December 26, 2019 / 11:07 AM / a month ago

CRISIL ratings for Indian debt instruments-Dec 26

    Dec 26 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of December 24, 2019.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Acumen Overseas Pvt Ltd                 BG                 CRISIL A3+     270
Upgraded from CRISIL A3
Adhunik Infrastructures Pvt Ltd         BG                 CRISIL A3+     680     Reaffirmed
Adhunik Infrastructures Pvt Ltd         Proposed ST Bk     CRISIL A3+     230     Reaffirmed
                                        Loan Fac
Alclad Fabrication Pvt Ltd              BG                 CRISIL A4+     30
Assigned; Suspension Revoked 
Alliance Vitrified Pvt Ltd              BG                 CRISIL A4      25
(Issuer not cooperating); Revised from CRISIL A4+
Allweld Engineers Pvt Ltd               BG                 CRISIL A4      10
Revised from CRISIL A4 to CRISIL D and simultaneously upgraded to CRISIL A4 
Al-Noor Exports                         Export Packing     CRISIL A4+     300     Reaffirmed
                                        Credit
Alpha Corp Development Pvt Ltd          BG                 CRISIL A3      300     Reaffirmed
Amara Raja Infra Pvt Ltd                LOC & BG^          CRISIL A2      875     Reaffirmed
Ami Cylinders                           BG                 CRISIL A4+     20      Reaffirmed
Amrutanjan Health Care Ltd              Overdraft          CRISIL A1      20      Reaffirmed
Arora Industries                        Export Performance CRISIL A4+     6       Reaffirmed
                                        Guarantee
Arora Industries                        LOC                CRISIL A4+     51      Reaffirmed
Arora Knit Fab Pvt Ltd                  Export Performance CRISIL A4+     5       Reaffirmed
                                        Guarantee
Arora Knit Fab Pvt Ltd                  Inland/Import LOC  CRISIL A4+     17.5    Reaffirmed
Ascent Air Pvt Ltd                      BG                 CRISIL A3+     205
Upgraded from CRISIL A3
Astam Healthcare Pvt Ltd                BG                 CRISIL A4+     15      Assigned
Atlantic Polymers Pvt Ltd               Bill Discounting   CRISIL A4+     10      Reaffirmed
                                        under LOC
Atlantic Polymers Pvt Ltd               Inland/Import LOC  CRISIL A4+     100     Reaffirmed
Bos Natural Flavors Pvt Ltd             LOC                CRISIL A4+     11
(Issuer not cooperating)
Cadila Healthcare Ltd                   BG                 CRISIL A1+     500     Reaffirmed
Cadila Healthcare Ltd                   LOC                CRISIL A1+     1000    Reaffirmed
Cadila Healthcare Ltd                   CP                 CRISIL A1+     2500    Reaffirmed
Choice Equity Broking Pvt Ltd           BG                 CRISIL A3      300     Reaffirmed
CORE Energy Systems Pvt Ltd             BG                 CRISIL A4      37
(Issuer not cooperating)
CORE Energy Systems Pvt Ltd             Inland/Import LOC  CRISIL A4      23
(Issuer not cooperating)
Dalmia Laminators Ltd                   BG                 CRISIL A4+     50
Revised from CRISIL A4+; Rating Withdrawn;(Issuer not cooperating)
Dalmia Laminators Ltd                   LOC                CRISIL A4+     120
Revised from CRISIL A4+;(Issuer not cooperating); Rating Withdrawn
Deepak Kumar Agrawal                    BG                 CRISIL A4+     70
(Issuer not cooperating)
Deepak Kumar Agrawal                    Proposed ST Bk     CRISIL A4+     100
                                        Loan Fac
(Issuer not cooperating)
Duhee Alloy Steel Processors            Proposed ST Bk     CRISIL A3+     10      Reaffirmed
                                        Loan Fac
Economic Explosives Ltd                 LOC & BG           CRISIL A1+     550     Reaffirmed
Economic Explosives Ltd                 LOC & BG#          CRISIL A1+     180     Reaffirmed
#Interchangeable with other non-fund based facilities
Ekbotes Logs and Lumbers Pvt Ltd        BG                 CRISIL A4      25
(Issuer not cooperating); Revised from CRISIL A4+
Ekbotes Logs and Lumbers Pvt Ltd        LOC                CRISIL A4      20
(Issuer not cooperating); Revised from CRISIL A4+
E-Meditek Insurance TPA Ltd             BG                 CRISIL A4      80
(Issuer not cooperating)
Empire Silk Wvg Industries              BG                 CRISIL A4      2.5
(Issuer not cooperating); Revised from CRISIL A4+
Empire Silk Wvg Industries              Export Packing     CRISIL A4      27.5
                                        Credit & Export
                                        Bills Negotiation/Foreign Bill discounting
(Issuer not cooperating); Revised from CRISIL A4+
Encon Fabricators Pvt Ltd               BG                 CRISIL A4      30
(Issuer not cooperating); Revised from CRISIL A4+
Encon Fabricators Pvt Ltd               LOC                CRISIL A4      10
(Issuer not cooperating); Revised from CRISIL A4+
Export Import Bank of India             ST CD Programme*   CRISIL A1+     190089  Reaffirmed
Export Import Bank of India             CP Programme*      CRISIL A1+     190089  Reaffirmed
Focus Edu-Care Pvt Ltd                  BG                 CRISIL A4      12.5
(Issuer not cooperating); Revised from CRISIL A4+
Focus Edumatics Pvt Ltd                 Foreign            CRISIL A4      75
                                        Discounting Bill
                                        Purchase
(Issuer not cooperating); Revised from CRISIL A4+
Gayathri Milk Dairy Pvt Ltd             Overdraft          CRISIL A4+     80      Assigned
Global Footwear                         Packing Credit in  CRISIL A4      60
                                        Foreign Currency
(Issuer not cooperating); Revised from CRISIL A4+
INFINA Finance Pvt Ltd                  CP Issue*          CRISIL A1+     60000   Assigned
INFINA Finance Pvt Ltd                  CP Issue           CRISIL A1+     12000   Reaffirmed

INFINA Finance Pvt Ltd                  CP Issue*          CRISIL A1+     45350   Withdrawn
INFINA Finance Pvt Ltd                  CP Issue*          CRISIL A1+     50000   Withdrawn
Interarch Building Products Pvt Ltd     BG^                CRISIL A2      400     Reaffirmed
^Interchangeable with letter of credit to the extent of Rs.8 crores
Interarch Building Products Pvt Ltd     BG#                CRISIL A2      400     Reaffirmed
# Interchangeable with letter of credit to the extent of 50%
Interarch Building Products Pvt Ltd     BG**               CRISIL A2      150     Reaffirmed
**Interchangeable with LC
Interarch Building Products Pvt Ltd     BG&                CRISIL A2      150     Reaffirmed
& Sublimit of fund based limits to the extent of Rs.5 crores
Interarch Building Products Pvt Ltd     BG@@               CRISIL A2      200     Reaffirmed
@@ Interchangeable with Inland LC/FLC
Interarch Building Products Pvt Ltd     BG                 CRISIL A2      250     Reaffirmed
Interarch Building Products Pvt Ltd     LOC^^              CRISIL A2      270     Reaffirmed
^^Fully interchangeable with bank guarantee
Jaksons Developers Pvt Ltd              BG                 CRISIL A4+     97.7
(Issuer not cooperating)
Kajah Trading Pvt Ltd                   Overdraft          CRISIL A4      50      Reaffirmed
KNK Projects Pvt Ltd                    BG                 CRISIL A4+     120     Reaffirmed
KNK Projects Pvt Ltd                    Proposed BG        CRISIL A4+     60      Reaffirmed
Krishna Coil Cutters Pvt Ltd            Bill Discounting   CRISIL A3      50      Reaffirmed
Krishna Coil Cutters Pvt Ltd            LOC                CRISIL A3      400     Reaffirmed
Krishna Sheet Processors Pvt Ltd        LOC                CRISIL A3+     850     Reaffirmed
Krishna Sheet Processors Pvt Ltd        LOC Bill           CRISIL A3+     200     Reaffirmed
                                        Discounting
Laxveer Ceramic LLP                     BG                 CRISIL A4+     20      Reaffirmed
Liva Pharmaceuticals Ltd                BG                 CRISIL A1+(CE) 400     Reaffirmed
LOF Constructions                       BG                 CRISIL A4      55      Reaffirmed
Lumax Auto Technologies Ltd             CP                 CRISIL A1+     500     Reaffirmed
Magbro Healthcare Pvt Ltd               LOC                CRISIL A4      20
(Issuer not cooperating)
