                          WC TL              CRISIL D       400     Reaffirmed
Haryana Rice Mills                      CC                 CRISIL B       350     Reaffirmed
Homeland Constructions Pvt Ltd          Proposed LT Bk     CRISIL BB      120     Reaffirmed
                                        Loan Fac
Hydromet India Ltd                      CC                 CRISIL B-      100      Assigned;
                                                                                  Suspension
                                                                                  Revoked
Indag Rubber Ltd                        LT Rating          CRISIL A+      0       Assigned
Indus Teqsite Pvt Ltd                   CC                 CRISIL BBB-    190     Reaffirmed
Indus Teqsite Pvt Ltd                   Export Packing     CRISIL BBB-    90      Reaffirmed
                                        Credit
Indus Teqsite Pvt Ltd                   Foreign Bill       CRISIL BBB-    15      Reaffirmed
                                        Discounting
Indus Teqsite Pvt Ltd                   LT Loan            CRISIL BBB-    58      Reaffirmed
Indus Teqsite Pvt Ltd                   Proposed LT Bk     CRISIL BBB-    70.2    Reaffirmed
                                        Loan Fac
Indus Teqsite Pvt Ltd                   Standby Line of    CRISIL BBB-    28      Reaffirmed
                                        Credit
J and S Construction                    CC                 CRISIL B+      50      Upgraded from
                                                                                  CRISIL B
J and S Construction                    Proposed LT Bk     CRISIL B+      20      Upgraded from
                                        Loan Fac                                  CRISIL B
Jai Ambey Wire Exim Pvt Ltd             CC                 CRISIL B       50      Reaffirmed
Jai Ambey Wire Exim Pvt Ltd             Overdraft          CRISIL B       40      Reaffirmed
Jakharia Fabric Pvt Ltd                 CC                 CRISIL BB      20      Reaffirmed
Jakharia Fabric Pvt Ltd                 Proposed LT Bk     CRISIL BB      54.5    Reaffirmed
                                        Loan Fac
Jakharia Fabric Pvt Ltd                 TL                 CRISIL BB      123     Reaffirmed
Josan Foods Pvt Ltd                     CC                 CRISIL D       370     Reaffirmed
Josan Foods Pvt Ltd                     Proposed LT Bk     CRISIL D       5.6     Reaffirmed
                                        Loan Fac
Josan Foods Pvt Ltd                     TL                 CRISIL D       200     Reaffirmed
Josan Foods Pvt Ltd                     Warehouse Receipts CRISIL D       100     Reaffirmed
Kamakshi Lamipack Pvt Ltd               CC                 CRISIL D       50      Reaffirmed
Kamakshi Lamipack Pvt Ltd               LOC                CRISIL D       25      Reaffirmed
Kamakshi Lamipack Pvt Ltd               LT Loan            CRISIL D       77      Reaffirmed
Kamal Coach Works Pvt Ltd               CC                 CRISIL BB-     60      Reaffirmed
Kamal Coach Works Pvt Ltd               Proposed LT Bk     CRISIL BB-     60      Reaffirmed
                                        Loan Fac
Kaneriya Oil Industries                 CC                 CRISIL BBB     370     Reaffirmed
Kapoor Industries Ltd                   LT Loan            CRISIL BB+     493.7   Issuer Not
                                                                                  Cooperating;
                                                                                  
Downgraded from CRISIL A
Kapoor Industries Ltd                   Proposed LT Bk     CRISIL BB+     67.8    Issuer Not
                                        Loan Fac                                  Cooperating;
                                                                                  
Downgraded from CRISIL A
KCC Lateri Expressway Pvt Ltd           TL                 CRISIL BBB     1100    Reaffirmed
Kesho Packaging Pvt Ltd                 CC                 CRISIL BB+     20      Assigned
Kesho Packaging Pvt Ltd                 Proposed LT Bk     CRISIL BB+     100     Assigned
                                        Loan Fac
Kodibail Import Export Pvt Ltd          CC                 CRISIL B       40      Reaffirmed
Kudgi Transmission Ltd                  NCD                CRISIL AAASO  15000   Assigned
