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CRISIL ratings for Indian debt instruments-Oct 23

    Oct 23  - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of October 22, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT  MOVEMENT
                                                                       (RS.MLN)
------                                ----------         ------        -----   ---------
SHORT TERM RATINGS:
-------------------
Amrit Agro                             Proposed ST Bk    CRISIL A4     20     -
                                       Loan Fac
(Issuer Not Cooperating)
Arcon Project Pvt Ltd                  BG                CRISIL A4     84.4   Migrated from
                                                                              CRISIL A4 
B.N.R. Constructions                   BG                CRISIL A4     350    Upgraded from
                                                                              CRISIL D
Beekay Engineering Corporation         BG                CRISIL        800    Downgraded
                                                         A4+/Watch            from CRISIL
                                                         Negative             A3
(Placed on Rating Watch with Negative Implication)
Beekay Engineering Corporation         LOC               CRISIL        200    Downgraded
                                                         A4+/Watch            from CRISIL
                                                         Negative             A3
(Placed on Rating Watch with Negative Implication)
Beekay Engineering Corporation         LOC & BG          CRISIL        230    Downgraded
                                                         A4+/Watch            from CRISIL
                                                         Negative             A3
(Placed on Rating Watch with Negative Implication)
Bemco Hydraulics Ltd                   BG                CRISIL A4+    160    Reaffirmed
Bemco Hydraulics Ltd                   Inland/Import LOC CRISIL A4+    20     Reaffirmed
Bemco Hydraulics Ltd                   LOC               CRISIL A4+    20     Reaffirmed
Dev Raj Rangwala                       LOC*              CRISIL A4+    35     Reaffirmed
* Interchangeable with bank guarantee
Electrospark                           BG                CRISIL A4+    24.6   Reaffirmed
Garuda Power Pvt Ltd                   BG                CRISIL A3+    35     Reaffirmed
Garuda Power Pvt Ltd                   Proposed NFBL     CRISIL A3+    33.2   Reaffirmed
JM Financial Capital Ltd               ST Debt (IncludingCRISIL A1+    10000  Reaffirmed
                                       CP)
JM Financial Capital Ltd               CP Issue*         CRISIL A1+    12500  Withdrawn
*Assigned for initial/ follow-on public offer financing on episodic basis
JM Financial Capital Ltd               CP Issue*         CRISIL A1+    12500  Withdrawn
*Assigned for initial/ follow-on public offer financing on episodic basis
JM Financial Capital Ltd               CP Programme(IPO  CRISIL A1+    12500  Assigned
                                       Financing)*
*Assigned for initial/ follow-on public offer financing on episodic basis
JM Financial Products Ltd              CP                CRISIL A1+    30000  Reaffirmed
JM Financial Products Ltd              CP Issue*         CRISIL A1+    35000  Withdrawn
*Assigned for initial/ follow-on public offer financing on episodic basis
JM Financial Products Ltd              CP Issue*         CRISIL A1+    35000  Withdrawn
*Assigned for initial/ follow-on public offer financing on episodic basis
JM Financial Products Ltd              CP Programme(IPO  CRISIL A1+    35000  Assigned
                                       Financing)*
*Assigned for initial/ follow-on public offer financing on episodic basis
JM Financial Properties And Holdings  CP Programme(IPO   CRISIL A1+    42500  Assigned
Ltd                                    Financing)*
*Assigned for initial/ follow-on public offer financing on episodic basis
JM Financial Properties And Holdings   CP                CRISIL A1+    5000   Reaffirmed
Ltd
JM Financial Properties And Holdings   CP Issue*         CRISIL A1+    42500  Withdrawn
Ltd
*Assigned for initial/ follow-on public offer financing on episodic basis
JM Financial Properties And Holdings   CP Issue*         CRISIL A1+    42500  Withdrawn
Ltd
*Assigned for initial/ follow-on public offer financing on episodic basis
JNS Instruments Ltd                    LOC               CRISIL A4     150    Revised from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
Kaka Overseas Ltd                      Export Packing    CRISIL A4     35     -
                                       Credit
(Issuer Not Cooperating)
Kaka Overseas Ltd                      Foreign Bill      CRISIL A4     44     -
                                       Purchase
(Issuer Not Cooperating)
KNK Projects Pvt Ltd                   BG                CRISIL A4+    180    Reaffirmed
Livingstones                           Packing Credit    CRISIL A4+    61.7   Reaffirmed
Livingstones                           Post Shipment     CRISIL A4+    72     Reaffirmed
                                       Credit
Livingstones Jewellery Pvt Ltd         Packing Credit    CRISIL A4+    20     Reaffirmed
Livingstones Jewellery Pvt Ltd         Post Shipment     CRISIL A4+    13.5   Reaffirmed
                                       Credit
Mangla Tubes Pvt Ltd                   LOC               CRISIL A4     6      -
(Issuer Not Cooperating)
Manish Flexipack A unit of Nagrani WaraBG                CRISIL A4     10     -
Housing Pvt Ltd
(Issuer Not Cooperating)
Manu Impex Pvt Ltd                     Inland/Import LOC CRISIL A4     80     -
(Issuer Not Cooperating)
Multifilms Plastics Pvt Ltd            Non-FBL           CRISIL A4     55     Revised from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
Muskaan Power Infrastructure Ltd       LOC & BG          CRISIL A4     3      -
(Issuer Not Cooperating)
Navsheen Associates                    BG                CRISIL A4     70     Revised from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
Neelplast Polymers Pvt Ltd             BG                CRISIL A4     15     Revised from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
Neeraj Paper Agencies Ltd              LOC               CRISIL A4     55     Reaffirmed
Nessa Vitrified LLP                    BG                CRISIL A4     30     -
(Issuer Not Cooperating)
Nilkanth Concast Pvt Ltd               LOC               CRISIL A4     450    -
(Issuer Not Cooperating)
Northstone Builders and Developers Pvt BG                CRISIL A4     25     -
Ltd
(Issuer Not Cooperating)
Nyles Sales & Infraprojects Pvt Ltd    LOC & BG          CRISIL A4     50     -
(Issuer Not Cooperating)
Opaque Ceramics Pvt Ltd                BG                CRISIL A4     5      Revised from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
