January 23, 2020 / 9:06 AM / a month ago

CRISIL ratings for Indian debt instruments-Jan 23

    Jan 23  - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of January 22, 2020.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Asianol Shipping Ltd                    BG                 CRISIL A4      15.2
(Issuer Not Cooperating)
B. M. Constrotech Pvt Ltd               BG                 CRISIL A4+     350     Reaffirmed
Balavinayaga Blue Metals                Proposed ST Bk     CRISIL A4+     23      Migrated from
                                        Loan Fac                                  CRISIL A4+
                                                                                  Rating
                                                                                  withdrawn
(Issuer Not Cooperating)
Beekay Plaza Pvt Ltd                    BG                 CRISIL A4      2
(Issuer Not Cooperating)
Bharat Gears Ltd                        Bill Discounting   CRISIL A4+     300     Downgraded
                                                                                  from CRISIL A3
Bharat Gears Ltd                        Export Factoring   CRISIL A4+     80      Downgraded
                                                                                  from CRISIL A3
Bharat Gears Ltd                        Non-FBL            CRISIL A4+     650     Downgraded
                                                                                  from CRISIL A3
Bharat Gears Ltd                        Proposed NFBL      CRISIL A4+     200     Downgraded
                                                                                  from CRISIL A3
Cikautxo India Pvt Ltd                  LOC                CRISIL A3      10      Reassigned
Cikautxo India Pvt Ltd                  Foreign Exchange   CRISIL A3      16      Reassigned
                                        Forward
CMI Ltd                                 Non-FBL            CRISIL A4+     1550    Migrated from
                                                                                  CRISIL A2
(Issuer Not Cooperating)
Dynamic Engineers - Kota                BG                 CRISIL A4+     60      Migrated from
                                                                                  CRISIL A4+
                                                                                  Rating
                                                                                  withdrawn
(Issuer Not Cooperating)
Dynamic Engineers - Kota                Proposed BG        CRISIL A4+     15      Migrated from
                                                                                  CRISIL A4+
                                                                                  Rating
                                                                                  withdrawn
(Issuer Not Cooperating)
Dynamicengineers Infratrack Pvt Ltd     BG                 CRISIL A4+     60      Migrated from
                                                                                  CRISIL A4+;
                                                                                  Rating
                                                                                  Withdrawn
(Issuer Not Cooperating)
Dynamicengineers Infratrack Pvt Ltd     Proposed BG        CRISIL A4+     60      Migrated from
                                                                                  CRISIL A4+;
                                                                                  Rating
                                                                                  Withdrawn
(Issuer Not Cooperating)
Ecokrin Hygiene Pvt Ltd                 LOC                CRISIL A4+     50      Reaffirmed
Emmtex Synthetics Ltd                   Inland/Import LOC  CRISIL A4      5       Revised from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Geeta Refinery Pvt Ltd                  Proposed LOC       CRISIL A4      150
(Issuer Not Cooperating)
Generic Engineering and Construction    LOC & BG           CRISIL A4      80
Pvt Ltd
(Issuer Not Cooperating)
Goodwill Impex Ltd                      Foreign Exchange   CRISIL A4      5
                                        Forward
(Issuer Not Cooperating)
Green Fingers India Pvt Ltd             Foreign Exchange   CRISIL A4      0.5
                                        Forward
(Issuer Not Cooperating)
Green Fingers India Pvt Ltd             LOC                CRISIL A4      15
(Issuer Not Cooperating)
Green Fingers India Pvt Ltd             Packing Credit     CRISIL A4      65
(Issuer Not Cooperating)
GSR Ventures Pvt Ltd                    BG                 CRISIL A4      350
(Issuer Not Cooperating)
GSR Ventures Pvt Ltd                    Overdraft          CRISIL A4      20
(Issuer Not Cooperating)
Gupta Transformer Products              BG                 CRISIL A4      150
(Issuer Not Cooperating)
Gupta Transformer Products              Bill Discounting   CRISIL A4      20
                                        under LOC
(Issuer Not Cooperating)
H R Ispat Pvt Ltd                       LOC                CRISIL A4      11.6    Revised from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
H.D. Infrastructures                    BG                 CRISIL A4      50
(Issuer Not Cooperating)
HDC Power Systems Pvt Ltd               BG                 CRISIL A4      25      Revised from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
HDC Power Systems Pvt Ltd               LOC                CRISIL A4      15      Revised from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
HDC Power Systems Pvt Ltd               Proposed ST Bk     CRISIL A4      15      Revised from
                                        Loan Fac                                  CRISIL A4+
(Issuer Not Cooperating)
HDFC Securities Ltd                     CP                 CRISIL A1+     10000   Reaffirmed
(Enhanced from Rs.500 Crore)

HDFC Securities Ltd                     BG*                CRISIL A1+     400     Reaffirmed
*Limits interchangeable between funded and non-funded facilities.
