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CRISIL ratings for Indian debt instruments-Sep 2

    Sep 2  - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of September 1, 2020.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Ambika Cotton Mills Ltd                Composite WC LimitCRISIL A1     3950   Reaffirmed
Assam Tea Warehousing Corporation      Overdraft         CRISIL A4+    5      Reaffirmed
Bharti Telecom Ltd                     CP                CRISIL A1+    10000  Reaffirmed
CDS Infra Projects Ltd                 BG                CRISIL A2+    6290   Upgraded from
                                                                              CRISIL A2
CDS Infra Projects Ltd                 Proposed NFBL     CRISIL A2+    960    Upgraded from
                                                                              CRISIL A2
Indus Towers Ltd                       BG                CRISIL A1+    1500   Reaffirmed
Indus Towers Ltd                       Overdraft*        CRISIL A1+    10500  Reaffirmed
* Interchangeable with working capital demand loan
Indus Towers Ltd                       ST Loan           CRISIL A1+    15500  Reaffirmed
Indus Towers Ltd                       ST Loan*          CRISIL A1+    10000  Reaffirmed
* Interchangeable with working capital demand loan
Indus Towers Ltd                       ST Loan^          CRISIL A1+    3000   Reaffirmed
^ Interchangeable with overdraft
Indus Towers Ltd                       CP                CRISIL A1+    25000  Reaffirmed
Jay Ushin Ltd                          Purchase Bill     CRISIL A4+    250    Reaffirmed
                                       Discounting
(Removed from 'Rating Watch with Developing Implications'; Rating Reaffirmed)
Jay Ushin Ltd                          Sales Bill        CRISIL A4+    310    Reaffirmed
                                       Discounting
(Removed from 'Rating Watch with Developing Implications'; Rating Reaffirmed)
Mycon Construction Ltd                 BG                CRISIL A4     376    Reaffirmed
Mycon Construction Ltd                 Proposed NFBL     CRISIL A4     184    Assigned
Offshore Infrastructures Ltd           BG                CRISIL A1     17312  Reaffirmed
Offshore Infrastructures Ltd           Proposed BG       CRISIL A1     138    Assigned
Oriental Bank of Commerce              CDs               CRISIL A1+    350000 Withdrawn
Partap Fabrics Pvt Ltd                 BG                CRISIL A4     18     Withdrawn
Periyar Polymers Pvt Ltd               LOC               CRISIL A4+    56     Reaffirmed
Punjab National Bank                   CDs#              CRISIL A1+    350000 Assigned
#Transferred from Oriental Bank of Commerce
Santosh Starch Products Ltd            Proposed NFBL     CRISIL A4+    13.5   Assigned
Sarda Energy and Minerals Ltd          LOC               CRISIL A1     2929   Reaffirmed
Shri Gangajali Education Society       BG                CRISIL A4+    115    Downgraded
                                                                              from CRISIL
                                                                              A3+
Sukra Colours                          LOC               CRISIL A4     10     Reassigned
VIP Industries Ltd                     Non-FBL           CRISIL A1+    545    Reaffirmed
VMT Spinning Co. Ltd                   BG                CRISIL A1+    10     -
(Continues on 'Rating Watch with Positive Implications')
VMT Spinning Co. Ltd                   LOC & BG          CRISIL A1+    40     -
(Continues on 'Rating Watch with Positive Implications')
 

MEDIUM TERM RATINGS:
-------------------
Oriental Bank of Commerce              FD Programme      FAA+/Watch    -      Withdrawn
                                                         Positive



LONG TERM RATINGS:
-------------------
Ambika Cotton Mills Ltd                Proposed WC Fac   CRISIL        605.5  Reaffirmed
                                                         A+/Stable
Assam Tea Warehousing Corporation      Lease Rental      CRISIL        125    Reaffirmed
                                       Discounting Loan  BB+/Stable
Assam Tea Warehousing Corporation      TL                CRISIL        500    Reaffirmed
                                                         BB+/Stable
Balaji Wires Pvt Ltd                   CC                CRISIL        850    Reaffirmed
                                                         A-/Stable
Balaji Wires Pvt Ltd                   LT Loan           CRISIL        35.2   Reaffirmed
                                                         A-/Stable
Balaji Wires Pvt Ltd                   Proposed FB Bk    CRISIL        64.8   Reaffirmed
