May 20, 2020 / 8:28 AM / 9 days ago

CRISIL ratings for Indian debt instruments-May 20

   May 20 - Below are the ratings awarded by Credit Rating Information Service of India (CRISIL)
for local debt instruments as of May 19, 2020.


COMPANY                                INSTRUMENT        RATING        AMOUNT MOVEMENT
                                                                      (RS.MLN)
------                                 ----------        ------        -----  ---------
SHORT TERM RATINGS:
-------------------
Aryacon Contractors and Engineers      BG                CRISIL A4     10     Reaffirmed
Cheviot Co Ltd                         LOC               CRISIL A1+    150    Reaffirmed
Cheviot Co Ltd                         Proposed ST Bk    CRISIL A1+    83.5   Assigned
                                       Loan Fac
CSM Technologies Pvt Ltd               BG                CRISIL A3     110    Reaffirmed
Dabur India Ltd                        BG^               CRISIL A1+    325    Reaffirmed
(^Interchangeable with letter of credit.)
Dabur India Ltd                        CP                CRISIL A1+    2000   Reaffirmed
Indian Oil Corporation Ltd             Non-FBL*          CRISIL A1+    195000 Reaffirmed
(*Fund-based facilities are one way fully interchangeable with non-fund-based facilities)
Indian Oil Corporation Ltd             Proposed NFBL     CRISIL A1+    70000  Reaffirmed
Indian Oil Corporation Ltd             Proposed ST Bk    CRISIL A1+    280000 Reaffirmed
                                       Loan Fac
JSW Vallabh Tinplate Pvt Ltd           BG                CRISIL A2     10     Reaffirmed
Ramdev Chemical Industries             LOC               CRISIL A2     20     Assigned
Rex-Tone Industries Ltd                Export Packing    CRISIL A3     325    Reaffirmed
                                       Credit & Export
                                       Bills Negotiation/Foreign Bill discounting
Sarv Biolabs Pvt Ltd                   BG                CRISIL A3     5      Reaffirmed
Sarv Biolabs Pvt Ltd                   Foreign Exchange  CRISIL A3     6.3    Reaffirmed
                                       Forward
Sarv Biolabs Pvt Ltd                   LOC               CRISIL A3     25     -
Sarv Biolabs Pvt Ltd                   Standby LOC       CRISIL A3     200    Assigned
Shiv Shakti Construction               BG                CRISIL A4     50     -
(ISSUER NOT COOPERATING; Revised from CRISIL A4+)
Shivalik Buildtech Pvt Ltd             BG                CRISIL A4     66.5   Reaffirmed
(Issuer Not Cooperating)
Shivnath Tractors                      BG                CRISIL A4     25     -
(ISSUER NOT COOPERATING; Revised from CRISIL A4+)
Shreela Diamonds and Jewels Pvt Ltd    Post Shipment     CRISIL A4     40     Reaffirmed
                                       Credit
(Issuer Not Cooperating)
Shreela Diamonds and Jewels Pvt Ltd    Proposed ST Bk    CRISIL A4     60     Reaffirmed
                                       Loan Fac
(Issuer Not Cooperating)
Singh Hindustan Marine Pvt Ltd         BG                CRISIL A4     17.5   -
(ISSUER NOT COOPERATING; Revised from CRISIL A4+)
SMJ Eximp Ltd                          BG                CRISIL A4     100    -
(ISSUER NOT COOPERATING; Revised from CRISIL A4+)
SMJ Eximp Ltd                          Proposed LOC      CRISIL A4     400    -
(ISSUER NOT COOPERATING; Revised from CRISIL A4+)
Spac Starch Products India Ltd         LOC               CRISIL A4     15     -
(ISSUER NOT COOPERATING; Revised from CRISIL A4+)
Spaniso Studio                         LOC               CRISIL A4     85     -
(ISSUER NOT COOPERATING; Revised from CRISIL A4+)
Sree Lakshmi Agencies                  LOC               CRISIL A4     100    -
(ISSUER NOT COOPERATING; Revised from CRISIL A4+)
Sree Venkateshwara Enterprises         LOC               CRISIL A4     95     -
(ISSUER NOT COOPERATING; Revised from CRISIL A4+)
Sri Paguntaswamy Cotton Ginning Factory Overdraft        CRISIL A4     80     Reaffirmed
(Issuer Not Cooperating)
Swati Industries                       Bill Purchase     CRISIL A4     80     -
