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CRISIL ratings for Indian debt instruments-Oct 18
October 18, 2017 / 5:24 AM / a month ago

CRISIL ratings for Indian debt instruments-Oct 18

    Oct 18 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of October 17, 2017.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Apis India Ltd                          BG                 CRISIL A3+     5       Reaffirmed
Apis India Ltd                          Export Packing     CRISIL A3+     545     Reaffirmed
                                        Credit
Chem Mart                               BG                 CRISIL A3      5       Reaffirmed
Cotton World                            BG                 CRISIL A3+     5       Upgraded from
                                                                                  CRISIL A3
Cotton World                            Export Packing     CRISIL A3+     80      Upgraded from
                                        Credit                                    CRISIL A3
Cotton World                            Foreign Bill       CRISIL A3+     80      Upgraded from
                                        Discounting                               CRISIL A3
Cotton World                            LOC                CRISIL A3+     5       Upgraded from
                                                                                  CRISIL A3
Cotton World                            Standby Line of    CRISIL A3+     34      Upgraded from
                                        Credit                                    CRISIL A3
Eastern Petroleum Pvt Ltd               BG                 CRISIL A4+     5       Reaffirmed
Eastern Petroleum Pvt Ltd               LOC                CRISIL A4+     120     Reaffirmed
ECL Finance Ltd                         ST Debt Issue*     CRISIL A1+     40000   Assigned
*Assigned for initial/ follow-on public offer financing on episodic basis. 
ECL Finance Ltd                         ST Debt (Including CRISIL A1+     36000   Reaffirmed
                                        ST NCD) 
ECL Finance Ltd                         ST Debt Issue*     CRISIL A1+     50000   Reaffirmed
*Assigned for initial/ follow-on public offer financing on episodic basis. 
ECL Finance Ltd                         ST Debt Issue*     CRISIL A1+     50000   Reaffirmed
*Assigned for initial/ follow-on public offer financing on episodic basis. 
ECL Finance Ltd                         ST Debt Issue*     CRISIL A1+     30000   Reaffirmed
*Assigned for initial/ follow-on public offer financing on episodic basis. 
ECL Finance Ltd                         ST Principal       CRISIL PP-MLD  12000   Reaffirmed
                                        Protected Market   A1+r
                                        Linked Debentures 
Edelweiss Asset Reconstruction Co. Ltd  CP Programme       CRISIL A1+     5500    Reaffirmed
Edelweiss Financial Services Ltd        ST Debt Issue*     CRISIL A1+     40000   Assigned
*Assigned for initial public offering/ open offer financing on episodic basis 
Edelweiss Financial Services Ltd        ST Debt Issue*     CRISIL A1+     50000   Reaffirmed
*Assigned for initial public offering/ open offer financing on episodic basis 
Edelweiss Financial Services Ltd        ST Debt Issue*     CRISIL A1+     50000   Reaffirmed
*Assigned for initial public offering/ open offer financing on episodic basis 
Edelweiss Financial Services Ltd        ST Debt Issue*     CRISIL A1+     30000   Reaffirmed
*Assigned for initial public offering/ open offer financing on episodic basis 
Edelweiss Financial Services Ltd        ST Debt            CRISIL A1+     63500   Reaffirmed
G.V. (God Vishnu) Rice Unit             Packing Credit     CRISIL A4+     400     Reaffirmed
Geo Aquatic Products Pvt Ltd            Packing Credit     CRISIL A4      20      Reaffirmed
KRR Drugs And Chemicals Pvt Ltd         Inland/Import LOC  CRISIL A4+     20      Upgraded from
                                                                                  CRISIL A4
M.D. Inducto Cast Ltd                   BG                 CRISIL A4+     60      Reaffirmed
Mangla Amit Builders Pvt. Ltd.          BG                 CRISIL A4+     120     Reaffirmed
Miryalguda Rice Industries Pvt Ltd      BG                 CRISIL A4+     1.7     Upgraded from
                                                                                  CRISIL A4
Neometrix Engineering Pvt Ltd           BG                 CRISIL A4      25      Reaffirmed
P.C. Jain and Company                   BG                 CRISIL A4      65      Downgraded
                                                                                  from CRISIL
                                                                                  A4+
Piramal Finance Ltd                     CP Programme       CRISIL A1+     90000   Assigned
Piramal Housing Finance Pvt Ltd         CP Programme       CRISIL A1+     4000    Assigned
PMR Construction Company                Inland Guarantees  CRISIL A4      150     Reaffirmed
PMR Construction Company                Overdraft          CRISIL A4      50      Reaffirmed
RKD Infrastructure Pvt Ltd              BG                 CRISIL A4+     170     Assigned
Santosh Timber Trading Co. Ltd          LOC                CRISIL A4      200     Reaffirmed
SFP Sons India Pvt Ltd                  LOC                CRISIL A3+     30      Reaffirmed
SFP Sons India Pvt Ltd                  Packing Credit     CRISIL A3+     40      Reaffirmed
Smart Login Solutions Pvt Ltd           LOC^               CRISIL A4+     90      Reaffirmed
^ Cash Credit of Rs.15 Million as sublimit of LC facility.PSR of Rs.5 Million as sublimit of CC
limits.