Opaque Ceramics Pvt Ltd                LOC               CRISIL A4     45     Revised from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
P. C. Cherian                          BG                CRISIL A4     12     -
(Issuer Not Cooperating)
P. C. I. Cables Industries Pvt Ltd     BG                CRISIL A4     25     Revised from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
P. C. I. Cables Industries Pvt Ltd     Bill Discounting  CRISIL A4     150    Revised from
                                       under LOC                              CRISIL A4+
(Issuer Not Cooperating)
P. Dasaratharama Reddy                 BG                CRISIL A4     240    Revised from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
Palriwal Industries Pvt Ltd            BG                CRISIL A4     95     -
(Issuer Not Cooperating)
Palriwal Industries Pvt Ltd            LOC               CRISIL A4     18.5   -
(Issuer Not Cooperating)
Parekh Agencies                        Bill Discounting  CRISIL A4     27     -
                                       under LOC
(Issuer Not Cooperating)
Parekh Agencies                        LOC               CRISIL A4     40     -
(Issuer Not Cooperating)
Pavani Controls and Panels Ltd         BG                CRISIL A3+    760    Reaffirmed
Pavani Controls and Panels Ltd         LOC               CRISIL A3+    100    Reaffirmed
Prabhat Steel Traders Pvt Ltd          LOC               CRISIL A4     840    Revised from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
R. N. Oswal Hosiery Factory            LOC               CRISIL A4     9      Revised from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
Raghav Export                          BG                CRISIL A4     3      Revised from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
Raghav Export                          Foreign LOC       CRISIL A4     5      Revised from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
Rajhans Impex Pvt Ltd                  BG                CRISIL A4     10     -
(Issuer Not Cooperating)
Rajhans Impex Pvt Ltd                  Foreign Exchange  CRISIL A4     15     -
                                       Forward
(Issuer Not Cooperating)
Rajshekhar Constructions Pvt Ltd       BG                CRISIL A4     100    -
(Issuer Not Cooperating)
RBA Constructions Pvt Ltd              BG                CRISIL A4     60     -
(Issuer Not Cooperating)
RBA Constructions Pvt Ltd              Overdraft         CRISIL A4     35     -
(Issuer Not Cooperating)
RIC Projects Pvt Ltd                   BG                CRISIL A4     150    Revised from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
Riya Travel and Tours India Pvt Ltd    BG                CRISIL A3+    805    Downgraded
                                                                              from CRISIL
                                                                              A2
Riya Travel and Tours India Pvt Ltd    Overdraft         CRISIL A3+    450    Downgraded
                                                                              from CRISIL
                                                                              A2
S K International Stones Pvt Ltd       Export Packing    CRISIL A4     20     Revised from
                                       Credit                                 CRISIL A4+
(Issuer Not Cooperating)
S K International Stones Pvt Ltd       Foreign Bill      CRISIL A4     9      Revised from
                                       Discounting                            CRISIL A4+
(Issuer Not Cooperating)
S. B . Construction                    BG                CRISIL A4+    74     Reaffirmed
Sara Sae Pvt Ltd                       LOC & BG          CRISIL A4     250    Upgraded from
                                                                              CRISIL D
Sara Sae Pvt Ltd                       Packing Credit    CRISIL A4     130.9  Upgraded from
                                                                              CRISIL D
Sharu Special Alloys Pvt Ltd           Inland/Import LOC CRISIL A4     40     -
(Issuer Not Cooperating)
Silverline Electricals Pvt Ltd         BG                CRISIL A4     50     -
(Issuer Not Cooperating)
Silverline Electricals Pvt Ltd         LOC               CRISIL A4     10     -
(Issuer Not Cooperating)
Skylark Warehousing Solutions Pvt Ltd  BG                CRISIL A4     150    -
(Issuer Not Cooperating)
SLK Progressive Veneer Pvt Ltd         LOC               CRISIL A4     75     -
(Issuer Not Cooperating)
Sukhras Machines Pvt Ltd               BG                CRISIL A4+    5      Assigned
(Suspension Revoked)
Sukhras Machines Pvt Ltd               Inland Guarantees CRISIL A4+    45     Assigned
(Suspension Revoked)
SVA Syntex Pvt Ltd                     BG                CRISIL A4+    0.1    Migrated from
                                                                              CRISIL A3
(Issuer Not Cooperating)
SVA Syntex Pvt Ltd                     LOC               CRISIL A4+    30     Migrated from
                                                                              CRISIL A3
(Issuer Not Cooperating)
Tulsi Paper Mills Pvt Ltd              BG                CRISIL A3+    10     Reaffirmed
Tulsi Paper Mills Pvt Ltd              LOC               CRISIL A3+    190    Reaffirmed




LONG TERM RATINGS:
-------------------
Amalorpavam Educational Welfare SocietyRatings           -             -      -
(CRISIL is yet to receive adequate information to enable it to undertake a rating review)
Ambico Exports and Imports Pvt Ltd     Line of Credit    CRISIL D      240    -
(Issuer Not Cooperating)
Amrit Agro                             CC                CRISIL        22.5   -
                                                         B/Stable
(Issuer Not Cooperating)
Amrit Agro                             LT Loan           CRISIL        32.5   -
                                                         B/Stable
(Issuer Not Cooperating)
Arcon Project Pvt Ltd                  CC                CRISIL        35.5   Migrated from
                                                         B+/Stable            CRISIL
                                                                              B+/Stable
Arcon Project Pvt Ltd                  Lease Rental      CRISIL        6.8    Migrated from
                                       Discounting Loan  B+/Stable            CRISIL
                                                                              B+/Stable
Arcon Project Pvt Ltd                  TL                CRISIL        84.4   Migrated from
                                                         B+/Stable            CRISIL
                                                                              B+/Stable
Arcon Project Pvt Ltd                  Proposed FB Bk    CRISIL        13.9   Migrated from
                                       Limits            B+/Stable            CRISIL
