February 28, 2020 / 9:16 AM / a month ago

CRISIL ratings for Indian debt instruments-Feb 28

    Feb 28  - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of February 27, 2020.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
A C P Industries Ltd                    BG                 CRISIL A4      20      Reaffirmed
Agrocrops India Ltd                     Packing Credit     CRISIL A3      140     Assigned
Agrocrops India Ltd                     Proposed Packing   CRISIL A3      150     Assigned
                                        Credit
Airoil Flaregas Pvt Ltd                 BG                 CRISIL A4+     300     Reaffirmed
Albert David Ltd                        LOC & BG           CRISIL A1      180.1   Reaffirmed
Anjaline Blue Moons Pvt Ltd             Proposed Packing   CRISIL A4      90      Withdrawn
                                        Credit
Astalakshmi Agencies                    Inland/Import LOC  CRISIL A4+     50
(Issuer not cooperating); Rating Migrated
B V Prabhujee                           BG                 CRISIL A4      15      Reaffirmed
Bharat Steel Yard Pvt Ltd               LOC                CRISIL A4+     60
(Issuer not cooperating); Rating Migrated
Brothers Engineering and Erectors Ltd   BG                 CRISIL A4+     75
(Issuer not cooperating); Rating Migrated
BSL Scaffolding Ltd                     Inland/Import LOC  CRISIL A4      80
(Issuer not cooperating); Rating Migrated
Carborundum Universal Ltd               BG                 CRISIL A1+     1500    Reaffirmed
Carborundum Universal Ltd               ST Debt            CRISIL A1+     600     Reaffirmed
EDAC Engineering Ltd                    BG                 CRISIL A3      588
Downgraded from CRISIL A3+
Fathima Cashew Company                  Foreign            CRISIL A4      10      Reaffirmed
                                        Documentary Bills
                                        Purchase
Fathima Cashew Company                  Packing Credit     CRISIL A4      45      Reaffirmed
Faze Three Autofab Ltd                  BG                 CRISIL A4+     5       Reaffirmed
Groz Engineering Tools Pvt Ltd          BG                 CRISIL A1+     20      Reaffirmed
Groz Engineering Tools Pvt Ltd          LOC                CRISIL A1+     50      Reaffirmed
Hazel Mercantile Ltd                    LOC                CRISIL A1      7915    Reaffirmed
Hazel Mercantile Ltd                    Proposed ST Bk     CRISIL A1      1635    Reaffirmed
                                        Loan Fac
Hi-Tech Audio Systems Pvt Ltd           BG                 CRISIL A3+     100     Reaffirmed
Hi-Tech Audio Systems Pvt Ltd           LOC                CRISIL A3+     50      Reaffirmed
Indian Oil Corporation Ltd              Non-FBL*           CRISIL A1+     195000  Reaffirmed
*Fund-based facilities are one way fully interchangeable with non-fund-based facilities
Indian Oil Corporation Ltd              Proposed NFBL      CRISIL A1+     70000   Reaffirmed
Indian Oil Corporation Ltd              Proposed ST Bk     CRISIL A1+     280000  Reaffirmed
                                        Loan Fac
Industrial Safety Products Pvt Ltd      Foreign Bill       CRISIL A3      550     Reaffirmed
                                        Purchase
Industrial Safety Products Pvt Ltd      Packing Credit     CRISIL A3      100     Reaffirmed
Industrial Safety Products Pvt Ltd      Standby Foreign    CRISIL A3      130     Reaffirmed
                                        Bill Exchange
Jet Granito Pvt Ltd                     BG                 CRISIL A4+     65
(Issuer not cooperating); Rating Migrated
John Deere Financial India Pvt Ltd      CP                 CRISIL A1+     6000    Reaffirmed
JRD Industries                          LOC                CRISIL A3      445     Reaffirmed
JWC Logistics Park Pvt Ltd              BG                 CRISIL A2+     50      Reaffirmed
JWL Cold Store Pvt Ltd                  BG                 CRISIL A2+     70      Reaffirmed
JWR Logistics Pvt Ltd                   BG                 CRISIL A2+     40      Reassigned
JWR Logistics Pvt Ltd                   Overdraft          CRISIL A2+     30      Reassigned
Jyoti Polyvinyl Ltd                     BG                 CRISIL A4+     5
(Issuer not cooperating); Rating Migrated
Jyoti Polyvinyl Ltd                     Inland/Import LOC  CRISIL A4+     25
(Issuer not cooperating); Rating Migrated
Jyoti Polyvinyl Ltd                     Packing Credit     CRISIL A4+     25
(Issuer not cooperating); Rating Migrated
Jyoti Vinyl Ltd                         Inland/Import LOC  CRISIL A4+     35
(Issuer not cooperating); Rating Migrated
Jyoti Vinyl Ltd                         Packing Credit     CRISIL A4+     32.5
(Issuer not cooperating); Rating Migrated
Kamala Metachem                         LOC                CRISIL A4+     100     Reaffirmed
Kaveri Exports                          Packing Credit     CRISIL A4      100
(Issuer not cooperating); Rating Migrated
Lakshmi Infrastructure and Developers   BG                 CRISIL A4      90
India Pvt Ltd
(Issuer not cooperating); Rating Migrated
Lavino Kapur Cottons Pvt Ltd            Export Packing     CRISIL A2      325     Reaffirmed
                                        Credit & Export
                                        Bills Negotiation/Foreign Bill discounting
Lavino Kapur Cottons Pvt Ltd            Proposed ST Bk     CRISIL A2      110     Reaffirmed
                                        Loan Fac
LEDVANCE Pvt Ltd                        Non-FBL            CRISIL A1      100     Withdrawn
LEDVANCE Pvt Ltd                        Non-FBL            CRISIL A2+     170
Downgraded from CRISIL A1
LEDVANCE Pvt Ltd                        Proposed ST Bk     CRISIL A2+     180     Assigned
                                        Loan Fac
Downgraded from CRISIL A1
Marvel Clothing Company                 Packing Credit     CRISIL A4+     50      Assigned
Metaflux Company Pvt Ltd                LOC                CRISIL A4+     3       Reaffirmed
Metenere Ltd                            BG                 CRISIL A3+     7       Reaffirmed
Narol Textile Infrastructure & Enviro   BG                 CRISIL A4      50
