July 29, 2019 / 11:29 AM / 3 months ago

CRISIL ratings for Indian debt instruments-Jul 29

     Jul 29 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of July 26, 2019.


COMPANY                               INSTRUMENT         RATING         AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----    ---------
LONG TERM RATINGS:
-------------------
A.P.I. Civilcon Pvt Ltd                 BG                 CRISIL A4+     700     Reaffirmed
A.V. Thomas Leather and Allied Products BG                 CRISIL A2      30      Reaffirmed
Pvt Ltd
A.V. Thomas Leather and Allied Products LOC                CRISIL A2      150     Reaffirmed
Pvt Ltd
Abhijit Tea Co Pvt Ltd                  BG                 CRISIL A4+     3       Reaffirmed
Afflatus Gravures Pvt Ltd               Proposed LOC & BG  CRISIL A4+     75
Issuer not cooperating; Revised from CRISIL A3+
Akas Medical                            BG                 CRISIL A4      6       Reaffirmed
Akas Medical                            LOC                CRISIL A4      5       Reaffirmed
B V Prabhujee                           BG                 CRISIL A4      15
Upgraded from CRISIL D
B. Ramanaiah Constructions              BG                 CRISIL A4+     100     Reaffirmed
Issuer not cooperating; Rating Migrated
Bajaj Finance Ltd                       ST Bk Fac          CRISIL A1+     3750    Reaffirmed
Bajaj Finance Ltd                       CP                 CRISIL A1+     20000   Reaffirmed
Bala Industries                         BG                 CRISIL A4+     40      Assigned
Bang Overseas Ltd                       LOC                CRISIL A4+     170     Reaffirmed
Issuer not cooperating; Rating Migrated
Boon Education, Environment & Rural     BG                 CRISIL A4+     32      Reaffirmed
Development Society
Boon Education, Environment & Rural     Overdraft          CRISIL A4+     30      Reaffirmed
Development Society
Brightway Contractors and Developers    BG                 CRISIL A4      55      Reaffirmed
Cascy Forge Products                    LOC                CRISIL A4+     12
Issuer not cooperating; Migrated from CRISIL A4+; Rating Withdrawn
Cascy Forge Products                    Proposed LT Bk     CRISIL A4+     10.5
                                        Loan Fac
Issuer not cooperating; Migrated from CRISIL A4+; Rating Withdrawn
Chopra Traders                          BG                 CRISIL A4+     100     Assigned
Daimler Financial Services India Pvt LtdCP                 CRISIL A1+     35000   Reaffirmed
Daimler India Commercial Vehicles Pvt   Proposed ST Bk     CRISIL A1+     15000   Reaffirmed
Ltd                                     Loan Fac
Daimler India Commercial Vehicles Pvt   CP                 CRISIL A1+     5000    Reaffirmed
Ltd
Deepak and Company Infra Pvt Ltd        BG                 CRISIL A4+     34
Issuer not cooperating; Migrated from CRISIL A4+; Rating Withdrawn
Deepak and Company Infra Pvt Ltd        Overdraft          CRISIL A4+     15
Issuer not cooperating; Migrated from CRISIL A4+; Rating Withdrawn
