March 23, 2020 / 1:35 PM / 10 days ago

CRISIL ratings for Indian debt instruments-Mar 23

    Mar 23  - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of March 20 and March 21, 2020.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
A D Electro Steel Co Pvt Ltd            BG                 CRISIL A4      30      Reaffirmed
A D Electro Steel Co Pvt Ltd            Export Packing     CRISIL A4      10      Reaffirmed
                                        Credit
Atlas Copco India Ltd                   LOC & BG           CRISIL A1+     2720    Reaffirmed
Bihari Lal Menghani                     BG                 CRISIL A4+     120     Reaffirmed
Broadway Links Pvt Ltd                  BG                 CRISIL A4+     230     Reaffirmed
C.T. Engineering Polymers Pvt Ltd       LOC                CRISIL A4      145     Reaffirmed
Chowdhry Rubber & Chemical Pvt Ltd      LOC                CRISIL A4+     90      Reaffirmed
Chowdhry Rubber & Chemical Pvt Ltd      LOC                CRISIL A4+     90      Reaffirmed
Fathima Engineering Company Pvt Ltd     BG                 CRISIL A4+     60      Reaffirmed
HVK International Pvt Ltd               Packing Credit     CRISIL A4      120     Withdrawn
(Issuer Not Cooperating)
HVK International Pvt Ltd               Post Shipment      CRISIL A4      87.5    Withdrawn
                                        Credit
(Issuer Not Cooperating)
HVK International Pvt Ltd               Standby Line of    CRISIL A4      25      Withdrawn
                                        Credit
(Issuer Not Cooperating)
HVK International Pvt Ltd               Packing Credit     CRISIL A4      37.5    Withdrawn
(Issuer Not Cooperating)
HVK International Pvt Ltd               Post Shipment      CRISIL A4      80      Withdrawn
                                        Credit
(Issuer Not Cooperating)
Jesons Industries Ltd                   LOC                CRISIL A2+     1700    Reaffirmed
Jesons Industries Ltd                   Proposed NFBL      CRISIL A2+     100     Reaffirmed
Lalit Pipes and Pipes Ltd               BG                 CRISIL A4+     645     Reaffirmed
Lalit Pipes and Pipes Ltd               Proposed ST Bk     CRISIL A4+     500     Withdrawn
                                        Loan Fac
Leader Valves Ltd                       BG                 CRISIL A4+     150     Rating
                                                                                  reaffirmed
                                                                                  and Withdrawn
Madras Engineering Industries Pvt Ltd   BG                 CRISIL A1      11      Reaffirmed
Madras Engineering Industries Pvt Ltd   LOC                CRISIL A1      15      Reaffirmed
Madras Engineering Industries Pvt Ltd   Packing Credit     CRISIL A1      400     Reaffirmed
                                        (pre-shipment
                                        credit)*
* Segregated into two limits as (1) Rs. 25 Crores and (2) Rs. 15 Crores.
MTAB Engineers Pvt Ltd                  BG                 CRISIL A4      14      Rating
                                                                                  Reaffirmed
                                                                                  and Withdrawn
Poppys Knitwear Pvt Ltd                 BG                 CRISIL A4+     20      Reaffirmed
Poppys Knitwear Pvt Ltd                 Export Packing     CRISIL A4+     480     Reaffirmed
                                        Credit
Poppys Knitwear Pvt Ltd                 Foreign Bill       CRISIL A4+     420     Reaffirmed
                                        Discounting
Poppys Knitwear Pvt Ltd                 LOC                CRISIL A4+     80      Reaffirmed
Poppys Knitwear Pvt Ltd                 Standby Line of    CRISIL A4+     90      Reaffirmed
                                        Credit
Prasad and Company (Project Works) Ltd  BG*                CRISIL A4      2350    Reaffirmed
Prasad and Company (Project Works) Ltd  BG                 CRISIL A4      1237.6  Reaffirmed
Premier Alcobev Pvt Ltd                 BG                 CRISIL A4+     49.6    Reaffirmed
Raghav Steels                           LOC                CRISIL A4+     50      Withdrawn
Rai Industrial Power Pvt Ltd            BG                 CRISIL A4      12.8    Reaffirmed
Rupsha Fish Pvt Ltd                     BG                 CRISIL A4+     5       Reaffirmed
Rupsha Fish Pvt Ltd                     LOC                CRISIL A4+     30      Reaffirmed
Rupsha Fish Pvt Ltd                     Proposed Packing   CRISIL A4+     110     Reaffirmed
                                        Credit
Samvardhana Motherson International Ltd CP                 CRISIL A1+
Placed on 'Rating Watch with Developing Implications'
Shree Cement Ltd                        Non-FBL**          CRISIL A1+     8000    Reaffirmed
**Non-fund-based limits consist of letter of credit & bank guarantee/standby letter of
credit/letter of undertaking
Spark Electricals                       BG                 CRISIL A4+     20      Assigned
Stalagmite Infracon Pvt Ltd             BG                 CRISIL A4      150     Revised from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Swidan Ceramic                          BG                 CRISIL A4      8
(Issuer Not Cooperating)
