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CRISIL ratings for Indian debt instruments-Sep 19
September 19, 2017 / 7:00 AM / 3 months ago

CRISIL ratings for Indian debt instruments-Sep 19

    Sep 19 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of September 18, 2017.


COMPANY                                 INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                         (RS.MLN)
------                                  ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
A One Duty Free Pvt Ltd                 BG                 CRISIL A4      120     Reaffirmed
Active Tools Pvt Ltd                    Packing Credit     CRISIL A4+     80      Reaffirmed
Airson Ceramic Industries               BG                 CRISIL A4      10      Downgraded
                                                                                  from CRISIL
                                                                                  A4+
ANR International Pvt Ltd               Inland/Import LOC  CRISIL A4+     150     Reaffirmed
ANR International Pvt Ltd               Overdraft          CRISIL A4+     1       Reaffirmed
Antila Ceramic Pvt Ltd                  BG                 CRISIL A4+     22.5    Reaffirmed
Arctic Agro Foods Pvt Ltd               Packing Credit     CRISIL A4+     14      Reaffirmed
Automark Industries India Ltd           BG                 CRISIL A4+     20      Reaffirmed
Automark Technologies India Pvt Ltd     LOC                CRISIL A4+     140     Reaffirmed
BDB Exim Pvt Ltd                        BG                 CRISIL A4+     1       Upgraded from
                                                                                  CRISIL A4
BDB Exim Pvt Ltd                        Packing Credit     CRISIL A4+     99      Upgraded from
                                                                                  CRISIL A4
BDB Exports Pvt Ltd                     BG                 CRISIL A4+     2.5     Upgraded from
                                                                                  CRISIL A4
Bharat Aluminium Co. Ltd                Bill Discounting   CRISIL A1+     2900    Reaffirmed
Bharat Aluminium Co. Ltd                LOC & BG           CRISIL A1+     20000   Reaffirmed
Bharat Aluminium Co. Ltd                CP Programme       CRISIL A1+     20000   Reassigned
Bharat Aluminium Co. Ltd                CP Programme^      CRISIL A1+(SO) 2500    Reaffirmed
^Guaranteed by Vedanta Ltd
Bucon Infratech Pvt Ltd                 BG                 CRISIL A4      50      Assigned
Dugal Associates                        BG                 CRISIL A4+     15      Reaffirmed
Dugal Associates                        Proposed BG        CRISIL A4+     38.7    Reaffirmed
ECL Finance Ltd                         ST Debt Issue*     CRISIL A1+     50000   Assigned
*Assigned for initial/ follow-on public offer financing on episodic basis. 
ECL Finance Ltd                         ST Debt (Including CRISIL A1+     36000   Reaffirmed
                                        ST NCD) 
ECL Finance Ltd                         ST Debt Issue*     CRISIL A1+     60000   Reaffirmed
*Assigned for initial/ follow-on public offer financing on episodic basis. 
ECL Finance Ltd                         ST Debt Issue*     CRISIL A1+     40000   Reaffirmed
*Assigned for initial/ follow-on public offer financing on episodic basis. 
ECL Finance Ltd                         ST Debt Issue*     CRISIL A1+     50000   Reaffirmed
*Assigned for initial/ follow-on public offer financing on episodic basis. 
ECL Finance Ltd                         ST Debt Issue*     CRISIL A1+     50000   Reaffirmed
*Assigned for initial/ follow-on public offer financing on episodic basis. 
ECL Finance Ltd                         ST Prin Protected  CRISIL PP-MLD  12000   Reaffirmed
                                        Market Linked      A1+r
                                        Debentures 
Edelweiss Commodities Services Ltd      ST Bk Fac          CRISIL A1+     600     Reaffirmed
Edelweiss Commodities Services Ltd      Standby LOC        CRISIL A1+     1520    Reaffirmed
Edelweiss Commodities Services Ltd      ST Debt Issue      CRISIL A1+     55000   Assigned
Edelweiss Commodities Services Ltd      ST Debt Issue*     CRISIL A1+     40000   Reaffirmed
*Assigned for initial/follow-on public offer financing on episodic basis.
Edelweiss Commodities Services Ltd      ST Debt Issue*     CRISIL A1+     55000   Reaffirmed
*Assigned for initial/follow-on public offer financing on episodic basis.
Edelweiss Commodities Services Ltd      ST Debt Issue*     CRISIL A1+     55000   Reaffirmed
*Assigned for initial/follow-on public offer financing on episodic basis.
Edelweiss Commodities Services Ltd      ST Debt Issue*     CRISIL A1+     50000   Reaffirmed
*Assigned for initial/follow-on public offer financing on episodic basis.
Edelweiss Commodities Services Ltd      ST Debt Issue*     CRISIL A1+     5000    Reaffirmed
*Assigned for initial/follow-on public offer financing on episodic basis.