Manappuram Finance Ltd                  CP                 CRISIL A1+     40000   Reaffirmed
Mascot Forge Pvt Ltd                    BG                 CRISIL A3+     12.5    Reaffirmed
Mascot Forge Pvt Ltd                    LOC                CRISIL A3+     35      Reaffirmed
Nahar Spinning Mills Ltd                LOC#               CRISIL A1      1650    Reaffirmed
#Interchangeable with bank guarantee/buyers credit
Nahar Spinning Mills Ltd                CP                 CRISIL A1      235     Reaffirmed
Niranjan Sharma                         BG                 CRISIL A4+     100
Upgraded from CRISIL A4
Niranjan Sharma                         Proposed ST Bk     CRISIL A4+     87.1
                                        Loan Fac
Upgraded from CRISIL A4
Om Sai Surgicals                        BG                 CRISIL A4      2.5
Reaffirmed and Withdrawn
PNB Gilts Ltd                           CP                 CRISIL A1+     2500    Reaffirmed
R L Agro Foods Pvt Ltd                  Packing Credit     CRISIL A4      150
(Issuer not cooperating); Revised from CRISIL A4+
Rajul Builders                          BG                 CRISIL A4      0.5
(Issuer not cooperating); Revised from CRISIL A4+
Roots Cooling Systems Pvt Ltd           BG                 CRISIL A4      90
(Issuer not cooperating); Revised from CRISIL A4+
Roots Cooling Systems Pvt Ltd           LOC                CRISIL A4      20
(Issuer not cooperating); Revised from CRISIL A4+
S. B. Khakal                            BG                 CRISIL A4      30
(Issuer not cooperating); Revised from CRISIL A4+
S. B. Khakal                            LOC                CRISIL A4      20
(Issuer not cooperating); Revised from CRISIL A4+
Sahajanand Technologies Pvt Ltd         Proposed ST Bk     CRISIL A4+     360     Reaffirmed
                                        Loan Fac
Saicon Tiles Pvt Ltd                    BG                 CRISIL A4      5
(Issuer not cooperating)
Sanjay Kumar Agrawal                    BG                 CRISIL A4      120
(Issuer not cooperating); Revised from CRISIL A4+
Santosh Ltd                             Cheque Purchase    CRISIL A4+     1       Assigned
Shardashree Ispat Ltd                   BG                 CRISIL A3      40      Reaffirmed
Shree Shyam Texturising - Ahmedabad     BG                 CRISIL A4      8
(Issuer not cooperating)
Solar Industries India Ltd              LOC & BG           CRISIL A1+     2150    Reaffirmed
Solar Industries India Ltd              LOC & BG%          CRISIL A1+     480     Reaffirmed
%Interchangeable with other non-fund based facilities
Solar Industries India Ltd              CP                 CRISIL A1+     500     Reaffirmed
Solas Fire Safety Equipment Pvt Ltd     BG                 CRISIL A4      55
(Issuer not cooperating)
Sondhi Ram Gian Chand                   BG                 CRISIL A4      48.6
(Issuer not cooperating)
Sundaram-Clayton Ltd                    BG                 CRISIL A1+     60      Reaffirmed
Sundaram-Clayton Ltd                    LOC                CRISIL A1+     750     Reaffirmed
Sunflora Vitrified Pvt Ltd              BG                 CRISIL A4      55
(Issuer not cooperating); Revised from CRISIL A4+
Swastik Plyboard Ltd                    BG                 CRISIL A4      20
(Issuer not cooperating)
Swastik Plyboard Ltd                    LOC                CRISIL A4      15
(Issuer not cooperating)
Teeam Score                             Foreign Bill       CRISIL A4      10      Reaffirmed
                                        Purchase
Teeam Score                             Overdraft          CRISIL A4      20      Reaffirmed
The Bank of Nova Scotia                 CDs Programme      CRISIL A1+     5000    Reaffirmed
Topaz Piping Industries                 BG                 CRISIL A4      30
(Issuer not cooperating); Revised from CRISIL A4+
Topaz Piping Industries                 Inland/Import LOC  CRISIL A4      30
(Issuer not cooperating); Revised from CRISIL A4+
Torrent Gas Pvt Ltd                     BG^                CRISIL A1+(CE) 10000   Reaffirmed
United Heat Transfer Pvt Ltd            BG                 CRISIL A4+     50      Assigned
Vijay Iron and Steel Industries         LOC                CRISIL A4+     50      Assigned
Vishal Nirmiti Pvt Ltd                  BG                 CRISIL A4      60
(Issuer not cooperating)
Vishal Nirmiti Pvt Ltd                  LOC & BG           CRISIL A4      450
(Issuer not cooperating)
Weaverly Jute Mills Pvt Ltd             BG                 CRISIL A4      25
(Issuer not cooperating); Revised from CRISIL A4+
Wellknown Polyesters Ltd                BG                 CRISIL A1+     650     Reaffirmed
Wellknown Polyesters Ltd                CP                 CRISIL A1+     2000    Reaffirmed
Welset Plast Extursions Pvt Ltd         BG                 CRISIL A4+     10
Migrated from CRISIL A4+; (Issuer not cooperating); Rating Withdrawn
Welset Plast Extursions Pvt Ltd         LOC                CRISIL A4+     120
Migrated from CRISIL A4+; (Issuer not cooperating); Rating Withdrawn
Yogesh Cycle Industries (Regd)          Post Shipment      CRISIL A4+     14      Assigned
                                        Credit
Yogesh Cycle Industries (Regd)          Foreign Exchange   CRISIL A4+     2.2     Assigned
                                        Forward
Yogesh Cycle Industries (Regd)          Packing Credit     CRISIL A4+     26      Assigned
Zydus Healthcare Ltd                    LOC**              CRISIL A1+     100     Reaffirmed
**Fully interchangeable with bank guarantee
Zydus Hospira Oncology Pvt Ltd          LOC**              CRISIL A1      595
**Interchangeable with PC, packing credit in foreign currency (PCFC), bill purchase (BP),
foreign bill purchase (FBP), bill discounting (BD), foreign bill discounting (FBD),
post-shipment demand loan (PSDL), letter of credit, and bank guarantee;Downgraded from CRISIL
AA-/Stable 
Zydus Hospira Oncology Pvt Ltd          Proposed ST Bk     CRISIL A1      185
                                        Loan Fac
Downgraded from CRISIL A1+
Zydus Hospira Oncology Pvt Ltd          ST Loan@           CRISIL A1      300     Downgraded
                                                                                  from CRISIL
                                                                                  A1+
@Sub-limit of Rs 30 crore overdraft; interchangeable with pre-shipment credit (PC), letter of
credit, and bank guarantee

MEDIUM TERM RATINGS:
-------------------
Export Import Bank of India             Term Deposit       FAAA/Stable            Reaffirmed
                                        Programme 
LONG TERM RATINGS:
-------------------
Adhunik Infrastructures Pvt Ltd         CC                 CRISIL         190
                                                           BBB/Negative
Outlook revised from Stable and rating reaffirmed
Adhunik Infrastructures Pvt Ltd         Proposed LT Bk     CRISIL         100
                                        Loan Fac           BBB/Negative
Outlook revised from Stable and rating reaffirmed
Alclad Fabrication Pvt Ltd              Bill Discounting   CRISIL         10
                                                           BB/Stable
Assigned; Suspension Revoked 
Alclad Fabrication Pvt Ltd              CC                 CRISIL         65
                                                           BB/Stable
Assigned; Suspension Revoked 
Alidac Pharmaceuticals Ltd              LOC*               CRISIL         1000    Reaffirmed
                                                           AA+(CE)/Stable
*Fully interchangeable with buyers credit and is for purchase of capital goods
Alliance Vitrified Pvt Ltd              CC                 CRISIL         80
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
Alliance Vitrified Pvt Ltd              LT Loan            CRISIL         32.5
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
Alliance Vitrified Pvt Ltd              Proposed LT Bk     CRISIL         13
                                        Loan Fac           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
Allweld Engineers Pvt Ltd               CC                 CRISIL         45
                                                           B-/Stable
Revised from CRISIL B/Stable to CRISIL D and simultaneously upgraded to CRISIL B-/Stable
