December 31, 2019 / 5:18 AM / 24 days ago

CRISIL ratings for Indian debt instruments-Dec 31

    Dec 31 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of December 30, 2019.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                          (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Ajab Singh and Company                  BG                 CRISIL A4      200     Reaffirmed
Axis Bank Ltd                           CDs                CRISIL A1+     500     Reaffirmed
Celebi Airport Services India Pvt Ltd   BG                 CRISIL A3+     711     Reaffirmed
Citibank N. A.                          CDs Programme      CRISIL A1+     50000   Reaffirmed
D.C. Gurbaxani                          BG                 CRISIL A3+     300     Reaffirmed
DCB Bank Ltd                            Proposed ST Bk     CRISIL A1+     3000    Assigned
                                        Loan Fac
DCB Bank Ltd                            CDs                CRISIL A1+             Reaffirmed
(Reduced from Rs.2000 Crore)
DCB Bank Ltd                            ST FD              CRISIL A1+     2000    Reaffirmed
Dharamshala Ropeway Ltd                 BG                 CRISIL A3      100     Assigned
Dr. B.S. Gupta Medical Charitable       BG                 CRISIL A4+     42
Society
Migrated from CRISIL A4+; Issuer Not Cooperating'
Eldorado Agritech Pvt Ltd               BG                 CRISIL A3      5       Reaffirmed
Eldorado Agritech Pvt Ltd               ST Loan            CRISIL A3      40      Reaffirmed
Febin Marine Foods                      Post Shipment      CRISIL A4+     85      Reaffirmed
                                        Credit
Gemscab Industries Ltd                  BG                 CRISIL A2+     600     Reaffirmed
Gemscab Industries Ltd                  LOC                CRISIL A2+     345     Reaffirmed
Gemscab Industries Ltd                  Proposed BG        CRISIL A2+     600     Reaffirmed
Gopinath Chem-Tech Ltd                  LOC                CRISIL A3+     60      Reaffirmed
H. M. Foods - Fatehabad                 Proposed ST Bk     CRISIL A4+     20.5    Assigned
                                        Loan Fac
Harshita Poultry Farm                   Overdraft          CRISIL A4      21.2    Assigned
Himachal Aluminium and Conductors       BG                 CRISIL A4      20      Reaffirmed
Inventaa Industries Pvt Ltd             Foreign Exchange   CRISIL A2      70      Reaffirmed
                                        Forward
Inventaa Industries Pvt Ltd             LOC Bill           CRISIL A2      95      Reaffirmed
                                        Discounting
Inventaa Industries Pvt Ltd             Packing Credit     CRISIL A2      100     Assigned
JM Financial Services Ltd               BG                 CRISIL A1+     3050    Reaffirmed
JM Financial Services Ltd               Proposed ST Bk     CRISIL A1+     243.7   Reaffirmed
                                        Loan Fac
JM Financial Services Ltd               CP Programme       CRISIL A1+     5000    Reaffirmed
JRD Infratech Pvt Ltd                   BG                 CRISIL A4      84.4    Assigned
JSL Industries Ltd                      BG                 CRISIL A4+     97      Reaffirmed
JSL Industries Ltd                      LOC                CRISIL A4+     13      Reaffirmed
Kirloskar Ebara Pumps Ltd               BG^^               CRISIL A2+     460     Reaffirmed
^^Full interchangeability between Letter of Credit and Bank Guarantee limit.
Kirloskar Ebara Pumps Ltd               BG**               CRISIL A2+     500     Reaffirmed
**Interchangeable with Letter of Credit limit up to Rs 14 crore.
Kirloskar Ebara Pumps Ltd               BG#                CRISIL A2+     270     Reaffirmed
#Interchangeable with Letter of Credit/Packing Credit Foreign Currency/Export Packing
Credit/Post Shipment Credit Foreign Currency limit up to Rs 10 crore, Standby Letter of
Credit/Cash Credit/Bill discounting Limit upto Rs. 5.00 crore.
Kirloskar Ebara Pumps Ltd               LOC^^              CRISIL A2+     300     Reaffirmed
^^Full interchangeability between Letter of Credit and Bank Guarantee limit.