Sri Balamurugan Engineering Works Pvt   BG                 CRISIL A4      20      Reaffirmed
Ltd
Sri Balamurugan Engineering Works Pvt   Standby Overdraft  CRISIL A4      20      Reaffirmed
Ltd                                     Fac
SRM Construction                        BG                 CRISIL A4+     70      Upgraded from
                                                                                  CRISIL A4
Sunjewels Pvt Ltd                       Proposed ST Bk     CRISIL A2+     199.9   Reaffirmed
                                        Loan Fac
Tata Communications Ltd                 ST Debt            CRISIL A1+     3500    Reaffirmed
                                        Programme (
                                        Including CP)
TATA Sky Ltd                            ST Bk Fac @@       CRISIL A1+     5980    Upgraded from
                                                                                  CRISIL A1
@@Interchangeable with short-term loan, purchase invoicing financing, purchase bill discounting,
and non-fund-based facilities
Tata Teleservices (Maharashtra) Ltd     LOC & BG**         CRISIL A1      27392.8 Reaffirmed
**Includes buyer's credit limit of USD2.5 crore (approx. Rs.161.6 Crore)    
Tata Teleservices (Maharashtra) Ltd     ST Loan            CRISIL A1      5000    Reaffirmed
Tata Teleservices Ltd                   LOC & BG#          CRISIL A1      37570   Reaffirmed
# Including buyer's credit/supplier's credit limit of USD 1.8 crore.
Tata Teleservices Ltd                   ST Loan            CRISIL A1      5000    Reaffirmed
Tribhuwan Narayan Singh                 BG                 CRISIL D       100     Downgraded
                                                                                  from CRISIL A4
The Dharmapuri Roller Flour Mills       Proposed ST Bk     CRISIL A3+     84.5    Reaffirmed
                                        Loan Fac
The South Indian Bank Ltd               ST FD Programme    CRISIL A1+     -       Reaffirmed

Tirth Agro Technology Pvt Ltd           BG                 CRISIL A2+     155     Upgraded from
                                                                                  CRISIL A2
Tirth Agro Technology Pvt Ltd           Supplier Line of   CRISIL A2+     133.7   Upgraded from
                                        Credit                                    CRISIL A2
UBS Infraa Projects Pvt Ltd             BG                 CRISIL A4+     50      Reassigned
Unisex Agencies                         BG                 CRISIL A4      30      Reaffirmed
UPL Ltd                                 LOC & BG           CRISIL A1+     6500    Reaffirmed
UPL Ltd                                 CP                 CRISIL A1+     9000    Reaffirmed

LONG TERM RATINGS:
-------------------
Airtrax Polymers Pvt Ltd                CC                 CRISIL BB+     20      Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
Issuer Not Cooperating
Airtrax Polymers Pvt Ltd                Proposed LT Bk     CRISIL BB+     28.7    Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BBB-
Issuer Not Cooperating
Airtrax Polymers Pvt Ltd                Rupee TL           CRISIL BB+     20      Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
Issuer Not Cooperating
Airtrax Polymers Pvt Ltd                TL                 CRISIL BB+     44      Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
Issuer Not Cooperating
Airtrax Polymers Pvt Ltd                WC Fac             CRISIL BB+     75      Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
Issuer Not Cooperating
Apis India Ltd                          CC                 CRISIL BBB     100     Reaffirmed
Apis India Ltd                          LT Loan            CRISIL BBB     17.3    Reaffirmed
Apis India Ltd                          Proposed CC /      CRISIL BBB     17.7    Reaffirmed
                                        Bills Discounting
                                        Limit
Ariyanayaki Agro Foods International    CC                 CRISIL B+      94      Reaffirmed
