July 20, 2020 / 8:18 AM / 23 days ago

CRISIL ratings for Indian debt instruments-Jul 20

    Jul 20 - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of July 17, 2020.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Ajanta Soya Ltd                        BG^               CRISIL A4+    20     Withdrawn
(Rating Reaffirmed and Withdrawn. 
^One-way fully changeable with LC limit)
Ajanta Soya Ltd                        CC*               CRISIL A4+    250    Withdrawn
(Rating Reaffirmed and Withdrawn. 
*One-way changeable with letter of credit (LC) limit up to Rs 20 crore)
Ajanta Soya Ltd                        Foreign Exchange  CRISIL A4+    100    Withdrawn
                                       Forward
(Rating Reaffirmed and Withdrawn)
Ajanta Soya Ltd                        LOC#              CRISIL A4+    400    Withdrawn
(Rating Reaffirmed and Withdrawn. 
#Including overdraft facility of Rs 4 crore)
Ajanta Soya Ltd                        LOC##             CRISIL A4+    530    Withdrawn
(Rating Reaffirmed and Withdrawn. 
##LOU/LOC for buyer's credit is sanctioned as sub-limit of LC facility)
ALA Food Stuff Pvt Ltd                 Packing Credit in CRISIL A4+    180    Reaffirmed
                                       Foreign Currency
Ambe Agrofoods Pvt Ltd                 BG                CRISIL A4+    8.6    Reaffirmed
(Issuer Not Cooperating)
Harley Carmbel India Pvt Ltd           BG                CRISIL A4     10     Reaffirmed
(Issuer Not Cooperating)
Harley Carmbel India Pvt Ltd           Packing Credit    CRISIL A4     80     Reaffirmed
(Issuer Not Cooperating)
HYT Inovative Projects Pvt Ltd         BG                CRISIL A4     110    Reaffirmed
(Issuer Not Cooperating)
Interseas                              Bill Discounting  CRISIL A4     100    -
                                       under LOC
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Interseas                              Packing Credit    CRISIL A4     100    -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Jai Jagdish Ship Breakers Pvt Ltd      LOC               CRISIL A4     950    -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Janardan Nirman Pvt Ltd              Letter Of Guarantee CRISIL A4+    10     Reaffirmed
Janta Associates and Co. Ltd           BG                CRISIL A4     40     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Jayshri Impex                          Packing Credit    CRISIL A4     200    -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Jin Plast India Ltd                    LOC               CRISIL A4     10     Reaffirmed
(Issuer Not Cooperating)
JPM Industries Ltd                     LOC               CRISIL A4     50     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
JPM Industries Ltd                     Packing Credit in CRISIL A4     50     -
                                       Foreign Currency
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Kargwal Constructions Pvt Ltd          BG                CRISIL A4     130    -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Kashmirilal Constructions Pvt Ltd      BG                CRISIL A4+    340    -
(Migrated from 'CRISIL A4 ISSUER NOT COOPERATING')
Kashmirilal Constructions Pvt Ltd      Proposed ST Bk    CRISIL A4+    140    -
                                       Loan Fac
(Migrated from 'CRISIL A4 ISSUER NOT COOPERATING')
Keaa International Pvt Ltd             Letter of Comfort CRISIL A4     20     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Keaa International Pvt Ltd             LOC               CRISIL A4     10     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Keaa International Pvt Ltd             Proposed LOC      CRISIL A4     13.2   -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Kerry Indev Logistics Pvt Ltd          BG                CRISIL A1     100    Reaffirmed
Kerry Indev Logistics Pvt Ltd          CP                CRISIL A1     200    -
KMCT Group of Institutions             BG                CRISIL A4     46.1   -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
KMCT Group of Institutions             Overdraft         CRISIL A4     70     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Konuparamban Traders                   BG                CRISIL A4+    2.5    Reaffirmed
(Migrated from 'CRISIL A4+ ISSUER NOT COOPERATING)
KPR Agro Industries Pvt Ltd            LOC               CRISIL A4     5.5    Reaffirmed
(Issuer Not Cooperating)
KPR Agro Industries Pvt Ltd            Proposed LOC      CRISIL A4     144.5  Reaffirmed
(Issuer Not Cooperating)
Ktex NonWovens Pvt Ltd                 BG                CRISIL A4     21.9   Reaffirmed
(Issuer Not Cooperating)
Kuksons Electronics Pvt Ltd            LOC & BG          CRISIL A4     5      -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
M. M. International                    Packing Credit in CRISIL A4     130    -
                                       Foreign Currency
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
M. M. International                    Proposed Packing  CRISIL A4     30     -
                                       Credit
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
M.S. Ramaiah University of Applied     Overdraft         CRISIL A4     320    -
Sciences
(ISSUER NOT COOPERATING; Revised from CRISIL A4+)
Mahalaxmi Continental Ltd              LOC               CRISIL A4     150    -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Make India Polymers House              Foreign Exchange  CRISIL A4     22.5   Reaffirmed
                                       Forward
(Issuer Not Cooperating)
Make India Polymers House              LOC               CRISIL A4     22.5   Reaffirmed
