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CRISIL ratings for Indian debt instruments-Oct 7

    Oct 7  - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of October 6, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT  MOVEMENT
                                                                       (RS.MLN)
------                                ----------         ------        -----   ---------
SHORT TERM RATINGS:
-------------------
B. Patel Infrastructure Pvt Ltd        BG                CRISIL A4+    330    Reaffirmed
Benco Thermal Technologies Pvt Ltd     BG                CRISIL A4     50     Reaffirmed
Diamond India Ltd                      BG                CRISIL A2+    650    Reaffirmed
Gujarat Flotex Pvt Ltd                 BG                CRISIL A3+    10     Reaffirmed
Gujarat Flotex Pvt Ltd                 LOC               CRISIL A3+    20     Reaffirmed
INOX Leisure Ltd                       BG                CRISIL A1+    508.5  Reaffirmed
(Removed from 'Rating Watch with Negative Implications'; Rating Reaffirmed)
INOX Leisure Ltd                       LOC               CRISIL A1+    200    Reaffirmed
(Removed from 'Rating Watch with Negative Implications'; Rating Reaffirmed)
INOX Leisure Ltd                       Overdraft*        CRISIL A1+    250    Reaffirmed
(Removed from 'Rating Watch with Negative Implications'; Rating Reaffirmed)/*Letter of Credit of
Rs. 10 crore as a sub-limit.
INOX Leisure Ltd                       Overdraft**       CRISIL A1+    700    Reaffirmed
(Removed from 'Rating Watch with Negative Implications'; Rating Reaffirmed)/**One-time
short-term loan of Rs 70 crore and short-term line of credit, bank guarantee, and letter of
credit aggregating Rs 16 crore is a sub-limit
Jasubhai Engineering Pvt Ltd           BG                CRISIL A4+    130    Reaffirmed
Jasubhai Engineering Pvt Ltd           LOC               CRISIL A4+    16.5   Reaffirmed
Jasubhai Engineering Pvt Ltd           Packing Credit    CRISIL A4+    9.2    Reaffirmed
K.K. Construction And Builders         BG                CRISIL A3     180    Upgraded from
                                                                              CRISIL A4+
Milky Mist Dairy Food Pvt Ltd          BG                CRISIL A3     110    Reassigned
Motherson Molds and Diecasting Ltd     BG                CRISIL A1+    70     Reaffirmed
Motherson Molds and Diecasting Ltd     Foreign Exchange  CRISIL A1+    2.5    Reaffirmed
                                       Forward
Motherson Molds and Diecasting Ltd     LOC               CRISIL A1+    20     Reaffirmed
Offshore Marinetech Pvt Ltd            BG                CRISIL A4+    105    Reaffirmed
Offshore Marinetech Pvt Ltd            LOC               CRISIL A4+    10     Reaffirmed
Palvi Industries Ltd                   Foreign Exchange  CRISIL A3     10     Reaffirmed
                                       Forward
Palvi Industries Ltd                   LOC               CRISIL A3     130    Reaffirmed
Palvi Industries Ltd                   Packing Credit in CRISIL A3     65     Reaffirmed
                                       Foreign Currency
Pandian Textile Mills Pvt Ltd          BG                CRISIL A2     2      Reaffirmed
Power Control Equipments               BG                CRISIL A4+    35     Assigned
Ranjit Kumar Dandapat (C.S. Bottling   BG                CRISIL A4     2      -
Plant Cum Ware House)
(Revised from 'CRISIL A4 Issuer Not Cooperating' to 'CRISIL D' and Simultaneously Revised to
'CRISIL A4')
Samvardhana Motherson International LtdCP                CRISIL A1+    4000   Reaffirmed
Shyam Sel and Power Ltd                CP                CRISIL A1+    500    -
(Placed on 'Rating Watch with Negative implications')
Span Associates                        BG                CRISIL A4+    30     Reaffirmed
Shyam Sel and Power Ltd                BG                CRISIL        490    -
                                                         A1+/Watch
                                                         Negative
(Placed on 'Rating Watch with Negative implications')
Shyam Sel and Power Ltd                LOC               CRISIL        4050   -
                                                         A1+/Watch
                                                         Negative
(Placed on 'Rating Watch with Negative implications')
Shyam Sel and Power Ltd                Proposed BG       CRISIL        260    -
                                                         A1+/Watch
                                                         Negative
(Placed on 'Rating Watch with Negative implications')
Shyam Sel and Power Ltd                Proposed LOC      CRISIL        450    -
