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CRISIL ratings for Indian debt instruments-Oct 8

    Oct 8  - Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of October 7, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT  MOVEMENT
                                                                       (RS.MLN)
------                                ----------         ------        -----   ---------
SHORT TERM RATINGS:
-------------------
AIREF Engineers Pvt Ltd                BG                CRISIL A2     660    Downgraded
                                                                              from CRISIL
                                                                              A2+
AIREF Engineers Pvt Ltd                Proposed NFBL     CRISIL A2     325    Downgraded
                                                                              from CRISIL
                                                                              A2+
Apex Frozen Foods Ltd                  Export Funding    CRISIL A2+    1000   Reaffirmed
Apex Frozen Foods Ltd                  Non-FBL           CRISIL A2+    75     Reaffirmed
BLS Ecotech Ltd                        LOC               CRISIL A2     50     Reaffirmed
Centum Electronics Ltd                 LOC & BG          CRISIL A3     1327   Reaffirmed
Centum Electronics Ltd                 Packing Credit in CRISIL A3     200    Reaffirmed
                                       Foreign Currency
Dr. Kirpal Singh Bakshi Memorial Trust Overdraft         CRISIL A4+    37     Migrated from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
Dr. Kirpal Singh Bakshi Memorial Trust Proposed ST Bk    CRISIL A4+    3      Migrated from
                                       Loan Fac                               CRISIL A4+
(Issuer Not Cooperating)
Gupta Power Infrastructure Ltd         Non-FBL           CRISIL A2+    21800  Reaffirmed
Gupta Power Infrastructure Ltd         Proposed NFBL     CRISIL A2+    2000   Reaffirmed
K.T. Spinning Mills Pvt Ltd            BG                CRISIL A4+    5      Reaffirmed
K.T. Spinning Mills Pvt Ltd            Inland/Import LOC CRISIL A4+    20     Reaffirmed
Kalinga Commercial Corporation Ltd     BG                CRISIL A3     336    Upgraded from
                                                                              CRISIL A4+
Kopran Ltd                             BG                CRISIL A3+    7.5    Reaffirmed
Kopran Ltd                             LOC               CRISIL A3+    150    Reaffirmed
Kopran Ltd                             Loan Equivalent   CRISIL A3+    52.5   Reaffirmed
                                       Risk Limits
Kopran Research Laboratories Ltd       BG                CRISIL A3+    7.5    Reaffirmed
Kopran Research Laboratories Ltd       Foreign Exchange  CRISIL A3+    12.5   Reaffirmed
                                       Forward
Kopran Research Laboratories Ltd       LOC               CRISIL A3+    350    Reaffirmed
Mahatma Education Society              Overdraft         CRISIL A3     386.4  Downgraded
                                                                              from CRISIL
                                                                              A3+
(Placed on 'Rating Watch with Negative Implications')
Monorama Ultrascan Pvt Ltd             BG                CRISIL A4+    4.4    Downgraded
                                                                              from CRISIL A3
Monorama Ultrascan Pvt Ltd             Overdraft         CRISIL A4+    6.5    Downgraded
                                                                              from CRISIL A3
Mpower Infratech India Pvt Ltd         BG                CRISIL A3     200    Reaffirmed
Mpower Infratech India Pvt Ltd         Bill Discounting  CRISIL A3     50     Reaffirmed
                                       under LOC
N Ranganatha                           BG                CRISIL A4+    50     Reaffirmed
Narayani Sons India Pvt Ltd            BG                CRISIL A3+    500    Reaffirmed
R R Stones Pvt Ltd                     Bill Purchase     CRISIL A4+    70     Assigned
R R Stones Pvt Ltd                     Packing Credit    CRISIL A4+    140    Assigned
R. Velumani                            BG                CRISIL A4+    15     Migrated from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
R. Velumani                            Overdraft         CRISIL A4+    110    Migrated from
                                                                              CRISIL A4+
(Issuer Not Cooperating)
Tata Capital Financial Services Ltd    CP Programme(IPO  CRISIL A1+    50000  Assigned
                                       Financing)
Tata Capital Financial Services Ltd    CP Programme      CRISIL A1+    150000 Reaffirmed
Tata Sky Broadband Pvt Ltd             LOC               CRISIL A1+    500    Reaffirmed
Tata Sky Broadband Pvt Ltd             ST Loan           CRISIL A1+    1700   Reaffirmed
TATA Sky Ltd                           BG                CRISIL A1+    1570   Reaffirmed
TATA Sky Ltd                           Buyer`s Credit*   CRISIL A1+    4390   Reaffirmed
* Limits interchangeable across Letter of credit, Buyer's credit, and Term loan
TATA Sky Ltd                           Proposed ST Bk    CRISIL A1+    12070  Reaffirmed