T and T Projects Ltd                    BG                 CRISIL A3+     675     Reaffirmed
T and T Projects Ltd                    LOC                CRISIL A3+     75      Reaffirmed
T and T Projects Ltd                    BG                 CRISIL A3+     675     Reaffirmed
T and T Projects Ltd                    LOC                CRISIL A3+     75      Reaffirmed
Ultra Tech Transmissions                BG                 CRISIL A4      60       Revised from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Uma Exports Ltd                         Proposed NFBL      CRISIL A3+     40      Reaffirmed
Uppal Ferrocast Pvt Ltd                 BG                 CRISIL A4      10
(Issuer Not Cooperating)
Uppal Ferrocast Pvt Ltd                 LOC                CRISIL A4      5
(Issuer Not Cooperating)
Vaibhav Structurals                     BG                 CRISIL A4+     10       Revised from
                                                                                  CRISIL A4+ 
(Issuer Not Cooperating)
Vaibhav Structurals                     LOC                CRISIL A4+     20       Revised from
                                                                                  CRISIL A4+ 
(Issuer Not Cooperating)
Vee Kay Vikram & Co LLP                 Letter Of GuaranteeCRISIL A4      45      Revised from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)
Victorian Label Company                 BG                 CRISIL A4      3
(Issuer Not Cooperating)
Vijay Iron Foundry Pvt Ltd              LOC                CRISIL A4      70
(Issuer Not Cooperating)
Y.M.R. Constructions                    BG                 CRISIL A4      105
(Issuer Not Cooperating)
Y.M.R. Constructions                    Overdraft          CRISIL A4      42.5
(Issuer Not Cooperating)
Yes Knits                               Foreign Bill       CRISIL A4      60       Revised from
                                        Negotiation                               CRISIL A4+
(Issuer Not Cooperating)
Yes Knits                               Packing Credit     CRISIL A4      24       Revised from
                                                                                  CRISIL A4+
(Issuer Not Cooperating)

LONG TERM RATINGS:
-------------------
A D Electro Steel Co Pvt Ltd            CC                 CRISIL         110     Reaffirmed
                                                           B+/Stable
A D Electro Steel Co Pvt Ltd            Proposed FB Bk     CRISIL         30      Reaffirmed
                                        Limits             B+/Stable
Aggarwwal Exports                       CC                 CRISIL         5       Rating
                                                           BB-/Stable             reaffirmed
                                                                                  and Withdrawn
Aggarwwal Exports                       Export Packing     CRISIL         65      Rating
                                        Credit             BB-/Stable             reaffirmed
                                                                                  and Withdrawn
Aggarwwal Exports                       Foreign Bill       CRISIL         65      Rating
                                        Purchase           BB-/Stable             reaffirmed
                                                                                  and Withdrawn
Aggarwwal Exports                       Standby Line of    CRISIL         26      Rating
                                        Credit             BB-/Stable             reaffirmed
                                                                                  and Withdrawn
Aggarwwal Exports                       WC Fac             CRISIL         59      Rating
                                                           BB-/Stable             reaffirmed
                                                                                  and Withdrawn
Air India Ltd                           Rs.700 Crore NCD   CRISIL AAA(CE)
Placed on 'Rating Watch with Negative Implication'
Air India Ltd                           NCD                CRISIL         55000   Reaffirmed
                                                           AAA(CE)/Stable
Air India Ltd                           NCD                CRISIL         74000   Reaffirmed
                                                           AAA(CE)/Stable
Air India Ltd                           NCD                CRISIL         7000
                                                           AAA(CE)/Stable
(Placed on 'Rating Watch with Negative Implication')
Air India Ltd                           Rs.5500 Crore NCD  CRISIL                 Reaffirmed
                                                           AAA(CE)/Stable
Air India Ltd                           Rs.7400 Crore NCD  CRISIL                 Reaffirmed
                                                           AAA(CE)/Stable
Amarchand Jewellers Pvt Ltd             Ratings            -              -       -
CRISIL is yet to receive adequate information from Amarchand Jewellers
Private Limited (AJL) to enable it to undertake a rating review. CRISIL is taking all possible
efforts to get the rated entity to cooperate with its rating process for enabling it to carry
out the rating review. 
