February 27, 2020 / 5:14 AM / a month ago

CRISIL ratings for Indian debt instruments-Feb 27

    Feb 27 - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of February 26, 2020.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                          (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Academy of Maritime Education and       Overdraft          CRISIL A4+     180
Training
Migrated from 'CRISIL A4  Issuer Not Cooperating'
Admin Vitrified Pvt Ltd                 BG                 CRISIL A4+     20      Assigned
Agra Oil and General Industries Ltd     LOC                CRISIL A4      5       Assigned
Asvini Fisheries Pvt Ltd                BG                 CRISIL A2+     50      Reaffirmed
Continues on 'Rating Watch with Developing Implications'
Asvini Fisheries Pvt Ltd                Export Packing     CRISIL A2+     540     Reaffirmed
                                        Credit
Continues on 'Rating Watch with Developing Implications'
Asvini Fisheries Pvt Ltd                Foreign Bill       CRISIL A2+     340     Reaffirmed
                                        Discounting
Continues on 'Rating Watch with Developing Implications'
Asvini Fisheries Pvt Ltd                ST Bk Fac          CRISIL A2+     60      Reaffirmed
Continues on 'Rating Watch with Developing Implications'
Axsys Solutions                         BG                 CRISIL A4      50      Assigned
Axsys Solutions                         LOC                CRISIL A4      62.5    Assigned
Bharat Gas Resources Ltd                Proposed WC Fac    CRISIL A1+     5000    Reaffirmed
Bharat Oman Refineries Ltd              Bills - Inland*    CRISIL A1+     1000    Reaffirmed
*Working Capital Demand Loan (Sublimit of Bills - Inland)
Bharat Oman Refineries Ltd              LOC#               CRISIL A1+     4000    Reaffirmed
#Standby Letter of Credit (Sublimit of Letter of Credit)
Bharat Oman Refineries Ltd              Non- FBL           CRISIL A1+     57000   Reaffirmed
Bharat Oman Refineries Ltd              Proposed ST Bk     CRISIL A1+     26786.8 Reaffirmed
                                        Loan Fac
Bharat Oman Refineries Ltd              ST Bk Fac          CRISIL A1+     450     Reaffirmed
Bharat Oman Refineries Ltd              CP                 CRISIL A1+     3000    Reaffirmed
Bharat Petroleum Corporation Ltd        Non- FBL           CRISIL A1+     163120  Reaffirmed
Bharat Petroleum Corporation Ltd        Proposed NFBL      CRISIL A1+     1100    Reaffirmed
Bharat Petroleum Corporation Ltd        Proposed NFBL@@    CRISIL A1+     19825   Reaffirmed
@@Equivalent to USD 325 million. 1 USD=INR 61
Bharat Petroleum Corporation Ltd        ST Debt            CRISIL A1+     150000  Reaffirmed
Bharat Petroleum Corporation Ltd        CP                 CRISIL A1+     45000   Reaffirmed
Buddha Global Ltd                       Overdraft          CRISIL A4      40      Assigned
Divya Creations                         LOC & BG           CRISIL A4+     140
Downgraded from 'CRISIL A3'
Fab-Tech Works and Constructions Pvt LtdBG                 CRISIL A3      430     Reaffirmed
Geeken Seating Collection Pvt Ltd       BG                 CRISIL A4+     40
Issuer Not Cooperating; Rating Migrated
Grand Marine Foods                      BG                 CRISIL A4+     5       Reaffirmed
Grand Marine Foods                      Foreign Bill       CRISIL A4+     150     Assigned
                                        Negotiation
Highway Engineering Consultant          BG                 CRISIL A4      12
Issuer Not Cooperating; Rating Withdrawn
Highway Engineering Consultant          CC                 CRISIL A4      2
Issuer Not Cooperating; Rating Withdrawn
Highway Engineering Consultant          Proposed BG        CRISIL A4      238
Issuer Not Cooperating; Rating Withdrawn
Highway Engineering Consultant          Proposed CC Limit  CRISIL A4      48
Issuer Not Cooperating; Rating Withdrawn
Hyderabad Power Installations Pvt Ltd   BG                 CRISIL A4+     120     Assigned
Immaculate Agro Spices Pvt Ltd          Overdraft          CRISIL A4+     24      Assigned
ION Exchange India Ltd                  LOC & BG           CRISIL A2+     10141.7 Reaffirmed