(ISSUER NOT COOPERATING; Revised from CRISIL A4+)
Swati Industries                       LOC               CRISIL A4     50     -
(ISSUER NOT COOPERATING; Revised from CRISIL A4+)
Swati Industries                       Packing Credit    CRISIL A4     165    -
(ISSUER NOT COOPERATING; Revised from CRISIL A4+)
Switchgears And Structurals (India) Pvt BG               CRISIL A4     115    -
Ltd
(ISSUER NOT COOPERATING; Revised from CRISIL A4+)
Switchgears And Structurals (India) Pvt Bill Discounting CRISIL A4     30     -
Ltd                                    under LOC
(ISSUER NOT COOPERATING; Revised from CRISIL A4+)
Switchgears And Structurals (India) Pvt LOC              CRISIL A4     25     -
Ltd
(ISSUER NOT COOPERATING; Revised from CRISIL A4+)
T. ASOKAN                              BG                CRISIL A4     30     Reaffirmed
(Issuer Not Cooperating)
Tanwar Industries                      BG                CRISIL A4     30     Reaffirmed
(Issuer Not Cooperating)
Tenkasi Timber and Saw Mill            LOC               CRISIL A4     57.5   Reaffirmed
(Issuer Not Cooperating)
The Silppi Constructions Contractors   BG                CRISIL A4     125    Reaffirmed
(Issuer Not Cooperating)
Thermal Systems (Hyderabad) Pvt Ltd    BG                CRISIL A4+    700    -
(ISSUER NOT COOPERATING; Migrated from CRISIL A3)
Thermal Systems (Hyderabad) Pvt Ltd    LOC               CRISIL A4+    165    -
(ISSUER NOT COOPERATING; Migrated from CRISIL A3)
Tinka Stones Pvt Ltd                   LOC               CRISIL A4     30     Reaffirmed
(Issuer Not Cooperating)
TPP Boilers Pvt Ltd                    BG                CRISIL A4     30     -
(ISSUER NOT COOPERATING; Revised from CRISIL A4+)
TPP Boilers Pvt Ltd                    LOC               CRISIL A4     20     -

(ISSUER NOT COOPERATING; Revised from CRISIL A4+)
Transrail Lighting Ltd                 Non-FBL           CRISIL A2+    33999.5Reaffirmed
(Placed on Rating Watch with Negative Implications)
Trupti Infrastructure Pvt Ltd          BG                CRISIL A4     105    -
(ISSUER NOT COOPERATING; Revised from CRISIL A4+)
United Project Construction Ltd        BG                CRISIL A4     40     -
(ISSUER NOT COOPERATING; Revised from CRISIL A4+)
Vinayak International Housewares Pvt Ltd Foreign LOC     CRISIL A4     10     Reaffirmed
Vinayak International Housewares Pvt Ltd Packing Credit  CRISIL A4     50     Reaffirmed


LONG TERM RATINGS:
-------------------
Arcee Electronics                      CC                CRISIL        238    Assigned
                                                         BB-/Stable
Arcee Electronics                      Proposed CC Limit CRISIL        162    Assigned
                                                         BB-/Stable
Aryacon Contractors and Engineers      CC                CRISIL        60     Reaffirmed
                                                         B+/Stable
Cheviot Co Ltd                         CC                CRISIL        100    Reaffirmed
                                                         A+/Stable
Cheviot Co Ltd                         LT Loan           CRISIL        6.5    Reaffirmed
                                                         A+/Stable
Chola Textiles Pvt Ltd                 Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable
 it to undertake a rating review)
Comfort Securities Ltd                 Rating Update     -             -      -
(CRISIL is yet to receive adequate information from the company to enable
 it to undertake a rating review)
CSM Technologies Pvt Ltd               CC                CRISIL        70     Reaffirmed
                                                         BBB-/Stable
CSM Technologies Pvt Ltd               TL                CRISIL        48     Reaffirmed
                                                         BBB-/Stable
Dabur India Ltd                        LT Bk Fac*        CRISIL        1250   Reaffirmed
                                                         AAA/Stable
(*Interchangeable with cash credit, cash credit (book debt), drawee bill, packing credit, bill
discounting, and post-shipment credit facilities.)