                                       Loan Fac*
* Limits interchangeable across Letter of credit, Buyer's credit, and Term loan
TATA Sky Ltd                           ST Loan*          CRISIL A1+    7680   Reaffirmed
* Limits interchangeable across Letter of credit, Buyer's credit, and Term loan
Ujaas Energy Ltd                       BG                CRISIL D      623.7  Downgraded
                                                                              from CRISIL A4
Ujaas Energy Ltd                       LOC               CRISIL D      342    Downgraded
                                                                              from CRISIL A4
Vallabhji Malsi and Co.                BG                CRISIL A2+    50     Reaffirmed
Vital Laboratories Pvt Ltd             LOC               CRISIL A2     750    Reaffirmed
VNR Exports                            Bill Discounting  CRISIL A4+    50     Reaffirmed




LONG TERM RATINGS:
-------------------
AIREF Engineers Pvt Ltd                CC                CRISIL        15     Downgraded
                                                         BBB/Stable           from CRISIL
                                                                              BBB+/Negative
Apex Frozen Foods Ltd                  Foreign Currency  CRISIL        51.7   Reaffirmed
                                       TL                A-/Stable
Apex Frozen Foods Ltd                  Proposed LT Bk    CRISIL        21     Reaffirmed
                                       Loan Fac          A-/Stable
BLS Ecotech Ltd                        CC                CRISIL        550    Reaffirmed
                                                         BBB+/Stable
BLS Ecotech Ltd                        LT Loan           CRISIL        424.4  Reaffirmed
                                                         BBB+/Stable
BLS Ecotech Ltd                        Proposed LT Bk    CRISIL        159.1  Reaffirmed
                                       Loan Fac          BBB+/Stable
BLS Ecotech Ltd                        Standby LOC       CRISIL        504.4  Reaffirmed
                                                         BBB+/Stable
Centum Electronics Ltd                 CC                CRISIL        410    Reaffirmed
                                                         BBB-/Stable
Centum Electronics Ltd                 Cash TL           CRISIL        380    Reaffirmed
                                                         BBB-/Stable
Centum Electronics Ltd                 Export Packing    CRISIL        1250   Reaffirmed
                                       Credit            BBB-/Stable
Centum Electronics Ltd                 WC Demand Loan    CRISIL        430    Reaffirmed
                                                         BBB-/Stable
Dr. Kirpal Singh Bakshi Memorial Trust LT Loan           CRISIL        40     Migrated from
                                                         BB+/Stable           CRISIL
                                                                              BB+/Stable
(Issuer Not Cooperating)
Gupta Power Infrastructure Ltd         FB Fac            CRISIL        9900   Reaffirmed
                                                         A-/Stable
Gupta Power Infrastructure Ltd         Proposed FB Bk    CRISIL        1550   Reaffirmed
                                       Limits            A-/Stable
Integrated Enterprises India Pvt Ltd   BG                -             400    Withdrawn
Integrated Enterprises India Pvt Ltd   Overdraft         -             450    Withdrawn
K.T. Spinning Mills Pvt Ltd            Overdraft         CRISIL        75     Reaffirmed
                                                         BB-/Stable
Kalinga Commercial Corporation Ltd     CC                CRISIL        390    Upgraded from
                                                         BBB-/Stable          CRISIL
                                                                              BB+/Stable
Kalinga Commercial Corporation Ltd     Funded Interest TLCRISIL        137.7  Upgraded from
                                                         BBB-/Stable          CRISIL
                                                                              BB+/Stable
Kalinga Commercial Corporation Ltd     WC TL             CRISIL        86.3   Upgraded from
                                                         BBB-/Stable          CRISIL
                                                                              BB+/Stable
Kopran Ltd                             CC                CRISIL        150    Reaffirmed
                                                         BBB/Positive
(Outlook revised from 'Stable' and rating reaffirmed)
Kopran Ltd                             Proposed LT Bk    CRISIL        625    Reaffirmed
                                       Loan Fac          BBB/Positive
(Outlook revised from 'Stable' and rating reaffirmed)
Kopran Research Laboratories Ltd       CC                CRISIL        250    Reaffirmed
                                                         BBB/Positive
(Outlook revised from 'Stable' and rating reaffirmed)
Kopran Research Laboratories Ltd       TL                CRISIL        10     Reaffirmed
