July 6, 2020 / 8:16 AM / a month ago

CRISIL ratings for Indian debt instruments-Jul 6

    Jul 6 - Below are the ratings awarded by Credit Rating Information Service of India (CRISIL)
for local debt instruments as of July 3, 2020.


COMPANY                                INSTRUMENT        RATING        AMOUNT MOVEMENT
                                                                      (RS.MLN)
------                                 ----------        ------        -----  ---------
SHORT TERM RATINGS:
-------------------
ALP Aeroflex India Pvt Ltd             Non-FBL           CRISIL A3+    55     Assigned
Bharat Oman Refineries Ltd             Non-FBL           CRISIL A1+    49500  Reaffirmed
Bharat Oman Refineries Ltd             ST Bk Fac         CRISIL A1+    450    Reaffirmed
Bharat Oman Refineries Ltd             CP                CRISIL A1+    3000   Reaffirmed
BP Sangle Constructions Pvt Ltd        BG                CRISIL A3+    410    Reaffirmed
Chemfab Alkalis Ltd                    BG                CRISIL A4+    130    -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A3+)
Chemfab Alkalis Ltd                    LOC               CRISIL A4+    55     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A3+)
Chromachemie Laboratory Pvt Ltd        BG                CRISIL A4+    332.5  -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A3)
Cube Construction Engineering Ltd      BG                CRISIL A2+    4150   Reaffirmed
Enal Drugs Pvt Ltd                     LOC               CRISIL A4+    40     Reaffirmed
H. R. Polycoats Pvt Ltd                LOC               CRISIL A4+    125    -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A3)
H. R. Polycoats Pvt Ltd                Proposed ST Bk    CRISIL A4+    5      -
                                       Loan Fac
(ISSUER NOT COOPERATING; Revised from 'CRISIL A3)
Jai Gears Pvt Ltd                      LOC               CRISIL A4+    30     -
(Migrated from CRISIL A4+ ISSUER NOT COOPERATING)
Jindal Steel and Power Ltd             LOC & BG          CRISIL A3+    57880  Reaffirmed
(Continues on 'Rating Watch with Negative Implications')
Jindal Steel and Power Ltd             Proposed NFBL     CRISIL A3+    6620   Reaffirmed
(Continues on 'Rating Watch with Negative Implications')
Jindal Steel and Power Ltd             Proposed ST Bk    CRISIL A3+    5000   Reaffirmed
                                       Loan Fac
(Continues on 'Rating Watch with Negative Implications')
Jindal Steel and Power Ltd             ST Loan           CRISIL A3+    8000   Reaffirmed
(Continues on 'Rating Watch with Negative Implications')
KL Hi-Tech Secure Print Ltd            BG                CRISIL A4+    90     -
(Issuer Not Cooperating)
KL Hi-Tech Secure Print Ltd            LOC               CRISIL A4+    30     -
(Issuer Not Cooperating)
KNACK Technopack                       BG                CRISIL A3     9.5    Reaffirmed
L&T Infra Debt Fund Ltd                CP                CRISIL A1+    5000   Reaffirmed
La-Gajjar Machineris Pvt Ltd           LOC & BG          CRISIL A1     476.3  Reaffirmed
La-Gajjar Machineris Pvt Ltd           Proposed ST Bk    CRISIL A1     203.7  Reaffirmed
                                       Loan Fac
La-Gajjar Machineris Pvt Ltd           ST Bk Fac         CRISIL A1     20     Reaffirmed
Metro Speciality Hospitals Pvt Ltd     BG                CRISIL A4+    25     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A2)
Muthoot Finance Ltd                    CP                CRISIL A1+    50000  Reaffirmed
Muthoot Fincorp Ltd                    VIVRITI HOLLOWAY  Provisional   -      Assigned
                                       05 2020 - Series  CRISIL A1+
                                       A1 PTCs
Orange Overseas Pvt Ltd                LOC               CRISIL A4     10     Reaffirmed
(Migrated from 'CRISIL A4 ISSUER NOT COOPERATING)
P.B.I Construction Company             BG                CRISIL A4+    80     Reaffirmed
Pall India Pvt Ltd                     BG                CRISIL A4+    100    -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A3+)
Paras Dyes and Chemicals Pvt Ltd       BG                CRISIL A4+    50     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A3)
Paras Dyes and Chemicals Pvt Ltd       LOC               CRISIL A4+    200    -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A3)
Paras Railtech Pvt Ltd                 BG                CRISIL A3+    310    -
(Upgraded from 'CRISIL A3')
Paras Railtech Pvt Ltd                 Proposed ST Bk    CRISIL A3+    500    -
                                       Loan Fac
(Upgraded from 'CRISIL A3')
Privi Organics India Ltd               Non-FBL           CRISIL A1     1350   Reaffirmed
R.R.Thulasi Builders India Pvt Ltd     BG                CRISIL A3+    350    Reaffirmed
Rainbow Spinners Pvt Ltd               LOC               CRISIL A4+    55     Reaffirmed
Reinhart India Pvt Ltd                Composite WC Limit CRISIL A4+    500    Assigned