Management

(Issuer not cooperating); Rating Migrated
Nayak Infrastructure Pvt Ltd            BG                 CRISIL A4+     1350
(Issuer not cooperating); Migrated from CRISIL A3+
New Rishta Agro India Ltd               Packing Credit     CRISIL A4+     3
(Issuer not cooperating); Rating Migrated
Parkash Dye Chem                        LOC                CRISIL A4+     50
(Issuer not cooperating); Rating Migrated
Pharose Remedies Ltd                    LOC                CRISIL A4+     25
(Issuer not cooperating); Rating Migrated
Popular Auto Dealers Pvt Ltd            BG                 CRISIL A4+     95
(Issuer not cooperating); Rating Migrated
Premier Enterprises - Tamil Nadu        Packing Credit     CRISIL A2      75      Reaffirmed
Sanman Trade Impex Ltd                  LOC                CRISIL A2+     1390    Reaffirmed
Sanman Trade Impex Ltd                  Proposed ST Bk     CRISIL A2+     60      Reaffirmed
                                        Loan Fac
Shiv Industries (Food) Pvt Ltd          BG                 CRISIL A4+     6.2
(Issuer not cooperating); Rating Migrated
Shivmani Agrotech Pvt Ltd               BG                 CRISIL A4+     9.3     Assigned
Shriram City Union Finance Ltd          CP                 CRISIL A1+     30000   Reaffirmed
Span Pumps Pvt Ltd                      BG                 CRISIL A4+     140     Assigned
Sun Direct TV Pvt Ltd                   BG                 CRISIL A2+     750
Upgraded from CRISIL A2
Sun Direct TV Pvt Ltd                   ST Loan            CRISIL A2+     500
Upgraded from CRISIL A2
Swapnil Agro Pvt Ltd                    BG                 CRISIL A4      20
(Issuer not cooperating); Rating Migrated
Tafe Motors and Tractors Ltd            ST Debt            CRISIL A1+     450     Reaffirmed
Teknomin Construction Ltd               BG                 CRISIL A3+     230     Reaffirmed
Tractors and Farm Equipment Ltd         BG                 CRISIL A1+     50      Reaffirmed
Tractors and Farm Equipment Ltd         LOC*               CRISIL A1+     100     Reaffirmed
*Interchangeable with Letter of Credit Capital goods
Tractors and Farm Equipment Ltd         ST Debt            CRISIL A1+     300     Reaffirmed
Umiya Mata Kadva Patidar Education &    Letter Of GuaranteeCRISIL A4      50
Samaj Seva Trust
(Issuer not cooperating)
Union Roadways Ltd                      BG                 CRISIL A3+     80      Reaffirmed
Veritas India Ltd                       Proposed ST Bk     CRISIL A2      1160    Reaffirmed
                                        Loan Fac
Vina International Pvt Ltd              Proposed Export    CRISIL A4+     50
                                        Packing Credit
(Issuer not cooperating); Rating Migrated
Vina International Pvt Ltd              Proposed LOC       CRISIL A4+     50
(Issuer not cooperating); Rating Migrated
Vishvas Power Engineering Services Pvt  BG                 CRISIL A4      25
Ltd
Assigned; Suspension Revoked
Vishvas Power Engineering Services Pvt  LOC                CRISIL A4      50
Ltd
Assigned; Suspension Revoked
Vrep Construction and Consultants Pvt   BG                 CRISIL A4      45
Ltd
(Issuer not cooperating); Rating Migrated

LONG TERM RATINGS:
-------------------
A C P Industries Ltd                    CC                 CRISIL         330     Reaffirmed
                                                           B-/Stable
A C P Industries Ltd                    Proposed LT Bk     CRISIL         50      Reaffirmed
                                        Loan Fac           B-/Stable
Accurate Products Corporation Pvt Ltd   CC                 CRISIL         115     Reaffirmed
                                                           BBB/Stable
Accurate Products Corporation Pvt Ltd   Proposed LT Bk     CRISIL         78      Reaffirmed
                                        Loan Fac           BBB/Stable
Agarwal Pharma                          CC                 CRISIL         50
                                                           BB-/Stable
(Issuer not cooperating); Rating Migrated
Agrocrops India Ltd                     CC                 CRISIL         10      Assigned
                                                           BBB-/Stable
Agrocrops India Ltd                     TL                 CRISIL         40      Assigned
                                                           BBB-/Stable
Agrocrops India Ltd                     Proposed TL        CRISIL         60      Assigned
                                                           BBB-/Stable
Airoil Flaregas Pvt Ltd                 CC                 CRISIL         60      Reaffirmed
                                                           BB/Stable
Albert David Ltd                        CC                 CRISIL         100     Reaffirmed
                                                           A-/Positive
Outlook revised from Stable and rating reaffirmed
Albert David Ltd                        Proposed LT Bk     CRISIL         419.9   Reaffirmed
                                        Loan Fac           A-/Positive
Outlook revised from Stable and rating reaffirmed
Anjaline Blue Moons Pvt Ltd             Proposed CC Limit  CRISIL B/Stable160     Withdrawn
Astalakshmi Agencies                    CC                 CRISIL         50
                                                           BB/Stable
(Issuer not cooperating); Rating Migrated
Astalakshmi Agencies                    Proposed LT Bk     CRISIL         115
                                        Loan Fac           BB/Stable
(Issuer not cooperating); Rating Migrated
Azure Switchgear Pvt Ltd                Proposed LT Bk     CRISIL         50
                                        Loan Fac           BB-/Stable
(Issuer not cooperating); Rating Migrated
B V Prabhujee                           CC                 CRISIL B/Stable29      Reaffirmed
B V Prabhujee                           LT Loan            CRISIL B/Stable10.5    Reaffirmed
B V Prabhujee                           Proposed LT Bk     CRISIL B/Stable45.5    Reaffirmed
                                        Loan Fac