Amcare Medical And Research Pvt Ltd     TL                 CRISIL         80      Assigned
                                                           B+/Stable
Atlas Copco India Ltd                   CC                 CRISIL         370     Reaffirmed
                                                           AAA/Stable
B. S. Sea Foods Pvt Ltd                 Ratings            -              -       -
CRISIL is yet to receive adequate information from B. S. Sea Foods Private Limited (BSSFPL) to
enable it to undertake a rating review. CRISIL is taking all possible efforts to get the rated
entity to cooperate with its rating process for enabling it to carry out the rating review.
Baggit India Pvt Ltd                    CC                 CRISIL         365
                                                           BBB-/Stable
Baggit India Pvt Ltd                    Drop Line          CRISIL         13.1
                                        Overdraft Fac      BBB-/Stable
Baggit India Pvt Ltd                    TL                 CRISIL         5
                                                           BBB-/Stable
Bansi Mall Management Company Pvt Ltd   LT Loan            CRISIL         2500    Reaffirmed
                                                           BBB-/Negative
Outlook revised from 'Stable
Bhagiratha Polymers Pvt Ltd             CC                 CRISIL         50      Reaffirmed
                                                           B+/Stable
Bhagiratha Polymers Pvt Ltd             LT Loan            CRISIL         29.3    Reaffirmed
                                                           B+/Stable
Bhagiratha Polymers Pvt Ltd             Proposed LT Bk     CRISIL         20.7    Reaffirmed
                                        Loan Fac           B+/Stable
Bihani Agro Foods Pvt Ltd               CC                 CRISIL         70      Reaffirmed
                                                           BB-/Stable             and Withdrawn
Bihani Agro Foods Pvt Ltd               LT Loan            CRISIL         4       Reaffirmed
                                                           BB-/Stable             and Withdrawn
Bihani Agro Foods Pvt Ltd               Warehouse Receipts CRISIL         76      Reaffirmed
                                                           BB-/Stable             and Withdrawn
Bihari Lal Menghani                     CC                 CRISIL         60      Reaffirmed
                                                           BB/Stable
Broadway Links Pvt Ltd                  CC                 CRISIL         20      Reaffirmed
                                                           BB+/Positive
Outlook revised from 'Stable'
C.T. Engineering Polymers Pvt Ltd       CC                 CRISIL B/Stable5       Reaffirmed
Chowdhry Rubber & Chemical Pvt Ltd      CC                 CRISIL BB+     280     Upgraded from
                                                                                  CRISIL
                                                                                  BB/Stable'
Chowdhry Rubber & Chemical Pvt Ltd      CC                 CRISIL         280     Upgraded from
                                                           BB+/Stable             CRISIL
                                                                                  BB/Stable
Fairdeal Motors and Workshop Pvt Ltd    CC                 CRISIL         500     Assigned
                                                           B+/Stable
Fathima Engineering Company Pvt Ltd     CC                 CRISIL         32      Reaffirmed
                                                           BB-/Stable
Fathima Engineering Company Pvt Ltd     Proposed LT Bk     CRISIL         58      Reaffirmed
                                        Loan Fac           BB-/Stable
Flora Natural Flavours and Extracts Pvt CC                 CRISIL B+/     50
Ltd                                                        Stable
(Issuer Not Cooperating)
G M Cold Storage Pvt Ltd                Ratings            -              -       -
CRISIL is yet to receive adequate information from G M Cold Storage
Private Limited (GMCSPL) to enable it to undertake a rating review. CRISIL is taking all
possible efforts to get the rated entity to cooperate with its rating process for enabling it to
carry out the rating review
Green Valley Agro Products Pvt Ltd      CC                 CRISIL         24      Migrated from
                                                           BB-/Stable             CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Green Valley Agro Products Pvt Ltd      TL                 CRISIL         16      Migrated from
                                                           BB-/Stable             CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Institute of Gastro And Kidney Care Pvt LT Bk Fac          CRISIL         450     Reaffirmed
Ltd                                                        BB-/Stable
Institute of Gastro And Kidney Care Pvt LT Loan            CRISIL         350     Reaffirmed
Ltd                                                        BB-/Stable
Jain Coal Services                      Proposed LT Bk     CRISIL         300     Rating
                                        Loan Fac           BB/Stable              reaffirmed
                                                                                  and Withdrawn
Jain Coal Services                      CC                 CRISIL         100     Rating
                                                           BB/Stable              reaffirmed
                                                                                  and Withdrawn
Jammu Auto mart Pvt Ltd                 Ratings            -              -       -
CRISIL is yet to receive adequate information from Jammu Auto mart Private Limited (JAMPL) to
enable it to undertake a rating review. CRISIL is taking all possible efforts to get the rated
entity to cooperate with its rating process for enabling it to carry out the rating review.