Rohan Motors Ltd                       BG                CRISIL A4+    75     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A3)
RT Vision Technologies Pvt Ltd         LOC & BG          CRISIL A4+    40     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A3+)
RT Vision Technologies Pvt Ltd         Proposed ST Bk    CRISIL A4+    10     -
                                       Loan Fac
(ISSUER NOT COOPERATING; Revised from 'CRISIL A3+)
SFO Technologies Pvt Ltd               BG                CRISIL A2+    300    Reaffirmed
SFO Technologies Pvt Ltd               Factoring/        CRISIL A2+    150    Reaffirmed
                                       Forfaiting
SFO Technologies Pvt Ltd               LOC               CRISIL A2+    571    Reaffirmed
SFO Technologies Pvt Ltd               Packing Credit    CRISIL A2+    2040   Reaffirmed
SFO Technologies Pvt Ltd               Pre Shipment      CRISIL A2+    650    Reaffirmed
                                       Finance
SFO Technologies Pvt Ltd               Proposed ST Bk    CRISIL A2+    691.2  Reaffirmed
                                       Loan Fac
Shah Trading Corporation               BG                CRISIL A4+    46.6   Reaffirmed
Shree Automotive Pvt Ltd               BG                CRISIL A4+    55     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A3+)
Subir Engineering Works Pvt Ltd        BG                CRISIL A4+    98     -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A3)
Subir Engineering Works Pvt Ltd        Proposed ST Bk    CRISIL A4+    50.5   -
                                       Loan Fac
(ISSUER NOT COOPERATING; Revised from 'CRISIL A3)
Sunraja Oil Industries Pvt Ltd         LOC               CRISIL A3+    500    Reaffirmed
Super Dynic Clothing Pvt Ltd           Packing Credit    CRISIL A4+    20     Reaffirmed
Suvjay Industries India LLP            BG                CRISIL A4+    31.4   Reaffirmed
Tasc Chemical Industries Pvt Ltd       BG                CRISIL A4+    10     Reaffirmed
Tasc Chemical Industries Pvt Ltd       LOC               CRISIL A4+    110    Reaffirmed
Tasc Chemical Industries Pvt Ltd       Proposed LOC      CRISIL A4+    90     Assigned
The Automotive Research Association of BG                CRISIL A4+    10     -
India
(ISSUER NOT COOPERATING; Revised from 'CRISIL A2)
The Automotive Research Association of LOC               CRISIL A4+    290    -
India
(ISSUER NOT COOPERATING; Revised from 'CRISIL A2)
The Rajlakshmi Cotton Mills Pvt Ltd    BG                CRISIL A4+    5      -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A3)
The Rajlakshmi Cotton Mills Pvt Ltd    LOC               CRISIL A4+    19.5   -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A3)
The Rajlakshmi Cotton Mills Pvt Ltd    Packing Credit    CRISIL A4+    185    -
(ISSUER NOT COOPERATING; Revised from 'CRISIL A3)
The Rajlakshmi Cotton Mills Pvt Ltd    Post Shipment     CRISIL A4+    30     -
                                       Credit
(ISSUER NOT COOPERATING; Revised from 'CRISIL A3)
Titan Co. Ltd                          Proposed LOC**    CRISIL A1+    4500   Reaffirmed
(**Interchangeable with standby letter of credit and bank guarantees)
Titan Co. Ltd                          CP                CRISIL A1+    5000   Withdrawn
Titan Engineering and Automation Ltd   CP                CRISIL A1+    200    Withdrawn
TJSB Sahakari Bank Ltd                 BG                CRISIL A1     2646.5 Reaffirmed
TJSB Sahakari Bank Ltd                 Proposed BG       CRISIL A1     3.5    Assigned



LONG TERM RATINGS:
-------------------
ALP Aeroflex India Pvt Ltd             LT Loan           CRISIL        150    Reaffirmed
                                                         BBB/Stable
ALP Aeroflex India Pvt Ltd             WC Fac            CRISIL        175    Assigned
                                                         BBB/Stable
Annapurna Mahila Co operative Credit   Rating Advisory   -             -      -
Society Ltd
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Astron International Pvt Ltd           Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Astron Zircon Pvt Ltd                  Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Axolo Ceramic Pvt Ltd                  Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Bharat Oman Refineries Ltd             External          CRISIL AA+    8646.4 Reaffirmed
                                       Commercial
                                       Borrowings
(Continues on 'Rating watch with Developing Implications')
Bharat Oman Refineries Ltd             FB Fac            CRISIL AA+    20000  Reaffirmed
(Continues on 'Rating watch with Developing Implications')
Bharat Oman Refineries Ltd             FB Fac*           CRISIL AA+    12500  Reaffirmed
(*Fully interchangeable with non-fund based limits. Continues on 'Rating watch with Developing
Implications')
Bharat Oman Refineries Ltd             Proposed FB Bk    CRISIL AA+    28982.6Reaffirmed
                                       Limits
(Continues on 'Rating watch with Developing Implications')
