April 30, 2018 / 4:22 AM / 3 months ago

CRISIL ratings for Indian debt instruments-Apr 30

    Apr 30 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of April 27, 2018.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
ACT Infraport Ltd                       BG                 CRISIL A4+     10      Reaffirmed
AIREF Engineers Pvt Ltd                 BG                 CRISIL A2+     750     Assigned
AIREF Engineers Pvt Ltd                 Proposed BG        CRISIL A2+     100     Assigned
Akriti Sales Corporation                BG                 CRISIL A4+     10      Reaffirmed
Akshat Papers Ltd                       BG                 CRISIL A4      7
Issuer Not Cooperating; Rating Withdrawn
Akshat Papers Ltd                       CC                 CRISIL A4      224
Issuer Not Cooperating; Rating Withdrawn
Akshat Papers Ltd                       TL                 CRISIL A4      44
Issuer Not Cooperating; Rating Withdrawn
Akshaya Builders                        BG                 CRISIL A4+     64      Reaffirmed
Amora Ceramics Pvt Ltd                  Non-FBL            CRISIL A3+     2       Assigned
Amora Ceramics Pvt Ltd                  BG                 CRISIL A3+     15      Assigned
Anandam Textiles                        Packing Credit     CRISIL A4      20      Reaffirmed
Asvini Fisheries Pvt Ltd                Export Packing     CRISIL A2+     540     Reaffirmed
                                        Credit
Asvini Fisheries Pvt Ltd                Foreign Bill       CRISIL A2+     340     Reaffirmed
                                        Discounting
B D Corporates Pvt Ltd                  BG                 CRISIL A4      15.5    Reaffirmed
Bajaj Processors Ltd                    BG                 CRISIL A4      5       Reaffirmed
Bharat Oman Refineries Ltd              Non-FBL            CRISIL A1+     63900   Reaffirmed
Bharat Oman Refineries Ltd              Proposed ST Bk     CRISIL A1+     19196.9 Reaffirmed
                                        Loan Fac
Bharat Oman Refineries Ltd              CP                 CRISIL A1+     3000
Bharat Petroleum Corporation Ltd        Non-FBL            CRISIL A1+     163120  Reaffirmed
Bharat Petroleum Corporation Ltd        Proposed NFBL      CRISIL A1+     1100    Reaffirmed
Bharat Petroleum Corporation Ltd        Proposed NFBL@@    CRISIL A1+     19825   Reaffirmed
@@Equivalent to USD 325 million. 1 USD=INR 61
Bharat Petroleum Corporation Ltd        ST Debt Programme  CRISIL A1+     15000
Carborundum Universal Ltd               BG                 CRISIL A1+     100     Reaffirmed
Carborundum Universal Ltd               ST Debt            CRISIL A1+     600
Ch. Ramamohan Reddy                     BG                 CRISIL A4+     12.5
Migrated from 'CRISIL A4 Issuer Not Cooperating
Ch. Ramamohan Reddy                     Overdraft          CRISIL A4+     80
Migrated from 'CRISIL A4 Issuer Not Cooperating
Corona Bus Manufacturers Pvt Ltd.       LOC                CRISIL A4      1       Assigned
Corona Bus Manufacturers Pvt Ltd.       BG                 CRISIL A4      2       Assigned
Cosmic Consumer Goods Pvt Ltd           BG                 CRISIL A4+     5       Reaffirmed
Cosmic Consumer Goods Pvt Ltd           LOC                CRISIL A4+     70      Reaffirmed
Deepak Construction Co.                 BG                 CRISIL A4+     12.1    Reaffirmed
Deepak Construction Co.                 Overdraft          CRISIL A4+     1.4     Reaffirmed
Deepmala Fisheries                      Packing Credit     CRISIL A4+     70      Reaffirmed
EFD Induction Pvt Ltd                   BG                 CRISIL A3      90      Reaffirmed
Elgi Equipments Ltd                     LOC & BG##         CRISIL A1+     300     Reaffirmed
##Interchangeable with bill discounting
Elgi Equipments Ltd                     Packing Credit     CRISIL A1+     1500    Reaffirmed
Elgi Equipments Ltd                     ST Bk Fac@         CRISIL A1+     190     Reaffirmed
@ Interchangeable between letter of credit and bank guarantee
Elgi Equipments Ltd                     ST Bk Fac#         CRISIL A1+     200     Assigned
#Interchangeable between PCFC and non-fund based working capital facilities
Elgi Equipments Ltd                     ST Bk Fac          CRISIL A1+     1075    Assigned
Elgi Equipments Ltd                     CP                 CRISIL A1+     500
Furnace Fabrica India Ltd               BG*                CRISIL A3+     2030    Reaffirmed
*Letter of Credit and Bank Guarantee are interchangeable
Furnace Fabrica India Ltd               LOC*               CRISIL A3+     330     Reaffirmed
*Letter of Credit and Bank Guarantee are interchangeable
Furnace Fabrica India Ltd               Proposed BG*       CRISIL A3+     720     Reaffirmed
*Letter of Credit and Bank Guarantee are interchangeable
Furnace Fabrica India Ltd               Proposed LOC       CRISIL A3+     250     Reaffirmed
Furnace Fabrica India Ltd               Proposed BG*       CRISIL A3+     580.2   Reaffirmed
*Letter of Credit and Bank Guarantee are interchangeable