Edelweiss Commodities Services Ltd      ST Debt (Including CRISIL A1+     70000   Reaffirmed
                                        ST NCD)
Elgi Ultra Industries Ltd               LOC                CRISIL A2      20      Reaffirmed
Evertogen Life Science Ltd              Inland/Import LOC  CRISIL A3      200     Assigned
GIC Housing Finance Ltd                 CP                 CRISIL A1+     15000   Reaffirmed
(Enhanced From Rs.800 Crore) 
Global Ceramics Pvt Ltd                 LOC                CRISIL A4+     60      Reaffirmed
Goldstone Infratech Ltd                 BG                 CRISIL A3      487.9   Reaffirmed
Goldstone Infratech Ltd                 LOC                CRISIL A3      170     Reaffirmed
Good Leather Company                    Export Packing     CRISIL A3+     45      Reaffirmed
                                        Credit
Good Leather Company                    Foreign Bill       CRISIL A3+     10      Reaffirmed
                                        Discounting
Good Leather Company                    LOC                CRISIL A3+     32      Reaffirmed
Good Leather Company                    Standby Line of    CRISIL A3+     18      Reaffirmed
                                        Credit
Good Leather Shoes Pvt Ltd              Bill Discounting   CRISIL A3+     30      Reaffirmed
Good Leather Shoes Pvt Ltd              Export Packing     CRISIL A3+     140     Reaffirmed
                                        Credit
Good Leather Shoes Pvt Ltd              LOC                CRISIL A3+     32      Reaffirmed
Good Leather Shoes Pvt Ltd              Standby Line of    CRISIL A3+     40.4    Reaffirmed
                                        Credit
H. Riddhesh and Co.                     Foreign            CRISIL A4+     45      Reaffirmed
                                        Discounting Bill
                                        Purchase
H. Riddhesh and Co.                     Packing Credit in  CRISIL A4+     45      Reaffirmed
                                        Foreign Currency
Hyundai Motor India Ltd                 BG#                CRISIL A1+     100     Reaffirmed
#Bank guarantee is interchangeable with letter of credit.
Hyundai Motor India Ltd                 Packing Credit*    CRISIL A1+     29815   Reaffirmed

*Interchangeable with letter of credit, buyer's credit, short-term loan, overdraft, bill
discounting, and bank guarantee
Hyundai Motor India Ltd                 Proposed ST Bk     CRISIL A1+     7085    Reaffirmed
                                        Loan Fac
Hyundai Motor India Ltd                 ST Debt            CRISIL A1+     1000    Reaffirmed
Indo-German International Pvt Ltd       LOC & BG           CRISIL A4      80      Reaffirmed
Indo-German International Pvt Ltd       Packing Credit *   CRISIL A4      150     Reaffirmed
* Fully interchangeable with clean packing credit, foreign discounted bill, foreign bill of
exchange, and letter of credit. Sub limit of Rs.30 million for ODBD
Industrial Electrics - Delhi            BG                 CRISIL A4+     150     Reaffirmed
J.K. Associates                         BG                 CRISIL A4      15      Reaffirmed
J.K. Associates                         LOC                CRISIL A4      100     Reaffirmed
James Walker Inmarco Industries Pvt Ltd BG                 CRISIL A3+     15      Assigned
K. V. Chinnaaih                         BG                 CRISIL A4      30      Reaffirmed
Logon India Infrastructure Pvt Ltd      BG                 CRISIL A4      200     Reaffirmed
Logon India Infrastructure Pvt Ltd      Proposed ST Bk     CRISIL A4      200     Reaffirmed
                                        Loan Fac
Mateshwari Paper Mill Pvt Ltd           Proposed LOC       CRISIL A4      6       Reaffirmed
Matri Mandir Himghar Pvt Ltd            BG                 CRISIL A4      8.7     Reaffirmed
Mawana Foods Pvt Ltd                    LOC & BG           CRISIL A4      35      Reaffirmed
Melco India Pvt Ltd                     BG                 CRISIL A4+     250     Reaffirmed
Melco India Pvt Ltd                     LOC                CRISIL A4+     20      Reaffirmed
National Housing Bank                   Proposed ST Bk     CRISIL A1+     60000   Reaffirmed
                                        Loan Fac
National Housing Bank                   CP                 CRISIL A1+     60000   Assigned
NF Infratech Service Pvt Ltd            BG                 CRISIL A4+     20      Reaffirmed
Northern Electric Cables Pvt Ltd        Overdraft          CRISIL A4      46      Reaffirmed
Oriental Metal Works                    Foreign Exchange   CRISIL A4+     2.5     Upgraded from
                                        Forward                                   CRISIL A4
Power Finance Corporation Ltd           ST Borrowing       CRISIL A1+     200000  Reaffirmed
                                        Programme* 
*Borrowing programme for fiscal 2018. Total incremental long-term bank borrowing and borrowings
under the rated long-term bonds programme not to exceed Rs.31000 crore at any point in time
during fiscal 2018. The long-term borrowing programme includes tax-free bonds under Section 10
of the Income Tax Act 1961./(Enhanced from Rs.15000 Crore)
Power Finance Corporation Ltd           ST Borrowing       CRISIL A1+     320000  Reaffirmed
                                        Programme~ 
~Borrowing programme for fiscal 2017. Total incremental long-term bank borrowing and borrowings
under the rated long-term bonds programme not to exceed Rs.60,000 crore at any point in time
during fiscal 2017. The long-term borrowing programme includes tax-free bonds under Section 10
of the Income Tax Act 1961 and Rs.5000 crore of extra budgetary resources to be raised on behalf
of the Ministry of Power.