Allweld Engineers Pvt Ltd               Proposed LT Bk     CRISIL         35.9
                                        Loan Fac           B-/Stable
Revised from CRISIL B/Stable to CRISIL D and simultaneously upgraded to CRISIL B-/Stable
Al-Noor Exports                         Export Packing     CRISIL         100     Assigned
                                        Credit             BB/stable
Alpha Corp Development Pvt Ltd          TL                 CRISIL         2700    Reaffirmed
                                                           BBB-/Stable
Alpha Corp Development Pvt Ltd          NCD                CRISIL         1210    Reaffirmed
                                                           BBB-/Stable
Alpha Corp Development Pvt Ltd          NCD                CRISIL         290     Reaffirmed
                                                           BBB-/Stable
Amara Raja Infra Pvt Ltd                CC                 CRISIL         325     Reaffirmed
                                                           BBB+/Negative
Amara Raja Infra Pvt Ltd                TL                 CRISIL         600     Reaffirmed
                                                           BBB+/Negative
Amara Raja Infra Pvt Ltd                Proposed LT Bk     CRISIL         600
                                        Loan Fac           BBB+/Negative
Ami Cylinders                           CC                 CRISIL         130
                                                           BB-/Stable
Downgraded from CRISIL BB/Stable
Amrutanjan Health Care Ltd              CC                 CRISIL         80      Reaffirmed
                                                           A-/Stable
Amrutanjan Health Care Ltd              Proposed LT Bk     CRISIL         80      Reaffirmed
                                        Loan Fac           A-/Stable
Amrutanjan Health Care Ltd              Secured Overdraft  CRISIL         20      Reaffirmed
                                        against term       A-/Stable
                                        deposits
Anand Rice Mills                        CC                 CRISIL         200
                                                           B+/Stable
Revised from CRISIL BB/Stable (Issuer not cooperating)
Anand Rice Mills                        Export Packing     CRISIL         90
                                        Credit             B+/Stable
Revised from CRISIL BB/Stable (Issuer not cooperating)
Anand Rice Mills                        Proposed LT Bk     CRISIL         95.8
                                        Loan Fac           B+/Stable
Revised from CRISIL BB/Stable (Issuer not cooperating)
Anand Rice Mills                        TL                 CRISIL         14.2
                                                           B+/Stable
Revised from CRISIL BB/Stable (Issuer not cooperating)
Annapurna Udyog                         CC                 CRISIL         120
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB/Stable
Annapurna Udyog                         CC-Stock           CRISIL         30
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB/Stable
Apex Healthcare Ltd                     CC                 CRISIL         75
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
Apex Healthcare Ltd                     Proposed CC Limit  CRISIL         28.9
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
Arora Industries                        CC                 CRISIL         540     Reaffirmed
                                                           BB-/Stable
Arora Industries                        Rupee TL           CRISIL         53      Reaffirmed
                                                           BB-/Stable
Arora Knit Fab Pvt Ltd                  CC                 CRISIL         460     Reaffirmed
                                                           BB-/Stable
Arora Knit Fab Pvt Ltd                  Proposed LT Bk     CRISIL         10.5    Reaffirmed
                                        Loan Fac           BB-/Stable
Arora Knit Fab Pvt Ltd                  TL                 CRISIL         87      Reaffirmed
                                                           BB-/Stable
Arun Ginning and Pressing Industrial    CC                 CRISIL         40
Corporation                                                B+/Stable
(Issuer not cooperating); Revised from CRISIL BB/Stable
Arun Ginning and Pressing Industrial    Proposed TL        CRISIL         13.5
Corporation                                                B+/Stable
(Issuer not cooperating); Revised from CRISIL BB/Stable
Arun Ginning and Pressing Industrial    TL                 CRISIL         6.5
Corporation                                                B+/Stable
(Issuer not cooperating); Revised from CRISIL BB/Stable
Astam Healthcare Pvt Ltd                CC                 CRISIL         65      Assigned
                                                           BB/Stable
Atlantic Polymers Pvt Ltd               CC                 CRISIL         40      Reaffirmed
                                                           BB/Stable
Bank of Baroda                          Tier I Bonds       CRISIL         30000   Reaffirmed
                                        (Under Basel III)  AA+/Negative
Bank of Baroda                          Tier I Bonds       CRISIL         18500   Reaffirmed
                                        (Under Basel III)  AA+/Negative
Bank of Baroda                          Lower Tier-II      CRISIL         8500    Reaffirmed
                                        Bonds (Under Basel AAA/Stable
                                        II)*
Bank of Baroda                          Tier-II Bond Issue CRISIL         20000   Reaffirmed
                                        (Under Basel III)  AAA/Stable
Bank of Baroda                          Tier I Perpetual   CRISIL         9498    Reaffirmed
                                        Bonds (Under Basel AAA/Stable
                                        II)
Bank of Baroda                          Upper Tier II      CRISIL         20000   Reaffirmed
                                        Bonds (Under Basel AAA/Stable
                                        II)
Bos Natural Flavors Pvt Ltd             CC                 CRISIL         30
                                                           BB+/Stable
(Issuer not cooperating)
Bos Natural Flavors Pvt Ltd             Export Packing     CRISIL         95
                                        Credit             BB+/Stable
(Issuer not cooperating)
Bos Natural Flavors Pvt Ltd             LT Loan            CRISIL         9
                                                           BB+/Stable
(Issuer not cooperating)
Bos Natural Flavors Pvt Ltd             Packing Credit     CRISIL         55
                                                           BB+/Stable
(Issuer not cooperating)
Cadila Healthcare Ltd                   CC*                CRISIL AA+     13000   Reaffirmed
* Fully interchangeable with Working capital demand loan and Packing credit in Foreign Currency
Cadila Healthcare Ltd                   LT Loan            CRISIL         18198   Reaffirmed
                                                           AA+/Stable
Cadila Healthcare Ltd                   Proposed LT Bk     CRISIL         3072    Reaffirmed
                                        Loan Fac           AA+/Stable
Cadila Healthcare Ltd                   NCD                CRISIL         1250    Reaffirmed
                                                           AA+/Stable
Choice Equity Broking Pvt Ltd           Overdraft          CRISIL         650     Reaffirmed
                                                           BBB-/Stable
Choice Equity Broking Pvt Ltd           Proposed LT Bk     CRISIL         150     Assigned
                                        Loan Fac           BBB-/Stable
Clara Swain Hospital J.V.               TL                 CRISIL D       75
(Issuer not cooperating)
Clayris Ceramics Pvt Ltd                BG                 CRISIL D       40
(Issuer not cooperating)
Clayris Ceramics Pvt Ltd                CC                 CRISIL D       100
(Issuer not cooperating)
Clayris Ceramics Pvt Ltd                LOC                CRISIL D       20