Bharat Oman Refineries Ltd             TL                CRISIL AA+    43791  Reaffirmed
(Continues on 'Rating watch with Developing Implications')
Bharat Oman Refineries Ltd             NCD               CRISIL AA+    6000   -
(Assigned; Placed on 'Rating Watch with Developing Implications')
BP Sangle Constructions Pvt Ltd        CC                CRISIL        190    Reaffirmed
                                                         BBB/Stable
Carat Lane Trading Pvt Ltd             CC                CRISIL        500    Reaffirmed
                                                         AA-/Stable
Carat Lane Trading Pvt Ltd             Proposed WC Fac   CRISIL        1190   Reaffirmed
                                                         AA-/Stable
Carat Lane Trading Pvt Ltd             TL                CRISIL        270    Reaffirmed
                                                         AA-/Stable
Carat Lane Trading Pvt Ltd             WC Demand Loan^^  CRISIL        1250   Reaffirmed
                                                         AA-/Stable
(^^ Gold Metal Loan with sub-limit of Rs 100 crore of Working capital demand loan/Overdraft)
Carat Lane Trading Pvt Ltd             WC Demand Loan^   CRISIL        300    Reaffirmed
                                                         AA-/Stable
(^ Gold Metal Loan with sub-limit of Rs 21 crore of Working capital demand loan)
Century Metal Recycling Ltd            Bill Discounting  CRISIL        230    -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB/Stable)
Chemfab Alkalis Ltd                    CC                CRISIL        100    -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB/Stable)
Chemfab Alkalis Ltd                    LT Loan           CRISIL        450    -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB/Stable)
Chemfab Alkalis Ltd                    Proposed LT Bk    CRISIL        200    -
                                       Loan Fac          BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB/Stable)
Christ Nagar Educational and Charitable CC               CRISIL        40.5   Reaffirmed
Trust                                                    BB/Stable
Christ Nagar Educational and Charitable LT Loan          CRISIL        59.5   Reaffirmed
Trust                                                    BB/Stable
Chromachemie Laboratory Pvt Ltd        CC                CRISIL        10     -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB-/Stable)
Chromachemie Laboratory Pvt Ltd        Proposed LT Bk    CRISIL        7.5    -
                                       Loan Fac          BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB-/Stable)
Comfia Industries Pvt Ltd              Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Cube Construction Engineering Ltd      CC                CRISIL        1150   Reaffirmed
                                                         A-/Stable
Cube Construction Engineering Ltd      Proposed FB Bk    CRISIL        730    Reaffirmed
                                       Limits            A-/Stable
Dreisatz Mysolar24 Pvt Ltd             TL                -             266.7  Withdrawn
Dreisatz Mysolar24 Pvt Ltd             TL                CRISIL        453.3  Reaffirmed
                                                         AA-/Positive
Enal Drugs Pvt Ltd                     CC                CRISIL        50     Reaffirmed
                                                         BB-/Stable
Enal Drugs Pvt Ltd                     LT Loan           CRISIL        35     Reaffirmed
                                                         BB-/Stable
Enal Drugs Pvt Ltd                     Proposed LT Bk    CRISIL        40     Reaffirmed
                                       Loan Fac          BB-/Stable
Flex Foods Ltd                         LT Loan           CRISIL        90     -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB-/Stable)
Golden Amoon Retreats                  LT Loan           CRISIL        250    Assigned
                                                         B/Stable
H. R. Polycoats Pvt Ltd                CC                CRISIL        275    -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB-/Stable)
H. R. Polycoats Pvt Ltd                TL                CRISIL        195    -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB-/Stable)
Harihar Rocks                          CC                CRISIL D      40     Reaffirmed
Harihar Rocks                          Export Packing    CRISIL D      6.5    Reaffirmed
                                       Credit
Harihar Rocks                          LOC               CRISIL D      10     Reaffirmed
Harihar Rocks                          LT Loan           CRISIL D      3.5    Reaffirmed
Harsh Constructions Pvt Ltd            Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Harvest Gold Industries Pvt Ltd        Proposed CC Limit CRISIL        15     -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB+/Stable)
Harvest Gold Industries Pvt Ltd        Proposed LT Bk    CRISIL        85     -