Rana Udyog Pvt Ltd                      LOC & BG           CRISIL A4      10      Reaffirmed
Raymond Ltd                             Bill Discounting   CRISIL A1+     500     Reaffirmed
Raymond Ltd                             Non-FBL@           CRISIL A1+     2150    Reaffirmed
@Interchangeable with letter of credit, bank guarantee, buyer's credit, and suppliers' credit.
Raymond Ltd                             CP                 CRISIL A1+     5500    -
S. M. Interior Pvt Ltd                  BG                 CRISIL A4      27      Reaffirmed
Sarwati Home Furnishings                BG                 CRISIL A4      0.6     Reaffirmed
SCT Pvt Ltd                             BG                 CRISIL A4+     70      Reaffirmed
Shree Mahalaxmi Himghar Pvt Ltd         BG                 CRISIL A4      4       Reaffirmed
Shree Sidhbali Steels Ltd               BG                 CRISIL A4+     25      Upgraded from
                                                                                  CRISIL A4
Shree Sidhbali Steels Ltd               LOC                CRISIL A4+     50      Upgraded from
                                                                                  CRISIL A4
Sobha Ltd                               Proposed LOC & BG  CRISIL A1      1000    Assigned
Sobha Ltd                               LOC & BG           CRISIL A1      5800    Assigned
Sree Koppammal Cotton Spinning Mills    Proposed ST Bk     CRISIL A4      15      Reaffirmed
Pvt Ltd                                 Loan Fac
T K Sports Pvt Ltd                      BG                 CRISIL A4+     12      Reaffirmed
Taj Frozen Foods India Ltd              BG                 CRISIL A4+     0.5     Reaffirmed
Taj Frozen Foods India Ltd              Packing Credit     CRISIL A4+     117.5   Reaffirmed
Uma Polymers Ltd                        LOC                CRISIL A4+     390     Reaffirmed
Vedanta Ltd                             EPCG Guarantee     CRISIL A1+     5938.1  Reaffirmed
                                        (ST)#
# Equivalent to USD 450 million, 1 USD=INR 67.38
Vedanta Ltd                             Non-FBL*           CRISIL A1+     169250  Reaffirmed
* Non-fund-based limit of Rs 2000 crore interchangeable with fund-based limit
Vedanta Ltd                             ST Debt (Including CRISIL A1+     130000  Reaffirmed
                                        CP) 
Veer Oil and General Mills              Bill Purchase      CRISIL A4      35      Reaffirmed
                                        Discounting Fac
Veer Oil and General Mills              Packing Credit     CRISIL A4      130     Reaffirmed
Veer Overseas Ltd                       Export Packing     CRISIL A4      1570    Reaffirmed
                                        Credit & Export
MEDIUM TERM RATINGS:
-------------------
National Housing Bank                   FD Programme       FAAA           10000   Reaffirmed
                                        Bills Negotiation/Foreign Bill discounting
LONG TERM RATINGS:
-------------------
A One Duty Free Pvt Ltd                 Export Packing     CRISIL B+      70      Reaffirmed
                                        Credit
A One Duty Free Pvt Ltd                 Proposed LT Bk     CRISIL B+      50      Reaffirmed
                                        Loan Fac
Abha Agro Exports Pvt Ltd               Proposed LT Bk     CRISIL BB-     20      Assigned
                                        Loan Fac
Abha Agro Exports Pvt Ltd               CC                 CRISIL BB-     80      Assigned
Abha Agro Exports Pvt Ltd               Inventory Funding  CRISIL BB-     50      Assigned
                                        Fac
Active Tools Pvt Ltd                    CC                 CRISIL BB-     10      Downgraded
                                                                                  from CRISIL BB
Adharshila Samazik Evam Sanskritik      Proposed FB Bk     CRISIL B-      10      Reaffirmed
Vikas Sansthan                          Limits
Aditya Extractions Pvt Ltd              CC                 CRISIL BB-     75      Reaffirmed
Aditya Extractions Pvt Ltd              TL                 CRISIL BB-     3.2     Reaffirmed
Adya Bhawan Ltd                         CC                 CRISIL BB-     20      Reaffirmed
Adya Bhawan Ltd                         Proposed LT Bk     CRISIL BB-     50      Reaffirmed
                                        Loan Fac
Adya Bhawan Ltd                         TL                 CRISIL BB-     30      Reaffirmed
Airson Ceramic Industries               CC                 CRISIL B+      35      Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Airson Ceramic Industries               Proposed LT Bk     CRISIL B+      37.3    Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BB-
Airson Ceramic Industries               TL                 CRISIL B+      7.7     Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Akshkuber Sortex Pvt Ltd                CC                 CRISIL B       50      Assigned
Akshkuber Sortex Pvt Ltd                TL                 CRISIL B       75      Assigned
Ambica Gold                             CC                 CRISIL BB-     76      Reaffirmed