Landmark Engineer                       BG                 CRISIL A4+     150     Reaffirmed
Nissan Renault Financial Services India CP                 CRISIL A1+     4480    Reaffirmed
Pvt Ltd
Pee Empro Exports Pvt Ltd               BG                 CRISIL A2+     20
Migrated from CRISIL A4+; Issuer Not Cooperating'
Pee Empro Exports Pvt Ltd               LOC                CRISIL A2+     10
Migrated from CRISIL A4+; Issuer Not Cooperating'
Pee Empro Exports Pvt Ltd               Packing Credit     CRISIL A2+     50
Migrated from CRISIL A4+; Issuer Not Cooperating'
Pee Empro Exports Pvt Ltd               Post Shipment      CRISIL A2+     60
                                        Credit
Migrated from CRISIL A4+; Issuer Not Cooperating'
Pee Empro Exports Pvt Ltd               Proposed ST Bk     CRISIL A2+     320
                                        Loan Fac
Migrated from CRISIL A4+; Issuer Not Cooperating'
Pritam Khanna Rugs Pvt Ltd              Export Packing     CRISIL A4+     20      Assigned
                                        Credit & Export
                                        Bills Negotiation/Foreign Bill discounting
Pritam Khanna Rugs Pvt Ltd              Packing Credit     CRISIL A4+     35      Assigned
Raj Construction - Sultanpur            BG                 CRISIL A4+     30      Reaffirmed
Raj Construction - Sultanpur            Proposed NFBL      CRISIL A4+     70      Reaffirmed
Roljack Asia Ltd                        Proposed BG        CRISIL A4+     20      Assigned
Shivalik Infraventures Pvt Ltd          BG                 CRISIL A4+     40      Reaffirmed
Small Industries Development Bank of    CP Programme       CRISIL A1+     11000   Reaffirmed
India
Srikar Biotech Pvt Ltd                  Overdraft          CRISIL A3      30      Reaffirmed
Tharun Construction & Co                BG                 CRISIL A4+     250     Assigned
Uchit Expressways Pvt Ltd               BG                 CRISIL A3      600     Reaffirmed
United Electricals and Transformers     BG                 CRISIL A4      30
Reaffirmed and Withdrawn
United Electricals and Transformers     CC                 CRISIL A4      60
Reaffirmed and Withdrawn
United Electricals and Transformers     Proposed LT Bk     CRISIL A4      20
                                        Loan Fac
Reaffirmed and Withdrawn
United Spirits Ltd                      Non-FBL^           CRISIL A1+     5000    Reaffirmed
^ Interchangeable with fund based limit
United Spirits Ltd                      CP                 CRISIL A1+     1500    Reaffirmed
UPL Ltd                                 LOC & BG           CRISIL A1+     6500    Reaffirmed
UPL Ltd                                 CP                 CRISIL A1+     7500    Reaffirmed
VIP Industries Ltd                      LOC & BG           CRISIL A1+     545     Reaffirmed

MEDIUM TERM RATINGS:
-------------------
Small Industries Development Bank of    FD                 FAAA/Stable    20000   Reaffirmed
India

LONG TERM RATINGS:
-------------------
Ajab Singh and Company                  CC                 CRISIL         180     Reaffirmed
                                                           B+/Stable
Axis Bank Ltd                           Tier I Bonds       CRISIL         600000  Reaffirmed
                                        (Under Basel III)  AA+/Stable
Axis Bank Ltd                           Tier II Bonds      CRISIL         40000   Reaffirmed
                                        (Under Basel III)  AAA/Stable
Axis Bank Ltd                           Tier II            CRISIL         25000   Reaffirmed
                                        Bonds/Debenture    AAA/Stable
                                        Issue (Under Basel III) 
Axis Bank Ltd                           Tier II Bonds      CRISIL         20000   Reaffirmed
                                        (Under Basel III)  AAA/Stable
Axis Bank Ltd                           Tier II Bonds      CRISIL         8500    Reaffirmed
                                        (Under Basel III)  AAA/Stable
Axis Bank Ltd                           Tier II Bonds      CRISIL         32050   Reaffirmed
                                        (Under Basel III)  AAA/Stable
Axis Bank Ltd                           Infrastructure     CRISIL         30000   Reaffirmed
                                        Bonds              AAA/Stable
Axis Bank Ltd                           Infrastructure     CRISIL         50000   Reaffirmed
                                        Bonds/Debenture    AAA/Stable
                                        Issue
Axis Bank Ltd                           Infrastructure     CRISIL         60000   Reaffirmed
                                        Bonds              AAA/Stable
Axis Bank Ltd                           Infrastructure     CRISIL         70000   Reaffirmed