                                       Loan Fac          BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB+/Stable)
Islamic Council For Productive Education Overdraft       CRISIL        170    -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL A-/Stable)
Jai Gears Pvt Ltd                      CC                CRISIL        110    -
                                                         BB+/Stable
(Migrated from CRISIL BB+/Stable ISSUER NOT COOPERATING')
Jai Gears Pvt Ltd                      Proposed FB Bk    CRISIL        20     -
                                       Limits            BB+/Stable
(Migrated from CRISIL BB+/Stable ISSUER NOT COOPERATING')
Jay Jagdamba Ltd                       Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Jindal Steel and Power Ltd             CC                CRISIL BBB    19500  Reaffirmed
(Continues on 'Rating Watch with Negative Implications')
Jindal Steel and Power Ltd             Proposed LT Bk    CRISIL BBB   55714.4 Reaffirmed
                                       Loan Fac
(Continues on 'Rating Watch with Negative Implications')
Jindal Steel and Power Ltd             TL                CRISIL BBB  121710.3 Reaffirmed
(Continues on 'Rating Watch with Negative Implications')
Jindal Steel and Power Ltd             NCD               CRISIL BBB    19120  -
(Continues on 'Rating Watch with Negative Implications')
Kadak Family Tea Pvt Ltd               CC                CRISIL        62.5   Reaffirmed
                                                         BB-/Stable
Kadak Family Tea Pvt Ltd               Proposed TL       CRISIL        27.5   Reaffirmed
                                                         BB-/Stable
Khimji-K.D. and Sons Pvt Ltd           CC                CRISIL        400    -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB/Stable)
KL Hi-Tech Secure Print Ltd            CC                CRISIL        150    -
                                                         BB+/Stable
(Issuer Not Cooperating)
KNACK Technopack                       CC                CRISIL        100    Reaffirmed
                                                         BBB-/Stable
KNACK Technopack                       LT Loan           CRISIL        170    Reaffirmed
                                                         BBB-/Stable
KNACK Technopack                       Proposed LT Bk    CRISIL        50.9   Assigned
                                       Loan Fac          BBB-/Stable
Kusalava Finance Ltd                   Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
L&T Infra Debt Fund Ltd                NCDs              CRISIL        8480   Reaffirmed
                                                         AAA/Stable
(Reduced from Rs.8750 Crore)
L&T Infra Debt Fund Ltd                PS                CRISIL        10000^ Reaffirmed
                                                         AAA/Stable
(^Cumulative redeemable non-convertible)
L&T Infra Debt Fund Ltd                LT Principal      CRISIL PP-MLD 5000   Assigned
                                       Protected Market  AAAr/Stable
                                       Linked Debentures
L&T Infra Debt Fund Ltd                LT Principal      CRISIL PP-MLD 5000   Reaffirmed
                                       Protected Market  AAAr/Stable
                                       Linked Debentures
La-Gajjar Machineris Pvt Ltd           CC*               CRISIL        750    Reaffirmed
                                                         A+/Stable
(*Interchangeable with Working Capital Demand Loan (WCDL), Export Packing Credit (EPC), Packing
Credit in Foreign Currency (PCFC))
La-Gajjar Machineris Pvt Ltd           LT Bk Fac         CRISIL        40.2   Reaffirmed
                                                         A+/Stable
La-Gajjar Machineris Pvt Ltd           LT Loan           CRISIL        31.3   Reaffirmed
                                                         A+/Stable
La-Gajjar Machineris Pvt Ltd           Proposed LT Bk    CRISIL        66.3   Reaffirmed
                                       Loan Fac          A+/Stable
La-Gajjar Machineris Pvt Ltd           WC Demand Loan    CRISIL        113.7  Reaffirmed
                                                         A+/Stable
Leeford Healthcare Ltd                 CC                CRISIL        500    -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB/Stable)
Lendingkart Finance Ltd                Northern Arc 2019 CRISIL A+     -      Final Rating
                                       SBL Miles -Series
                                       A1 PTCs
Lendingkart Finance Ltd                Northern Arc 2019 CRISIL BBB+   -      Final Rating
                                       SBL Miles -Series
                                       A2 PTCs
Mansons International Pvt Ltd          Packing Credit    CRISIL        180    -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB/Stable)
Master Minds                           LT Loan           CRISIL        60     -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB-/Stable)