Healthcaps India Ltd                    LOC                CRISIL A4      75      Revised from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Healthcaps India Ltd                    BG                 CRISIL A4      1       Revised from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Himgiri Buildcon and Industries Ltd     Buyer`s Credit     CRISIL A4      200
(Issuer Not Cooperating)
I Sat Network Engineers Pvt Ltd         BG                 CRISIL A4      45
(Issuer Not Cooperating)
Indsao Construction Pvt Ltd             Inland/Import LOC  CRISIL A4      20      Assigned
Indsao Construction Pvt Ltd             BG                 CRISIL A4      166     Assigned
J.S.S. Steelitalia Ltd                  LOC & BG           CRISIL A4      50
(Issuer Not Cooperating)
Jagannath Polypacks Ltd                 BG                 CRISIL A4      15
(Issuer Not Cooperating)
Jai Multi Engineering Co.               BG                 CRISIL A4      20
(Issuer Not Cooperating)
Jain Steel Industries                   Proposed NFBL      CRISIL A4      50      Revised from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Joyguru Cold Storage Pvt Ltd            BG                 CRISIL A4      0.7
(Issuer Not Cooperating)
K.K.Duplex and Paper Mills Pvt Ltd      BG                 CRISIL A4      2.5
(Issuer Not Cooperating)
Kalsi Alloys                            Proposed ST Bk     CRISIL A4      10      Revised from
                                        Loan Fac                                  CRISIL A4+
(Issuer Not Cooperating)
Kansal Ice and Cold Storage             LOC                CRISIL A4      1
(Issuer Not Cooperating)
Keyem Engineering Enterprises           BG                 CRISIL A4      220     Revised from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Keyem Engineering Enterprises           Bill Discounting   CRISIL A4      50      Revised from
                                        under LOC                                 CRISIL A4+
(Issuer Not Cooperating)
Khalatkar Construction                  BG                 CRISIL A4      15      Revised from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Koyo Granito LLP                        BG                 CRISIL A4      30
(Issuer Not Cooperating)
Lasa Laboratory Pvt Ltd                 LOC                CRISIL A4      80
(Issuer Not Cooperating)
Manglam Associates                      BG                 CRISIL A4+     30      Reaffirmed
Maruti Infracreation Pvt Ltd            BG                 CRISIL A3+     610     Reaffirmed
Met-Rolla Iron and Strips Co. Ltd       LOC                CRISIL A4      60      Reaffirmed
Myhome Collections Pvt Ltd              Post Shipment      CRISIL A4      120
                                        Credit
(Issuer Not Cooperating)
Nandan Steels and Power Ltd             LOC & BG           CRISIL A2      700     Reaffirmed 
Removed from Rating Watch with Developing Implications
NKAS Services Pvt Ltd                   BG                 CRISIL A3+     450     Assigned
Oriclean Pvt Ltd                        Proposed ST Bk     CRISIL A3+     20      Assigned
                                        Loan Fac
Pacific Harish Industries Ltd           LOC                CRISIL A4      36
(Issuer Not Cooperating)
Paras Defence and Space Technologies LtdBG                 CRISIL A2      230     Reaffirmed
Paras Defence and Space Technologies LtdLOC                CRISIL A2      50      Reaffirmed
Paras Defence and Space Technologies LtdLoan Equivalent    CRISIL A2      33.5    Reaffirmed
                                        Risk Limits
Paras Defence and Space Technologies LtdPre Shipment CreditCRISIL A2      70      Reaffirmed
Poppys Knitwear Pvt Ltd                 BG                 CRISIL A4+     20      Reaffirmed
Poppys Knitwear Pvt Ltd                 Export Packing     CRISIL A4+     480     Reaffirmed
                                        Credit
Poppys Knitwear Pvt Ltd                 Foreign Bill       CRISIL A4+     420     Reaffirmed
                                        Discounting
Poppys Knitwear Pvt Ltd                 LOC                CRISIL A4+     80      Reaffirmed
Poppys Knitwear Pvt Ltd                 Standby Line of    CRISIL A4+     120     Reaffirmed
                                        Credit
R N Knitfab Pvt Ltd                     Inland/Import LOC  CRISIL A4      5       Revised from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Rams Assorted Cold Storage Ltd          Export Packing     CRISIL A4      410     Revised from
                                        Credit                                    CRISIL A4+
(Issuer Not Cooperating)
Rams Assorted Cold Storage Ltd          Foreign Bill       CRISIL A4      500     Revised from
                                        Negotiation                               CRISIL A4+
(Issuer Not Cooperating)
Ravi Dyeware Company Pvt Ltd            Letter Of GuaranteeCRISIL A4      30      Revised from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Ravi Dyeware Company Pvt Ltd            LOC                CRISIL A4      200     Revised from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Real Exports                            Packing Credit     CRISIL A4      77.5    Revised from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Reed and Pick                           Foreign            CRISIL A4+     25      Migrated from
                                        Discounting Bill                          CRISIL A4+;
                                        Purchase                                  Rating
                                                                                  Withdrawn
(Issuer Not Cooperating)
Reliance Fabrications Pvt Ltd           BG                 CRISIL A4      10
(Issuer Not Cooperating)
Reliance Fabrications Pvt Ltd           LOC                CRISIL A4      10
(Issuer Not Cooperating)
Shri Dutt India Pvt Ltd                 BG                 CRISIL A4+     100     Reaffirmed
Shilpa Electrical Infra Tech (India)    BG                 CRISIL D       89      Downgraded
Pvt Ltd                                                                           from CRISIL
                                                                                  A4+
Shilpa Electrical Infra Tech (India)    LOC                CRISIL D       15      Downgraded
Pvt Ltd                                                                           from CRISIL
Siddharth Colorchem Pvt Ltd             Export Bill        CRISIL A4      150     Revised from
                                        Purchase                                  CRISIL A4+
                                        -Discounting
(Issuer Not Cooperating)
Siddharth Colorchem Pvt Ltd             LOC                CRISIL A4      120     Revised from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Siddharth Colorchem Pvt Ltd             Packing Credit     CRISIL A4      195     Revised from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Siddharth Colorchem Pvt Ltd             Standby Export     CRISIL A4      70      Revised from
                                        Packing Credit                            CRISIL A4+
(Issuer Not Cooperating)
Siddharth Colorchem Pvt Ltd             BG                 CRISIL A4+     30      Revised from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Solapur Bioenergy Systems Pvt Ltd       BG                 CRISIL A4      9       Assigned
Sonia Marine Exports Pvt Ltd            BG                 CRISIL A4      1.5     Reaffirmed
Sonia Marine Exports Pvt Ltd            Packing Credit     CRISIL A4      140     Reaffirmed
Srinathji Ispat Ltd                     LOC                CRISIL A4      48.2    Revised from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Supergems India Pvt Ltd                 Export             CRISIL A4      300     Revised from
                                        Post-Shipment                             CRISIL A4+
                                        Credit
(Issuer Not Cooperating)