Ariyanayaki Agro Foods International    LT Loan            CRISIL B+      6       Reaffirmed
Chem Mart                               CC                 CRISIL BBB-    100     Reaffirmed
Cotton World                            LT Loan            CRISIL BBB     4.6     Upgraded from
                                                                                  CRISIL BBB-
Cotton World                            Proposed LT Bk     CRISIL BBB     33.3    Upgraded from
                                        Loan Fac                                  CRISIL BBB-
Eastern Petroleum Pvt Ltd               Bill Discounting   CRISIL BB-     10      Reaffirmed
Eastern Petroleum Pvt Ltd               CC                 CRISIL BB-     60      Reaffirmed
Eastern Petroleum Pvt Ltd               Proposed LT Bk     CRISIL BB-     5       Reaffirmed
                                        Loan Fac
ECL Finance Ltd                         CC                 CRISIL AA      20800   Reaffirmed
ECL Finance Ltd                         LT Bk Fac          CRISIL AA      46477.8 Reaffirmed
ECL Finance Ltd                         Proposed LT Bk     CRISIL AA      25022.2 Reaffirmed
                                        Loan Fac**
**interchangeable with short term bank facilities    
ECL Finance Ltd                         Subordinated Debt  CRISIL AA      4000    Reaffirmed
ECL Finance Ltd                         NCDs               CRISIL AA      41300   Reaffirmed
ECL Finance Ltd                         LT Principal       CRISIL PP-MLD  10000   Reaffirmed
                                        Protected Market   AAr
                                        Linked Debentures 
ECL Finance Ltd                         Principal          CRISIL PP-MLD  11900   Reaffirmed
                                        Protected Equity   AAr
                                        Linked Debentures
ECL Finance Ltd                         Principal          CRISIL PP-MLD  350     Reaffirmed
                                        Protected          AAr
                                        Commoptionally convertible debentureity Linked
Debentures 
Edelweiss Asset Reconstruction Co. Ltd  LT Bk Fac*         CRISIL AA-     500     Reaffirmed
*Interchangeable between long-term and short-term
Edelweiss Asset Reconstruction Co. Ltd  Proposed LT Bk     CRISIL AA-     5000    Reaffirmed
                                        Loan Fac*
*Interchangeable between long-term and short-term    
Edelweiss Asset Reconstruction Co. Ltd  NCD Issue          CRISIL AA-     15000   Reaffirmed
Edelweiss Asset Reconstruction Co. Ltd  NCD Issue          CRISIL AA-     15500   Reaffirmed
Edelweiss Asset Reconstruction Co. Ltd  NCD*               CRISIL AA(SO)  1500    Assigned
*Aggregate not to exceed Rs 150 crore
Edelweiss Asset Reconstruction Co. Ltd  LT Principle       CRISIL PP-MLD  1500    Assigned
                                        Protected Market   AAr(SO)
                                        Linked Debentures*
*Aggregate not to exceed Rs 150 crore
G.V. (God Vishnu) Rice Unit             CC                 CRISIL BB-     50      Reaffirmed
G.V. (God Vishnu) Rice Unit             Foreign Bill       CRISIL BB-     50      Reaffirmed
                                        Purchase
Geo Aquatic Products Pvt Ltd            Bill Discounting   CRISIL B+      50      Reaffirmed
Geo Aquatic Products Pvt Ltd            TL                 CRISIL B+      37.4    Reaffirmed
Goyal MG Gases Pvt Ltd                  TL                 CRISIL BB+     120.3   Downgraded
                                                                                  from CRISIL
                                                                                  BBB
Goyal MG Gases Pvt Ltd                  BG                 -              250     Withdrawal
Issuer Not Cooperating
Goyal MG Gases Pvt Ltd                  CC                 -              200     Withdrawal
Issuer Not Cooperating
Goyal MG Gases Pvt Ltd                  TL                 -              64.2    Withdrawal