(Issuer Not Cooperating)
Malnad Alloy Castings Pvt Ltd          BG                CRISIL A4     10     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Malnad Alloy Castings Pvt Ltd          Cheque Purchase   CRISIL A4     7.5    -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Malnad Alloy Castings Pvt Ltd          LOC Bill          CRISIL A4     5      -
                                       Discounting
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Malnad Alloy Castings Pvt Ltd          Packing Credit    CRISIL A4     20     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Malnad Alloy Castings Pvt Ltd          Post Shipment     CRISIL A4     10     -
                                       Credit
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Meridian Corporation                   LOC               CRISIL A4     10     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
MJR Constructions Pvt Ltd              BG                CRISIL A4     85     Reaffirmed
(Issuer Not Cooperating)
MJR Constructions Pvt Ltd              Proposed ST Bk    CRISIL A4     65     Reaffirmed
                                       Loan Fac
(Issuer Not Cooperating)
Modern Industries - Bhavnagar          BG                CRISIL A4     4.9    Reaffirmed
(Issuer Not Cooperating)
Modern Industries - Bhavnagar          Inland/Import LOC CRISIL A4     15     Reaffirmed
(Issuer Not Cooperating)
Mundra Tractors                        BG                CRISIL A4     33     Reaffirmed
(Issuer Not Cooperating)
N. C. Das and Co                       Export Packing    CRISIL A4+    150    Reaffirmed
                                       Credit
N. C. Das and Co                       Foreign           CRISIL A4+    150    Reaffirmed
                                       Discounting Bill
                                       Purchase
Nealex Alloys Pvt Ltd                  BG                CRISIL A4     6      Reaffirmed
(Issuer Not Cooperating)
Nealex Alloys Pvt Ltd                  LOC               CRISIL A4     10     Reaffirmed
(Issuer Not Cooperating)
NKS Construction And Engineers Pvt Ltd BG                CRISIL A4     150    -
(Issuer Not Cooperating)
Omega Designs Pvt Ltd                  LOC               CRISIL A4     20     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
ONGC Tripura Power Co. Ltd             LOC & BG          CRISIL A1+    1000   Reaffirmed
ONGC Tripura Power Co. Ltd             Proposed LOC & BG CRISIL A1+    190    Reaffirmed
ONGC Tripura Power Co. Ltd             CP                CRISIL A1+    3000   Assigned
OPS International                      LOC               CRISIL A4     200    Reaffirmed
(Issuer Not Cooperating)
P.A.S. Petro Product                   LOC               CRISIL A4     120    Reassigned
P.S. Industries (Regd)                 LOC               CRISIL A4     20     Reaffirmed
(Issuer Not Cooperating)
Parikh Metacast Pvt Ltd                BG                CRISIL A4+    10     Assigned
Pathania Education Society             Overdraft         CRISIL A4     27.5   Reaffirmed
(Issuer Not Cooperating)
Pavan Traders                          LOC               CRISIL A4     20     Reaffirmed
(Issuer Not Cooperating)
Pavithran Aseptic Fruit Products       LOC               CRISIL A4     25.5   -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Pawar Patkar Constructions Pvt Ltd     BG                CRISIL A4     430    -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Pee Gee Fabrics Pvt Ltd                BG                CRISIL A4     2.5    -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Pee Gee Fabrics Pvt Ltd                LOC               CRISIL A4     30     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Ply Com Pvt Ltd                        LOC               CRISIL A4     50     Reaffirmed
(Issuer Not Cooperating)
Pragati Marine Services Pvt Ltd        BG                CRISIL A4     10     Reaffirmed
(Issuer Not Cooperating)
Prayag Polymers Pvt Ltd                LOC               CRISIL A4     20     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Precision Rubber Industries Pvt Ltd    Inland/Import LOC CRISIL A4     30     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Prem Industries (Ahmedabad)            BG                CRISIL A4     4      -
(Issuer Not Cooperating)
Prem Industries (Ahmedabad)            LOC               CRISIL A4     10     -
(Issuer Not Cooperating)
Pundrik Textile Mills Pvt Ltd          LOC               CRISIL A4     5      -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
PV Sons Corn Milling Company Pvt Ltd   Packing Credit in CRISIL A4     220    -
                                       Foreign Currency
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Rati Engineering                       BG                CRISIL A4     50     Reaffirmed
(Issuer Not Cooperating)
Seaboy Fisheries Pvt Ltd               Foreign           CRISIL A4+    5      Reaffirmed
                                       Discounting Bill
                                       Purchase
TCNS Clothing Co. Ltd                  Proposed ST Bk    CRISIL A1+    80     Reaffirmed
                                       Loan Fac
VIP Industries Ltd                     Non-FBL           CRISIL A1+    545    Reaffirmed



LONG TERM RATINGS:
-------------------
Aashirvad Micro Finance                Proposed LT Bk    CRISIL        50     Reaffirmed
                                       Loan Fac          B/Stable
(Issuer Not Cooperating)
Abharan Motors Pvt Ltd.                Rating Advisory   -             -      -
(CRISIL vide its publication dated July 10, 2020 highlighted the aspect of non-co-operation by
Abharan Motors Private Limited.)