Tratec Engineers Pvt Ltd                BG                 CRISIL A4      140     Revised from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Tratec Engineers Pvt Ltd                LOC                CRISIL A4      20      Revised from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Yash Technologies Pvt Ltd               Bill Discounting   CRISIL A1      400     Reaffirmed
Yash Technologies Pvt Ltd               LOC*               CRISIL A1      350     Reaffirmed
*Fully fungible with bank guarantee

LONG TERM RATINGS:
-------------------
Ahuja Synfab Pvt Ltd                    CC                 CRISIL         465     Reaffirmed
                                                           BB/Stable
Ahuja Synfab Pvt Ltd                    LT Loan            CRISIL         200.5   Reaffirmed
                                                           BB/Stable
Ahuja Synfab Pvt Ltd                    Proposed LT Bk     CRISIL         41.2    Reaffirmed
                                        Loan Fac           BB/Stable
Ahuja Synfab Pvt Ltd                    TL                 CRISIL         143.3   Reaffirmed
                                                           BB/Stable
Akshara Spinning Mills Pvt Ltd          CC                 CRISIL         480     Reaffirmed
                                                           BBB-/Stable
Akshara Spinning Mills Pvt Ltd          LT Loan            CRISIL         123.8   Reaffirmed
                                                           BBB-/Stable
Akshara Spinning Mills Pvt Ltd          Standby Line of    CRISIL         70      Reaffirmed
                                        Credit             BBB-/Stable
Akshara Spinning Mills Pvt Ltd          Warehouse Receipts CRISIL         100     Reaffirmed
                                                           BBB-/Stable
Asianol Shipping Ltd                    CC                 CRISIL         29
                                                           B+/Stable
(Issuer Not Cooperating)
Asianol Shipping Ltd                    Proposed LT Bk     CRISIL         15.4
                                        Loan Fac           B+/Stable
(Issuer Not Cooperating)
Asianol Shipping Ltd                    TL                 CRISIL         120.4
                                                           B+/Stable
(Issuer Not Cooperating)
B. M. Constrotech Pvt Ltd               CC                 CRISIL         100     Upgraded from
                                                           BB+/Stable             CRISIL
                                                                                  BB/Stable
B. M. Constrotech Pvt Ltd               Proposed WC Fac    CRISIL         100     Upgraded from
                                                           BB+/Stable             CRISIL
                                                                                  BB/Stable
Babanraoji Shinde Sugar & Allied        TL                 CRISIL D       1273.2
Industries Ltd
(Issuer Not Cooperating)
Balavinayaga Blue Metals                CC                 CRISIL         60      Migrated from
                                                           BB-/Stable             CRISIL
                                                                                  BB-/Stable
Rating withdrawn
(Issuer Not Cooperating)
Balavinayaga Blue Metals                LT Loan            CRISIL         17      Migrated from
                                                           BB-/Stable             CRISIL
                                                                                  BB-/Stable
Rating withdrawn
(Issuer Not Cooperating)
Bansal Finefoods Pvt Ltd                CC                 CRISIL         300
                                                           BB+/Stable
Bansal Finefoods Pvt Ltd                Proposed WC Fac    CRISIL         30
                                                           BB+/Stable
Bansal Finefoods Pvt Ltd                Standby Line of    CRISIL         60
                                        Credit             BB+/Stable
Bansal Finefoods Pvt Ltd                Warehouse Receipts CRISIL         250
                                                           BB+/Stable
Beekay Plaza Pvt Ltd                    TL                 CRISIL         83
                                                           B/Stable
(Issuer Not Cooperating)
Benara Autos Pvt Ltd                    BG                 CRISIL D       2.5
(Issuer Not Cooperating)
Benara Autos Pvt Ltd                    CC                 CRISIL D       25
(Issuer Not Cooperating)
Benara Autos Pvt Ltd                    Foreign Bill       CRISIL D       5
                                        Discounting
(Issuer Not Cooperating)
Benara Autos Pvt Ltd                    LOC                CRISIL D       2.5
(Issuer Not Cooperating)
Benara Autos Pvt Ltd                    Packing Credit     CRISIL D       15
(Issuer Not Cooperating)
Benara Autos Pvt Ltd                    Standby FB Limits  CRISIL D       4
(Issuer Not Cooperating)
Bhansali Jewellery House                CC                 CRISIL         100     Assigned
                                                           BB/Stable
Bharat Gears Ltd                        TL                 CRISIL         1520    Downgraded
                                                           BB+/Stable             from CRISIL
                                                                                  BBB-/Stable
Bharat Gears Ltd                        FB Fac             CRISIL         450     Downgraded
                                                           BB+/Stable             from CRISIL
                                                                                  BBB-/Stable
Bharat Gears Ltd                        Proposed FB Bk     CRISIL         50      Downgraded
                                        Limits             BB+/Stable             from CRISIL
                                                                                  BBB-/Stable
Bhilwara Rajsamand Tollway Pvt Ltd      TL                 CRISIL A-      2750
Continues on Rating Watch with Developing Implications
BVM Global Education Trust              Proposed LT Bk     CRISIL         74      Reaffirmed
                                        Loan Fac           BB-/Stable
BVM Global Education Trust              Secured Overdraft  CRISIL         40      Reaffirmed
                                        Fac                BB-/Stable
BVM Global Education Trust              TL                 CRISIL         136     Reaffirmed
                                                           BB-/Stable
Chahal Spintex Ltd                      BG                 CRISIL D       12.9
(Issuer Not Cooperating)
Chahal Spintex Ltd                      CC                 CRISIL D       160
(Issuer Not Cooperating)
Chahal Spintex Ltd                      TL                 CRISIL D       228.1
(Issuer Not Cooperating)
Cikautxo India Pvt Ltd                  CC*                CRISIL         95      Reaffirmed
                                                           BBB-/Stable
*Has sublimit if EPC, PCFC worth RS 6 crore 
Cikautxo India Pvt Ltd                  Export Packing     CRISIL         105     Reaffirmed
                                        Credit & Export    BBB-/Stable
                                        Bills Negotiation/Foreign Bill discounting#
#Can interchangeably used as CC, and has sublimit of SBLC of Rs 1 crore 
Cikautxo India Pvt Ltd                  Proposed WC Fac    CRISIL         24      Reaffirmed
                                                           BBB-/Stable
CMI Ltd                                 FB Fac             CRISIL         1000    Migrated from
                                                           BB+/Stable             CRISIL BBB+
                                                                                  /Positive
(Issuer Not Cooperating)
Dynamic Engineers - Kota                CC                 CRISIL         30      Migrated from
                                                           BB-/Stable             CRISIL BB-
                                                                                  /Stable Rating
                                                                                  withdrawn
