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CRISIL ratings for Indian debt instruments-Sep 9

   Sep 9 - Below are the ratings awarded by Credit Rating Information Service of India (CRISIL)
for local debt instruments as of September 8, 2020.


COMPANY                                INSTRUMENT        RATING        AMOUNT MOVEMENT
                                                                      (RS.MLN)
------                                 ----------        ------        -----  ---------
SHORT TERM RATINGS:
-------------------
Ashnoor Textile Mills Ltd              Packing Credit*   CRISIL A3     370    Reaffirmed
(*Interchangeable with export bill purchase)
Avon Ispat and Power Ltd               LOC               CRISIL A2+    1430   Reaffirmed
C.R.Garments                           BG                CRISIL A3+    14.3   Reaffirmed
C.R.Garments                           LOC               CRISIL A3+    10     Reaffirmed
C.R.Garments                           Packing Credit in CRISIL A3+    120    Assigned
                                       Foreign Currency
Expert Particle Board                  BG                CRISIL A4     7.5    Reaffirmed
Future Lifestyle Fashions Ltd          LOC^              CRISIL A2     4750   Reaffirmed
(^Interchangeable with letter of undertaking and bank guarantee)
INFINA Finance Pvt Ltd                 CP Issue*         CRISIL A1+    85000  Assigned
(*Assigned for initial/ follow-on public offer financing on episodic basis)
INFINA Finance Pvt Ltd                 CP                CRISIL A1+    12000  Reaffirmed
JM Financial Capital Ltd               CP Issue*         CRISIL A1+    12500  Assigned
(*Assigned for initial/ follow-on public offer financing on episodic basis)
JM Financial Capital Ltd               ST Debt(Including CRISIL 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JM Financial Capital Ltd               CP Issue*         CRISIL A1+    12500  Withdrawn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 Products Ltd              CP Issue*         CRISIL A1+    35000  Assigned
(*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JM Financial Products Ltd              CP Issue*         CRISIL A1+    35000  Withdrawn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 Properties And Holdings Ltd CP Issue*       CRISIL A1+    42500  Assigned
(*Assigned for initial/ follow-on public offer financing on episodic basis)
JM Financial Properties And Holdings Ltd CP              CRISIL A1+    5000   Reaffirmed
JM Financial Properties And Holdings Ltd CP Issue*       CRISIL A1+    42500  Withdrawn
(*Assigned for initial/ follow-on public offer financing on episodic basis)
Kalpaka Chemicals Pvt Ltd              BG                CRISIL A4+    10     Reaffirmed
Kalpaka Chemicals Pvt Ltd              Export Packing    CRISIL A4+    250    Reaffirmed
                                       Credit & Export
                                       Bills Negotiation/Foreign Bill discounting
Lazer India Pvt Ltd                    LOC               CRISIL A4+    60     Reaffirmed
Mumbai International Airport Ltd       BG                CRISIL A4     3300   -
(Continues on 'Rating Watch with Negative Implications')
Mumbai International Airport Ltd       LOC               CRISIL A4     2500   Reaffirmed
(Continues on 'Rating Watch with Negative Implications')
Quality Industries                     LOC               CRISIL A4+    50     Reaffirmed
R.A.K. Ceramics India Pvt Ltd          LOC & BG          CRISIL A2     585    Reaffirmed
Ramniklal S. Gosalia and Co.         Letter Of Guarantee CRISIL A2+    100    Reaffirmed
Ramniklal S. Gosalia and Co.           LOC               CRISIL A2+    900    Reaffirmed
Reliance Retail Ltd                    Non-FBL           CRISIL A1+    28900  Reaffirmed
Reliance Retail Ltd                    CP                CRISIL A1+    200000 Reaffirmed
Reliance Retail Ventures Ltd           CP                CRISIL A1+    150000 Reaffirmed
S.R. Udayashankar                      BG                CRISIL A4     30     Reaffirmed
Shyamalan Modern Rice Industries       CC                CRISIL A4+    140    Withdrawn
(Rating Reaffirmed and Withdrawn)