Haveli Ram Bansi Lal                    CC                 CRISIL BB+     72      Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
Issuer Not Cooperating
Haveli Ram Bansi Lal                    TL                 CRISIL BB+     38      Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
Issuer Not Cooperating
Independent Mineral Resources Pvt Ltd   CC                 CRISIL BB-     30      Reaffirmed
Independent Mineral Resources Pvt Ltd   Export Packing     CRISIL BB-     100     Reaffirmed
                                        Credit
Independent Mineral Resources Pvt Ltd   Proposed LT Bk     CRISIL BB-     70      Reaffirmed
                                        Loan Fac
India Grid Trust                        Corporate Credit   CCR AAA        -       Reaffirmed
                                        Rating
K.C. Industries                         CC                 CRISIL B+      110     Reaffirmed
Kartikeya Paper Distributor Pvt Ltd     CC                 CRISIL B       250     Downgraded
                                                                                  from CRISIL B+
Kay Bee Cotgin Pvt Ltd                  CC                 CRISIL B-      70      Reaffirmed
Kedarnath Cottons Pvt Ltd               CC                 CRISIL B       200     Reaffirmed
Kedarnath Cottons Pvt Ltd               Proposed LT Bk     CRISIL B       9.3     Reaffirmed
                                        Loan Fac
Keshav Greens                           CC                 CRISIL B       2       Reaffirmed
Keshav Greens                           Proposed LT Bk     CRISIL B       20      Reaffirmed
                                        Loan Fac
Keshav Greens                           TL#                CRISIL B       35      Reaffirmed
#Sub-limit for letter of credit facility to the extent of Rs 1.25 crore
KRR Drugs And Chemicals Pvt Ltd         CC                 CRISIL BB-     35      Upgraded from
                                                                                  CRISIL B+
KRR Drugs And Chemicals Pvt Ltd         LT Loan            CRISIL BB-     19      Upgraded from
                                                                                  CRISIL B+
Kutti Spinners Pvt Ltd                  CC                 CRISIL BB-     70      Upgraded from
                                                                                  CRISIL B
Kutti Spinners Pvt Ltd                  Key CC             CRISIL BB-     70      Upgraded from
                                                                                  CRISIL B
Kutti Spinners Pvt Ltd                  LT Loan            CRISIL BB-     50      Upgraded from
                                                                                  CRISIL B
Kutti Spinners Pvt Ltd                  Proposed LT Bk     CRISIL BB-     87      Assigned
                                        Loan Fac
Lakshmi Float Glass Ltd                 CC                 CRISIL BB      300     Reaffirmed
Lakshmi Float Glass Ltd                 WC Demand Loan     CRISIL BB      200     Reaffirmed
M.D. Inducto Cast Ltd                   CC                 CRISIL BB+     350     Upgraded from
                                                                                  CRISIL BB
M.D. Inducto Cast Ltd                   Proposed LT Bk     CRISIL BB+     241     Upgraded from
                                        Loan Fac                                  CRISIL BB
M.D. Inducto Cast Ltd                   TL                 CRISIL BB+     25      Upgraded from
                                                                                  CRISIL BB
Mangla Amit Builders Pvt. Ltd.          Overdraft          CRISIL BB-     165     Reaffirmed
Miryalguda Rice Industries Pvt Ltd      CC                 CRISIL BB-     100     Upgraded from
                                                                                  CRISIL B+
Miryalguda Rice Industries Pvt Ltd      Key CC             CRISIL BB-     90      Upgraded from