ION Exchange India Ltd                  Proposed LOC & BG* CRISIL A2+     772.4   Reaffirmed
*Umbrella limits for Ion Exchange India Ltd and Ion Exchange Projects & Engineering Ltd
Kanjiravelil Traders                    Foreign Exchange   CRISIL A4+     4       Assigned
                                        Forward
L N Malviya Infra Projects Pvt Ltd      BG                 CRISIL A4      48
Issuer Not Cooperating; Rating Withdrawn
L N Malviya Infra Projects Pvt Ltd      CC                 CRISIL A4      3.5
Issuer Not Cooperating; Rating Withdrawn
L N Malviya Infra Projects Pvt Ltd      Proposed BG        CRISIL A4      300
Issuer Not Cooperating; Rating Withdrawn
L N Malviya Infra Projects Pvt Ltd      Proposed CC Limit  CRISIL A4      31.5
Issuer Not Cooperating; Rating Withdrawn
L N Malviya Infra Projects Pvt Ltd      Proposed BG        CRISIL A4      117
Issuer Not Cooperating; Rating Withdrawn
Madura Industrial Textiles Ltd          LOC                CRISIL A2      1298.7  Reaffirmed
Mega Rubber Technologies Pvt Ltd        BG                 CRISIL A2      3       Reaffirmed
Mega Rubber Technologies Pvt Ltd        Foreign Exchange   CRISIL A2      50      Reaffirmed
                                        Forward
Mega Rubber Technologies Pvt Ltd        LOC                CRISIL A2      30      Reaffirmed
Nexa Papers LLP                         BG                 CRISIL A4      10
Issuer Not Cooperating; Rating Migrated
Nuova Shoes                             Foreign Bill       CRISIL A3      10      Reaffirmed
                                        Discounting
Nuova Shoes                             LOC                CRISIL A3      10      Reaffirmed
Nuova Shoes                             Packing Credit     CRISIL A3      150     Assigned
One Auto Pvt Ltd                        Overdraft          CRISIL A4      28.8
Issuer Not Cooperating; Rating Migrated
Orange Overseas Pvt Ltd                 LOC                CRISIL A4      10
Issuer Not Cooperating; Rating Migrated
Punihani International                  BG                 CRISIL A3      7.5     Reaffirmed

Punihani International                  Bill Purchase-     CRISIL A3      100     Reaffirmed
                                        Discounting Fac
Punihani International                  LOC                CRISIL A3      10      Reaffirmed
Punihani International                  Packing Credit     CRISIL A3      80      Reaffirmed
Rays Power Infra Pvt Ltd                BG                 CRISIL A2      978.5   Reaffirmed
Rays Power Infra Pvt Ltd                LOC                CRISIL A2      150     Reaffirmed
Rays Power Infra Pvt Ltd                Proposed BG        CRISIL A2      261.5   Reaffirmed
Rays Power Infra Pvt Ltd                Proposed LOC       CRISIL A2      150     Reaffirmed
Safa Enterprises                        Foreign Bill       CRISIL A4+     80      Assigned
                                        Negotiation
Shah Trading Corporation                BG                 CRISIL A4+     46.6    Reaffirmed
Sheth and Sura Engineers Pvt Ltd        BG                 CRISIL A4+     200     Reaffirmed
Sheth and Sura Engineers Pvt Ltd        LOC                CRISIL A4+     20      Reaffirmed
Sheth and Sura Engineers Pvt Ltd        Proposed ST Bk     CRISIL A4+     240     Reaffirmed
                                        Loan Fac
Shyam Indus Power Solutions Pvt Ltd     BG                 CRISIL A3      2525
Downgraded from 'CRISIL A3+'
Shyam Indus Power Solutions Pvt Ltd     CP                 CRISIL A3      260
Downgraded from 'CRISIL A3+'; Rating Withdrawn 
Sri Langta Baba Steels Pvt Ltd          LOC                CRISIL A4+     10      Assigned
Sundaram Finance Ltd                    CP                 CRISIL A1+     70000
Tarama Food Product                     BG                 CRISIL A4      2.2     Assigned
TPF Engineering Pvt Ltd                 BG                 CRISIL A3      145
Upgraded from 'CRISIL A4+'
United Fortune International Pvt Ltd    Proposed ST Bk     CRISIL D       30
                                        Loan Fac
Issuer Not Cooperating; Downgraded from 'CRISIL A4 Issuer Not Cooperating'
Venkatrama Poultries Pvt Ltd            Letter Of GuaranteeCRISIL A4+     7       Reaffirmed

