March 4, 2020 / 10:17 AM / a month ago

CRISIL ratings for Indian debt instruments-Mar 4

   Mar 4  - Below are the ratings awarded by Credit Rating Information Service of India (CRISIL)
for local debt instruments as of March 3, 2020.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Atlas Copco India Ltd                   LOC & BG           CRISIL A1+     1680    Reaffirmed
Axis Electrical Components India Pvt LtdBG                 CRISIL A3      48.5    Reaffirmed
Axis Electrical Components India Pvt LtdExport Bill        CRISIL A3      100     Reaffirmed
                                        Purchase
Axis Electrical Components India Pvt LtdLOC                CRISIL A3      30      Reaffirmed
Axis Electrical Components India Pvt LtdPacking Credit     CRISIL A3      60      Reaffirmed
D.P.M.K. Fertilizers Pvt Ltd            BG                 CRISIL A4+     5       Reaffirmed
Eastern Navigation Pvt Ltd              BG                 CRISIL A3      90      Reaffirmed
Eastern Navigation Pvt Ltd              Proposed BG        CRISIL A3      60      Reaffirmed
Excelra Knowledge Solutions Pvt Ltd     Foreign Exchange   CRISIL A2      30      Reaffirmed
                                        Forward#
(# Marked-to-market threshold)
Green Agro Pack Pvt Ltd                 Export Bill        CRISIL A4      60      Reaffirmed
                                        Negotiation
Green Agro Pack Pvt Ltd                 LOC                CRISIL A4      20      Reaffirmed
Green Agro Pack Pvt Ltd                 Packing Credit     CRISIL A4      160     Reaffirmed
Green Agro Pack Pvt Ltd                 Standby Export     CRISIL A4      20      Assigned
                                        Packing Credit
Intellect Design Arena Ltd              BG                 CRISIL A2+     1995    Reaffirmed
Mahendra Dished-Ends Pvt Ltd            LOC                CRISIL A4+     120     Assigned
Mahendra Dished-Ends Pvt Ltd            BG                 CRISIL A4+     50.5    Assigned
Mahendra Dished-Ends Pvt Ltd            Export Packing     CRISIL A4+     10      Assigned
                                        Credit
Maithri Drugs Pvt Ltd                   LOC & BG           CRISIL A3+     20      Reaffirmed
Maithri Laboratories Pvt Ltd            LOC & BG           CRISIL A3+     30      -
(Downgraded from 'CRISIL A2)
Man Industries India Ltd                LOC & BG**         CRISIL A2+     11570   Reaffirmed
(** Includes sub-limits for buyer's credit)
Man Industries India Ltd                Proposed ST Bk     CRISIL A2+     6990    Reaffirmed
                                        Loan Fac
Mohit Ispat Pvt Ltd                     BG                 CRISIL A4+     120     -
(Migrated from 'CRISIL A4 ISSUER NOT COOPERATING')
Mohit Ispat Pvt Ltd                     LOC                CRISIL A4+     250     Assigned
(Migrated from 'CRISIL A4 ISSUER NOT COOPERATING')
MSN Laboratories Pvt Ltd                LOC & BG           CRISIL A1      150     Reaffirmed
MSN Organics Pvt Ltd                    LOC & BG           CRISIL A3+     30      -
(Downgraded from 'CRISIL A2)
MSN Pharmachem Pvt Ltd                  LOC                CRISIL A1      75      Reaffirmed
Muthoot Finance Ltd                     CP                 CRISIL A1+     50000   -
Presston Engineering Corporation        BG                 CRISIL A4+     40      Reaffirmed
Presston Engineering Corporation        LOC                CRISIL A4+     15      Reaffirmed
S. And T. Machine Tools Pvt Ltd         LOC                CRISIL A4+     20      Reaffirmed
Shamli Steels Pvt Ltd                   BG                 CRISIL A3      66      Reaffirmed
Shamli Steels Pvt Ltd                   LOC                CRISIL A3      75      Reaffirmed
Siva Sai Exports                        Packing Credit     CRISIL A4+     260     Reaffirmed
Tata Toyo Radiator Ltd                  ST Debt            CRISIL A1+     250     Reaffirmed
Tirupati Cylinder Pvt Ltd               Inland/Import LOC  CRISIL A3      160     -
(Downgraded from 'CRISIL A3+)
Tirupati LPG Industries Pvt Ltd         BG                 CRISIL A3      150     -
(Downgraded from 'CRISIL A3+)
Vraj Packaging Pvt Ltd                  Non-FBL            CRISIL A3      20      Reaffirmed
Altech Infrastructure Pvt Ltd           Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Amritesh Agro Products Pvt Ltd          Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Anil Das                                Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)


LONG TERM RATINGS:
-------------------
Ashoka GVR Mudhol Nipani Roads Ltd      CC*                CRISIL         150     -
                                                           A+/Stable
(Upgraded from 'CRISIL A/Positive'. 