                                                                              B+/Stable
Aroma Craft and Tissues Pvt Ltd        Ratings           -             -      -
(CRISIL vide its publication dated October 09, 2020 highlighted the aspect of non-co-operation
by Aroma Craft and Tissues Private Limited)
B.N.R. Constructions                   LT Loan           CRISIL        6      Upgraded from
                                                         B-/Stable            CRISIL D
B.N.R. Constructions                   Overdraft         CRISIL        50     Upgraded from
                                                         B-/Stable            CRISIL D
B.N.R. Constructions                   Proposed LT Bk    CRISIL        94     Upgraded from
                                       Loan Fac          B-/Stable            CRISIL D
Beekay Engineering Corporation         CC                CRISIL        320    Downgraded
                                                         BB-/Watch            from CRISIL
                                                         Negative             BBB-/Negative
(Placed on Rating Watch with Negative Implication)
Beekay Engineering Corporation         LT Loan           CRISIL        75     Downgraded
                                                         BB-/Watch            from CRISIL
                                                         Negative             BBB-/Negative
(Placed on Rating Watch with Negative Implication)
Beekay Engineering Corporation         Proposed LT Bk    CRISIL        169.4  Downgraded
                                       Loan Fac          BB-/Watch            from CRISIL
                                                         Negative             BBB-/Negative
(Placed on Rating Watch with Negative Implication)
Bemco Hydraulics Ltd                   CC                CRISIL        125    Reaffirmed
                                                         BB-/Stable
Bemco Hydraulics Ltd                   Proposed LT Bk    CRISIL        15     Reaffirmed
                                       Loan Fac          BB-/Stable
Bemco Hydraulics Ltd                   TL                CRISIL        10     Reaffirmed
                                                         BB-/Stable
Chirakekaren Glass House Pvt Ltd       CC                CRISIL        60     Reaffirmed
                                                         B-/Stable
Chirakekaren Glass House Pvt Ltd       Loan Against      CRISIL        41.6   Reaffirmed
                                       Property          B-/Stable
Chirakekaren Glass House Pvt Ltd       LT Loan           CRISIL        40     Reaffirmed
                                                         B-/Stable
Chirakekaren Glass House Pvt Ltd       WC TL             CRISIL        38.4   Reaffirmed
                                                         B-/Stable
Dev Raj Rangwala                       CC                CRISIL        80     Reaffirmed
                                                         BB-/Stable
Dev Raj Rangwala                       Proposed LT Bk    CRISIL        10     Reaffirmed
                                       Loan Fac          BB-/Stable
Diamond India Ltd                      Standby LOC*      CRISIL        1500   Reaffirmed
                                                         A-/Stable
*Interchangeable with bank guarantee of Rs 150 crore
East West Products Ltd                 Ratings           -             -      -
(CRISIL vide its publication dated September 25, 2020 highlighted the aspect of non-co-operation
by East West Products Limited)
Electrospark                           CC                CRISIL        65     Reaffirmed
                                                         BB+/Stable
Electrospark                           TL                CRISIL        25.4   Reaffirmed
                                                         BB+/Stable
Ess Kay Fincorp Ltd                    Proposed LT Bk    CRISIL        2750   Reaffirmed
                                       Loan Fac          A/Stable
Ess Kay Fincorp Ltd                    TL                CRISIL        3150   Reaffirmed
                                                         A/Stable
Ess Kay Fincorp Ltd                    WC Demand Loan    CRISIL        100    Reaffirmed
                                                         A/Stable
Ess Kay Fincorp Ltd                    NCD               CRISIL        1200   Reaffirmed
                                                         A/Stable
Ess Kay Fincorp Ltd                    NCD               CRISIL        1000   Reaffirmed
                                                         A/Stable
Ess Kay Fincorp Ltd                    NCD               CRISIL        500    Reaffirmed
                                                         A/Stable
Ess Kay Fincorp Ltd                    NCD               CRISIL        850    Reaffirmed
                                                         A/Stable
Ess Kay Fincorp Ltd                    NCD               CRISIL        860    Reaffirmed
                                                         A/Stable
Ess Kay Fincorp Ltd                    NCD               CRISIL        1000   Reaffirmed
                                                         A/Stable
Ess Kay Fincorp Ltd                    NCD               CRISIL        1000   Reaffirmed
                                                         A/Stable
Ess Kay Fincorp Ltd                    NCD               CRISIL        1500   Reaffirmed
                                                         A/Stable
Ess Kay Fincorp Ltd                    NCD               CRISIL        3000   Reaffirmed
                                                         A/Stable
Ess Kay Fincorp Ltd                    LT Principal      CRISIL PP-MLD 550    Assigned
                                       Protected Market  Ar/Stable
                                       Linked Debentures
Ess Kay Fincorp Ltd                    LT Principal      CRISIL PP-MLD 320    Reaffirmed
                                       Protected Market  Ar/Stable
                                       Linked Debentures
Ess Kay Fincorp Ltd                    LT Principal      CRISIL PP-MLD 500    Reaffirmed
                                       Protected Market  Ar/Stable
                                       Linked Debentures
Gajanan Siddhivinayak Foods Pvt Ltd    CC                CRISIL        200    Migrated from
                                                         B-/Stable            CRISIL D
(Issuer Not Cooperating)
Gajanan Siddhivinayak Foods Pvt Ltd    TL                CRISIL        57     Migrated from
                                                         B-/Stable            CRISIL D
(Issuer Not Cooperating)
Gajanan Siddhivinayak Foods Pvt Ltd    Proposed FB Bk    CRISIL        33     Migrated from