(Issuer not cooperating)
Clayris Ceramics Pvt Ltd                LT Loan            CRISIL D       283.6
(Issuer not cooperating)
Clayris Ceramics Pvt Ltd                Proposed LT Bk     CRISIL D       3.6
                                        Loan Fac
(Issuer not cooperating)
CORE Energy Systems Pvt Ltd             CC                 CRISIL         55
                                                           B+/Stable
(Issuer not cooperating)
CORE Energy Systems Pvt Ltd             Proposed LT Bk     CRISIL         5
                                        Loan Fac           B+/Stable
(Issuer not cooperating)
Cosmos Business Machines                CC                 CRISIL         40
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
DA Egg Industries                       TL                 CRISIL B/Stable270     Assigned
Dalmia Laminators Ltd                   CC                 CRISIL         790
                                                           BB+/Stable
Revised from CRISIL BB+/Stable;(Issuer not cooperating); Rating Withdrawn
Dalmia Laminators Ltd                   LT Loan            CRISIL         420
                                                           BB+/Stable
Revised from CRISIL BB+/Stable;(Issuer not cooperating); Rating Withdrawn
Deepak Kumar Agrawal                    CC                 CRISIL         20
                                                           BB-/Stable
(Issuer not cooperating)
Deepak Kumar Agrawal                    Proposed BG        CRISIL         30
                                                           BB-/Stable
(Issuer not cooperating)
Deepak Kumar Agrawal                    Proposed CC Limit  CRISIL         30
                                                           BB-/Stable
(Issuer not cooperating)
Dima Products                           CC                 CRISIL         10      Reaffirmed
                                                           BBB-/Stable
Dima Products                           TL                 CRISIL         67.5    Reaffirmed
                                                           BBB-/Stable
DK Infrastructure Pvt Ltd               BG                 CRISIL         470
                                                           B+/Stable
Revised from CRISIL BB+/Stable (Issuer not cooperating)
DK Infrastructure Pvt Ltd               CC                 CRISIL         90
                                                           B+/Stable
Revised from CRISIL BB+/Stable (Issuer not cooperating)
DK Infrastructure Pvt Ltd               Proposed BG        CRISIL         190
                                                           B+/Stable
Revised from CRISIL BB+/Stable (Issuer not cooperating)
Duhee Alloy Steel Processors            CC                 CRISIL         100
                                                           BBB/Stable
Outlook revised from Positive and rating reaffirmed
Duhee Alloy Steel Processors            Proposed LT Bk     CRISIL         10
                                        Loan Fac           BBB/Stable
Outlook revised from Positive and rating reaffirmed
Durga Hardware And Mill Store           CC                 CRISIL         60
                                                           B+/Stable
(Issuer not cooperating)
Durga Hardware And Mill Store           Proposed LT Bk     CRISIL         65
                                        Loan Fac           B+/Stable
(Issuer not cooperating)
Economic Explosives Ltd                 CC^                CRISIL         150
                                                           AA+/Stable
Upgraded from CRISIL AA/Positive;^Interchangibility to non fund based facility
Economic Explosives Ltd                 CC*                CRISIL         682.5
                                                           AA+/Stable
Upgraded from CRISIL AA/Positive;*Interchangeable with other fund based facilities
Economic Explosives Ltd                 TL                 CRISIL         1687.5
                                                           AA+/Stable
Upgraded from CRISIL AA/Positive
Ekbotes Logs and Lumbers Pvt Ltd        CC                 CRISIL         30
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB+/Stable
E-Meditek Insurance TPA Ltd             CC                 CRISIL         150
                                                           B+/Stable
(Issuer not cooperating)
E-Meditek Insurance TPA Ltd             LT Loan            CRISIL         18.8
                                                           B+/Stable
(Issuer not cooperating)
E-Meditek Insurance TPA Ltd             Proposed LT Bk     CRISIL         151.2
                                        Loan Fac           B+/Stable
(Issuer not cooperating)
Empire Silk Wvg Industries              CC                 CRISIL         7.5
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB+/Stable
Empire Silk Wvg Industries              Proposed LT Bk     CRISIL         6.1
                                        Loan Fac           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB+/Stable
Empire Silk Wvg Industries              TL                 CRISIL         36.4
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB+/Stable
Encon Fabricators Pvt Ltd               CC                 CRISIL         22.5
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
Export Import Bank of India             Tier-1 Bonds Under CRISIL         11000   Reaffirmed
                                        Basel III          AA+/Stable 
Export Import Bank of India             External           CRISIL         1360    Reaffirmed
                                        Commercial         AAA/Stable
                                        Borrowings
Export Import Bank of India             Proposed LT Bk     CRISIL         28640   Reaffirmed
                                        Loan Fac           AAA/Stable
Export Import Bank of India             LT CD Programme    CRISIL         190089  Reaffirmed
                                                           AAA/Stable
Export Import Bank of India             Bonds Issue        CRISIL         50000   Reaffirmed
                                                           AAA/Stable
Export Import Bank of India             Bonds Issue        CRISIL         50000   Reaffirmed
                                                           AAA/Stable
Export Import Bank of India             Bonds Rs.45531.9   CRISIL         455319  Reaffirmed
                                        Crore              AAA/Stable


Focus Edu-Care Pvt Ltd                  CC/ Overdraft Fac  CRISIL         30
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
Focus Edu-Care Pvt Ltd                  LT Loan            CRISIL         16
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
Focus Edu-Care Pvt Ltd                  Proposed LT Bk     CRISIL         16.5
                                        Loan Fac           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
Focus Edumatics Pvt Ltd                 Proposed LT Bk     CRISIL         2.5
                                        Loan Fac           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
Focus Edumatics Pvt Ltd                 TL                 CRISIL         7.5
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
G and G International Pvt Ltd           CC                 CRISIL         68.5
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
G and G International Pvt Ltd           Proposed LT Bk     CRISIL         35.9
                                        Loan Fac           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
G and G International Pvt Ltd           TL                 CRISIL         20.6
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
G M Cot Fibers                          CC                 CRISIL         70
                                                           B+/Stable
(Issuer not cooperating)
G M Cot Fibers                          Proposed LT Bk     CRISIL         2
                                        Loan Fac           B+/Stable
(Issuer not cooperating)
G M Cot Fibers                          TL                 CRISIL         28
                                                           B+/Stable
(Issuer not cooperating)
Garg Steels Udyog India Pvt Ltd         Open CC            CRISIL         400     Reaffirmed