Ambica Gold                             Proposed CC Limit  CRISIL BB-     49      Reaffirmed
ANR International Pvt Ltd               CC                 CRISIL BB-     30      Reaffirmed
ANR International Pvt Ltd               Foreign LOC        CRISIL BB-     129     Reaffirmed
ANR International Pvt Ltd               Proposed LT Bk     CRISIL BB-     40      Reaffirmed
                                        Loan Fac
Antila Ceramic Pvt Ltd                  CC                 CRISIL BB-     50      Reaffirmed
Antila Ceramic Pvt Ltd                  TL                 CRISIL BB-     37.5    Reaffirmed
Arctic Agro Foods Pvt Ltd               Bill Discounting   CRISIL BB+     24.5    Reaffirmed
Arctic Agro Foods Pvt Ltd               CC                 CRISIL BB+     2.5     Reaffirmed
Arctic Agro Foods Pvt Ltd               Proposed LT Bk     CRISIL BB+     26      Reaffirmed
                                        Loan Fac
Arctic Agro Foods Pvt Ltd               TL                 CRISIL BB+     83      Reaffirmed
Automark Industries India Ltd           CC                 CRISIL BB+     120     Reaffirmed
Automark Technologies India Pvt Ltd     CC                 CRISIL BB+     48      Reaffirmed
Babboo Rice and General Mills           CC                 CRISIL B       70      Reaffirmed
Babboo Rice and General Mills           Export Packing     CRISIL B       25      Reaffirmed
                                        Credit & Export
                                        Bills Negotiation/Foreign Bill discounting
Babboo Rice and General Mills           Warehouse FinancingCRISIL B       25      Reaffirmed
BDB Exports Pvt Ltd                     Export Packing     CRISIL BB-     87.5    Upgraded from
                                        Credit                                    CRISIL B+
Bharat Aluminium Co. Ltd                CC                 CRISIL AA-     1500    Reaffirmed
Bharat Aluminium Co. Ltd                NCD                CRISIL AA-     10000   Withdrawal
Bharat Aluminium Co. Ltd                NCDs Issues        CRISIL AA-     5000    Reaffirmed
Bharat Aluminium Co. Ltd                Bill Discounting   Withdrawal     1000    Reaffirmed
Bharat Aluminium Co. Ltd                CC                 Withdrawal     2500    Reaffirmed
Bharat Aluminium Co. Ltd                LOC                Withdrawal     4500    Reaffirmed
Bharat Aluminium Co. Ltd                LOC & BG           Withdrawal     10850   Reaffirmed
Bindu Food Processors Pvt Ltd           CC                 CRISIL B-      60      Upgraded from
                                                                                  CRISIL D
issuer Not Cooperating
Bindu Food Processors Pvt Ltd           LT Loan            CRISIL B-      2.9     Upgraded from
                                                                                  CRISIL D
issuer Not Cooperating
Bindu Food Processors Pvt Ltd           Proposed LT Bk     CRISIL B-      19.4    Upgraded from
                                        Loan Fac                                  CRISIL D
issuer Not Cooperating
Bindu Food Processors Pvt Ltd           WC Loan            CRISIL B-      9.9     Upgraded from
                                                                                  CRISIL D
issuer Not Cooperating
Bucon Infratech Pvt Ltd                 Overdraft          CRISIL B+      140     Assigned
Chemmanur Credits and Investments Ltd   Proposed LT Bk     CRISIL BBB-    250     Assigned
                                        Loan Fac
Cosmos Mercantile Pvt Ltd               CC                 CRISIL B       50      Reaffirmed
Dinodia Educational Society             TL                 CRISIL D       120     Reaffirmed
Dugal Associates                        CC                 CRISIL BB-     22.5    Reaffirmed
Dugal Associates                        TL                 CRISIL BB-     3.8     Reaffirmed
ECL Finance Ltd                         CC                 CRISIL AA      20800   Reaffirmed
ECL Finance Ltd                         LT Bk Fac          CRISIL AA      46477.8 Reaffirmed
ECL Finance Ltd                         Proposed LT Bk     CRISIL AA      25022.2 Reaffirmed
                                        Loan Fac
ECL Finance Ltd                         NCDs               CRISIL AA      41300   Reaffirmed
ECL Finance Ltd                         Subordinated Debt  CRISIL AA      4000    Reaffirmed
ECL Finance Ltd                         LT Principal       CRISIL PP-MLD  10000   Reaffirmed
                                        Protected Market   AAr
                                        Linked Debentures 
ECL Finance Ltd                         Prin Protected     CRISIL PP-MLD  11900   Reaffirmed
                                        Equity Linked      AAr
                                        Debentures
ECL Finance Ltd                         Principal          CRISIL PP-MLD  350     Reaffirmed
                                        Protected          AAr
                                        Commoptionally convertible debentureity Linked
Debentures 
Edelweiss Commodities Services Ltd      LT Bk Fac          CRISIL AA      3250    Reaffirmed
Edelweiss Commodities Services Ltd      Overdraft          CRISIL AA      7000    Reaffirmed