Bajwa Developers Ltd                    CC/ Overdraft Fac  CRISIL         180
                                                           BB-/Stable
(Issuer not cooperating); Rating Migrated
Balaji Agritrade Pvt Ltd                Rupee TL           CRISIL D       120
(Issuer not cooperating); Rating Migrated
Belstar Microfinance Ltd                CC                 CRISIL         85.4
                                                           A+/Positive
Belstar Microfinance Ltd                Proposed LT Bk     CRISIL         214.5
                                        Loan Fac           A+/Positive
Belstar Microfinance Ltd                TL                 CRISIL         15200.1
                                                           A+/Positive
Bentlay Fittings Pvt Ltd                CC                 CRISIL         40
                                                           BB+/Stable
(Issuer not cooperating); Rating Migrated
Bentlay Fittings Pvt Ltd                Proposed LT Bk     CRISIL         58
                                        Loan Fac           BB+/Stable
(Issuer not cooperating); Rating Migrated
Bentlay Fittings Pvt Ltd                TL                 CRISIL         102
                                                           BB+/Stable
(Issuer not cooperating); Rating Migrated
Bharat Steel Yard Pvt Ltd               CC                 CRISIL         130
                                                           BB+/Stable
(Issuer not cooperating); Rating Migrated
Bharat Steel Yard Pvt Ltd               Channel Financing  CRISIL         50
                                                           BB+/Stable
(Issuer not cooperating); Rating Migrated
Bharat Steel Yard Pvt Ltd               Proposed LT Bk     CRISIL         60
                                        Loan Fac           BB+/Stable
(Issuer not cooperating); Rating Migrated
Bhosale Industries                      CC                 CRISIL         8.5
                                                           BB-/Stable
(Issuer not cooperating); Rating Migrated
Bhosale Industries                      LT Bk Fac          CRISIL         24.5
                                                           BB-/Stable
(Issuer not cooperating); Rating Migrated
Bhosale Industries                      Proposed LT Bk     CRISIL         55.5
                                        Loan Fac           BB-/Stable
(Issuer not cooperating); Rating Migrated
Bhosale Industries                      Proposed WC Fac    CRISIL         11.5
                                                           BB-/Stable
(Issuer not cooperating); Rating Migrated
Brothers Engineering and Erectors Ltd   CC                 CRISIL         20
                                                           BB/Stable
(Issuer not cooperating); Rating Migrated
BSL Scaffolding Ltd                     CC                 CRISIL         100
                                                           B+/Stable
(Issuer not cooperating); Rating Migrated
Carborundum Universal Ltd               CC*                CRISIL AA+     4000    Reaffirmed
*Interchangeable with short term loan, working capital demand loan, packing credit in foreign
currency, buyers credit, bill discounting, bill guarantees and l
Carborundum Universal Ltd               NCD                CRISIL         2000    Reaffirmed
                                                           AA+/Stable
Dentcare Dental Lab Pvt Ltd             CC                 CRISIL         150
                                                           BB+/Stable
(Issuer not cooperating); Rating Migrated
Devi Enterprises - Erode                CC                 CRISIL         30
                                                           BB/Stable
(Issuer not cooperating); Rating Migrated
Devi Enterprises - Erode                Proposed WC Fac    CRISIL         120
                                                           BB/Stable
(Issuer not cooperating); Rating Migrated
Dhananjay Giri                          CC                 CRISIL B/Stable100
(Issuer not cooperating); Rating Migrated
EDAC Engineering Ltd                    CC                 CRISIL         75
                                                           BBB-/Stable
Downgraded from CRISIL BBB/Stable
EDAC Engineering Ltd                    Proposed BG        CRISIL         500
                                                           BBB-/Stable
Downgraded from CRISIL BBB/Stable
Fathima Cashew Company                  CC                 CRISIL B/Stable15
Downgraded from CRISIL B+/Stable
Faze Three Autofab Ltd                  CC                 CRISIL         255     Reaffirmed
                                                           BB/Stable
Outlook revised from Negative and rating reaffirmed
Faze Three Autofab Ltd                  TL                 CRISIL         240     Reaffirmed
                                                           BB/Stable
Outlook revised from Negative and rating reaffirmed
Galaxy Exports Pvt Ltd                  CC                 CRISIL         65
                                                           BB-/Stable
(Issuer not cooperating); Rating Migrated
Galaxy Exports Pvt Ltd                  Proposed FB Bk     CRISIL         29.8
                                        Limits             BB-/Stable
(Issuer not cooperating); Rating Migrated
Gemini Enterprises-Hyderabad            CC                 CRISIL D       70
(Issuer not cooperating); Downgraded from CRISIL B/Stable
Groz Engineering Tools Pvt Ltd          Export Packing     CRISIL         440     Reaffirmed
                                        Credit             A+/Stable
Groz Engineering Tools Pvt Ltd          Export Packing     CRISIL         240     Reaffirmed
                                        Credit & Export    A+/Stable
                                        Bills Negotiation/Foreign Bill discounting
Hazel Mercantile Ltd                    CC                 CRISIL A/Stable1150    Reaffirmed
Hazel Mercantile Ltd                    Proposed CC Limit  CRISIL A/Stable100     Reaffirmed
Hazel Mercantile Ltd                    Proposed TL        CRISIL A/Stable20      Assigned
