January 24, 2020 / 8:52 AM / a month ago

CRISIL ratings for Indian debt instruments-Jan 24

    Jan 24  - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of January 23, 2020.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Aditya Dispomed Products Pvt Ltd        Packing Credit     CRISIL A3+     35      -
(Migrated from CRISIL A4+ ISSUER NOT COOPERATING)
All Services Global Pvt Ltd             BG                 CRISIL A3      350     Reaffirmed
Balaji Paper and Newsprint Pvt Ltd      BG                 CRISIL D       40      Downgraded
                                                                                  from CRISIL
                                                                                  A4
(Issuer Not Cooperating)
Balaji Paper and Newsprint Pvt Ltd      LOC                CRISIL D       87.5    Downgraded
                                                                                  from CRISIL
                                                                                  A4
(Issuer Not Cooperating)
Balaji Paper and Newsprint Pvt Ltd      Proposed ST Bk     CRISIL D       55.3    Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  A4
(Issuer Not Cooperating)
Bodal Chemicals Ltd                     LOC                CRISIL A1+     320     Assigned
Bodal Chemicals Ltd                     CP                 CRISIL A1+     100     Reaffirmed
Coastal Gujarat Power Ltd               CP*                CRISIL A1+(CE) 5000    Reaffirmed
*Guaranteed by Tata Power
Coastal Gujarat Power Ltd               BG*#               CRISIL A1+(CE) 2500    Reaffirmed
*Guaranteed by Tata Power / #One-way interchangeability from bank guarantee to Letter of Credit
Coastal Gujarat Power Ltd               Buyer`s Credit*    CRISIL A1+(CE) 24000   Reaffirmed
*Guaranteed by Tata Power
Coastal Gujarat Power Ltd               ST Loan*           CRISIL A1+(CE) 2000    Reaffirmed
*Guaranteed by Tata Power
G V Reddy                               BG                 CRISIL A4      20      -
(Issuer Not Cooperating)
IIFL Alternate Asset Advisors Ltd       CP Programme       CRISIL A1+     3000    Withdrawn
IIFL Wealth Finance Ltd                 CP Programme(IPO   CRISIL A1+     60000   Reaffirmed
                                        Financing)
IIFL Wealth Finance Ltd                 CP                 CRISIL A1+     45000   Reaffirmed
IIFL Wealth Management Ltd              CP Programme (IPO  CRISIL A1+     20000   Reaffirmed
                                        Financing)
IIFL Wealth Management Ltd              CP Programme       CRISIL A1+     5000    Reaffirmed
Jai Bharat Gum and Chemicals Ltd        BG                 CRISIL A2+     20      Reaffirmed
Jain Granimarmo Pvt Ltd                 BG                 CRISIL A4      2       -
(ISSUER NOT COOPERATING; Migrated from CRISIL A4; Rating Withdrawn)
James Walker Inmarco Industries Pvt Ltd BG                 CRISIL A3+     15      Reaffirmed
JDC India Ltd                           BG                 CRISIL A4      5       -
(Issuer Not Cooperating)
Kaypee Metals and Alloys Pvt Ltd        BG                 CRISIL A4      5       Withdrawn
(Issuer Not Cooperating)
Kaypee Metals and Alloys Pvt Ltd        CC                 CRISIL A4      82      Withdrawn
(Issuer Not Cooperating)
Kaypee Metals and Alloys Pvt Ltd        LOC                CRISIL A4      100     Withdrawn
(Issuer Not Cooperating)
Kaypee Metals and Alloys Pvt Ltd        LT Loan            CRISIL A4      7       Withdrawn
(Issuer Not Cooperating)
Kaypee Metals and Alloys Pvt Ltd        Standby LOC        CRISIL A4      8       Withdrawn
(Issuer Not Cooperating)
Kaypee Metals and Alloys Pvt Ltd        TL                 CRISIL A4      18      Withdrawn
(Issuer Not Cooperating)
Lahore Hospital Society                 BG                 CRISIL A4      100     Revised from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Mahakali Foods Pvt Ltd                  LOC                CRISIL A4+     17.5    Reaffirmed
Miraj Instrumentation Services India    BG                 CRISIL A4+     75      -
Pvt Ltd
(Migrated from CRISIL A4+ ISSUER NOT COOPERATING*)
Miraj Instrumentation Services India    Proposed ST Bk     CRISIL A4+     90      -
Pvt Ltd                                 Loan Fac
(Migrated from CRISIL A4+ ISSUER NOT COOPERATING*)
P. R. Patel and Co.                     BG                 CRISIL A3      450     Reaffirmed
Punjab Alkalies and Chemicals Ltd       BG                 CRISIL A4      20.3    Withdrawn
Rudra Green Ship Recycling Pvt Ltd      LOC                CRISIL A4      760     Revised from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Saini Construction Co.                  BG                 CRISIL A4      15      Assigned
SBL Energy Ltd                          Proposed LOC & BG  CRISIL A3      70      -
(Migrated from CRISIL A4+; ISSUER NOT COOPERATING*)
SBL Energy Ltd                          LOC                CRISIL A3      10      -