Kumar Company                           LT Loan            CRISIL BB      810     Reaffirmed
Laxmi Meghan Speciality Hospital        Overdraft          CRISIL B+      2.5     Reaffirmed
Lohitha Lifesciences Pvt Ltd            CC                 CRISIL B+      18      Reaffirmed
Lohitha Lifesciences Pvt Ltd            LT Loan            CRISIL B+      20      Reaffirmed
Lohitha Lifesciences Pvt Ltd            Proposed CC Limit  CRISIL B+      10      Reaffirmed
Lohitha Lifesciences Pvt Ltd            Proposed LT Bk     CRISIL B+      22      Reaffirmed
                                        Loan Fac
Lushlife Properties LLP                 Proposed LT Bk     CRISIL BB      200     Reaffirmed
                                        Loan Fac
Lushlife Real Estate LLP                Proposed LT Bk     CRISIL BB      200     Reaffirmed
                                        Loan Fac
M Madhavaraya Prabhu                    CC                 CRISIL B+      50      Reaffirmed
M. M. Industries - Ramgarh              Proposed LT Bk     CRISIL B+      20      Assigned
                                        Loan Fac
Malankara Social Service Society        Proposed TL        CRISIL B-      50      Reaffirmed
Mallikarjun Construction Co.            CC                 CRISIL C       30      Reaffirmed
Mallikarjun Construction Co.            Proposed LT Bk     CRISIL C       5       Reaffirmed
                                        Loan Fac
Mansi International Pvt Ltd             CC                 CRISIL BB-     40      Reaffirmed
Mansi International Pvt Ltd             Proposed LT Bk     CRISIL BB-     25      Reaffirmed
                                        Loan Fac
Maruti Developers                       TL                 CRISIL D       80      Downgraded
                                                                                  from CRISIL B+
Maruti International - New Delhi        Proposed CC Limit  CRISIL B+      50      Assigned
Marwadi Commodity Broker Pvt Ltd        CC                 CRISIL BBB+    100     Reaffirmed
Marwadi Shares and Finance Ltd          CC                 CRISIL BBB+    1150    Reaffirmed
Milky Mist Dairy Food Pvt Ltd           TL                 CRISIL BBB-    1602.9  Assigned
Milky Mist Dairy Food Pvt Ltd           CC                 CRISIL BBB-    119.5   Assigned
Milky Mist Dairy Food Pvt Ltd           LT Loan            CRISIL BBB-    212.1   Assigned
Mira Bhayandar Municipal Corporation    Corporate Credit   CCR A                  Upgraded from
                                        Rating                                    CCR A-
MK Builders and Developers              Corporate Loan     CRISIL B       50      Reaffirmed
MK Builders and Developers              Project Loan       CRISIL B       30      Reaffirmed
MK Builders and Developers              Proposed LT Bk     CRISIL B       400     Reaffirmed
                                        Loan Fac
Mohan Rocky Springwater Breweries Ltd   Overdraft          CRISIL B-      90      Reaffirmed
Nanded Waghala City Municipal           Corporate Credit   CCR BBB-               Upgraded from
Corporation                             Rating                                    CCR BB+
National Bank For Agriculture and Rural Bond Issue         CRISIL AAA     40000   Assigned
Development
National Bank For Agriculture and Rural Bonds              CRISIL AAA     1180000 Reaffirmed
Development
National Bank For Agriculture and Rural Tax-Free Bonds     CRISIL AAA     50000   Reaffirmed
Development
Nizam Deccan Sugars Ltd                 CC                 CRISIL D       1033    Reaffirmed
Nizam Deccan Sugars Ltd                 LOC & BG           CRISIL D       5       Reaffirmed
Nizam Deccan Sugars Ltd                 Proposed LT Bk     CRISIL D       480.9   Reaffirmed
                                        Loan Fac
Nizam Deccan Sugars Ltd                 TL                 CRISIL D       333.4   Reaffirmed
Pegasus Properties Pvt Ltd              LT Loan            CRISIL BB+     1500    Downgraded
                                                                                  from CRISIL
                                                                                  BBB
Perambalur Sugar Mills Ltd              CC                 CRISIL B       300     Reaffirmed
Pilania Industries India Pvt Ltd       CC                 CRISIL B+      100      Reaffirmed
Pilania Industries India Pvt Ltd       TL                 CRISIL B+      100      Reaffirmed