HDB Financial Services Ltd              LT Bk Fac          CRISIL         168300  Reaffirmed
                                                           AAA/Stable
HDB Financial Services Ltd              Proposed LT Bk     CRISIL         81700   Reaffirmed
                                        Loan Fac           AAA/Stable
Hi-Tech Audio Systems Pvt Ltd           CC                 CRISIL         250     Reaffirmed
                                                           BBB/Stable
Hi-Tech Audio Systems Pvt Ltd           Proposed FB Bk     CRISIL         90      Reaffirmed
                                        Limits             BBB/Stable
HVR Industries Pvt Ltd                  CC                 CRISIL         18
                                                           BB-/Stable
(Issuer not cooperating); Rating Migrated
HVR Industries Pvt Ltd                  Proposed FB Bk     CRISIL         31
                                        Limits             BB-/Stable
(Issuer not cooperating); Rating Migrated
HVR Industries Pvt Ltd                  TL                 CRISIL         21
                                                           BB-/Stable
(Issuer not cooperating); Rating Migrated
Indian Oil Corporation Ltd              FB Fac*            CRISIL         263000  Reaffirmed
                                                           AAA/Stable
*Fund-based facilities are one way fully interchangeable with non-fund-based facilities
Indian Oil Corporation Ltd              NCD                CRISIL         30000   Assigned
                                                           AAA/Stable
Indian Oil Corporation Ltd              NCD                CRISIL         50000   Reaffirmed
                                                           AAA/Stable
Indianoil LNG Pvt Ltd                   Convertible        CRISIL         7870    Reaffirmed
                                        Debentures         AAAr(CE)/Stable
Industrial Safety Products Pvt Ltd      Proposed FB Bk     CRISIL         120     Reassigned
                                        Limits             BBB-/Stable
Jet Granito Pvt Ltd                     CC                 CRISIL         170
                                                           BB+/Stable
(Issuer not cooperating); Rating Migrated
Jet Granito Pvt Ltd                     TL                 CRISIL         265
                                                           BB+/Stable
(Issuer not cooperating); Rating Migrated
John Deere Financial India Pvt Ltd      Proposed LT Bk     CRISIL         1345    Reaffirmed
                                        Loan Fac           AAA/Stable
John Deere Financial India Pvt Ltd      TL                 CRISIL         1355    Reaffirmed
                                                           AAA/Stable
John Deere Financial India Pvt Ltd      NCD                CRISIL         4000    Reaffirmed
                                                           AAA/Stable
John Deere Financial India Pvt Ltd      NCD                CRISIL         5000    Reaffirmed
                                                           AAA/Stable
Jose Brothers and Company               WC Fac             CRISIL         100
                                                           BB/Stable
(Issuer not cooperating); Rating Migrated
JRD Industries                          CC                 CRISIL         55      Reaffirmed
                                                           BBB-/Stable
JWC Logistics Park Pvt Ltd              CC                 CRISIL         90
                                                           A-/Negative
Outlook revised from Stable and rating reaffirmed
JWC Logistics Park Pvt Ltd              Proposed TL        CRISIL         40
                                                           A-/Negative
Outlook revised from Stable and rating reaffirmed
JWC Logistics Park Pvt Ltd              TL                 CRISIL         1240
                                                           A-/Negative
Outlook revised from Stable and rating reaffirmed
JWL Cold Store Pvt Ltd                  CC                 CRISIL         20
                                                           A-/Negative
Outlook revised from Stable and rating reaffirmed
JWL Cold Store Pvt Ltd                  Proposed TL        CRISIL         14.3
                                                           A-/Negative
Outlook revised from Stable and rating reaffirmed
JWL Cold Store Pvt Ltd                  TL                 CRISIL         350
                                                           A-/Negative
Outlook revised from Stable and rating reaffirmed
JWR Logistics Pvt Ltd                   TL                 CRISIL         493.1
                                                           A-/Negative
Outlook revised from Stable and rating reaffirmed
Jyoti Polyvinyl Ltd                     CC                 CRISIL         10
                                                           BB/Stable
(Issuer not cooperating); Rating Migrated
Jyoti Vinyl Ltd                         CC                 CRISIL         20
                                                           BB/Stable
(Issuer not cooperating); Rating Migrated
Jyoti Vinyl Ltd                         LT Loan            CRISIL         12.5
                                                           BB/Stable
(Issuer not cooperating); Rating Migrated
Kairali Exports                         Packing Credit     CRISIL         120
                                                           B+/Stable
Rating reaffirmed and Withdrawn
Kairali Exports                         Proposed LT Bk     CRISIL         210
                                        Loan Fac           B+/Stable
Rating reaffirmed and Withdrawn
Kamal Hitech Engineers Pvt Ltd          CC                 CRISIL         40      Assigned
                                                           BB+/Stable
Kamal Hitech Engineers Pvt Ltd          Cash TL            CRISIL         17      Assigned
                                                           BB+/Stable