(Migrated from CRISIL A4+; ISSUER NOT COOPERATING*)
Service Master Clean Ltd                BG                 CRISIL A2+     525     Reaffirmed
Snam Alloys Pvt Ltd                     LOC                CRISIL A2+     50      Reaffirmed
Shri Jagriti Solvex Pvt Ltd             Overdraft          CRISIL D       90      Downgraded
                                                                                  from CRISIL
                                                                                  A4
(Issuer Not Cooperating)
Special Blasts Ltd                      BG                 CRISIL A3      500     -
(Migrated from CRISIL A4+ ISSUER NOT COOPERATING*)
Special Blasts Ltd                      Foreign Exchange   CRISIL A3      65      -
                                        Fac
(Migrated from CRISIL A4+ ISSUER NOT COOPERATING*)
Special Blasts Ltd                      LOC                CRISIL A3      1100    -
(Migrated from CRISIL A4+ ISSUER NOT COOPERATING*)
Tata Capital Financial Services Ltd     CP Programme       CRISIL A1+     150000  Reaffirmed
Tata Cleantech Capital Ltd              CP                 CRISIL A1+     20000   Reaffirmed
Torrent Gas Pvt Ltd                     BG^                CRISIL A1+(CE) 10000   Reaffirmed
^Includes Rs 400 crore letter of credit, Rs 200 crore SBLC facility, and Rs 150 crore short-term
loan/purchase bill discounting facility
Venkateswara Enterprises                LOC                CRISIL A4      100     Reaffirmed


LONG TERM RATINGS:
-------------------
A S Motels And Resorts Pvt Ltd          LT Loan            CRISIL B/Stable53.9    Reaffirmed
A S Motels And Resorts Pvt Ltd          Proposed FB Bk     CRISIL B/Stable21.1    Reaffirmed
                                        Limits
A.K.G. Memorial Printing and Publishing Proposed LT Bk     CRISIL B/Stable5       Withdrawn
Company Pvt Ltd                         Loan Fac
A.K.G. Memorial Printing and Publishing TL                 CRISIL B/Stable70      Withdrawn
Company Pvt Ltd
Aaditya Kraft & Papers Pvt Ltd          CC                 CRISIL B/Stable55      Upgraded from
                                                                                  CRISIL
                                                                                  B-/Stable
Aaditya Kraft & Papers Pvt Ltd          TL                 CRISIL B/Stable157.5   Upgraded from
                                                                                  CRISIL
                                                                                  B-/Stable
Aditya Dispomed Products Pvt Ltd        Credit Limit Under CRISIL         10      -
                                        Gold Card          BBB/Stable
(Migrated from CRISIL BB+/Stable ISSUER NOT COOPERATING)
Aditya Dispomed Products Pvt Ltd        Foreign Bill       CRISIL         45      -
                                        Purchase           BBB/Stable
(Migrated from CRISIL BB+/Stable ISSUER NOT COOPERATING)
Aditya Dispomed Products Pvt Ltd        TL                 CRISIL         29.7    -
                                                           BBB/Stable
(Migrated from CRISIL BB+/Stable ISSUER NOT COOPERATING)
Aditya Dispomed Products Pvt Ltd        Proposed FB Bk     CRISIL         80.3    -
                                        Limits             BBB/Stable
(Migrated from CRISIL BB+/Stable ISSUER NOT COOPERATING)
All Services Global Pvt Ltd             CC                 CRISIL         350     Reaffirmed
                                                           BBB-/Negative
All Services Global Pvt Ltd             Proposed LT Bk     CRISIL         80      Reaffirmed
                                        Loan Fac           BBB-/Negative
All Services Global Pvt Ltd             TL                 CRISIL         20      Reaffirmed
                                                           BBB-/Negative
Amity Rock Products Pvt Ltd             CC                 -              40      Withdrawn
(Issuer Not Cooperating)
Amity Rock Products Pvt Ltd             Proposed LT Bk     -              92.1    Withdrawn
                                        Loan Fac
(Issuer Not Cooperating)
Amity Rock Products Pvt Ltd             TL                 -              34.4    Withdrawn
(Issuer Not Cooperating)
Aranhikkal Granite Unit                 CC                 CRISIL         50      Reaffirmed
                                                           BB/Stable
Aranhikkal Granite Unit                 Proposed LT Bk     CRISIL         50      Reaffirmed
                                        Loan Fac           BB/Stable
Badve Autocomps Pvt Ltd                 CC                 CRISIL         1120    Assigned
                                                           BBB+/Stable
Badve Autocomps Pvt Ltd                 Proposed LT Bk     CRISIL         548.8   Assigned