MEDIUM TERM RATINGS:
-------------------
Sundaram Finance Ltd                    FD Programme       FAAA/ Stable

LONG TERM RATINGS:
-------------------
Academy of Maritime Education and       Proposed LT Bk     CRISIL BB+/    300
Training                                Loan Fac           Stable
Migrated from 'CRISIL B/Stable  Issuer Not Cooperating'
Aditya Spinners Ltd                     CC                 CRISIL BB/     50      Reaffirmed
                                                           Stable
Aditya Spinners Ltd                     LT Loan            CRISIL BB/     45.6    Reaffirmed
                                                           Stable
Aditya Spinners Ltd                     Proposed CC Limit  CRISIL BB/     7.5     Reaffirmed
                                                           Stable
Aditya Spinners Ltd                     Proposed LT Bk     CRISIL BB/     16.9    Assigned
                                        Loan Fac           Stable
Admin Vitrified Pvt Ltd                 TL                 CRISIL BB/     144     Assigned
                                                           Stable
Admin Vitrified Pvt Ltd                 CC                 CRISIL BB/     80      Assigned
                                                           Stable
Agra Oil and General Industries Ltd     CC                 CRISIL B/      125     Assigned
                                                           Stable
Apco Vehicles India Pvt Ltd             CC                 CRISIL BBB-/   80      Reaffirmed
                                                           Stable
Apco Vehicles India Pvt Ltd             Inventory Funding  CRISIL BBB-/   130     Reaffirmed
                                        Fac                Stable
Apco Vehicles India Pvt Ltd             WC Fac             CRISIL BBB-/   20      Reaffirmed
                                                           Stable
Aristoplast Products Pvt Ltd            Rating Advisory    -
CRISIL is yet to receive adequate information from Aristoplast Products Private Limited (APPL)
to enable it to undertake a rating review.
Asvini Fisheries Pvt Ltd                BG                 CRISIL A-      90      Reaffirmed
Continues on 'Rating Watch with Developing Implications'
Asvini Fisheries Pvt Ltd                WC Fac             CRISIL A-      400     Reaffirmed
Continues on 'Rating Watch with Developing Implications'
Aurum Platz It Pvt Ltd                  Proposed Rupee TL  CRISIL BBB+/   2500    Assigned
                                                           Stable
Axsys Solutions                         CC                 CRISIL B+/     50      Assigned
                                                           Stable
Axsys Solutions                         Proposed LT Bk     CRISIL B+/     12.2    Assigned
                                        Loan Fac           Stable
Axsys Solutions                         Standby Line of    CRISIL B+/     6       Assigned
                                        Credit             Stable
Axsys Solutions                         TL                 CRISIL B+/     19.3    Assigned
                                                           Stable
Bharat Gas Resources Ltd                BG*                CRISIL AA+     3020    Reaffirmed
Continues on 'Rating Watch with Developing Implications'; * PBG (Performance Bank Guarantee) is
issued through Yes Bank, Bank of Baroda for above mentioned amounts for submission to PNGRB
under CGD Bidding Round 9 process and through ICICI Bank for above mentioned amounts for
submission to PNGRB under CGD Bidding Round 10 process and other CGD operations.
Bharat Gas Resources Ltd                Proposed LT Bk     CRISIL AA+     4000    Reaffirmed
                                        Loan Fac
Continues on 'Rating Watch with Developing Implications'
Bharat Gas Resources Ltd                Proposed NFBL^     CRISIL AA+     4730    Reaffirmed
Continues on 'Rating Watch with Developing Implications'; ^ Non Fund Facility is required for
submission of bank guarantee/SBLC to LNG suppliers/ Exporters as well as transporters,
submission of Bid Bonds, PBG to PNGRB during the course of business.