ALA Food Stuff Pvt Ltd                 CC                CRISIL        100    Reaffirmed
                                                         BB-/Stable
Ambe Agro Industries Ltd               CC                CRISIL        125    -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Migrated from 'CRISIL BBB-/Stable')
Ambe Agro Industries Ltd               Proposed WC Fac   CRISIL        85     -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Migrated from 'CRISIL BBB-/Stable')
Ambe Agrofoods Pvt Ltd                 CC                CRISIL        220    Reaffirmed
                                                         BB+/Stable
(Issuer Not Cooperating)
Ambe Agrofoods Pvt Ltd                 LT Loan           CRISIL        80     Reaffirmed
                                                         BB+/Stable
(Issuer Not Cooperating)
Ambe Agrofoods Pvt Ltd                 Proposed WC Fac   CRISIL        31.4   Reaffirmed
                                                         BB+/Stable
(Issuer Not Cooperating)
Cottony Fashions                       Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Ferro Steel Solutions.                 Rating Advisory   -             -      -
(CRISIL vide its publication dated July 10, 2020 highlighted the aspect of non-co-operation by
Ferro Steel Solutions.)
Harley Carmbel India Pvt Ltd           Bill Discounting  CRISIL        120    Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
Healthware Pvt Ltd                     WC Fac            CRISIL        180    -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Stable)
HYT Inovative Projects Pvt Ltd         CC                CRISIL        30     Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
HYT Inovative Projects Pvt Ltd         Proposed LT Bk    CRISIL        15.6   Reaffirmed
                                       Loan Fac          B/Stable
(Issuer Not Cooperating)
HYT Inovative Projects Pvt Ltd         TL                CRISIL        35     Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
I. V. N. Modern Rice Mill              CC                CRISIL        15     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
I. V. N. Modern Rice Mill              Proposed LT Bk    CRISIL        15     Reaffirmed
                                       Loan Fac          B+/Stable
(Issuer Not Cooperating)
I. V. N. Modern Rice Mill            Warehouse Financing CRISIL        40     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Icon Developers                        Proposed LT Bk    CRISIL        60     Reaffirmed
                                       Loan Fac          B+/Stable
(Issuer Not Cooperating)
J.M.D. Corporation of India Ltd        CC                CRISIL D      185    Reaffirmed
(Issuer Not Cooperating)
J.M.D. Corporation of India Ltd        Proposed LT Bk    CRISIL D      115    Reaffirmed
                                       Loan Fac
(Issuer Not Cooperating)
J.M.D. Laxmi Enterprises               CC                CRISIL D      100    Reaffirmed
(Issuer Not Cooperating)
J.M.D. Laxmi Enterprises               Proposed LT Bk    CRISIL D      50     Reaffirmed
                                       Loan Fac
(Issuer Not Cooperating)
J.V. Steel Tubes                       CC                CRISIL B      50     Reaffirmed
(Issuer Not Cooperating)
J.V. Steel Tubes                       CC - Book Debt    CRISIL B      45     Reaffirmed
(Issuer Not Cooperating)
J.V. Steel Tubes                       Overdraft         CRISIL B      25     Reaffirmed
(Issuer Not Cooperating)
Jai Jagdish Ship Breakers Pvt Ltd      CC                CRISIL        130    -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
Jai Jagdish Ship Breakers Pvt Ltd      Proposed LT Bk    CRISIL        19     -
                                       Loan Fac          B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
Janardan Nirman Pvt Ltd                CC                CRISIL        40     Reaffirmed
                                                         BB-/Stable
Janta Associates and Co. Ltd           CC                CRISIL        30     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable)
Janta Associates and Co. Ltd           Proposed BG       CRISIL        40     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable)
Janta Associates and Co. Ltd           Proposed LT Bk    CRISIL        20     -
                                       Loan Fac          B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable)
Jasamrat Cotgin Pvt Ltd                CC                CRISIL        70     Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
Jasamrat Cotgin Pvt Ltd                TL                CRISIL        34.5   Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
Jayalakshmi Cashew Exports             CC                CRISIL        50     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Jayalakshmi Cashew Exports             Key Loan          CRISIL        26.3   Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Jayalakshmi Cashew Exports             TL                CRISIL        3.7    Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Jayshri Impex                          Proposed LT Bk    CRISIL        37.5   -
                                       Loan Fac          B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
Jayshri Impex                          Secured Overdraft CRISIL        12.5   -
                                       against term      B+/Stable
                                       deposits
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
Jin Plast India Ltd                    CC                CRISIL        50     Reaffirmed
                                                         B-/Stable
(Issuer Not Cooperating)
Jin Plast India Ltd                    LT Loan           CRISIL        20     Reaffirmed
