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Company News

CRISIL ratings for Indian debt instruments-Nov 18

Nov 18 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of
India (CRISIL) for local debt instruments as of November 17, 2015.

COMPANY                               INSTRUMENT         RATING         AMOUNT  MOVEMENT
                                                                        (RS.MLN)
------                                ----------         ------         -----   ---------
SHORT TERM RATINGS:
-------------------
Aarti Drugs Ltd                         ST Loan            CRISIL A1      650     Reaffirmed
Aarti Drugs Ltd                         WC Fac             CRISIL A1      5710    Reaffirmed
Aarti Drugs Ltd                         CP                 CRISIL A1      250     Assigned
Agarwal Foundries                       LOC                CRISIL A3+     40      Suspended
Alashore Marine Exports Pvt Ltd         Proposed NFBL      CRISIL A4      2.5     Reaffirmed
Alloy Tech                              Proposed LOC       CRISIL A4+     50      Reaffirmed
Bangalore Paper Store                   LOC                CRISIL A4      95      Downgraded
                                                                                  from CRISIL
                                                                                  A4+
Bell-O-Seal Valves Pvt Ltd              BG                 CRISIL A4+     100     Downgraded
                                                                                  from CRISIL
                                                                                  A3
Bhagwat Wire Industries                 BG                 CRISIL A4+     12.5    Reaffirmed
Bhagwati Fats and Edible Oils Pvt Ltd   LOC                CRISIL A4+     800     Assigned
                                                                                  Suspension
                                                                                  Revoked
BSR Infratech India Ltd                 BG                 CRISIL A2      1200    Upgraded from
                                                                                  CRISIL A3+
BSR Infratech India Ltd                 Proposed BG        CRISIL A2      1100    Upgraded from
                                                                                  CRISIL A3+
Ceebros Hotels Pvt Ltd                  Overdraft Fac      CRISIL A3+     200     Suspended
Deltron Electricals                     BG                 CRISIL A4      20      Reaffirmed
DRRK Foods Pvt Ltd                      Foreign Bill       CRISIL A4+     175     Reaffirmed
                                        Purchase
DRRK Foods Pvt Ltd                      Packing Credit     CRISIL A4+     585     Reaffirmed
Export Import Bank of India             ST CD Programme*   CRISIL A1+     142416.6Reaffirmed
*The amount outstanding under both the long-term and short-term certificates of deposit
programmes and commercial paper programme will not exceed Rs. 142.4166 billion.
Export Import Bank of India             CP Programme*      CRISIL A1+     142416.6Reaffirmed
*The amount outstanding under both the long-term and short-term certificates of deposit
programmes and commercial paper programme will not exceed Rs. 142.4166 billion.
Five-Star Business Credits Ltd          CP                 CRISIL A3      100     Reaffirmed
Hav Automobiles Pvt Ltd                 Proposed ST Bk     CRISIL A4+     3.7     Assigned
                                        Loan Fac
HYT Inovative Projects Pvt Ltd          BG                 CRISIL A4      73      Downgraded
                                                                                  from CRISIL
                                                                                  A4+
IMP Energy Ltd                          BG                 CRISIL A4+     160     Reaffirmed
IMP Energy Ltd                          LOC                CRISIL A4+     40      Reaffirmed
Kaira Can Co. Ltd                       BG                 CRISIL A2+     5       Reaffirmed
Kaira Can Co. Ltd                       LOC                CRISIL A2+     155     Reaffirmed
Kaira Can Co. Ltd                       Overdraft Fac      CRISIL A2+     25      Reaffirmed
Kaira Can Co. Ltd                       Packing Credit     CRISIL A2+     20      Reaffirmed
Kalika Steel Alloys Pvt Ltd             BG                 CRISIL A3      100     Suspended
Kalika Steel Alloys Pvt Ltd             LOC                CRISIL A3      650     Suspended
Kalika Steel Jalna Pvt Ltd              BG                 CRISIL A3      10.2    Suspended
Kamala Metachem                         Buyer Credit Limit CRISIL A4+     50      Upgraded from