                                        Bonds              AAA/Stable
Cauvery Neeravari Nigama Ltd            TL                 CRISIL A/Stable5000
Downgraded from 'CRISIL AA-(CE)'; Removed from 'Rating Watch with Negative Implication'
Cauvery Neeravari Nigama Ltd            Bonds - Series II  CRISIL                 Reaffirmed
                                                           AA-(CE)/Stable
Celebi Airport Services India Pvt Ltd   CC                 CRISIL         350     Reaffirmed
                                                           BBB/Stable
Celebi Airport Services India Pvt Ltd   Proposed FB Bk     CRISIL         362.8   Reaffirmed
                                        Limits             BBB/Stable
Celebi Airport Services India Pvt Ltd   TL                 CRISIL         926.2   Reaffirmed
                                                           BBB/Stable
Citibank N. A.                          Sub. Bonds         CRISIL         3200    Reaffirmed
                                                           AAA/Stable
D.C. Gurbaxani                          CC                 CRISIL         200     Reaffirmed
                                                           BBB/Stable
DCB Bank Ltd                            Tier II Bonds      CRISIL         12000   Reaffirmed
                                        (Under Basel III)  AA-/Stable
Dharamshala Ropeway Ltd                 TL*                CRISIL         1000    Assigned
                                                           BBB-/Stable
*Interchangeable with Letter of Credit to an extent of Rs 80 crore
Dr. B.S. Gupta Medical Charitable       Proposed LT Bk     CRISIL         58
Society                                 Loan Fac           BB+/Stable
Migrated from CRISIL BB+/Stable; Issuer Not Cooperating'
Eldorado Agritech Pvt Ltd               CC                 CRISIL         90      Reaffirmed
                                                           BBB-/Stable
Eldorado Agritech Pvt Ltd               LT Loan            CRISIL         10.6    Reaffirmed
                                                           BBB-/Stable
Eldorado Agritech Pvt Ltd               Proposed LT Bk     CRISIL         1.7     Reaffirmed
                                        Loan Fac           BBB-/Stable
Encore Asset Reconstruction Company Pvt WC Demand Loan     CRISIL         75      Assigned
Ltd                                                        A-/Stable
Encore Asset Reconstruction Company Pvt Proposed LT Bk     CRISIL         650     Assigned
Ltd                                     Loan Fac           A-/Stable
Encore Asset Reconstruction Company Pvt CC                 CRISIL         200     Assigned
Ltd                                                        A-/Stable
Encore Asset Reconstruction Company Pvt Overdraft          CRISIL         75      Assigned
Ltd                                                        A-/Stable
Essbee Intech Pvt Ltd                   CC                 CRISIL         110     Assigned
                                                           BB/Stable
Febin Marine Foods                      LT Loan            CRISIL         15
                                                           BB+/Stable
Upgraded from 'CRISIL BB/Stable'
Febin Marine Foods                      Packing Credit     CRISIL         80
                                                           BB+/Stable
Upgraded from 'CRISIL BB/Stable'
Five-Star Business Finance Ltd          NCD                CRISIL         300     Reaffirmed
                                                           BBB+/Stable
Gemscab Industries Ltd                  CC                 CRISIL         650     Reaffirmed
                                                           A-/Stable
Gemscab Industries Ltd                  Corporate Loan     CRISIL         127     Reaffirmed
                                                           A-/Stable
Gemscab Industries Ltd                  LT Loan            CRISIL         33      Reaffirmed
                                                           A-/Stable
Gemscab Industries Ltd                  Project Loan       CRISIL         170     Reaffirmed
                                                           A-/Stable
Gemscab Industries Ltd                  Proposed CC Limit  CRISIL         450     Reaffirmed
                                                           A-/Stable
Gopinath Chem-Tech Ltd                  CC                 CRISIL         230     Reaffirmed
                                                           BBB/Stable
Gopinath Chem-Tech Ltd                  LT Loan            CRISIL         8.2     Reaffirmed
                                                           BBB/Stable
Gopinath Chem-Tech Ltd                  Proposed TL        CRISIL         34.6    Reaffirmed
                                                           BBB/Stable
