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CRISIL ratings for Indian debt instruments-Nov 12

    Nov 12  - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of November 11, 2020.


COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                       (RS.MLN)
------                                ----------         ------        -----   ---------
SHORT TERM RATINGS:
-------------------
Adani Capital Pvt Ltd                  Proposed ST Bk    CRISIL A1+    1350   Reaffirmed
                                       Loan Fac
Adani Capital Pvt Ltd                  ST Loan           CRISIL A1+    150    Reaffirmed
Adani Capital Pvt Ltd                  WC Demand Loan    CRISIL A1+    500    Reaffirmed
Adani Capital Pvt Ltd                  ST NCD            CRISIL A1+    1000   Reaffirmed
Adani Capital Pvt Ltd                  CP                CRISIL A1+    1500   Reaffirmed
Argent Constructions Pvt Ltd           Proposed BG       CRISIL A4     30     Migrated from
                                                                              CRISIL A4
(Issuer Not Cooperating)
Cadsys (India) Ltd                     Export Finance    CRISIL A3     40     Reaffirmed
                                       Limit
Cottony Fashions                       Packing Credit    CRISIL A4     50     Migrated from
                                                                              CRISIL A4
(Issuer Not Cooperating)
Dunexo Ceramic Pvt Ltd                 BG                CRISIL A4     10     Revised from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
Eastman Cast and Forge Ltd             Foreign Exchange  CRISIL A3     15     Reaffirmed
                                       Forward
Eastman Cast and Forge Ltd             LOC               CRISIL A3     30     Reaffirmed
Fourrts India Laboratories Pvt Ltd     BG                CRISIL A4     100    Revised from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
Fourrts India Laboratories Pvt Ltd     LOC               CRISIL A4     50     Revised from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
G N Construction - Ambikapur           BG                CRISIL A4     7      Revised from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
G.M. Exports                           BG                CRISIL A4     46     Revised from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
G.M. Exports                           LOC               CRISIL A4     15     Revised from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
Ganga Kaveri Seeds Pvt Ltd             BG                CRISIL A3     160    Reaffirmed
Gems Automobiles Pvt Ltd               BG                CRISIL A4     5      Revised from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
Gulf Engineers and Constructors Pvt LtdBG                CRISIL A4+    150    Reaffirmed
Gulf Engineers and Constructors Pvt LtdLOC               CRISIL A4+    20     Reaffirmed
HV Connecting Infra (India) Pvt Ltd    LOC               CRISIL A4     160    Revised from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
Integrated Electric Company Pvt Ltd    BG                CRISIL A4     30     -
(Issuer Not Cooperating)
Integrated Electric Company Pvt Ltd    LOC               CRISIL A4     35     -
(Issuer Not Cooperating)
Integrated Electric Company Pvt Ltd    Supplier Line of  CRISIL A4     52     -
                                       Credit
(Issuer Not Cooperating)
Jai Aravali Industries                 LOC               CRISIL A3+    100    Reaffirmed
Jai Aravali Industries                 Overdraft         CRISIL A3+    90     Reaffirmed
Kenox Agro Industries Pvt Ltd          BG                CRISIL A4+    2.5    Reaffirmed
Koushic Pressure Vessels Pvt Ltd       BG                CRISIL A4     50     Reaffirmed
Malabar Educational and Charitable     BG                CRISIL A4+    52     Reaffirmed
Trust
Matrix Therapeutics Pvt Ltd            BG                CRISIL A4+    23.5   Reaffirmed
Matrix Therapeutics Pvt Ltd            Bill Discounting  CRISIL A4+    20     Reaffirmed
Mal Metalliks Pvt Ltd                  BG                CRISIL        5      -
                                                         A4+/Watch
                                                         Developing
(Placed on 'Rating Watch with Developing Implications')
NCTI Llp                               BG                CRISIL A4+    30     Reaffirmed
Oswal Minerals Ltd                     LOC               CRISIL A3     550    Reaffirmed
PNR Constructions                      BG                CRISIL A4     40     Downgraded
                                                                              from CRISIL
                                                                              A4+
Ramayna Ispat Pvt Ltd                  BG                CRISIL A4+    2.5    Reaffirmed
Realply Industries Pvt Ltd             LOC               CRISIL A4+    225    Reaffirmed