                                                           BBB-/Stable
Gayathri Milk Dairy Pvt Ltd             Proposed WC Fac    CRISIL         40      Assigned
                                                           BB/Stable
Gayathri Milk Dairy Pvt Ltd             LT Loan            CRISIL         10      Assigned
                                                           BB/Stable
Global Footwear                         Bill Discounting   CRISIL         20
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
Global Footwear                         Proposed LT Bk     CRISIL         32.3
                                        Loan Fac           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
Global Footwear                         TL                 CRISIL         37.7
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
Globe Steels Pvt Ltd                    CC                 CRISIL         100     Reaffirmed
                                                           BBB/Stable
Gujarat Gas Ltd                         Proposed TL        CRISIL         1350
                                                           AA+/Stable
Upgraded from CRISIL AA/Positive
Gujarat Gas Ltd                         TL                 CRISIL         22150
                                                           AA+/Stable
Upgraded from CRISIL AA/Positive
Humana Financial Services Pvt Ltd       Proposed LT Bk     CRISIL         200     Assigned
                                        Loan Fac           BB/Stable
Ingress Autoventures India Pvt Ltd      Overdraft          CRISIL         100
                                                           BB+/Stable
Migrated from CRISIL BB+/Stable (Issuer not cooperating)
Interarch Building Products Pvt Ltd     CC                 CRISIL         150     Reaffirmed
                                                           BBB+/Negative
Interarch Building Products Pvt Ltd     CC%                CRISIL         150     Reaffirmed
                                                           BBB+/Negative
% Interchangeable with Working capital demand loan to the extent of Rs.5 crores
Interarch Building Products Pvt Ltd     CC*                CRISIL         30      Reaffirmed
                                                           BBB+/Negative
*Interchangeable with Letter of credit and Working capital demand loan
Interarch Building Products Pvt Ltd     CC***              CRISIL         50      Reaffirmed
                                                           BBB+/Negative
***Interchangeable with working capital demand loan and sales invoice discounting
Interarch Building Products Pvt Ltd     Proposed LT Bk     CRISIL         1100    Reaffirmed
                                        Loan Fac           BBB+/Negative
Jaksons Developers Pvt Ltd              CC                 CRISIL         30
                                                           BB-/Stable
(Issuer not cooperating); Revised from CRISIL BB/Negative
Jaksons Developers Pvt Ltd              Proposed LT Bk     CRISIL         1466.5
                                        Loan Fac           BB-/Stable
(Issuer not cooperating); Revised from CRISIL BB/Negative
Jaksons Developers Pvt Ltd              TL                 CRISIL         355.8
                                                           BB-/Stable
(Issuer not cooperating); Revised from CRISIL BB/Negative
Jaya Poultry Farm                       CC                 CRISIL D       40
Downgraded from CRISIL B+/Stable
Jaya Poultry Farm                       TL                 CRISIL D       60
Downgraded from CRISIL B+/Stable
Kajah Trading Pvt Ltd                   CC/ Overdraft Fac  CRISIL         15
                                                           B-/Stable
Downgraded from CRISIL B+/Stable
Krishna Coil Cutters Pvt Ltd            CC                 CRISIL         210     Reaffirmed
                                                           BBB-/Stable
Krishna Sheet Processors Pvt Ltd        CC                 CRISIL         500     Reaffirmed
                                                           BBB/Stable
Lakshmigraha Enterprises                CC                 CRISIL         330
                                                           BB-/Stable
Upgraded from CRISIL B+/Stable
Lakshmigraha Enterprises                Channel Financing  CRISIL         75
                                                           BB-/Stable
Upgraded from CRISIL B+/Stable
Lakshmigraha Enterprises                Inventory Funding  CRISIL         5
                                        Fac                BB-/Stable
Upgraded from CRISIL B+/Stable
Lakshmigraha Enterprises                Proposed CC Limit  CRISIL         5
                                                           BB-/Stable
Upgraded from CRISIL B+/Stable
Laxveer Ceramic LLP                     CC                 CRISIL         80
                                                           BB+/Stable
Upgraded from CRISIL BB/Stable
Laxveer Ceramic LLP                     TL                 CRISIL         170
                                                           BB+/Stable
Upgraded from CRISIL BB/Stable
Liva Pharmaceuticals Ltd                Rupee TL           CRISIL         600     Reaffirmed
                                                           AA+(CE)/Stable
LOF Constructions                       CC                 CRISIL         85      Reaffirmed
                                                           B+/Stable
Lumax Auto Technologies Ltd             CC*                CRISIL         800     Reaffirmed
                                                           A+/Positive
*Interchangeable with working capital demand loan
Lumax Auto Technologies Ltd             Non-FBL            CRISIL         70      Reaffirmed
                                                           A+/Positive
Lumax Auto Technologies Ltd             Vendor Bill        CRISIL         350     Reaffirmed
                                        Discounting Limits A+/Positive
Lumax Cornaglia Auto Technologies Pvt   Fund & NFBL*       CRISIL         50      Reaffirmed
Ltd                                                        BBB+/Stable
*Interchangeable with Cash Credit/Working capital demand loan/Export Credit/Supply bill
discounting/Bank guarantee/Letter of Credit
Lumax Cornaglia Auto Technologies Pvt   Proposed FB Bk     CRISIL         50      Reaffirmed
Ltd                                     Limits             BBB+/Stable
Lumax Cornaglia Auto Technologies Pvt   WC Demand Loan     CRISIL         50      Reaffirmed
Ltd                                                        BBB+/Stable
Lumax FAE Technologies Pvt Ltd          CC                 CRISIL         20      Reaffirmed
                                                           BBB+/Stable
Lumax FAE Technologies Pvt Ltd          TL                 CRISIL         140     Reaffirmed
                                                           BBB+/Stable
c Auto Technologies Pvt CC**               CRISIL         90
Ltd                                                        BBB/Negative
**Interchangeable with working capital demand loan, Sales bill discounting of Rs 5 crore, Bank
guarantee of Rs 2 crore;Outlook revised from Stable and rating reaffirmed
Lumax Gill-Austem Auto Technologies Pvt Proposed LT Bk     CRISIL         40
Ltd                                     Loan Fac           BBB/Negative
Outlook revised from Stable and rating reaffirmed
Lumax Management Services Pvt Ltd       Proposed LT Bk     CRISIL         100     Reaffirmed
                                        Loan Fac           A+/Positive
M J Group of Industries                 Proposed CC Limit  CRISIL B/Stable5       Withdrawn
M J Group of Industries                 Proposed LT Bk     CRISIL B/Stable45      Withdrawn
                                        Loan Fac
M J Group of Industries                 Proposed TL        CRISIL B/Stable50      Withdrawn
Magbro Healthcare Pvt Ltd               CC                 CRISIL         70
                                                           B-/Stable
(Issuer not cooperating)
Manappuram Finance Ltd                  NCD                CRISIL         3500    Assigned
                                                           AA/Stable