                                                                                  CRISIL B+
Miryalguda Rice Industries Pvt Ltd      Proposed CC Limit  CRISIL BB-     27.6    Upgraded from
                                                                                  CRISIL B+
Miryalguda Rice Industries Pvt Ltd      SME Credit         CRISIL BB-     2.5     Upgraded from
                                                                                  CRISIL B+
Mogals Educational and Charitable Trust LT Loan            CRISIL D       160     Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Mogals Educational and Charitable Trust Overdraft          CRISIL D       10      Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Mogals Educational and Charitable Trust Proposed LT Bk     CRISIL D       10      Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BB-
Neometrix Engineering Pvt Ltd           CC                 CRISIL B-      45      Reaffirmed
P.C. Jain and Company                   Overdraft          CRISIL B+      35      Downgraded
                                                                                  from CRISIL
                                                                                  BB-
P.C. Jain and Company                   Proposed LT Bk     CRISIL B+      60      Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BB-
RKD Infrastructure Pvt Ltd              CC                 CRISIL BB      50      Assigned
Sangameshwar Dall Mill                  CC                 CRISIL B+      70      Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Santosh Timber Trading Co. Ltd          Overdraft          CRISIL B+      50      Reaffirmed
SFP Sons India Pvt Ltd                  CC                 CRISIL BBB     30      Reaffirmed
SFP Sons India Pvt Ltd                  Standby Line of    CRISIL BBB     20      Reaffirmed
                                        Credit
SFP Sons India Pvt Ltd                  TL                 CRISIL BBB     50      Reaffirmed
Shivdham Frozen Foods Pvt Ltd           CC                 CRISIL B+      20      Reaffirmed
Shivdham Frozen Foods Pvt Ltd           Secured Overdraft  CRISIL B+      40      Reaffirmed
                                        against term
                                        deposits
Shivdham Frozen Foods Pvt Ltd           TL                 CRISIL B+      21      Reaffirmed
Shri Mahadev Silk Mills Pvt Ltd         CC                 CRISIL B       43      Reaffirmed
Shri Mahadev Silk Mills Pvt Ltd         LT Loan            CRISIL B       27      Reaffirmed
Shri Mahadev Silk Mills Pvt Ltd         Proposed LT Bk     CRISIL B       3       Reaffirmed
                                        Loan Fac
Shri Ram Murti Smarak Trust             CC                 CRISIL BB+     25      Downgraded
                                                                                  from CRISIL
                                                                                  BBB+
Issuer Not Cooperating
Shri Ram Murti Smarak Trust             TL                 CRISIL BB+     435     Downgraded
                                                                                  from CRISIL
                                                                                  BBB+
Issuer Not Cooperating
Siliguri Builders Pvt Ltd               CC                 CRISIL BB      185     Upgraded from
                                                                                  CRISIL BB-
Siliguri Builders Pvt Ltd               Channel Financing  CRISIL BB      105     Upgraded from
                                                                                  CRISIL BB-
Smart Login Solutions Pvt Ltd           Bill Discounting   CRISIL BB-     50      Reaffirmed
Smart Login Solutions Pvt Ltd           CC                 CRISIL BB-     15      Reaffirmed
Smart Login Solutions Pvt Ltd           LOC^               CRISIL BB-     15      Reaffirmed
^ Cash Credit of Rs.15 Million as sublimit of LC facility.PSR of Rs.5 Million as sublimit of CC
limits.