Ghaziabad Precision Products Pvt Ltd    Foreign Exchange   CRISIL A2+     4
                                        Forward
Upgraded from 'CRISIL A2'
HGE International Pvt Ltd               Foreign Exchange   CRISIL A4+     4.7     Reaffirmed
                                        Forward
HGE International Pvt Ltd               LOC                CRISIL A4+     5       Reaffirmed
HGE International Pvt Ltd               Packing Credit     CRISIL A4+     25      Reaffirmed
HGE International Pvt Ltd               Post Shipment      CRISIL A4+     10      Reaffirmed
                                        Credit
Hindustan Petroleum Corporation Ltd     Non-FBL            CRISIL A1+     170000  Reaffirmed
Hindustan Petroleum Corporation Ltd     CP Programme       CRISIL A1+     150000
Indian Oil Corporation Ltd              Non-FBL*           CRISIL A1+     195000  Reaffirmed
*Fund-based and non-fund-based facilities are fully interchangeable
Indian Oil Corporation Ltd              Proposed NFBL      CRISIL A1+     70000   Reaffirmed
Indian Oil Corporation Ltd              Proposed ST Bk     CRISIL A1+     280000  Reaffirmed
                                        Loan Fac
Indo Autotech Ltd                       BG                 CRISIL A2+     10      Reaffirmed
Indo Autotech Ltd                       LOC                CRISIL A2+     130     Reaffirmed
Indo Autotech Ltd                       Packing Credit in  CRISIL A2+     220     Reaffirmed
                                        Foreign Currency
Industrial Fans India Pvt Ltd           BG                 CRISIL A4      27.5    Assigned
K. V. Aromatics Pvt Ltd                 BG                 CRISIL A4+     160

Issuer Non Cooperating; Migrated from 'CRISIL A3+'
K. V. Aromatics Pvt Ltd                 Packing Credit     CRISIL A4+     650
Issuer Non Cooperating; Migrated from 'CRISIL A3+'
Linde Engineering India Pvt Ltd         BG#                CRISIL A1+     1780    Reaffirmed
# Interchangeable with letter of credit
LMD Educational and Research Foundation Overdraft          CRISIL A4+     20
Issuer Not Cooperating; Migrated from 'CRISIL A4+'; Rating Withdrawn
LMD Educational and Research Foundation TL                 CRISIL A4+     182.7
Issuer Not Cooperating; Migrated from 'CRISIL A4+'; Rating Withdrawn
M B Enterprise                          LOC                CRISIL A3      750     Reaffirmed
Microfinish Valves Pvt Ltd              BG**               CRISIL A4+     200     Reaffirmed
**Interchangeable with foreign letter of credit.
Microfinish Valves Pvt Ltd              Packing Credit     CRISIL A4+     50      Reaffirmed
Mongia Steel Ltd                        LOC                CRISIL A4+     65
Issuer Not Cooperating; Migrated from 'CRISIL A3+'
Muthoot Capital Services Ltd            CP                 CRISIL A1      2500
(Enhanced from Rs.150 Crore)
Parcos Tiles LLP                        BG                 CRISIL A4      40      Reaffirmed
Phalanx Labs Pvt Ltd                    LOC & BG           CRISIL A4      25      Reaffirmed
Pooja Trading Corporation               Overdraft          CRISIL A4+     50      Reaffirmed
Prince Construction.                    BG                 CRISIL A4+     3       Reaffirmed
Privi Organics India Ltd                Non-FBL            CRISIL A2+     1638    Reaffirmed
Placed on 'Rating Watch with Developing Implications'
Pro-Interactive Services India Pvt Ltd  BG                 CRISIL A4+     1
Issuer Not Cooperating
Rama Pulp and Papers Ltd                BG                 CRISIL A3+     11      Reaffirmed
Continues on 'Rating Watch with Negative Implications'
Reliance Retail Ltd                     Non-FBL            CRISIL A1+     92200   Reaffirmed
Reliance Retail Ltd                     Proposed NFBL      CRISIL A1+     47800   Reaffirmed
Reliance Retail Ltd                     CP                 CRISIL A1+     50000
(Enhanced from Rs.3000 Crore)
Revathi Equipment Ltd                   LOC & BG           CRISIL A2      375     Reaffirmed
Revathi Equipment Ltd                   ST Debt Programme  CRISIL A2      350
S K S Industries                        Proposed ST Bk     CRISIL A4+     72.5    Assigned
                                        Loan Fac
Samsonite South Asia Pvt Ltd            LOC & BG           CRISIL A1+     68.5    Reaffirmed
Samsonite South Asia Pvt Ltd            Purchase Bill      CRISIL A1+     200     Reaffirmed
                                        Discounting
Samsonite South Asia Pvt Ltd            Supplier Bill      CRISIL A1+     210     Reaffirmed
                                        Discounting
Santpuria Alloys Pvt Ltd                BG                 CRISIL A4+     30
Issuer Not Cooperating; Migrated  from 'CRISIL A3+'
Santpuria Alloys Pvt Ltd                LOC                CRISIL A4+     30
Issuer Not Cooperating; Migrated  from 'CRISIL A3+'
Servo Packaging Ltd                     BG                 CRISIL A4+     30
Migrated  from 'CRISIL A4' Issuer Not Cooperating'
Shaan Cars Pvt Ltd                      Inventory Funding  CRISIL A4+     160     Reaffirmed