East Indian Produce Ltd                 Proposed NFBL      CRISIL A4+     24.7    Assigned
Elcom Innovations Pvt Ltd               LOC                CRISIL A4      40
Issuer not cooperating; Rating Withdrawn
Electro Copper and Alloys Manufacturing LOC                CRISIL A4+     135     Reaffirmed
Company
Fulcrum Worldwide Software Pvt Ltd      BG                 CRISIL A4+     5.5
Issuer not cooperating; Rating Migrated
G.Sankar Timber Depot                   LOC                CRISIL A4      35      Reaffirmed
Gatiman Auto Pvt Ltd                    BG                 CRISIL A4      2
Issuer not cooperating; Rating Migrated
Gatiman Auto Pvt Ltd                    LOC                CRISIL A4      14.5
Issuer not cooperating; Rating Migrated
Global Aqua - Kolkata                   BG                 CRISIL A4      5       Assigned
Global Aqua - Kolkata                   Packing Credit     CRISIL A4      63      Assigned
Hal-Ko-Infra Projects                   BG                 CRISIL A4      37      Reaffirmed
Hal-Ko-Infra Projects                   Proposed ST Bk     CRISIL A4      3       Reaffirmed
                                        Loan Fac
Himcon Engineers India Pvt Ltd          BG                 CRISIL A4+     80.5    Reaffirmed
Hind Offshore Pvt Ltd                   BG                 CRISIL A4+     200
Issuer not cooperating; Rating Migrated
IVP Ltd                                 LOC                CRISIL A3      400
Iworld Business Solutions Pvt Ltd       BG                 CRISIL A3+     100
Downgraded from CRISIL A2
Jagmini Micro Knit Pvt Ltd              BG                 CRISIL A3+     2.5     Reaffirmed
Jagmini Micro Knit Pvt Ltd              LOC                CRISIL A3+     7.5     Reaffirmed
JNS Instruments Ltd                     LOC                CRISIL A4+     150
Issuer not cooperating; Revised from CRISIL A3
Joshi Automobiles Pvt Ltd               LOC & BG           CRISIL A4+     1
Issuer not cooperating; Rating Migrated
Joys Steel Impex                        LOC                CRISIL A4+     70      Reaffirmed
L & W Construction Pvt Ltd              BG                 CRISIL A4+     14000
Issuer not cooperating; Revised from CRISIL A2+
Madhav Industrial Corporation           LOC                CRISIL A4+     650     Reaffirmed
Madhav Steels (Ship Breaking Division)  LOC                CRISIL A4+     650     Reaffirmed
Manjeet Plastic Industries              BG                 CRISIL A4      105
Assigned; Suspension Revoked
Ocean Gate Container Terminals Pvt Ltd  BG                 CRISIL A4+     250
Issuer not cooperating; Revised from CRISIL A3
Orient Color Art Printers Pvt Ltd       BG                 CRISIL A4      1.5     Reaffirmed
Orient Color Art Printers Pvt Ltd       Foreign Bill       CRISIL A4      17.5    Reaffirmed
                                        Discounting
Orient Color Art Printers Pvt Ltd       Packing Credit     CRISIL A4      7.5     Reaffirmed
Paayas Agro Foods LLP                   BG                 CRISIL A4      5.7     Assigned
Pact Industries Ltd                     LOC                CRISIL A4      20

