July 24, 2020 / 8:18 AM / 12 days ago

CRISIL ratings for Indian debt instruments-Jul 24

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


COMPANY                                INSTRUMENT        RATING        AMOUNT MOVEMENT
                                                                      (RS.MLN)
------                                 ----------        ------        -----  ---------
SHORT TERM RATINGS:
-------------------
A.N.E. Industries Pvt Ltd              BG                CRISIL A4     250    Reaffirmed
Alfa Laval India Pvt Ltd               BG                CRISIL A1+    2695.5 Reaffirmed
Alfa Laval India Pvt Ltd               CP                CRISIL A1+    100    Withdrawn
Ashok Chauhan and Co.                  BG                CRISIL A4+    152    Reaffirmed
(Issuer Not Cooperating)
Benara Udyog Ltd                       BG                CRISIL A4     11     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Benara Udyog Ltd                       Foreign Bill      CRISIL A4     14     -
                                       Purchase
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Benara Udyog Ltd                       LOC               CRISIL A4     20     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Benara Udyog Ltd                       Packing Credit    CRISIL A4     14     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Care Formulation Labs Pvt Ltd          Overdraft         CRISIL A4+    50     Assigned
Footwear (Klick) India Pvt Ltd         BG                CRISIL A3+    50     Reaffirmed
Footwear (Klick) India Pvt Ltd         LOC               CRISIL A3+    50     Reaffirmed
Garg Tube Ltd                          Bill Discounting  CRISIL A4     50     -
                                       under LOC
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Gupta Metal Sheets Ltd                 BG                CRISIL A4     577.5  -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A4+)
Hari Om Roofing Industries             LOC               CRISIL A4+    10     Reaffirmed
(Issuer Not Cooperating)
Jay Jagdamba Profile Pvt Ltd           BG                CRISIL A4+    5      Withdrawn
(Rating Reaffirmed and Withdrawn)
Jay Jagdamba Profile Pvt Ltd           CC                CRISIL A4+    100    Withdrawn
(Rating Reaffirmed and Withdrawn)
Jay Jagdamba Profile Pvt Ltd           Export Bill       CRISIL A4+    30     Withdrawn
                                       Purchase
                                       -Discounting
(Rating Reaffirmed and Withdrawn)
Jay Jagdamba Profile Pvt Ltd           Packing Credit    CRISIL A4+    50     Withdrawn
(Rating Reaffirmed and Withdrawn)
Jay Jagdamba Profile Pvt Ltd           Proposed LT Bk    CRISIL A4+    3.9    Withdrawn
                                       Loan Fac
(Rating Reaffirmed and Withdrawn)
Jay Jagdamba Profile Pvt Ltd           TL                CRISIL A4+    136.1  Withdrawn
(Rating Reaffirmed and Withdrawn)
KSE Ltd                                Cash Management   CRISIL A2+    15     Reaffirmed
                                       Service
Nitta Gelatin India Ltd                Bill Purchase     CRISIL A2+    335    Reaffirmed
                                       Discounting Fac
Nitta Gelatin India Ltd                LOC & BG          CRISIL A2+    39.1   Reaffirmed
Nitta Gelatin India Ltd                Packing Credit    CRISIL A2+    478    Reaffirmed
NTPC-SAIL Power Co. Ltd                LOC & BG          CRISIL A1+    750    Reaffirmed
NU Fashion Footwear Pvt Ltd            Proposed ST Bk    CRISIL A3+    50     Assigned
                                       Loan Fac
Perfect House Pvt Ltd                  BG                CRISIL A3+    200    Reaffirmed
Ramdev Industries Ltd                  Inland/Import LOC CRISIL A4     20     Reaffirmed
(Issuer Not Cooperating)
Sagari Leathers Pvt Ltd                Packing Credit    CRISIL A4+    100    Reaffirmed
(Issuer Not Cooperating)
Sha Shambhulal Nathalal and Co Timber  LOC               CRISIL A4     60     Reaffirmed
Merchants
(Issuer Not Cooperating)
Sha Shambhulal Nathalal and Co Timber  Overdraft         CRISIL A4     1.5    Reaffirmed
Merchants
(Issuer Not Cooperating)
Sha Shambhulal Nathalal and Co Timber  Proposed LOC      CRISIL A4     31     Reaffirmed
Merchants