                                       Limits            B-/Stable            CRISIL D
(Issuer Not Cooperating)
Garuda Power Pvt Ltd                   CC                CRISIL        80     Reaffirmed
                                                         BBB/Stable
Garuda Power Pvt Ltd                   Proposed TL       CRISIL        9.8    Reaffirmed
                                                         BBB/Stable
Groversons Apparel Pvt Ltd             Ratings           -             -      -
(CRISIL is yet to receive adequate information to enable it to undertake a rating review)
ICICI Prudential Life Insurance Co. LtdSubordinated Debt CRISIL        12000  Assigned
                                                         AAA/Stable
JM Financial Capital Ltd               NCD               CRISIL        2000   Reaffirmed
                                                         AA/Stable
JM Financial Products Ltd              CC                CRISIL        2000   Reaffirmed
                                                         AA/Stable
JM Financial Products Ltd              LT Bk Fac         CRISIL        2000   Reaffirmed
                                                         AA/Stable
JM Financial Products Ltd              Proposed LT Bk    CRISIL        1000   Reaffirmed
                                       Loan Fac          AA/Stable
JM Financial Products Ltd              NCDs              CRISIL        7504   Reaffirmed
                                                         AA/Stable
JM Financial Products Ltd              NCDs              CRISIL        20000  Reaffirmed
                                                         AA/Stable
JNS Instruments Ltd                    Bill Discounting  CRISIL        700    Revised from
                                                         B/Stable             CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
JNS Instruments Ltd                    Buyer`s Credit    CRISIL        50     Revised from
                                                         B/Stable             CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
JNS Instruments Ltd                    CC                CRISIL        100    Revised from
                                                         B/Stable             CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
JNS Instruments Ltd                    Inventory Funding CRISIL        400    Revised from
                                       Fac               B/Stable             CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
JNS Instruments Ltd                    LT Loan           CRISIL        63     Revised from
                                                         B/Stable             CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
JNS Instruments Ltd                    Proposed LT Bk    CRISIL        7      Revised from
                                       Loan Fac          B/Stable             CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Joshi Automobiles Pvt Ltd              Electronic Dealer -             139    Withdrawn
                                       Financing
                                       Scheme(e-DFS)
(Issuer Not Cooperating)
Joshi Automobiles Pvt Ltd              LOC & BG          -             1      Withdrawn
(Issuer Not Cooperating)
Joyous Blocks And panels Pvt Ltd       CC                CRISIL        55     Upgraded from
                                                         BB-/Stable           CRISIL
                                                                              B+/Stable
Joyous Blocks And panels Pvt Ltd       LT Loan           CRISIL        150    Upgraded from
                                                         BB-/Stable           CRISIL
                                                                              B+/Stable
Joyous Blocks And panels Pvt Ltd       WC Fac            CRISIL        16     Upgraded from
                                                         BB-/Stable           CRISIL
                                                                              B+/Stable
Joyous Blocks And panels Pvt Ltd       Proposed WC Fac   CRISIL        94     Upgraded from
                                                         BB-/Stable           CRISIL
                                                                              B+/Stable
JS Auto Cast Foundry India Pvt Ltd     Ratings           -             -      -
(CRISIL is yet to receive adequate information to enable it to undertake a rating review)
Kaka Overseas Ltd                      Foreign Bill      CRISIL        26     -
                                       Purchase          B+/Stable
(Issuer Not Cooperating)
Kaka Overseas Ltd                      Standby Line of   CRISIL        21     -
                                       Credit            B+/Stable
(Issuer Not Cooperating)
Kapila Krishi Udyog Ltd                Ratings           -             -      -
(CRISIL vide its publication dated October 09, 2020 highlighted the aspect of non-co-operation
by Kapila Krishi Udyog Limited)
Kataria Carriers                       TL                CRISIL        95     Migrated from
                                                         BB+/Stable           CRISIL
                                                                              BBB/Stable
(Issuer Not Cooperating)
Kataria Carriers                       BG                Withdrawn     80     -
(Issuer Not Cooperating)
Kataria Carriers                       CC                Withdrawn     50     -
(Issuer Not Cooperating)
Kataria Carriers                       Proposed LT Bk    Withdrawn     125    -
                                       Loan Fac
(Issuer Not Cooperating)
Kedia Brothers                         CC                CRISIL        360    Downgraded
                                                         BB-/Stable           from CRISIL
                                                                              BB/Stable
Krishna Global Transenergy Ltd         Ratings           -             -      -
(CRISIL is yet to receive adequate information to enable it to undertake a rating review)
Livingstones                           Bill Discounting  CRISIL        67.6   Reaffirmed
                                                         BB-/Stable
Livingstones                           Export Packing    CRISIL        48     Reaffirmed
                                       Credit            BB-/Stable
Livingstones                           Proposed LT Bk    CRISIL        10.7   Reaffirmed
                                       Loan Fac          BB-/Stable
Livingstones Jewellery Pvt Ltd         Bill Discounting  CRISIL        46.5   Reaffirmed
                                                         BB-/Stable
Livingstones Jewellery Pvt Ltd         CC                CRISIL        35     Reaffirmed
                                                         BB-/Stable