S.R. Ravi                              BG                CRISIL A4+    200    Reaffirmed
S.R. Ravi                              Proposed BG       CRISIL A4+    12.6   Reaffirmed
Shakthi Electricals Chennai Pvt Ltd    BG                CRISIL A4+    110    Reaffirmed
Shriram City Union Finance Ltd         CP                CRISIL A1+    30000  Reaffirmed
Special Engineering Services Ltd       Capex LOC         CRISIL A3     50     Reaffirmed
Special Engineering Services Ltd       LOC               CRISIL A3     50     Reaffirmed
Sri Lakosha Polymer Pvt Ltd            LOC               CRISIL A4+    190    Reaffirmed
Starcare Hospital Kozhikode Pvt Ltd    BG                CRISIL        10     -
                                                         A4/Watch
                                                         Developing
(Placed on 'Rating Watch with Developing Implications')
Starcare Hospital Kozhikode Pvt Ltd    Overdraft         CRISIL        70     -
                                                         A4/Watch
                                                         Developing
(Placed on 'Rating Watch with Developing Implications')
Surbhi Textile Mills Pvt Ltd           LOC               CRISIL A3     15     Reaffirmed
Tayal Sons Pvt Ltd                     Bill Discounting  CRISIL A3+    100    Migrated from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
Terai Overseas Pvt Ltd                 BG                CRISIL A4+    50     Reaffirmed
Vardhaman Plastochem Pvt Ltd           BG                CRISIL A3     5      Reaffirmed
Vardhaman Plastochem Pvt Ltd           LOC               CRISIL A3     5      Reaffirmed
Vardhman Wires and Cables              Bill Discounting  CRISIL A4     30     Reaffirmed
                                       under LOC
Vardhman Wires and Cables              Overdraft         CRISIL A4     13.4   Reaffirmed
Vel Trust 1997                         Overdraft         CRISIL A4+    120    Reaffirmed
Vivid Global Industries Ltd            LOC               CRISIL A4+    65     Reaffirmed





LONG TERM RATINGS:
-------------------
Adani Capital Pvt Ltd                  Proposed LT Bk    CRISIL        770    Reaffirmed
                                       Loan Fac          AA-/Stable
Adani Capital Pvt Ltd                  TL                CRISIL        8230   Reaffirmed
                                                         AA-/Stable
Adani Capital Pvt Ltd                  NCD               CRISIL        1000   Assigned
                                                         AA-/Stable
Adani Capital Pvt Ltd                  NCD               CRISIL        1000   Reaffirmed
                                                         AA-/Stable
Adani Capital Pvt Ltd                  NCD               CRISIL        500    Reaffirmed
                                                         AA-/Stable
Adani Green Energy (UP) Ltd            Rupee TL          CRISIL        2170   Reaffirmed
                                                         AA/Stable
Anjaneya Jewellery                     CC                CRISIL        400    Reaffirmed
                                                         B/Stable
Argent Constructions Pvt Ltd           CC                CRISIL        14     Migrated from
                                                         B+/Stable            CRISIL
                                                                              B+/Stable
(Issuer Not Cooperating)
Argent Constructions Pvt Ltd           Proposed CC Limit CRISIL        56     Migrated from
                                                         B+/Stable            CRISIL
                                                                              B+/Stable
(Issuer Not Cooperating)
Bansal Rice Mill Pvt Ltd               CC                CRISIL        100    Reaffirmed
                                                         BB/Stable
Big Boy Toyz Ltd                       WC Demand Loan    CRISIL        55     Assigned
                                                         BB/Stable
Big Boy Toyz Ltd                       Proposed LT Bk    CRISIL        15     Assigned
                                       Loan Fac          BB/Stable
Big Boy Toyz Ltd                       CC                CRISIL        310    Assigned
                                                         BB/Stable
Big Boy Toyz Ltd                       LT Loan           CRISIL        20     Assigned
                                                         BB/Stable
Cadsys (India) Ltd                     Overdraft         CRISIL        30     Reaffirmed
                                                         BBB-/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Cadsys (India) Ltd                     Proposed LT Bk    CRISIL        5      Reaffirmed
                                       Loan Fac          BBB-/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Cottony Fashions                       Proposed LT Bk    CRISIL        20     Migrated from