                                        Fac
Shriram Capital Ltd                     ST Debt Programme  CRISIL A1+     2000    Reaffirmed
Sravins Instruments and Systems         BG                 CRISIL A4+     60      Assigned
Sudhir Agro Oils Pvt Ltd                LOC                CRISIL A3      360
Upgraded from 'CRISIL A4+'
SVS Classic Foods                       BG                 CRISIL A4+     1       Reaffirmed
Swelore Engineering Pvt Ltd             BG                 CRISIL A4+     120     Reaffirmed
Tata Motors Finance Ltd                 ST Rating          CRISIL A1+             Reaffirmed
Tata Motors Finance Ltd                 CP                 CRISIL A1+     60000   Reaffirmed
Tata Motors Finance Ltd                 CP                 CRISIL A1+     60000
TVS Credit Services Ltd                 CP                 CRISIL A1+     15000
Vag Buildtech Pvt Ltd                   BG                 CRISIL A4      100
Downgraded from 'CRISIL A3+'
VSM Enterprises Pvt Ltd                 Proposed NFBL      CRISIL A4      17      Assigned
VSM Enterprises Pvt Ltd                 BG                 CRISIL A4      3       Assigned

MEDIUM TERM RATINGS:
-------------------
Hindustan Petroleum Corporation Ltd     FD Programme       FAAA
Muthoot Capital Services Ltd            FD Programme       FA-

LONG TERM RATINGS:
-------------------
ACT Infraport Ltd                       CC                 CRISIL BB      250
Downgraded from 'CRISIL BB+'
ACT Infraport Ltd                       CC*                CRISIL BB      50
Downgraded from 'CRISIL BB+' ; *Includes Rs 2crore fully interchangeable with bank guarantee
ACT Infraport Ltd                       TL                 CRISIL BB      200     Assigned
Downgraded from 'CRISIL BB+'
ACT Infraport Ltd                       Proposed LT Bk     Withdrawn      90
                                        Loan Fac
AIREF Engineers Pvt Ltd                 Secured Overdraft  CRISIL BBB+    150     Assigned
                                        Fac
Akriti Sales Corporation                CC                 CRISIL BB      200     Reaffirmed
Akshaya Builders                        CC                 CRISIL BB-     100     Reaffirmed
Amora Ceramics Pvt Ltd                  LT Loan            CRISIL BBB     134     Assigned
Amora Ceramics Pvt Ltd                  CC                 CRISIL BBB     50      Assigned
Anandam Textiles                        CC                 CRISIL B+      32.5    Reaffirmed
Anandam Textiles                        Key CC             CRISIL B+      35      Reaffirmed
Asvini Fisheries Pvt Ltd                BG                 CRISIL A-      90      Reaffirmed
B D Corporates Pvt Ltd                  CC                 CRISIL B+      277     Reaffirmed
B D Corporates Pvt Ltd                  Proposed FB Bk     CRISIL B+      37.5    Assigned
                                        Limits
Bajaj Processors Ltd                    CC                 CRISIL B+      120     Reaffirmed
Bajaj Processors Ltd                    Proposed LT Bk     CRISIL B+      36.4    Reaffirmed
                                        Loan Fac
Bajaj Processors Ltd                    TL                 CRISIL B+      55      Assigned
Bengal Investments Ltd                  Bill Discounting   CRISIL BB      70      Reaffirmed
Issuer Not Cooperating; Rating Migrated
Bhaggyam Constructions                  TL                 CRISIL BB      200     Reaffirmed
Bharat Oman Refineries Ltd              External           CRISIL AA+     4815.6  Reaffirmed
                                        Commercial
                                        Borrowings
Bharat Oman Refineries Ltd              FB Fac             CRISIL AA+     20000   Reaffirmed
Bharat Oman Refineries Ltd              TL                 CRISIL AA+     55957.5 Reaffirmed
Bharat Petroleum Corporation Ltd        FB Fac*            CRISIL AAA     228550  Reaffirmed
* Rs 3690.0 crore is interchangeable with non-fund-based facilities
Bharat Petroleum Corporation Ltd        FB Fac#            CRISIL AAA     99125   Reaffirmed
#Equivalent to USD 1625 million. 1 USD=INR 61
Bharat Petroleum Corporation Ltd        Proposed FB Bk     CRISIL AAA     6100    Reaffirmed
                                        Limits
Bharat Petroleum Corporation Ltd        Proposed FB Bk     CRISIL AAA     165615  Reaffirmed
                                        Limits$
$ Equivalent to USD 2715 million. 1 USD=INR 61
Bharat Petroleum Corporation Ltd        NCD                CRISIL AAA     10000
Bharat Petroleum Corporation Ltd        NCD                CRISIL AAA     10000
Bihani Binayake Cotex Pvt Ltd           CC                 CRISIL BB-     180     Assigned
Bihani Binayake Cotex Pvt Ltd           Proposed LT Bk     CRISIL BB-     6.4     Assigned
                                        Loan Fac
Carborundum Universal Ltd               CC*                CRISIL AA+     4000    Reaffirmed
* Interchangeable with short term loan, working capital demand loan, packing credit in foreign
currency, buyer's credit, bill discounting, bill guarantees and letter of credit. 