Master Minds                           Overdraft         CRISIL        50     -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB-/Stable)
Metro Speciality Hospitals Pvt Ltd     CC                CRISIL        50     -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB+/Stable)
Metro Speciality Hospitals Pvt Ltd     TL                CRISIL        635    -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB+/Stable)
MI Mysolar24 Pvt Ltd                   TL                -             270.7  Withdrawn
MI Mysolar24 Pvt Ltd                   TL                CRISIL        449.3  Reaffirmed
                                                         AA-/Positive
Muthoot Finance Ltd                    NCD               CRISIL        20000  Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    Subordinated Debt CRISIL        2002.8 Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    NCD               CRISIL        20000  Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    NCD               CRISIL        40000  Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    NCD               CRISIL        40000  Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    NCD               CRISIL        3042   Reaffirmed
                                                         AA/Positive
(Reduced from Rs.411 Crore)
Muthoot Finance Ltd                    NCD               CRISIL        15000  Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    NCD               CRISIL        2518   Reaffirmed
                                                         AA/Positive
(Reduced from Rs.1950 Crore)
Muthoot Finance Ltd                    NCD               CRISIL        936    Reaffirmed
                                                         AA/Positive
(Reduced from Rs.1300 Crore)
Muthoot Finance Ltd                    NCD               CRISIL        28     Reaffirmed
                                                         AA/Positive
(Reduced from Rs.365.27 Crore)
Muthoot Finance Ltd                    NCD               CRISIL        37.8   Withdrawn
                                                         AA/Positive
Muthoot Finance Ltd                    NCD               CRISIL        39.2   Withdrawn
                                                         AA/Positive
Muthoot Finance Ltd                    NCD               CRISIL        51.8   Withdrawn
                                                         AA/Positive
Muthoot Finance Ltd                    NCD               CRISIL        926.2  Withdrawn
                                                         AA/Positive
Muthoot Finance Ltd                    NCD               CRISIL        2500   Reaffirmed
                                                         AA/Positive
(Reduced from Rs.500 Crore)
Muthoot Finance Ltd                    Subordinate Bond  CRISIL       437.571 Withdrawn
                                                         AA/Positive
Muthoot Finance Ltd                    Subordinate Bond  CRISIL       232.879 Withdrawn
                                                         AA/Positive
Muthoot Finance Ltd                    Subordinate Bond  CRISIL        209.3  Withdrawn
                                                         AA/Positive
Muthoot Finance Ltd                    Subordinate Bond  CRISIL        100    Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    Subordinate Bond  CRISIL        187.2  Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    Subordinate Bond  CRISIL        317.8  Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    Subordinate Bond  CRISIL       230.392 Reaffirmed
                                                         AA/Positive
Muthoot Finance Ltd                    LT Principal      CRISIL PP-MLD 2000   Assigned
                                       Protected Market  AAr/Positive
                                       Linked Debentures
Muthoot Finance Ltd                    LT Principal      CRISIL PP-MLD 1000   Reaffirmed
                                       Protected Market  AAr/Positive
                                       Linked Debentures
Muthoot Finance Ltd                    LT Principal      CRISIL PP-MLD 1500   Reaffirmed
                                       Protected Market  AAr/Positive
                                       Linked Debentures
Orange Overseas Pvt Ltd                CC                CRISIL        40     Reaffirmed
                                                         B+/Stable
(Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING')
Ornate Agencies Pvt Ltd                CC                CRISIL        150    -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB-/Stable)
Ornate Agencies Pvt Ltd                LOC               CRISIL        350    -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB-/Stable)
P.B.I Construction Company             CC                CRISIL        50     Reaffirmed
                                                         BB-/Stable