                                                         BBB/Positive
(Outlook revised from 'Stable' and rating reaffirmed)
M. P. Ceramics                         CC                CRISIL        230    Reaffirmed
                                                         BB/Stable
Mahatma Education Society              Proposed LT Bk    CRISIL BBB-   84.2   Downgraded
                                       Loan Fac                               from CRISIL
                                                                              BBB/Stable
(Placed on 'Rating Watch with Negative Implications')
Mahatma Education Society              TL                CRISIL BBB-   1529.4 Downgraded
                                                                              from CRISIL
                                                                              BBB/Stable
(Placed on 'Rating Watch with Negative Implications')
Manko Natural Flavours And Extracts PvtCC                CRISIL        40     Reaffirmed
Ltd                                                      BBB-/Stable
(Outlook revised from 'Positive' and rating reaffirmed)
Manko Natural Flavours And Extracts PvtExport Packing    CRISIL        160    Reaffirmed
Ltd                                    Credit            BBB-/Stable
(Outlook revised from 'Positive' and rating reaffirmed)
Manko Natural Flavours And Extracts PvtLT Loan           CRISIL        55     Reaffirmed
Ltd                                                      BBB-/Stable
(Outlook revised from 'Positive' and rating reaffirmed)
Manorama Hospitex Pvt Ltd              CC                CRISIL        6      Reaffirmed
                                                         BB/Stable
Manorama Hospitex Pvt Ltd              LT Loan           CRISIL        55     Reaffirmed
                                                         BB/Stable
Manorama Hospitex Pvt Ltd              Proposed LT Bk    CRISIL        89     Reaffirmed
                                       Loan Fac          BB/Stable
Monorama Ultrascan Pvt Ltd             LT Loan           CRISIL        50.4   Downgraded
                                                         BB+/Stable           from CRISIL
                                                                              BBB-/Stable
Monorama Ultrascan Pvt Ltd             Proposed LT Bk    CRISIL        88.7   Downgraded
                                       Loan Fac          BB+/Stable           from CRISIL
                                                                              BBB-/Stable
Mpower Infratech India Pvt Ltd         CC                CRISIL        550    Reaffirmed
                                                         BBB-/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
Mpower Infratech India Pvt Ltd         LT Loan           CRISIL        120    Reaffirmed
                                                         BBB-/Negative
(Outlook revised from 'Stable' and rating reaffirmed)
N Ranganatha                           Overdraft         CRISIL        60     Upgraded from
                                                         BB+/Stable           CRISIL
                                                                              BB/Stable
N Ranganatha                           Proposed FB Bk    CRISIL        40     Upgraded from
                                       Limits            BB+/Stable           CRISIL
                                                                              BB/Stable
Narayani Sons India Pvt Ltd            CC                CRISIL        200    Reaffirmed
                                                         BBB/Stable
Narayani Sons India Pvt Ltd            Proposed LT Bk    CRISIL        200    Reaffirmed
                                       Loan Fac          BBB/Stable
R. Velumani                            Proposed WC Fac   CRISIL        50     Migrated from
                                                         BB-/Stable           CRISIL
                                                                              BB-/Stable
(Issuer Not Cooperating)
Raigarh Ispat and Power Pvt Ltd        BG                -             10     Withdrawn
(Issuer Not Cooperating)
Raigarh Ispat and Power Pvt Ltd        CC                -             285    Withdrawn
(Issuer Not Cooperating)
Raigarh Ispat and Power Pvt Ltd        TL                -             205    Withdrawn
(Issuer Not Cooperating)
Rajesh Milk And Edible Products Pvt LtdProposed LT Bk    CRISIL        10     Assigned
                                       Loan Fac          BB-/Stable
Rajesh Milk And Edible Products Pvt LtdCC                CRISIL        10     Assigned
                                                         BB-/Stable
Rajesh Milk And Edible Products Pvt LtdLT Loan           CRISIL        80     Assigned
                                                         BB-/Stable
Shyam Chemicals Pvt Ltd                CC                -             185    Withdrawn
Social Educational Trust               CC/ Overdraft Fac CRISIL        50     Reaffirmed
                                                         B+/Stable
Social Educational Trust               LT Loan           CRISIL        91.8   Reaffirmed
                                                         B+/Stable