Edelweiss Commodities Services Ltd      Proposed LT Bk     CRISIL AA      5000    Reaffirmed
                                        Loan Fac**
**Interchangeable with short term bank facilities
Edelweiss Commodities Services Ltd      NCD                CRISIL AA      30000   Reaffirmed
Edelweiss Commodities Services Ltd      PS                 CRISIL AA      1050    Reaffirmed
Elgi Ultra Industries Ltd               CC                 CRISIL BBB+    45      Reaffirmed
Elgi Ultra Industries Ltd               Proposed LT Bk     CRISIL BBB+    10      Reaffirmed
                                        Loan Fac
Elgi Ultra Industries Ltd               TL                 CRISIL BBB+    210     Reaffirmed
Elgi Ultra Industries Ltd               WC Loan            CRISIL BBB+    82.5    Reaffirmed
Evertogen Life Science Ltd              TL                 CRISIL BBB-    301.2   Assigned
Evertogen Life Science Ltd              CC                 CRISIL BBB-    240     Assigned
Gangothri Nutrients and Fertilizers Pvt CC                 CRISIL B+      60      Upgraded from
Ltd                                                                               CRISIL B
Gangothri Nutrients and Fertilizers Pvt LT Loan            CRISIL B+      64      Upgraded from
Ltd                                                                               CRISIL B
Gangothri Nutrients and Fertilizers Pvt Proposed FB Bk     CRISIL B+      76      Upgraded from
Ltd                                     Limits                                    CRISIL B
Ganpati Foods - Fazilka                 CC                 CRISIL B       50      Reaffirmed
Ganpati Foods - Fazilka                 Warehouse Receipts CRISIL B       20      Reaffirmed
Gautam Malhotra and Co.                 CC                 CRISIL B+      60      Downgraded
                                                                                  from CRISIL
                                                                                  BB-
GIC Housing Finance Ltd                 Proposed LT Bk     CRISIL AA+     1000    Reaffirmed
                                        Loan Fac
GIC Housing Finance Ltd                 NCD                CRISIL AA+     5500    Reaffirmed
Global Ceramics Pvt Ltd                 CC                 CRISIL BB-     90      Reaffirmed
Goldstone Infratech Ltd                 CC                 CRISIL BBB-    330     Reaffirmed
Goldstone Infratech Ltd                 Standby Line of    CRISIL BBB-    20      Reaffirmed
                                        Credit
Good Leather Company                    CC                 CRISIL BBB     5       Reaffirmed
Good Leather Shoes Pvt Ltd              Proposed LT Bk     CRISIL BBB     47.9    Reaffirmed
                                        Loan Fac
H. K. Kalchuri Education Trust          TL                 CRISIL BBB-    700     Reaffirmed
Indianoil Skytanking Pvt Ltd            Foreign Currency TLCRISIL AA-     117.8   Reaffirmed
Indianoil Skytanking Pvt Ltd            Proposed LT Bk     CRISIL AA-     552.6   Reaffirmed
                                        Loan Fac
Indianoil Skytanking Pvt Ltd            Rupee TL           CRISIL AA-     29.6    Reaffirmed
J.K. Associates                         Bill Discounting   CRISIL B+      20      Reaffirmed
J.K. Associates                         CC                 CRISIL B+      40      Reaffirmed
James Walker Inmarco Industries Pvt Ltd Proposed LT Bk     CRISIL BBB     35      Assigned
                                        Loan Fac
James Walker Inmarco Industries Pvt Ltd CC                 CRISIL BBB     50      Assigned
K. V. Chinnaaih                         CC                 CRISIL B       35      Reaffirmed
K. V. Chinnaaih                         Cash TL            CRISIL B       35      Reaffirmed
Karan Ashok Auto Pvt. Ltd.              Drop Line          CRISIL B+      12.5    Reaffirmed
                                        Overdraft Fac
Karan Ashok Auto Pvt. Ltd.              Electronic Dealer  CRISIL B+      100     Reaffirmed
                                        Financing
                                        Scheme(e-DFS)
Karan Ashok Auto Pvt. Ltd.              TL                 CRISIL B+      18.5    Reaffirmed
Kingswood Suppliers Pvt Ltd             CC                 CRISIL BB+     400     Reaffirmed
Krishna Agro Industries                 CC                 CRISIL B+      70      Reaffirmed
Krishna Agro Industries                 TL                 CRISIL B+      10      Reaffirmed
Logon India Infrastructure Pvt Ltd      Secured Overdraft  CRISIL B       80      Reaffirmed
                                        Fac
Mahabir Cold Storage Pvt Ltd            CC                 CRISIL BB-     110     Upgraded from
                                                                                  CRISIL B+
Mahabir Cold Storage Pvt Ltd            LT Loan            CRISIL BB-     44      Upgraded from
                                                                                  CRISIL B+
Mahabir Cold Storage Pvt Ltd            Proposed LT Bk     CRISIL BB-     40      Upgraded from
                                        Loan Fac                                  CRISIL B+