                                       Limits            A-/Stable
Balaji Wires Pvt Ltd                   TL                CRISIL        85     Assigned
                                                         A-/Stable
Balaji Wires Pvt Ltd                   Proposed TL       CRISIL        25     Assigned
                                                         A-/Stable
Bansal High Carbons Pvt Ltd            CC                CRISIL        900    Reaffirmed
                                                         A-/Stable
Bansal High Carbons Pvt Ltd            Proposed FB Bk    CRISIL        43.3   Reaffirmed
                                       Limits            A-/Stable
Bansal High Carbons Pvt Ltd            TL                CRISIL        90     Assigned
                                                         A-/Stable
Bansal High Carbons Pvt Ltd            Rupee TL          CRISIL        96.7   Assigned
                                                         A-/Stable
Bansal High Carbons Pvt Ltd            Proposed TL       CRISIL        25     Assigned
                                                         A-/Stable
Bansal Wire Industries Ltd             CC                CRISIL        2190   Reaffirmed
                                                         A-/Stable
Bansal Wire Industries Ltd             Loan Against      CRISIL        171    Reaffirmed
                                       Property          A-/Stable
Bansal Wire Industries Ltd             TL                CRISIL        179    Assigned
                                                         A-/Stable
Bansal Wire Industries Ltd             Rupee TL          CRISIL        86.9   Assigned
                                                         A-/Stable
Bansal Wire Industries Ltd             Proposed TL       CRISIL        30     Assigned
                                                         A-/Stable
Bansal Wire Industries Ltd             Proposed FB Bk    CRISIL        3.1    Assigned
                                       Limits            A-/Stable
Bharti Telecom Ltd                     Proposed LT Bk    CRISIL        10000  Reaffirmed
                                       Loan Fac          AA+/Stable
Bharti Telecom Ltd                     NCD               CRISIL        25000  Reaffirmed
                                                         AA+/Stable
Bharti Telecom Ltd                     NCD               CRISIL        11600  Reaffirmed
                                                         AA+/Stable
Bharti Telecom Ltd                     NCD               CRISIL        48400  Withdrawn
                                                         AA+/Stable
Bharti Telecom Ltd                     NCD               CRISIL        2000   Withdrawn
                                                         AA+/Stable
Blj Resources & Chemicals Pvt Ltd      CC                CRISIL        75     Assigned
                                                         BB-/Stable
Blj Resources & Chemicals Pvt Ltd      TL                CRISIL        35     Assigned
                                                         BB-/Stable
C P R Constructions Pvt Ltd            LT Bk Fac         CRISIL        130    Migrated from
                                                         BB-/Stable           CRISIL
                                                                              BB-/Stable
(Issuer not Cooperating)
C P R Constructions Pvt Ltd            Proposed LT Bk    CRISIL        20     Migrated from
                                       Loan Fac          BB-/Stable           CRISIL
                                                                              BB-/Stable
(Issuer not Cooperating)
CDS Infra Projects Ltd                 CC                CRISIL        500    Upgraded from
                                                         A-/Stable            CRISIL
                                                                              BBB+/Stable
CDS Infra Projects Ltd                 Proposed FB Bk    CRISIL        100    Upgraded from
                                       Limits            A-/Stable            CRISIL
                                                                              BBB+/Stable
Central Bank Of India                  Perpetual Tier-I  CRISIL A      1391   Reaffirmed
                                       Bonds (Under Basel/Stable 
                                       II)
Central Bank Of India                  Upper Tier-II     CRISIL A      6000   Reaffirmed
                                       Bonds (Under Basel/Stable 
                                       II)