Carborundum Universal Ltd               Proposed TL        CRISIL AA+     1400    Reaffirmed
Carborundum Universal Ltd               NCD                CRISIL AA+     2000
Ch. Ramamohan Reddy                     Proposed LT Bk     CRISIL BB      57.5
                                        Loan Fac
Migrated from 'CRISIL B Issuer Not Cooperating'
Civil Engineering Enterprises           CC                 CRISIL BB-     95      Assigned
Clover Energy Pvt Ltd                   Proposed TL        CRISIL BB+     105.7
Upgraded from 'CRISIL BB-/Watch Developing' ; Removed from 'Rating Watch with Developing
Implications 
Clover Energy Pvt Ltd                   TL                 CRISIL BB+     2164
Upgraded from 'CRISIL BB-/Watch Developing' ; Removed from 'Rating Watch with Developing
Implications 
Corona Bus Manufacturers Pvt Ltd.       Proposed FB Bk     CRISIL B       1.5     Assigned
                                        Limits
Corona Bus Manufacturers Pvt Ltd.       CC                 CRISIL B       8.5     Assigned
Cosmic Consumer Goods Pvt Ltd           CC                 CRISIL BB-     40
Downgraded from 'CRISIL BB'
Cosmic Consumer Goods Pvt Ltd           Proposed LT Bk     CRISIL BB-     115
                                        Loan Fac
Downgraded from 'CRISIL BB'
Deepak Construction Co.                 Overdraft          CRISIL BB-     4       Assigned
Deepmala Fisheries                      Proposed LT Bk     CRISIL BB-     28      Reaffirmed
                                        Loan Fac
Deepmala Fisheries                      TL                 CRISIL BB-     22      Reaffirmed
Dhruva Advisors LLP                     CC & WC demand loanCRISIL BBB     75      Reaffirmed
Issuer Not Cooperating; Rating Migrated 
Dhruva Advisors LLP                     Proposed LT Bk     CRISIL BBB     25      Reaffirmed
                                        Loan Fac
Issuer Not Cooperating; Rating Migrated 
EFD Induction Pvt Ltd                   CC                 CRISIL BBB-    100     Reaffirmed
EFD Induction Pvt Ltd                   TL                 CRISIL BBB-    10      Reaffirmed
Elgi Equipments Ltd                     CC                 CRISIL AA      330     Reaffirmed
Elgi Equipments Ltd                     Proposed WC Fac    CRISIL AA      55      Reaffirmed
Elgi Equipments Ltd                     Standby LOC        CRISIL AA      1600    Reaffirmed
Furnace Fabrica India Ltd               CC                 CRISIL BBB     700     Reaffirmed
Furnace Fabrica India Ltd               CC#                CRISIL BBB     50      Reaffirmed
# Interchangeable with Letter of Credit & Bank Guarantee
Furnace Fabrica India Ltd               Proposed CC Limit  CRISIL BBB     250
Outlook revised from 'Stable' and rating reaffirmed
Furnace Fabrica India Ltd               Proposed LT Bk     CRISIL BBB     300
                                        Loan Fac
Outlook revised from 'Stable' and rating reaffirmed
Furnace Fabrica India Ltd               Rupee TL           CRISIL BBB     112.5   Reaffirmed
Outlook revised from 'Stable' and rating reaffirmed
Ghaziabad Precision Products Pvt Ltd    CC                 CRISIL A-      100
Upgraded from 'CRISIL BBB+'
Ghaziabad Precision Products Pvt Ltd    Export Packing     CRISIL A-      100
                                        Credit
Upgraded from 'CRISIL BBB+'
Ghaziabad Precision Products Pvt Ltd    Foreign Bill       CRISIL A-      100
                                        Discounting
Upgraded from 'CRISIL BBB+'
Ghaziabad Precision Products Pvt Ltd    LT Loan            CRISIL A-      121
Upgraded from 'CRISIL BBB+'
GRG Trust                               TL                 CRISIL BBB     125     Reaffirmed
HGE International Pvt Ltd               LT Loan            CRISIL BB-     4.8     Reaffirmed
HGE International Pvt Ltd               Proposed LT Bk     CRISIL BB-     31      Assigned
                                        Loan Fac
HGE International Pvt Ltd               Standby Line of    CRISIL BB-     4.5     Assigned
                                        Credit
Hindustan Petroleum Corporation Ltd     CC*                CRISIL AAA     40000   Reaffirmed
*Fungible with bank guarantee
Hindustan Petroleum Corporation Ltd     FB Fac             CRISIL AAA     240000  Reaffirmed
Hindustan Petroleum Corporation Ltd     NCD                CRISIL AAA     9750
Hindustan Petroleum Corporation Ltd     NCD                CRISIL AAA     20000