(Issuer Not Cooperating)
Dynamic Engineers - Kota                Proposed CC Limit  CRISIL         20      Migrated from
                                                           BB-/Stable             CRISIL BB-
                                                                                  /Stable Rating
                                                                                  withdrawn
(Issuer Not Cooperating)
Dynamic Engineers - Kota                Proposed LT Bk     CRISIL         45      Migrated from
                                        Loan Fac           BB-/Stable             CRISIL BB-
                                                                                  /Stable Rating
                                                                                  withdrawn
(Issuer Not Cooperating)
Dynamicengineers Infratrack Pvt Ltd     CC                 CRISIL         25      Migrated from
                                                           BB-/Stable             CRISIL BB-/
                                                                                  Stable Rating
                                                                                  Withdrawn
(Issuer Not Cooperating)
Dynamicengineers Infratrack Pvt Ltd     Proposed CC Limit  CRISIL         25      Migrated from
                                                           BB-/Stable             CRISIL BB-
                                                                                  /Stable Rating
                                                                                  Withdrawn
(Issuer Not Cooperating)
Ecokrin Hygiene Pvt Ltd                 CC                 CRISIL         27.5    Reaffirmed
                                                           BB/Stable
Emmtex Synthetics Ltd                   CC                 CRISIL         100     Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Emmtex Synthetics Ltd                   Proposed LT Bk     CRISIL         5       Revised from
                                        Loan Fac           B+/Stable              CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
FNM Property Services Pvt Ltd           LT Loan            CRISIL         100     Downgraded
                                                           B+/Stable              from CRISIL
                                                                                  BB-/Stable
Frost Falcon Distilleries Ltd           BG                 CRISIL D       5
(Issuer Not Cooperating)
Frost Falcon Distilleries Ltd           CC                 CRISIL D       50
(Issuer Not Cooperating)
Frost Falcon Distilleries Ltd           Proposed LT Bk     CRISIL D       36.1
                                        Loan Fac
(Issuer Not Cooperating)
Frost Falcon Distilleries Ltd           TL                 CRISIL D       10.9
(Issuer Not Cooperating)
G. K. E. Medical Pvt Ltd                CC                 CRISIL D       75
(Issuer Not Cooperating)
Ganesh Gouri Industries                 CC                 CRISIL         80      Assigned
                                                           BB/Stabel
Ganesh Gouri Industries                 TL                 CRISIL         90      Assigned
                                                           BB/Stabel
Geeta Refinery Pvt Ltd                  CC                 CRISIL         200
                                                           B/Stable
(Issuer Not Cooperating)
Generic Engineering and Construction    CC                 CRISIL         70
Pvt Ltd                                                    B/Stable
(Issuer Not Cooperating)
Generic Engineering and Construction    Proposed LT Bk     CRISIL         10
Pvt Ltd                                 Loan Fac           B/Stable
(Issuer Not Cooperating)
Godawari Cotton Industries              CC                 CRISIL         40
                                                           B+/Stable
(Issuer Not Cooperating)
Goodwill Impex Ltd                      CC                 CRISIL         10
                                                           B+/Stable
(Issuer Not Cooperating)
Goodwill Impex Ltd                      Export Packing     CRISIL         40
                                        Credit             B+/Stable
(Issuer Not Cooperating)
Goodwill Impex Ltd                      Foreign Bill       CRISIL         10
                                        Discounting        B+/Stable
(Issuer Not Cooperating)
Goodwill Impex Ltd                      LT Loan            CRISIL         5
                                                           B+/Stable
(Issuer Not Cooperating)
Goodwill Impex Ltd                      Standby Line of    CRISIL         10
                                        Credit             B+/Stable
(Issuer Not Cooperating)
Green Fingers India Pvt Ltd             Foreign Bill       CRISIL         10
                                        Purchase           B/Stable
(Issuer Not Cooperating)
Green Fingers India Pvt Ltd             TL                 CRISIL         13
                                                           B/Stable
(Issuer Not Cooperating)
GSR Ventures Pvt Ltd                    Proposed LT Bk     CRISIL         50
                                        Loan Fac           B+/Stable
(Issuer Not Cooperating)
Gupta Rice and General Mills            CC                 CRISIL         60
                                                           B/Stable
(Issuer Not Cooperating)
Gupta Rice and General Mills            Proposed CC Limit  CRISIL         131.3
                                                           B/Stable
(Issuer Not Cooperating)
Gupta Transformer Products              CC                 CRISIL         60
                                                           B/Stable
(Issuer Not Cooperating)
Guru Kirpa Foods Pvt Ltd                CC                 CRISIL D       140
(Issuer Not Cooperating)
Guru Kirpa Foods Pvt Ltd                Proposed TL        CRISIL D       16.7
(Issuer Not Cooperating)
Guru Kirpa Foods Pvt Ltd                TL                 CRISIL D       3.3
(Issuer Not Cooperating)
Guru Nanak Dev Educational Society      Overdraft          CRISIL         43      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Guru Nanak Dev Educational Society      Proposed LT Bk     CRISIL         40.6    Revised from
                                        Loan Fac           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Guru Nanak Dev Educational Society      TL                 CRISIL         66.4    Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
GVR RMN Hubli Lakshmeshwar Road Project LT Loan            CRISIL D       1600
Pvt Ltd
(Issuer Not Cooperating)
Gyan Shakti Education Welfare Trust     TL                 CRISIL D       100
(Issuer Not Cooperating)
H R Ispat Pvt Ltd                       CC                 CRISIL         80      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
H R Ispat Pvt Ltd                       Proposed LT Bk     CRISIL         100     Revised from
                                        Loan Fac           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
H.D. Infrastructures                    CC                 CRISIL         25
                                                           B+/Stable
(Issuer Not Cooperating)
H.D. Infrastructures                    Proposed CC Limit  CRISIL         25
                                                           B+/Stable
(Issuer Not Cooperating)
HDC Power Systems Pvt Ltd               Proposed Overdraft CRISIL         5       Revised from
                                        Fac                B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
HDC Power Systems Pvt Ltd               Secured Overdraft  CRISIL         20      Revised from
                                        Fac                B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
HDFC Securities Ltd                     LT Bk Fac*         CRISIL         2250    Reaffirmed
                                                           AAA/Stable
*Limits interchangeable between funded and non-funded facilities.