(Issuer Not Cooperating)
Shree Ganesh Rice Mills                Proposed NFBL     CRISIL A4     15     Reaffirmed
(Issuer Not Cooperating)
Shree Jay Jagdamba Flanges Pvt Ltd     BG                CRISIL A4+    2.5    Withdrawn
(Rating Reaffirmed and Withdrawn)
Shree Jay Jagdamba Flanges Pvt Ltd     CC                CRISIL A4+    37.5   Withdrawn
(Rating Reaffirmed and Withdrawn)
Shree Jay Jagdamba Flanges Pvt Ltd     Foreign           CRISIL A4+    37.5   Withdrawn
                                       Discounting Bill
                                       Purchase
(Rating Reaffirmed and Withdrawn)
Shree Jay Jagdamba Flanges Pvt Ltd     Packing Credit in CRISIL A4+    73     Withdrawn
                                       Foreign Currency
(Rating Reaffirmed and Withdrawn)
Shree Jay Jagdamba Flanges Pvt Ltd     TL                CRISIL A4+    119.5  Withdrawn
(Rating Reaffirmed and Withdrawn)
Silpa Projects and Infrastructure India BG               CRISIL A4+    360    Reaffirmed
Pvt Ltd
(Issuer Not Cooperating)
SLS Exports Pvt Ltd                    Bill Discounting  CRISIL A4+    150    Reaffirmed
(Issuer Not Cooperating)
Sudhakar Irrigation Systems Pvt Ltd    BG                CRISIL A2     2.5    Reaffirmed

Sudhakar Irrigation Systems Pvt Ltd    Inland/Import LOC CRISIL A2     120    Reaffirmed
Sudhakar Plastic Pvt Ltd               BG                CRISIL A2     55     Reaffirmed
Sudhakar Plastic Pvt Ltd               Inland/Import LOC CRISIL A2     100    Reaffirmed
Sudhakar Polymers Pvt Ltd              BG                CRISIL A2     5      Reaffirmed
Sudhakar Polymers Pvt Ltd              Foreign Exchange  CRISIL A2     40     Reaffirmed
                                       Forward
Sudhakar Polymers Pvt Ltd              LOC               CRISIL A2     50     Reaffirmed
Sudhakar PVC Products Pvt Ltd          BG                CRISIL A2     1      Reaffirmed
TPL Plastech Ltd                       LOC$              CRISIL A1     50     Reaffirmed
($Includes sub-limit of Bank Guarantee/SBLC amounting to Rs 5 crore)
TPL Plastech Ltd                       LOC#              CRISIL A1     315    Reaffirmed
(#Includes sub-limit of Bank Guarantee amounting to Rs 3 crore & SBLC Rs 12 crs)
Tranter India Pvt Ltd                  LOC & BG          CRISIL A1+    300    Reaffirmed

MEDIUM TERM RATINGS:
-------------------
Bansal Credits Ltd                     FD                FA-/Stable    -      Reaffirmed
KSE Ltd                                FD                FA/Stable     100    Reaffirmed

LONG TERM RATINGS:
-------------------
A.N.E. Industries Pvt Ltd              CC                CRISIL        238.2  -
                                                         B+/Stable
A.N.E. Industries Pvt Ltd              Proposed LT Bk    CRISIL        151.8  -
                                       Loan Fac          B+/Stable
Alfa Laval India Pvt Ltd               CC                CRISIL        227.1  Reaffirmed
                                                         AA+/Stable
Alfa Laval India Pvt Ltd               Proposed WC Fac   CRISIL        50     Reaffirmed
                                                         AA+/Stable
Ashok Chauhan and Co.                  CC                CRISIL        28     Reaffirmed
                                                         BB-/Stable
(Issuer Not Cooperating)
Astra Rocks and Minerals Pvt Ltd       CC                CRISIL        60     -
                                                         B-/Stable
(Downgraded from 'CRISIL B/Stable')
Astra Rocks and Minerals Pvt Ltd       Proposed LT Bk    CRISIL        25     -
                                       Loan Fac          B-/Stable
(Downgraded from 'CRISIL B/Stable')
Astra Rocks and Minerals Pvt Ltd       WC TL             CRISIL        65     -
                                                         B-/Stable
(Downgraded from 'CRISIL B/Stable')
Bansal Credits Ltd                     CC                CRISIL        140    Reaffirmed
                                                         BBB-/Stable
Bansal Credits Ltd                     Proposed LT Bk    CRISIL        750    Reaffirmed
                                       Loan Fac          BBB-/Stable
Bansal Credits Ltd                     TL                CRISIL        310    Reaffirmed