                                                                                  CRISIL A4
Kamala Metachem                         LOC                CRISIL A4+     30      Upgraded from
                                                                                  CRISIL A4
Kamala Metachem                         Proposed Buyer     CRISIL A4+     30      Upgraded from
                                        Credit Limit                              CRISIL A4
Kashish Metal                           BG                 CRISIL A4+     50      Reassigned
Khandelwal Steel Industries             Letter Of GuaranteeCRISIL A4      10      Reaffirmed
Lala Harbhagwan Dass Memorial and Dr.   BG                 CRISIL A4+     6.6     Reaffirmed
Prem Hospital Pvt Ltd
Lawrence Clothing Pvt Ltd               LOC Bill           CRISIL A4+     57      Reaffirmed
                                        Discounting
Maruti Ispat and Energy Pvt Ltd         LOC                CRISIL A3+     100     Suspended
Mehta Alloys Ltd                        BG                 CRISIL A4+     3.5     Reaffirmed
Metal Power Analytical India Pvt Ltd    BG                 CRISIL A4+     1.2     Notice of
                                                                                  Withdrawal
MS Agarwal Foundries Pvt Ltd            LOC                CRISIL A3+     250     Suspended
Muthoot Finance Ltd                     ST Debt            CRISIL A1+     40000   Reaffirmed
NAC Jewellers Pvt Ltd                   Standby Line of    CRISIL A4+     500     Reaffirmed
                                        Credit
Namratha Oil Refineries Pvt Ltd         LOC                CRISIL A3+     40      Reaffirmed
Nestle India Ltd                        ST Debt            CRISIL A1+     7000    Reaffirmed
Ozone Overseas Pvt Ltd                  BG                 CRISIL A2      10      Reaffirmed
Ozone Overseas Pvt Ltd                  LOC*               CRISIL A2      80      Reaffirmed
*Sublimit of Rs.80 million for buyers credit
Padmesh Beverages                       BG                 CRISIL A4+     50      Downgraded
                                                                                  from CRISIL
                                                                                  A3
Panini Granites Pvt Ltd                 LOC                CRISIL A4+     25      Reaffirmed
Philips India Ltd                       LOC & BG           CRISIL A1+     650     Reaffirmed
Piaggio Vehicles Pvt Ltd                BG                 CRISIL A1      2000    Reaffirmed
Piaggio Vehicles Pvt Ltd                Bill Discounting   CRISIL A1      1550    Reaffirmed
Piaggio Vehicles Pvt Ltd                Bill Discounting^  CRISIL A1      300     Reaffirmed
^Interchangeable with Letter of Credit and Bank Guarantee
Piaggio Vehicles Pvt Ltd                LOC & BG           CRISIL A1      2950    Reaffirmed
Piaggio Vehicles Pvt Ltd                ST Loan            CRISIL A1      500     Reaffirmed
Pradeep Stainless India Pvt Ltd         LOC                CRISIL A3      70      Upgraded from
                                                                                  CRISIL A4+
Pradeep Stainless India Pvt Ltd         Packing Credit     CRISIL A3      80      Upgraded from
                                                                                  CRISIL A4+
Prasuna Vamsikrishna Spinning Mills Pvt BG                 CRISIL A3      13.8    Suspended
Ltd
Prasuna Vamsikrishna Spinning Mills Pvt Inland/Import LOC  CRISIL A3      18      Suspended
Ltd
Prolific Systems and Technologies Pvt   BG                 CRISIL A3      30      Reaffirmed
Ltd
Ratnagiri Impex Pvt Ltd                 BG                 CRISIL A4+     100     Reaffirmed
Ratnagiri Impex Pvt Ltd                 Inventory Funding  CRISIL A4+     10      Reaffirmed
                                        Fac
Ratnagiri Impex Pvt Ltd                 LOC*               CRISIL A4+     300     Reaffirmed
* 100% inter-changeable with Buyers credit
Raymond UCO Denim Pvt Ltd               Non-FBL            CRISIL A1      980     Upgraded from
                                                                                  CRISIL A2+
Raymond UCO Denim Pvt Ltd               Vendor Financing   CRISIL A1      750     Upgraded from
                                                                                  CRISIL A2+
Sagar Cements Ltd                       BG                 CRISIL A4+     30      Reaffirmed
Sagar Cements Ltd                       LOC                CRISIL A4+     120     Reaffirmed
Siddique Trading Company Pvt Ltd        Proposed LOC       CRISIL A4      450     Suspended
Silk Touch Vitrified Pvt Ltd            BG                 CRISIL A4+     32.5    Reaffirmed