Hindustan Unilever Ltd                  Proposed FB Bk     CRISIL AAA     6830    Reaffirmed
                                        Limits
Hindustan Unilever Ltd                  WC Demand Loan^    CRISIL AAA     3170    Reaffirmed
^HUL is authorized by its board to borrow up to Rs.1000 Crore under a multiple banking
arrangement and this amount is interchangeable with overdraft, export packing credit,
pre-shipment credit, letter of credit, and bank guarantee 
HRA Sales Pvt Ltd                       CC                 CRISIL B+      50      Assigned
Humana Financial Services Pvt Ltd       Proposed LT Bk     CRISIL BB      200     Assigned
                                        Loan Fac
Indian Oil Corporation Ltd              FB Fac*            CRISIL AAA     263000  Reaffirmed
*Fund-based and non-fund-based facilities are fully interchangeable
Indian Oil Corporation Ltd              NCD                CRISIL AAA     50000
Indo Autotech Ltd                       CC                 CRISIL A-      475     Reaffirmed
Indo Autotech Ltd                       Proposed LT Bk     CRISIL A-      656.5   Reaffirmed
                                        Loan Fac
Indo Autotech Ltd                       TL                 CRISIL A-      558.5   Reaffirmed
Industrial Fans India Pvt Ltd           CC                 CRISIL B+      62.5    Assigned
Iris Ecopower Venture Pvt Ltd           TL                 CRISIL BB+     1095.5
Upgraded from 'CRISIL BB-/Watch Developing' ; Removed from 'Rating Watch with Developing
Implications'
Jai Kumar Arun Kumar Pvt Ltd            CC                 CRISIL BB      104     Assigned
K. V. Aromatics Pvt Ltd                 CC                 CRISIL BB+     80
Issuer Non Cooperating; Migrated from 'CRISIL BBB'
K. V. Aromatics Pvt Ltd                 Export Packing     CRISIL BB+     1070
                                        Credit
Issuer Non Cooperating; Migrated from 'CRISIL BBB'
K. V. Aromatics Pvt Ltd                 Proposed LT Bk     CRISIL BB+     60
                                        Loan Fac
Issuer Non Cooperating; Migrated from 'CRISIL BBB'
K. V. Aromatics Pvt Ltd                 Standby LOC        CRISIL BB+     230
Issuer Non Cooperating; Migrated from 'CRISIL BBB'
Kaushalya Spinners                      CC                 CRISIL B+      50
Withdrawn; Issuer Not Cooperating
Kaushalya Spinners                      LT Loan            CRISIL B+      52.8
Withdrawn; Issuer Not Cooperating
Kaushalya Spinners                      Proposed LT Bk     CRISIL B+      7.2
                                        Loan Fac
Withdrawn; Issuer Not Cooperating
Kaveri Industries Pvt Ltd               CC                 CRISIL D       30
Downgraded from 'CRISIL B-'
Kaveri Industries Pvt Ltd               Proposed LT Bk     CRISIL D       25
                                        Loan Fac
Downgraded from 'CRISIL B-'
Kaveri Industries Pvt Ltd               TL                 CRISIL D       45
Downgraded from 'CRISIL B-'
Kent Industries                         CC                 CRISIL BBB     120     Assigned
Kent Industries                         Proposed CC Limit  CRISIL BBB     80      Assigned
Lama Bear Organic Extract Ltd           Proposed LT Bk     CRISIL B       140     Reaffirmed
                                        Loan Fac
Issuer Not Cooperating; Rating Migrated
Leap Green Energy Pvt Ltd               TL                 CRISIL BB+     310
Upgraded from 'CRISIL BB-/Watch Developing' ; Removed from 'Rating Watch with Developing
Implications 
Linde Engineering India Pvt Ltd         Overdraft*         CRISIL AA      1180    Reaffirmed
* Interchangeable with short-term loans
Lotus Clean Power Venture Pvt Ltd       TL                 CRISIL BB+     1294.6
Upgraded from 'CRISIL BB-/Watch Developing' ; Removed from 'Rating Watch with Developing
Implications 
M.L. Rice Mills - Jalalabad             CC                 CRISIL BB-     24      Assigned
Maple Renewable Power Pvt Ltd           TL                 CRISIL BB+     1788.2
Upgraded from 'CRISIL BB-/Watch Developing' ; Removed from 'Rating Watch with Developing
Implications
Maxvita Pharma Pvt Ltd                  Proposed TL        CRISIL B       150     Assigned
Microfinish Valves Pvt Ltd              CC/ Overdraft Fac  CRISIL BB+     400     Reaffirmed
Microfinish Valves Pvt Ltd              Foreign Bill       CRISIL BB+     50      Reaffirmed
                                        Discounting*
*Interchangeable with foreign bill exchange.