Dabur India Ltd                        NCD               CRISIL        200    Reaffirmed
                                                         AAA/Stable
E-Lights Techno Park Pvt Ltd           TL                -             804.4  Withdrawn
Excel Cotspin India Pvt Ltd            Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable
 it to undertake a rating review)
Indian Oil Corporation Ltd             FB Fac*           CRISIL        263000 Reaffirmed
                                                         AAA/Stable
(*Fund-based facilities are one way fully interchangeable with non-fund-based facilities)
Indian Oil Corporation Ltd             NCD               CRISIL        30000  Assigned
                                                         AAA/Stable
Indian Oil Corporation Ltd             NCD               CRISIL        30000  Reaffirmed
                                                         AAA/Stable
Indian Oil Corporation Ltd             NCD               CRISIL        50000  Reaffirmed
                                                         AAA/Stable
J Thomas and Co Pvt Ltd                CC                -             80     Withdrawn
J Thomas and Co Pvt Ltd                CC                CRISIL        150    Reaffirmed
                                                         BBB+/Stable
JSW Vallabh Tinplate Pvt Ltd           CC*               CRISIL        390    Reaffirmed
                                                         BBB+/Positive
(*Non-fund letter of credit facility of Rs 3 crore)
JSW Vallabh Tinplate Pvt Ltd           LT Loan           CRISIL        805.1  Reaffirmed
                                                         BBB+/Positive
JSW Vallabh Tinplate Pvt Ltd           Proposed LT Bk    CRISIL        338.4  Reaffirmed
                                       Loan Fac          BBB+/Positive
Lavish Granito Pvt Ltd                 Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable
 it to undertake a rating review)
Malwi Ship Breaking Co                 Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable
 it to undertake a rating review)
Mukunda Dairy Products Pvt Ltd         CC                CRISIL        100    Reaffirmed
                                                         BB+/Stable
Mukunda Dairy Products Pvt Ltd         Proposed LT Bk    CRISIL        20     Reaffirmed
                                       Loan Fac          BB+/Stable
Muthoot Fincorp Ltd                    NCD               Provisional   2000   Assigned
                                                         CRISIL
                                                         AA+(CE)/Stable
Natvar Cotex Pvt Ltd                   Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable
 it to undertake a rating review)
New Engineering Works                  Bill Discounting  -             30     Withdrawn
New Engineering Works                  CC                -             25     Withdrawn
New Engineering Works                  Proposed TL       -             10.8   Withdrawn
New Engineering Works                  Rupee TL          -             69.2   Withdrawn
Nova Agri Sciences Pvt Ltd             Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable
 it to undertake a rating review)
Nova Agritech Ltd                      Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable
 it to undertake a rating review)
Pacifica (India) Projects Pvt Ltd      Drop Line         CRISIL        500    Reaffirmed
                                       Overdraft Fac     BBB+/Stable
Pacifica (India) Projects Pvt Ltd      Rupee TL          CRISIL        700    Reaffirmed
                                                         BBB+/Stable
Pallava Spinning Mills Pvt Ltd         Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable
 it to undertake a rating review)
Pandian Textile Mills Pvt Ltd          Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable
 it to undertake a rating review)
Ramdev Chemical Industries             CC                CRISIL        273.7  Reaffirmed
                                                         BBB+/Stable
Ramdev Chemical Industries             Export Packing    CRISIL        246.3  -
                                       Credit            BBB+/Stable
Ranergy Solutions Pvt Ltd              Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable
 it to undertake a rating review)
Rex-Tone Industries Ltd                CC                CRISIL        55     Reaffirmed
                                                         BBB-/Stable
Rudra Alloys Pvt Ltd                   CC                CRISIL        120    Reaffirmed
                                                         BB-/Stable
S. D. Gurav                            CC/ Overdraft Fac CRISIL D      60     Reaffirmed
(Issuer Not Cooperating)
S.P. Lifestyles                        CC                CRISIL        50     -
                                                         B+/Stable