Masur Garden Resorts Pvt Ltd            Proposed LT Bk     CRISIL B       2.5     Reaffirmed
                                        Loan Fac
Masur Garden Resorts Pvt Ltd            TL                 CRISIL B       58      Reaffirmed
Mateshwari Paper Mill Pvt Ltd           Proposed CC Limit  CRISIL B+      16.5    Reaffirmed
Mateshwari Paper Mill Pvt Ltd           Proposed TL        CRISIL B+      50      Reaffirmed
Matri Mandir Himghar Pvt Ltd            CC                 CRISIL B+      58      Reaffirmed
Matri Mandir Himghar Pvt Ltd            Proposed LT Bk     CRISIL B+      4.1     Reaffirmed
                                        Loan Fac
Matri Mandir Himghar Pvt Ltd            TL                 CRISIL B+      9.2     Reaffirmed
Mawana Foods Pvt Ltd                    CC                 CRISIL B-      35      Reaffirmed
Melco India Pvt Ltd                     CC                 CRISIL BB+     60      Reaffirmed
Melco India Pvt Ltd                     Proposed LT Bk     CRISIL BB+     329     Reaffirmed
                                        Loan Fac
Melco India Pvt Ltd                     Standby Line of    CRISIL BB+     6       Reaffirmed
                                        Credit
Monga Iron & Steel Pvt. Ltd.            CC                 CRISIL B-      60      Reaffirmed
Monga Iron & Steel Pvt. Ltd.            Proposed LT Bk     CRISIL B-      60      Reaffirmed
                                        Loan Fac
National Housing Bank                   Proposed LT Bk     CRISIL AAA     20000   Reaffirmed
                                        Loan Fac
National Housing Bank                   Deposits Under     CRISIL AAA     90000   Reaffirmed
                                        Rural Housing Fund
                                        and Under Urban Housing Fund* 
*Rs 6000 crore under Rural Housing Fund and Rs 3000 crore under Urban Housing Fund
National Housing Bank                   NCDs               CRISIL AAA     57750   Reaffirmed
National Housing Bank                   Bonds              CRISIL AAA     46401.33Reaffirmed
National Housing Bank                   LT Borrowing       CRISIL AAA     140000  Reaffirmed
                                        Programme 
NF Infratech Service Pvt Ltd            CC                 CRISIL BB-     35      Reaffirmed
Northern Electric Cables Pvt Ltd        CC                 CRISIL B+      64      Reaffirmed
Oriental Metal Works                    Export Packing     CRISIL BB-     40      Upgraded from
                                        Credit                                    CRISIL B+
Oriental Metal Works                    Foreign Bill       CRISIL BB-     55.5    Upgraded from
                                        Purchase                                  CRISIL B+
Power Finance Corporation Ltd           CC*                CRISIL AAA     100000  Reaffirmed
Power Finance Corporation Ltd           TL                 CRISIL AAA     110000  Reaffirmed
Power Finance Corporation Ltd           LT Borrowing       CRISIL AAA     310000  Reaffirmed
                                        Programme*
*Borrowing programme for fiscal 2018. Total incremental long-term bank borrowing and borrowings
under the rated long-term bonds programme not to exceed Rs.31000 crore at any point in time
during fiscal 2018. The long-term borrowing programme includes tax-free bonds under Section 10
of the Income Tax Act 1961./(Reduced from Rs.36000 Crore)
Power Finance Corporation Ltd           LT Borrowing       CRISIL AAA     600000  Reaffirmed
                                        Programme~ 
~Borrowing programme for fiscal 2017. Total incremental long-term bank borrowing and borrowings
under the rated long-term bonds programme not to exceed Rs.60,000 crore at any point in time
during fiscal 2017. The long-term borrowing programme includes tax-free bonds under Section 10
of the Income Tax Act 1961 and Rs.5000 crore of extra budgetary resources to be raised on behalf
of the Ministry of Power.
Power Finance Corporation Ltd           Subordinated NCDs  CRISIL AAA     150000  Reaffirmed
Power Finance Corporation Ltd           Bonds              CRISIL AAA     1669673 Reaffirmed
Prerna Gramodyog Sewa Sansthan          Proposed LT Bk     CRISIL B       10      Reaffirmed
                                        Loan Fac
Rachit Prints Pvt Ltd                   CC                 CRISIL B       45      Reaffirmed
Rachit Prints Pvt Ltd                   TL                 CRISIL B       19      Reaffirmed
Rana Udyog Pvt Ltd                      CC                 CRISIL B-      85      Downgraded
                                                                                  from CRISIL B
Rana Udyog Pvt Ltd                      Proposed LT Bk     CRISIL B-      107.5   Downgraded
                                        Loan Fac                                  from CRISIL B
Raymond Ltd                             CC                 CRISIL AA-     4850    Reaffirmed
Raymond Ltd                             Fund & NFBL        CRISIL AA-     1750    Reaffirmed
Raymond Ltd                             Proposed FB Bk     CRISIL AA-     650     Reaffirmed
                                        Limits^
^Interchangeable with non-fund-based bank limits.