Microfinish Valves Pvt Ltd              TL                 CRISIL BB+     290     Reaffirmed
Mongia Steel Ltd                        CC                 CRISIL BB+     260
Issuer Not Cooperating; Migrated from 'CRISIL BBB'
Muthoot Capital Services Ltd            CC                 CRISIL A-      3600    Reaffirmed
Muthoot Capital Services Ltd            LT Loan            CRISIL A-      250     Reaffirmed
Muthoot Capital Services Ltd            Proposed LT Bk     CRISIL A-      6980    Reaffirmed
                                        Loan Fac
Muthoot Capital Services Ltd            WC Demand Loan     CRISIL A-      4200    Reaffirmed
Muthoot Capital Services Ltd            WC TL              CRISIL A-      970     Reaffirmed
Muthoot Capital Services Ltd            NCD                CRISIL A-      500
Olive Ecopower Pvt Ltd                  TL                 CRISIL BB+     882.8
Upgraded from 'CRISIL BB-/Watch Developing' ; Removed from 'Rating Watch with Developing
Implications 
Omega Premises Pvt Ltd                  CC                 CRISIL B       2.5     Reaffirmed
Issuer Not Cooperating; Rating Migrated
Omega Premises Pvt Ltd                  Lease Rental       CRISIL B       81      Reaffirmed
                                        Discounting Loan
Issuer Not Cooperating; Rating Migrated
Omega Premises Pvt Ltd                  LT Loan            CRISIL B       165     Reaffirmed
Issuer Not Cooperating; Rating Migrated
Omega Premises Pvt Ltd                  Overdraft          CRISIL B       46      Reaffirmed
Issuer Not Cooperating; Rating Migrated
Omega Premises Pvt Ltd                  Proposed LT Bk     CRISIL B       205.5   Reaffirmed
                                        Loan Fac
Issuer Not Cooperating; Rating Migrated
Orchid Renewable Powertech Pvt Ltd      Proposed TL        CRISIL BB      10
Upgraded from 'CRISIL BB-/Watch Developing' ; Removed from 'Rating Watch with Developing
Implications 
Orchid Renewable Powertech Pvt Ltd      TL                 CRISIL BB      1640
Upgraded from 'CRISIL BB-/Watch Developing' ; Removed from 'Rating Watch with Developing
Implications 
Parcos Tiles LLP                        CC                 CRISIL B+      80      Reaffirmed
Parcos Tiles LLP                        TL                 CRISIL B+      180     Reaffirmed
Phalanx Labs Pvt Ltd                    CC                 CRISIL B-      75      Reaffirmed
Phalanx Labs Pvt Ltd                    LT Loan            CRISIL B-      225     Reaffirmed
Phalanx Labs Pvt Ltd                    Proposed LT Bk     CRISIL B-      95      Reaffirmed
                                        Loan Fac
Pioneer Embroideries Ltd                BG                 CRISIL D       4
Downgraded from 'CRISIL B-'
Pioneer Embroideries Ltd                CC                 CRISIL D       150
Downgraded from 'CRISIL B-'
Pioneer Embroideries Ltd                Proposed FB Bk     CRISIL D       14.5
                                        Limits
Downgraded from 'CRISIL B-'
Pioneer Embroideries Ltd                WC TL              CRISIL D       6.5     Assigned
Downgraded from 'CRISIL B-'
Pooja Trading Corporation               CC                 CRISIL BB+     300     Reaffirmed
Outlook revised from 'Positive' and rating reaffirmed
Prince Construction.                    CC                 CRISIL BB-     0.75
Downgraded from CRISIL BB
Prince Construction.                    Proposed LT Bk     CRISIL BB-     3.75
                                        Loan Fac
Downgraded from CRISIL BB
Prince Construction.                    TL                 CRISIL BB-     1
Downgraded from CRISIL BB
Privi Organics India Ltd                FB Fac             CRISIL A-      2100    Reaffirmed
Placed on 'Rating Watch with Developing Implications' 
Privi Organics India Ltd                Proposed LT Bk     CRISIL A-      133.9   Reaffirmed
                                        Loan Fac
Placed on 'Rating Watch with Developing Implications' 
Privi Organics India Ltd                TL                 CRISIL A-      598.6   Reaffirmed
Placed on 'Rating Watch with Developing Implications' 
Pro-Interactive Services India Pvt Ltd  CC                 CRISIL BB+     10
Issuer Not Cooperating
Pro-Interactive Services India Pvt Ltd  Proposed LT Bk     CRISIL BB+     4
                                        Loan Fac
Issuer Not Cooperating
Qualit Agro Processors                  Line of Credit     CRISIL BB-     130     Assigned
Qualit Agro Processors                  Packing Credit     CRISIL BB-     70      Assigned
Raipur Motor Engineering Works          CC                 CRISIL BB      150     Assigned
Rama Pulp and Papers Ltd                CC                 CRISIL BBB     125     Reaffirmed
Continues on 'Rating Watch with Negative Implications'
Rama Pulp and Papers Ltd                TL                 CRISIL BBB     16.3    Reaffirmed
Continues on 'Rating Watch with Negative Implications'
Ramineni Agro Industries Pvt Ltd        CC                 CRISIL B+      100     Reaffirmed
Ramineni Agro Industries Pvt Ltd        LT Loan            CRISIL B+      12.5    Reaffirmed