Sahyog Jankalyan Samiti                CC                CRISIL        40     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB+/Stable)
Sahyog Jankalyan Samiti                Overdraft         CRISIL        30     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB+/Stable)
Sahyog Jankalyan Samiti                TL                CRISIL        690    -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB+/Stable)
Sangam Rice Pvt Ltd                    CC                CRISIL        55     Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
Sangam Rice Pvt Ltd                    LT Loan           CRISIL        5.5    Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
Sangam Rice Pvt Ltd                    Proposed TL       CRISIL        14.5   Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
Sangam Rice Pvt Ltd                    Warehouse Receipts CRISIL       110    Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
Sarv Biolabs Pvt Ltd                   CC                CRISIL        200    Reaffirmed
                                                         BBB-/Stable
Sarv Biolabs Pvt Ltd                   Export Packing    CRISIL        20     Reaffirmed
                                       Credit            BBB-/Stable
Sarv Biolabs Pvt Ltd                   Mortgage Loan Fac CRISIL        22.5   Assigned
                                                         BBB-/Stable
Sarv Biolabs Pvt Ltd                   Proposed FB Bk    CRISIL        14.7   Assigned
                                       Limits            BBB-/Stable
Sarv Biolabs Pvt Ltd                   TL                CRISIL        25.3   Assigned
                                                         BBB-/Stable
SevenHills Healthcare Pvt Ltd          Funded Interest TL CRISIL D     564.4  Reaffirmed
(Issuer Not Cooperating)
SevenHills Healthcare Pvt Ltd          Overdraft         CRISIL D      500    Reaffirmed
(Issuer Not Cooperating)
SevenHills Healthcare Pvt Ltd          Proposed LT Bk    CRISIL D      1068.1 Reaffirmed
                                       Loan Fac
(Issuer Not Cooperating)
SevenHills Healthcare Pvt Ltd          TL                CRISIL D      5101.1 Reaffirmed
(Issuer Not Cooperating)
Shakti Murugan Industries              CC                CRISIL        120    -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB-/Stable)
Shankheshwar Township                  TL                CRISIL        150    -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB/Stable)
Shanmugappriya Textiles Pvt Ltd        CC                CRISIL        219    -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB-/Stable)
Shanmugappriya Textiles Pvt Ltd        TL                CRISIL        1      -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB-/Stable)
Shimla Autos Pvt Ltd                   BG                CRISIL D      10     Reaffirmed
(Issuer Not Cooperating)
Shimla Autos Pvt Ltd                   CC                CRISIL D      50     Reaffirmed
(Issuer Not Cooperating)
Shimla Autos Pvt Ltd                   TL                CRISIL D      21     Reaffirmed
(Issuer Not Cooperating)
Shiv Mettalicks Pvt Ltd                CC                CRISIL        120    Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Shiv Shakti Construction               CC                CRISIL        10     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB-/Stable)
Shiv Shakti Construction               Proposed LT Bk    CRISIL        65     -
                                       Loan Fac          B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB-/Stable)
Shivalik Buildtech Pvt Ltd             CC                CRISIL        80.5   Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Shivalik Buildtech Pvt Ltd             LT Loan           CRISIL        33     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Shivnath Automobiles Pvt Ltd           CC                CRISIL        100    -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB/Stable)
Shivnath Automobiles Pvt Ltd           LT Loan           CRISIL        75     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB/Stable)
Shivnath Automobiles Pvt Ltd           Proposed LT Bk    CRISIL        75     -
                                       Loan Fac          B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB/Stable)
Shivnath Tractors                      CC                CRISIL        50     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB-/Stable)
Shivnath Tractors                      Channel Financing CRISIL        20     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB-/Stable)
Shivnath Tractors                      Proposed LT Bk    CRISIL        7      -
                                       Loan Fac          B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB-/Stable)
Shivnath Tractors                      Rupee TL          CRISIL        18     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB-/Stable)