                                                         B-/Stable
(Issuer Not Cooperating)
JJ PV Solar Pvt Ltd                    CC                CRISIL        95     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
JJ PV Solar Pvt Ltd                    Proposed LT Bk    CRISIL        5      Reaffirmed
                                       Loan Fac          B+/Stable
(Issuer Not Cooperating)
JPM Industries Ltd                     Bill Discounting  CRISIL        81     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Stable)
JPM Industries Ltd                     CC                CRISIL        180    -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Stable)
JPM Industries Ltd                     Proposed LT Bk    CRISIL        150    -
                                       Loan Fac          B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Stable)
JPM Industries Ltd                     TL                CRISIL        314    -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Stable)
Kalpana Ginning - Nagpur               CC                CRISIL        30     -
                                                         B+/Stable
(Issuer Not Cooperating)
Kalpana Ginning - Nagpur               LT Loan           CRISIL        35     -
                                                         B+/Stable
(Issuer Not Cooperating)
Kalpana Industries - Nagpur            CC                CRISIL        30     -
                                                         B+/Stable
 (ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable)
Kalpana Industries - Nagpur            Rupee TL          CRISIL        30     -
                                                         B+/Stable
 (ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable)
Kanak Automobiles Pvt Ltd              CC                CRISIL        30.6   Reaffirmed
                                                         B-/Stable
(Issuer Not Cooperating)
Kanak Automobiles Pvt Ltd              Electronic Dealer CRISIL        70     Reaffirmed
                                       Financing         B-/Stable
                                       Scheme(e-DFS)
(Issuer Not Cooperating)
Kanak Automobiles Pvt Ltd              TL                CRISIL        70.2   Reaffirmed
                                                         B-/Stable
(Issuer Not Cooperating)
Kargwal Constructions Pvt Ltd          CC                CRISIL        50     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Negative)
Kashmirilal Constructions Pvt Ltd      CC                CRISIL        20     Assigned
                                                         BB+/Stable
Kasim Coal and Logistics Pvt Ltd       CC                CRISIL D      40     Reaffirmed
(Issuer Not Cooperating)
Kasim Coal and Logistics Pvt Ltd       LOC               CRISIL D      50     Reaffirmed
(Issuer Not Cooperating)
Katare Cotton Waste Spinning Mills     CC                CRISIL D      30     Reaffirmed
(Issuer Not Cooperating)
Katare Cotton Waste Spinning Mills     TL                CRISIL D      42.1   Reaffirmed
(Issuer Not Cooperating)
Kausikh Therapeutics Pvt Ltd           Loan Against      CRISIL        80     Reaffirmed
                                       Property          B+/Stable
(Issuer Not Cooperating)
Kausikh Therapeutics Pvt Ltd           Overdraft         CRISIL        8      Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Kausikh Therapeutics Pvt Ltd          Proposed Overdraft CRISIL        7      Reaffirmed
                                       Fac               B+/Stable
(Issuer Not Cooperating)
Kausikh Therapeutics Pvt Ltd           TL                CRISIL        120    Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
KCC Lateri Expressway Pvt Ltd          TL                CRISIL        1100   -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Stable)
Keaa International Pvt Ltd             CC                CRISIL        115    -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable)
Keaa International Pvt Ltd             LT Loan           CRISIL        13.3   -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable)
Keaa International Pvt Ltd             Standby Line of   CRISIL        8.5    -
                                       Credit            B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable)
Kerry Indev Logistics Pvt Ltd          CC              CRISIL A/Stable 1050   Reaffirmed
Kerry Indev Logistics Pvt Ltd          LT Loan         CRISIL A/Stable 250    Reaffirmed
Kethos Tiles Pvt Ltd                   BG                CRISIL D      50     Reaffirmed
(Issuer Not Cooperating)
Kethos Tiles Pvt Ltd                   CC                CRISIL D      130    Reaffirmed
(Issuer Not Cooperating)
Kethos Tiles Pvt Ltd                   LT Loan           CRISIL D      417.8  Reaffirmed
(Issuer Not Cooperating)
Kethos Tiles Pvt Ltd                   Proposed LT Bk    CRISIL D      2.2    Reaffirmed
                                       Loan Fac
(Issuer Not Cooperating)
Khandelwal Edible Oils Ltd             CC                CRISIL        100    -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Stable)
Khandelwal Edible Oils Ltd             Proposed LT Bk    CRISIL        100    -
                                       Loan Fac          B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Stable)
Kishanpuria Guwar Gum Industries       CC                CRISIL        30     Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
Kishanpuria Guwar Gum Industries      Warehouse Receipts CRISIL        50     Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
Kitex Ltd                              Rating Advisory   -             -      -
(CRISIL vide its publication dated June 30, 2020 highlighted the aspect of non-co-operation by
Kitex Limited.)