H. M. Foods - Fatehabad                 TL                 CRISIL         30      Assigned
                                                           BB-/Stable
H. M. Foods - Fatehabad                 CC                 CRISIL         49.5    Assigned
                                                           BB-/Stable
Hampi Expressways Pvt Ltd               LT Loan            CRISIL         10630   Reaffirmed
                                                           BBB-/Stable
Harshal Properties Pvt Ltd              NCD                CRISIL         14000   Assigned
                                                           BB-/Stable
Harshita Poultry Farm                   LT Loan            CRISIL B/Stable48.8    Assigned
Himachal Aluminium and Conductors       CC                 CRISIL         50      Reaffirmed
                                                           B+/Stable
IMI Abrasives Pvt Ltd                   CC                 CRISIL         100
                                                           BB+/Stable
Downgraded from 'CRISIL BBB-/Stable'
India Standard Loan Trust LVI           Liquidity Fac      Provisional    19.6
(Originator: AU Small Finance Bank Ltd)                    CRISIL AAA
                                                           (SO) Equivalent
Provisional Rating Assigned
India Standard Loan Trust LVI           Series A PTCs      Provisional    1964
(Originator: AU Small Finance Bank Ltd)                    CRISIL AAA
                                                           (SO) Equivalent
Provisional Rating Assigned
India Standard Loan Trust LVI           Second loss Fac    Provisional    69.4
(Originator: AU Small Finance Bank Ltd)                    CRISIL BBB+
                                                           (SO) Equivalent
Provisional Rating Assigned
Invent Assets Securitisation and        Overdraft          CRISIL         500     Reaffirmed
Reconstruction Pvt Ltd                                     BBB/Stable
Invent Assets Securitisation and        Proposed LT Bk     CRISIL         1500    Reaffirmed
Reconstruction Pvt Ltd                  Loan Fac           BBB/Stable
Inventaa Industries Pvt Ltd             CC                 CRISIL         210
                                                           BBB+/Stable
Outlook revised from 'Positive' and rating reaffirmed
Inventaa Industries Pvt Ltd             External           CRISIL         454     Reaffirmed
                                        Commercial         BBB+/Stable
                                        Borrowings
Outlook revised from 'Positive' and rating reaffirmed
Inventaa Industries Pvt Ltd             LT Loan            CRISIL         160.9   Assigned
                                                           BBB+/Stable
Outlook revised from 'Positive' and rating reaffirmed
Inventaa Industries Pvt Ltd             Proposed LT Bk     CRISIL         10.1    Assigned
                                        Loan Fac           BBB+/Stable
Outlook revised from 'Positive' and rating reaffirmed
JM Financial Services Ltd               Overdraft          CRISIL         1646.3  Reaffirmed
                                                           AA/Stable
JRD Infratech Pvt Ltd                   Proposed FB Bk     CRISIL         13.6    Assigned
                                        Limits             B+/Stable
JRD Infratech Pvt Ltd                   CC                 CRISIL         22      Assigned
                                                           B+/Stable
JSL Industries Ltd                      CC                 CRISIL         50      Reaffirmed
                                                           BB+/Stable
JSL Industries Ltd                      Proposed LT Bk     CRISIL         29.1    Reaffirmed
                                        Loan Fac           BB+/Stable
JSL Industries Ltd                      TL                 CRISIL         10.3    Reaffirmed
                                                           BB+/Stable
Kamna Medical Centre Pvt Ltd            CC                 -              7.5     Withdrawn
Kamna Medical Centre Pvt Ltd            TL                 -              52.5    Withdrawn
Kirloskar Ebara Pumps Ltd               CC^                CRISIL         140     Reaffirmed
                                                           A-/Stable
^Interchangeable with Export Packing Credit/Foreign Bill Discounting/Packing Credit Foreign
Currency/Bill Discounting limit up to Rs 14 crore.
Kirloskar Ebara Pumps Ltd               Overdraft*         CRISIL         50      Reaffirmed
                                                           A-/Stable
*Interchangeable with Working Capital Demand Loan/Export Packing Credit/Post Shipment Credit
Foreign Currency/Packing Credit Foreign Currency limit up to Rs 5 crore.