Ramineni Agro Industries Pvt Ltd        Proposed LT Bk     CRISIL B+      12.5    Assigned
                                        Loan Fac
Reliance Retail Ltd                     FB Fac*            CRISIL AAA     27500   Reaffirmed
* Fungible between Fund Based and Non Fund based Facilities to the extent of Rs.2500 Crore
Reliance Retail Ltd                     Proposed FB Bk     CRISIL AAA     2500    Reaffirmed
                                        Limits
Revathi Equipment Ltd                   CC                 CRISIL BBB+    580     Reaffirmed
Revathi Equipment Ltd                   Proposed FB Bk     CRISIL BBB+    150.8   Reaffirmed
                                        Limits
Ridhi Sidhi Iron Pvt Ltd                CC                 CRISIL BB-     130     Assigned
Assigned; Suspension Revoked
S K S Industries                        CC                 CRISIL BB-     27.5    Assigned
S K S Industries                        Proposed LT Bk     CRISIL BB-     150     Assigned
                                        Loan Fac
Samsonite South Asia Pvt Ltd            CC                 CRISIL AA-     220     Reaffirmed
Samsonite South Asia Pvt Ltd            Packing Credit     CRISIL AA-     150     Reaffirmed
Samsonite South Asia Pvt Ltd            Proposed LT Bk     CRISIL AA-     501.5   Reaffirmed
                                        Loan Fac
Samsonite South Asia Pvt Ltd            WC Fac             CRISIL AA-     350     Reaffirmed
Samsonite South Asia Pvt Ltd            Purchase Bill      CRISIL AA-     250     Reaffirmed
                                        Discounting
Sansidh Agro Industries Pvt Ltd         CC                 CRISIL B+      90
Downgraded from 'CRISIL BB'
Sansidh Agro Industries Pvt Ltd         Proposed LT Bk     CRISIL B+      50
                                        Loan Fac
Downgraded from 'CRISIL BB'
Santpuria Alloys Pvt Ltd                CC                 CRISIL BB+     150
Issuer Not Cooperating; Migrated from 'CRISIL BBB'
Santpuria Alloys Pvt Ltd                TL                 CRISIL BB+     15
Issuer Not Cooperating; Migrated from 'CRISIL BBB'
Satpura Foods Pvt Ltd                   CC                 CRISIL B+      80      Assigned
Saurashtra Ginning Pvt Ltd              CC                 CRISIL B+      67.5
Upgraded from 'CRISIL B'
Saurashtra Ginning Pvt Ltd              Proposed LT Bk     CRISIL B+      22.5
                                        Loan Fac
Upgraded from 'CRISIL B'
Servo Packaging Ltd                     Buyer`s Credit     CRISIL BB+     85
Migrated from 'CRISIL B Issuer Not Cooperating'
Servo Packaging Ltd                     CC                 CRISIL BB+     170
Migrated from 'CRISIL B Issuer Not Cooperating'
Servo Packaging Ltd                     LT Loan            CRISIL BB+     34.3
Migrated from 'CRISIL B Issuer Not Cooperating'
Servo Packaging Ltd                     Proposed LT Bk     CRISIL BB+     0.7
                                        Loan Fac
Migrated from 'CRISIL B Issuer Not Cooperating'
Shantdeep Metals Pvt Ltd                CC                 CRISIL B+      20      Reaffirmed
Shantdeep Metals Pvt Ltd                Proposed LT Bk     CRISIL B+      10      Reaffirmed
                                        Loan Fac
Shantdeep Metals Pvt Ltd                TL                 CRISIL B+      100     Reaffirmed
Shatabdi Shiksha Prasar Sabha           TL                 CRISIL D       100     Assigned
Shilpa Medicare Ltd                     CC                 CRISIL A-      1100
Rating reaffirmed and Withdrawn
Shilpa Medicare Ltd                     External           CRISIL A-      1000
                                        Commercial
                                        Borrowings
Rating reaffirmed and Withdrawn
Shilpa Medicare Ltd                     Foreign LOC        CRISIL A-      50
Rating reaffirmed and Withdrawn
Shilpa Medicare Ltd                     LOC                CRISIL A-      150
Rating reaffirmed and Withdrawn
Shilpa Medicare Ltd                     LT Loan            CRISIL A-      500
Rating reaffirmed and Withdrawn
Shilpa Medicare Ltd                     Packing Credit in  CRISIL A-      100
                                        Foreign Currency
Rating reaffirmed and Withdrawn
Shreejee Cotex - Shahada                CC                 CRISIL B+      3.5
Issuer Not Cooperating
Shreejee Cotex - Shahada                TL                 CRISIL B+      3
Issuer Not Cooperating
Shreeji Cotton Ginning and Pressing     CC                 CRISIL BB-     50
Industries
Upgraded from 'CRISIL B+'
Shreeji Cotton Ginning and Pressing     Proposed LT Bk     CRISIL BB-     28.7
Industries                              Loan Fac
Upgraded from 'CRISIL B+'
Shreeji Cotton Ginning and Pressing     TL                 CRISIL BB-     1.3
Industries
Upgraded from 'CRISIL B+'
Sravins Instruments and Systems         Proposed BG        CRISIL BB-     30      Assigned
Sravins Instruments and Systems         CC                 CRISIL BB-     30      Assigned
Sree Anjaneya Medical Trust             BG                 CRISIL D       125
Downgraded from 'CRISIL B+'