Silk Touch Vitrified Pvt Ltd            LOC                CRISIL A4+     20      Reaffirmed
Sitaram Spinners Pvt Ltd                BG                 CRISIL A3      20      Suspended
Sonata Information Technology Ltd       WC Loan            CRISIL A1      1580    Upgraded from
                                                                                  CRISIL A2+
Sreenath Engg. Sales and Service Pvt LtdBG                 CRISIL A4      15      Reaffirmed
Sreenath Engg. Sales and Service Pvt LtdLOC                CRISIL A4      5       Reaffirmed
SSG Pharma Pvt Ltd                      Overdraft Fac      CRISIL A4      45      Assigned
Swati Synthetics                        BG                 CRISIL A4      2       Assigned
Swelect Energy Systems Ltd              Overdraft Fac      CRISIL A1      250     Reaffirmed
Tata Power Solar Systems Ltd            LOC & BG           CRISIL A1      5050    Reaffirmed
Tata Power Solar Systems Ltd            CP                 CRISIL A1      60      Reaffirmed
Tata Power Solar Systems Ltd            CP                 CRISIL A1+(SO) 4000    Reaffirmed
Enhanced from Rs. 2 Billion
Toshbro Medicals Pvt Ltd                BG                 CRISIL A4      50      Reaffirmed
Vipul Overseas Pvt Ltd                  LOC                CRISIL A4      95      Downgraded
                                                                                  from CRISIL
                                                                                  A4+

MEDIUM TERM RATINGS:
-------------------
Kaira Can Co. Ltd                       FD                 FA             48.4    Assigned

LONG TERM RATINGS:
-------------------
Aarti Drugs Ltd                         CC                 CRISIL A       300     Reaffirmed
Aarti Drugs Ltd                         Proposed LT Bk     CRISIL A       107.8   Reaffirmed
                                        Loan Fac
Aarti Drugs Ltd                         TL                 CRISIL A       2302.2  Reaffirmed
Agarwal Foundries                       CC                 CRISIL BBB     150     Suspended
Agarwal Foundries                       Proposed LT Bk     CRISIL BBB     70      Suspended
                                        Loan Fac
Alashore Marine Exports Pvt Ltd         Export Packing     CRISIL B+      40      Reaffirmed
                                        Credit
Alashore Marine Exports Pvt Ltd         TL                 CRISIL B+      50      Reaffirmed
Alloy Tech                              CC                 CRISIL BB      95      Reaffirmed
Ave Maria Spinning Mills Pvt Ltd        Proposed WC Fac    CRISIL BB-     37.5    Assigned
Ave Maria Spinning Mills Pvt Ltd        Proposed LT Bk     CRISIL BB-     7.5     Assigned
                                        Loan Fac
Ave Maria Spinning Mills Pvt Ltd        CC                 CRISIL BB-     30      Assigned
Ave Maria Spinning Mills Pvt Ltd        LT Bk Fac          CRISIL BB-     25      Assigned
Bangalore Paper Store                   CC                 CRISIL B+      40      Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Bell-O-Seal Valves Pvt Ltd              CC                 CRISIL BB+     150     Downgraded
                                                                                  from CRISIL
                                                                                  BBB-/Negative
Bell-O-Seal Valves Pvt Ltd              TL                 CRISIL BB+     50      Downgraded
                                                                                  from CRISIL
                                                                                  BBB-/Negative
Bhagwat Wire Industries                 CC                 CRISIL BB+     150     Reaffirmed
Bhagwat Wire Industries                 TL                 CRISIL BB+     7.5     Reaffirmed
Bhagwati Fats and Edible Oils Pvt Ltd   CC                 CRISIL BB      45      Assigned
                                                                                  Suspension
                                                                                  Revoked
Bhagwati Fats and Edible Oils Pvt Ltd   Proposed LT Bk     CRISIL BB      287     Assigned
                                        Loan Fac                                  Suspension
                                                                                  Revoked
Bhagwati Fats and Edible Oils Pvt Ltd   TL                 CRISIL BB      70      Assigned
                                                                                  Suspension
                                                                                  Revoked
Bhima Jewellers                         CC                 CRISIL BBB     2330    Reaffirmed