Shree Shakti Metal Rolling Mill        Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable
 it to undertake a rating review)
Shri Nallapulliamman Traders           CC                CRISIL        80     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Shri Santkrupa Cotton Industries       CC                CRISIL D      65     Reaffirmed
(Issuer Not Cooperating)
Shri Santkrupa Cotton Industries       Proposed LT Bk    CRISIL D      6      Reaffirmed
                                       Loan Fac
(Issuer Not Cooperating)
Shri Santkrupa Cotton Industries       TL                CRISIL D      14     Reaffirmed
(Issuer Not Cooperating)
Sikand and Company                     Inventory Funding CRISIL        190    Reaffirmed
                                       Fac               B/Stable
(Issuer Not Cooperating)
Singh Hindustan Marine Pvt Ltd         CC                CRISIL        50     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB/Stable)
Singh Hindustan Marine Pvt Ltd         Proposed LT Bk    CRISIL        12.5   -
                                       Loan Fac          B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB/Stable)
Skipping Stones Pvt Ltd                LT Loan           CRISIL        200    Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
SKR Veg Oil Industries Pvt Ltd         CC                CRISIL        60     Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
Sneha Vinyl Products Pvt Ltd           CC                CRISIL        65     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB-/Stable)
Sneha Vinyl Products Pvt Ltd           LT Loan           CRISIL        85     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB-/Stable)
Sneha Vinyl Products Pvt Ltd           Proposed TL       CRISIL        5      -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB-/Stable)
Spac Starch Products India Ltd         CC                CRISIL        425    -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB+/Stable)
Spac Starch Products India Ltd         LT Loan           CRISIL        298.8  -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB+/Stable)
Spac Starch Products India Ltd         Proposed LT Bk    CRISIL        457    -
                                       Loan Fac          B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB+/Stable)
Spac Starch Products India Ltd         Standby Line of   CRISIL        22.5   -
                                       Credit            B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB+/Stable)
Spaniso Studio                         CC                CRISIL        15     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB-/Stable)
SR Foils and Tissue Ltd                CC                CRISIL D      1550   Reaffirmed
(Issuer Not Cooperating)
SR Foils and Tissue Ltd                LOC               CRISIL D      1200   Reaffirmed
(Issuer Not Cooperating)
SR Foils and Tissue Ltd                TL                CRISIL D      760    Reaffirmed
(Issuer Not Cooperating)
Sree Lakshmi Agencies                  CC                CRISIL        45     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB/Stable)
Sree Venkateshwara Enterprises         CC                CRISIL        50     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB/Stable)
Sree Venkateshwara Enterprises         Proposed CC Limit CRISIL        5      -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB/Stable)
Sri Jaya Prakash Rice Industries       CC                CRISIL        49.5   -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB/Stable)
Sri Jaya Prakash Rice Industries       LT Loan           CRISIL        20     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB/Stable)
Sri Paguntaswamy Cotton Ginning Factory Proposed Overdraft CRISIL      20     Reaffirmed
                                       Fac               B/Stable
(Issuer Not Cooperating)
Sri Prasanna Metals and Alloys         CC                CRISIL D      75     -
(Downgraded from CRISIL B-/Stable)
Sri Prasanna Metals and Alloys         LOC               CRISIL D      15     -
(Downgraded from CRISIL B-/Stable)
Sri Venkateswara Poultry Farm          CC                CRISIL        150    Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
Sri Venkateswara Poultry Farm          LT Loan           CRISIL        234.8  Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
Sri Vijaya Durga Motors Pvt Ltd        CC                CRISIL D      80     Reaffirmed
(Issuer Not Cooperating)
Sri Vijaya Durga Motors Pvt Ltd        Proposed LT Bk    CRISIL D      20     Reaffirmed
                                       Loan Fac
(Issuer Not Cooperating)
Sri Vijaya Durga Motors Pvt Ltd        TL                CRISIL D      10     Reaffirmed
(Issuer Not Cooperating)
Sugavaneswara Spinning Mills Pvt Ltd   CC                CRISIL D      60     Reaffirmed
(Issuer Not Cooperating)
Sugavaneswara Spinning Mills Pvt Ltd   LT Bk Fac         CRISIL D      10.5   Reaffirmed