Bharat Gas Resources Ltd                Standby LOC^       CRISIL AA+     3250    Reaffirmed
Continues on 'Rating Watch with Developing Implications'; ^ Non Fund Facility is required for
submission of bank guarantee/SBLC to LNG suppliers/ Exporters as well as transporters,
submission of Bid Bonds, PBG to PNGRB during the course of business.
Bharat Oman Refineries Ltd              External           CRISIL AA+     10373.4 Reaffirmed
                                        Commercial
                                        Borrowings
Continues on 'Rating watch with Developing Implications'
Bharat Oman Refineries Ltd              FB Fac             CRISIL AA+     20000   Reaffirmed
Continues on 'Rating watch with Developing Implications'
Bharat Oman Refineries Ltd              TL                 CRISIL AA+     44259.8 Reaffirmed
Continues on 'Rating watch with Developing Implications'
Bharat Petroleum Corporation Ltd        FB Fac*            CRISIL AAA     228550  Reaffirmed
Continues on 'Rating Watch with Developing Implications'; *Rs 3690.0 crore is interchangeable
with non-fund-based facilities
Bharat Petroleum Corporation Ltd        FB Fac#            CRISIL AAA     99125   Reaffirmed
Continues on 'Rating Watch with Developing Implications'; #Equivalent to USD 1625 million. 1
USD=INR 61
Bharat Petroleum Corporation Ltd        Proposed FB Bk     CRISIL AAA     6100    Reaffirmed
                                        Limits
Continues on 'Rating Watch with Developing Implications'
Bharat Petroleum Corporation Ltd        Proposed FB Bk     CRISIL AAA     165615  Reaffirmed
                                        Limits$
Continues on 'Rating Watch with Developing Implications'; $ Equivalent to USD 2715 million. 1
USD=INR 61
Bharat Petroleum Corporation Ltd        NCD                CRISIL AAA     15000
Continues on 'Rating Watch with Developing Implications'
Bharat Petroleum Corporation Ltd        NCD                CRISIL AAA     10000
Continues on 'Rating Watch with Developing Implications'
Bharat Petroleum Corporation Ltd        NCD                CRISIL AAA     10000
Continues on 'Rating Watch with Developing Implications'
Bilpower Ltd                            CC                 CRISIL D       900
Issuer Not Cooperating
Bilpower Ltd                            LOC & BG           CRISIL D       800
Issuer Not Cooperating
Bilpower Ltd                            Proposed LT Bk     CRISIL D       40
                                        Loan Fac
Issuer Not Cooperating
Buddha Global Ltd                       CC                 CRISIL B/      40      Assigned
                                                           Stable
Dasari Veer Raju and Gunnam Ram Chandra CC                 CRISIL B+/     22.9    Reaffirmed
Rao Memorial Trust                                         Stable
Dasari Veer Raju and Gunnam Ram Chandra TL                 CRISIL B+/     107.6   Reaffirmed
Rao Memorial Trust                                         Stable
Divya Creations                         FB Fac             CRISIL BB+/    120
                                                           Stable
Downgraded from 'CRISIL BBB-/Negative'
Dr. J. J. Magdum Trust                  LT Loan            -              73      Withdrawn
Dr. J. J. Magdum Trust                  Proposed CC Limit  -              50      Withdrawn
Dr. J. J. Magdum Trust                  Proposed TL        -              27      Withdrawn
Enrich Exports                          Bill Discounting   CRISIL BB-/    50      Reaffirmed
                                                           Stable
Enrich Exports                          LT Loan            CRISIL BB-/    35      Reaffirmed
                                                           Stable
Enrich Exports                          Packing Credit     CRISIL BB-/    130     Reaffirmed
                                                           Stable
Fab-Tech Works and Constructions Pvt LtdCC                 CRISIL BBB-/   200     Reaffirmed
                                                           Stable
Fastway Transmissions Pvt Ltd           CC                 CRISIL BBB/    30
                                                           Stable
Migrated from 'CRISIL BB+/Stable Issuer Not Cooperating'
Fastway Transmissions Pvt Ltd           Proposed LT Bk     CRISIL BBB/    370
                                        Loan Fac           Stable
Migrated from 'CRISIL BB+/Stable Issuer Not Cooperating'
Fastway Transmissions Pvt Ltd           TL                 CRISIL BBB/    1200
                                                           Stable
Migrated from 'CRISIL BB+/Stable Issuer Not Cooperating'
Geeken Seating Collection Pvt Ltd       CC                 CRISIL BB+/    100
                                                           Stable
Issuer Not Cooperating; Rating Migrated
Geeken Seating Collection Pvt Ltd       Proposed BG        CRISIL BB+/    40