                                                         BBB-/Stable
Bansal Credits Ltd                     NCD               CRISIL        150    Assigned
                                                         BBB-/Stable
Benara Udyog Ltd                       CC                CRISIL        40     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Stable)
Benara Udyog Ltd                       Overdraft         CRISIL        50     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Stable)
Benara Udyog Ltd                       Proposed LT Bk    CRISIL        10.3   -
                                       Loan Fac          B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Stable)
Benara Udyog Ltd                       TL                CRISIL        40.7   -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Stable)
Care Formulation Labs Pvt Ltd          TL                CRISIL        11     Assigned
                                                         BB-/Stable
Care Formulation Labs Pvt Ltd          Proposed WC Fac   CRISIL        4      Assigned
                                                         BB-/Stable
Exim Knits Pvt Ltd                     Proposed TL       CRISIL        0.4    -
                                                         BB-/Stable
(Downgraded from 'CRISIL BB/Stable')
Exim Knits Pvt Ltd                     TL                CRISIL        55     Assigned
                                                         BB-/Stable
(Downgraded from 'CRISIL BB/Stable')
Fino Finance Pvt Ltd                   Proposed LT Bk    CRISIL        1110.7 Withdrawn
                                       Loan Fac          BB+/Negative
(Removed from 'Rating Watch with Negative Implications'; Rating Withdrawn)
Fino Finance Pvt Ltd                   NCD               CRISIL        570    -
                                                         BB+/Negative
Fino Finance Pvt Ltd                   Subordinated Debt CRISIL        250    -
                                                         BB+/Negative
Footwear (Klick) India Pvt Ltd         CC                CRISIL        210    Reaffirmed
                                                         BBB/Stable
Gajraula Roller Flour Mills Pvt Ltd    CC                CRISIL        120    -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Stable)
Gajraula Roller Flour Mills Pvt Ltd    TL                CRISIL        40     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB+/Stable)
Garg Tube Ltd                          CC                CRISIL        80     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
Garg Tube Ltd                          Export Packing    CRISIL        60     -
                                       Credit            B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
Garg Tube Ltd                          Proposed FB Bk    CRISIL        50     -
                                       Limits            B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB/Stable)
GSM Powers                             LT Loan           CRISIL        135    Assigned
                                                         B/Stable
Gupta Metal Sheets Ltd               CC & WC demand loan CRISIL        750    -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable)
Happy Acoustics Pvt Ltd                Bill Discounting  CRISIL D      390    Reaffirmed
(Issuer Not Cooperating)
Happy Acoustics Pvt Ltd                CC                CRISIL D      15     Reaffirmed
(Issuer Not Cooperating)
Happy Acoustics Pvt Ltd                Packing Credit    CRISIL D      50     Reaffirmed
(Issuer Not Cooperating)
Happy Acoustics Pvt Ltd                Packing Credit in CRISIL D      65     Reaffirmed
                                       Foreign Currency
(Issuer Not Cooperating)
Hari Om Roofing Industries             CC                CRISIL        35     Reaffirmed
                                                         BB/Stable
(Issuer Not Cooperating)
Himalayiya Ayurvedic Yog Evam Prakartik LT Loan          CRISIL        85     -
Chikitsa Sansthan                                        B+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BB-/Stable)
Indian Acoustics Pvt Ltd               Bill Discounting  CRISIL D      290    Reaffirmed
(Issuer Not Cooperating)