Shyamalan Modern Rice Industries       LOC               CRISIL A4+    6      Withdrawn
(Rating Reaffirmed and Withdrawn)
Shyamalan Modern Rice Industries       LT Loan           CRISIL A4+    4      Withdrawn
(Rating Reaffirmed and Withdrawn)
Social Engineers Pvt Ltd               Inland/Import LOC CRISIL A4     10     Reaffirmed
Tube Investments Of India Ltd          LOC**             CRISIL A1+    3000   Reaffirmed
(**Interchangeable with bank guarantee)
Tube Investments Of India Ltd          CP                CRISIL A1+    5250   Reaffirmed
V.N.Dyers and Processors Pvt Ltd       BG                CRISIL A3     10     Reaffirmed
Vardhman Electrical Appliances         LOC               CRISIL A4+    30     Reaffirmed
Vardhman Electrical Appliances         Sales Bill        CRISIL A4+    60     Reaffirmed
                                       Discounting
Vardhman Home Appliances Ltd           LOC               CRISIL A4+    15     Reaffirmed
Vardhman Home Appliances Ltd           Sales Bill        CRISIL A4+    12.5   Reaffirmed
                                       Discounting


 
LONG TERM RATINGS:
-------------------
Agarwal Auto Sales                     CC                CRISIL        107.5  Reaffirmed
                                                         BB+/Stable
Ashnoor Textile Mills Ltd              Credit Limit Under CRISIL       74     Reaffirmed
                                       Gold Card         BBB-/Stable
Ashnoor Textile Mills Ltd              LT Loan           CRISIL        34.1   Reaffirmed
                                                         BBB-/Stable
Ashnoor Textile Mills Ltd              Non-FBL           CRISIL        25     Reaffirmed
                                                         BBB-/Stable
Ashnoor Textile Mills Ltd              Proposed LT Bk    CRISIL        196.9  Reaffirmed
                                       Loan Fac          BBB-/Stable
Avon Ispat and Power Ltd               CC                CRISIL        270    Reaffirmed
                                                         A-/Stable
Avon Ispat and Power Ltd               LT Loan           CRISIL        730    Reaffirmed
                                                         A-/Stable
Blossom Inners Pvt Ltd                 CC                CRISIL        70     -
                                                         BB/Stable
(Downgraded from 'CRISIL BB+/Stable')
C.R.Garments                           Bill Discounting  CRISIL        30     Reaffirmed
                                                         BBB/Stable
C.R.Garments                           CC                CRISIL        20     Reaffirmed
                                                         BBB/Stable
C.R.Garments                           LT Loan           CRISIL        66.7   Reaffirmed
                                                         BBB/Stable
C.R.Garments                           Proposed LT Bk    CRISIL        84     Assigned
                                       Loan Fac          BBB/Stable
Expert Particle Board                  CC                CRISIL        15     Reaffirmed
                                                         B/Stable
Expert Particle Board                  LT Loan           CRISIL        73     Reaffirmed
                                                         B/Stable
Future Lifestyle Fashions Ltd          CC*               CRISIL BBB+   5500   Reaffirmed
(*Interchangeable with working capital demand loan and commercial paper)
Future Lifestyle Fashions Ltd          LT Loan           CRISIL BBB+   4750   Reaffirmed
(Continues on 'Rating Watch with Negative Implications')
Future Lifestyle Fashions Ltd          NCD               CRISIL BBB+   5000   -
(Continues on 'Rating Watch with Negative Implications)
Ganga Fabrics                          CC                CRISIL D      60     -
(ISSUER NOT COOPERATING; Downgraded from 'CRISIL B/Stable)
Golhar Ginning & Oils Pvt Ltd          CC                CRISIL D      47.5   -
(Issuer Not Cooperating)
Golhar Ginning & Oils Pvt Ltd          LT Loan           CRISIL D      41     -
(Issuer Not Cooperating)
Hindustan Institute of Technology and  CC                CRISIL        350    Reaffirmed