                                       Loan Fac          B+/Stable            CRISIL
                                                                              B+/Stable
(Issuer Not Cooperating)
D. P. Foods Pvt Ltd                    CC                CRISIL        100    Reaffirmed
                                                         BB/Stable
Dunexo Ceramic Pvt Ltd                 CC                CRISIL        45     Revised from
                                                         B/Stable             CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
Dunexo Ceramic Pvt Ltd                 Proposed LT Bk    CRISIL        7.7    Revised from
                                       Loan Fac          B/Stable             CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
Dunexo Ceramic Pvt Ltd                 TL                CRISIL        17.3   Revised from
                                                         B/Stable             CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
Eastman Cast and Forge Ltd             CC                CRISIL        210    Reaffirmed
                                                         BBB-/Stable
Eastman Cast and Forge Ltd             Proposed FB Bk    CRISIL        68.5   Reaffirmed
                                       Limits            BBB-/Stable
Express Infocom Pvt Ltd                Overdraft         CRISIL        17     -
                                                         B+/Stable
(Issuer Not Cooperating)
Express Infocom Pvt Ltd                Proposed LT Bk    CRISIL        100    -
                                       Loan Fac          B+/Stable
(Issuer Not Cooperating)
Express Infocom Pvt Ltd                TL                CRISIL        178    -
                                                         B+/Stable
(Issuer Not Cooperating)
Fourrts India Laboratories Pvt Ltd     CC                CRISIL        200    Revised from
                                                         B/Stable             CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Fourrts India Laboratories Pvt Ltd     Export Packing    CRISIL        465    Revised from
                                       Credit            B/Stable             CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Fourrts India Laboratories Pvt Ltd     Proposed LT Bk    CRISIL        149.4  Revised from
                                       Loan Fac          B/Stable             CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
G N Construction - Ambikapur           CC                CRISIL        120    Revised from
                                                         B/Stable             CRISIL
                                                                              BB/Stable
(Issuer Not Cooperating)
G N Construction - Ambikapur           Proposed LT Bk    CRISIL        3      Revised from
                                       Loan Fac          B/Stable             CRISIL
                                                                              BB/Stable
(Issuer Not Cooperating)
G.M. Exports                           CC                CRISIL        25     Revised from
                                                         B/Stable             CRISIL
                                                                              BB/Stable
(Issuer Not Cooperating)
G.M. Exports                           Channel Financing CRISIL        214    Revised from
                                                         B/Stable             CRISIL
                                                                              BB/Stable
(Issuer Not Cooperating)
Ganga Kaveri Seeds Pvt Ltd             CC                CRISIL        460    Reaffirmed
                                                         BBB-/Stable
Ganga Kaveri Seeds Pvt Ltd             Proposed LT Bk    CRISIL        250    Reaffirmed
                                       Loan Fac          BBB-/Stable
Gems Automobiles Pvt Ltd               CC                CRISIL        7.5    Revised from
                                                         B/Stable             CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
Gems Automobiles Pvt Ltd               Drop Line         CRISIL        127.5  Revised from
                                       Overdraft Fac     B/Stable             CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
Gems Automobiles Pvt Ltd               Electronic Dealer CRISIL        20     Revised from
                                       Financing         B/Stable             CRISIL
                                       Scheme(e-DFS)                          BB-/Stable
(Issuer Not Cooperating)
Gems Automobiles Pvt Ltd               LT Loan           CRISIL        50     Revised from
                                                         B/Stable             CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