                                        Loan Fac           BBB+/Stable
Badve Autocomps Pvt Ltd                 TL                 CRISIL         2511.2  Assigned
                                                           BBB+/Stable
Balaji Paper and Newsprint Pvt Ltd      CC                 CRISIL D       250     Downgraded
                                                                                  from CRISIL
                                                                                  B-/Stable
(Issuer Not Cooperating)
Balaji Paper and Newsprint Pvt Ltd      LT Loan            CRISIL D       191.3   Downgraded
                                                                                  from CRISIL
                                                                                  B-/Stable
(Issuer Not Cooperating)
Balaji Paper and Newsprint Pvt Ltd      WC TL              CRISIL D       35.9    Downgraded
                                                                                  from CRISIL
                                                                                  B-/Stable
(Issuer Not Cooperating)
Bodal Chemicals Ltd                     CC                 CRISIL         1220    Assigned
                                                           A+/Stable
Bodal Chemicals Ltd                     Foreign Bill       CRISIL         530     Assigned
                                        Discounting*       A+/Stable
*Interchangelbe with FUDBP, FDBP, Foreign Bill discounting under LC/contract
Bodal Chemicals Ltd                     Proposed LT Bk     CRISIL         500     Assigned
                                        Loan Fac           A+/Stable
Candy Enterprises Pvt Ltd               CC                 CRISIL         280     Reaffirmed
                                                           BBB/Stable
Candy Enterprises Pvt Ltd               WC Demand Loan     CRISIL         170     Reaffirmed
                                                           BBB/Stable
Candy Spirits Pvt Ltd                   CC                 CRISIL         260     Reaffirmed
                                                           BBB/Stable
Chintha Printing and Publishing Co. Pvt Cash TL            CRISIL         100     Withdrawn
Ltd                                                        B/Stable
(Issuer Not Cooperating)
Coastal Gujarat Power Ltd               LT Loan            CRISIL         37061.4 Reaffirmed
                                                           A-/Positive
Coastal Gujarat Power Ltd               Proposed LT Bk     CRISIL         2080.6  Reaffirmed
                                        Loan Fac           A-/Positive
Deshabhimani Publications               CC                 CRISIL         280     Withdrawn
                                                           BB/Stable
(Issuer Not Cooperating)
Evolutionary Systems Pvt Ltd            Foreign Bill       CRISIL         140     -
                                        Purchase           BBB-/Positive
(Outlook revised from Stable and rating reaffirmed)
Evolutionary Systems Pvt Ltd            Overdraft          CRISIL         50      -
                                                           BBB-/Positive
(Outlook revised from Stable and rating reaffirmed)
G V Reddy                               CC                 CRISIL         40      -
                                                           B+/Stable
(Issuer Not Cooperating)
G V Reddy                               Proposed LT Bk     CRISIL         40      -
                                        Loan Fac           B+/Stable
(Issuer Not Cooperating)
Glatt Solutions Pvt Ltd                 TL                 CRISIL         165     Withdrawn
                                                           BB/Stable
(Issuer Not Cooperating)
HI - Tech Board Pvt Ltd                 CC                 CRISIL         70      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer not cooperating)
HI - Tech Board Pvt Ltd                 LT Loan            CRISIL         150     Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer not cooperating)
HI - Tech Board Pvt Ltd                 Proposed LT Bk     CRISIL         30      Revised from
                                        Loan Fac           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer not cooperating)
Holistic Remedies Pvt Ltd               CC                 CRISIL         50      Withdrawn
                                                           B+/Stable
(Issuer Not Cooperating)
Holistic Remedies Pvt Ltd               Proposed LT Bk     CRISIL         5       Withdrawn
                                        Loan Fac           B+/Stable
(Issuer Not Cooperating)
Holistic Remedies Pvt Ltd               TL                 CRISIL         5       Withdrawn
                                                           B+/Stable
(Issuer Not Cooperating)