Science                                                  BBB+/Stable
Hindustan Institute of Technology and  LT Loan           CRISIL        232    Reaffirmed
Science                                                  BBB+/Stable
Hindustan Institute of Technology and  Proposed LT Bk    CRISIL        93     Reaffirmed
Science                                Loan Fac          BBB+/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        1674   Reaffirmed
                                                         AA/Stable
JM Financial Products Ltd              NCD               CRISIL        20000  Reaffirmed
                                                         AA/Stable
Kalpaka Chemicals Pvt Ltd              CC                CRISIL        5      Reaffirmed
                                                         BB/Stable
Kalpaka Chemicals Pvt Ltd              LT Loan           CRISIL        50     Reaffirmed
                                                         BB/Stable
Kalpaka Chemicals Pvt Ltd              Proposed WC Fac   CRISIL        2.6    Reaffirmed
                                                         BB/Stable
Kalpaka Chemicals Pvt Ltd              WC Fac            CRISIL        50     Reaffirmed
                                                         BB/Stable
Lazer India Pvt Ltd                    CC                CRISIL        140    Reaffirmed
                                                         BB+/Stable
(Outlook revised from 'Negative' and rating reaffirmed)
Lazer India Pvt Ltd                    Proposed LT Bk    CRISIL        20     Reaffirmed
                                       Loan Fac          BB+/Stable
(Outlook revised from 'Negative' and rating reaffirmed)
Mumbai International Airport Ltd       BG#               CRISIL BB     1750   Reaffirmed
(#Financial guarantee. Interchangeable with rupee term loan)
Mumbai International Airport Ltd       CC                CRISIL BB     3300   Reaffirmed
(Continues on 'Rating Watch with Negative Implications')
Mumbai International Airport Ltd       LOC*              CRISIL BB     500    Reaffirmed
(*Interchangeable with sight letter of credit, usance letter of credit, buyers credit, inland
letter of credit to the extent of Rs 15 crore, performance bank guarantee, financial bank
guarantee to the extent of Rs 40 crore and revolving short-term loan to the extent of Rs 20
crore.) 
Mumbai International Airport Ltd       Rupee TL          CRISIL BB     82967.4Reaffirmed
(Continues on 'Rating Watch with Negative Implications')
Mumbai International Airport Ltd       NCD               CRISIL BB     20000  -
Mumbai International Airport Ltd       Rupee TL          CRISIL C/Watch3500   Reaffirmed
                                                         Negative
Navi Mumbai International Airport Pvt  Proposed LT Bk    CRISIL BB     103000 Reaffirmed
Ltd                                    Loan Fac
(Continues on 'Rating Watch with Negative Implications')
Quality Industries                     Bill Discounting  CRISIL        20     Reaffirmed
                                                         BB+/Stable
(Outlook revised from 'Negative' and rating reaffirmed)
Quality Industries                     CC                CRISIL        60     Reaffirmed
                                                         BB+/Stable
(Outlook revised from 'Negative' and rating reaffirmed)
Quality Industries                     Drop Line         CRISIL        160    Reaffirmed
                                       Overdraft Fac     BB+/Stable
(Outlook revised from 'Negative' and rating reaffirmed)
Quality Industries                     LT Loan           CRISIL        30     Reaffirmed
                                                         BB+/Stable
(Outlook revised from 'Negative' and rating reaffirmed)
Quality Industries                     Proposed LT Bk    CRISIL        31.5   Reaffirmed
                                       Loan Fac          BB+/Stable
(Outlook revised from 'Negative' and rating reaffirmed)
R.A.K. Ceramics India Pvt Ltd          CC@               CRISIL BBB+   2500   Reaffirmed
(@Interchangeable with packing credit/buyer's credit/export bill discounting and working capital
demand loan.)