Gopal Corporates LLP                   CC                -             200    Withdrawn
(Rating Reaffirmed and Withdrawn)
Gopal Corporates LLP                   Proposed LT Bk    -             50     Withdrawn
                                       Loan Fac
(Rating Reaffirmed and Withdrawn)
Grobest Feeds Corporation(India) Pvt   CC                CRISIL        876.8  Revised from
Ltd                                                      B/Stable             CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Grobest Feeds Corporation(India) Pvt   Proposed LT Bk    CRISIL        195.2  Revised from
Ltd                                    Loan Fac          B/Stable             CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Gulf Engineers and Constructors Pvt LtdCC                CRISIL        80     Reaffirmed
                                                         BB/Stable
Gulf Engineers and Constructors Pvt LtdStandby Line of   CRISIL        15     Reaffirmed
                                       Credit            BB/Stable
Gupta Sons                             Electronic Dealer CRISIL        80     Revised from
                                       Financing         B/Stable             CRISIL
                                       Scheme(e-DFS)                          BB/Stable
(Issuer Not Cooperating)
Gupta Sons                             TL                CRISIL        30     Revised from
                                                         B/Stable             CRISIL
                                                                              BB/Stable
(Issuer Not Cooperating)
H.M.R. Steels Pvt Ltd                  CC                CRISIL        330    Revised from
                                                         B/Stable             CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
H.M.R. Steels Pvt Ltd                  Electronic Dealer CRISIL        50     Revised from
                                       Financing         B/Stable             CRISIL
                                       Scheme(e-DFS)                          BB-/Stable
(Issuer Not Cooperating)
H.M.R. Steels Pvt Ltd                  Proposed LT Bk    CRISIL        30     Revised from
                                       Loan Fac          B/Stable             CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
Harshna Fruits                         CC                CRISIL        70     -
                                                         B/Stable
(Issuer Not Cooperating)
HMM Infra Ltd                          BG                -             270    Withdrawn
(Rating Reaffirmed and Withdrawn)
HMM Infra Ltd                          CC                -             180    Withdrawn
(Rating Reaffirmed and Withdrawn)
HV Connecting Infra (India) Pvt Ltd    CC                CRISIL        120    Revised from
                                                         B/Stable             CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
HV Connecting Infra (India) Pvt Ltd    Proposed LT Bk    CRISIL        20     Revised from
                                       Loan Fac          B/Stable             CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
Indian Concretes                       CC                CRISIL        59     Reaffirmed
                                                         B/Stable
Integrated Electric Company Pvt Ltd    CC                CRISIL C      27.5   -
(Issuer Not Cooperating)
Integrated Electric Company Pvt Ltd    Proposed LT Bk    CRISIL C      9.2    -
                                       Loan Fac
(Issuer Not Cooperating)
Integrated Electric Company Pvt Ltd    TL                CRISIL C      16.3   -
(Issuer Not Cooperating)
J. D. Sons Steels Pvt Ltd              CC                CRISIL        300    Assigned
                                                         BB/Stable
Jai Aravali Industries                 Proposed LT Bk    CRISIL        10     Reaffirmed
                                       Loan Fac          BBB/Stable
Jaidayal Hitex Pvt Ltd                 CC                CRISIL        90     Upgraded from
                                                         BB+/Stable           CRISIL
                                                                              BB/Stable
Jaidayal Hitex Pvt Ltd                 LT Loan           CRISIL        240    Upgraded from
                                                         BB+/Stable           CRISIL
                                                                              BB/Stable
Jodhpur Wind Farms Pvt Ltd             NCD               CRISIL        3000   -
                                                         AA(CE)/Stable
(Converted from Provisional Rating to Final Rating)
Jodhpur Wind Farms Pvt Ltd             CC                CRISIL        200    Reaffirmed
                                                         AA-/Stable
Jodhpur Wind Farms Pvt Ltd             LT Loan           CRISIL        2920   Reaffirmed