Hyderabad Power Installations Pvt Ltd   LOC & BG           -              120     Withdrawn
(Issuer Not Cooperating)
Hyderabad Power Installations Pvt Ltd   Overdraft          -              60      Withdrawn
(Issuer Not Cooperating)
Inframat Alloys Pvt Ltd                 CC                 CRISIL         141     Reaffirmed
                                                           BBB-/Stable
Inframat Alloys Pvt Ltd                 WC TL              CRISIL         10      Reaffirmed
                                                           BBB-/Stable
Integrated Caps Pvt Ltd                 LOC                CRISIL D       150     -
(Issuer Not Cooperating)
Integrated Caps Pvt Ltd                 Proposed TL        CRISIL D       80      -
(Issuer Not Cooperating)
Integrated Caps Pvt Ltd                 TL                 CRISIL D       170     -
(Issuer Not Cooperating)
Jai Bharat Gum and Chemicals Ltd        Export Packing     CRISIL         320     Reaffirmed
                                        Credit             BBB+/Stable
Jai Bharat Gum and Chemicals Ltd        Foreign Bill       CRISIL         350     Reaffirmed
                                        Purchase           BBB+/Stable
Jai Bharat Gum and Chemicals Ltd        Proposed LT Bk     CRISIL         20      Reaffirmed
                                        Loan Fac           BBB+/Stable
Jain Granimarmo Pvt Ltd                 Proposed FB Bk     CRISIL         1.2     -
                                        Limits             B+/Stable
(ISSUER NOT COOPERATING; Migrated from CRISIL B+/Stable; Rating Withdrawn
Jain Granimarmo Pvt Ltd                 WC Fac             CRISIL         76.8    -
                                                           B+/Stable
(ISSUER NOT COOPERATING; Migrated from CRISIL B+/Stable; Rating Withdrawn
Jainam Alternate Energy Pvt Ltd         CC                 CRISIL         40      -
                                                           B-/Stable
(Issuer Not Cooperating)
Jainam Alternate Energy Pvt Ltd         LT Loan            CRISIL         20      -
                                                           B-/Stable
(Issuer Not Cooperating)
Jairam Maruti Mills                     BG                 CRISIL D       7.8     -
(Issuer Not Cooperating)
Jairam Maruti Mills                     CC                 CRISIL D       60      -
(Issuer Not Cooperating)
Jairam Maruti Mills                     LT Loan            CRISIL D       60      -
(Issuer Not Cooperating)
Jairam Maruti Mills                     Proposed LT Bk     CRISIL D       26.9    -
                                        Loan Fac
(Issuer Not Cooperating)
James Walker Inmarco Industries Pvt Ltd CC                 CRISIL         50      Reaffirmed
                                                           BBB/Stable
James Walker Inmarco Industries Pvt Ltd Proposed LT Bk     CRISIL         35      Reaffirmed
                                        Loan Fac           BBB/Stable
JBS Engineering Works                   CC                 CRISIL D       67      -
(Issuer Not Cooperating)
JBS Engineering Works                   TL                 CRISIL D       14.2    -
(Issuer Not Cooperating)
JDC India Ltd                           CC                 CRISIL         70      -
                                                           B/Stable
(Issuer Not Cooperating)
JDC India Ltd                           Proposed LT Bk     CRISIL         33      -
                                        Loan Fac           B/Stable
(Issuer Not Cooperating)
JDC India Ltd                           TL                 CRISIL         17      -
                                                           B/Stable
(Issuer Not Cooperating)
Kamal Haasan                            LT Loan            CRISIL         250     Reaffirmed
                                                           B+/Stable
Lahore Hospital Society                 CC                 CRISIL         300     Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Lahore Hospital Society                 Proposed LT Bk     CRISIL         299     Revised from
                                        Loan Fac           B+/Stable              CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Lahore Hospital Society                 TL                 CRISIL         1001    Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Mahakali Foods Pvt Ltd                  TL                 CRISIL         72.2    Downgraded
                                                           BB-/Stable             from CRISIL
                                                                                  BB+/Stable
Mahakali Foods Pvt Ltd                  CC                 CRISIL         287.5   Downgraded
                                                           BB-/Stable             from CRISIL
                                                                                  BB+/Stable