Issuer not cooperating; Migrated from CRISIL A4+
Paramount Industries                    Overdraft          CRISIL A4+     20      Assigned
Paramount Industries                    BG                 CRISIL A4+     40      Assigned
Pardeep Electricals & Builders Pvt Ltd  BG                 CRISIL A4+     70      Reaffirmed
Pardeep Electricals & Builders Pvt Ltd  LOC                CRISIL A4+     10      Reaffirmed
Pioneer Plastic Industries Ltd          BG                 CRISIL A4+     20      Assigned
PNB Housing Finance Ltd                 CP Programme     CRISIL A1      260000  Reaffirmed
Porus Laboratories Pvt Ltd              LOC & BG           CRISIL A2      110
Upgraded from CRISIL A3+
Porus Laboratories Pvt Ltd              Packing Credit in  CRISIL A2      390
                                        Foreign Currency
Upgraded from CRISIL A3+
Prashant Castech Pvt Ltd                Export Packing     CRISIL A4+     90
                                        Credit
Issuer not cooperating; Revised from CRISIL A3+ Issuer not cooperating
Prashant Castings Pvt Ltd               Export Packing     CRISIL A4+     90
                                        Credit
Issuer not cooperating; Revised from CRISIL A3+
R S B Cottex Ltd                        BG                 CRISIL A3      50      Reaffirmed
R S B Cottex Ltd                        Foreign Exchange   CRISIL A3      2.6     Reaffirmed
                                        Forward
R.B.Agarwalla and Co.                   BG                 CRISIL A3      47.8    Reaffirmed
R.B.Agarwalla and Co.                   LOC                CRISIL A3      60      Reaffirmed
R.B.Agarwalla and Co.                   Packing Credit     CRISIL A3      400     Reaffirmed
R.P.P Infra Projects Ltd                BG                 CRISIL A4+     2044.9
Downgraded from CRISIL A3+
R.P.P Infra Projects Ltd                Proposed BG        CRISIL A4+     20.4
Downgraded from CRISIL A3+
Raghav Export                           BG                 CRISIL A4+     3
Issuer not cooperating; Rating Migrated
Raghav Export                           Foreign LOC        CRISIL A4+     5
Issuer not cooperating; Rating Migrated
Rajshekhar Constructions Pvt Ltd        BG                 CRISIL A4      100     Reaffirmed
Issuer not cooperating; Rating Migrated
Rama Steel Tubes Ltd                    BG                 CRISIL A4+     150
Issuer not cooperating; Revised from CRISIL A3
Rama Steel Tubes Ltd                    LOC                CRISIL A4+     180
Issuer not cooperating; Revised from CRISIL A3
Refex Energy Ltd                        BG                 CRISIL A4+     600.1   Reaffirmed
Issuer not cooperating; Rating Migrated
Refex Energy Ltd                        LOC                CRISIL A4+     100     Reaffirmed
Issuer not cooperating; Rating Migrated
SCL India Ltd                           BG                 CRISIL A4      150
Issuer not cooperating; Rating Migrated
Seabird Marine Services Pvt Ltd         BG                 CRISIL A4+     350     Withdrawn
Seabird Marine Services Pvt Ltd         LOC                CRISIL A4+     55      Withdrawn
Sravins Instruments and Systems         BG                 CRISIL A4+     60
Issuer not cooperating; Rating Migrated
Sri Lakshmi Constructions-Nellore       BG                 CRISIL A4+     80      Reaffirmed
Terai Tea Co. Ltd                       BG                 CRISIL A3      12      Reaffirmed
The Kharibari Tea Co. Ltd               Proposed NFBL      CRISIL A4+     24      Assigned
The Mahabir Jute Mills Ltd              BG                 CRISIL A4+     30
Urmila Rcp Projects Pvt Ltd             BG                 CRISIL A4+     250     Assigned
Vikas Ecotech Ltd                       LOC & BG           CRISIL A4+     345
Issuer not cooperating; Revised from CRISIL A3
Voxco Pigments and Chemicals Pvt Ltd    LOC                CRISIL A4+     35.5
Issuer not cooperating; Rating Migrated