(Issuer Not Cooperating)
Sugavaneswara Spinning Mills Pvt Ltd   LT Loan           CRISIL D      65     Reaffirmed
(Issuer Not Cooperating)
Sugavaneswara Spinning Mills Pvt Ltd   WC TL             CRISIL D      12.5   Reaffirmed
(Issuer Not Cooperating)
Sujai Shipping And Logistics           CC                CRISIL        2.8    Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Sujai Shipping And Logistics           Proposed LT Bk    CRISIL        97.2   Reaffirmed
                                       Loan Fac          B+/Stable
(Issuer Not Cooperating)
Swastik Lloyds Engineering Pvt Ltd     BG                CRISIL D      40     Reaffirmed
(Issuer Not Cooperating)
Swastik Lloyds Engineering Pvt Ltd     CC                CRISIL D      40     Reaffirmed
(Issuer Not Cooperating)
Swastik Lloyds Engineering Pvt Ltd     Proposed LT Bk    CRISIL D      40     Reaffirmed
                                       Loan Fac
(Issuer Not Cooperating)
Swati Industries                       CC                CRISIL        60     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB/Stable)
Swati Industries                       TL                CRISIL        45     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB/Stable)
Switchgears And Structurals (India) Pvt CC               CRISIL        105    -
Ltd                                                      B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB-/Stable)
T. ASOKAN                              CC                CRISIL        50     Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
T. ASOKAN                              Proposed WC Fac   CRISIL        40     Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
Tanwar Industries                      CC                CRISIL        30     Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
Tanwar Industries                      TL                CRISIL        49     Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
Tapti Agro Industries                  CC                CRISIL        10     Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
Tapti Agro Industries                  TL                CRISIL        135    Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
Tejora Technologies Ltd                CC                CRISIL        150    -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB+/Negative)
Tenkasi Timber and Saw Mill            CC                CRISIL        12.5   Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
The Safire Industries                  BG                CRISIL D      5      Reaffirmed
(Issuer Not Cooperating)
The Safire Industries                  CC                CRISIL D      30     Reaffirmed
(Issuer Not Cooperating)
The Safire Industries                  LOC               CRISIL D      10     Reaffirmed
(Issuer Not Cooperating)
The Safire Industries                  LT Loan           CRISIL D      46.5   Reaffirmed
(Issuer Not Cooperating)
The Safire Industries                  Proposed WC Fac   CRISIL D      30     Reaffirmed
(Issuer Not Cooperating)
The Safire Offset Printers             BG                CRISIL D      5      Reaffirmed
(Issuer Not Cooperating)
The Safire Offset Printers             CC                CRISIL D      80     Reaffirmed
(Issuer Not Cooperating)
The Safire Offset Printers             LOC               CRISIL D      10     Reaffirmed
(Issuer Not Cooperating)
The Safire Offset Printers             LT Loan           CRISIL D      64.5   Reaffirmed
(Issuer Not Cooperating)
The Safire Offset Printers             Proposed WC Fac   CRISIL D      20     Reaffirmed
(Issuer Not Cooperating)
The Silppi Constructions Contractors   CC                CRISIL        60     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
The Silppi Constructions Contractors   Proposed LT Bk    CRISIL        65     Reaffirmed
                                       Loan Fac          B+/Stable
(Issuer Not Cooperating)
Thermal Systems (Hyderabad) Pvt Ltd    CC                CRISIL        200    -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Migrated from CRISIL BBB-/Positive)
Thermal Systems (Hyderabad) Pvt Ltd    Overdraft         CRISIL        40     -
                                                         BB+/Stable
(ISSUER NOT COOPERATING; Migrated from CRISIL BBB-/Positive)
Thermal Systems (Hyderabad) Pvt Ltd    Proposed LT Bk    CRISIL        645    -
                                       Loan Fac          BB+/Stable
(ISSUER NOT COOPERATING; Migrated from CRISIL BBB-/Positive)
Thermal Systems (Hyderabad) Pvt Ltd    Standby Line of   CRISIL        50     -
                                       Credit            BB+/Stable
(ISSUER NOT COOPERATING; Migrated from CRISIL BBB-/Positive)
Tiger Steel Engineering India Pvt Ltd  BG                CRISIL D      175.1  Reaffirmed
(Issuer Not Cooperating)
Tiger Steel Engineering India Pvt Ltd  CC                CRISIL D      160    Reaffirmed
(Issuer Not Cooperating)