Livingstones Jewellery Pvt Ltd         Export Packing    CRISIL        10     Reaffirmed
                                       Credit            BB-/Stable
Livingstones Jewellery Pvt Ltd         Proposed LT Bk    CRISIL        5      Reaffirmed
                                       Loan Fac          BB-/Stable
M.P. Agro Nutri Foods Ltd              Ratings           -             -      -
(CRISIL vide its publication dated October 14, 2020 highlighted the aspect of non-co-operation
by M.P. Agro Nutri Foods Limited)
Mahalaxmi Fab                          CC                CRISIL        100    Revised from
                                                         B/Stable             CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
Mahesh Ginning Pressing and Oil        CC                CRISIL        60     -
Industries                                               B+/Stable
(Issuer Not Cooperating)
Mahidhara Projects Pvt Ltd             Secured Overdraft CRISIL D      50     -
                                       Fac
(Issuer Not Cooperating)
Mangla Tubes Pvt Ltd                   CC                CRISIL        65     -
                                                         B+/Stable
(Issuer Not Cooperating)
Mangla Tubes Pvt Ltd                   Proposed CC Limit CRISIL        78     -
                                                         B+/Stable
(Issuer Not Cooperating)
Mangla Tubes Pvt Ltd                   Standby Line of   CRISIL        6      -
                                       Credit            B+/Stable
(Issuer Not Cooperating)
Mangla Tubes Pvt Ltd                   TL                CRISIL        45     -
                                                         B+/Stable
(Issuer Not Cooperating)
Manish Flexipack A unit of Nagrani WaraCC                CRISIL        70     -
Housing Pvt Ltd                                          B+/Stable
(Issuer Not Cooperating)
Manish Flexipack A unit of Nagrani WaraProposed CC Limit CRISIL        25     -
Housing Pvt Ltd                                          B+/Stable
(Issuer Not Cooperating)
Manish Flexipack A unit of Nagrani WaraTL                CRISIL        70     -
Housing Pvt Ltd                                          B+/Stable
(Issuer Not Cooperating)
Manu Impex Pvt Ltd                     CC                CRISIL        25     -
                                                         B/Stable
(Issuer Not Cooperating)
Manu Impex Pvt Ltd                     Proposed LT Bk    CRISIL        5      -
                                       Loan Fac          B/Stable
(Issuer Not Cooperating)
Marigold Trust 2019 - Piramal Capital  Certificates      CRISIL AAA    7994   -
and Housing Finance Ltd                                  (SO)
(Converted from Provisional Rating to Final rating)
MDC Pharmaceuticals Ltd                Bill Discounting  -             20     Withdrawn
                                       under LOC
(Issuer Not Cooperating)
MDC Pharmaceuticals Ltd                CC                -             80     Withdrawn
(Issuer Not Cooperating)
MDC Pharmaceuticals Ltd                Proposed LT Bk    -             18     Withdrawn
                                       Loan Fac
(Issuer Not Cooperating)
MDC Pharmaceuticals Ltd                TL                -             7      Withdrawn
(Issuer Not Cooperating)
Mount Zion Medical College             BG                CRISIL D      90     -
(Issuer Not Cooperating)
Mount Zion Medical College             LT Loan           CRISIL D      146.1  -
(Issuer Not Cooperating)
Mount Zion Medical College             Overdraft         CRISIL D      15     -
(Issuer Not Cooperating)
Muktsar Cotton Pvt Ltd                 CC                CRISIL        100    -
                                                         B+/Stable
(Issuer Not Cooperating)
Multifilms Plastics Pvt Ltd            FB Fac            CRISIL        80     Revised from
                                                         B/Stable             CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Multifilms Plastics Pvt Ltd            Proposed TL       CRISIL        12.5   Revised from
                                                         B/Stable             CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Multifilms Plastics Pvt Ltd            TL                CRISIL        7.5    Revised from
                                                         B/Stable             CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Murlidhar Cotton                       CC                CRISIL        70     -
                                                         B+/Stable
(Issuer Not Cooperating)
Murlidhar Cotton                       TL                CRISIL        20     -
                                                         B+/Stable
(Issuer Not Cooperating)
Muskaan Power Infrastructure Ltd       CC                CRISIL        170    -
                                                         B+/Stable
(Issuer Not Cooperating)
Muthoot Automotive India Pvt Ltd       Inventory Funding CRISIL        90     Reaffirmed
                                       Fac               B+/Stable
Muthoot Automotive India Pvt Ltd       Standby Line of   CRISIL        10     Reaffirmed
                                       Credit            B+/Stable
Nachimuthu Industrial Association      Proposed LT Bk    CRISIL        120    -
                                       Loan Fac          B-/Stable
(Issuer Not Cooperating)
Nachimuthu Industrial Association      TL                CRISIL        230    -
                                                         B-/Stable
(Issuer Not Cooperating)
Navkar Wheels                          CC                CRISIL        30     Assigned
                                                         BB-/Stable
Navkar Wheels                          Channel Financing CRISIL        15     Assigned
                                                         BB-/Stable
Navkar Wheels                          Inventory Funding CRISIL        40.5   Assigned
                                       Fac               BB-/Stable
Navkar Wheels                          LT Loan           CRISIL        14.5   Assigned
                                                         BB-/Stable
Navsheen Associates                    CC                CRISIL        15     Revised from
                                                         B/Stable             CRISIL
                                                                              BB/Stable
(Issuer Not Cooperating)
Neelplast Polymers Pvt Ltd             CC                CRISIL        155    Revised from
                                                         B/Stable             CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
Neeraj Paper Agencies Ltd              CC                CRISIL        10     Reaffirmed
                                                         B+/Stable
Neeraj Paper Agencies Ltd              Proposed FB Bk    CRISIL        15     Reaffirmed