Bhima Jewellers                         TL                 CRISIL BBB     170     Reaffirmed
Bhuvan Wheels Pvt Ltd                   CC                 CRISIL B-      60      Downgraded
                                                                                  from CRISIL
                                                                                  B+
BSR Infratech India Ltd                 Overdraft Fac      CRISIL BBB+    200     Upgraded from
                                                                                  CRISIL
                                                                                  BBB
Ceebros Hotels Pvt Ltd                  Corporate Loan     CRISIL BBB     1250    Suspended
Ceebros Hotels Pvt Ltd                  LT Loan            CRISIL BBB     3550    Suspended
Ceebros Property Development            LT Loan            CRISIL BBB     800     Suspended
Celebrity Biopharma Ltd                 CC                 CRISIL BBB-    70      Assigned
Celebrity Biopharma Ltd                 TL                 CRISIL BBB-    72.5    Assigned
Deccan Overseas Pvt Ltd                 CC                 CRISIL BB-     40      Reaffirmed
Deccan Overseas Pvt Ltd                 Proposed LT Bk     CRISIL BB-     80      Reaffirmed
                                        Loan Fac
Deltron Electricals                     CC                 CRISIL B+      20      Reaffirmed
Deltron Electricals                     Proposed LT Bk     CRISIL B+      34.5    Reaffirmed
                                        Loan Fac
Deltron Electricals                     TL                 CRISIL B+      5.5     Reaffirmed
DRRK Foods Pvt Ltd                      CC                 CRISIL BB-     255     Reaffirmed
DRRK Foods Pvt Ltd                      LT Loan            CRISIL BB-     279.8   Reaffirmed
DRRK Foods Pvt Ltd                      Proposed LT Bk     CRISIL BB-     65.2    Reaffirmed
                                        Loan Fac
DSL Hydrowatt Ltd                       Proposed LT Bk     CRISIL BBB-    68.5    Reaffirmed
                                        Loan Fac
DSL Hydrowatt Ltd                       TL                 CRISIL BBB-    91.5    Reaffirmed
Eden Real Estates Pvt Ltd               Proposed LT Bk     CRISIL BBB-    460     Reaffirmed
                                        Loan Fac
Eden Real Estates Pvt Ltd               TL                 CRISIL BBB-    290     Reaffirmed
Elite Agro Specialities                 Proposed LT Bk     CRISIL BBB     25.5    Assigned
                                        Loan Fac
Elite Agro Specialities                 CC                 CRISIL BBB     20      Assigned
Elite Agro Specialities                 LT Loan            CRISIL BBB     23.2    Assigned
Export Import Bank of India             Proposed LT Bk     CRISIL AAA     30000   Reaffirmed
                                        Loan Fac*
*There are no term loans outstanding as on date.
Export Import Bank of India             Bonds Issue        CRISIL         50000   Assigned
                                                           AAA
Export Import Bank of India             Bonds              CRISIL         405319  Reaffirmed
                                                           AAA
Export Import Bank of India             LT CD Programme*   CRISIL         142416.6Reaffirmed
                                                           AAA
*The amount outstanding under both the long-term and short-term certificates of deposit
programmes and commercial paper programme will not exceed Rs. 142.4166 billion
Export Import Bank of India             Term Deposit       FAAA    -       Reaffirmed
                                        Programme
Five-Star Business Credits Ltd          CC                 CRISIL BBB-    125     Reaffirmed
Five-Star Business Credits Ltd          LT Bk Fac          CRISIL BBB-    615     Reaffirmed
Five-Star Business Credits Ltd          Proposed CC Limit  CRISIL BBB-    175     Reaffirmed
Five-Star Business Credits Ltd          Proposed LT Bk     CRISIL BBB-    85      Reaffirmed
                                        Loan Fac
Five-Star Business Credits Ltd          NCD                CRISIL         300     Assigned
                                                           BBB-/Positive
Ganganagar Automobiles Pvt Ltd          Proposed LT Bk     CRISIL BB-     5       Assigned
                                        Loan Fac
Ganganagar Automobiles Pvt Ltd          CC                 CRISIL BB-     50      Assigned
Ganganagar Automobiles Pvt Ltd          Inventory Funding  CRISIL BB-     25      Assigned
                                        Fac
Gayatri Sugars Ltd                      CC                 CRISIL D       675.9   Reaffirmed