Raymond Ltd                             Proposed Rupee TL  CRISIL AA-     4470    Reaffirmed
Raymond Ltd                             Rupee TL           CRISIL AA-     3530    Reaffirmed
Raymond Ltd                             NCD                CRISIL AA-     1750    -
Raymond Ltd                             NCD                CRISIL AA-     1000    -
Relan Motors Pvt Ltd                    Inventory Funding  CRISIL BB-     100     Reaffirmed
                                        Fac
S. M. Interior Pvt Ltd                  CC                 CRISIL B+      70      Reaffirmed
S. M. Interior Pvt Ltd                  Proposed FB Bk     CRISIL B+      3       Reaffirmed
                                        Limits
S.R.R. Impex                            CC                 CRISIL B+      35.5    Reaffirmed
S.R.R. Impex                            TL                 CRISIL B+      33      Reaffirmed
Salasar Balaji Real Infra               TL                 CRISIL B-      50      Reaffirmed
Sarwati Home Furnishings                CC                 CRISIL B+      47      Reaffirmed
Sarwati Home Furnishings                TL                 CRISIL B+      35.1    Reaffirmed
SCT Pvt Ltd                             CC                 CRISIL BB-     50      Reaffirmed
Shalini Steels Pvt Ltd                  CC                 CRISIL BB-     125     Reaffirmed
Shalini Steels Pvt Ltd                  Proposed LT Bk     CRISIL BB-     45      Reaffirmed
                                        Loan Fac
Shivang Carpets Pvt Ltd                 Corporate Loan     CRISIL D       90      Reaffirmed
Shivang Carpets Pvt Ltd                 Foreign Bill       CRISIL D       70      Reaffirmed
                                        Purchase
Shivang Carpets Pvt Ltd                 Packing Credit     CRISIL D       20      Reaffirmed
Shivang Carpets Pvt Ltd                 Proposed LT Bk     CRISIL D       11      Reaffirmed
                                        Loan Fac
Shivang Carpets Pvt Ltd                 Standby Line of    CRISIL D       9       Reaffirmed
                                        Credit
Shree Mahalaxmi Himghar Pvt Ltd         CC                 CRISIL B       130     Reaffirmed
Shree Sidhbali Steels Ltd               CC                 CRISIL BB-     250     Upgraded from
                                                                                  CRISIL B+
Shree Sidhbali Steels Ltd               Proposed LT Bk     CRISIL BB-     47.5    Upgraded from
                                        Loan Fac                                  CRISIL B+
Shree Sidhbali Steels Ltd               TL                 CRISIL BB-     7.5     Upgraded from
                                                                                  CRISIL B+
Shri Sai Ginning and Pressing Factory   CC                 CRISIL BB-     70      Reaffirmed
Shri Sai Ginning and Pressing Factory   Proposed LT Bk     CRISIL BB-     10.5    Reaffirmed
                                        Loan Fac
Shri Sai Ginning and Pressing Factory   TL                 CRISIL BB-     7.5     Reaffirmed
Shri Saishyam Cotspin                   CC                 CRISIL BB-     80      Reaffirmed
Shri Saishyam Cotspin                   Proposed LT Bk     CRISIL BB-     21      Reaffirmed
                                        Loan Fac
Shri Saishyam Cotspin                   TL                 CRISIL BB-     9       Reaffirmed
Sneha Marketing                         CC                 CRISIL B       39.5    Reaffirmed
Sneha Marketing                         Foreign LOC        CRISIL B       60      Reaffirmed
Sneha Marketing                         Proposed LT Bk     CRISIL B       0.5     Reaffirmed
                                        Loan Fac
Sobha Ltd                               TL                 CRISIL A+      17150   Assigned
Sobha Ltd                               CC                 CRISIL A+      7050    Assigned
Sree Koppammal Cotton Spinning Mills    CC                 CRISIL B       75      Downgraded
Pvt Ltd                                                                           from CRISIL B+
Sree Koppammal Cotton Spinning Mills    Drop Line          CRISIL B       90      Downgraded
Pvt Ltd                                 Overdraft Fac                             from CRISIL B+
Sree Vaageswari Educational Society     Overdraft          CRISIL D       50      Reaffirmed
Sree Vaageswari Educational Society     Proposed LT Bk     CRISIL D       10      Reaffirmed
                                        Loan Fac
Sree Vaageswari Educational Society     Rupee TL           CRISIL D       60      Reaffirmed
Sri Kondaiya Modern Rice Mill           CC                 CRISIL B       50      Reaffirmed
Sri Kondaiya Modern Rice Mill           Proposed LT Bk     CRISIL B       30      Reaffirmed
                                        Loan Fac
Sri Varna Water Tech Pvt Ltd            CC                 CRISIL B+      75      Assigned
Sri Varna Water Tech Pvt Ltd            Proposed LT Bk     CRISIL B+      10      Assigned
                                        Loan Fac
Subhash Stone Industries Pvt Ltd        CC                 CRISIL B+      90      Upgraded from