Jaydeep Cotton Fibres Pvt Ltd           Ratings            -              -       -
CRISIL is yet to receive adequate information from Jaydeep Cotton Fibres Private Limited (JCFPL)
to enable it to undertake a rating review. CRISIL is taking all possible efforts to get the
rated entity to cooperate with its rating process for enabling it to carry out the rating
review.
Jesons Industries Ltd                   CC                 CRISIL         700     Reaffirmed
                                                           A-/Stable
Jesons Industries Ltd                   Proposed TL        CRISIL         850     Reaffirmed
                                                           A-/Stable
Kamakshi Jute Industries Ltd            Ratings            -              -       -
CRISIL is yet to receive adequate information from Kamakshi Jute Industries Limited (KCL) to
enable it to undertake a rating review. CRISIL is taking all possible efforts to get the rated
entity to cooperate with its rating process for enabling it to carry out the rating review.
Kamarhatty Co Ltd                       Ratings            -              -       -
CRISIL is yet to receive adequate information from Kamarhatty Co Limited (KCL) to enable it to
undertake a rating review. CRISIL is taking all possible efforts to get the rated entity to
cooperate with its rating process for enabling it to carry out the rating review.
Kumarpur Agro Poultries Ltd             Ratings            -              -       -
CRISIL is yet to receive adequate information from Kumarpur Agro
Poultries Limited (KAPL) to enable it to undertake a rating review. CRISIL is taking all
possible efforts to get the rated entity to cooperate with its rating process for enabling it to
carry out the rating review. 
Lakshmi Ring Travellers (Coimbatore)    Rating Advisory    -              -       -
Pvt Ltd
Lakshmi Ring Travellers (Coimbatore) Private Limited has now initiated cooperation, has
confirmed timeliness in debt servicing for February 2020 and has also provided ‘No Default
Statement’ dated March 18, 2020.
Lalit Pipes and Pipes Ltd               CC                 CRISIL         225     Reaffirmed
                                                           BB+/Stable
Leader Valves Ltd                       CC                 CRISIL         30      Rating
                                                           BB+/Stable             reaffirmed
                                                                                  and Withdrawn
Madras Engineering Industries Pvt Ltd   CC^                CRISIL A/Stable250     Reaffirmed
^Includes sublimit of Rs 12 Crores for Inland Bills Discounting (IBD), Rs 3 Crores for Export
Packing Credit (EPC) and Rs. 4Crores of Foreign Bill Discounting
Madras Engineering Industries Pvt Ltd   Corporate Loan     CRISIL A/Stable73      Reaffirmed
Madras Engineering Industries Pvt Ltd   Proposed LT Bk     CRISIL A/Stable394.1   Reaffirmed
                                        Loan Fac
Maity Poultries Pvt Ltd                 Ratings            -              -       -
CRISIL is yet to receive adequate information from Maity Poultries Private
Limited (MPPL) to enable it to undertake a rating review. CRISIL is taking all possible efforts
to get the rated entity to cooperate with its rating process for enabling it to carry out the
rating
review. 
Manappuram PCG DA Nov 2019 (Originator: Acquirers Payout   CRISIL AA (SO) -       -
Manappuram Finance Ltd)-Manappuram PCG                     Equivalent
DA Nov 2019
Converted from Provisional Rating to Final Rating
MTAB Engineers Pvt Ltd                  CC                 CRISIL         95      Rating
                                                           B+/Stable              Reaffirmed
                                                                                  and Withdrawn
MTAB Engineers Pvt Ltd                  Proposed LT Bk     CRISIL         48      Rating
                                        Loan Fac           B+/Stable              Reaffirmed
                                                                                  and Withdrawn
MTAB Engineers Pvt Ltd                  TL                 CRISIL         13      Rating
                                                           B+/Stable              Reaffirmed
                                                                                  and Withdrawn
Pan Agri Export                         Ratings            -              -       -
 CRISIL is yet to receive adequate information from Pan Agri Export (PAE)
to enable it to undertake a rating review. CRISIL is taking all possible efforts to get the
rated entity to cooperate with its rating process for enabling it to carry out the rating
review. 