KMCT Group of Institutions             LT Loan           CRISIL        134.9  -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Stable)
KMCT Group of Institutions             Proposed WC Fac   CRISIL        19     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Stable)
Konuparamban Traders                   CC                CRISIL        75     Reaffirmed
                                                         BB-/Stable 
(Migrated from 'CRISIL BB-/Stable ISSUER NOT COOPERATING)
Konuparamban Traders                   Proposed LT Bk    CRISIL        22.5   Reaffirmed
                                       Loan Fac          BB-/Stable 
(Migrated from 'CRISIL BB-/Stable ISSUER NOT COOPERATING)
KPR Agro Industries Pvt Ltd            CC                CRISIL        10     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
KPR Agro Industries Pvt Ltd            Proposed CC Limit CRISIL        70     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Ktex NonWovens Pvt Ltd                 CC                CRISIL        35     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Ktex NonWovens Pvt Ltd                 TL                CRISIL        238.1  Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Ktex NonWovens Pvt Ltd                 WC Fac            CRISIL        60     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Kufri Fun Campus Pvt Ltd               TL                CRISIL D      120    Reaffirmed
(Issuer Not Cooperating)
Kuksons Electronics Pvt Ltd            CC                CRISIL        30     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable)
Kuksons Electronics Pvt Ltd            Proposed CC Limit CRISIL        15     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable)
Lahariya Oil Industries Pvt Ltd        CC                CRISIL        50     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Lahariya Oil Industries Pvt Ltd        Proposed CC Limit CRISIL        10     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Lahariya Oil Industries Pvt Ltd        TL                CRISIL        60     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Lamba Enterprises Pvt Ltd              CC                CRISIL        70     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable)
Lamba Enterprises Pvt Ltd              Loan Against      CRISIL        50     -
                                       Property          B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable)
Laxmi Balaji Cotton Industries         CC                CRISIL        66     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Laxmi Balaji Cotton Industries         Proposed LT Bk    CRISIL        5      Reaffirmed
                                       Loan Fac          B+/Stable
(Issuer Not Cooperating)
Laxmi Balaji Cotton Industries         TL                CRISIL        29     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Laxmi Infrastructure                   CC                CRISIL        300    -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
M. M. International                    Proposed LT Bk    CRISIL        22     -
                                       Loan Fac          B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
M. M. International                    Proposed TL       CRISIL        180    -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
M. M. International                    TL                CRISIL        18     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
M.S. Ramaiah University of Applied     LT Loan           CRISIL        120    -
Sciences                                                 B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB+/Stable)
M.S. Ramaiah University of Applied     Rupee TL          CRISIL        60     -
Sciences                                                 B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB+/Stable)
Mack Springs Pvt Ltd                   CC                CRISIL        50     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
Mack Springs Pvt Ltd                   Proposed CC Limit CRISIL        10     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
Mahalaxmi Continental Ltd              CC                CRISIL        100    -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable)
Maharashtra Engineering                CC                CRISIL D      45     Reaffirmed
(Issuer Not Cooperating)
Maharashtra Engineering                TL                CRISIL D      28     Reaffirmed
(Issuer Not Cooperating)
Maharashtra Engineering                WC Demand Loan    CRISIL D      57     -
(Issuer Not Cooperating)
Make India Polymers House              CC                CRISIL        5      Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
Makhwan Metal Trading Company Pvt Ltd  CC                CRISIL D      200    Reaffirmed
(Issuer Not Cooperating)
Malnad Alloy Castings Pvt Ltd          Bill Discounting  CRISIL        65     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
Malnad Alloy Castings Pvt Ltd          CC                CRISIL        55     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
Malnad Alloy Castings Pvt Ltd          Overdraft         CRISIL        30     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
Malnad Alloy Castings Pvt Ltd          Proposed LT Bk    CRISIL        37.5   -
                                       Loan Fac          B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
Malnad Alloy Castings Pvt Ltd          TL                CRISIL        50     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
MAMONI Cold Storage Pvt Ltd            CC                CRISIL        70     Reaffirmed
                                                         B-/Stable