Kamala Metachem                         Proposed LT Bk     CRISIL         25
                                        Loan Fac           BB/Stable
Upgraded from CRISIL BB-/Stable
Kamna Medical Centre Pvt Ltd            Overdraft          CRISIL D       19.1    Assigned
Kamna Medical Centre Pvt Ltd            Proposed LT Bk     CRISIL D       1.5     Assigned
                                        Loan Fac
Kamna Medical Centre Pvt Ltd            TL                 CRISIL D       58.5    Assigned
Kanj Products Pvt Ltd                   Proposed LT Bk     CRISIL         87
                                        Loan Fac           BB/Stable
(Issuer not cooperating); Rating Migrated
Koley Multipurpose Himghar Pvt Ltd      Proposed LT Bk     CRISIL B/Stable7.8
                                        Loan Fac
Koley Multipurpose Himghar Pvt Ltd      TL                 CRISIL B/Stable74.7
Koley Multipurpose Himghar Pvt Ltd      WC Demand Loan     CRISIL B/Stable100
Koley Multipurpose Himghar Pvt Ltd      WC Fac             CRISIL B/Stable7.5
Lakshmi Infrastructure and Developers   CC                 CRISIL         10
India Pvt Ltd                                              B+/Stable
(Issuer not cooperating); Rating Migrated
Lanco Kondapalli Power Ltd              CC                 CRISIL D       1055.5
(Issuer not cooperating)
Lanco Kondapalli Power Ltd              LOC & BG#          CRISIL D       4240
(Issuer not cooperating);#Letter of credit and bank guarantee are fully fungible
Lanco Kondapalli Power Ltd              LT Loan            CRISIL D       30150
(Issuer not cooperating)
LEDVANCE Pvt Ltd                        CC                 -              400     Withdrawn
LEDVANCE Pvt Ltd                        CC                 CRISIL         150
                                                           A-/Stable
Downgraded from CRISIL A/Stable
M/S Siflon Drugs                        CC                 CRISIL         140
                                                           BB/Stable
(Issuer not cooperating); Rating Migrated
M/S Siflon Drugs                        Cash TL            CRISIL         110
                                                           BB/Stable
(Issuer not cooperating); Rating Migrated
Maa Tara Rice Mill                      CC                 CRISIL         112.5
                                                           BB-/Stable
(Issuer not cooperating); Rating Withdrawn
Maliyakkal Construction Company         CC                 CRISIL         100
                                                           BB-/Stable
(Issuer not cooperating); Rating Withdrawn
Marvel Clothing Company                 Bill Discounting   CRISIL BB-     25      Assigned
Meenakshi Textile Mills                 CC                 CRISIL         17.5
                                                           B+/Stable
(Issuer not cooperating); Rating Migrated
Meenakshi Textile Mills                 TL                 CRISIL         82.5
                                                           B+/Stable
(Issuer not cooperating); Rating Migrated
Metaflux Company Pvt Ltd                CC                 CRISIL         85      Reaffirmed
                                                           BB+/Stable
Metaflux Company Pvt Ltd                Proposed FB Bk     CRISIL         11.9    Reaffirmed
                                        Limits             BB+/Stable
Metenere Ltd                            Buyer`s Credit a   CRISIL D       350
(Issuer not cooperating) a Fully interchangeable with letter of credit (LC) and bank guarantee
(BG)
Metenere Ltd                            Buyer`s Credit b   CRISIL D       1275
(Issuer not cooperating) b Fully interchangeable with LC and interchangeable with BG to the
extent of Rs 5 crore
Metenere Ltd                            Buyer`s Credit b   CRISIL D       100
(Issuer not cooperating) b Fully interchangeable with LC and interchangeable with BG to the
extent of Rs 5 crore
Metenere Ltd                            Buyer`s Credit c   CRISIL D       530
(Issuer not cooperating) c Fully interchangeable with LC and interchangeable with BG to the
extent of Rs 10 crore
Metenere Ltd                            CC d1              CRISIL D       895
(Issuer not cooperating) d1 Interchangeable with packing credit in foreign currency (PCFC) and
post-shipment credit in foreign currency (PSFC) to the extent of Rs 75 crore. Interchangeable
with working capital demand loan (WCDL) to the extent of Rs 38 crore
Metenere Ltd                            CC e               CRISIL D       490
(Issuer not cooperating) e Interchangeable with PCFC and PSFC to the extent of Rs 15 crore
Metenere Ltd                            Cash Credit f      CRISIL D       500
(Issuer not cooperating) f Fully interchangeable with PCFC and PSFC
Metenere Ltd                            Cash Credit f      CRISIL D       1300
(Issuer not cooperating) f Fully interchangeable with PCFC and PSFC
Metenere Ltd                            Cash Credit f      CRISIL D       950
(Issuer not cooperating) f Fully interchangeable with PCFC and PSFC
Metenere Ltd                            Cash Credit g      CRISIL D       300
(Issuer not cooperating) g Interchangeable with WCDL, PCFC, PSFC, buyer's credit (BC), and LC to
the extent of Rs 30 crore. Interchangeable with BG to the extent of Rs 5 crore
Metenere Ltd                            Cash Credit h      CRISIL D       1900
(Issuer not cooperating) h Fully interchangeable with WCDL.
Metenere Ltd                            Cash Credit i1     CRISIL D       1170
(Issuer not cooperating) i1 Fully interchangeable with WCDL. Interchangeable with PCFC and PSFC
to the extent of Rs 85 crore. Interchangeable with BC and LC to the extent of Rs 25 crore
Metenere Ltd                            Cash Credit j      CRISIL D       1170
(Issuer not cooperating) j Interchangeable with PCFC, PSFC to the extent of Rs 35 crore.
Interchangeable with BC and LC to the extent of Rs 60 crore
Metenere Ltd                            Cash Credit k      CRISIL D       700
(Issuer not cooperating) k Interchangeable with PCFC and PSFC to the extent of Rs 35 crore and
BC to the extent of Rs 60 crore.