Paramhans Wires Pvt Ltd                CC                CRISIL        100    -
                                                         BBB-/Stable
(Migrated from 'CRISIL BB+/Stable ISSUER NOT COOPERATING')
Paramhans Wires Pvt Ltd                Packing Credit    CRISIL        50     -
                                                         BBB-/Stable
(Migrated from 'CRISIL BB+/Stable ISSUER NOT COOPERATING')
Paramhans Wires Pvt Ltd                Proposed FB Bk    CRISIL        100    -
                                       Limits            BBB-/Stable
(Migrated from 'CRISIL BB+/Stable ISSUER NOT COOPERATING')
Paras Dyes and Chemicals Pvt Ltd       CC                CRISIL        250    -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB-/Stable)
Paras Railtech Pvt Ltd                 CC                CRISIL        50     -
                                                         BBB/Stable
(Upgraded from 'CRISIL BBB-/Stable')
Paras Railtech Pvt Ltd                 Proposed LT Bk    CRISIL        140    -
                                       Loan Fac          BBB/Stable
(Upgraded from 'CRISIL BBB-/Stable')
Privi Organics India Ltd               FB Fac            CRISIL        2750   -
                                                         A+/Stable
(Upgraded from 'CRISIL A/Positive')
Privi Organics India Ltd               Proposed TL       CRISIL        40.5   -
                                                         A+/Stable
(Upgraded from 'CRISIL A/Positive')
Privi Organics India Ltd               TL                CRISIL        1690   -
                                                         A+/Stable
(Upgraded from 'CRISIL A/Positive')
Quantas Glass And Ceramic Pvt Ltd      Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
R.R.Thulasi Builders India Pvt Ltd     CC                CRISIL        250    Reaffirmed
                                                         BBB/Stable
Rainbow Spinners Pvt Ltd               CC                CRISIL        145    Reaffirmed
                                                         BB-/Stable
Rainbow Spinners Pvt Ltd               LT Loan           CRISIL        44.3   Reaffirmed
                                                         BB-/Stable
Rainbow Spinners Pvt Ltd               Proposed LT Bk    CRISIL        20     Reaffirmed
                                       Loan Fac          BB-/Stable
Rakesh Credits Ltd                     Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Ready Roti India Pvt Ltd               Proposed CC Limit CRISIL        5      -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB+/Stable)
Ready Roti India Pvt Ltd               Proposed LT Bk    CRISIL        16.6   -
                                       Loan Fac          BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB+/Stable)
Ready Roti India Pvt Ltd               Proposed TL       CRISIL        178.4  -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB+/Stable)
Reinhart India Pvt Ltd                 WC Fac            CRISIL        1600   Assigned
                                                         BB/Stable
Rohan Motors Ltd                       Bill Discounting  CRISIL        30     -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB-/Stable)
Rohan Motors Ltd                       CC                CRISIL        400    -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB-/Stable)
RT Vision Technologies Pvt Ltd         CC                CRISIL        50     -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB/Stable)
RT Vision Technologies Pvt Ltd         Proposed LT Bk    CRISIL        20     -
                                       Loan Fac          BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB/Stable)
SFO Technologies Pvt Ltd               Export Packing    CRISIL        500    Reaffirmed
                                       Credit            A-/Stable
SFO Technologies Pvt Ltd               LT Loan           CRISIL        297.8  Reaffirmed
                                                         A-/Stable
SFO Technologies Pvt Ltd               Proposed LT Bk    CRISIL        500    Reaffirmed
                                       Loan Fac          A-/Stable
SFO Technologies Pvt Ltd               WC Demand Loan    CRISIL        300    Reaffirmed
                                                         A-/Stable
Shah Trading Corporation               CC                CRISIL        39     Reaffirmed
                                                         BB/Stable
Shree Automotive Pvt Ltd               CC                CRISIL        580    -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB/Stable)
Shree Automotive Pvt Ltd               Inventory Funding CRISIL        520    -
                                       Fac               BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB/Stable)
Shree Automotive Pvt Ltd               Proposed LT Bk    CRISIL        145    -
                                       Loan Fac          BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB/Stable)