(Issuer Not Cooperating)
Maruti Ferrous Pvt Ltd                 Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Matrix Technologies Inc.               Cash TL           CRISIL B+     10     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable)
Matrix Technologies Inc.               Line of Credit    CRISIL B+     90     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable)
Meenakshi Fibers                       CC                CRISIL        66     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Meenakshi Fibers                       Proposed LT Bk    CRISIL        8.4    Reaffirmed
                                       Loan Fac          B+/Stable
(Issuer Not Cooperating)
Meenakshi Fibers                       Rupee TL          CRISIL        25.6   Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Meridian Corporation                   CC                CRISIL        65     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable)
Meridian Corporation                   Proposed LT Bk    CRISIL        10     -
                                       Loan Fac          B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable)
Meridian Corporation                   Standby Line of   CRISIL        5      -
                                       Credit            B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable)
Meridian Corporation                   TL                CRISIL        10     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable)
MJR Constructions Pvt Ltd              CC                CRISIL        30     Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
MJR Constructions Pvt Ltd              Proposed LT Bk    CRISIL        20     Reaffirmed
                                       Loan Fac          B/Stable
(Issuer Not Cooperating)
Modern Industries - Bhavnagar          CC                CRISIL        30.5   Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Modern Industries - Bhavnagar          Proposed LT Bk    CRISIL        19.1   Reaffirmed
                                       Loan Fac          B+/Stable
(Issuer Not Cooperating)
Modern Industries - Bhavnagar          TL                CRISIL        30.5   Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Mohana Cotton Ginning Pvt Ltd          CC                CRISIL D      150    Reaffirmed
(Issuer Not Cooperating)
Mohana Cotton Ginning Pvt Ltd          TL                CRISIL D      65     Reaffirmed
(Issuer Not Cooperating)
Mundra Tractors                        CC                CRISIL        65     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Nandini Creation                       CC                CRISIL        10     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Nandini Creation                       LT Loan           CRISIL        65     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Nandini Creation                       Proposed LT Bk    CRISIL        5      Reaffirmed
                                       Loan Fac          B+/Stable
(Issuer Not Cooperating)
Naruvizhi Ambal Modern Rice Mill Pvt Ltd CC              CRISIL        100    Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Nealex Alloys Pvt Ltd                  CC                CRISIL        50     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Nealex Alloys Pvt Ltd                  Proposed LT Bk    CRISIL        34     Reaffirmed
                                       Loan Fac          B+/Stable
(Issuer Not Cooperating)
Nimit Steels and Alloys Pvt Ltd        CC                CRISIL D      400    Reaffirmed
(Issuer Not Cooperating)
Nimit Steels and Alloys Pvt Ltd        LOC               CRISIL D      1100   Reaffirmed
(Issuer Not Cooperating)
Nirmala Offset Printers                CC                CRISIL        30     Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
Nirmala Offset Printers                Proposed LT Bk    CRISIL        70     Reaffirmed
                                       Loan Fac          B/Stable
(Issuer Not Cooperating)
Nirmala Offset Printers                TL                CRISIL        20     Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
NKS Construction And Engineers Pvt Ltd CC                CRISIL        50     -
                                                         B+/Stable
(Issuer Not Cooperating)
Om Sai construction                    Proposed LT Bk    CRISIL        420    Reaffirmed
                                       Loan Fac          B/Stable
(Issuer Not Cooperating)
Omega Designs Pvt Ltd                  CC                CRISIL        70     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
Omega Designs Pvt Ltd                  Drop Line         CRISIL        6.8    -
                                       Overdraft Fac     B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
Omega Designs Pvt Ltd                  Overdraft         CRISIL        18     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
Omega Designs Pvt Ltd                  Proposed FB Bk    CRISIL        15.2   -
                                       Limits            B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
Omega Designs Pvt Ltd                  TL                CRISIL        10     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
Omkamal Steel Pvt Ltd                  CC                CRISIL        39     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Omkamal Steel Pvt Ltd                  Proposed LT Bk    CRISIL        16     Reaffirmed
                                       Loan Fac          B+/Stable
(Issuer Not Cooperating)
Omkamal Steel Pvt Ltd                  TL                CRISIL        10     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