Metenere Ltd                            Cash Credit l      CRISIL D       500
(Issuer not cooperating) l Fully interchangeable with WCDL, PCFC, and PSFC.
Metenere Ltd                            Cash Credit l      CRISIL D       350
(Issuer not cooperating) l Fully interchangeable with WCDL, PCFC, and PSFC.
Metenere Ltd                            Cash Credit        CRISIL D       470
(Issuer not cooperating)
Metenere Ltd                            Cash Credit        CRISIL D       50
(Issuer not cooperating)
Metenere Ltd                            LOCm               CRISIL D       750
(Issuer not cooperating) m Fully interchangeable with BG
Metenere Ltd                            LOCm1              CRISIL D       650
(Issuer not cooperating) m1 Interchangeable with BG to the extent of Rs 45 crore.
Metenere Ltd                            LOCm1              CRISIL D       400
(Issuer not cooperating) m1 Interchangeable with BG to the extent of Rs 45 crore.
Metenere Ltd                            LOCm1              CRISIL D       150
(Issuer not cooperating) m1 Interchangeable with BG to the extent of Rs 45 crore.
Metenere Ltd                            LOC                CRISIL D       200
(Issuer not cooperating)
Metenere Ltd                            Packing Credit in  CRISIL D       720
                                        Foreign Currency
(Issuer not cooperating)
Metenere Ltd                            Post Shipment      CRISIL D       260
                                        Credit
(Issuer not cooperating)
Metenere Ltd                            Proposed LT Bk     CRISIL D       1229
                                        Loan Fac
(Issuer not cooperating)
Metenere Ltd                            Proposed ST Bk     CRISIL D       845
                                        Loan Fac
(Issuer not cooperating)
Metenere Ltd                            TL                 CRISIL D       2146
(Issuer not cooperating)
Nano-Agro Foods Pvt Ltd                 CC                 CRISIL         100
                                                           B+/Stable
(Issuer not cooperating); Rating Migrated
Nano-Agro Foods Pvt Ltd                 Proposed FB Bk     CRISIL         10
                                        Limits             B+/Stable
(Issuer not cooperating); Rating Migrated
Naresh Marketing                        CC                 CRISIL         64
                                                           B+/Stable
(Issuer not cooperating); Rating Migrated
Narol Textile Infrastructure & Enviro   TL                 CRISIL         624.8
Management                                                 B+/Stable
(Issuer not cooperating); Rating Migrated
Nayak Infrastructure Pvt Ltd            CC                 CRISIL         395
                                                           BB+/Stable
(Issuer not cooperating); Migrated from CRISIL BBB/Stable
Nayak Infrastructure Pvt Ltd            Proposed LT Bk     CRISIL         530
                                        Loan Fac           BB+/Stable
(Issuer not cooperating); Migrated from CRISIL BBB/Stable
New Rishta Agro India Ltd               CC                 CRISIL         77
                                                           BB-/Stable
(Issuer not cooperating); Rating Migrated
New Rishta Agro India Ltd               Proposed FB Bk     CRISIL         5
                                        Limits             BB-/Stable
(Issuer not cooperating); Rating Migrated
P M Shah and Company Jewellers Pvt Ltd  CC*                CRISIL         50      Reaffirmed
                                                           BB-/Stable
*Rs 2.5 crore Interchangeable with metal loan
P M Shah and Company Jewellers Pvt Ltd  Proposed LT Bk     CRISIL         20      Assigned
                                        Loan Fac           BB-/Stable
Parkash Dye Chem                        CC                 CRISIL         50
                                                           BB/Stable
(Issuer not cooperating); Rating Migrated
Parkash Dye Chem                        Proposed LT Bk     CRISIL         30
                                        Loan Fac           BB/Stable
(Issuer not cooperating); Rating Migrated
Persang Alloy Industries Pvt Ltd        CC                 CRISIL         125.5
                                                           BB+/Stable
(Issuer not cooperating); Rating Migrated
Persang Alloy Industries Pvt Ltd        LT Loan            CRISIL         45.8
                                                           BB+/Stable
(Issuer not cooperating); Rating Migrated
Persang Alloy Industries Pvt Ltd        Proposed FB Bk     CRISIL         76.9
                                        Limits             BB+/Stable
(Issuer not cooperating); Rating Migrated
Persang Alloy Industries Pvt Ltd        WC TL              CRISIL         18.8
                                                           BB+/Stable
(Issuer not cooperating); Rating Migrated
Pharose Remedies Ltd                    CC                 CRISIL         75
                                                           BB+/Stable
(Issuer not cooperating); Rating Migrated
Pharose Remedies Ltd                    Proposed FB Bk     CRISIL         20
                                        Limits             BB+/Stable
(Issuer not cooperating); Rating Migrated
Pilania Industries India Pvt Ltd        CC                 CRISIL         125
                                                           BB/Stable
(Issuer not cooperating); Rating Migrated
Pilania Industries India Pvt Ltd        Proposed WC Fac    CRISIL         75
                                                           BB/Stable
(Issuer not cooperating); Rating Migrated
Popular Auto Dealers Pvt Ltd            CC                 CRISIL         66
                                                           BB+/Stable
(Issuer not cooperating); Rating Migrated
Popular Auto Dealers Pvt Ltd            Channel Financing  CRISIL         30
                                                           BB+/Stable
(Issuer not cooperating); Rating Migrated
Popular Auto Dealers Pvt Ltd            Proposed LT Bk     CRISIL         1
                                        Loan Fac           BB+/Stable
(Issuer not cooperating); Rating Migrated
Prasanthi Cashew Company Pvt Ltd        Packing Credit     CRISIL         300     Withdrawn