PKF Finance Ltd                         CC                 CRISIL BBB-    100     Reaffirmed
Prajay Properties Pvt Ltd               Project Loan       CRISIL D       1213    Reaffirmed
Prajay Properties Pvt Ltd               Proposed LT Bk     CRISIL D       7       Reaffirmed
                                        Loan Fac
Prakash Woollen & Synthetic Mills Ltd   CC - Book Debt     CRISIL BB+     90      Reaffirmed
Prakash Woollen & Synthetic Mills Ltd   CC-Stock           CRISIL BB+     90      Reaffirmed
Prakash Woollen & Synthetic Mills Ltd   TL                 CRISIL BB+     110     Reaffirmed
Pranavam Aerospace Pvt Ltd              CC                 CRISIL B       20      Assigned
Pranavam Aerospace Pvt Ltd              LT Loan            CRISIL B       150     Assigned
Pratibha Electrical Contractor LLP      CC                 CRISIL B       65      Issuer Not
                                                                                  Co-operating
 Downgraded from CRISIL B+
Pratibha Electrical Contractor LLP      Proposed LT Bk     CRISIL B       5       Issuer Not
                                        Loan Fac                                  Cooperating;
                                                                                  Rating
                                                                                  Reaffirmed
PTC Energy Ltd                          LT Loan^           CRISIL A       16384.3 Reaffirmed
^ Includes Rs 1179 crore sublimit of letter of credit
PTC Energy Ltd                          Proposed LT Bk     CRISIL A       115.7   Reaffirmed
                                        Loan Fac
Punjab Kashmir Finance Ltd              CC                 CRISIL BBB-    100     Reaffirmed
Pushpagiri Medical Society              Secured Overdraft  CRISIL BB      250     Assigned
                                        Fac
Pushpagiri Medical Society              Proposed LT Bk     CRISIL BB      1700    Assigned
                                        Loan Fac
Pushpagiri Medical Society              Cash TL            CRISIL BB      400     Assigned
R. R. Enterprises - Mumbai              CC                 CRISIL B+      30      Upgraded
                                                                                  from CRISIL B
R. R. Enterprises - Mumbai              Proposed LT Bk     CRISIL B+      150     Upgraded
                                        Loan Fac                                  from CRISIL B
Rai Bahadur Narain Singh Sugar Mills LtdCC                 CRISIL B+      1810    Reaffirmed
Rajave Textiles Pvt Ltd                 BG                 CRISIL D       10.5    Reaffirmed
Rajave Textiles Pvt Ltd                 CC                 CRISIL D       500     Reaffirmed
Rajave Textiles Pvt Ltd                 LOC                CRISIL D       80      Reaffirmed
Rajave Textiles Pvt Ltd                 LT Loan            CRISIL D       122.9   Reaffirmed
Rajave Textiles Pvt Ltd                 Proposed LT Bk     CRISIL D       101     Reaffirmed
                                        Loan Fac
Ramaa Shyama Papers Pvt Ltd             TL                 CRISIL BB      82.5    Assigned
Ramaa Shyama Papers Pvt Ltd             CC                 CRISIL BB      110     Assigned
Ramgo Modern Rice Mill                  CC                 CRISIL B       47      Assigned
Ramgo Modern Rice Mill                  Proposed CC Limit  CRISIL B       3       Assigned
Ramgo Modern Rice Mill                  CC                 CRISIL B       47      Assigned
Ramgo Modern Rice Mill                  Proposed CC Limit  CRISIL B       3       Assigned
Rhythm Real Food Products               TL                 CRISIL BB-     65.3    Assigned
Rhythm Real Food Products               CC                 CRISIL BB-     4       Assigned
Royal Chains Pvt Ltd                    CC                 CRISIL BBB-    750     Reaffirmed
Ruchi Malls Pvt Ltd                     Drop Line          CRISIL A-      2400    Reaffirmed
                                        Overdraft Fac
Rural Electrification Corporation Ltd    LT Borrowing      CRISIL AAA     50000   Assigned
                                        Programme ^#
^ Borrowing programme for fiscal 2018 (refers to financial year,
 April 1 to March 31). The overall limit for the long-term borrowing
 programme and the short-term borrowing programme is Rs.55000.0 crore.