                                                         AA-/Stable
Johal Carriers Pvt Ltd                 Proposed LT Bk    CRISIL        63     Reaffirmed
                                       Loan Fac          BBB-/Stable
Johal Logistics Pvt Ltd                Proposed LT Bk    CRISIL        30     Reaffirmed
                                       Loan Fac          BBB-/Stable
Kenox Agro Industries Pvt Ltd          CC                CRISIL        70     Reaffirmed
                                                         BB-/Stable
Kenox Agro Industries Pvt Ltd          TL                CRISIL        27.5   Reaffirmed
                                                         BB-/Stable
KNR Walayar Tollways Pvt Ltd           Proposed LT Bk    Provisional   2100   Assigned
                                       Loan Fac          CRISIL AAA
Koushic Pressure Vessels Pvt Ltd       CC                CRISIL        100    Reaffirmed
                                                         B-/Stable
Lumax Gill-Austem Auto Technologies PvtCC**              CRISIL        90     Reaffirmed
Ltd                                                      BBB/Negative
**Interchangeable with working capital demand loan, Sales bill discounting of Rs 5 crore, Bank
guarantee of Rs 2 crore
Lumax Gill-Austem Auto Technologies PvtProposed LT Bk    CRISIL        40     Reaffirmed
Ltd                                    Loan Fac          BBB/Negative
Mal Metalliks Pvt Ltd                  CC                CRISIL        30     -
                                                         BB/Watch
                                                         Developing
(Placed on 'Rating Watch with Developing Implications')
Mal Metalliks Pvt Ltd                  Proposed LT Bk    CRISIL        5.8    -
                                       Loan Fac          BB/Watch
                                                         Developing
(Placed on 'Rating Watch with Developing Implications')
Mal Metalliks Pvt Ltd                  TL                CRISIL        169.2  -
                                                         BB/Watch
                                                         Developing
(Placed on 'Rating Watch with Developing Implications')
Malabar Educational and Charitable     Overdraft         CRISIL        50     Reaffirmed
Trust                                                    BB/Stable
Malabar Educational and Charitable     Rupee TL          CRISIL        134.5  Reaffirmed
Trust                                                    BB/Stable
Matrix Therapeutics Pvt Ltd            CC                CRISIL        50     Reaffirmed
                                                         BB/Stable
Matrix Therapeutics Pvt Ltd            Proposed LT Bk    CRISIL        6.5    Reaffirmed
                                       Loan Fac          BB/Stable
Multitech Auto Pvt Ltd                 CC                CRISIL        80     -
                                                         BB+/Watch
                                                         Developing
(Placed on 'Rating Watch with Developing Implications')
Multitech Auto Pvt Ltd                 TL                CRISIL        80     -
                                                         BB+/Watch
                                                         Developing
(Placed on 'Rating Watch with Developing Implications')
Nachiketa Papers Ltd                   Ratings           -             -      -
(CRISIL is yet to receive adequate information to enable it to undertake a rating review)
Nash Products                          CC                CRISIL        25     Reaffirmed
                                                         A/Stable
Nash Products                          Proposed WC Fac   CRISIL        16     Reaffirmed
                                                         A/Stable
Nash Products                          TL                CRISIL        35     Reaffirmed
                                                         A/Stable
Nava Bharath Fertilizers Ltd           CC                CRISIL        275    Reaffirmed
                                                         BBB+/Stable
Nava Bharath Fertilizers Ltd           Proposed CC Limit CRISIL        25     Reaffirmed
                                                         BBB+/Stable
NCTI Llp                               CC                CRISIL        60     Reaffirmed
                                                         BB/Stable
NCTI Llp                               Proposed LT Bk    CRISIL        10     Reaffirmed
                                       Loan Fac          BB/Stable
North Cott Ginning And Trading Company CC                CRISIL        125    Migrated from
Pvt Ltd                                                  BBB/Stable           CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Oswal Minerals Ltd                     CC                CRISIL        720    Reaffirmed