HDFC Securities Ltd                     Proposed LT Bk     CRISIL         350     Reaffirmed
                                        Loan Fac           AAA/Stable
Healthcaps India Ltd                    CC                 CRISIL         120     Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Healthcaps India Ltd                    TL                 CRISIL         104     Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Hem Cotex                               CC                 CRISIL         140
                                                           B/Stable
(Issuer Not Cooperating)
Hemco Garment Pvt Ltd.                  CC                 CRISIL         25
                                                           B-/Stable
(Issuer Not Cooperating)
Hemco Garment Pvt Ltd.                  TL                 CRISIL         40
                                                           B-/Stable
(Issuer Not Cooperating)
HI Blue Interiors Pvt Ltd               CC                 CRISIL         40
                                                           B+/Stable
(Issuer Not Cooperating)
HI Blue Interiors Pvt Ltd               LT Loan            CRISIL         20
                                                           B+/Stable
(Issuer Not Cooperating)
Hinduja International                   CC                 CRISIL         40
                                                           B/Stable
(Issuer Not Cooperating)
Hinduja International                   Proposed LT Bk     CRISIL         60
                                        Loan Fac           B/Stable
(Issuer Not Cooperating)
Hindustan Agencies                      Proposed LT Bk     CRISIL         27.5    Revised from
                                        Loan Fac           B+/Stable              CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Hindustan Agencies                      CC                 CRISIL         150     Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Hi-Tec Rockfibre Pvt Ltd                CC                 CRISIL         22.5
                                                           B+/Stable
(Issuer Not Cooperating)
Hi-Tec Rockfibre Pvt Ltd                Proposed CC Limit  CRISIL         7.5
                                                           B+/Stable
(Issuer Not Cooperating)
Hi-Tec Rockfibre Pvt Ltd                TL                 CRISIL         40
                                                           B+/Stable
(Issuer Not Cooperating)
Hotel Rathi Residency                   TL                 CRISIL D       60
(Issuer Not Cooperating)
Howrah Mills Co. Ltd                    BG                 CRISIL D       80
(Issuer Not Cooperating)
Howrah Mills Co. Ltd                    CC                 CRISIL D       524
(Issuer Not Cooperating)
Howrah Mills Co. Ltd                    LOC                CRISIL D       200
(Issuer Not Cooperating)
Howrah Mills Co. Ltd                    Proposed LT Bk     CRISIL D       10.2
                                        Loan Fac
(Issuer Not Cooperating)
Howrah Mills Co. Ltd                    TL                 CRISIL D       185.8
(Issuer Not Cooperating)
I Sat Network Engineers Pvt Ltd         CC                 CRISIL         30
                                                           B+/Stable
(Issuer Not Cooperating)
India Grid Trust                        Corporate Credit   CCR AAA/Stable -       Reaffirmed
                                        Rating
India Grid Trust                        NCD                CRISIL         5000    Reaffirmed
                                                           AAA/Stable
India Grid Trust                        NCD                CRISIL         14000   Reaffirmed
                                                           AAA/Stable
India Grid Trust                        NCD                CRISIL         2500    Reaffirmed
                                                           AAA/Stable
India Grid Trust                        NCD                CRISIL         4350    Reaffirmed
                                                           AAA/Stable
India Grid Trust                        LT Loan            CRISIL         10000   Reaffirmed
                                                           AAA/Stable
India Grid Trust                        LT Principal       CRISIL PP-MLD  2000    Reaffirmed
                                        Protected Market   AAAr/Stable
                                        Linked Debentures
India Grid Trust                        LT Principal       CRISIL PP-MLD  1750    Assigned
                                        Protected Market   AAAr/Stable
                                        Linked Debentures
Indratara Agro Industries Pvt Ltd       CC                 CRISIL         54.1
                                                           B+/Stable
(Issuer Not Cooperating)
Indratara Agro Industries Pvt Ltd       TL                 CRISIL         92
                                                           B+/Stable
(Issuer Not Cooperating)
Indsao Construction Pvt Ltd             Proposed LT Bk     CRISIL         54      Assigned
                                        Loan Fac           B/Stable
Indsao Construction Pvt Ltd             CC/ Overdraft Fac  CRISIL         20      Assigned
                                                           B/Stable
J.G. Agro Foods                         CC                 CRISIL D       40
(Issuer Not Cooperating)
J.G. Agro Foods                         Proposed CC Limit  CRISIL D       20
(Issuer Not Cooperating)
J.G. Agro Foods                         TL                 CRISIL D       40
(Issuer Not Cooperating)
J.G. Agro Foods                         Warehouse Receipts CRISIL D       20
(Issuer Not Cooperating)
J.P. Rice and Foods Pvt Ltd             Inventory Funding  CRISIL B       50
                                        Fac
(Issuer Not Cooperating)
J.P. Rice and Foods Pvt Ltd             WC Fac             CRISIL B       100
(Issuer Not Cooperating)
J.S.S. Steelitalia Ltd                  CC                 CRISIL B/Stable100
(Issuer Not Cooperating)
J.S.S. Steelitalia Ltd                  Proposed LT Bk     CRISIL B/Stable100
                                        Loan Fac
(Issuer Not Cooperating)
Jagannath Polypacks Ltd                 CC                 CRISIL C       45
(Issuer Not Cooperating)
Jagannath Polypacks Ltd                 Proposed LT Bk     CRISIL C       20
                                        Loan Fac
(Issuer Not Cooperating)
Jagdamba Sponge Pvt Ltd                 CC                 CRISIL         55
                                                           B+/Stable
(Issuer Not Cooperating)
Jai Multi Engineering Co.               CC                 CRISIL         40
                                                           B+/Stable
(Issuer Not Cooperating)
Jai Multi Engineering Co.               Proposed LT Bk     CRISIL         15
                                        Loan Fac           B+/Stable
(Issuer Not Cooperating)
Jai Multi Engineering Co.               TL                 CRISIL         10
                                                           B+/Stable
(Issuer Not Cooperating)
Jai Multi Engineering Co.               WC Demand Loan     CRISIL         15
                                                           B+/Stable
(Issuer Not Cooperating)
Jain Steel Industries                   CC                 CRISIL         100     Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Jain Steel Industries                   Proposed FB Bk     CRISIL         50      Revised from
                                        Limits             B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
JAS Equipment & Engineers Pvt Ltd       CC                 CRISIL B/Stable55
(Issuer Not Cooperating)
Jas Orchid Resorts Pvt Ltd              BG                 CRISIL D       12
(Issuer Not Cooperating)
Jas Orchid Resorts Pvt Ltd              CC                 CRISIL D       26
(Issuer Not Cooperating)
Jas Orchid Resorts Pvt Ltd              Proposed LT Bk     CRISIL D       306.2