Central Bank Of India                  Tier II Bonds     CRISIL        20000  Reaffirmed
                                       (Under Basel III) A+/Stable 
Central Bank Of India                  Tier II Bonds     CRISIL        20000  Reaffirmed
                                       (Under Basel III) A+/Stable 
Central Bank Of India                  Lower Tier-II     CRISIL        16000  Reaffirmed
                                       Bonds (Under BaselA+/Stable 
                                       II)
Hora Motors Pvt Ltd                    CC                CRISIL        150    Reaffirmed
                                                         BB+/Stable
Indel Money Pvt Ltd - VIVRITI BENJAMIN Series A1 PTCs    CRISIL BBB-   150    -
05 2020                                                  (SO)
(Converted from provisional rating to final rating)
Indus Towers Ltd                       Proposed LT Bk    CRISIL AA+    47500  Reaffirmed
                                       Loan Fac
(Continues on 'Rating Watch with Negative Implications')
Indus Towers Ltd                       TL                CRISIL AA+    27000  Reaffirmed
(Continues on 'Rating Watch with Negative Implications')
Indus Towers Ltd                       Bond              CRISIL AA+    25000  -
(Continues on 'Rating Watch with Negative Implications')
Jay Ushin Ltd                          Foreign Currency  CRISIL        142.5  Reaffirmed
                                                         BB/Stable
(Removed from 'Rating Watch with Developing Implications'; Rating Reaffirmed)
Jay Ushin Ltd                          TL                CRISIL        547.5  Reaffirmed
                                                         BB/Stable
(Removed from 'Rating Watch with Developing Implications'; Rating Reaffirmed)
Mercury Car Rentals Pvt Ltd            LT Loan           CRISIL BBB    3648   -
(Continues on 'Rating Watch with Negative Implications')
Mercury Car Rentals Pvt Ltd            Overdraft         CRISIL BBB    150    -
(Continues on 'Rating Watch with Negative Implications')
Mercury Car Rentals Pvt Ltd            Proposed LT Bk    CRISIL BBB    302    -
                                       Loan Fac
(Continues on 'Rating Watch with Negative Implications')
Mycon Construction Ltd                 Overdraft         CRISIL        100    Reaffirmed
                                                         B-/Stable
Mycon Construction Ltd                 Project Loan      CRISIL        40     Reaffirmed
                                                         B-/Stable
Offshore Infrastructures Ltd           CC                CRISIL A/     550    Reaffirmed
                                                         Stable  
Paper Packaging Pvt Ltd                CC                CRISIL        200    Reaffirmed
                                                         BBB/Stable
Partap Fabrics Pvt Ltd                 CC                CRISIL        150    Withdrawn
                                                         B+/Stable
Partap Fabrics Pvt Ltd                 Proposed TL       CRISIL        85.3   Withdrawn
                                                         B+/Stable
Partap Fabrics Pvt Ltd                 TL                CRISIL        494.7  Withdrawn
                                                         B+/Stable
Periyar Polymers Pvt Ltd               CC                CRISIL        40     Reaffirmed
                                                         BB-/Stable
Periyar Polymers Pvt Ltd               TL                CRISIL        4      Reaffirmed
                                                         BB-/Stable
Punjab National Bank                   Tier I Bonds      CRISIL        30000  Reaffirmed
                                                         AA-/Stable
(Removed from 'Rating Watch with Developing Implications'; Rating Reaffirmed)
Punjab National Bank                   Lower Tier-II     CRISIL        2000   Assigned
                                       Bonds (under BaselAA+/Stable
                                       II)*
*Originally issued and now transferred from United Bank of India
Punjab National Bank                   Tier II Bonds     CRISIL        15000  Assigned
                                       (Under Basel III)*AA+/Stable
*Originally issued and now transferred from United Bank of India
Punjab National Bank                   Perpetual Tier-I  CRISIL        3000   Assigned
                                       Bonds (under BaselAA+/Stable
                                       II)*
*Originally issued and now transferred from United Bank of India
Punjab National Bank                   Tier II Bonds     CRISIL        10000  Reaffirmed