                                       Limits            B+/Stable
Nessa Vitrified LLP                    CC                CRISIL        100    -
                                                         B/Stable
(Issuer Not Cooperating)
Nessa Vitrified LLP                    TL                CRISIL        246.4  -
                                                         B/Stable
(Issuer Not Cooperating)
Nilkanth Concast Pvt Ltd               CC                CRISIL        500    -
                                                         B+/Stable
(Issuer Not Cooperating)
Nilkanth Concast Pvt Ltd               Proposed LT Bk    CRISIL        195.2  -
                                       Loan Fac          B+/Stable
(Issuer Not Cooperating)
Nilkanth Concast Pvt Ltd               TL                CRISIL        134.8  -
                                                         B+/Stable
(Issuer Not Cooperating)
Nimbus Motors Pvt Ltd                  Drop Line         CRISIL        40     -
                                       Overdraft Fac     B+/Stable
(Issuer Not Cooperating)
Nimbus Motors Pvt Ltd                  Electronic Dealer CRISIL        250    -
                                       Financing         B+/Stable
                                       Scheme(e-DFS)
(Issuer Not Cooperating)
Nimbus Motors Pvt Ltd                  Proposed FB Bk    CRISIL        10     -
                                       Limits            B+/Stable
(Issuer Not Cooperating)
Nitinsai Constructions Pvt Ltd         BG                CRISIL D      70     -
(Issuer Not Cooperating)
Nitinsai Constructions Pvt Ltd         CC/ Overdraft Fac CRISIL D      15     -
(Issuer Not Cooperating)
Nitinsai Constructions Pvt Ltd         Inland/Import LOC CRISIL D      20     -
(Issuer Not Cooperating)
North Coastal Integrated Food Park Pvt TL                CRISIL        200    -
Ltd                                                      B+/Stable
(Issuer Not Cooperating)
Northstone Builders and Developers Pvt Overdraft         CRISIL        62     -
Ltd                                                      B/Stable
(Issuer Not Cooperating)
Nyles Sales & Infraprojects Pvt Ltd    CC                CRISIL        100    -
                                                         B/Stable
(Issuer Not Cooperating)
Olympia Merlin Developers Pvt Ltd      CC                CRISIL        500    -
                                                         B+/Stable
(Issuer Not Cooperating)
Opaque Ceramics Pvt Ltd                CC                CRISIL        120    Revised from
                                                         B/Stable             CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Oriental Textiles Industries           CC                CRISIL D      80     -
(Issuer Not Cooperating)
P Dass Forging Pvt Ltd                 TL                CRISIL        20     -
                                                         B+/Stable
(Issuer Not Cooperating)
P. C. Cherian                          Bill Discounting  CRISIL        20     -
                                                         B/Stable
(Issuer Not Cooperating)
P. C. Cherian                          CC                CRISIL        55     -
                                                         B/Stable
(Issuer Not Cooperating)
P. C. Cherian                          Proposed LT Bk    CRISIL        13     -
                                       Loan Fac          B/Stable
(Issuer Not Cooperating)
P. C. I. Cables Industries Pvt Ltd     CC                CRISIL        60     Revised from
                                                         B/Stable             CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
P. C. I. Cables Industries Pvt Ltd     LT Loan           CRISIL        9.4    Revised from
                                                         B/Stable             CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
P. C. I. Cables Industries Pvt Ltd     Proposed CC Limit CRISIL        5.6    Revised from
                                                         B/Stable             CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
P. Dasaratharama Reddy                 CC                CRISIL        50     Revised from
                                                         B/Stable             CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
P. Dasaratharama Reddy                 Proposed BG       CRISIL        10     Revised from
                                                         B/Stable             CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Palriwal Industries Pvt Ltd            CC                CRISIL        230    -
                                                         B+/Stable
(Issuer Not Cooperating)
Palriwal Industries Pvt Ltd            Proposed BG       CRISIL        136.5  -
                                                         B+/Stable
(Issuer Not Cooperating)
Palriwal Industries Pvt Ltd            Proposed LT Bk    CRISIL        20     -
                                       Loan Fac          B+/Stable
(Issuer Not Cooperating)
Panna Agrotech Cold Storage Pvt Ltd    CC                CRISIL        19.4   -
                                                         B+/Stable
(Issuer Not Cooperating)
Panna Agrotech Cold Storage Pvt Ltd    Proposed LT Bk    CRISIL        10.6   -
                                       Loan Fac          B+/Stable
(Issuer Not Cooperating)
Parekh Agencies                        CC                CRISIL        20     -
                                                         B+/Stable
(Issuer Not Cooperating)
Parekh Agencies                        TL                CRISIL        18     -
                                                         B+/Stable
(Issuer Not Cooperating)
Pavani Controls and Panels Ltd         CC                CRISIL        170    Reaffirmed
                                                         BBB/Stable
Pavani Controls and Panels Ltd         Proposed BG       CRISIL        20     Reaffirmed
                                                         BBB/Stable
Pavani Controls and Panels Ltd         Proposed WC Fac   CRISIL        200    Reaffirmed
                                                         BBB/Stable
Pawan Shree Food International Pvt Ltd Ratings           -             -      -
(CRISIL vide its publication dated October 14, 2020 highlighted the aspect of non-co-operation
by Pawan Shree Food International Private Limited)
PCI Ltd                                CC                CRISIL D      280    -
(Issuer Not Cooperating)
PCI Ltd                                LOC & BG          CRISIL D      520    -
(Issuer Not Cooperating)
PCI Ltd                                Rupee TL          CRISIL D      59.3   -
(Issuer Not Cooperating)
Penguin Random House India Pvt Ltd     CC/ Overdraft Fac CRISIL        350    Reaffirmed
                                                         A+/Stable