Pan Healthcare Pvt Ltd                  Ratings            -              -       -
CRISIL is yet to receive adequate information from Pan Healthcare Private Limited (PHPL) to
enable it to undertake a rating review. CRISIL is taking all possible efforts to get the rated
entity to cooperate with its rating process for enabling it to carry out the rating review.
Poppys Knitwear Pvt Ltd                 LT Loan            CRISIL         30      Reassigned
                                                           BB-/Stable
Prakash Corporates                      Ratings            -              -       -
 CRISIL is yet to receive adequate information from Prakash Corporates
(PC) to enable it to undertake a rating review. CRISIL is taking all possible efforts to get the
rated entity to cooperate with its rating process for enabling it to carry out the rating
review. 
Prasad and Company (Project Works) Ltd  CC                 CRISIL C       601.5   Reaffirmed
Prasad and Company (Project Works) Ltd  Proposed BG                       2292.4
Prasad and Company (Project Works) Ltd  Proposed CC Limit                 448.5
Premier Alcobev Pvt Ltd                 CC                 CRISIL         190     Upgraded from
                                                           BB+/Stable             CRISIL
                                                                                  BB/Stable'
Premier Alcobev Pvt Ltd                 TL                 CRISIL         497.4   Upgraded from
                                                           BB+/Stable             CRISIL
                                                                                  BB/Stable'
Raghav Steels                           CC                 CRISIL         120     Withdrawn
                                                           BB/Stable
Raghav Steels                           Proposed FB Bk     CRISIL         20      Withdrawn
                                        Limits             BB/Stable
Rai Industrial Power Pvt Ltd            CC                 CRISIL B/Stable80      Reaffirmed
RSB Developers Pvt Ltd                  Proposed LT Bk     CRISIL         250     Withdrawn
                                        Loan Fac           BB-/Stable
Rupsha Fish Pvt Ltd                     Packing Credit     CRISIL         140     Reaffirmed
                                                           BB+/Positive
Rupsha Fish Pvt Ltd                     Proposed WC Fac    CRISIL         15      Reaffirmed
                                                           BB+/Positive
S R Overseas - Panipat                  CC                 CRISIL B+      39
(Issuer Not Cooperating)
S R Overseas - Panipat                  TL                 CRISIL B+      39.6
(Issuer Not Cooperating)
S.T.S. & Co.                            Buyer`s Credit     CRISIL B       52
(Issuer Not Cooperating)
S.T.S. & Co.                            CC                 CRISIL B       2.5
(Issuer Not Cooperating)
Sadbhav Bhavnagar Highway Pvt Ltd       LT Loan            CRISIL         4344.9  Downgraded
                                                           BBB-/Negative          from 'CRISIL
                                                                                  BBB/Stable
Sadbhav Rudrapur Highway Pvt Ltd        LT Loan            CRISIL         3542.4  Downgraded
                                                           BB+/Stable             from 'CRISIL
                                                                                  BBB-/Stable'
Samvardhana Motherson International Ltd NCD                CRISIL AA-
Placed on 'Rating Watch with Developing Implications'
Sankrail Agro Poultries Pvt Ltd         Ratings            -              -       -
CRISIL is yet to receive adequate information from Sankrail Agro Poultries Private Limited
(SAPPL) to enable it to undertake a rating review. CRISIL is taking all possible efforts to get
the rated entity to cooperate with its rating process for enabling it to carry out the rating
review.
Sarabjit Singh Sandhu                   Proposed FB Bk                    1
                                        Limits
Saritha Cotton Industries               CC                 CRISIL         100
                                                           B+/Stable
(Issuer Not Cooperating)
Saritha Cotton Industries               Proposed LT Bk     CRISIL         20
                                        Loan Fac           B+/Stable
(Issuer Not Cooperating)
Sarvodaya Marketing Pvt Ltd             Ratings            -              -       -
 CRISIL is yet to receive adequate information from Sarvodaya Marketing
Private Limited (SMPL) to enable it to undertake a rating review. CRISIL is taking all possible
efforts to get the rated entity to cooperate with its rating process for enabling it to carry
out the rating review. 