                                       (Under Basel III) AA+/Stable
(Removed from 'Rating Watch with Developing Implications'; Rating Reaffirmed)
Punjab National Bank                   Tier II Bonds     CRISIL        5000   Reaffirmed
                                       (Under Basel III) AA+/Stable
(Removed from 'Rating Watch with Developing Implications'; Rating Reaffirmed)
Punjab National Bank                   Tier II Bonds     CRISIL        10000  Reaffirmed
                                       (Under Basel III) AA+/Stable
(Removed from 'Rating Watch with Developing Implications'; Rating Reaffirmed)
Punjab National Bank                   Infrastructure    CRISIL        50000  Reaffirmed
                                       Bonds             AA+/Stable
(Removed from 'Rating Watch with Developing Implications'; Rating Reaffirmed)
Punjab National Bank                   Tier-II Bonds     CRISIL        35000  Reaffirmed
                                       (Under Basel III) AA+/Stable
(Removed from 'Rating Watch with Developing Implications'; Rating Reaffirmed)
Punjab National Bank                   Tier-I Perpetual  CRISIL        26630  Reaffirmed
                                       Bonds (Under BaselAA+/Stable
                                       II)
(Removed from 'Rating Watch with Developing Implications'; Rating Reaffirmed)
Punjab National Bank                   Upper Tier-II     CRISIL        75000  Reaffirmed
                                       Bonds (Under BaselAA+/Stable
                                       II)
(Removed from 'Rating Watch with Developing Implications'; Rating Reaffirmed)
Punjab National Bank                   Lower Tier-II     CRISIL        5600   Reaffirmed
                                       Bonds (Under BaselAA+/Stable
                                       II)
(Removed from 'Rating Watch with Developing Implications'; Rating Reaffirmed)
Santosh Starch Products Ltd            CC                CRISIL        180    Reaffirmed
                                                         BB+/Stable
Santosh Starch Products Ltd            Corporate Loan    CRISIL        57.5   Assigned
                                                         BB+/Stable
Sarda Energy and Minerals Ltd          BG                CRISIL        385    Reaffirmed
                                                         A+/Stable
Sarda Energy and Minerals Ltd          CC                CRISIL        1914.2 Reaffirmed
                                                         A+/Stable
Sarda Energy and Minerals Ltd          Proposed LT Bk    CRISIL        666.4  Reaffirmed
                                       Loan Fac          A+/Stable
Sarda Energy and Minerals Ltd          TL                CRISIL        2869.4 Reaffirmed
                                                         A+/Stable
Shri Gangajali Education Society       Loan Against      CRISIL        250    Downgraded
                                       Property          BB+/Stable           from CRISIL
                                                                              BBB/Negative
Shri Gangajali Education Society       Proposed LT Bk    CRISIL        125    Downgraded
                                       Loan Fac          BB+/Stable           from CRISIL
                                                                              BBB/Negative
Shri Gangajali Education Society       TL                CRISIL        825.8  Downgraded
                                                         BB+/Stable           from CRISIL
                                                                              BBB/Negative
Sri Kanakamahalakshmi Agencies         CC                CRISIL BB-    100    Reaffirmed
Sukra Colours                          CC                CRISIL        10     Reaffirmed
                                                         B+/Stable
Sukra Colours                          LT Loan           CRISIL        39     Reaffirmed
                                                         B+/Stable
Sukra Colours                          Proposed LT Bk    CRISIL        13.5   Assigned
                                       Loan Fac          B+/Stable
Sundaram Finance Ltd - SHRI Trust AD   Series A PTCs     CRISIL AAA    6458.8 -
2020                                                     (SO)   
(Converted from provisional rating to final rating)
Traveltime Car Rental Pvt Ltd          CC                CRISIL        82     Downgraded
                                                         BB+/Negative         from CRISIL
                                                                              BBB-/Negative
Traveltime Car Rental Pvt Ltd          Inventory Funding CRISIL        25.9   Downgraded