MEDIUM TERM RATINGS:
-------------------
Bajaj Finance Ltd                       FD Programme      FAAA                   Reaffirmed
                                        Scheme(e-DFS)
Issuer not cooperating; Rating Migrated

PNB Housing Finance Ltd                 FD Programme      FAAA           185000

SHORT TERM RATINGS:
-------------------
A.P.I. Civilcon Pvt Ltd                 CC                 CRISIL BB+     200     Reaffirmed
A.V. Thomas Leather and Allied Products Bill Discounting   CRISIL BBB+    190     Reaffirmed
Pvt Ltd
A.V. Thomas Leather and Allied Products Export Packing     CRISIL BBB+    730     Reaffirmed
Pvt Ltd                                 Credit
A.V. Thomas Leather and Allied Products Proposed LT Bk     CRISIL BBB+    34      Reaffirmed
Pvt Ltd                                 Loan Fac
A.V. Thomas Leather and Allied Products Standby Line of    CRISIL BBB+    50      Reaffirmed
Pvt Ltd                                 Credit
Abhijit Tea Co Pvt Ltd                  CC                 CRISIL BB      60      Reaffirmed
Abhijit Tea Co Pvt Ltd                  Proposed LT Bk     CRISIL BB      128.8   Reaffirmed
                                        Loan Fac
Abhijit Tea Co Pvt Ltd                  TL                 CRISIL BB      47      Reaffirmed
Afflatus Gravures Pvt Ltd               LT Loan            CRISIL BB+     650
Issuer not cooperating; Revised from CRISIL BBB
Afflatus Gravures Pvt Ltd               Proposed TL        CRISIL BB+     100
Issuer not cooperating; Revised from CRISIL BBB
Ajita Sil-Chem Pvt Ltd                  CC                 CRISIL BB+     120     Reaffirmed
Ajita Sil-Chem Pvt Ltd                  LT Loan            CRISIL BB+     132.5   Reaffirmed
Ajita Sil-Chem Pvt Ltd                  Proposed BG        CRISIL BB+     37.5    Reaffirmed
Akas Medical                            CC                 CRISIL B+      80      Reaffirmed
Akas Medical                            LT Loan            CRISIL B+      28.2    Reaffirmed
B V Prabhujee                           CC                 CRISIL B       29
Upgraded from CRISIL D
B V Prabhujee                           LT Loan            CRISIL B       10.5
Upgraded from CRISIL D
B V Prabhujee                           Proposed LT Bk     CRISIL B       45.5
                                        Loan Fac
Upgraded from CRISIL D
B. Ramanaiah Constructions              Overdraft          CRISIL BB-     140     Reaffirmed
Issuer not cooperating; Rating Migrated
B.L. Agro Industries                    CC                 CRISIL B+      30      Reaffirmed
B.L. Agro Industries                    TL                 CRISIL B+      50      Reaffirmed
Bajaj Finance Ltd                       CC & WC demand loanCRISIL AAA     26200   Reaffirmed
Bajaj Finance Ltd                       LT Bk Fac          CRISIL AAA     126000  Reaffirmed
Bajaj Finance Ltd                       Proposed LT Bk     CRISIL AAA     54050   Reaffirmed
                                        Loan Fac
Bajaj Finance Ltd                       NCD                CRISIL AAA     35958   Withdrawn
Bajaj Finance Ltd                       Subordinated Debt  CRISIL AAA     26000   Reaffirmed
Bajaj Finance Ltd                       Lower Tier-II BondsCRISIL AAA     7000    Reaffirmed
Bajaj Finance Ltd                       NCD                CRISIL AAA     50000   Assigned
Bajaj Finance Ltd                       NCD                CRISIL AAA     334570  Reaffirmed