*Cash credit of Rs 15 crore is a sub-limit of term loan facility of Rs 280 crore)
Ashoka GVR Mudhol Nipani Roads Ltd      TL                 CRISIL         2650    -
                                                           A+/Stable
(Upgraded from 'CRISIL A/Positive)
Ashoka Sambalpur Baragarh Tollway Ltd   TL                 CRISIL         8100    Reaffirmed
                                                           A-(CE)/Stable
Atlas Copco India Ltd                   CC                 CRISIL         500     Reaffirmed
                                                           AAA/Stable
Avalon Cosmetics Pvt Ltd                Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Axis Electrical Components India Pvt LtdCC                 CRISIL         10      Reaffirmed
                                                           BBB-/Stable
Axis Electrical Components India Pvt LtdProposed FB Bk     CRISIL         1.5     Reaffirmed
                                        Limits             BBB-/Stable
                                                           (Reaffirmed)
Cardio Fitness India Pvt Ltd            Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Cruise Appliances Pvt Ltd               Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Cruise Electric Pvt Ltd                 Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
D.P.M.K. Fertilizers Pvt Ltd            CC                 CRISIL BB-     175     Reaffirmed
D.R. Thangamaaligai                     Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Daipayan Agro Food Product Pvt Ltd      Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Dairy Classic Ice Creams Pvt Ltd        CC                 CRISIL         95      Reaffirmed
                                                           A-/Stable
Dairy Classic Ice Creams Pvt Ltd        Proposed TL        CRISIL         41      Reaffirmed
                                                           A-/Stable
Dairy Classic Ice Creams Pvt Ltd        TL                 CRISIL         714     Reaffirmed
                                                           A-/Stable
Eastern Navigation Pvt Ltd              CC                 CRISIL         17.5    Reaffirmed
                                                           BBB-/Stable
Eastern Navigation Pvt Ltd              Proposed FB Bk     CRISIL         102.5   Reaffirmed
                                        Limits             BBB-/Stable
Eastern Navigation Pvt Ltd              TL                 CRISIL         30      Reaffirmed
                                                           BBB-/Stable
Espee Kumaran Textiles                  Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Ess Kay Fincorp Ltd                     Ankur Oct 2019     CRISIL AA (SO) -       Final Rating
                                        -Series A PTCs
(Converted from Provisional Rating to Final Rating)
Ess Kay Fincorp Ltd                     VC Marvin 01 2020  Provisional    -       Assigned
                                        -Series A2 PTCs    CRISIL A+ (SO)
Ess Kay Fincorp Ltd                     VC Marvin 01 2020  Provisional    -       Assigned
                                        -Series A1 PTCs    CRISIL AA (SO)
Excelra Knowledge Solutions Pvt Ltd     Proposed LT Bk     CRISIL BBB+    345     Reaffirmed
                                        Loan Fac
Gnyana Mandir Trust                     Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Green Agro Pack Pvt Ltd                 Proposed LT Bk     CRISIL         30      Reaffirmed
                                        Loan Fac           B+/Stable
Green Agro Pack Pvt Ltd                 TL                 CRISIL         40      Assigned
                                                           B+/Stable
GTPL Hathway Ltd                        BG                 CRISIL A-      2260    Withdrawn
(Continues on 'Rating Watch with Positive Implications'; Rating Withdrawn )
GTPL Hathway Ltd                        Buyer`s Credit     CRISIL A-      120     Withdrawn
(Continues on 'Rating Watch with Positive Implications'; Rating Withdrawn )
GTPL Hathway Ltd                        CC/ Overdraft Fac  CRISIL A-      560     Withdrawn
(Continues on 'Rating Watch with Positive Implications'; Rating Withdrawn )
GTPL Hathway Ltd                        Factoring/         CRISIL A-      200     Withdrawn
                                        Forfaiting
(Continues on 'Rating Watch with Positive Implications'; Rating Withdrawn )
GTPL Hathway Ltd                        LT Loan            CRISIL A-      1230    Withdrawn
(Continues on 'Rating Watch with Positive Implications'; Rating Withdrawn )
GTPL Hathway Ltd                        Proposed LT Bk     CRISIL A-      340     Withdrawn
                                        Loan Fac
(Continues on 'Rating Watch with Positive Implications'; Rating Withdrawn )
GTPL Hathway Ltd                        ST Loan            CRISIL A-      300     Withdrawn
(Continues on 'Rating Watch with Positive Implications'; Rating Withdrawn )
Integrated Weaving India Pvt Ltd        Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Intellect Design Arena Ltd              CC*                CRISIL         2500    Reaffirmed
                                                           A-/Stable
(Outlook revised from 'Positive' and rating reaffirmed. 