Manappuram Finance Ltd                  NCD                CRISIL         34575   Reaffirmed
                                                           AA/Stable
Manjusha Healthcare Pvt Ltd             TL                 CRISIL D       150
Downgraded from CRISIL B-/Stable
Mascot Forge Pvt Ltd                    CC                 CRISIL         85      Reaffirmed
                                                           BBB/Stable
Outlook revised from Positive and rating reaffirmed
Mascot Forge Pvt Ltd                    Proposed LT Bk     CRISIL         21      Reaffirmed
                                        Loan Fac           BBB/Stable
Outlook revised from Positive and rating reaffirmed
MIL Vehicles and Technologies Pvt Ltd   Proposed LT Bk     CRISIL         100     Assigned
                                        Loan Fac           B+/Stable
Muthayammal Educational and Charitable  LT Loan            CRISIL         65      Reaffirmed
Trust                                                      BB/Stable
Muthayammal Educational and Charitable  Overdraft          CRISIL         65      Reaffirmed
Trust                                                      BB/Stable
Nahar Spinning Mills Ltd                CC*                CRISIL A       10000   Reaffirmed
*Interchangeable with packing credit foreign currency/overdraft;Outlook revised from Stable and
rating reaffirmed
Nahar Spinning Mills Ltd                Proposed LT Bk     CRISIL         1541.9
                                        Loan Fac           A/Negative
Outlook revised from Stable and rating reaffirmed
Nahar Spinning Mills Ltd                Proposed TL        CRISIL         75
                                                           A/Negative
Outlook revised from Stable and rating reaffirmed
Nahar Spinning Mills Ltd                TL                 CRISIL         1817.1
                                                           A/Negative
Outlook revised from Stable and rating reaffirmed
Naik Seafoods Pvt Ltd                   Foreign Bill       CRISIL         450     Assigned
                                        Discounting        BB/Stable
NeuroGen Brain And Spine Institute      Proposed TL        CRISIL         100
                                                           BB/Stable
Upgraded from CRISIL BB-/Stable
NeuroGen Brain And Spine Institute      TL                 CRISIL         120
                                                           BB/Stable
Upgraded from CRISIL BB-/Stable
Niranjan Sharma                         CC                 CRISIL         10
                                                           BB-/Stable
Upgraded from CRISIL B+/Stable
Niranjan Sharma                         TL                 CRISIL         2.9
                                                           BB-/Stable
Upgraded from CRISIL B+/Stable
Om Sai Surgicals                        CC                 CRISIL         49.5
                                                           B+/Stable
Reaffirmed and Withdrawn
Om Sai Surgicals                        Proposed WC Fac    CRISIL         28
                                                           B+/Stable
Reaffirmed and Withdrawn
Prince Gold and Diamonds India Pvt Ltd  CC                 CRISIL         1550    Reaffirmed
                                                           BBB/Stable
Prince Gold and Diamonds India Pvt Ltd  CC & WC demand loanCRISIL         750     Reaffirmed
                                                           BBB/Stable
Prince Gold and Diamonds India Pvt Ltd  Cash TL            CRISIL         65      Reaffirmed
                                                           BBB/Stable
Prince Gold and Diamonds India Pvt Ltd  Cash TL            CRISIL         40      Reaffirmed
                                                           BBB/Stable
Prince Gold and Diamonds India Pvt Ltd  Proposed LT Bk     CRISIL         5       Reaffirmed
                                        Loan Fac           BBB/Stable
Prince Gold and Diamonds India Pvt Ltd  WC Demand Loan     CRISIL         300     Assigned
                                                           BBB/Stable
R L Agro Foods Pvt Ltd                  CC                 CRISIL         290
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB/Stable
R L Agro Foods Pvt Ltd                  Line of Credit     CRISIL         10
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB/Stable
R L Agro Foods Pvt Ltd                  Warehouse FinancingCRISIL         50
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB/Stable
R. K. Lighting Pvt Ltd                  Bill Discounting   CRISIL         145
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
R. K. Lighting Pvt Ltd                  CC                 CRISIL         20
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
R. K. Lighting Pvt Ltd                  Proposed LT Bk     CRISIL         35
                                        Loan Fac           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
Rama Marketing Enterprises              CC                 CRISIL         350     Reaffirmed
                                                           BB/Stable
Rattan Hammers                          Proposed LT Bk     CRISIL         20      Reaffirmed
                                        Loan Fac           BB/Stable
Ribbel International Ltd                Buyer`s Credit     CRISIL         26.5
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB/Stable
Ribbel International Ltd                CC                 CRISIL         10
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB/Stable
Ribbel International Ltd                Export Packing     CRISIL         25
                                        Credit             B+/Stable
(Issuer not cooperating); Revised from CRISIL BB/Stable
Ribbel International Ltd                Proposed TL        CRISIL         63.5
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB/Stable
Roots Cooling Systems Pvt Ltd           CC                 CRISIL         99
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
Roots Cooling Systems Pvt Ltd           Proposed CC Limit  CRISIL         11
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
S. B. Khakal                            CC                 CRISIL         50
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB/Stable
S. B. Khakal                            Proposed LT Bk     CRISIL         20
                                        Loan Fac           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB/Stable
S.K. Foods                              CC                 CRISIL         90
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB/Stable
S.K. Foods                              Proposed LT Bk     CRISIL         11
                                        Loan Fac           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB/Stable
S.K. Foods                              TL                 CRISIL         24
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB/Stable
Sahajanand Technologies Pvt Ltd         CC                 CRISIL         290
                                                           BB/Stable
Downgraded from CRISIL BB+/Stable
Saicon Tiles Pvt Ltd                    CC                 CRISIL B/Stable25
(Issuer not cooperating)
Saicon Tiles Pvt Ltd                    Proposed LT Bk     CRISIL B/Stable42.5
                                        Loan Fac
(Issuer not cooperating)
Saicon Tiles Pvt Ltd                    TL                 CRISIL B/Stable52.5
(Issuer not cooperating)
Samay Cotton                            CC                 CRISIL         50
                                                           B+/Stable
(Issuer not cooperating)
Samay Cotton                            LT Loan            CRISIL         8.7
                                                           B+/Stable
(Issuer not cooperating)
Sanjay Kumar Agrawal                    CC                 CRISIL         1
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB/Stable
Sant Bhagatram Ginning and Pressing     CC                 CRISIL         65
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
Santosh Fine-Fab Ltd                    CC                 CRISIL         55
                                                           BB/Stable
(Issuer not cooperating)