Social Educational Trust               Proposed LT Bk    CRISIL        63.2   Reaffirmed
                                       Loan Fac          B+/Stable
Tata Capital Financial Services Ltd    Perpetual Bonds   CRISIL        5000   Reaffirmed
                                                         AA+/Stable
Tata Capital Financial Services Ltd    Subordinated Debt CRISIL        5000   Reaffirmed
                                                         AAA/Stable
Tata Capital Financial Services Ltd    Subordinated Debt CRISIL        15000  Reaffirmed
                                                         AAA/Stable
Tata Capital Financial Services Ltd    NCD               CRISIL        10000  Reaffirmed
                                                         AAA/Stable
Tata Capital Financial Services Ltd    NCD               CRISIL        15000  Reaffirmed
                                                         AAA/Stable
Tata Capital Financial Services Ltd    NCD               CRISIL        10000  Reaffirmed
                                                         AAA/Stable
Tata Capital Financial Services Ltd    NCDs              CRISIL        112405 Reaffirmed
                                                         AAA/Stable
Tata Capital Financial Services Ltd    Retail Bonds*     CRISIL        75000  Reaffirmed
                                                         AAA/Stable
*Includes Non-Convertible Debentures and Subordinated Debt
Tata Capital Financial Services Ltd    LT Principal      CRISIL PP-MLD 25000  Reaffirmed
                                       Protected Market  AAAr/Stable
                                       Linked Debentures
Tata Sky Broadband Pvt Ltd             Foreign LOC       CRISIL        2450   Reaffirmed
                                                         AA/Stable
Tata Sky Broadband Pvt Ltd             Overdraft         CRISIL        350    Reaffirmed
                                                         AA/Stable
Tata Sky Broadband Pvt Ltd             Proposed LT Bk    CRISIL        5000   Reaffirmed
                                       Loan Fac          AA/Stable
TATA Sky Ltd                           LOC*              CRISIL        25790  Reaffirmed
                                                         AA/Stable
* Limits interchangeable across Letter of credit, Buyer's credit, and Term loan
Ujaas Energy Ltd                       CC                CRISIL D      295    Downgraded
                                                                              from CRISIL
                                                                              B-/Negative
Ujaas Energy Ltd                       Proposed FB Bk    CRISIL D      2338.8 Downgraded
                                       Limits                                 from CRISIL
                                                                              B-/Negative
Ujaas Energy Ltd                       Standby Fund BasedCRISIL D      80     Downgraded
                                       WC                                     from CRISIL
                                                                              B-/Negative
Ujaas Energy Ltd                       TL                CRISIL D      690.5  Downgraded
                                                                              from CRISIL
                                                                              B-/Negative
Vallabhji Malsi and Co.                Proposed WC Fac   CRISIL        150    Reaffirmed
                                                         A-/Stable
Vallabhji Malsi and Co.                WC Fac            CRISIL        1200   Reaffirmed
                                                         A-/Stable
VGN Homes Pvt Ltd                      Bill Purchase     -             10     Withdrawn
(Issuer Not Cooperating)
VGN Homes Pvt Ltd                      LT Loan           -             1315   Withdrawn
(Issuer Not Cooperating)
VGN Homes Pvt Ltd                      Overdraft         -             140    Withdrawn
(Issuer Not Cooperating)
VGN Homes Pvt Ltd                      Proposed LT Bk    -             285    Withdrawn
                                       Loan Fac
(Issuer Not Cooperating)
Vital Laboratories Pvt Ltd             CC                CRISIL        1250   Reaffirmed
                                                         BBB+/Stable
Vital Laboratories Pvt Ltd             Proposed WC Fac   CRISIL        180    Reaffirmed
                                                         BBB+/Stable
Vital Laboratories Pvt Ltd             TL                CRISIL        1070   Reaffirmed
                                                         BBB+/Stable
VNR Exports                            CC                CRISIL        30     Downgraded
                                                         BB/Negative          from CRISIL
                                                                              BB+/Negative
VNR Exports                            Packing Credit    CRISIL        160    Downgraded
                                                         BB/Negative          from CRISIL
                                                                              BB+/Negative


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