                                                           Stable
Issuer Not Cooperating; Rating Migrated
Geeken Seating Collection Pvt Ltd       Proposed LT Bk     CRISIL BB+/    78
                                        Loan Fac           Stable
Issuer Not Cooperating; Rating Migrated
Geeken Seating Collection Pvt Ltd       TL                 CRISIL BB+/    92
                                                           Stable
Issuer Not Cooperating; Rating Migrated
Genuine Spices                          CC                 CRISIL BB/     73      Assigned
                                                           Stable
Grand Marine Foods                      Credit Limit Under CRISIL BB/     42      Reaffirmed
                                        Gold Card          Stable
Grand Marine Foods                      Rupee TL           CRISIL BB/     40      Assigned
                                                           Stable
Grand Marine Foods                      Foreign Bill       CRISIL BB/     50      Assigned
                                        Purchase           Stable
Grand Marine Foods                      Export Packing     CRISIL BB/     160     Assigned
                                        Credit             Stable
Hyderabad Power Installations Pvt Ltd   Overdraft          CRISIL BB/     60      Assigned
                                                           Stable
Hyderabad Power Installations Pvt Ltd   Proposed LT Bk     CRISIL BB/     30      Assigned
                                        Loan Fac           Stable
ION Exchange India Ltd                  CC                 CRISIL A-/     1474.8  Reaffirmed
                                                           Stable
ION Exchange India Ltd                  Overdraft          CRISIL A-/     100     Reaffirmed
                                                           Stable
ION Exchange India Ltd                  Proposed CC Limit* CRISIL A-/     170     Reaffirmed
                                                           Stable
*Umbrella limits for Ion Exchange India Ltd and Ion Exchange Projects & Engineering Ltd
ION Exchange India Ltd                  TL                 CRISIL A-/     392.5   Reaffirmed
                                                           Stable
Ion Exchange Purified Drinking Water    TL                 -              76.02   Withdrawn
Pvt Ltd
J. N. Traders                           CC                 -              65      Withdrawn
J. N. Traders                           LT Loan            -              25      Withdrawn
Jindal House                            CC                 CRISIL BBB-/   150     Reaffirmed
                                                           Stable
Jindal House                            Proposed LT Bk     CRISIL BBB-/   5       Reaffirmed
                                        Loan Fac           Stable
Kan Agro Spices                         CC                 CRISIL BB/     12      Assigned
                                                           Stable
Kanjiravelil Traders                    Proposed FB Bk     CRISIL BB/     89      Assigned
                                        Limits             Stable
Kanjiravelil Traders                    CC                 CRISIL BB/     307     Assigned
                                                           Stable
Laxmi Enterprises - Mumbai              Packing Credit     CRISIL BBB/    972     Reaffirmed
                                                           Stable
Laxmi Enterprises - Mumbai              Proposed LT Bk     CRISIL BBB/    67.7    Reaffirmed
                                        Loan Fac           Stable
Madura Industrial Textiles Ltd          CC*                CRISIL BBB+/   450     Reaffirmed
                                                           Stable
*Includes sublimit of LC upto Rs 20 crore
Madura Industrial Textiles Ltd          CC#                CRISIL BBB+/   650     Reaffirmed
                                                           Stable
#Full convertible into Letter of credit
Madura Industrial Textiles Ltd          CC                 CRISIL BBB+/   750     Reaffirmed
                                                           Stable
Madura Industrial Textiles Ltd          LT Loan            CRISIL BBB+/   1631.3  Assigned
                                                           Stable
Manoj Trading Company                   Proposed FB Bk     -              41      Withdrawn
                                        Limits
Manoj Trading Company                   CC                 CRISIL BB-/    165     Reaffirmed
                                                           Stable
Mega Rubber Technologies Pvt Ltd        CC                 CRISIL BBB+/   535     Reaffirmed
                                                           Stable
Mega Rubber Technologies Pvt Ltd        TL                 CRISIL BBB+/   168     Reaffirmed
                                                           Stable