Indian Acoustics Pvt Ltd               CC                CRISIL D      30     Reaffirmed
(Issuer Not Cooperating)
Indian Acoustics Pvt Ltd               Packing Credit    CRISIL D      100    Reaffirmed
(Issuer Not Cooperating)
Indian Acoustics Pvt Ltd               Packing Credit in CRISIL D      110    Reaffirmed
                                       Foreign Currency
(Issuer Not Cooperating)
Jay Jagdamba Ltd                       BG                CRISIL        10     Withdrawn
                                                         BBB-/Negative
(Rating Reaffirmed and Withdrawn)
Jay Jagdamba Ltd                       CC                CRISIL        1120   Withdrawn
                                                         BBB-/Negative
(Rating Reaffirmed and Withdrawn)
Jay Jagdamba Ltd                       Foreign           CRISIL        498    Withdrawn
                                       Discounting Bill  BBB-/Negative
                                       Purchase
(Rating Reaffirmed and Withdrawn)
Jay Jagdamba Ltd                     Letter Of Guarantee CRISIL        15     Withdrawn
                                                         BBB-/Negative
(Rating Reaffirmed and Withdrawn)
Jay Jagdamba Ltd                       LOC               CRISIL        170    Withdrawn
                                                         BBB-/Negative
(Rating Reaffirmed and Withdrawn)
Jay Jagdamba Ltd                       Packing Credit    CRISIL        1312   Withdrawn
                                                         BBB-/Negative
(Rating Reaffirmed and Withdrawn)
Jay Jagdamba Ltd                       TL                CRISIL        375    Withdrawn
                                                         BBB-/Negative
(Rating Reaffirmed and Withdrawn)
Kavita Women Wear Pvt Ltd              CC                CRISIL        70     Reaffirmed
                                                         BB/Stable
Kavita Women Wear Pvt Ltd              Proposed TL       CRISIL        60     Reaffirmed
                                                         BB/Stable
Kavita Women Wear Pvt Ltd              TL                CRISIL        50     Reaffirmed
                                                         BB/Stable
KSE Ltd                                CC                CRISIL        600    Reaffirmed
                                                         A-/Stable
KSE Ltd                                Proposed LT Bk    CRISIL        15     Reaffirmed
                                       Loan Fac          A-/Stable
Mahaveer Finance India Ltd             CC                CRISIL        272.5  Reaffirmed
                                                         BBB-/Negative
(Removed from 'Rating Watch with Negative Implications'; Rating Reaffirmed)
Mahaveer Finance India Ltd             Proposed CC Limit CRISIL        2.5    Reaffirmed
                                                         BBB-/Negative
(Removed from 'Rating Watch with Negative Implications'; Rating Reaffirmed)
Mahaveer Finance India Ltd             TL                CRISIL        25     Reaffirmed
                                                         BBB-/Negative
(Removed from 'Rating Watch with Negative Implications'; Rating Reaffirmed)
Mahaveer Finance India Ltd             NCD               CRISIL        100    -
                                                         BBB-/Negative
Niknam Chemicals Pvt Ltd               CC                -             28     Withdrawn
(Issuer Not Cooperating)
Niknam Chemicals Pvt Ltd               LT Loan           -             27.1   Withdrawn
(Issuer Not Cooperating)
Niknam Chemicals Pvt Ltd               Proposed FB Bk    -             4.9    Withdrawn
                                       Limits
(Issuer Not Cooperating)
Niknam Chemicals Pvt Ltd               Receivable        -             80     Withdrawn
                                       Factoring
(Issuer Not Cooperating)
Nitta Gelatin India Ltd                CC                CRISIL        70     Reaffirmed
                                                         A-/Stable
NTPC-SAIL Power Co. Ltd                LT Loan           CRISIL        15155  Reaffirmed
                                                         AA/Stable