Sri Balamurugan Engineering Works Pvt   Open CC            CRISIL B       60      Reaffirmed
Ltd
Sri Balamurugan Engineering Works Pvt   Proposed LT Bk     CRISIL B       20      Reaffirmed
Ltd                                     Loan Fac
Sri Dharam Educational Trust            LT Loan            CRISIL D       145     Reaffirmed
Sri Venkatrama Agro Tech                CC                 CRISIL B+      200     Upgraded from
                                                                                  CRISIL B
SRM Construction                        Overdraft          CRISIL BB-     80      Upgraded from
                                                                                  CRISIL B+
Supreme Solvex Pvt Ltd                  CC                 CRISIL BB-     60      Assigned
Suresh Productions Entertainment LLP    Drop Line          CRISIL BB+     200     Reaffirmed
                                        Overdraft Fac
Suresh Productions Entertainment LLP    Overdraft          CRISIL BB+     200     Reaffirmed
Tata Cleantech Capital Ltd              CC & WC demand loanCRISIL AA+     5500    Reaffirmed
Tata Cleantech Capital Ltd              LT Bk Fac          CRISIL AA+     7380    Reaffirmed
Tata Cleantech Capital Ltd              Proposed LT Bk     CRISIL AA+     7120    Reaffirmed
                                        Loan Fac
TATA Sky Ltd                            LT Bk Fac @        CRISIL A+      28000   Reaffirmed
@Interchangeable with buyer's credit, working capital demand loan, and non-fund-based facilities
TATA Sky Ltd                            NCD                CRISIL A+      4000    Reaffirmed
TATA Sky Ltd                            NCD                CRISIL A+      2000    Reaffirmed
TATA Sky Ltd                            NCD                Withdrawal     3600    Withdrawal
Tata Teleservices (Maharashtra) Ltd     CC/ Overdraft Fac* CRISIL A       2750    Reaffirmed
*Interchangeable between fund-based and non-fund-based limits to the extent of Rs.150 crore
Tata Teleservices (Maharashtra) Ltd     LT Loan            CRISIL A       3086    Reaffirmed
Tata Teleservices (Maharashtra) Ltd     Proposed TL        CRISIL A       13431.2 Reaffirmed
Tata Teleservices Ltd                   CC                 CRISIL A       2900    Reaffirmed
Tata Teleservices Ltd                   Proposed TL        CRISIL A       18260   Reaffirmed
Tata Teleservices Ltd                   TL                 CRISIL A       86270   Reaffirmed
The Aryan Charitable Trust KTL          TL                 CRISIL B-      55      Assigned
The Dharmapuri Roller Flour Mills       CC                 CRISIL BBB-    210     Reaffirmed
The Dharmapuri Roller Flour Mills       LT Loan            CRISIL BBB-    22      Reaffirmed
Tirth Agro Technology Pvt Ltd           CC                 CRISIL A-      830     Upgraded from
                                                                                  CRISIL BBB+
Tirth Agro Technology Pvt Ltd           TL                 CRISIL A-      591.3   Upgraded from
                                                                                  CRISIL BBB+
Tribhuwan Narayan Singh                 CC                 CRISIL D       100     Downgraded
                                                                                  from CRISIL B+
Trident Sugars Ltd                      Proposed LT Bk     CRISIL C       342     Reaffirmed
                                        Loan Fac
Trident Sugars Ltd                      Rupee TL           CRISIL C       158     Reaffirmed
UBS Infraa Projects Pvt Ltd             CC                 CRISIL BB      100     Upgraded from
                                                                                  CRISIL BB-
UBS Infraa Projects Pvt Ltd             Proposed LT Bk     CRISIL BB      15      Upgraded from
                                        Loan Fac                                  CRISIL BB-
Unisex Agencies                         CC                 CRISIL B+      100     Reaffirmed
UPL Ltd                                 CC#                CRISIL AA+     11500   Reaffirmed
# Fully interchangeable between cash credit, working capital demand loan, foreign currency
non-resident (Bank) loans, packing credit in INR, packing credit in foreign currency, export
bill discounting in INR and foreign currency, buyer's credit for imports and domestic purchases,
and domestic sales bill discounting.
UPL Ltd                                 Proposed CC Limit  CRISIL AA+     2000    Reaffirmed
UPL Ltd                                 Proposed LT Bk     CRISIL AA+     5000    Reaffirmed
                                        Loan Fac
UPL Ltd                                 NCDs               CRISIL AA+     5000    Assigned
Vaishnavi Global Pvt Ltd                CC                 CRISIL B+      85      Reaffirmed
Vaishnavi Global Pvt Ltd                Proposed LT Bk     CRISIL B+      140     Reaffirmed
                                        Loan Fac
Vinayaka Microns India Pvt Ltd          CC                 CRISIL BB-     41.8    Reaffirmed
Vinayaka Microns India Pvt Ltd          Proposed CC Limit  CRISIL BB-     30.5    Reaffirmed
Vinayaka Microns India Pvt Ltd          Proposed LT Bk     CRISIL BB-     25      Reaffirmed
                                        Loan Fac
Vinayaka Microns India Pvt Ltd          TL                 CRISIL BB-     57.7    Reaffirmed
--------------------------------------------------------------------------------------------
$: 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@thomsonreuters.com)

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