Kirloskar Ebara Pumps Ltd               Proposed LT Bk     CRISIL         85      Reaffirmed
                                        Loan Fac           A-/Stable
Lakshmigraha Worldwide Inc.             CC                 CRISIL B/Stable31      Assigned
Lakshmigraha Worldwide Inc.             LT Loan            CRISIL B/Stable4       Assigned
Landmark Engineer                       CC                 CRISIL         30      Reaffirmed
                                                           BB+/Stable
Madhav Cotton Pvt Ltd                   CC                 CRISIL         85      Reaffirmed
                                                           BB-/Stable
Madhav Cotton Pvt Ltd                   Proposed CC Limit  CRISIL         20      Reaffirmed
                                                           BB-/Stable
Madhav Cotton Pvt Ltd                   Proposed LT Bk     CRISIL         20      Assigned
                                        Loan Fac           BB-/Stable
Maha Sai Laboratories                   CC                 CRISIL         40
                                                           BB-/Stable
Downgraded from 'CRISIL BB/Stable'
Maha Sai Laboratories                   LT Bk Fac          CRISIL         60
                                                           BB-/Stable
Downgraded from 'CRISIL BB/Stable'
Milky Mist Dairy Food Pvt Ltd           CC                 CRISIL         289.5   Reaffirmed
                                                           BBB-/Negative
Milky Mist Dairy Food Pvt Ltd           Proposed LT Bk     CRISIL         629.6   Reaffirmed
                                        Loan Fac           BBB-/Negative
Milky Mist Dairy Food Pvt Ltd           TL                 CRISIL         3169    Reaffirmed
                                                           BBB-/Negative
Mobil Trust Series 08 (Originator:      Series A PTCs      Provisional    1357.3
Shriram City Union Finance Ltd)                            CRISIL AAA (SO)
Provisional Rating Assigned
NSE Clearing Ltd                        Corporate Credit   CCR AAA/Stable 4000
                                        Rating 
Renewed & Reaffirmed
Oban Fashions Pvt Ltd                   CC                 CRISIL         300     Assigned
                                                           BBB+/Stable
Panchal Machinery                       TL                 CRISIL         13.5    Assigned
                                                           BB/Stable
Panchal Machinery                       CC                 CRISIL         15      Assigned
                                                           BB/Stable
Panchal Machinery                       Proposed LT Bk     CRISIL         16.5    Assigned
                                        Loan Fac           BB/Stable
Pebco Motors Ltd                        CC                 CRISIL         15      Reaffirmed
                                                           BBB/Stable
Pebco Motors Ltd                        Electronic Dealer  CRISIL         135     Reaffirmed
                                        Financing          BBB/Stable
                                        Scheme(e-DFS)
Pebco Motors Ltd                        LT Loan            CRISIL         75      Reaffirmed
                                                           BBB/Stable
Pebco Motors Ltd                        Proposed LT Bk     CRISIL         52      Assigned
                                        Loan Fac           BBB/Stable
Petronet LNG Ltd                        NCD                CRISIL         6000    Reaffirmed
                                                           AAA/Stable
Planet PR Pvt Ltd                       CC                 CRISIL D       80
Issuer Not Cooperating; Downgraded from 'CRISIL B+/Stable Issuer Not Cooperating'
Raj Construction - Sultanpur            CC                 CRISIL         50      Reaffirmed
                                                           BB/Stable
Rama Marketing Enterprises              CC                 CRISIL         420     Reaffirmed
                                                           BB/Stable
Ramkripa Agro Foods Pvt Ltd             CC                 CRISIL D       49.5
Downgraded from 'CRISIL B+/Stable Issuer Not Cooperating'
Ramkripa Agro Foods Pvt Ltd             LT Loan            CRISIL D       25.5
Downgraded from 'CRISIL B+/Stable Issuer Not Cooperating'
Roljack Asia Ltd                        Proposed CC Limit  CRISIL         130     Assigned
                                                           BB/Stable
Roljack Asia Ltd                        Proposed LT Bk     CRISIL         50      Assigned
                                        Loan Fac           BB/Stable
Shankar Equipments Ltd                  CC                 CRISIL         82      Assigned
                                                           BB-/Stable
Shineshilpi Jewellers Pvt Ltd           CC                 CRISIL         200
                                                           BBB-/Stable
Migrated from 'CRISIL BB+/Stable Issuer Not Cooperating'
Shivalik Infraventures Pvt Ltd          Overdraft          CRISIL         18      Reaffirmed
                                                           BB+/Stable
Shivalik Infraventures Pvt Ltd          Proposed LT Bk     CRISIL         32      Reaffirmed
                                        Loan Fac           BB+/Stable