NTPC-SAIL Power Co. Ltd                Proposed LT Bk    CRISIL        6095   Reaffirmed
                                       Loan Fac          AA/Stable
NTPC-SAIL Power Co. Ltd                WC Demand Loan#   CRISIL        1650   Reaffirmed
                                                         AA/Stable
(#One-way full interchangeability from fund-based to non-fund-based limit)
NTPC-SAIL Power Co. Ltd                WC Demand Loan%   CRISIL        1350   -
                                                         AA/Stable
(%One-way interchangeability up to Rs 125 crore from fund-based to non-fund-based limit)
NU Fashion Footwear Pvt Ltd            CC                CRISIL        162    Reaffirmed
                                                         BBB/Stable
NU Fashion Footwear Pvt Ltd            LT Loan           CRISIL        56.7   Reaffirmed
                                                         BBB/Stable
NU Fashion Footwear Pvt Ltd            Proposed FB Bk    CRISIL        169.8  Reaffirmed
                                       Limits            BBB/Stable
On Load Gears                          BG                CRISIL        10     Withdrawn
                                                         BBB-/Stable
(Rating Reaffirmed and Withdrawn)
On Load Gears                          CC                CRISIL        85     Withdrawn
                                                         BBB-/Stable
(Rating Reaffirmed and Withdrawn)
On Load Gears                          Proposed LT Bk    CRISIL        9      Withdrawn
                                       Loan Fac          BBB-/Stable
(Rating Reaffirmed and Withdrawn)
Orchid Laminates Pvt Ltd               CC                CRISIL        100    Reaffirmed
                                                         BBB+/Stable
Orchid Laminates Pvt Ltd               LT Loan           CRISIL        400    Reaffirmed
                                                         BBB+/Stable
Orchid Laminates Pvt Ltd               Proposed LT Bk    CRISIL        70     Reaffirmed
                                       Loan Fac          BBB+/Stable
Perfect House Pvt Ltd                  Proposed FB Bk    CRISIL        50     Reaffirmed
                                       Limits            BBB/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Progressive Cars Pvt Ltd               CC                CRISIL        215.3  Reaffirmed
                                                         BB-/Stable
(Issuer Not Cooperating)
Progressive Cars Pvt Ltd               Proposed FB Bk    CRISIL        8.7    Reaffirmed
                                       Limits            BB-/Stable
(Issuer Not Cooperating)
Radhe Hurkat Ispat Pvt Ltd             CC                CRISIL        55     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Ramade Memorial Medicare And Research  LT Loan           CRISIL        120    Reaffirmed
Institute LLP                                            B/Stable
Ramade Memorial Medicare And Research  Proposed WC Fac   CRISIL        10     Reaffirmed
Institute LLP                                            B/Stable
Ramdev Industries Ltd                  CC                CRISIL        80     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Reia Fashions                          Bill Discounting  CRISIL        100    Reaffirmed
                                                         BB+/Stable
Reia Fashions                          Packing Credit    CRISIL        80     Reaffirmed
                                                         BB+/Stable
Riddhi Siddhi Gluco Biols Ltd          CC                CRISIL        500    -
                                                         BBB-/Stable
(Downgraded from 'CRISIL BBB/Negative')
Riddhi Siddhi Gluco Biols Ltd          LT Loan           CRISIL        1350   -
                                                         BBB-/Stable
(Downgraded from 'CRISIL BBB/Negative')
Riddhi Siddhi Gluco Biols Ltd          Proposed LT Bk    CRISIL        2000   -
                                       Loan Fac          BBB-/Stable
(Downgraded from 'CRISIL BBB/Negative')
Royal Petrochem.                       Rating Advisory   -             -      -
(CRISIL vide its publication dated June 30, 2020 highlighted the aspect of non-co-operation by
Royal Petrochem.)