Penguin Random House India Pvt Ltd     WC Demand Loan    CRISIL        150    Reaffirmed
                                                         A+/Stable
Prabhat Steel Traders Pvt Ltd          CC                CRISIL        50     Revised from
                                                         B/Stable             CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Prabhat Steel Traders Pvt Ltd          Proposed LT Bk    CRISIL        30     Revised from
                                       Loan Fac          B/Stable             CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Prakasam Enterprises                   CC                CRISIL        100    -
                                                         B+/Stable
(Issuer Not Cooperating)
R. K. Blue Metals                      Overdraft         CRISIL        125    -
                                                         B+/Stable
(Issuer Not Cooperating)
R. L. Agro Industries                  CC                CRISIL D      70     -
(Issuer Not Cooperating)
R. L. Agro Industries                  LT Loan           CRISIL D      11.3   -
(Issuer Not Cooperating)
R. L. Agro Industries                  Proposed TL       CRISIL D      23.7   -
(Issuer Not Cooperating)
R. L. Agro Industries                  Warehouse         CRISIL D      105    -
(Issuer Not Cooperating)               Financing   
R. N. Oswal Hosiery Factory            CC                CRISIL        65     Revised from
                                                         B/Stable             CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
Rabir Rice Mills                       CC                CRISIL        20     -
                                                         B/Stable
(Issuer Not Cooperating)
Rabir Rice Mills                       Warehouse         CRISIL        50     -
                                       Financing         B/Stable
(Issuer Not Cooperating)
Raghav Export                          CC                CRISIL        52     Revised from
                                                         B/Stable             CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
Raghav Export                          Proposed TL       CRISIL        35     Revised from
                                                         B/Stable             CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
Rahis Cold Storage Pvt Ltd             CC                CRISIL        75     -
                                                         B/Stable
(Issuer Not Cooperating)
Rahis Cold Storage Pvt Ltd             LT Loan           CRISIL        45     -
                                                         B/Stable
(Issuer Not Cooperating)
Rahis Cold Storage Pvt Ltd             TL                CRISIL        35     -
                                                         B/Stable
(Issuer Not Cooperating)
Rajesh Power Services Pvt Ltd          BG                -             300    Withdrawn
(Issuer Not Cooperating)
Rajesh Power Services Pvt Ltd          CC                -             170    Withdrawn
(Issuer Not Cooperating)
Rajhans Impex Pvt Ltd                  Line of Credit    CRISIL        170    -
                                                         B/Stable
(Issuer Not Cooperating)
Rajhans Impex Pvt Ltd                  Proposed LT Bk    CRISIL        25     -
                                       Loan Fac          B/Stable
(Issuer Not Cooperating)
Rajshekhar Constructions Pvt Ltd       Drop Line         CRISIL        150    -
                                       Overdraft Fac     B+/Stable
(Issuer Not Cooperating)
Raman Agro Exports Pvt Ltd             CC                CRISIL        120    -
                                                         B+/Stable
(Issuer Not Cooperating)
Raman Agro Exports Pvt Ltd             TL                CRISIL        70     -
                                                         B+/Stable
(Issuer Not Cooperating)
Ramdev Stainless Strips Pvt Ltd        CC                CRISIL        105    -
                                                         B/Stable
(Issuer Not Cooperating)
Ramdev Stainless Strips Pvt Ltd        TL                CRISIL        10     -
                                                         B/Stable
(Issuer Not Cooperating)
Rashmi Realty Builders Pvt Ltd         TL                CRISIL D      320    -
(Issuer Not Cooperating)
RBA Constructions Pvt Ltd              Proposed LT Bk    CRISIL        5      -
                                       Loan Fac          B+/Stable
(Issuer Not Cooperating)
Relcon Foundations Pvt Ltd             CC/ Overdraft Fac CRISIL        8      Migrated from
                                                         B+/Stable            CRISIL
                                                                              B+/Stable
(Issuer Not Cooperating)
Relcon Foundations Pvt Ltd             Proposed BG       CRISIL        20     Migrated from
                                                         B+/Stable            CRISIL
                                                                              B+/Stable
(Issuer Not Cooperating)
Relcon Foundations Pvt Ltd             Proposed CC Limit CRISIL        15     Migrated from
                                                         B+/Stable            CRISIL
                                                                              B+/Stable
(Issuer Not Cooperating)
Relcon Foundations Pvt Ltd             Proposed WC Fac   CRISIL        57     Migrated from
                                                         B+/Stable            CRISIL
                                                                              B+/Stable
(Issuer Not Cooperating)
Ridhi Auto Industries Pvt Ltd          CC                CRISIL        45     -
                                                         B+/Stable
(Issuer Not Cooperating)
Ridhi Auto Industries Pvt Ltd          Proposed LT Bk    CRISIL        40     -
                                       Loan Fac          B+/Stable
(Issuer Not Cooperating)
Ridhi Auto Industries Pvt Ltd          TL                CRISIL        15     -
                                                         B+/Stable
(Issuer Not Cooperating)
Ridhi Sidhi Iron Pvt Ltd               CC                CRISIL        130    Revised from
                                                         B/Stable             CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
Riya Travel and Tours India Pvt Ltd    CC                CRISIL        1100   Downgraded
                                                         BBB/Negative         from CRISIL
                                                                              BBB+/Negative
Riya Travel and Tours India Pvt Ltd    Proposed CC Limit CRISIL        475    Downgraded
                                                         BBB/Negative         from CRISIL