Santosh Fine-Fab Ltd                    Standby Line of    CRISIL         5
                                        Credit             BB/Stable
(Issuer not cooperating)
Santosh Ltd                             TL                 CRISIL         59      Assigned
                                                           BB/Stable
Santosh Ltd                             CC                 CRISIL         210     Assigned
                                                           BB/Stable
Shardashree Ispat Ltd                   CC                 CRISIL         125     Reaffirmed
                                                           BBB-/Stable
Shardashree Ispat Ltd                   Proposed LT Bk     CRISIL         285     Reaffirmed
                                        Loan Fac           BBB-/Stable
Shiv Cottex - Kadi                      CC                 CRISIL         70
                                                           B+/Stable
(Issuer not cooperating)
Shiv Cottex - Kadi                      LT Loan            CRISIL         18
                                                           B+/Stable
(Issuer not cooperating)
Shiv Cottex - Kadi                      Proposed LT Bk     CRISIL         12
                                        Loan Fac           B+/Stable
(Issuer not cooperating)
Shree Riddhi Siddhi Buildwell Ltd       TL                 CRISIL         500
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB/Stable
Shree Shyam Texturising - Ahmedabad     CC                 CRISIL B/Stable11.4
(Issuer not cooperating)
Shree Shyam Texturising - Ahmedabad     TL                 CRISIL B/Stable33.4
(Issuer not cooperating)
Siddheshwari Paper Mill                 CC                 CRISIL         10
                                                           B+/Stable
(Issuer not cooperating)
Siddheshwari Paper Mill                 Proposed LT Bk     CRISIL         20.5
                                        Loan Fac           B+/Stable
(Issuer not cooperating)
Siddheshwari Paper Mill                 TL                 CRISIL         49.5
                                                           B+/Stable
(Issuer not cooperating)
Sky Wheels Pvt Ltd                      CC                 CRISIL         20
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
Sky Wheels Pvt Ltd                      Electronic Dealer  CRISIL         50
                                        Financing          B+/Stable
                                        Scheme(e-DFS)
(Issuer not cooperating); Revised from CRISIL BB-/Stable
SMH Shipping Pvt Ltd                    Foreign LOC        CRISIL         200
                                                           B-/Stable
Migrated from CRISIL B-/Stable (Issuer not cooperating)
Solar Industries India Ltd              CC*                CRISIL         550
                                                           AA+/Stable
*Interchangeable with other fund based facilities;Upgraded from CRISIL AA/Positive
Solar Industries India Ltd              CC^                CRISIL         510
                                                           AA+/Stable
^Interchangeable with non-fund based facilities;Upgraded from CRISIL AA/Positive
Solar Industries India Ltd              LOC & BG#          CRISIL         1590
                                                           AA+/Stable
#Interchangeable with fund based facilities;Upgraded from CRISIL AA/Positive
Solar Industries India Ltd              Proposed LT Bk     CRISIL         532.5
                                        Loan Fac           AA+/Stable
Upgraded from CRISIL AA/Positive
Solar Industries India Ltd              TL                 CRISIL         1687.5
                                                           AA+/Stable
Upgraded from CRISIL AA/Positive
Solas Fire Safety Equipment Pvt Ltd     CC                 CRISIL         44.5
                                                           B+/Stable
(Issuer not cooperating)
Solas Fire Safety Equipment Pvt Ltd     Proposed LT Bk     CRISIL         40.5
                                        Loan Fac           B+/Stable
(Issuer not cooperating)
Sondhi Ram Gian Chand                   CC                 CRISIL         9
                                                           B+/Stable
(Issuer not cooperating)
Sravya Infra Projects Pvt Ltd           LT Loan            CRISIL         210     Reaffirmed
                                                           B+/Stable
Sravya Infra Projects Pvt Ltd           Proposed LT Bk     CRISIL         60      Reaffirmed
                                        Loan Fac           B+/Stable
Sri Balambika Textile Mills Pvt Ltd     CC                 CRISIL         250
                                                           BB/Stable
Upgraded from CRISIL BB-/Stable
Sri Balambika Textile Mills Pvt Ltd     Proposed LT Bk     CRISIL         62.5
                                        Loan Fac           BB/Stable
Upgraded from CRISIL BB-/Stable
Sri Balambika Textile Mills Pvt Ltd     TL                 CRISIL         143
                                                           BB/Stable
Upgraded from CRISIL BB-/Stable
Sri Srinivasa Agro Products             CC                 CRISIL         60
                                                           B+/Stable
(Issuer not cooperating)
Sri Srinivasa Agro Products             Proposed LT Bk     CRISIL         10
                                        Loan Fac           B+/Stable
(Issuer not cooperating)
SRM Spinners Ltd                        CC                 CRISIL         60
                                                           BB/Stable
Migrated from CRISIL BB/Stable (Issuer not cooperating); Rating Withdrawn
SRM Spinners Ltd                        LT Loan            CRISIL         286.5
                                                           BB/Stable
Migrated from CRISIL BB/Stable (Issuer not cooperating); Rating Withdrawn
Stepping Stone Educational Society      LT Loan            CRISIL B/Stable50
(Issuer not cooperating)
Stepping Stone Educational Society      Overdraft          CRISIL B/Stable19
(Issuer not cooperating)
Sundaram-Clayton Ltd                    Buyer`s Credit*    CRISIL         400     Reaffirmed
                                                           AA-/Stable
*Interchangeable with cash credit
Sundaram-Clayton Ltd                    CC#                CRISIL         2100    Reaffirmed
                                                           AA-/Stable
#Interchangeable with packing credit in foreign currency (PCFC)/Bills Discounting/Short Term
Loans
Sundaram-Clayton Ltd                    CC#                CRISIL         250     Reaffirmed
                                                           AA-/Stable
#Interchangeable with packing credit in foreign currency (PCFC)/Bills Discounting/Short Term
Loans
Sundaram-Clayton Ltd                    External           CRISIL         1725.6  Reaffirmed
                                        Commercial         AA-/Stable
                                        Borrowings
Sundaram-Clayton Ltd                    FCNR (B) LT Loan   CRISIL         1450    Reaffirmed
                                                           AA-/Stable
Sundaram-Clayton Ltd                    LOC                CRISIL         750     Reaffirmed
                                                           AA-/Stable
Sundaram-Clayton Ltd                    Rupee TL           CRISIL         1000    Reaffirmed
                                                           AA-/Stable
Sundaram-Clayton Ltd                    Proposed LT Bk     CRISIL         1032.4  Reaffirmed
                                        Loan Fac           AA-/Stable
Sunflora Vitrified Pvt Ltd              CC                 CRISIL         85
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
Sunflora Vitrified Pvt Ltd              LT Loan            CRISIL         110
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB-/Stable
Swastik Plyboard Ltd                    CC                 CRISIL         30
                                                           B-/Stable
(Issuer not cooperating)
Techops Infrastructure Pvt Ltd          TL                 CRISIL         100
                                                           B+/Stable