                                        Loan Fac
(Issuer Not Cooperating)
Jas Orchid Resorts Pvt Ltd              TL                 CRISIL D       95.8
(Issuer Not Cooperating)
Jay Dee Enterprises                     Bill Discounting   CRISIL D       82
(Issuer Not Cooperating)
Jay Dee Enterprises                     Export Packing     CRISIL D       30
                                        Credit
(Issuer Not Cooperating)
JDS Foundation                          Proposed LT Bk     CRISIL         122.5
                                        Loan Fac           B/Stable
(Issuer Not Cooperating)
JDS Foundation                          TL                 CRISIL         2.5
                                                           B/Stable
(Issuer Not Cooperating)
JMD Energy                              TL                 CRISIL         99      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Joyguru Cold Storage Pvt Ltd            CC                 CRISIL         40.9
                                                           B-/Stable
(Issuer Not Cooperating)
Joyguru Cold Storage Pvt Ltd            TL                 CRISIL         22
                                                           B-/Stable
(Issuer Not Cooperating)
Joyguru Cold Storage Pvt Ltd            WC Loan            CRISIL         7.4
                                                           B-/Stable
(Issuer Not Cooperating)
JSM Proteins Pvt Ltd                    BG                 CRISIL D       5
(Issuer Not Cooperating)
JSM Proteins Pvt Ltd                    CC                 CRISIL D       85
(Issuer Not Cooperating)
JSM Proteins Pvt Ltd                    LOC                CRISIL D       150
(Issuer Not Cooperating)
Juneja Agro Farms                       Proposed LT Bk     CRISIL         150
                                        Loan Fac           B/Stable
(Issuer Not Cooperating)
K. C. Paul and Sons                     CC                 CRISIL         70      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
K. K. Fibers                            CC                 CRISIL         100     Revised from
                                                           B/Stable               CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
K. K. Fibers                            Proposed LT Bk     CRISIL         13.1    Revised from
                                        Loan Fac           B/Stable               CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
K.B.A. Agrotech Pvt Ltd                 CC                 CRISIL         42.5
                                                           B+/Stable
(Issuer Not Cooperating)
K.B.A. Agrotech Pvt Ltd                 Proposed LT Bk     CRISIL         2.5
                                        Loan Fac           B+/Stable
(Issuer Not Cooperating)
K.B.A. Agrotech Pvt Ltd                 TL                 CRISIL         80
                                                           B+/Stable
(Issuer Not Cooperating)
K.K.Duplex and Paper Mills Pvt Ltd      CC                 CRISIL B+      30
(Issuer Not Cooperating)
K.K.Duplex and Paper Mills Pvt Ltd      LT Loan            CRISIL         75
                                                           B+/Stable
(Issuer Not Cooperating)
K.K.Duplex and Paper Mills Pvt Ltd      Standby LOC        CRISIL         2.5
                                                           B+/Stable
(Issuer Not Cooperating)
Kaamadhenu Spinners                     CC                 CRISIL         40
                                                           B/Stable
(Issuer Not Cooperating)
Kaamadhenu Spinners                     LT Loan            CRISIL         46
                                                           B/Stable
(Issuer Not Cooperating)
Kaamadhenu Spinners                     Proposed LT Bk     CRISIL         4
                                        Loan Fac           B/Stable
(Issuer Not Cooperating)
Kalosona Himghar Udyog Pvt Ltd          CC                 CRISIL         55
                                                           B+/Stable
(Issuer Not Cooperating)
Kalosona Himghar Udyog Pvt Ltd          Proposed LT Bk     CRISIL         4
                                        Loan Fac           B+/Stable
(Issuer Not Cooperating)
Kalosona Himghar Udyog Pvt Ltd          WC TL              CRISIL         6
                                                           B+/Stable
(Issuer Not Cooperating)
Kalsi Alloys                            CC                 CRISIL         60      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB/Stable
(Issuer Not Cooperating)
Kalsi Alloys                            TL                 CRISIL         10      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB/Stable
(Issuer Not Cooperating)
Kamaraj Gold House                      CC                 CRISIL         80
                                                           B/Stable
(Issuer Not Cooperating)
Kamran Exports Pvt Ltd                  CC                 CRISIL D       50
(Issuer Not Cooperating)
Kamran Exports Pvt Ltd                  Export Packing     CRISIL D       250
                                        Credit
(Issuer Not Cooperating)
Kanishk Gold Pvt Ltd                    CC                 CRISIL D       7470
(Issuer Not Cooperating)
Kanishk Gold Pvt Ltd                    Proposed LT Bk     CRISIL D       3005.8
                                        Loan Fac
(Issuer Not Cooperating)
Kanishk Gold Pvt Ltd                    TL                 CRISIL D       24.2
(Issuer Not Cooperating)
Kansal Ice and Cold Storage             CC                 CRISIL         79.5
                                                           B+/Stable
(Issuer Not Cooperating)
Kansal Ice and Cold Storage             Proposed LT Bk     CRISIL         4.5
                                        Loan Fac           B+/Stable
(Issuer Not Cooperating)
Kasi Sea Foods Pvt Ltd                  Proposed CC Limit  CRISIL         250     Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Key Tech                                TL                 CRISIL         150     Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Keyem Engineering Enterprises           CC                 CRISIL         125     Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Khalatkar Construction                  CC                 CRISIL         27.5    Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Khalatkar Construction                  Proposed LT Bk     CRISIL         194.6   Revised from
                                        Loan Fac           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Khalatkar Construction                  TL                 CRISIL         8.9     Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Khanna Builders and Developers          TL                 CRISIL D       200
(Issuer Not Cooperating)
Khanna Properties and Infrastructures   Proposed LT Bk     CRISIL D       7
Pvt Ltd                                 Loan Fac
(Issuer Not Cooperating)
Khanna Properties and Infrastructures   TL                 CRISIL D       395
Pvt Ltd
(Issuer Not Cooperating)
Khushi Tradex Pvt Ltd                   CC                 CRISIL         40
                                                           B-/Stable
(Issuer Not Cooperating)
Khushi Tradex Pvt Ltd                   Inventory Funding  CRISIL         100
                                        Fac                B-/Stable
(Issuer Not Cooperating)
Kohinoor Grain Processing Pvt Ltd       CC                 CRISIL         50
                                                           B/Stable
(Issuer Not Cooperating)
Kohinoor Grain Processing Pvt Ltd       Proposed LT Bk     CRISIL         6.5
                                        Loan Fac           B/Stable
(Issuer Not Cooperating)
Kohinoor Grain Processing Pvt Ltd       Rupee TL           CRISIL         43.5
                                                           B/Stable
(Issuer Not Cooperating)
Kothainayagi A                          LT Loan            CRISIL D       80
(Issuer Not Cooperating)