Sree Anjaneya Medical Trust             LT Loan            CRISIL D       240
Downgraded from 'CRISIL B+'
Sree Anjaneya Medical Trust             Proposed ST Bk     CRISIL D       2.5
                                        Loan Fac
Downgraded from 'CRISIL B+'
Sree Anjaneya Medical Trust             ST Bk Fac          CRISIL D       40
Downgraded from 'CRISIL B+'
Sri Adisankaracharya Cotton and Oil     CC                 CRISIL B       120     Reaffirmed
Mills Pvt Ltd
Sri Adisankaracharya Cotton and Oil     LT Loan            CRISIL B       21      Reaffirmed
Mills Pvt Ltd
Sri Adisankaracharya Cotton and Oil     Proposed LT Bk     CRISIL B       29      Reaffirmed
Mills Pvt Ltd                           Loan Fac
Sri Sri Ravishankar Vidya Mandir Trust  TL                 CRISIL B+      24.09
(Unit-Sri Sri University)
Issuer Not Cooperating
Sudhir Agro Oils Pvt Ltd                CC                 CRISIL BBB-    60
Upgraded from 'CRISIL BB+'
Supreme Polymers Pvt Ltd                BG                 CRISIL BB      30      Withdrawn
Supreme Polymers Pvt Ltd                CC                 CRISIL BB      95      Withdrawn
Supreme Polymers Pvt Ltd                Corporate Loan     CRISIL BB      20      Withdrawn
Supreme Polymers Pvt Ltd                LOC                CRISIL BB      45      Withdrawn
Supreme Polymers Pvt Ltd                Proposed LT Bk     CRISIL BB      7       Withdrawn
                                        Loan Fac
SVS Classic Foods                       CC                 CRISIL BB      160     Reaffirmed
Swastik Chemicals                       CC                 CRISIL B+      90      Reaffirmed
Swelore Engineering Pvt Ltd             CC                 CRISIL BB      60      Reaffirmed
Tata Motors Finance Ltd                 Perpetual Bonds    CRISIL A+      4150    Reaffirmed
Tata Motors Finance Ltd                 Perpetual Bonds    CRISIL A+      4150
Tata Motors Finance Ltd                 LT Rating          CRISIL AA              Reaffirmed
Tata Motors Finance Ltd                 NCD                CRISIL AA      56050   Reaffirmed
Tata Motors Finance Ltd                 Subordinated Debt  CRISIL AA      14000   Reaffirmed
Tata Motors Finance Ltd                 NCD                CRISIL AA      56050
Tata Motors Finance Ltd                 Subordinated Debt  CRISIL AA      14000
Theiva Exim                             CC                 CRISIL B+      40      Assigned
Theiva Exim                             Proposed WC Fac    CRISIL B+      60      Assigned
Thunga Hospital Pvt Ltd                 CC                 CRISIL BB-     20      Reaffirmed
Thunga Hospital Pvt Ltd                 LT Loan            CRISIL BB-     32.2    Reaffirmed
Thunga Hospital Pvt Ltd                 Proposed LT Bk     CRISIL BB-     147.8   Reaffirmed
                                        Loan Fac
Tulip Renewable Powertech Pvt Ltd       TL                 CRISIL BB+     2060
Upgraded from 'CRISIL BB-/Watch Developing' ; Removed from 'Rating Watch with Developing
Implications 
TVS Credit Services Ltd                 Perpetual Bonds    CRISIL A+      1000
TVS Credit Services Ltd                 Proposed LT Bk     CRISIL AA-     40000   Reaffirmed
                                        Loan Fac
TVS Credit Services Ltd                 NCD                CRISIL AA-     1000
TVS Credit Services Ltd                 NCD                CRISIL AA-     2000
Tyche Cast Tech Pvt Ltd                 CC                 CRISIL B       35      Assigned
Tyche Cast Tech Pvt Ltd                 LT Loan            CRISIL B       280     Assigned
United India Shoe Corporation Pvt Ltd   BG                 CRISIL D       5
Downgraded from 'CRISIL B'
United India Shoe Corporation Pvt Ltd   Export Packing     CRISIL D       287
                                        Credit
Downgraded from 'CRISIL B'
United India Shoe Corporation Pvt Ltd   LOC                CRISIL D       85
Downgraded from 'CRISIL B'
United India Shoe Corporation Pvt Ltd   LT Loan            CRISIL D       200
Downgraded from 'CRISIL B'
United India Shoe Corporation Pvt Ltd   Proposed LT Bk     CRISIL D       10
                                        Loan Fac
Downgraded from 'CRISIL B'
Vag Buildtech Pvt Ltd                   CC                 CRISIL BB-     250
Downgraded from 'CRISIL BBB'
Vag Buildtech Pvt Ltd                   Proposed LT Bk     CRISIL BB-     150
                                        Loan Fac
Downgraded from 'CRISIL BBB'
ValueLabs LLP                           CC                 CRISIL BB-     200     Reaffirmed
Migrated from 'CRISIL BB- Issuer Not Cooperating'
Violet Green Power Pvt Ltd              TL                 CRISIL BB+     660
Upgraded from 'CRISIL BB-/Watch Developing' ; Removed from 'Rating Watch with Developing
Implications 
VSM Enterprises Pvt Ltd                 CC/ Overdraft Fac  CRISIL B+      50      Assigned

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

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

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

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