Shree Cement Ltd                        FB Fac*            CRISIL         11000   Reaffirmed
                                                           AAA/Stable
*Fund-based limits consists of cash credit/working capital demand loan/buyer's credit/short-term
loan
Shree Chadda Roadlines                  Ratings            -              -       -
CRISIL is yet to receive adequate information from Shree Chadda Roadlines (SCR) to enable it to
undertake a rating review. CRISIL is taking all possible efforts to get the rated entity to
cooperate with its rating process for enabling it to carry out the rating review.
Shri Saishyam Cotspin                   CC                 CRISIL         80      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Shri Saishyam Cotspin                   Proposed LT Bk     CRISIL         21      Revised from
                                        Loan Fac           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Shri Saishyam Cotspin                   TL                 CRISIL         9       Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Shubham Propmart Pvt Ltd                CC                 CRISIL D       4       Downgraded
                                                                                  from 'CRISIL
                                                                                  B+/Stable'
Shubham Propmart Pvt Ltd                TL                 CRISIL D       131     Downgraded
                                                                                  from 'CRISIL
                                                                                  B+/Stable'
Shuvam Construction Pvt Ltd             Ratings            -              -       -
CRISIL is yet to receive adequate information from Shuvam Construction
Private Limited (SCPL) to enable it to undertake a rating review. CRISIL is taking all possible
efforts to get the rated entity to cooperate with its rating process for enabling it to carry
out the rating review. 
Spark Electricals                       CC                 CRISIL         75      Assigned
                                                           BB-/Stable
Sri Vinayaga Green Power Generation Pvt LT Loan            CRISIL D       225
Ltd
(Issuer Not Cooperating)
Stalagmite Infracon Pvt Ltd             CC                 CRISIL         60      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB/Stable
(Issuer Not Cooperating)
Swidan Ceramic                          CC                 CRISIL         30
                                                           B+/Stable
(Issuer Not Cooperating)
Swidan Ceramic                          Proposed LT Bk     CRISIL         27
                                        Loan Fac           B+/Stable
(Issuer Not Cooperating)
Swidan Ceramic                          TL                 CRISIL         60
                                                           B+/Stable
(Issuer Not Cooperating)
T and T Projects Ltd                    CC                 CRISIL         170     Reaffirmed
                                                           BBB/Stable
T and T Projects Ltd                    CC                 CRISIL         170     Reaffirmed
                                                           BBB/Stable
Ultra Tech Transmissions                Proposed LT Bk     CRISIL         25      Revised from
                                        Loan Fac           B+/Stable              CRISIL
                                                                                  BB/Stable 
(Issuer Not Cooperating)
Uma Exports Ltd                         CC                 CRISIL         250     Reaffirmed
                                                           BBB/Stable
Uma Exports Ltd                         Export Packing     CRISIL         180     Reaffirmed
                                        Credit             BBB/Stable
Uma Exports Ltd                         Foreign Bill       CRISIL         250     Reaffirmed
                                        Purchase           BBB/Stable
United Steel Building Systems Pvt Ltd   CC                 CRISIL D       60
(Issuer Not Cooperating)
United Steel Building Systems Pvt Ltd   Proposed LT Bk     CRISIL D       5
                                        Loan Fac
(Issuer Not Cooperating)
Uppal Ferrocast Pvt Ltd                 CC                 CRISIL         42.5
                                                           B+/Stable
(Issuer Not Cooperating)
Uppal Ferrocast Pvt Ltd                 Proposed LT Bk     CRISIL         42.5
                                        Loan Fac           B+/Stable
(Issuer Not Cooperating)
Vaibhav Edibles Pvt Ltd                 CC                 CRISIL         65      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB/Stable
(Issuer Not Cooperating)
Vaibhav Edibles Pvt Ltd                 LT Loan            CRISIL         80      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB/Stable
(Issuer Not Cooperating)
Vaibhav Edibles Pvt Ltd                 Proposed WC Fac    CRISIL         40      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB/Stable
(Issuer Not Cooperating)
Vaibhav Structurals                     CC                 CRISIL         50      Revised from
                                                           BB-/Stable             CRISIL
                                                                                  BB-/Stable 
(Issuer Not Cooperating)
Vanisha Auto Pvt Ltd                    Electronic Dealer  CRISIL         70
                                        Financing          B+/Stable
                                        Scheme(e-DFS)
(Issuer Not Cooperating)
Vasavi Nirmaan Pvt Ltd                  LT Loan            CRISIL         75
                                                           B/Stable