Koyo Granito LLP                        CC                 CRISIL         70
                                                           B/Stable
(Issuer Not Cooperating)
Koyo Granito LLP                        LT Loan            CRISIL         170
                                                           B/Stable
(Issuer Not Cooperating)
KTC Automobiles Pvt Ltd                 CC                 CRISIL D       100
(Issuer Not Cooperating)
KTC Automobiles Pvt Ltd                 Inventory Funding  CRISIL D       60
                                        Fac
(Issuer Not Cooperating)
KTC Automobiles Pvt Ltd                 LT Loan            CRISIL D       58.5
(Issuer Not Cooperating)
Ladhuram Toshniwal and Sons             CC                 CRISIL         285     Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB/Stable
(Issuer Not Cooperating)
Lasa Laboratory Pvt Ltd                 CC                 CRISIL         80
                                                           B/Stable
(Issuer Not Cooperating)
Lasa Laboratory Pvt Ltd                 TL                 CRISIL         190
                                                           B/Stable
(Issuer Not Cooperating)
Laxmi Arogyam Pvt Ltd                   CC                 CRISIL D       25
(Issuer Not Cooperating)
Laxmi Arogyam Pvt Ltd                   Proposed LT Bk     CRISIL D       50
                                        Loan Fac
(Issuer Not Cooperating)
Libra Hyundai                           CC                 CRISIL         40      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Libra Hyundai                           Channel Financing  CRISIL         85      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Libra Hyundai                           LT Loan            CRISIL         15      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Libra Hyundai                           Proposed WC Fac    CRISIL         20      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Lifestyle Sarees Pvt Ltd                CC                 CRISIL         240
                                                           B+/Stable
(Issuer Not Cooperating)
Lingaya's Society                       Proposed LT Bk     CRISIL D       175.3
                                        Loan Fac
(Issuer Not Cooperating)
Lingaya's Society                       TL                 CRISIL D       224.7
(Issuer Not Cooperating)
Manglam Associates                      CC                 CRISIL         17      Reaffirmed
                                                           BB-/Stable
Manglam Associates                      LT Loan            CRISIL         3       Reaffirmed
                                                           BB-/Stable
Maruti Infracreation Pvt Ltd            CC                 CRISIL         70      Reaffirmed
                                                           BBB/Stable
Met-Rolla Iron and Strips Co. Ltd       CC                 CRISIL B/Stable15      Reaffirmed
Muthoot Vehicle and Asset Finance Ltd   CC & WC demand loanCRISIL A/Stable650
Muthoot Vehicle and Asset Finance Ltd   WC Demand Loan     CRISIL A/Stable200
Muthoot Vehicle and Asset Finance Ltd   WC Demand Loan*    CRISIL A/Stable500
*Interchangeable with Term Loan 
Muthoot Vehicle and Asset Finance Ltd   TL                 CRISIL A/Stable350
Muthoot Vehicle and Asset Finance Ltd   Proposed LT Bk     CRISIL A/Stable1300
                                        Loan Fac
Muthoot Vehicle and Asset Finance Ltd   NCD                CRISIL A/Stable2000
Myhome Collections Pvt Ltd              CC                 CRISIL         15
                                                           B/Stable
(Issuer Not Cooperating)
Myhome Collections Pvt Ltd              Export Packing     CRISIL         110
                                        Credit             B/Stable
(Issuer Not Cooperating)
Nandan Steels and Power Ltd             Proposed CC Limit  CRISIL         80      Reaffirmed 
                                                           BBB+/Stable
Removed from Rating Watch with Developing Implications
Nandan Steels and Power Ltd             Proposed LT Bk     CRISIL         159.4   Reaffirmed 
                                        Loan Fac           BBB+/Stable
Removed from Rating Watch with Developing Implications
Nandan Steels and Power Ltd             Standby Line of    CRISIL         80      Reaffirmed 
                                        Credit             BBB+/Stable
Removed from Rating Watch with Developing Implications
Nandan Steels and Power Ltd             TL                 CRISIL         208.2   Reaffirmed 
                                                           BBB+/Stable
Removed from Rating Watch with Developing Implications
Nandan Steels and Power Ltd             CC                 CRISIL         970     Reaffirmed 
                                                           BBB+/Stable
Removed from Rating Watch with Developing Implications
Nandan Steels and Power Ltd             LT Loan            CRISIL         130     Reaffirmed 
                                                           BBB+/Stable
Removed from Rating Watch with Developing Implications
NKAS Services Pvt Ltd                   CC                 CRISIL         50      Assigned
                                                           BBB/Stable
Northern Arc 2019 2W                    Series A1 PTCs     Provisional    -       Assigned
Triund (Originator: Orange Retail                          CRISIL A (SO)
Finance India Pvt Ltd)
Northern Arc 2019 2W                    Series A2 PTCs     Provisional    -       Assigned
Triund (Originator: Orange Retail                          CRISIL BBB (SO)
Finance India Pvt Ltd)
Northern Arc 2019 SBL                   Series A2 PTCs     Provisional            Assigned
Vipatra (Originator: Digikredit Finance                    CRISIL BBB (SO)
Pvt Ltd)
Northern Arc 2019 SBL                   Series A1 PTCs     Provisional            Assigned
Vipatra (Originator: Digikredit Finance                    CRISIL BBB+
Pvt Ltd)                                                   (SO)
Orbit Bearings India Pvt Ltd            CC                 CRISIL         50      Migrated from
                                                           BB+/Stable             CRISIL
                                                                                  A+/Stable; 
                                                                                  Rating
                                                                                  Withdrawn
(Issuer Not Cooperating)
Oriclean Pvt Ltd                        CC                 CRISIL         100     Assigned
                                                           BBB/Stable
Oriclean Pvt Ltd                        LT Loan            CRISIL         149.2   Assigned
                                                           BBB/Stable
Oriclean Pvt Ltd                        Proposed LT Bk     CRISIL         230.8   Assigned
                                        Loan Fac           BBB/Stable
Pacific Harish Industries Ltd           CC                 CRISIL         50
                                                           B+/Stable
(Issuer Not Cooperating)
Pacific Harish Industries Ltd           Proposed LT Bk     CRISIL         50
                                        Loan Fac           B+/Stable
(Issuer Not Cooperating)
Panipat Jalandhar NH-1 Tollway Pvt Ltd  TL                 CRISIL         36460   Reaffirmed
                                                           BB+/Stable
Paras Defence and Space Technologies LtdCC                 CRISIL         320     Reaffirmed
                                                           BBB+/Stable
Paras Defence and Space Technologies LtdLoan Against       CRISIL         17.1    Reaffirmed
                                        Property           BBB+/Stable
Paras Defence and Space Technologies LtdTL                 CRISIL         289.4   Reaffirmed
                                                           BBB+/Stable
Paras Defence and Space Technologies LtdProposed TL        CRISIL         20      Reaffirmed