* Rs 45 crore interchangeable with non-fund based limits)
Intellect Design Arena Ltd              Foreign Currency TLCRISIL         656.2   Reaffirmed
                                                           A-/Stable
(Outlook revised from 'Positive' and rating reaffirmed )
Intellect Design Arena Ltd              Proposed LT Bk     CRISIL         348.8   Reaffirmed
                                        Loan Fac           A-/Stable
(Outlook revised from 'Positive' and rating reaffirmed )
J&K Vehicleades Pvt Ltd                 Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Jainam Cables India Pvt Ltd             Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Jamkash Vehicleads Pvt Ltd              Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Joseph Velupuzhakkal                    Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Jumps Auto Industries Ltd               Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Kama-Schachter Jewelry Pvt Ltd          Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Kanhav Creation Pvt Ltd                 Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Kishan Cotton Ginning and Pressing      Rating Advisory    --             --      --
Factory
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Konuparamban Traders                    Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
KVR Developers                          Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Lakshmi Enterprises - Prakasam          CC                 CRISIL B+      130     Reaffirmed
Lakshmi Enterprises - Prakasam          LT Loan            CRISIL B+      13      Reaffirmed
Lakshmi Enterprises - Prakasam          Proposed LT Bk     CRISIL B+      7       Reaffirmed
                                        Loan Fac
Lotus Powergear Pvt Ltd                 Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Mahendra Dished-Ends Pvt Ltd            Overdraft          CRISIL BB-     25      Assigned
Mahendra Dished-Ends Pvt Ltd            LT Loan            CRISIL BB-     14.5    Assigned
Maithri Drugs Pvt Ltd                   CC                 CRISIL         90      Reaffirmed
                                                           BBB/Negative
(Outlook revised from 'Stable' and rating reaffirmed )
Maithri Drugs Pvt Ltd                   TL                 CRISIL         30      Reaffirmed
                                                           BBB/Negative
(Outlook revised from 'Stable' and rating reaffirmed )
Maithri Laboratories Pvt Ltd            CC                 CRISIL         110     -
                                                           BBB/Negative
(Downgraded from 'CRISIL BBB+/Stable)
Man Industries India Ltd                TL                 CRISIL         990     Reaffirmed
                                                           A-/Stable
Man Industries India Ltd                CC*                CRISIL         1250    Reaffirmed
                                                           A-/Stable
(* Interchangeable with other fund-based and non-fund-based facilities)
Man Industries India Ltd                External           CRISIL         3100    Reaffirmed
                                        Commercial         A-/Stable
                                        Borrowings
Man Industries India Ltd                Proposed LT Bk     CRISIL         1000    Reaffirmed
                                        Loan Fac           A-/Stable
Maruti Constructions                    Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Mohit Ispat Pvt Ltd                     CC                 CRISIL         210     -
                                                           BB/Stable
(Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING)
Mohit Ispat Pvt Ltd                     TL                 CRISIL         111.7   Assigned
                                                           BB/Stable
(Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING)
Mohit Ispat Pvt Ltd                     Proposed LT Bk     CRISIL         8.3     Assigned
                                        Loan Fac           BB/Stable
(Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING)
MSN Laboratories Pvt Ltd                CC                 CRISIL         5000    -
                                                           A/Negative
(Downgraded from 'CRISIL A+/Stable)
MSN Laboratories Pvt Ltd                Proposed LT Bk     CRISIL         284.3   -
                                        Loan Fac           A/Negative
(Downgraded from 'CRISIL A+/Stable)
MSN Laboratories Pvt Ltd                TL                 CRISIL         3725.7  -
                                                           A/Negative
(Downgraded from 'CRISIL A+/Stable)
MSN Laboratories Pvt Ltd                WC Fac             CRISIL         1310    -
                                                           A/Negative
(Downgraded from 'CRISIL A+/Stable)
MSN Life Sciences Pvt Ltd               CC                 CRISIL         822.4   -
                                                           BBB+/Negative
(Downgraded from 'CRISIL A-/Stable)
MSN Life Sciences Pvt Ltd               TL                 CRISIL         1357.6  -
                                                           BBB+/Negative
(Downgraded from 'CRISIL A-/Stable)