                                                           B+/Stable
Rating reaffirmed and Withdrawn
Prasanthi Cashew Company Pvt Ltd        Proposed ST Bk     CRISIL         40      Withdrawn
                                        Loan Fac           B+/Stable
Rating reaffirmed and Withdrawn
Premier Agro Products Pvt Ltd           CC                 CRISIL         100
                                                           BB/Stable
(Issuer not cooperating); Rating Migrated
Premier Agro Products Pvt Ltd           TL                 CRISIL         10
                                                           BB/Stable
(Issuer not cooperating); Rating Migrated
Premier Enterprises - Tamil Nadu        Bill Discounting   CRISIL         75      Reaffirmed
                                                           BBB/Stable
Ramjee Singh And Co.                    Proposed LT Bk     CRISIL         100     Withdrawn
                                        Loan Fac           BB-/Stable
Ramky Infrastructure Ltd                BG!                CRISIL D       5000    Reaffirmed
! sublimit letter of credit Rs 25 crore
Ramky Infrastructure Ltd                BG@                CRISIL D       2207.2  Reaffirmed
@ sublimit letter of credit Rs 21.17 crore
Ramky Infrastructure Ltd                BG#                CRISIL D       3381.6  Reaffirmed
# sublimit letter of credit Rs 21.42 crore
Ramky Infrastructure Ltd                BG                 CRISIL D       1948    Reaffirmed
Ramky Infrastructure Ltd                BG^                CRISIL D       1000    Reaffirmed
^ sublimit letter of credit Rs 10 crore
Ramky Infrastructure Ltd                CC                 CRISIL D       2024.3  Reaffirmed
Ramky Infrastructure Ltd                Proposed BG        CRISIL D       6060.7  Reaffirmed
Ramky Infrastructure Ltd                Proposed CC Limit  CRISIL D       2171.3  Reaffirmed
Ramky Infrastructure Ltd                Proposed WC Fac    CRISIL D       2600.2  Reaffirmed
Ramky Infrastructure Ltd                TL                 CRISIL D       4405.2  Reaffirmed
Ramky Infrastructure Ltd                WC Loan            CRISIL D       2168.4  Reaffirmed
S J Memorial Education Society          TL                 CRISIL         95      Assigned
                                                           BB-/Stable
Sai Kalyan Builders And Developers Pvt  LT Loan            CRISIL         550
Ltd                                                        B+/Stable
(Issuer not cooperating); Rating Migrated
Sakku Spinning Mills Pvt Ltd            Bill Discounting   CRISIL         500     Reaffirmed
                                                           BB+/Stable
Sakku Spinning Mills Pvt Ltd            CC                 CRISIL         300     Reaffirmed
                                                           BB+/Stable
Sakku Spinning Mills Pvt Ltd            LT Loan            CRISIL         200     Reaffirmed
                                                           BB+/Stable
Sakku Spinning Mills Pvt Ltd            Proposed LT Bk     CRISIL         100     Reaffirmed
                                        Loan Fac           BB+/Stable
Sanman Trade Impex Ltd                  CC                 CRISIL         350     Reaffirmed
                                                           A-/Stable
Shiv Industries (Food) Pvt Ltd          CC                 CRISIL         50
                                                           BB/Stable
(Issuer not cooperating); Rating Migrated
Shiv Industries (Food) Pvt Ltd          Proposed LT Bk     CRISIL         91.8
                                        Loan Fac           BB/Stable
(Issuer not cooperating); Rating Migrated
Shiv Industries (Food) Pvt Ltd          TL                 CRISIL         2
                                                           BB/Stable
(Issuer not cooperating); Rating Migrated
Shivmani Agrotech Pvt Ltd               WC Fac             CRISIL         5       Assigned
                                                           BB-/Stable
Shivmani Agrotech Pvt Ltd               TL                 CRISIL         10.2    Assigned
                                                           BB-/Stable
Shivmani Agrotech Pvt Ltd               Proposed LT Bk     CRISIL         15.5    Assigned
                                        Loan Fac           BB-/Stable
Shivmani Agrotech Pvt Ltd               CC                 CRISIL         30      Assigned
                                                           BB-/Stable
Shriram City Union Finance Ltd          NCD                CRISIL         6000    Assigned
                                                           AA/Stable
Shriram City Union Finance Ltd          Subordinated Debt  CRISIL         1000    Reaffirmed
                                                           AA/Stable
Shriram City Union Finance Ltd          NCD                CRISIL         30000   Reaffirmed
                                                           AA/Stable
Silver Springs Pleasure Resorts Pvt Ltd CC                 CRISIL         220
                                                           BBB-/Stable
Rating reaffirmed and Withdrawn
Silver Springs Pleasure Resorts Pvt Ltd Overdraft          CRISIL         60
                                                           BBB-/Stable
Rating reaffirmed and Withdrawn
Span Pumps Pvt Ltd                      Standby LOC        CRISIL         10      Assigned
                                                           BB-/Stable
Span Pumps Pvt Ltd                      CC                 CRISIL         150     Assigned
                                                           BB-/Stable
SRS Thermax Ltd                         CC                 CRISIL D       20
(Issuer not cooperating); Rating Migrated
SRS Thermax Ltd                         TL                 CRISIL D       50
(Issuer not cooperating); Rating Migrated
Sumit Texspin Pvt Ltd                   CC                 CRISIL         200     Assigned
                                                           BB-/Stable
Sumit Texspin Pvt Ltd                   TL                 CRISIL         570     Assigned
                                                           BB-/Stable
Sun Direct TV Pvt Ltd                   LT Loan            CRISIL         5871.5
                                                           A-/Stable