Joys Steel Impex                        CC                 CRISIL BB-     280     Reaffirmed
K. C. S. Developers                     LT Loan            CRISIL BB+     90
Issuer not cooperating; Rating Migrated
Karimala Granites & Aggregates (Pvt) LtdOverdraft          CRISIL BB      100     Reaffirmed
Kaveri Industries Pvt Ltd               CC                 CRISIL D       30
Issuer not cooperating; Rating Migrated
Kaveri Industries Pvt Ltd               Proposed LT Bk     CRISIL D       25
                                        Loan Fac
Issuer not cooperating; Rating Migrated
Kaveri Industries Pvt Ltd               TL                 CRISIL D       45
Issuer not cooperating; Rating Migrated
Kent Industries                         CC                 CRISIL BBB     120     Reaffirmed
Kent Industries                         Proposed CC Limit  CRISIL BBB     80      Reaffirmed
Kusumgar Corporates Pvt Ltd             TL                 CRISIL BBB     50
Issuer not cooperating; Rating Withdrawn
L & W Construction Pvt Ltd              Overdraft          CRISIL BB+     10
Issuer not cooperating; Revised from CRISIL BBB+
L & W Construction Pvt Ltd              Proposed FB Bk     CRISIL BB+     1990
                                        Limits
Issuer not cooperating; Revised from CRISIL BBB+
Lotus Projects Pvt Ltd                  CC                 CRISIL D       75
Issuer not cooperating; Rating Migrated
Lotus Projects Pvt Ltd                  Proposed LT Bk     CRISIL D       10.5
                                        Loan Fac
Issuer not cooperating; Rating Migrated
Lotus Projects Pvt Ltd                  TL                 CRISIL D       114.5
Issuer not cooperating; Rating Migrated
Maa Ekadashi Mini Modern Rice Mill      CC                 CRISIL BB-     30      Assigned
Maa Ekadashi Mini Modern Rice Mill      TL                 CRISIL BB-     10      Assigned
Madhav Industrial Corporation           CC^                CRISIL BB+     100     Reaffirmed
^Fully interchangeability with LC
Madhav Steels (Ship Breaking Division)  CC                 CRISIL BB+     100     Reaffirmed
Manjeet Plastic Industries              CC                 CRISIL B+      15
Assigned; Suspension Revokedá
Medigrowth Hospital Pvt Ltd             Proposed TL        CRISIL B+      5       Reaffirmed
Medigrowth Hospital Pvt Ltd             TL                 CRISIL B+      145     Reaffirmed
Nashik Municipal Corporation            Proposed TL        CRISIL AA-     4000
New Darjeeling Union Tea Co Ltd         CC                 CRISIL BB      50      Reaffirmed
New Darjeeling Union Tea Co Ltd         Proposed LT Bk     CRISIL BB      75      Reaffirmed
                                        Loan Fac
New Darjeeling Union Tea Co Ltd         TL                 CRISIL BB      60      Reaffirmed
New Era Self Help India Ltd             CC                 CRISIL BB-     20
Reaffirmed and Withdrawn
New Era Self Help India Ltd             TL                 CRISIL BB-     40
Reaffirmed and Withdrawn
Orient Color Art Printers Pvt Ltd       CC                 CRISIL B+      12.6    Reaffirmed
Orient Color Art Printers Pvt Ltd       Proposed LT Bk     CRISIL B+      18.7    Reaffirmed
                                        Loan Fac
Orient Color Art Printers Pvt Ltd       TL                 CRISIL B+      15      Reaffirmed
Paayas Agro Foods LLP                   Proposed LT Bk     CRISIL B       0.8     Assigned
                                        Loan Fac
Paayas Agro Foods LLP                   LT Loan            CRISIL B       103.5   Assigned
Paayas Agro Foods LLP                   CC                 CRISIL B       40      Assigned
Pact Industries Ltd                     CC                 CRISIL B+      90
Issuer not cooperating; Migrated from CRISIL BB/Stable
Pact Industries Ltd                     Standby LOC        CRISIL B+      10
Issuer not cooperating; Migrated from CRISIL BB/Stable
Palla Silks Pvt Ltd                     Open CC            CRISIL B+      100
Downgraded from CRISIL BB-/Stable
Paramount Industries                    Bill Discounting   CRISIL BB-     40      Assigned
Pardeep Electricals & Builders Pvt Ltd  CC                 CRISIL BB      40      Reaffirmed
Parksons Cartamundi Pvt Ltd             CC                 CRISIL BBB     205.2   Reaffirmed
Parksons Cartamundi Pvt Ltd             Proposed WC Fac    CRISIL BBB     135.6   Reaffirmed
Parksons Cartamundi Pvt Ltd             TL                 CRISIL BBB     20      Reaffirmed
Pioneer Plastic Industries Ltd          CC                 CRISIL BB-     50      Assigned
PNB Housing Finance Ltd                 LT Loan            CRISIL AA+     11980
Outlook revised from Stable and rating reaffirmed
PNB Housing Finance Ltd                 Proposed LT Bk     CRISIL AA+     28020
                                        Loan Fac
Outlook revised from Stable and rating reaffirmed
PNB Housing Finance Ltd                 Lower Tier II BondsCRISIL AA+     4000
Negative Outlook revised from Stable and rating reaffirmed
PNB Housing Finance Ltd                 Lower Tier II      CRISIL AA+     5000
                                        Bonds Rs.500
                                        Crore
Negative Outlook revised from Stable and rating reaffirmed
PNB Housing Finance Ltd                 NCDs              CRISIL AA+     57000
Negative Outlook revised from Stable and rating reaffirmed