MSN Organics Pvt Ltd                    CC                 CRISIL         150     -
                                                           BBB/Negative
(Downgraded from 'CRISIL BBB+/Stable)
MSN Organics Pvt Ltd                    TL                 CRISIL         160     -
                                                           BBB/Negative
(Downgraded from 'CRISIL BBB+/Stable)
MSN Pharmachem Pvt Ltd                  CC                 CRISIL         510     -
                                                           A/Negative
(Downgraded from 'CRISIL A+/Stable)
Muskan Overseas Pvt Ltd                 Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Muthoot Finance Ltd                     NCD                CRISIL         20000   -
                                                           AA/Positive
Muthoot Finance Ltd                     NCD                CRISIL         40000   -
                                                           AA/Positive
Muthoot Finance Ltd                     NCD                CRISIL         4110    -
                                                           AA/Positive
Muthoot Finance Ltd                     NCD                CRISIL         15000   -
                                                           AA/Positive
Muthoot Finance Ltd                     NCD                CRISIL         19500   -
                                                           AA/Positive
Muthoot Finance Ltd                     NCD                CRISIL         13000   -
                                                           AA/Positive
Muthoot Finance Ltd                     NCD                CRISIL         3652.7  -
                                                           AA/Positive
Muthoot Finance Ltd                     NCD                CRISIL         37.8    -
                                                           AA/Positive
Muthoot Finance Ltd                     NCD                CRISIL         39.2    -
                                                           AA/Positive
Muthoot Finance Ltd                     NCD                CRISIL         51.8    -
                                                           AA/Positive
Muthoot Finance Ltd                     NCD                CRISIL         926.2   -
                                                           AA/Positive
Muthoot Finance Ltd                     NCD                CRISIL         437.571 -
                                                           AA/Positive
Muthoot Finance Ltd                     Subordinate Bond   CRISIL         437.571 -
                                                           AA/Positive
Muthoot Finance Ltd                     Subordinate Bond   CRISIL         232.879 -
                                                           AA/Positive
Muthoot Finance Ltd                     Subordinate Bond   CRISIL         209.3   -
                                                           AA/Positive
Muthoot Finance Ltd                     Subordinate Bond   CRISIL         1000    -
                                                           AA/Positive
Muthoot Finance Ltd                     Subordinate Bond   CRISIL         317.8   -
                                                           AA/Positive
Muthoot Finance Ltd                     NCD                CRISIL         40000   -
                                                           AA/Positive
Muthoot Finance Ltd                     Subordinate Bond   CRISIL         500     -
                                                           AA/Positive
Muthoot Finance Ltd                     Subordinate Bond   CRISIL         230.392 -
                                                           AA/Positive
New Stone Quarry                        Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Novel Hatchery Pvt Ltd                  Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Padmavati Infrastructure Company        Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Pathanjali Silks                        Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Phulchand Trilokchand                   Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Polylon Fabrics Pvt Ltd                 Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Presston Engineering Corporation        CC                 CRISIL         50      Reaffirmed
                                                           BB-/Stable
Presston Engineering Corporation        Proposed WC Fac    CRISIL         15      Assigned
                                                           BB-/Stable
Raja Rajeshwara Cotton Industries       Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Rajvi Extrusion Pvt Ltd                 Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Ranika Exports Design                   Export Packing     CRISIL         150     Reaffirmed
                                        Credit & Export    BB/Stable
                                        Bills Negotiation/Foreign Bill discounting
Rime Rich Foods Pvt Ltd                 Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
S. And T. Machine Tools Pvt Ltd         CC                 CRISIL BB      30      -
Samdariya Abhushan Pvt Ltd              WC Fac             CRISIL         300     Assigned