(Issuer Not Cooperating)
Vasavi Nirmaan Pvt Ltd                  Proposed LT Bk     CRISIL         5
                                        Loan Fac           B/Stable
(Issuer Not Cooperating)
Vasundhara Cotton Mills Pvt Ltd         CC                 CRISIL         130     Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Vasundhara Cotton Mills Pvt Ltd         LT Loan            CRISIL         100.5   Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Vasundhara Cotton Mills Pvt Ltd         Standby Line of    CRISIL         19.5    Revised from
                                        Credit             B+/Stable              CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Vee Kay Vikram & Co LLP                 CC                 CRISIL         14      Revised from
                                                           B+/Stable              CRISIL BB+
(Issuer Not Cooperating)
Vee Kay Vikram & Co LLP                 Proposed LT Bk     CRISIL         41.8    Revised from
                                        Loan Fac           B+/Stable              CRISIL BB+
(Issuer Not Cooperating)
Vee Kay Vikram & Co LLP                 TL                 CRISIL         9.2     Revised from
                                                           B+/Stable              CRISIL BB+
(Issuer Not Cooperating)
Veekay Agencies                         CC                 CRISIL         55      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB/Stable
(Issuer Not Cooperating)
Veekay Agencies                         Proposed LT Bk     CRISIL         41.9    Revised from
                                        Loan Fac           B+/Stable              CRISIL
                                                                                  BB/Stable
(Issuer Not Cooperating)
Veekay Agencies                         TL                 CRISIL         3.1     Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB/Stable
(Issuer Not Cooperating)
Veer Gems                               Packing Credit     CRISIL         500     Reaffirmed
                                                           BB+/Negative
Veer Gems                               Post Shipment      CRISIL         800     Reaffirmed
                                        Credit             BB+/Negative
Veer Gems                               Proposed FB Bk                    400
                                        Limits
Venkateshwara Power Project Ltd         CC                 CRISIL         1450    Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Venkateshwara Power Project Ltd         Proposed LT Bk     CRISIL         115.6   Revised from
                                        Loan Fac           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Venkateshwara Power Project Ltd         TL                 CRISIL         488.6   Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Victorian Label Company                 CC                 CRISIL         5
                                                           B+/Stable
(Issuer Not Cooperating)
Victorian Label Company                 Proposed LT Bk     CRISIL         19.9
                                        Loan Fac           B+/Stable
(Issuer Not Cooperating)
Victorian Label Company                 TL                 CRISIL         42.1
                                                           B+/Stable
(Issuer Not Cooperating)
Vidhata Educational and Welfare Trust   TL                 CRISIL         190
                                                           B/Stable
(Issuer Not Cooperating)
Vijay Ginning Factory                   CC                 CRISIL         85
                                                           B+/Stable
(Issuer Not Cooperating)
Vijay Iron Foundry Pvt Ltd              CC                 CRISIL B/Stable80
(Issuer Not Cooperating)
Vijay Iron Foundry Pvt Ltd              LT Loan            CRISIL B/Stable60
(Issuer Not Cooperating)
Vijay Iron Foundry Pvt Ltd              Proposed LT Bk     CRISIL B/Stable20
                                        Loan Fac
(Issuer Not Cooperating)
Vijay Mahiendra Spinntex Pvt Ltd        BG                 CRISIL D       8.5
(Issuer Not Cooperating)
Vijay Mahiendra Spinntex Pvt Ltd        CC                 CRISIL D       50
(Issuer Not Cooperating)
Vijay Mahiendra Spinntex Pvt Ltd        Proposed LT Bk     CRISIL D       15.1
                                        Loan Fac
(Issuer Not Cooperating)
Vijay Mahiendra Spinntex Pvt Ltd        Standby Line of    CRISIL D       7.5
                                        Credit
(Issuer Not Cooperating)
Vijay Mahiendra Spinntex Pvt Ltd        TL                 CRISIL D       204.9
(Issuer Not Cooperating)
Vishal Automobiles                      CC                 CRISIL         49.5
                                                           B+/Stable
(Issuer Not Cooperating)
Vishal Automobiles                      TL                 CRISIL         10
                                                           B+/Stable
(Issuer Not Cooperating)
Vishal Infrabuild Ltd                   Proposed LT Bk     CRISIL B+      150     Revised from
                                        Loan Fac                                  CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Vishal Infrabuild Ltd                   Proposed LT Bk     CRISIL         150     Revised from
                                        Loan Fac           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Vishal Papertech India Ltd              CC                 CRISIL         160     Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB/Stable 
(Issuer Not Cooperating)
Vishal Papertech India Ltd              Corporate Loan     CRISIL         27.3    Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB/Stable 
(Issuer Not Cooperating)