R.A.K. Ceramics India Pvt Ltd          LT Loan           CRISIL BBB+   28     Reaffirmed
Raghuvir Developers and Builders       LT Loan           -             2400   Withdrawn
Ramniklal S. Gosalia and Co.           LOC               CRISIL        1400   Reaffirmed
                                                         A-/Stable
Reliance Retail Ltd                    FB Fac*           CRISIL        57000  Reaffirmed
                                                         AAA/Stable
(*Fungible with Non-Fund based facilities)
Reliance Retail Ltd                    FB Fac            CRISIL        27600  Reaffirmed
                                                         AAA/Stable
Reliance Retail Ltd                    Proposed FB Bk    CRISIL        56500  Reaffirmed
                                       Limits            AAA/Stable
S.R. Udayashankar                      Overdraft         CRISIL        28     Reaffirmed
                                                         B+/Stable
Shivashish Motors India Pvt Ltd        CC                CRISIL        100    Reaffirmed
                                                         B+/Stable
Social Engineers Pvt Ltd               Open CC           CRISIL        40     -
                                                         B-/Stable
(Downgraded from 'CRISIL B/Stable')
Teleindia Networks Pvt Ltd             CC                CRISIL        60     Reaffirmed
                                                         BB+/Stable
Teleindia Networks Pvt Ltd             Proposed LT Bk    CRISIL        80     Reaffirmed
                                       Loan Fac          BB+/Stable
Teleindia Networks Pvt Ltd             TL                CRISIL        260    Assigned
                                                         BB+/Stable
The Kerala Khadi and Village Industries CC                CRISIL        200    Reaffirmed
Association                                              BB-/Stable
The Kerala Khadi and Village Industries Proposed LT Bk   CRISIL        6.1    Reaffirmed
Association                            Loan Fac          BB-/Stable
The Kerala Khadi and Village Industries TL               CRISIL        20     Reaffirmed
Association                                              BB-/Stable
The Kerala Khadi and Village Industries WC Fac           CRISIL        33.9   Reaffirmed
Association                                              BB-/Stable
Tube Investments Of India Ltd          CC*               CRISIL AA+    4000   Reaffirmed
(*Interchangeable with short-term buyer's credit, packing credit, and working capital demand
loan)
Tube Investments Of India Ltd          NCD               CRISIL AA+    2000   -
(Placed on 'Rating Watch With Developing Implications')
V.N.Dyers and Processors Pvt Ltd       CC                CRISIL        150    Reaffirmed
                                                         BBB-/Stable
V.N.Dyers and Processors Pvt Ltd       Proposed TL       CRISIL        10     Reaffirmed
                                                         BBB-/Stable
Value Ingredients Pvt Ltd              Export Packing    CRISIL        80     Reaffirmed
                                       Credit            BB/Stable
Vardhman Electrical Appliances         Overdraft         CRISIL        35     Reaffirmed
                                                         BB+/Stable
(Outlook revised from 'Negative' and rating reaffirmed)
Vardhman Electrical Appliances         Proposed LT Bk    CRISIL        20     Reaffirmed
                                       Loan Fac          BB+/Stable
(Outlook revised from 'Negative' and rating reaffirmed)
Vardhman Electrical Appliances         TL                CRISIL        18.6   Reaffirmed
                                                         BB+/Stable
(Outlook revised from 'Negative' and rating reaffirmed)
Vardhman Electrical Appliances         WC TL             CRISIL        20     Reaffirmed
                                                         BB+/Stable
(Outlook revised from 'Negative' and rating reaffirmed)
Vardhman Home Appliances Ltd           CC                CRISIL        40     Reaffirmed
                                                         BB+/Stable
(Outlook revised from 'Negative' and rating reaffirmed)
Vardhman Home Appliances Ltd           Proposed LT Bk    CRISIL        2.5    Reaffirmed
                                       Loan Fac          BB+/Stable
(Outlook revised from 'Negative' and rating reaffirmed)
Vardhman Home Appliances Ltd           WC TL             CRISIL        10     Reaffirmed
                                                         BB+/Stable
(Outlook revised from 'Negative' and rating reaffirmed)
Vasavi Jewellery Mart                  CC                CRISIL        100    Reaffirmed
                                                         BB-/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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