Nagoorar Enterprises                    CC                 CRISIL D       80
Issuer Not Cooperating; Rating Migrated
Nagoorar Enterprises                    Proposed LT Bk     CRISIL D       54.4
                                        Loan Fac
Issuer Not Cooperating; Rating Migrated
Nagoorar Enterprises                    TL                 CRISIL D       50
Issuer Not Cooperating; Rating Migrated
New Asian Infrastructure Development    TL                 CRISIL D       250
Pvt Ltd
Issuer Not Cooperating; Rating Migrated
Nexa Papers LLP                         CC                 CRISIL B+/     50
                                                           Stable
Issuer Not Cooperating; Rating Migrated
Nexa Papers LLP                         TL                 CRISIL B+/     74.4
                                                           Stable
Issuer Not Cooperating; Rating Migrated
Nikki Steels Pvt Ltd                    CC                 CRISIL BB-/    100
                                                           Stable
Issuer Not Cooperating; Rating Migrated
Om Foodprocessing Pvt Ltd               CC                 CRISIL B+/     75
                                                           Stable
Issuer Not Cooperating; Rating Migrated
Om Foodprocessing Pvt Ltd               Proposed LT Bk     CRISIL B+/     25
                                        Loan Fac           Stable
Issuer Not Cooperating; Rating Migrated
One Auto Pvt Ltd                        Drop Line          CRISIL B+/     14.7
                                        Overdraft Fac      Stable
Issuer Not Cooperating; Rating Migrated
One Auto Pvt Ltd                        Electronic Dealer  CRISIL B+/     105
                                        Financing          Stable
                                        Scheme(e- DFS)
Issuer Not Cooperating; Rating Migrated
One Auto Pvt Ltd                        Inventory Funding  CRISIL B+/     90
                                        Fac                Stable
Issuer Not Cooperating; Rating Migrated
One Auto Pvt Ltd                        LT Loan            CRISIL B+/     91.5
                                                           Stable
Issuer Not Cooperating; Rating Migrated
Orange Overseas Pvt Ltd                 CC                 CRISIL B+/     40
                                                           Stable
Issuer Not Cooperating; Rating Migrated
Piramal Capital and Housing Finance     Acquirer Payouts   CRISIL AA (SO) 4769.5
Ltd- PCHFL PCG Sep 2019                                    Equivalent
Converted from Provisional Rating to Final Rating
Punihani International                  Proposed LT Bk     CRISIL BBB-/   2.5     Reaffirmed
                                        Loan Fac           Stable
Rays Power Infra Pvt Ltd                CC                 CRISIL BBB+/   670     Reaffirmed
                                                           Stable
Rays Power Infra Pvt Ltd                Proposed FB Bk     CRISIL BBB+/   40      Reaffirmed
                                        Limits             Stable
Safa Enterprises                        Credit Limit Under CRISIL BB/     14      Assigned
                                        Gold Card          Stable
Safa Enterprises                        Export Packing     CRISIL BB/     60      Assigned
                                        Credit             Stable
Safa Enterprises                        Foreign Bill       CRISIL BB/     10      Assigned
                                        Purchase           Stable
Shah Trading Corporation                CC                 CRISIL BB/     39      Reaffirmed
                                                           Stable
Shri Bahubali Trader                    TL                 CRISIL B+/     28      Assigned
                                                           Stable
Shri Bahubali Trader                    CC                 CRISIL B+/     5       Assigned
                                                           Stable
Shri Bahubali Trader                    Proposed LT Bk     CRISIL B+/     17      Assigned
                                        Loan Fac           Stable
Shukra Jewellery Ltd                    TL                 CRISIL D       170.5
Issuer Not Cooperating; Downgraded from 'CRISIL BB-/Stable Issuer Not Cooperating' 
Shyam Indus Power Solutions Pvt Ltd     CC                 CRISIL BBB-/   655
                                                           Negative
Downgraded from 'CRISIL BBB/Stable'
Sri Langta Baba Steels Pvt Ltd          CC                 CRISIL BB/     250     Assigned
                                                           Stable
Sri Langta Baba Steels Pvt Ltd          TL                 CRISIL BB/     31      Assigned
                                                           Stable
Sri Langta Baba Steels Pvt Ltd          Proposed LT Bk     CRISIL BB/     49      Assigned