Shree Automotive Pvt Ltd               TL                CRISIL        150    -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB/Stable)
Shree Shakti Ceramics - Mehsana        Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Shreenath Ceramics Industries          Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Spire Cera-Frit Pvt Ltd                Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Subir Engineering Works Pvt Ltd        CC                CRISIL        1.5    -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB-/Stable)
Sunraja Oil Industries Pvt Ltd         CC                CRISIL        70     Reaffirmed
                                                         BBB/Stable
Sunrise Glass Industries Pvt Ltd       Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Sunrise Silichem Industries Pvt Ltd    Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Super Dynic Clothing Pvt Ltd           Bill Discounting  CRISIL        10     Reaffirmed
                                                         BB-/Stable
Super Dynic Clothing Pvt Ltd           CC                CRISIL        150    Reaffirmed
                                                         BB-/Stable
Superking Glass and Ceramic Pvt Ltd    Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Suvjay Industries India LLP            CC                CRISIL        15     Reaffirmed
                                                         BB/Stable
Suvjay Industries India LLP            TL                CRISIL        213.6  Reaffirmed
                                                         BB/Stable
Tasc Chemical Industries Pvt Ltd       CC                CRISIL        40     Reaffirmed
                                                         BB-/Stable
Tasc Chemical Industries Pvt Ltd       Proposed FB Bk    CRISIL        10     Reaffirmed
                                       Limits            BB-/Stable
The Railway Employees Co-Operative     Proposed LT Bk    CRISIL        5472.2 Reaffirmed
Credit Society Ltd                     Loan Fac          A-/Stable
The Railway Employees Co-Operative     TL                CRISIL        9527.8 Reaffirmed
Credit Society Ltd                                       A-/Stable
The Rajlakshmi Cotton Mills Pvt Ltd    CC                CRISIL        30     -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB-/Stable)
The Rajlakshmi Cotton Mills Pvt Ltd    Foreign Currency TCRISIL        18.3   -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB-/Stable)
The Rajlakshmi Cotton Mills Pvt Ltd    LT Loan           CRISIL        200    -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB-/Stable)
The Rajlakshmi Cotton Mills Pvt Ltd    Proposed FB Bk    CRISIL        15.2   -
                                       Limits            BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB-/Stable)
The Rajlakshmi Cotton Mills Pvt Ltd    Proposed LT Bk    CRISIL        50     -
                                       Loan Fac          BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB-/Stable)
The Rajlakshmi Cotton Mills Pvt Ltd    TL                CRISIL        20     -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Revised from 'CRISIL BBB-/Stable)
Titan Co. Ltd                          Proposed CC Limit*CRISIL        24000  Reaffirmed
                                                         AAA/Stable
(*One way interchangeability to Import letter of credit, foreign letters of credit and Standby
letters of credit to the extent of sanctioned limit)
Titan Engineering and Automation Ltd   Proposed LT Bk    CRISIL        1500   Reaffirmed
                                       Loan Fac          AA-/Stable
TJSB Sahakari Bank Ltd                 BG                -             550    Withdrawn
Walwhan Renewable Energy Ltd           Buyer`s Credit    CRISIL        2530   Reaffirmed
                                                         AA-/Positive
Walwhan Renewable Energy Ltd           TL                CRISIL        19470  Reaffirmed
                                                         AA-/Positive
Walwhan Solar MP Ltd                   Rupee TL          -             662    Withdrawn
Walwhan Solar MP Ltd                   Buyer`s Credit^   CRISIL        200    Reaffirmed
                                                         AA-/Positive
(^ Sub limit of term loan limit of Rs 20 cro)
Walwhan Solar MP Ltd                   Rupee TL          CRISIL        5688   Reaffirmed
                                                         AA-/Positive
Walwhan Wind RJ Ltd                    Rupee TL          CRISIL AA-    5870   Reaffirmed
Welsuit Glass and Ceramics Pvt Ltd     Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Zirconia Cera Tech Glazes              Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
--------------------------------------------------------------------------------------------
$: 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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