                                       Fac               BB+/Negative         from CRISIL
                                                                              BBB-/Negative
Traveltime Car Rental Pvt Ltd          TL                CRISIL        642.1  Downgraded
                                                         BB+/Negative         from CRISIL
                                                                              BBB-/Negative
Union Bank Of India Ltd                Lower Tier- II    CRISIL        8000   Reaffirmed
                                       Bond (Under Basel AA+/Negative
                                       II)
(Removed from 'Rating Watch with Developing Implications'; Rating Reaffirmed)
Union Bank Of India Ltd                Tier-II Bond IssueCRISIL        37500  Reaffirmed
                                       (Under Basel III) AA+/Negative
(Removed from 'Rating Watch with Developing Implications'; Rating Reaffirmed)
Union Bank Of India Ltd                Upper Tier-II BondCRISIL        20000  Reaffirmed
                                       Issue             AA+/Negative
(Removed from 'Rating Watch with Developing Implications'; Rating Reaffirmed)
Union Bank Of India Ltd                Tier-I Perpetual  CRISIL        3000   Reaffirmed
                                       Bond Issue        AA+/Negative
(Removed from 'Rating Watch with Developing Implications'; Rating Reaffirmed)
United Bank of India                   Perpetual Tier-I  CRISIL        3000   Withdrawn
                                       Bonds (under BaselA-/Watch
                                       II)               Positive
United Bank of India                   Tier II Bonds     CRISIL        5000   Withdrawn
                                       (Under Basel III) A+/Watch
                                                         Positive
United Bank of India                   Tier II Bonds     CRISIL        5000   Withdrawn
                                       (Under Basel III) A+/Watch
                                                         Positive
United Bank of India                   Tier II Bonds     CRISIL        5000   Withdrawn
                                       (Under Basel III) A+/Watch
                                                         Positive
United Bank of India                   Lower Tier-II     CRISIL        2000   Withdrawn
                                       Bonds (under BaselA+/Watch
                                       II)               Positive
Vardhman Nisshinbo Garments Co. Ltd    CC^               CRISIL A+     85     -
(Continues on 'Rating Watch with Positive Implications')/^Interchangeable with non-fund based
(LC & BGs)
Vardhman Nisshinbo Garments Co. Ltd    Proposed LT Bk    CRISIL A+     357.8  -
                                       Loan Fac
(Continues on 'Rating Watch with Positive Implications')
VIP Industries Ltd                     FB Fac*           CRISIL        750    Reaffirmed
                                                         AA/Stable
*Interchangeable with non-fund based limits
VIP Industries Ltd                     Proposed WC Fac   CRISIL        1505   Reaffirmed
                                                         AA/Stable
VIP Industries Ltd                     NCD               CRISIL        500    Assigned
                                                         AA/Stable
VIP Industries Ltd                     NCD               CRISIL        1000   Reaffirmed
                                                         AA/Stable
VMT Spinning Co. Ltd                   CC#               CRISIL AA     60     -
(Continues on 'Rating Watch with Positive Implications')/#Interchangeable with packing credit
and bill discounting
VMT Spinning Co. Ltd                   CC*               CRISIL AA     90     -
(Continues on 'Rating Watch with Positive Implications')/*Interchangeable with Packing Credit &
includes sub limit of Rs 2.5 crore for foreign bills purchase/ foreign bills discounting
facilities
VMT Spinning Co. Ltd                   Proposed TL       CRISIL AA     267.5  -
(Continues on 'Rating Watch with Positive Implications')
VMT Spinning Co. Ltd                   TL                CRISIL AA     322.5  -
(Continues on 'Rating Watch with Positive Implications')
VMT Spinning Co. Ltd                   WC Fac            CRISIL AA     150    -
(Continues on 'Rating Watch with Positive Implications')


--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

CRISIL may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222 , E-mail at rru.data@refinitiv.com)
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