                                                                              BBB+/Negative
S K International Stones Pvt Ltd       CC                CRISIL        20     Revised from
                                                         B/Stable             CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
S K International Stones Pvt Ltd       Proposed LT Bk    CRISIL        1      Revised from
                                       Loan Fac          B/Stable             CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
S. B . Construction                    Proposed LT Bk    CRISIL        11     Reaffirmed
                                       Loan Fac          BB-/Stable
Sara Sae Pvt Ltd                       Bill Purchase -   CRISIL        130.8  Upgraded from
                                       Discounting Fac   B-/Stable            CRISIL D
Sara Sae Pvt Ltd                       CC                CRISIL        130.9  Upgraded from
                                                         B-/Stable            CRISIL D
Sara Sae Pvt Ltd                       Proposed LT Bk    CRISIL        392.4  Upgraded from
                                       Loan Fac          B-/Stable            CRISIL D
Sezon Papers Pvt Ltd                   CC                CRISIL        110    Revised from
                                                         B/Stable             CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
Sezon Papers Pvt Ltd                   TL                CRISIL        92.5   Revised from
                                                         B/Stable             CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
Shajan Jacob                           BG                -             15     Withdrawn
(Issuer Not Cooperating)
Shajan Jacob                           CC                -             70     Withdrawn
(Issuer Not Cooperating)
Shajan Jacob                           Proposed LT Bk    -             5      Withdrawn
                                       Loan Fac
(Issuer Not Cooperating)
Shakti Cot Fibers                      CC                CRISIL        60     -
                                                         B+/Stable
(Issuer Not Cooperating)
Shakti Cot Fibers                      TL                CRISIL        22.5   -
                                                         B+/Stable
(Issuer Not Cooperating)
Sharoff Steel Traders                  CC                CRISIL        190    -
                                                         B+/Stable
(Issuer Not Cooperating)
Sharu Special Alloys Pvt Ltd           CC                CRISIL        50     -
                                                         B+/Stable
(Issuer Not Cooperating)
Shreedhi Milk and Food Products Pvt LtdRatings           -             -      -
(CRISIL vide its publication dated October 14, 2020 highlighted the aspect of non-co-operation
by Shreedhi Milk and Food Products Private Limited)
Shyamsundar Satyanarayan Textiles Pvt  CC                CRISIL        200    Reaffirmed
Ltd                                                      BB/Stable
Silverline Electricals Pvt Ltd         CC                CRISIL        60     -
                                                         B+/Stable
(Issuer Not Cooperating)
Silverline Electricals Pvt Ltd         TL                CRISIL        30     -
                                                         B+/Stable
(Issuer Not Cooperating)
Skylark Warehousing Solutions Pvt Ltd  CC                CRISIL        25     -
                                                         B+/Stable
(Issuer Not Cooperating)
SLK Progressive Veneer Pvt Ltd         CC                CRISIL        5      -
                                                         B+/Stable
(Issuer Not Cooperating)
SLK Progressive Veneer Pvt Ltd         Proposed LT Bk    CRISIL        20     -
                                       Loan Fac          B+/Stable
(Issuer Not Cooperating)
SMH Shipping Pvt Ltd                   Foreign LOC       -             200    Withdrawn
(Issuer Not Cooperating)
Spy Frozen Foods Pvt Ltd               CC                CRISIL        20     -
                                                         B/Stable
(Issuer Not Cooperating)
Spy Frozen Foods Pvt Ltd               TL                CRISIL        75     -
                                                         B/Stable
(Issuer Not Cooperating)
Sri Muthumari Charitable and           TL                CRISIL D      70     -
Educational Trust
(Issuer Not Cooperating)
Sri Sai Leela Electrical Projects      BG                -             85     Withdrawn
(Issuer Not Cooperating)
Sri Sai Leela Electrical Projects      CC - Book Debt    -             45     Withdrawn
(Issuer Not Cooperating)
Sukhras Machines Pvt Ltd               CC                CRISIL        50     Assigned
                                                         BB-/Stable
(Suspension Revoked)
SVA Syntex Pvt Ltd                     CC                CRISIL        20     Migrated from
                                                         BB+/Stable           CRISIL
                                                                              BBB-/Stable
(Issuer Not Cooperating)
SVA Syntex Pvt Ltd                     LT Loan           CRISIL        20     Migrated from
                                                         BB+/Stable           CRISIL
                                                                              BBB-/Stable
(Issuer Not Cooperating)
SVA Syntex Pvt Ltd                     Proposed LT Bk    CRISIL        29.9   Migrated from
                                       Loan Fac          BB+/Stable           CRISIL
                                                                              BBB-/Stable
(Issuer Not Cooperating)
The Hi-Tech Gears Ltd                  LT Loan           CRISIL        595    Reaffirmed
                                                         BBB+/Stable
The Hi-Tech Gears Ltd                  WC Fac            CRISIL        905    Reaffirmed
                                                         BBB+/Stable
Tulsi Paper Mills Pvt Ltd              CC                CRISIL        225    Reaffirmed
                                                         BBB/Stable
(Outlook revised from Positive and rating reaffirmed)
Tulsi Paper Mills Pvt Ltd              Proposed LT Bk    CRISIL        170    Reaffirmed
                                       Loan Fac          BBB/Stable
(Outlook revised from Positive and rating reaffirmed)
Tulsi Paper Mills Pvt Ltd              TL                CRISIL        35     Reaffirmed
                                                         BBB/Stable
(Outlook revised from Positive and rating reaffirmed)
Virchand Narsi Cotton Pvt Ltd          CC                CRISIL        265    Reaffirmed
                                                         B+/Stable

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