Small Industries Development Bank of    Bonds              CRISIL                 Reaffirmed
India                                                      AAA/Stable
Sri Kanakamahalakshmi Agencies          CC                 CRISIL         100
                                                           BB-/Stable
Migrated from 'CRISIL B+/Stable Issuer Not Cooperating'
Srikar Biotech Pvt Ltd                  CC                 CRISIL         70      Reaffirmed
                                                           BBB-/Stable
Srikar Biotech Pvt Ltd                  TL                 CRISIL         20.5    Reaffirmed
                                                           BBB-/Stable
Sterling Abrasives Ltd                  CC^                CRISIL         250     Reaffirmed
                                                           A+/Stable
^Interchangeable with working capital demand loan (WCDL)/export packing credit (EPC)/packing
credit in foreign currency (PCFC)/foreign bill discounting (FBD)/export bill rediscounting (EBR)
up to Rs 6 crore
Sugam Vanijya Holdings Pvt Ltd          NCD                CRISIL         50000   Reaffirmed
                                                           BBB+/Stable
Tharun Construction & Co                Secured Overdraft  CRISIL         250     Assigned
                                        Fac                BB-/Stable
Uchit Expressways Pvt Ltd               LT Loan            CRISIL         10540   Reaffirmed
                                                           BBB-/Stable
United Granites and Metals              CC                 CRISIL         75      Reaffirmed
                                                           BB-/Stable
United Granites and Metals              LT Loan            CRISIL         81.3    Reaffirmed
                                                           BB-/Stable
United Spirits Ltd                      FB Fac**           CRISIL         31250   Reaffirmed
                                                           AA+/Positive
Outlook revised from 'Stable' and rating reaffirmed ; **Interchangeable with non-fund based
limit
United Spirits Ltd                      Proposed FB Bk     CRISIL         3000    Reaffirmed
                                        Limits             AA+/Positive
Outlook revised from 'Stable' and rating reaffirmed
United Spirits Ltd                      NCD                CRISIL         15000   Reaffirmed
                                                           AA+/Positive
UPL Ltd                                 CC ##              CRISIL         11500   Reaffirmed
                                                           AA+/Negative
## Fully interchangeable between cash credit, working capital demand loan, foreign currency
non-resident (Bank) loans, packing credit in INR, packing credit in foreign currency, export
bill discounting in INR and foreign currency, buyer's credit for imports and domestic purchases,
and domestic sales bill discounting. It can also be converted into Non Fund Based facilities.
UPL Ltd                                 Proposed CC Limit  CRISIL         5000    Reaffirmed
                                                           AA+/Negative
UPL Ltd                                 Proposed LT Bk     CRISIL         2000    Reaffirmed
                                        Loan Fac **        AA+/Negative
** It can be converted into non-fund-based facilities.
UPL Ltd                                 Proposed WC Fac ** CRISIL         15000   Assigned
                                                           AA+/Negative
** It can be converted into non-fund-based facilities.
UPL Ltd                                 NCD                CRISIL         13500   Reaffirmed
                                                           AA+/Negative
VIP Industries Ltd                      CC & WC demand     CRISIL         750
                                        loan*              AA/Stable
Upgraded from 'CRISIL AA-/Positive'; *Interchangeable with non-fun based limits
VIP Industries Ltd                      Proposed WC Fac    CRISIL         505
                                                           AA/Stable
Upgraded from 'CRISIL AA-/Positive'
VK1 Expressway Pvt Ltd                  Proposed Overdraft CRISIL         460     Reaffirmed
                                        Fac                A-/Stable
VK1 Expressway Pvt Ltd                  Rupee TL           CRISIL         6810    Reaffirmed
                                                           A-/Stable
VK1 Expressway Pvt Ltd                  Rupee TL*          CRISIL         3000    Reaffirmed
                                                           A-/Stable
*Rupee term loan includes a sub-limit of mobilisation advance bank guarantee of Rs 205 crore
VRS Foods                               Warehouse Receipts CRISIL         20      Assigned
                                                           BB-/Stable
VRS Foods                               CC                 CRISIL         30      Assigned
                                                           BB-/Stable
VRS Foods                               Proposed LT Bk     CRISIL         100     Assigned
                                        Loan Fac           BB-/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@refinitiv.com)
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