                                                         A1+/Watch
                                                         Negative
(Placed on 'Rating Watch with Negative implications')
Shyam Sel and Power Ltd                Proposed LT Bk    CRISIL        50     -
                                       Loan Fac          A1+/Watch
                                                         Negative
(Placed on 'Rating Watch with Negative implications')
Shyam Sel and Power Ltd                TL^               CRISIL        73.5   -
                                                         A1+/Watch
                                                         Negative
(Placed on 'Rating Watch with Negative implications') / ^INR equivalent of USD 1.50 million
Torrent Gas Pune Ltd                   Non-FBL           CRISIL A1+(CE)609.6  Reaffirmed




LONG TERM RATINGS:
-------------------
Arvind Cotsyn India Ltd                CC                CRISIL        140    Downgraded
                                                         BBB/Stable           from CRISIL
                                                                              BBB+/Stable
Arvind Cotsyn India Ltd                TL                CRISIL        90     Downgraded
                                                         BBB/Stable           from CRISIL
                                                                              BBB+/Stable
Arvind Dyeing and Bleaching Mills Pvt  CC                CRISIL        180    Downgraded
Ltd                                                      BBB/Stable           from CRISIL
                                                                              BBB+/Stable
Arvind Dyeing and Bleaching Mills Pvt  Rupee TL          CRISIL        290    Downgraded
Ltd                                                      BBB/Stable           from CRISIL
                                                                              BBB+/Stable
Arvind Dyeing and Bleaching Mills Pvt  TL                CRISIL        330    Downgraded
Ltd                                                      BBB/Stable           from CRISIL
                                                                              BBB+/Stable
B. Patel Infrastructure Pvt Ltd        CC                CRISIL        70     Reaffirmed
                                                         BB/Stable
Benco Thermal Technologies Pvt Ltd     CC                CRISIL        40     Reaffirmed
                                                         B+/Stable
Bhagwati Food                          CC                CRISIL        150    Reaffirmed
                                                         BB-/Stable
Bhagwati Food                          Proposed FB Bk    CRISIL        0.4    Reaffirmed
                                       Limits            BB-/Stable
Bhagwati Food                          TL                CRISIL        24.6   Reaffirmed
                                                         BB-/Stable
Bharathi Vidhyalaya Educational Trust  TL                CRISIL        140    Migrated from
                                                         BB/Stable            CRISIL
                                                                              BB/Stable
(Issuer Not Cooperating)
Diamond India Ltd                      Standby LOC       CRISIL        650    Reaffirmed
                                                         A-/Stable
Gujarat Flotex Pvt Ltd                 CC                CRISIL        370    Reaffirmed
                                                         BBB/Stable
Gujarat Flotex Pvt Ltd                 TL                CRISIL        195    Reaffirmed
                                                         BBB/Stable
INOX Leisure Ltd                       LT Loan           CRISIL        750    Reaffirmed
                                                         AA-/Negative
(Removed from 'Rating Watch with Negative Implications'; Rating Reaffirmed)
INOX Leisure Ltd                       Proposed LT Bk    CRISIL        357    Reaffirmed
                                       Loan Fac          AA-/Negative
(Removed from 'Rating Watch with Negative Implications'; Rating Reaffirmed)
INOX Leisure Ltd                       TL                CRISIL        431.3  Reaffirmed
                                                         AA-/Negative
(Removed from 'Rating Watch with Negative Implications'; Rating Reaffirmed)
Jasubhai Engineering Pvt Ltd           CC                CRISIL        95     Reaffirmed
                                                         BB/Stable
Jasubhai Engineering Pvt Ltd           Proposed LT Bk    CRISIL        11     Reaffirmed
                                       Loan Fac          BB/Stable