Mahakali Foods Pvt Ltd                  Credit Limit Under CRISIL         30      Downgraded
                                        Gold Card          BB-/Stable             from CRISIL
                                                                                  BB+/Stable
Miraj Instrumentation Services India    CC                 CRISIL         35      -
Pvt Ltd                                                    BB-/Stable
(Migrated from CRISIL BB/Stable ISSUER NOT COOPERATING*)
MSR India Ltd                           CC                 CRISIL         301     Assigned
                                                           BB-/Stable
MSR India Ltd                           Proposed LT Bk     CRISIL         4       Assigned
                                        Loan Fac           BB-/Stable
Neptune Systems Pvt Ltd                 Ratings            -              -       -
(CRISIL is awaiting adequate information which will enable us to carry out the rating review)
Nirman Infra Steel Pvt Ltd              CC                 CRISIL         110     Withdrawn
                                                           B+/Stable
(Issuer Not Cooperating)
Nirman Infra Steel Pvt Ltd              LT Loan            CRISIL         70      Withdrawn
                                                           B+/Stable
(Issuer Not Cooperating)
Oriental Nagpur Betul Highway Ltd       NCD                CRISIL         2284.2  Reaffirmed
                                                           AAA/Stable
Oriental Nagpur Betul Highway Ltd       NCD                CRISIL         20773   Reaffirmed
                                                           AAA/Stable
Oriental Nagpur Betul Highway Ltd       NCD                CRISIL         1217.6  Reaffirmed
                                                           AAA/Stable
Oriental Nagpur Betul Highway Ltd       NCD                CRISIL         1578.6  Reaffirmed
                                                           AAA/Stable
Oriental Nagpur Betul Highway Ltd       NCD                CRISIL         173.6   Reaffirmed
                                                           AAA/Stable
Oriental Nagpur Betul Highway Ltd       NCD                CRISIL         93      Reaffirmed
                                                           AAA/Stable
P. R. Patel and Co.                     CC                 CRISIL         50      Reaffirmed
                                                           BBB-/Stable
P. R. Patel and Co.                     Proposed LT Bk     CRISIL         50      Reaffirmed
                                        Loan Fac           BBB-/Stable
Punjab Alkalies and Chemicals Ltd       CC                 CRISIL B/Stable56.2    Withdrawn
Punjab Alkalies and Chemicals Ltd       Proposed LT Bk     CRISIL B/Stable807     Withdrawn
                                        Loan Fac
Ranika Exports Design                   Export Packing     CRISIL         113.4   Reaffirmed
                                        Credit & Export    BB/Stable
                                        Bills Negotiation/Foreign Bill discounting
Responce Renewable Energy Ltd           TL                 CRISIL         500     Withdrawn
                                                           BB/Stable
(Issuer Not Cooperating)
Revathi Gold Agro Products              CC                 CRISIL         70      Withdrawn
                                                           B+/Stable
(Issuer Not Cooperating)
Revathi Gold Agro Products              Cash TL            CRISIL         15      Withdrawn
                                                           B+/Stable
(Issuer Not Cooperating)
Rudra Green Ship Recycling Pvt Ltd      CC                 CRISIL         120     Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Saini Construction Co.                  Proposed LT Bk     CRISIL         47.5    Assigned
                                        Loan Fac           B+/Stable
Saini Construction Co.                  Overdraft          CRISIL         32.5    Assigned
                                                           B+/Stable
SBL Energy Ltd                          CC                 CRISIL         100     -
                                                           BBB-/Stable
(Migrated from CRISIL BB+/Stable; ISSUER NOT COOPERATING*)
SBL Energy Ltd                          Proposed CC Limit  CRISIL         100     -
                                                           BBB-/Stable
(Migrated from CRISIL BB+/Stable; ISSUER NOT COOPERATING*)
SBL Energy Ltd                          TL                 CRISIL         20      -
                                                           BBB-/Stable
(Migrated from CRISIL BB+/Stable; ISSUER NOT COOPERATING*)
Service Master Clean Ltd                CC                 CRISIL         630     Reaffirmed
                                                           A-/Stable