                                        Loan Fac           Stable
Sri Ramachandra Agro Industries         CC                 CRISIL BB-/    60
                                                           Stable
Issuer Not Cooperating; Rating Migrated
Sri Ramachandra Agro Industries         TL                 CRISIL BB-/    5
                                                           Stable
Issuer Not Cooperating; Rating Migrated
Sun India Hatcheries Pvt Ltd            CC                 CRISIL BB+/    60      Reaffirmed
                                                           Stable
Sun India Hatcheries Pvt Ltd            Proposed LT Bk     CRISIL BB+/    109     Reaffirmed
                                        Loan Fac           Stable
Sun India Hatcheries Pvt Ltd            Rupee TL           CRISIL BB+/    6       Reaffirmed
                                                           Stable
Sundaram Finance Ltd                    Proposed LT Bk     CRISIL AAA/    15500   Reaffirmed
                                        Loan Fac           Stable
Sundaram Finance Ltd                    TL                 CRISIL AAA/    24500   Reaffirmed
                                                           Stable
Sundaram Finance Ltd                    NCD                CRISIL AAA/    3000
                                                           Stable
Sundaram Finance Ltd                    Tier II Bond       CRISIL AAA/    22671
                                                           Stable
Sundaram Finance Ltd                    NCD                CRISIL AAA/    58000
                                                           Stable
SVC Ventures Pvt Ltd                    Proposed LT Bk     CRISIL BB/     180
                                        Loan Fac           Stable
Issuer Not Cooperating; Rating Migrated
SVC Ventures Pvt Ltd                    Secured Overdraft  CRISIL BB/     20
                                        Fac                Stable
Issuer Not Cooperating; Rating Migrated
Tarama Food Product                     TL                 CRISIL B/      32.7    Assigned
                                                           Stable
Tarama Food Product                     Proposed LT Bk     CRISIL B/      20.1    Assigned
                                        Loan Fac           Stable
Tarama Food Product                     CC                 CRISIL B/      15      Assigned
                                                           Stable
Thakurji Solvex Pvt Ltd                 CC                 CRISIL BB+/    370     Reaffirmed
                                                           Stable
Thakurji Solvex Pvt Ltd                 LT Loan            CRISIL BB+/    126     Reaffirmed
                                                           Stable
Thakurji Solvex Pvt Ltd                 Proposed LT Bk     CRISIL BB+/    64      Assigned
                                        Loan Fac           Stable
TPF Engineering Pvt Ltd                 CC                 CRISIL BBB-/   10
                                                           Stable
Upgraded from 'CRISIL BB+/Stable'
Uma Medicare Ltd.                       BG                 CRISIL BBB-/   5
                                                           Stable
Downgraded from 'CRISIL BBB/Stable'
Uma Medicare Ltd.                       CC                 CRISIL BBB-/   65
                                                           Stable
Downgraded from 'CRISIL BBB/Stable'
Uma Medicare Ltd.                       LT Loan            CRISIL BBB-/   87.9
                                                           Stable
Downgraded from 'CRISIL BBB/Stable'
Uma Medicare Ltd.                       Proposed LT Bk     CRISIL BBB-/   12.1
                                        Loan Fac           Stable
Downgraded from 'CRISIL BBB/Stable'
United Fortune International Pvt Ltd    Packing Credit     CRISIL D       180
Issuer Not Cooperating; Downgraded from 'CRISIL A4 Issuer Not Cooperating'
Unnati Writing Products Pvt Ltd         CC                 CRISIL D       110
Downgraded from 'CRISIL B+/Stable'
Unnati Writing Products Pvt Ltd         TL                 CRISIL D       30
Downgraded from 'CRISIL B+/Stable'
Venkatrama Poultries Pvt Ltd            CC                 CRISIL BB+/    1000    Reaffirmed
                                                           Stable
Venkatrama Poultries Pvt Ltd            LT Loan            CRISIL BB+/    245     Reaffirmed
                                                           Stable
Venkatrama Poultries Pvt Ltd            Proposed LT Bk     CRISIL BB+/    615.1   Reaffirmed
                                        Loan Fac           Stable
Venkatrama Poultries Pvt Ltd            WC TL              CRISIL BB+/    8.5     Reaffirmed
                                                           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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