Porus Laboratories Pvt Ltd              CC                 CRISIL BBB+    300
Upgraded from CRISIL BBB/Positive
Porus Laboratories Pvt Ltd              Foreign Currency TLCRISIL BBB+    1290
Upgraded from CRISIL BBB/Positive
Prashant Castech Pvt Ltd                CC                 CRISIL BB+     10
Issuer not cooperating; Revised from CRISIL BBB/Stable Issuer not cooperating
Prashant Castings Pvt Ltd               CC                 CRISIL BB+     10
Issuer not cooperating; Revised from CRISIL BBB
R S B Cottex Ltd                        CC                 CRISIL BBB-    250     Reaffirmed
R S B Cottex Ltd                        Proposed LT Bk     CRISIL BBB-    74.6    Reaffirmed
                                        Loan Fac
R S B Cottex Ltd                        TL                 CRISIL BBB-    438.3   Reaffirmed
R.B.Agarwalla and Co.                   Export Packing     CRISIL BBB-    42.2    Reaffirmed
                                        Credit
R.P.P Infra Projects Ltd                CC                 CRISIL BB+     584.7
Downgraded from CRISIL BBB
R.P.P Infra Projects Ltd                LT Loan            CRISIL BB+     50
Downgraded from CRISIL BBB
Raghav Export                           CC                 CRISIL BB-     52
Issuer not cooperating; Rating Migrated
Raghav Export                           Proposed TL        CRISIL BB-     35
Issuer not cooperating; Rating Migrated
Rajshekhar Constructions Pvt Ltd        Drop Line          CRISIL B+      150     Reaffirmed
                                        Overdraft Fac
Issuer not cooperating; Rating Migrated
Rama Steel Tubes Ltd                    CC                 CRISIL BB+     330
Issuer not cooperating; Revised from CRISIL BBB-
Refex Energy Ltd                        CC                 CRISIL BB+     80      Reaffirmed
Issuer not cooperating; Rating Migrated
Refex Energy Ltd                        Proposed WC Fac    CRISIL BB+     345.5   Reaffirmed
Issuer not cooperating; Rating Migrated
Refex Energy Ltd                        TL                 CRISIL BB+     30      Reaffirmed
Issuer not cooperating; Rating Migrated
Rishita Developers Pvt Ltd              LT Loan            CRISIL BB+     620
Issuer not cooperating; Rating Migrated
Sayedabad Tea Co. Ltd                   CC                 CRISIL BB      98.2    Assigned
Sayedabad Tea Co. Ltd                   TL                 CRISIL BB      55.9    Assigned
SCL India Ltd                           CC                 CRISIL B+      70
Issuer not cooperating; Rating Migrated
Seabird Marine Services Pvt Ltd         Proposed LT Bk     CRISIL BB+     296.1   Withdrawn
                                        Loan Fac
Seabird Marine Services Pvt Ltd         TL                 CRISIL BB+     448.9   Withdrawn
Shree Gajanan Food Industries           CC                 CRISIL BB-     85      Reaffirmed
Shree Gajanan Rice Mill                 CC                 CRISIL BB-     85      Reaffirmed
Solid Stone Co. Ltd                     CC                 CRISIL BB+     138
Sravins Instruments and Systems         CC                 CRISIL BB-     30
Issuer not cooperating; Rating Migrated
Sravins Instruments and Systems         Proposed BG        CRISIL BB-     30
Issuer not cooperating; Rating Migrated
Sri Lakshmi Constructions-Nellore       Overdraft          CRISIL BB-     50      Reaffirmed
Sri Lakshmi Ganesh Spinning Mills O.E.  CC                 CRISIL BB-     20
Division
Issuer not cooperating; Migrated from CRISIL BB-; Rating Withdrawn
Sri Lakshmi Ganesh Spinning Mills O.E.  LT Loan            CRISIL BB-     55
Division
Issuer not cooperating; Migrated from CRISIL BB-; Rating Withdrawn