                                                         BBB-/Stable
Oswal Minerals Ltd                     Proposed WC Fac   CRISIL        200    Reaffirmed
                                                         BBB-/Stable
Parampujya Solar Energy Pvt Ltd        Rupee TL          CRISIL        5170   Reaffirmed
                                                         AA/Stable
PNR Constructions                      CC                CRISIL        36     Downgraded
                                                         B+/Stable            from CRISIL
                                                                              BB-/Stable
PNR Constructions                      Proposed BG       CRISIL        4      Downgraded
                                                         B+/Stable            from CRISIL
                                                                              BB-/Stable
Prayatna Developers Pvt Ltd            Rupee TL          CRISIL AA     3660   Reaffirmed
Ramayna Ispat Pvt Ltd                  CC                CRISIL        177.5  Reaffirmed
                                                         BB/Stable
Realply Industries Pvt Ltd             CC                CRISIL        50     Reaffirmed
                                                         BB-/Stable
Realply Industries Pvt Ltd             Proposed LT Bk    CRISIL        33.7   Reaffirmed
                                       Loan Fac          BB-/Stable
Realply Industries Pvt Ltd             Rupee TL          CRISIL        11.3   Reaffirmed
                                                         BB-/Stable
S.R. Ravi                              CC                CRISIL        60     Reaffirmed
                                                         BB/Stable
Sai Kalyan Builders And Developers Pvt Proposed TL       CRISIL        330    Reaffirmed
Ltd                                                      B+/Stable
Sai Kalyan Builders And Developers Pvt TL                CRISIL        420    Reaffirmed
Ltd                                                      B+/Stable
Shakthi Electricals Chennai Pvt Ltd    CC                CRISIL        40     Reaffirmed
                                                         BB-/Stable
Shakthi Electricals Chennai Pvt Ltd    LT Loan           CRISIL        105    Reaffirmed
                                                         BB-/Stable
Shakthi Electricals Chennai Pvt Ltd    Proposed LT Bk    CRISIL        25     Reaffirmed
                                       Loan Fac          BB-/Stable
Shivashakti Bio Technologies Ltd       CC                CRISIL        275    Reaffirmed
                                                         BBB+/Stable
Shivashakti Bio Technologies Ltd       Proposed LT Bk    CRISIL        65     Reaffirmed
                                       Loan Fac          BBB+/Stable
Shrinivas (Gujarat) Laboratories Pvt   CC                CRISIL        230    Reaffirmed
Ltd                                                      BBB-/Positive
(Outlook revised from 'Stable' and rating reaffirmed)
Shrinivas (Gujarat) Laboratories Pvt   Rupee TL          CRISIL        252.5  Reaffirmed
Ltd                                                      BBB-/Positive
(Outlook revised from 'Stable' and rating reaffirmed)
Shrinivas (Gujarat) Laboratories Pvt   Proposed FB Bk    CRISIL        17.5   Reaffirmed
Ltd                                    Limits            BBB-/Positive
(Outlook revised from 'Stable' and rating reaffirmed)
Shriram City Union Finance Ltd         NCD               CRISIL        500    Assigned
                                                         AA/Negative
Shriram City Union Finance Ltd         NCD               CRISIL        1000   Reaffirmed
                                                         AA/Negative
Shriram City Union Finance Ltd         NCD               CRISIL        6000   Reaffirmed
                                                         AA/Negative
Shriram City Union Finance Ltd         NCD               CRISIL        30000  Reaffirmed
                                                         AA/Negative
Shriram City Union Finance Ltd         NCD               CRISIL        2500   Reaffirmed
                                                         AA/Negative
Shyama Agro Foods                      Overdraft         CRISIL        3      Reaffirmed
                                                         B/Stable
Shyama Agro Foods                      TL                CRISIL        57     Reaffirmed
                                                         B/Stable
Special Engineering Services Ltd       CC                CRISIL        50     Reaffirmed
                                                         BBB-/Stable
Sri Gurudatta Agro Foods               CC                CRISIL        65     Reaffirmed
                                                         BB-/Stable