ONGC Tripura Power Co. Ltd             CC                CRISIL        2000   Reaffirmed
                                                         AA/Stable
ONGC Tripura Power Co. Ltd             Proposed CC Limit CRISIL        2800   Reaffirmed
                                                         AA/Stable
ONGC Tripura Power Co. Ltd             Proposed TL       CRISIL        3000   Reaffirmed
                                                         AA/Stable
ONGC Tripura Power Co. Ltd             Rupee TL          CRISIL        18530  Reaffirmed
                                                         AA/Stable
OPS International                      CC                CRISIL        20     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
P Manoharlal Jewellers and Exporters   Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
P.A.S. Petro Product                   CC                CRISIL        45     Reaffirmed
                                                         B+/Stable
P.C.Dey and Son Distributors Pvt Ltd   CC                CRISIL        143    -
                                                         B+/Stable
(Issuer Not Cooperating)
P.C.Dey and Son Distributors Pvt Ltd   Proposed LT Bk    CRISIL        45     -
                                       Loan Fac          B+/Stable
(Issuer Not Cooperating)
P.C.Dey and Son Distributors Pvt Ltd   Standby LOC       CRISIL        12     -
                                                         B+/Stable
(Issuer Not Cooperating)
P.S. Industries (Regd)                 CC                CRISIL        77.5   Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
P.S. Industries (Regd)                 Proposed LT Bk    CRISIL        24.3   Reaffirmed
                                       Loan Fac          B+/Stable
(Issuer Not Cooperating)
P.S. Industries (Regd)                 TL                CRISIL        8.2    Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
P.S.Earthmovers Pvt Ltd              Electronic Dealer CRISIL B/Stable 180    Reaffirmed
                                       Financing
                                       Scheme(e-DFS)
Paramount Blankets Pvt Ltd             CC                CRISIL D      97.5   Reaffirmed
(Issuer Not Cooperating)
Paramount Blankets Pvt Ltd             LT Loan           CRISIL D      1.1    Reaffirmed
(Issuer Not Cooperating)
Paramount Blankets Pvt Ltd             Proposed LT Bk    CRISIL D      57.5   Reaffirmed
                                       Loan Fac
(Issuer Not Cooperating)
Parikh Metacast Pvt Ltd                TL                CRISIL        110    Assigned
                                                         BB-/Stable
Parikh Metacast Pvt Ltd                CC                CRISIL        30     Assigned
                                                         BB-/Stable
Pathania Education Society             LT Loan           CRISIL        73.3   Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Patidar Boards Pvt Ltd                 CC                CRISIL        60     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable)
Patidar Boards Pvt Ltd                 LT Loan           CRISIL        160    -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable)
Pavan Traders                          Bill Discounting  CRISIL        100    Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Pavan Traders                          CC                CRISIL        100    Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Pavithran Aseptic Fruit Products       CC                CRISIL        40     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
Pavithran Aseptic Fruit Products       Proposed LT Bk    CRISIL        34.5   -
                                       Loan Fac          B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
Pawar Patkar Constructions Pvt Ltd     CC                CRISIL        140    -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Stable)
Pee Gee Fabrics Pvt Ltd                CC                CRISIL        65     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
Pee Gee Fabrics Pvt Ltd                Proposed LT Bk    CRISIL        3      -
                                       Loan Fac          B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
Pee Gee Fabrics Pvt Ltd                TL                CRISIL        29.1   -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
Ply Com Pvt Ltd                        CC                CRISIL        50     Reaffirmed
                                                         B-/Stable
(Issuer Not Cooperating)
Power Welfare Society                  LT Loan           CRISIL D      300    Reaffirmed
(Issuer Not Cooperating)
Powercon Cement Ltd                    CC                CRISIL        45     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Powercon Cement Ltd                    TL                CRISIL        72.5   Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Pragati Marine Services Pvt Ltd        CC                CRISIL C      35     Reaffirmed
(Issuer Not Cooperating)
Pragati Marine Services Pvt Ltd        Proposed LT Bk    CRISIL C      8.2    Reaffirmed
                                       Loan Fac
(Issuer Not Cooperating)
Pragati Marine Services Pvt Ltd        TL                CRISIL C      16.8   Reaffirmed
(Issuer Not Cooperating)
Prayag Polymers Pvt Ltd                CC                CRISIL        95     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable)
Prayag Polymers Pvt Ltd                TL                CRISIL        105    -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable)
Precision Rubber Industries Pvt Ltd    CC                CRISIL        130    -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Stable)