Tiger Steel Engineering India Pvt Ltd  LOC               CRISIL D      220    Reaffirmed
(Issuer Not Cooperating)
Tiger Steel Engineering India Pvt Ltd  TL                CRISIL D      64.9   Reaffirmed
(Issuer Not Cooperating)
Tinka Stones Pvt Ltd                   Overdraft         CRISIL        50     Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
Tirupati Industries - Rajkot           CC                CRISIL        250    Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Tirupati Industries - Rajkot           Proposed LT Bk    CRISIL        60     Reaffirmed
                                       Loan Fac          B+/Stable
(Issuer Not Cooperating)
Tirupati Industries - Rajkot           TL                CRISIL        47.5   Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
TMR Developers Pvt Ltd                 TL                CRISIL D      180    Reaffirmed
(Issuer Not Cooperating)
Tokai Engineering Pvt Ltd              BG                CRISIL D      10     Reaffirmed
(Issuer Not Cooperating)
Tokai Engineering Pvt Ltd              CC                CRISIL D      40     Reaffirmed
(Issuer Not Cooperating)
Tokai Engineering Pvt Ltd              Proposed LT Bk    CRISIL D      12.5   Reaffirmed
                                       Loan Fac
(Issuer Not Cooperating)
Tokai Engineering Pvt Ltd              Rupee TL          CRISIL D      17.5   Reaffirmed
(Issuer Not Cooperating)
Touchstone Pvt Ltd                     CC                CRISIL        32     Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
TPP Boilers Pvt Ltd                    CC                CRISIL        20     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB/Stable)
Transrail Lighting Ltd                 CC                CRISIL A-     2267.4 Reaffirmed
(Placed on Rating Watch with Negative Implications)
Transrail Lighting Ltd                 Proposed LT Bk    CRISIL A-     385.7  Reaffirmed
                                       Loan Fac
(Placed on Rating Watch with Negative Implications)
Transrail Lighting Ltd                 TL                CRISIL A-     2547.4 Reaffirmed
(Placed on Rating Watch with Negative Implications)
Triguna Agritech Pvt Ltd               Proposed LT Bk    CRISIL        150    Reaffirmed
                                       Loan Fac          B/Stable
(Issuer Not Cooperating)
Triveni Knits Pvt Ltd                  CC                CRISIL        280    -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB/Stable)
Triveni Knits Pvt Ltd                  TL                CRISIL        60     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB/Stable)
Trupti Infrastructure Pvt Ltd          CC                CRISIL        35     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB/Stable)
Tulasi Industries                      LT Loan           CRISIL        9.9    Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
Tulasi Industries                      Open CC           CRISIL        49.5   Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
Tulasi Industries                      Proposed LT Bk    CRISIL        0.6    Reaffirmed
                                       Loan Fac          B/Stable
(Issuer Not Cooperating)
United Freight Carriers Pvt Ltd        Rating Advisory   -             -      -
(CRISIL is yet to receive adequate information from the company to enable
 it to undertake a rating review)
United Infra                           CC                CRISIL        150    Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
United Project Construction Ltd        CC                CRISIL        30     -
                                                         B+/Stable
(ISSUER NOT COOPERATING; Revised from CRISIL BB-/Stable)
USM Healthcare                         CC                CRISIL        0.8    Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
USM Healthcare                         LT Loan           CRISIL        89.2   Reaffirmed
                                                         B+/Stable
(Issuer Not Cooperating)
Utkal Healthcare Pvt Ltd               TL                CRISIL        450    Reaffirmed
                                                         B/Stable
(Issuer Not Cooperating)
Vinayak International Housewares Pvt Ltd Overdraft       CRISIL        55     Reaffirmed
                                                         B+/Stable
Vinayak International Housewares Pvt Ltd Proposed LT Bk  CRISIL        75     Assigned
                                       Loan Fac          B+/Stable
Viraj Alchohol and Allied Industries Ltd CC              CRISIL D      50     Reaffirmed
(Issuer Not Cooperating)
Viraj Alchohol and Allied Industries Ltd Proposed LT Bk  CRISIL D      55     Reaffirmed
                                       Loan Fac
(Issuer Not Cooperating)
Viraj Alchohol and Allied Industries Ltd TL              CRISIL D      115    Reaffirmed
(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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