Sri Gurudatta Agro Foods               Proposed FB Bk    CRISIL        3.4    Reaffirmed
                                       Limits            BB-/Stable
Sri Gurudatta Agro Foods               TL                CRISIL        26.6   Reaffirmed
                                                         BB-/Stable
Sri Lakosha Polymer Pvt Ltd            CC                CRISIL        15     Reaffirmed
                                                         BB-/Stable
Sri Lakosha Polymer Pvt Ltd            Proposed LT Bk    CRISIL        48     Reaffirmed
                                       Loan Fac          BB-/Stable
Sri Lakosha Polymer Pvt Ltd            TL                CRISIL        15     Reaffirmed
                                                         BB-/Stable
Sri Lakosha Polymer Pvt Ltd            WC Demand Loan    CRISIL        7      Reaffirmed
                                                         BB-/Stable
SRSC Infra Pvt Ltd                     Ratings           -             -      -
(CRISIL is yet to receive adequate information to enable it to undertake a rating review)
Starcare Hospital Kozhikode Pvt Ltd    Proposed BG       CRISIL        5      -
                                                         B/Watch
                                                         Developing
(Placed on 'Rating Watch with Developing Implications')
Starcare Hospital Kozhikode Pvt Ltd    Proposed LT Bk    CRISIL        40     -
                                       Loan Fac          B/Watch
                                                         Developing
(Placed on 'Rating Watch with Developing Implications')
Starcare Hospital Kozhikode Pvt Ltd    TL                CRISIL        220    -
                                                         B/Watch
                                                         Developing
(Placed on 'Rating Watch with Developing Implications')
Sudheer Timbers Pvt Ltd                CC                CRISIL        170    Reaffirmed
                                                         BB-/Stable
Sudheer Timbers Pvt Ltd                Foreign LOC       CRISIL        100    Reaffirmed
                                                         BB-/Stable
Surbhi Textile Mills Pvt Ltd           CC                CRISIL        80     Reaffirmed
                                                         BBB-/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Surbhi Textile Mills Pvt Ltd           TL                CRISIL        105    Reaffirmed
                                                         BBB-/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Tayal Sons Pvt Ltd                     CC                CRISIL        250    Migrated from
                                                         BBB/Stable           CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Terai Ispat & Trading Pvt Ltd          CC                CRISIL        700    Reaffirmed
                                                         BB-/Stable
Terai Overseas Pvt Ltd                 CC                CRISIL        480    Reaffirmed
                                                         BB-/Stable
Vardhaman Plastochem Pvt Ltd           CC                CRISIL        115    Reaffirmed
                                                         BBB-/Stable
Vardhaman Plastochem Pvt Ltd           Proposed LT Bk    CRISIL        48.4   Reaffirmed
                                       Loan Fac          BBB-/Stable
Vardhaman Plastochem Pvt Ltd           TL                CRISIL        71.6   Reaffirmed
                                                         BBB-/Stable
Vardhman Wires and Cables              Proposed LT Bk    CRISIL        76.6   Reaffirmed
                                       Loan Fac          B+/Stable
Vasumathy Traders                      CC                CRISIL        45     Reaffirmed
                                                         B/Stable
Vasumathy Traders                      Proposed CC Limit CRISIL        55     Reaffirmed
                                                         B/Stable
Vel Trust 1997                         Proposed LT Bk    CRISIL        2      Reaffirmed
                                       Loan Fac          BB-/Stable
Vel Trust 1997                         WC TL             CRISIL        38     Reaffirmed
                                                         BB-/Stable
Vel Trust 1997                         TL                CRISIL        90     Reaffirmed
                                                         BB-/Stable
Vivid Global Industries Ltd            Export Packing    CRISIL        40     Reaffirmed
                                       Credit & Export   BB+/Stable
                                       Bills Negotiation/Foreign Bill discounting

--------------------------------------------------------------------------------------------
$: 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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