Prem Industries (Ahmedabad)            CC                CRISIL        90     -
                                                         B+/Stable
(Issuer Not Cooperating)
Prem Industries (Ahmedabad)            TL                CRISIL        16     -
                                                         B+/Stable
(Issuer Not Cooperating)
Process Construction & Technical       BG                CRISIL D      480    Reaffirmed
Services Pvt Ltd
(Issuer Not Cooperating)
Process Construction & Technical       CC                CRISIL D      50     Reaffirmed
Services Pvt Ltd
(Issuer Not Cooperating)
Process Construction & Technical       Overdraft         CRISIL D      150    Reaffirmed
Services Pvt Ltd
(Issuer Not Cooperating)
Process Construction & Technical       Proposed LT Bk    CRISIL D      320    Reaffirmed
Services Pvt Ltd                       Loan Fac
(Issuer Not Cooperating)
Process Construction & Technical       TL                CRISIL D      150    Reaffirmed
Services Pvt Ltd
(Issuer Not Cooperating)
Pundrik Textile Mills Pvt Ltd          CC                CRISIL        100    -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
PV Sons Corn Milling Company Pvt Ltd   LT Loan           CRISIL        410    -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Stable)
Rajeswari Automotives Pvt Ltd          Inventory Funding CRISIL        40     Reaffirmed
                                       Fac               B+/Stable
(Issuer Not Cooperating)
Rajeswari Automotives Pvt Ltd          Proposed LT Bk    CRISIL        26.4   Reaffirmed
                                       Loan Fac          B+/Stable
(Issuer Not Cooperating)
Rakesh Folding Works                   CC                CRISIL        55     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Rakesh Folding Works                   LT Loan           CRISIL        3.3    Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Rakesh Folding Works                   Proposed LT Bk    CRISIL        36.7   Reaffirmed
                                       Loan Fac          B+/Stable
(Issuer Not Cooperating)
Ramka Silk House Pvt Ltd               Packing Credit    CRISIL D      250    Reaffirmed
(Issuer Not Cooperating)
Ratan Textiles Pvt Ltd                 Export Packing    CRISIL        65     -
                                       Credit            B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable)
Rati Engineering                       CC                CRISIL        35     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Rati Engineering                       Proposed LT Bk    CRISIL        5      Reaffirmed
                                       Loan Fac          B+/Stable
(Issuer Not Cooperating)
RD Brown Box Packaging Pvt Ltd         Cash TL           CRISIL        80     Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
RD Brown Box Packaging Pvt Ltd         LT Bk Fac         CRISIL        135    Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
RD Brown Box Packaging Pvt Ltd         Overdraft         CRISIL        35     Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
S S M Foundation Trust For Educational LT Loan           CRISIL        44     -
and Social Development                                   B-/Stable
(Migrated from 'CRISIL D ISSUER NOT COOPERATING)
S S M Foundation Trust For Educational Overdraft         CRISIL        16     -
and Social Development                                   B-/Stable
(Migrated from 'CRISIL D ISSUER NOT COOPERATING)
Seaboy Fisheries Pvt Ltd               LT Loan           CRISIL        5      Reaffirmed
                                                         BB-/Stable
Seaboy Fisheries Pvt Ltd               Packing Credit    CRISIL        50     Assigned
                                                         BB-/Stable
Shriram City Union Finance Ltd        Mobil Trust Series CRISIL AAA    -      -
                                       09 -Series A PTCs
(Converted from Provisional Rating to Final Rating/Continues on 'Rating watch with Negative
implications')
Sri Sainatha Rice Industries           CC                CRISIL D      60     -
(ISSUER NOT COOPERATING; Downgraded from 'CRISIL B/Stable)
Sri Sainatha Rice Industries           LT Loan           CRISIL D      40     -
(ISSUER NOT COOPERATING; Downgraded from 'CRISIL B/Stable)
Taj Agro Commodities Pvt Ltd           CC                CRISIL        500    -
                                                         BB/Stable
(Upgraded from 'CRISIL BB-/Stable')
TCNS Clothing Co. Ltd                  CC*               CRISIL        360    Reaffirmed
                                                         A+/Negative
(*Interchangeable with letter of credit and bank guarantee)
TCNS Clothing Co. Ltd                  WC Fac*           CRISIL        310    Reaffirmed
                                                         A+/Negative
(*Interchangeable with letter of credit and bank guarantee)
Temple Packaging Pvt Ltd               Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Varsha Super Stockist India Pvt Ltd    CC                CRISIL        145    Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
VIP Industries Ltd                     FB Fac*           CRISIL        750    Reaffirmed
                                                         AA/Stable
(*Interchangeable with non-fun based limits)
VIP Industries Ltd                     Proposed WC Fac   CRISIL        1505   Reaffirmed
                                                         AA/Stable
VIP Industries Ltd                     NCD               CRISIL        1000   Assigned
                                                         AA/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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