Jasubhai Engineering Pvt Ltd           TL                CRISIL        55     Reaffirmed
                                                         BB/Stable
K. N. K. Chemicals                     CC                CRISIL        150    Assigned
                                                         BB-/Stable
K.K. Construction And Builders         Proposed BG       CRISIL        500    Upgraded from
                                                         BBB-/Stable          CRISIL
                                                                              BB+/Stable
K.K. Construction And Builders         Secured Overdraft CRISIL        24     Upgraded from
                                       Fac               BBB-/Stable          CRISIL
                                                                              BB+/Stable
Lioli Ceramica Pvt Ltd                 CC                CRISIL        183.6  Assigned
                                                         B-/Stable
Lioli Ceramica Pvt Ltd                 TL                CRISIL        401.4  Assigned
                                                         B-/Stable
Little Scholar`s Academy Society       LT Loan           CRISIL        67.3   Migrated from
                                                         B+/Stable            CRISIL
                                                                              B+/Stable
(Issuer Not Cooperating)
Little Scholar`s Academy Society       Overdraft         CRISIL        13.5   Migrated from
                                                         B+/Stable            CRISIL
                                                                              B+/Stable
(Issuer Not Cooperating)
Macawber Beekay Pvt Ltd                BG                -             5550   Withdrawn
Macawber Beekay Pvt Ltd                CC                -             3000   Withdrawn
Macawber Beekay Pvt Ltd                LOC               -             700    Withdrawn
Macawber Beekay Pvt Ltd                LOC & BG          -             1850   Withdrawn
Macawber Beekay Pvt Ltd                Proposed LT Bk    -             900    Withdrawn
                                       Loan Fac
Milky Mist Dairy Food Pvt Ltd          CC                CRISIL        550    Reaffirmed
                                                         BBB-/Stable
(Outlook revised from 'Negative' and rating reaffirmed)
Milky Mist Dairy Food Pvt Ltd          TL                CRISIL        4088.1 Reaffirmed
                                                         BBB-/Stable
(Outlook revised from 'Negative' and rating reaffirmed)
Motherson Molds and Diecasting Ltd     CC                CRISIL        60     -
                                                         AA-/Watch
                                                         Positive
(Continues on 'Rating Watch with Positive Implications')
Motherson Molds and Diecasting Ltd     TL                CRISIL        116    -
                                                         AA-/Watch
                                                         Positive
(Continues on 'Rating Watch with Positive Implications')
Muthoot Capital Services Ltd - VC Enko Series A1 PTCs    Provisional   299.7  Provisional
09 2020                                                  CRISIL AA+           Rating
                                                         (SO)                 Assigned
Offshore Marinetech Pvt Ltd            CC                CRISIL        115    Reaffirmed
                                                         BB/Stable
Oxygen Business Park Pvt Ltd           Proposed LT Bk    -             91     Withdrawn
                                       Loan Fac
Oxygen Business Park Pvt Ltd           TL                -             3409   Withdrawn
Palathra Constructions Pvt Ltd         CC                CRISIL        250    Migrated from
                                                         BB-/Stable           CRISIL
                                                                              B+/Stable
(Issuer Not Cooperating)
Palvi Industries Ltd                   CC                CRISIL        40     Reaffirmed
                                                         BBB-/Stable
Palvi Industries Ltd                   Export Packing    CRISIL        95     Reaffirmed
                                       Credit            BBB-/Stable
Palvi Industries Ltd                   LT Loan           CRISIL        10.2   Reaffirmed
                                                         BBB-/Stable
Palvi Industries Ltd                   Packing Credit    CRISIL        10     Reaffirmed
                                       (pre-shipment     BBB-/Stable