Sha Shambhulal Nathalal and Co Timber  CC                CRISIL        7.5    Reaffirmed
Merchants                                                B+/Stable
(Issuer Not Cooperating)
Shree Ganesh Rice Mills                CC                CRISIL        120    Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Shree Ganesh Rice Mills                Proposed FB Bk    CRISIL        50     Reaffirmed
                                       Limits            B+/Stable
(Issuer Not Cooperating)
Shri Shyam Iron and Power Pvt Ltd      CC                CRISIL        60     Reaffirmed
                                                         BB-/Stable
(Issuer Not Cooperating)
Silpa Projects and Infrastructure India CC               CRISIL        330    Reaffirmed
Pvt Ltd                                                  BB-/Stable
(Issuer Not Cooperating)
Silpa Projects and Infrastructure India Proposed LT Bk   CRISIL        43     Reaffirmed
Pvt Ltd                                Loan Fac          BB-/Stable
(Issuer Not Cooperating)
Silpa Projects and Infrastructure India TL               CRISIL        10     Reaffirmed
Pvt Ltd                                                  BB-/Stable
(Issuer Not Cooperating)
SLS Exports Pvt Ltd                    Packing Credit    CRISIL        90     Reaffirmed
                                                         BB-/Stable
(Issuer Not Cooperating)
Spark Realty                           Proposed TL       CRISIL        120    Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Sri Guru Raghavendr Agro Foods         CC                CRISIL        160    Reaffirmed
                                                         BB-/Stable
(Issuer Not Cooperating)
Sri Guru Raghavendr Agro Foods         TL                CRISIL        31     Reaffirmed
                                                         BB-/Stable
(Issuer Not Cooperating)
Sri Janardhan Agro Industries          CC                CRISIL        50     Reaffirmed
                                                         BB-/Stable
(Issuer Not Cooperating)
Sri Kala Agencies                      Proposed FB Bk    CRISIL        40     Reaffirmed
                                       Limits            B/Stable
(Issuer Not Cooperating)
Sri Kala Agencies                     Proposed Overdraft CRISIL        10     Reaffirmed
                                       Fac               B/Stable
(Issuer Not Cooperating)
Sri Lakshmi Constructions and Developer LT Loan          CRISIL        90     Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
Sri Lakshmi Constructions and Developer Proposed LT Bk   CRISIL        10     Reaffirmed
                                       Loan Fac          B/Stable
(Issuer Not Cooperating)
Sriram Fasteners                       CC                CRISIL        25     Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
Sriram Fasteners                       LT Loan           CRISIL        21.4   Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
Sriram Fasteners                       Proposed LT Bk    CRISIL        8.6    Reaffirmed
                                       Loan Fac          B/Stable
(Issuer Not Cooperating)
SRM Transports India Pvt Ltd           Overdraft         CRISIL D      30     Reaffirmed
(Issuer Not Cooperating)
SRM Transports India Pvt Ltd           TL                CRISIL D      225    Reaffirmed
(Issuer Not Cooperating)
Sudhakar Irrigation Systems Pvt Ltd    CC                CRISIL        160    Reaffirmed
                                                         BBB+/Stable
(Outlook revised from 'Positive' and rating reaffirmed)
Sudhakar Irrigation Systems Pvt Ltd    LT Loan           CRISIL        300    Reaffirmed
                                                         BBB+/Stable
(Outlook revised from 'Positive' and rating reaffirmed)
Sudhakar Irrigation Systems Pvt Ltd    Proposed LT Bk    CRISIL        30     Assigned
                                       Loan Fac          BBB+/Stable
(Outlook revised from 'Positive' and rating reaffirmed)
Sudhakar Plastic Pvt Ltd               CC                CRISIL        80     Reaffirmed
                                                         BBB+/Stable
(Outlook revised from 'Positive' and rating reaffirmed)
Sudhakar Plastic Pvt Ltd               LT Loan           CRISIL        13.5   Reaffirmed
                                                         BBB+/Stable
(Outlook revised from 'Positive' and rating reaffirmed)
Sudhakar Polymers Pvt Ltd              CC                CRISIL        70     -
                                                         BBB+/Stable