Service Master Clean Ltd                TL                 CRISIL         170     Reaffirmed
                                                           A-/Stable
Shiv Shanker Rice Mills                 CC                 CRISIL         90      Reaffirmed
                                                           BB-/Stable
Shiv Shanker Rice Mills                 Warehouse FinancingCRISIL         84.5    Reaffirmed
                                                           BB-/Stable
Shree Vaishno Flour Mills               CC                 CRISIL B/Stable50      Assigned
Shree Vaishno Flour Mills               Proposed LT Bk     CRISIL B/Stable10      Assigned
                                        Loan Fac
Shri Jagriti Solvex Pvt Ltd             TL                 CRISIL D       60      Downgraded
                                                                                  from CRISIL
                                                                                  B+/Stable
(Issuer Not Cooperating)
Snam Alloys Pvt Ltd                     CC                 CRISIL         400     Reaffirmed
                                                           A-/Stable
Snam Alloys Pvt Ltd                     Proposed LT Bk     CRISIL         255     Reaffirmed
                                        Loan Fac           A-/Stable
Special Blasts Ltd                      Proposed FB Bk     CRISIL         66      -
                                        Limits             BBB-/Stable
(Migrated from CRISIL BB+/Stable ISSUER NOT COOPERATING*) 
Special Blasts Ltd                      Standby Line of    CRISIL         100     -
                                        Credit             BBB-/Stable
(Migrated from CRISIL BB+/Stable ISSUER NOT COOPERATING*) 
Special Blasts Ltd                      CC                 CRISIL         555     -
                                                           BBB-/Stable
(Migrated from CRISIL BB+/Stable ISSUER NOT COOPERATING*) 
Special Blasts Ltd                      Corporate Loan     CRISIL         14      -
                                                           BBB-/Stable
(Migrated from CRISIL BB+/Stable ISSUER NOT COOPERATING*) 
Srikem Laboratories Pvt Ltd             CC                 CRISIL         10      Upgraded from
                                                           BB+/Stable             CRISIL
                                                                                  BB/Stable
Srikem Laboratories Pvt Ltd             LT Loan            CRISIL         50      Upgraded from
                                                           BB+/Stable             CRISIL
                                                                                  BB/Stable
Srikem Laboratories Pvt Ltd             Packing Credit     CRISIL         21      Upgraded from
                                                           BB+/Stable             CRISIL
                                                                                  BB/Stable
Srikem Laboratories Pvt Ltd             Post Shipment      CRISIL         16.5    Upgraded from
                                        Credit             BB+/Stable             CRISIL
                                                                                  BB/Stable
Srikem Laboratories Pvt Ltd             Proposed LT Bk     CRISIL         17.5    Upgraded from
                                        Loan Fac           BB+/Stable             CRISIL
                                                                                  BB/Stable
Tata Capital Financial Services Ltd     Perpetual Bonds    CRISIL         5000    Reaffirmed
                                                           AA+/Stable
Tata Capital Financial Services Ltd     Subordinated Debt  CRISIL         5000    Assigned
                                                           AAA/Stable
Tata Capital Financial Services Ltd     NCD                CRISIL         10000   Reaffirmed
                                                           AAA/Stable
Tata Capital Financial Services Ltd     NCD                CRISIL         15000   Reaffirmed
                                                           AAA/Stable
Tata Capital Financial Services Ltd     NCD                CRISIL         10000   Reaffirmed
                                                           AAA/Stable
Tata Capital Financial Services Ltd     NCD                CRISIL         112405  Reaffirmed
                                                           AAA/Stable
Tata Capital Financial Services Ltd     Retail Bonds*      CRISIL         75000   Reaffirmed
                                                           AAA/Stable
Tata Capital Financial Services Ltd     Subordinated Debt  CRISIL         15000   Reaffirmed
                                                           AAA/Stable
Tata Capital Financial Services Ltd     LT Principal       CRISIL PP-MLD  25000   Reaffirmed