 # Total incremental long-term bank borrowing and borrowings under the
 rated long-term bonds programme not to exceed Rs.50000.0 crore any 
 point in time during fiscal 2018. The long-term borrowing programme 
 includes tax-free bonds under Section 10 of the
 Income Tax Act 1961 and lower Tier II bonds.
Rural Electrification Corporation Ltd   LT Borrowing       CRISIL AAA     50000   Reaffirmed
                                        Programme $
$ Borrowing programme for fiscal 2017
Rural Electrification Corporation Ltd   LT Borrowing       CRISIL AAA     350000  Reaffirmed
                                        Programme  
S. S. Oil and General Mills A Unit Of  CC                 CRISIL BB-     65      Assigned
Shorewala Paper India Pvt Ltd
S. S. Oil and General Mills A Unit Of  Proposed CC Limit  CRISIL BB-     20      Assigned
Shorewala Paper India Pvt Ltd
Sarathy Coffee Curing Works             CC                 CRISIL B       20      Reaffirmed
Sarathy Coffee Curing Works             Proposed LT Bk     CRISIL B       23.3    Reaffirmed
                                        Loan Fac
Shantiniketan Ashraya                   Proposed LT Bk     CRISIL B+      100     Assigned
                                        Loan Fac
Sharp Tanks and Structurals Pvt Ltd     CC                 CRISIL B+      70      Issuer Not
                                                                                  Cooperating;
 Downgraded from CRISIL  BB
Shivaraja Impex Company                 Bill Discounting   CRISIL B       15      Reaffirmed
Shivaraja Impex Company                 CC/ Overdraft Fac  CRISIL B       20      Reaffirmed
Shivaraja Impex Company                 Proposed LT Bk     CRISIL B       10      Reaffirmed
                                        Loan Fac
Shorewala Roller Flour Mills Pvt Ltd    Proposed LT Bk     CRISIL BB-     5       Assigned
                                        Loan Fac
Shorewala Roller Flour Mills Pvt Ltd    CC                 CRISIL BB-     70      Assigned
Shorewala Roller Flour Mills Pvt Ltd    Proposed CC Limit  CRISIL BB-     15      Assigned
Shri Sant Damaji Sahakari Sakhar        LT Loan            CRISIL B-      125     Reaffirmed
Karkhana Ltd
Shri Sant Damaji Sahakari Sakhar        Proposed LT Bk     CRISIL B-      5       Reaffirmed
Karkhana Ltd                            Loan Fac
Singh Cycle & Motor Co.                 CC                 CRISIL B+      37.5    Reaffirmed
Singh Cycle & Motor Co.                 Inventory Funding  CRISIL B+      42.5    Reaffirmed
                                        Fac
Singh Cycle & Motor Co.                 TL                 CRISIL B+      35      Reaffirmed
Speciality Silica Pvt Ltd               CC                 CRISIL B+      47.5    Reaffirmed
Speciality Silica Pvt Ltd               Proposed LT Bk     CRISIL B+      30      Reaffirmed
                                        Loan Fac
Speciality Silica Pvt Ltd               TL                 CRISIL B+      95      Reaffirmed
Sri Ganesh Cashew Industries            CC                 CRISIL BB-     185.8   Reaffirmed
Sri Ganesh Cashew Industries            TL                 CRISIL BB-     4.2     Reaffirmed
Sri Ramani Spinners Pvt Ltd             CC                 CRISIL B       38.8    Reaffirmed
Sri Ramani Spinners Pvt Ltd             LT Bk Fac          CRISIL B       8.5     Reaffirmed
Sri Ramani Spinners Pvt Ltd             Proposed BG        CRISIL B       1       Reaffirmed
Sri Ramani Spinners Pvt Ltd             Proposed LT Bk     CRISIL B       21.4    Reaffirmed
                                        Loan Fac
Stark Ridge Paper Pvt Ltd               Proposed LT Bk     CRISIL B-      165     Assigned
                                        Loan Fac
Stark Ridge Paper Pvt Ltd               Proposed CC Limit  CRISIL B-      100     Assigned
Stark Ridge Paper Pvt Ltd               LT Loan            CRISIL B-      235     Assigned
Super Jewellers Pvt Ltd                 CC                 CRISIL B+      100     Reaffirmed
Super Jewellers Pvt Ltd                 TL                 CRISIL B+      2       Reaffirmed
Supraja Dairy Pvt Ltd                   Proposed LT Bk     CRISIL B+      12.9    Assigned
                                        Loan Fac