                                       credit)
Pandian Textile Mills Pvt Ltd          CC                CRISIL        260    Reaffirmed
                                                         BBB+/Stable
Pandian Textile Mills Pvt Ltd          LT Loan           CRISIL        18     Reaffirmed
                                                         BBB+/Stable
Power Control Equipments               CC                CRISIL        60     Assigned
                                                         BB/Stable
Power Control Equipments               Proposed FB Bk    CRISIL        43     Assigned
                                       Limits            BB/Stable
Power Control Equipments               WC Demand Loan    CRISIL        22     Assigned
                                                         BB/Stable
PVR Ltd                                Overdraft         CRISIL        90     Reaffirmed
                                                         AA/Negative
(Removed from 'Rating Watch with Negative Implications'; Rating Reaffirmed)
PVR Ltd                                Proposed TL       CRISIL        901.6  Reaffirmed
                                                         AA/Negative
(Removed from 'Rating Watch with Negative Implications'; Rating Reaffirmed)
PVR Ltd                                TL                CRISIL        7241.7 Reaffirmed
                                                         AA/Negative
(Removed from 'Rating Watch with Negative Implications'; Rating Reaffirmed)
PVR Ltd                                NCDs              CRISIL        4100   Reaffirmed
                                                         AA/Negative
(Removed from 'Rating Watch with Negative Implications'; Rating Reaffirmed)
PVR Ltd                                LT Principal      CRISIL PP-MLD 500    Assigned
                                       Protected Market  AAr/Negative
                                       Linked Debentures
Ranjit Kumar Dandapat (C.S. Bottling   CC                CRISIL        22.5   -
Plant Cum Ware House)                                    B/Stable
(Revised from 'CRISIL B+/Stable Issuer Not Cooperating' to 'CRISIL D' and Simultaneously Revised
to 'CRISIL B/Stable')
Ranjit Kumar Dandapat (C.S. Bottling   Proposed LT Bk    CRISIL        4.4    -
Plant Cum Ware House)                  Loan Fac          B/Stable
(Revised from 'CRISIL B+/Stable Issuer Not Cooperating' to 'CRISIL D' and Simultaneously Revised
to 'CRISIL B/Stable')
Ranjit Kumar Dandapat (C.S. Bottling   TL                CRISIL        24.6   -
Plant Cum Ware House)                                    B/Stable
(Revised from 'CRISIL B+/Stable Issuer Not Cooperating' to 'CRISIL D' and Simultaneously Revised
to 'CRISIL B/Stable')
Samvardhana Motherson Auto Component   CC                CRISIL        50     -
Pvt Ltd                                                  A+/Watch
                                                         Positive
(Continues on 'Rating Watch with Positive Implications')
Samvardhana Motherson Auto Component   TL                CRISIL        350    -
Pvt Ltd                                                  A+/Watch
                                                         Positive
(Continues on 'Rating Watch with Positive Implications')
Samvardhana Motherson International LtdNCD               CRISIL AA-    7000   -
(Continues on 'Rating Watch with Positive Implications')
Shyam Sel and Power Ltd                CC                CRISIL        2650   -
                                                         AA-/Watch
                                                         Negative
(Placed on 'Rating Watch with Negative implications')
Span Associates                        Bill Discounting  CRISIL        24     Reaffirmed
                                                         BB/Stable
Span Associates                        CC                CRISIL        90     Reaffirmed
                                                         BB/Stable
Span Associates                        Rupee TL          CRISIL        26     Reaffirmed
                                                         BB/Stable
Span Associates                        Proposed WC Fac   CRISIL        40     Reaffirmed
                                                         BB/Stable
Sudershan Casting Pvt Ltd              CC                CRISIL        60     Assigned
                                                         BB-/Stable
Torrent Gas Pune Ltd                   TL                CRISIL A/     3480.4 Reaffirmed
                                                         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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