                                                                                  CRISIL B
Surat Hazira NH-6 Tollway Pvt Ltd       TL                 CRISIL D       18140   Downgraded
                                                                                  from CRISIL C
T K Sports Pvt Ltd                      CC                 CRISIL BB-     50      Reaffirmed
T K Sports Pvt Ltd                      TL                 CRISIL BB-     21.4    Reaffirmed
Taj Frozen Foods India Ltd              Bill Discounting   CRISIL BB+     20      Reaffirmed
Taj Frozen Foods India Ltd              CC                 CRISIL BB+     15      Reaffirmed
Taj Frozen Foods India Ltd              TL                 CRISIL BB+     17      Reaffirmed
Tharu Janjati Mahila Vikas Samiti       Proposed FB Bk     CRISIL B+      10      Reaffirmed
                                        Limits
The Kuttanad Rubber Co Ltd              CC/ Overdraft Fac  CRISIL B       10      Reaffirmed
The Kuttanad Rubber Co Ltd              LT Loan            CRISIL B       0.5     Reaffirmed
The Kuttanad Rubber Co Ltd              Mortgage Loan Fac  CRISIL B       63.5    Reaffirmed
TMR Developers Pvt Ltd                  TL                 CRISIL B+      180     Assigned
Uma Polymers Ltd                        CC                 CRISIL BB      480     Reaffirmed
Uma Polymers Ltd                        LT Loan            CRISIL BB      310     Reaffirmed
Unique Foods                            CC                 CRISIL BB+     110     Reaffirmed
Unique Foods                            TL                 CRISIL BB+     40      Reaffirmed
Vedanta Ltd                             FB Fac**           CRISIL AA      57300   Reaffirmed
**Fund-based limit completely interchangeable with non-fund-based limit
Vedanta Ltd                             Non-FBL##          CRISIL AA      5000    Reaffirmed
## Capex letter of credit limit, interchangeable with operational non-fund based limits
Vedanta Ltd                             TL                 CRISIL AA      84122.1 Reaffirmed
Vedanta Ltd                             NCDs               CRISIL AA      500     Reaffirmed
Vedanta Ltd                             NCDs               CRISIL AA      5000    Reaffirmed
Vedanta Ltd                             NCDs               CRISIL AA      3000    Reaffirmed
Vedanta Ltd                             NCDs               CRISIL AA      3000    Reaffirmed
Vedanta Ltd                             NCDs               CRISIL AA      12500   Reaffirmed
Vedanta Ltd                             NCDs               CRISIL AA      15000   Reaffirmed
Vedanta Ltd                             NCDs               CRISIL AA      56000   Reaffirmed
Vedanta Ltd                             NCDs               CRISIL AA      21000   Reaffirmed
Vedanta Ltd                             PS                 CRISIL AA      30100   Reaffirmed
Vedanta Ltd                             TL                 wd             10000   Withdrawal
Veer Oil and General Mills              Proposed LT Bk     CRISIL B+      85      Reaffirmed
                                        Loan Fac
Veer Overseas Ltd                       CC                 CRISIL B+      60      Reaffirmed
Veer Overseas Ltd                       Warehouse Receipts CRISIL B+      250     Reaffirmed
Venus Alloys Pvt Ltd                    CC                 CRISIL BB      70      Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Venus Alloys Pvt Ltd                    TL                 CRISIL BB      130     Downgraded
                                                                                  from CRISIL
                                                                                  BB+
Viola Resorts Pvt Ltd                   Proposed LT Bk     CRISIL B-      42.4    Reaffirmed
                                        Loan Fac
Viola Resorts Pvt Ltd                   TL                 CRISIL B-      107.5   Reaffirmed
Vizag General Cargo Berth Pvt Ltd       BG*                CRISIL AA(SO)  200     Reaffirmed
* Guaranteed by Vedanta Ltd
Vizag General Cargo Berth Pvt Ltd       NCD*               CRISIL AA(SO)  4250    Reaffirmed
* Guaranteed by Vedanta Ltd
Vizag General Cargo Berth Pvt Ltd       LT Loan*           -              1250    Withdrawal
* Guaranteed by Vedanta Ltd
Vizag General Cargo Berth Pvt Ltd       Rupee TL*          -              2750    Withdrawal
* Guaranteed by Vedanta Ltd
Yantra Green Power Pvt Ltd              LT Loan            CRISIL D       311.9   Reaffirmed
Yash Jewellery Pvt Ltd                  Corporate Loan     CRISIL D       1193    Reaffirmed
Yash Jewellery Pvt Ltd                  Funded Interest TL CRISIL D       49.3    Reaffirmed
Yash Jewellery Pvt Ltd                  Packing Credit     CRISIL D       200     Reaffirmed
Yash Jewellery Pvt Ltd                  Post Shipment      CRISIL D       300     Reaffirmed
                                        Credit
Yash Jewellery Pvt Ltd                  WC Demand Loan     CRISIL D       417.7   Reaffirmed
--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

CRISIL may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222 , E-mail at
rru.data@thomsonreuters.com)

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