Upgraded from CRISIL BBB+/Stable
Sun Direct TV Pvt Ltd                   Proposed TL        CRISIL         119.6
                                                           A-/Stable
Upgraded from CRISIL BBB+/Stable
Superfine Electronics Pvt Ltd           CC                 CRISIL         24
                                                           BB-/Stable
(Issuer not cooperating); Rating Migrated
Superfine Electronics Pvt Ltd           Proposed LT Bk     CRISIL         1
                                        Loan Fac           BB-/Stable
(Issuer not cooperating); Rating Migrated
Superfine Electronics Pvt Ltd           TL                 CRISIL         45
                                                           BB-/Stable
(Issuer not cooperating); Rating Migrated
Surani Paper Pvt Ltd                    CC                 CRISIL         72.5
                                                           B+/Stable
(Issuer not cooperating); Rating Migrated
Swapnil Agro Pvt Ltd                    CC                 CRISIL B/Stable150
(Issuer not cooperating); Rating Migrated
Swapnil Agro Pvt Ltd                    TL                 CRISIL B/Stable20
(Issuer not cooperating); Rating Migrated
Tecumseh Products India Pvt Ltd         CC*                CRISIL         630
                                                           B+/Stable
*Interchangeable with non-fund-based facility;Downgraded from CRISIL BB-/Stable
Tecumseh Products India Pvt Ltd         Proposed LT Bk     CRISIL         720
                                        Loan Fac           B+/Stable
Downgraded from CRISIL BB-/Stable
Teknomin Construction Ltd               CC                 CRISIL         50      Reaffirmed
                                                           BBB/Stable
Teknomin Construction Ltd               Proposed LT Bk     CRISIL         5       Reaffirmed
                                        Loan Fac           BBB/Stable
Teknomin Construction Ltd               Secured Overdraft  CRISIL         15      Reaffirmed
                                        against term       BBB/Stable
                                        deposits
Tractors and Farm Equipment Ltd         Proposed LT Bk     CRISIL         530     Reaffirmed
                                        Loan Fac           AA+/Stable
Umiya Mata Kadva Patidar Education &    Overdraft          CRISIL         17.5
Samaj Seva Trust                                           B/Stable
(Issuer not cooperating)
Umiya Mata Kadva Patidar Education &    Rupee TL           CRISIL         42.5
Samaj Seva Trust                                           B/Stable
(Issuer not cooperating)
Union Roadways Ltd                      CC                 CRISIL         270     Reaffirmed
                                                           BBB/Stable
Union Roadways Ltd                      TL                 CRISIL         10      Reaffirmed
                                                           BBB/Stable
V. N. Sharma Builders Pvt Ltd           LT Loan            CRISIL         400
                                                           BB/Stable
Downgraded from CRISIL BB+/Stable
V. N. Sharma Builders Pvt Ltd           Proposed LT Bk     CRISIL         120
                                        Loan Fac           BB/Stable
Downgraded from CRISIL BB+/Stable
V.P. Hi-Tech Modern Rice Mill           CC                 CRISIL B/Stable15
(Issuer not cooperating); Rating Migrated
V.P. Hi-Tech Modern Rice Mill           TL                 CRISIL B/Stable55
(Issuer not cooperating); Rating Migrated
Vagdevi Food Products Pvt Ltd           CC                 CRISIL         140
                                                           BB-/Stable
(Issuer not cooperating); Rating Migrated
Vagdevi Food Products Pvt Ltd           Key CC             CRISIL         60
                                                           BB-/Stable
(Issuer not cooperating); Rating Migrated
Vagdevi Food Products Pvt Ltd           LT Loan            CRISIL         120
                                                           BB-/Stable
(Issuer not cooperating); Rating Migrated
Vagdevi Food Products Pvt Ltd           Proposed LT Bk     CRISIL         60
                                        Loan Fac           BB-/Stable
(Issuer not cooperating); Rating Migrated
Venus Industrial Corporation            Export Packing     CRISIL         90
                                        Credit             BB+/Stable
(Issuer not cooperating); Rating Migrated
Veritas India Ltd                       Proposed LT Bk     CRISIL         200     Reaffirmed
                                        Loan Fac           BBB+/Stable
Veritas Polychem Pvt Ltd                Proposed TL        CRISIL         9600    Reaffirmed
                                                           BBB-/Stable
Vijay Shree Textiles Pvt Ltd            CC                 CRISIL         90
                                                           BB-/Stable
(Issuer not cooperating); Rating Migrated
Vinayaka Cashew Company                 Packing Credit     CRISIL         120
                                                           B+/Stable
Rating reaffirmed and Withdrawn
Vinayaka Cashew Company                 Proposed ST Bk     CRISIL         40
                                        Loan Fac           B+/Stable
Rating reaffirmed and Withdrawn
Vishvas Power Engineering Services Pvt  CC                 CRISIL B/Stable85
Ltd
Assigned; Suspension Revoked
Vizag Exports                           Export Packing     CRISIL         120
                                        Credit             B+/Stable
Rating reaffirmed and Withdrawn
Vizag Exports                           Proposed LT Bk     CRISIL         75
                                        Loan Fac           B+/Stable
Rating reaffirmed and Withdrawn
Vrep Construction and Consultants Pvt   CC                 CRISIL C       5
Ltd
(Issuer not cooperating); Rating Migrated
Young India Films                       CC                 CRISIL         52.5
                                                           B+/Stable
(Issuer not cooperating); Rating Migrated
Zonasha Estates and Projects            LT Loan            CRISIL         600
                                                           BB-/Stable
(Issuer not cooperating); Rating Migrated

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