(Issuer not cooperating)
Teeam Score                             LT Loan            CRISIL B/Stable20      Reaffirmed
Tirupati Wellness LLP                   CC                 CRISIL         120
                                                           BB/Watch
                                                           Positive
Continues on Rating Watch with Positive Implications
Tirupati Wellness LLP                   TL                 CRISIL         230
                                                           BB/Watch
                                                           Positive
Continues on Rating Watch with Positive Implications
Topaz Piping Industries                 CC                 CRISIL         20
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB/Stable
Topaz Piping Industries                 Proposed LT Bk     CRISIL         20
                                        Loan Fac           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB/Stable
Total Packaging Services                CC                 CRISIL         220     Reaffirmed
                                                           BBB/Stable
Total Packaging Services                TL                 CRISIL         112     Reaffirmed
                                                           BBB/Stable
U. S. Metal Products                    CC                 CRISIL         50
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB+/Stable
U. S. Metal Products                    LT Loan            CRISIL         17
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB+/Stable
United Heat Transfer Pvt Ltd            WC Demand Loan     CRISIL         7.5     Assigned
                                                           BB-/Stable
United Heat Transfer Pvt Ltd            CC                 CRISIL         42.5    Assigned
                                                           BB-/Stable
United Heat Transfer Pvt Ltd            Bill Discounting   CRISIL         20      Assigned
                                                           BB-/Stable
Varsha Autolines                        CC                 CRISIL         20
                                                           B+/Stable
(Issuer not cooperating)
Varsha Autolines                        Proposed LT Bk     CRISIL         5
                                        Loan Fac           B+/Stable
(Issuer not cooperating)
Varsha Autolines                        TL                 CRISIL         5       Reaffirmed
                                                           B+/Stable
(Issuer not cooperating)
VE-7 Ceramic                            BG                 CRISIL D       26.5
(Issuer not cooperating)
VE-7 Ceramic                            CC                 CRISIL D       30
(Issuer not cooperating)
VE-7 Ceramic                            LT Loan            CRISIL D       69.5
(Issuer not cooperating)
Velavan Hyper Market                    CC                 CRISIL B/Stable80
(Issuer not cooperating)
Vijay Iron and Steel Industries         CC                 CRISIL         100     Reaffirmed
                                                           BB/Stable
Vijay Iron and Steel Industries         Proposed FB Bk     CRISIL         70      Assigned
                                        Limits             BB/Stable
Vishal Nirmiti Pvt Ltd                  CC                 CRISIL         550
                                                           B+/Stable
(Issuer not cooperating)
Vishal Nirmiti Pvt Ltd                  Overdraft          CRISIL         60
                                                           B+/Stable
(Issuer not cooperating)
Vishal Nirmiti Pvt Ltd                  Proposed LT Bk     CRISIL         82.4
                                        Loan Fac           B+/Stable
(Issuer not cooperating)
Vishal Nirmiti Pvt Ltd                  Rupee TL           CRISIL         170
                                                           B+/Stable
(Issuer not cooperating)
Weaverly Jute Mills Pvt Ltd             CC                 CRISIL         115
                                                           B+/Stable
(Issuer not cooperating); Revised from CRISIL BB+/Stable
Weaverly Jute Mills Pvt Ltd             Export Packing     CRISIL         5
                                        Credit             B+/Stable
(Issuer not cooperating); Revised from CRISIL BB+/Stable
Wellknown Polyesters Ltd                CC                 CRISIL         8880
                                                           AA-/Stable
Upgraded from CRISIL A+/Positive
Wellknown Polyesters Ltd                External           CRISIL         3900.3
                                        Commercial         AA-/Stable
                                        Borrowings
Upgraded from CRISIL A+/Positive
Wellknown Polyesters Ltd                Foreign Currency TLCRISIL         1506.8
                                                           AA-/Stable
Upgraded from CRISIL A+/Positive
Wellknown Polyesters Ltd                Proposed WC Fac    CRISIL         327.8
                                                           AA-/Stable
Upgraded from CRISIL A+/Positive
Wellknown Polyesters Ltd                Rupee TL           CRISIL         3235.1
                                                           AA-/Stable
Upgraded from CRISIL A+/Positive
Welset Plast Extursions Pvt Ltd         CC                 CRISIL         240
                                                           BB+/Stable
Migrated from CRISIL BB+/Stable;(Issuer not cooperating); Rating Withdrawn
Welset Plast Extursions Pvt Ltd         Proposed LT Bk     CRISIL         5.2
                                        Loan Fac           BB+/Stable
Migrated from CRISIL BB+/Stable;(Issuer not cooperating); Rating Withdrawn
Welset Plast Extursions Pvt Ltd         Standby Line of    CRISIL         31
                                        Credit             BB+/Stable
Migrated from CRISIL BB+/Stable;(Issuer not cooperating); Rating Withdrawn
Welset Plast Extursions Pvt Ltd         TL                 CRISIL         43.8
                                                           BB+/Stable
Migrated from CRISIL BB+/Stable;(Issuer not cooperating); Rating Withdrawn
Yogesh Cycle Industries (Regd)          Proposed LT Bk     CRISIL         14.8    Assigned
                                        Loan Fac           BB/Stable
YSM Buildcon Pvt Ltd                    TL                 CRISIL         2.6     Assigned
                                                           B+/Stable
YSM Buildcon Pvt Ltd                    CC                 CRISIL         7       Assigned
                                                           B+/Stable
YSM Buildcon Pvt Ltd                    Proposed LT Bk     CRISIL         40.4    Assigned
                                        Loan Fac           B+/Stable
Ziv Hotels Pvt Ltd                      LT Loan            CRISIL B/Stable70
Upgraded from CRISIL D
Ziv Hotels Pvt Ltd                      Rupee TL           CRISIL B/Stable90
Upgraded from CRISIL D
Zydus Healthcare Ltd                    CC*                CRISIL         1100    Reaffirmed
                                                           AA+/Stable
*Fully interchangeable with working capital demand loan
Zydus Hospira Oncology Pvt Ltd          CC**               CRISIL A+      5
**Interchangeable with PC, packing credit in foreign currency (PCFC), bill purchase (BP),
foreign bill purchase (FBP), bill discounting (BD), foreign bill discounting(FBD), post-shipment
demand loan (PSDL), letter of credit, and bank guarantee;Downgraded from CRISIL AA-/Stable 
Zydus Technologies Ltd                  LT Loan            CRISIL         820     Reaffirmed
                                                           AA+(CE)/Stable
Zydus Technologies Ltd                  Proposed LT Bk     CRISIL         1450    Reaffirmed
                                        Loan Fac           AA+(CE)/Stable
Zydus Wellness Ltd                      NCD                CRISIL         15000   Reaffirmed
                                                           AA+/Stable

--------------------------------------------------------------------------------------------
$: 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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