                                                           B+/Stable
Samdariya Abhushan Pvt Ltd              Gold Loan          CRISIL         96.9    Assigned
                                                           B+/Stable
Samdariya Abhushan Pvt Ltd              Proposed FB Bk     CRISIL         3.1     Assigned
                                        Limits             B+/Stable
Santosh Starch Products Ltd             Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Satern Griha Nirman Pvt Ltd             Drop Line          CRISIL A/Stable50      Reaffirmed
                                        Overdraft Fac
Satern Griha Nirman Pvt Ltd             TL                 CRISIL A/Stable300     Assigned
Satern Griha Nirman Pvt Ltd             Proposed LT Bk     CRISIL A/Stable150     Assigned
                                        Loan Fac
Satya Trucking Pvt Ltd                  CC                 CRISIL         65      -
                                                           BB/Stable
(Downgraded from 'CRISIL BB+/Stable)
Satya Trucking Pvt Ltd                  Channel Financing  CRISIL         30      -
                                                           BB/Stable
(Downgraded from 'CRISIL BB+/Stable)
Satya Trucking Pvt Ltd                  Inventory Funding  CRISIL         199.5   -
                                        Fac                BB/Stable
(Downgraded from 'CRISIL BB+/Stable)
Satya Trucking Pvt Ltd                  Proposed FB Bk     CRISIL         10.5    -
                                        Limits             BB/Stable
(Downgraded from 'CRISIL BB+/Stable)
Shamli Steels Pvt Ltd                   CC                 CRISIL         250     Reaffirmed
                                                           BBB-/Stable
Shamli Steels Pvt Ltd                   LT Loan            CRISIL         129     Reaffirmed
                                                           BBB-/Stable
Shamli Steels Pvt Ltd                   Proposed BG        CRISIL         20      Reaffirmed
                                                           BBB-/Stable
Shivam Roller Flour Mill                Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Siddhartha Construction                 Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Siva Sai Exports                        Bill Discounting   CRISIL         110     Reaffirmed
                                                           BB/Stable
Siva Sai Exports                        TL                 CRISIL         140     Reaffirmed
                                                           BB/Stable
Skylark Dyeing Pvt Ltd                  Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Sterling Foods                          Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Tata Toyo Radiator Ltd                  Bill Discounting***CRISIL         100     -
                                                           AA-/Stable
(***Interchangeable with buyer's credit)
Tata Toyo Radiator Ltd                  CC@                CRISIL         450     -
                                                           AA-/Stable
(@with sub-limit of WCDL & PCFC, fully interchangeable)
Tata Toyo Radiator Ltd                  LOC & BG*          CRISIL         200     -
                                                           AA-/Stable
(*Credit exposure of Rs.1 crore as sub-limit for cash credit limit)
Tata Toyo Radiator Ltd                  TL                 CRISIL         879.5   Reaffirmed
                                                           AA-/Stable
Thakur Infraprojects Pvt Ltd            Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
The Dolaguri Tea Co Pvt Ltd             Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
The Sirsa Bansivat Labour And           Rating Advisory    --             --      --
Construction Pvt Ltd
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Thirumala Service Station               Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Tirupati Cylinder Pvt Ltd               CC                 CRISIL         150     -
                                                           BBB-/Stable
(Downgraded from 'CRISIL BBB/Stable)
Tirupati LPG Industries Pvt Ltd         CC                 CRISIL         175     -
                                                           BBB-/Stable
(Downgraded from 'CRISIL BBB/Stable)
Vega Auto Accessories Pvt Ltd           Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Vishwa Pariwar                          Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the rating review)
Vraj Packaging Pvt Ltd                  CC                 CRISIL         240     Reaffirmed
                                                           BBB-/Stable
Vraj Packaging Pvt Ltd                  LT Loan            CRISIL         30.4    Reaffirmed
                                                           BBB-/Stable
Vraj Packaging Pvt Ltd                  Proposed FB Bk     CRISIL         29.6    Assigned
                                        Limits             BBB-/Stable
Welset Polypack Pvt Ltd                 Rating Advisory    --             --      --
(CRISIL is, however, awaiting adequate information from the company which will enable us to
carry out the 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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