Supraja Dairy Pvt Ltd                   CC                 CRISIL B+      59.5    Assigned
Supraja Dairy Pvt Ltd                   LT Loan            CRISIL B+      4.1     Assigned
Suresh Enterprises Pvt Ltd              CC                 CRISIL BB      472.5   Reaffirmed
Suresh Enterprises Pvt Ltd              Lease Rental       CRISIL BB      120     Reaffirmed
                                        Discounting Loan
Suresh Enterprises Pvt Ltd              Proposed LT Bk     CRISIL BB      107.5   Reaffirmed
                                        Loan Fac
Suresh Enterprises Pvt Ltd              Secured Overdraft  CRISIL BB      200     Reaffirmed
                                        Fac
Surgicare Centre & Hospital             Overdraft          CRISIL B+      2.5     Reaffirmed
Synokem Pharmaceuticals Ltd             CC                 CRISIL BBB+    115     Upgraded from
                                                                                  CRISIL BBB
Synokem Pharmaceuticals Ltd             Proposed FB Bk     CRISIL BBB+    25      Upgraded from
                                        Limits                                    CRISIL BBB
System Control and Automation Pvt Ltd   Proposed LT Bk     CRISIL BB-     2.5     Assigned
                                        Loan Fac
System Control and Automation Pvt Ltd   CC                 CRISIL BB-     37.5    Assigned
Tarawade Logistics Pvt Ltd              CC                 CRISIL B+      10      Reaffirmed
Texas Lifestyle Furniture Pvt Ltd       BG                 CRISIL D       10      Reaffirmed
Texas Lifestyle Furniture Pvt Ltd       CC                 CRISIL D       30      Reaffirmed
Texas Lifestyle Furniture Pvt Ltd       LT Loan            CRISIL D       43      Reaffirmed
Texas Lifestyle Furniture Pvt Ltd       Proposed LT Bk     CRISIL D       3       Reaffirmed
                                        Loan Fac
The Ugar Sugar Works Ltd                CC                 CRISIL BB      2340    Upgraded from
                                                                                  CRISIL BB-
The Ugar Sugar Works Ltd                TL                 CRISIL BB      780     Upgraded from
                                                                                  CRISIL BB-
Trimurti Flour Mill Pvt Ltd             CC - Book Debt     CRISIL C       15      Reaffirmed
Trimurti Flour Mill Pvt Ltd             CC-Stock           CRISIL C       45      Reaffirmed
Trimurti Flour Mill Pvt Ltd             TL                 CRISIL C       30      Reaffirmed
Ujjivan Small Finance Bank Ltd          CDs                CRISIL A1+             Assigned
Ujjivan Small Finance Bank Ltd          ST FD              CRISIL A1+             Assigned
UPL Environmental Engineers Ltd         CC                 CRISIL B       140     Downgraded
                                                                                  from CRISIL B+
Varunani Marketing Pvt Ltd              CC                 CRISIL B+      140     Reaffirmed
Viceroy Bangalore Hotels Pvt Ltd        TL                 CRISIL D       2060    Reaffirmed
Vikas Pulse Mill                        CC                 CRISIL B+      50      Assigned
Vikas Pulse Mill                        TL                 CRISIL B+      7.7     Assigned
Vishnu Steels                           CC                 CRISIL D       190     Reaffirmed
Vishnu Steels                           LOC & BG           CRISIL D       15.5    Reaffirmed
Vishnu Steels                           LT Loan            CRISIL D       39      Reaffirmed
Wiintrack Exports                       LT Loan            CRISIL BB      25      Assigned
Y.M.R. Constructions                    LT Loan            CRISIL B-      2.5     Reaffirmed
Young Industries                        CC                 CRISIL B+      60      Downgraded
                                                                                  from CRISIL
                                                                                  BB-
--------------------------------------------------------------------------------------------
$: 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; NCDSO) -
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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