(Outlook revised from 'Positive' and rating reaffirmed)
Sudhakar Polymers Pvt Ltd              LT Loan           CRISIL        10     Reaffirmed
                                                         BBB+/Stable
(Outlook revised from 'Positive' and rating reaffirmed)
Sudhakar Polymers Pvt Ltd              Proposed LT Bk    CRISIL        112.5  Reaffirmed
                                       Loan Fac          BBB+/Stable
(Outlook revised from 'Positive' and rating reaffirmed)
Sudhakar PVC Products Pvt Ltd          Foreign LOC       CRISIL        80     Reaffirmed
                                                         BBB+/Stable
(Outlook revised from 'Positive' and rating reaffirmed)
Sudhakar PVC Products Pvt Ltd          LT Loan           CRISIL        157.8  Reaffirmed
                                                         BBB+/Stable
(Outlook revised from 'Positive' and rating reaffirmed)
Sudhakar PVC Products Pvt Ltd          Open CC           CRISIL        200    Reaffirmed
                                                         BBB+/Stable
(Outlook revised from 'Positive' and rating reaffirmed)
Surbhi Industries - Morbi              CC                CRISIL D      60     Reaffirmed
(Issuer Not Cooperating)
Surbhi Industries - Morbi              TL                CRISIL D      18     Reaffirmed
(Issuer Not Cooperating)
Technofab Engineering Ltd              BG^^^             CRISIL D      3750   Reaffirmed
(^^^Includes a letter of credit sublimit of Rs 59 crore)
Technofab Engineering Ltd              BG^^              CRISIL D      830    Reaffirmed
(^^Includes a letter of credit sublimit of Rs 25 crore)
Technofab Engineering Ltd              BG#               CRISIL D      1070   Reaffirmed
(#Includes a letter of credit sublimit of Rs 27 crore)
Technofab Engineering Ltd              BG##              CRISIL D      450    Reaffirmed
(##Includes a letter of credit sublimit of Rs 15 crore)
Technofab Engineering Ltd              BG                CRISIL D      1820   Reaffirmed
Technofab Engineering Ltd              CC**              CRISIL D      520    Reaffirmed
(**Fully interchangeable with export packing credit and foreign bill purchase)
Technofab Engineering Ltd              CC@               CRISIL D      150    Reaffirmed
(@Includes Rs 10 crore sublimit of export packing credit and foreign bill purchase)
Technofab Engineering Ltd              CC                CRISIL D      480    Reaffirmed
Technofab Engineering Ltd              Proposed LT Bk    CRISIL D      1680   Reaffirmed
                                       Loan Fac
TPL Plastech Ltd                       CC^               CRISIL        285    Reaffirmed
                                                         A+/Stable
(^Interchangeability from LC to CC Rs. 5.00 crs Total permissible Rs. 33.5 crs and
Interchangeability from CC to LC Rs. 14.25 crs(50% of the sanctioned limit)) 
TPL Plastech Ltd                       CC*               CRISIL        175    Reaffirmed
                                                         A+/Stable
(*Interchangeable from Cash Crdit to Letter of Credit/SBLC fully)
TPL Plastech Ltd                       CC@               CRISIL        100    Reaffirmed
                                                         A+/Stable
(@Sub-limit - LC Rs. 2.50 crs)
TPL Plastech Ltd                       LT Loan           CRISIL        224.5  Reaffirmed
                                                         A+/Stable
TPL Plastech Ltd                       Proposed LT Bk    CRISIL        27.5   Assigned
                                       Loan Fac$$        A+/Stable
($$ Proposed fully interchangeable both ways. i.e FB to NFB and NFB to FB)
Tranter India Pvt Ltd                  Export Packing    CRISIL AA     200    Reaffirmed
                                       Credit
(Placed on 'Rating Watch with Negative Implications')
Tranter India Pvt Ltd                  WC Demand Loan    CRISIL AA     207    Reaffirmed
(Placed on 'Rating Watch with Negative Implications')
U.B.Cotton Pvt Ltd                     CC                -             70     Withdrawn
U.B.Cotton Pvt Ltd                     WC Fac            -             300    Withdrawn
Vodafone Idea Ltd                      NCD               CRISIL        35000  Withdrawn
                                                         B+/Watch
                                                         Negative
--------------------------------------------------------------------------------------------
$: 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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