                                        Protected Market   AAAr/Stable
                                        Linked Debentures
Tata Cleantech Capital Ltd              Perpetual Bonds    CRISIL         2500    Reaffirmed
                                                           AA+/Stable
Tata Cleantech Capital Ltd              Subordinated Debt  CRISIL         1500    Assigned
                                                           AAA/Stable
Tata Cleantech Capital Ltd              NCD                CRISIL         10000   Reaffirmed
                                                           AAA/Stable
Tata Cleantech Capital Ltd              NCD                CRISIL         1850    Reaffirmed
                                                           AAA/Stable
Tata Cleantech Capital Ltd              NCD#               CRISIL         2600    Reaffirmed
                                                           AAA/Stable
# Green Debt Securities
Tata Cleantech Capital Ltd              NCDs               CRISIL         11677   Reaffirmed
                                                           AAA/Stable
Tata Cleantech Capital Ltd              Subordinated Debt  CRISIL         1000    Reaffirmed
                                        Issue              AAA/Stable
Tata Cleantech Capital Ltd              Subordinated Debt  CRISIL         1000    Reaffirmed
                                        Issue              AAA/Stable
Tata Cleantech Capital Ltd              CC & WC demand loanCRISIL         15620   Reaffirmed
                                                           AAA/Stable
Tata Cleantech Capital Ltd              LT Bk Fac^         CRISIL         19820   Reaffirmed
                                                           AAA/Stable
^includes NABARDs loan of 100 Million USD equivalent INR
Tata Cleantech Capital Ltd              Proposed LT Bk     CRISIL         14560   Reaffirmed
                                        Loan Fac           AAA/Stable
Tata Cleantech Capital Ltd              LT Principal       CRISIL PP-MLD  10000   Reaffirmed
                                        Protected Market   AAAr/Stable
                                        Linked Debentures
TEJ COKE UNIT - II                      CC                 CRISIL         150     Withdrawn
                                                           BB/Stable
Tilak Ram Babu Ram Pvt Ltd              CC                 CRISIL         150     Reaffirmed
                                                           B+/Stable
Tilak Ram Babu Ram Pvt Ltd              Proposed LT Bk     CRISIL         40      Reaffirmed
                                        Loan Fac           B+/Stable
Torrent Gas Pvt Ltd                     Rupee TL           CRISIL         38720   Assigned
                                                           A+/Stable
Torrent Gas Pvt Ltd                     Proposed Rupee TL  CRISIL         30      Assigned
                                                           A+/Stable
Varmora Furnitures Pvt Ltd              BG                 -              5       Withdrawn
(Issuer Not Cooperating)
Varmora Furnitures Pvt Ltd              CC                 -              50      Withdrawn
(Issuer Not Cooperating)
Varmora Furnitures Pvt Ltd              Foreign Exchange   -              2       Withdrawn
                                        Forward
(Issuer Not Cooperating)
Varmora Furnitures Pvt Ltd              LOC                -              30      Withdrawn
(Issuer Not Cooperating)
Varmora Furnitures Pvt Ltd              Proposed LT Bk     -              7       Withdrawn
                                        Loan Fac
(Issuer Not Cooperating)
Varmora Furnitures Pvt Ltd              TL                 -              136.8   Withdrawn
(Issuer Not Cooperating)
Varmora Homewares Pvt Ltd               CC                 CRISIL         10      Withdrawn
                                                           BB-/Stable
(Issuer Not Cooperating)
Varmora Homewares Pvt Ltd               Proposed LT Bk     CRISIL         49.4    Withdrawn
                                        Loan Fac           BB-/Stable
(Issuer Not Cooperating)
Varmora Homewares Pvt Ltd               TL                 CRISIL         90.6    Withdrawn
                                                           BB-/Stable
(Issuer Not Cooperating)
Venkateswara Enterprises                CC                 CRISIL         75      Reaffirmed
                                                           B+/Stable
Venkateswara Enterprises                Proposed LT Bk     CRISIL         30      Reaffirmed
                                        Loan Fac           B+/Stable
--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

CRISIL may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222 , E-mail at rru.data@refinitiv.com)
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