                                                           BBB+/Stable
Quality Mint & Allied Chemicals         Bill Discounting   CRISIL         30      Assigned
                                                           B+/Stable
Quality Mint & Allied Chemicals         Export Packing     CRISIL         30      Assigned
                                        Credit             B+/Stable
R N Knitfab Pvt Ltd                     CC                 CRISIL         100     Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
R N Knitfab Pvt Ltd                     Proposed CC Limit  CRISIL         5       Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Rams Assorted Cold Storage Ltd          Proposed LT Bk     CRISIL         90      Revised from
                                        Loan Fac           B+/Stable              CRISIL
                                                                                  BB/Stable
(Issuer Not Cooperating)
Ravi Dyeware Company Pvt Ltd            Foreign Bill       CRISIL         500     Revised from
                                        Purchase           B+/Stable              CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Reed and Pick                           CC                 CRISIL         7.5     Migrated from
                                                           BB-/Stable             CRISIL
                                                                                  BB-/Stable
                                                                                  Rating
                                                                                  Withdrawn
(Issuer Not Cooperating)
Reed and Pick                           Export Packing     CRISIL         50      Migrated from
                                        Credit             BB-/Stable             CRISIL
                                                                                  BB-/Stable
                                                                                  Rating
                                                                                  Withdrawn
(Issuer Not Cooperating)
Reed and Pick                           Proposed LT Bk     CRISIL         7.5     Migrated from
                                        Loan Fac           BB-/Stable             CRISIL
                                                                                  BB-/Stable
                                                                                  Rating
                                                                                  Withdrawn
(Issuer Not Cooperating)
Reliance Fabrications Pvt Ltd           CC                 CRISIL         30
                                                           B+/Stable
(Issuer Not Cooperating)
Reliance Fabrications Pvt Ltd           Proposed LT Bk     CRISIL         26.8
                                        Loan Fac           B+/Stable
(Issuer Not Cooperating)
Reliance Fabrications Pvt Ltd           Standby Line of    CRISIL         4.5
                                        Credit             B+/Stable
(Issuer Not Cooperating)
Shilpa Electrical Infra Tech (India)    CC                 CRISIL D       35      Downgraded
Pvt Ltd                                                                           from CRISIL
                                                                                  BB-/Stable
Shilpa Electrical Infra Tech (India)    Proposed LT Bk     CRISIL D       11      Downgraded
Pvt Ltd                                 Loan Fac                                  from CRISIL
                                                                                  BB-/Stable
Shreenathji-Udaipur Tollway Pvt Ltd     Proposed LT Bk     CRISIL A       29.6
                                        Loan Fac
 (Continues on 'Rating Watch with Developing Implications')
Shreenathji-Udaipur Tollway Pvt Ltd     TL                 CRISIL A       2920.4
 (Continues on 'Rating Watch with Developing Implications')
Shreenathji-Udaipur Tollway Pvt Ltd     NCD                CRISIL A       5450
 (Continues on 'Rating Watch with Developing Implications')
Shri Dutt India Pvt Ltd                 Proposed LT Bk     CRISIL         3200    Downgraded
                                        Loan Fac           BB/Negative            from CRISIL
                                                                                  BB+/Stable
Shri Dutt India Pvt Ltd                 CC                 CRISIL         2100    Downgraded
                                                           BB/Negative            from CRISIL
                                                                                  BB+/Stable
Shri Dutt Polytextiles                  CC                 CRISIL         250     Downgraded
                                                           BB/Negative            from CRISIL
                                                                                  BB+/Stable
Shri Krishna Jute Traders               CC                 CRISIL         120     Downgraded
                                                           BB-/Negative           from CRISIL
                                                                                  BB/Stable
Shri Veerganapathi Steels Pvt Ltd       CC                 CRISIL D       100
(Issuer Not Cooperating)
Siddharth Colorchem Pvt Ltd             CC                 CRISIL         5       Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Solapur Bioenergy Systems Pvt Ltd       CC                 CRISIL B/Stable7.5     Assigned
Solapur Bioenergy Systems Pvt Ltd       TL                 CRISIL         37.5    Assigned
                                                           B/Stable
Solapur Bioenergy Systems Pvt Ltd       Proposed LT Bk     CRISIL         1       Assigned
                                        Loan Fac           B/Stable
Sonia Marine Exports Pvt Ltd            CC                 CRISIL         30      Upgraded from
                                                           B/Stable               CRISIL
                                                                                  B-/Stable
Sonia Marine Exports Pvt Ltd            Foreign Bill       CRISIL         25      Upgraded from
                                        Discounting        B/Stable               CRISIL
                                                                                  B-/Stable
Sonia Marine Exports Pvt Ltd            TL                 CRISIL         33.5    Upgraded from
                                                           B/Stable               CRISIL
                                                                                  B-/Stable
Srinathji Ispat Ltd                     CC                 CRISIL         30      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB/Stable
(Issuer Not Cooperating)
Tratec Engineers Pvt Ltd                CC                 CRISIL         80      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Unimarck Pharma (India) Ltd             CC                 CRISIL         50      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB/Stable
(Issuer Not Cooperating)
Unimarck Pharma (India) Ltd             Proposed TL        CRISIL         10      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB/Stable
(Issuer Not Cooperating)
Usha Yarns Ltd                          Auto loans         CRISIL         3.6     Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Vivriti Toronto 12 2019 (Originator:    Series A1 PTCs     Provisional    -       Assigned
Avanse Financial Services Ltd)                             CRISIL AA- (SO)
Yash Technologies Pvt Ltd               External           CRISIL         1500    Reaffirmed
                                        Commercial         A/Stable
                                        Borrowings
--------------------------------------------------------------------------------------------
$: 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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