Sterling Publishers Pvt Ltd             CC                 CRISIL BB+     113
Issuer not cooperating; Rating Migrated
Sterling Publishers Pvt Ltd             Proposed LT Bk     CRISIL BB+     215.7
                                        Loan Fac
Issuer not cooperating; Rating Migrated
Sukumaran G                             CC                 CRISIL B-      100     Reaffirmed
Terai Tea Co. Ltd                       CC                 CRISIL BBB-    256.2   Reaffirmed
Terai Tea Co. Ltd                       LT Loan            CRISIL BBB-    11.8    Reaffirmed
The Kharibari Tea Co. Ltd               TL                 CRISIL BB      10      Assigned
The Kharibari Tea Co. Ltd               CC                 CRISIL BB      54.9    Assigned
The Mahabir Jute Mills Ltd              CC                 CRISIL BB      125
The Mahabir Jute Mills Ltd              TL                 CRISIL BB      55
Trimurti Foodtech Pvt Ltd               CC                 CRISIL D       80
Issuer not cooperating; Rating Migrated
Trimurti Foodtech Pvt Ltd               Funded Interest TL CRISIL D       8.6
Issuer not cooperating; Rating Migrated
Trimurti Foodtech Pvt Ltd               Proposed LT Bk     CRISIL D       25.4
                                        Loan Fac
Issuer not cooperating; Rating Migrated
Trimurti Foodtech Pvt Ltd               TL                 CRISIL D       23.3
Issuer not cooperating; Rating Migrated
Trimurti Foodtech Pvt Ltd               WC TL              CRISIL D       61.1
Issuer not cooperating; Rating Migrated
United Composheets Pvt Ltd              CC                 CRISIL BB-     55
Upgraded from CRISIL B+/Stable
United Composheets Pvt Ltd              Proposed LT Bk     CRISIL BB-     55
                                        Loan Fac
Upgraded from CRISIL B+/Stable
Urmila Rcp Projects Pvt Ltd             CC                 CRISIL BB-     50      Assigned
Vikas Ecotech Ltd                       CC                 CRISIL BB+     405
Issuer not cooperating; Revised from CRISIL BBB-
Vikas Ecotech Ltd                       Export Packing     CRISIL BB+     360
                                        Credit & Export
                                        Bills Negotiation/Foreign Bill discounting
Issuer not cooperating; Revised from CRISIL BBB-
Vikas Ecotech Ltd                       TL                 CRISIL BB+     90
Issuer not cooperating; Revised from CRISIL BBB-
Vitson Steel Corp Pvt Ltd               CC                 CRISIL BB+     265
Issuer not cooperating; Rating Migrated
Vitson Steel Corp Pvt Ltd               Channel Financing  CRISIL BB+     100
Issuer not cooperating; Rating Migrated
Voxco Pigments and Chemicals Pvt Ltd    CC                 CRISIL BB+     102.5
Issuer not cooperating; Rating Migrated
Voxco Pigments and Chemicals Pvt Ltd    Proposed LT Bk     CRISIL BB+     2
                                        Loan Fac
Issuer not cooperating; Rating Migrated
Voxco Pigments and Chemicals Pvt Ltd    TL                 CRISIL BB+     80
Issuer not cooperating; Rating Migrated
VRY Industrial Park LLP                 TL                 CRISIL BB      350
VSSN Jambaladinni                       CC                 CRISIL B-      210
Issuer not cooperating; Rating Migrated
VSSN Kallur                             CC                 CRISIL B-      110
Issuer not cooperating; Rating Migrated
VSSN Rajalabanda                        CC                 CRISIL B-      60
Issuer not cooperating; Rating Migrated

--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

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

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

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