Vishal Papertech India Ltd              Proposed LT Bk     CRISIL         2.4     Revised from
                                        Loan Fac           B+/Stable              CRISIL
                                                                                  BB/Stable 
(Issuer Not Cooperating)
Vishal Papertech India Ltd              TL                 CRISIL         110.3   Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB/Stable 
(Issuer Not Cooperating)
Viswas Exports                          CC                 CRISIL         57      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Viswas Exports                          Proposed LT Bk     CRISIL         24.8    Revised from
                                        Loan Fac           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Viswas Exports                          TL                 CRISIL         18.2    Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Vita Technology Pvt Ltd                 CC                 CRISIL         15      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Vita Technology Pvt Ltd                 Cash TL            CRISIL         65      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB+/Stable
(Issuer Not Cooperating)
Vivid Diagnostics Pvt Ltd               Buyer`s Credit     CRISIL         67.5
                                                           B/Stable
(Issuer Not Cooperating)
Vivid Diagnostics Pvt Ltd               TL                 CRISIL         35
                                                           B/Stable
(Issuer Not Cooperating)
Y.M.R. Constructions                    Proposed BG        CRISIL B/Stable60
(Issuer Not Cooperating)
Y.M.R. Constructions                    Proposed LT Bk     CRISIL B/Stable20
                                        Loan Fac
(Issuer Not Cooperating)
Y.M.R. Constructions                    Proposed Overdraft CRISIL B/Stable12.5
                                        Fac
(Issuer Not Cooperating)
Yamir Packaging Pvt Ltd                 CC                 CRISIL         79      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable 
(Issuer Not Cooperating)
Yamir Packaging Pvt Ltd                 Proposed LT Bk     CRISIL         26.3    Revised from
                                        Loan Fac           B+/Stable              CRISIL
                                                                                  BB-/Stable 
(Issuer Not Cooperating)
Yamir Packaging Pvt Ltd                 TL                 CRISIL         63.2    Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable 
(Issuer Not Cooperating)
Yamir Packaging Pvt Ltd                 WC TL              CRISIL         55.2    Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable 
(Issuer Not Cooperating)
Yantra Green Power Pvt Ltd              LT Loan            CRISIL D       311.9
(Issuer Not Cooperating)
Yash Jewellery Pvt Ltd                  Corporate Loan     CRISIL D       1193
(Issuer Not Cooperating)
Yash Jewellery Pvt Ltd                  Funded Interest TL CRISIL D       49.3
(Issuer Not Cooperating)
Yash Jewellery Pvt Ltd                  Packing Credit     CRISIL D       200
(Issuer Not Cooperating)
Yash Jewellery Pvt Ltd                  Post Shipment      CRISIL D       300
                                        Credit
(Issuer Not Cooperating)
Yash Jewellery Pvt Ltd                  WC Demand Loan     CRISIL D       417.7
(Issuer Not Cooperating)
Yes Knits                               CC                 CRISIL         1.2     Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Yes Knits                               Hire Purchase Loan CRISIL         1.3     Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Yes Knits                               LT Loan            CRISIL         1.5     Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Yes Knits                               Proposed LT Bk     CRISIL         12      Revised from
                                        Loan Fac           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
YM Motors Pvt Ltd                       Proposed LT Bk     CRISIL         195
                                        Loan Fac           B-/Stable
(Issuer Not Cooperating)
YM Motors Pvt Ltd                       TL                 CRISIL         100
                                                           B-/Stable
(Issuer Not Cooperating)
YM Motors Pvt Ltd                       WC Fac             CRISIL         185
                                                           B-/Stable
(Issuer Not Cooperating)
YM Motors Pvt Ltd                       Proposed LT Bk     CRISIL         195
                                        Loan Fac           B-/Stable
(Issuer Not Cooperating)
YM Motors Pvt Ltd                       TL                 CRISIL         100
                                                           B-/Stable
(Issuer Not Cooperating)
YM Motors Pvt Ltd                       WC Fac             CRISIL         185
                                                           B-/Stable
(Issuer Not Cooperating)
Zeal Metaliks Pvt Ltd                   CC                 CRISIL         170     Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Zeal Metaliks Pvt Ltd                   TL                 CRISIL         10      Revised from
                                                           B+/Stable              CRISIL
                                                                                  BB-/Stable
(Issuer Not Cooperating)
Zimidara Pesticides                     CC                 CRISIL         100
                                                           B+/Stable
(Issuer Not Cooperating)
--------------------------------------------------------------------------------------------
$: 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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