Gayatri Sugars Ltd                      TL                 CRISIL D       374.1   Reaffirmed
Hav Automobiles Pvt Ltd                 Drop Line          CRISIL BB      16.3    Upgraded from
                                        Overdraft Fac                             CRISIL
                                                                                  BB-
Hav Automobiles Pvt Ltd                 Inventory Funding  CRISIL BB      100     Upgraded from
                                        Fac                                       CRISIL
                                                                                  BB-
HYT Inovative Projects Pvt Ltd          CC                 CRISIL B+      65      Downgraded
                                                                                  from CRISIL
                                                                                  BB-
HYT Inovative Projects Pvt Ltd          Proposed LT Bk     CRISIL B+      29.6    Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BB-
HYT Inovative Projects Pvt Ltd          TL                 CRISIL B+      23      Downgraded
                                                                                  from CRISIL
                                                                                  BB-
IMP Energy Ltd                          CC                 CRISIL BB-     20      Reaffirmed
Kaira Can Co. Ltd                       CC                 CRISIL A-      125     Reaffirmed
Kaira Can Co. Ltd                       Rupee TL           CRISIL A-      25      Reaffirmed
Kaira Can Co. Ltd                       WC Demand Loan     CRISIL A-      10      Reaffirmed
Kaira Can Co. Ltd                       WC Fac             CRISIL A-      150     Reaffirmed
Kalika Steel Alloys Pvt Ltd             CC                 CRISIL BBB-    150     Suspended
Kalika Steel Alloys Pvt Ltd             Proposed LT Bk     CRISIL BBB-    910     Suspended
                                        Loan Fac
Kalika Steel Alloys Pvt Ltd             TL                 CRISIL BBB-    130     Suspended
Kalika Steel Jalna Pvt Ltd              CC                 CRISIL BBB-    120.6   Suspended
Kalika Steel Jalna Pvt Ltd              TL                 CRISIL BBB-    22.1    Suspended
Kamala Metachem                         CC                 CRISIL BB-     15      Upgraded from
                                                                                  CRISIL
                                                                                  B+
Kashish Metal                           CC                 CRISIL BB-     150     Upgraded from
                                                                                  CRISIL
                                                                                  B+
Kaveri Gas Power Ltd                    CC                 CRISIL D       5       Suspended
Kaveri Gas Power Ltd                    LOC                CRISIL D       20      Suspended
Kaveri Gas Power Ltd                    LT Loan            CRISIL D       92      Suspended
Kaveri Gas Power Ltd                    Proposed LT Bk     CRISIL D       35.5    Suspended
                                        Loan Fac
Khandelwal Steel Industries             CC                 CRISIL B+      80      Reaffirmed
Khandelwal Steel Industries             TL                 CRISIL B+      33      Reaffirmed
Khetan Pack Fine Pvt Ltd                CC                 CRISIL BB      55      Reaffirmed
Khetan Pack Fine Pvt Ltd                Proposed LT Bk     CRISIL BB      45      Reaffirmed
                                        Loan Fac
Khetan Pack Fine Pvt Ltd                TL                 CRISIL BB      20      Reaffirmed
Kunj Roller Flour Mills Pvt Ltd         CC                 CRISIL BB      85      Reaffirmed
Kunj Roller Flour Mills Pvt Ltd         Proposed LT Bk     CRISIL BB      15      Reaffirmed
                                        Loan Fac
Lala Harbhagwan Dass Memorial and Dr.   TL                 CRISIL BB+     78.4    Upgraded from
Prem Hospital Pvt Ltd                                                             CRISIL
                                                                                  BB
Lawrence Clothing Pvt Ltd               CC                 CRISIL BB-     50      Reaffirmed
Maruti Ispat and Energy Pvt Ltd         CC                 CRISIL BBB     180     Suspended
Maruti Ispat and Energy Pvt Ltd         Proposed LT Bk     CRISIL BBB     16      Suspended
                                        Loan Fac
Maruti Ispat and Energy Pvt Ltd         TL                 CRISIL BBB     90      Suspended
Mehta Alloys Ltd                        CC                 CRISIL BB-     82.5    Reaffirmed
Mehta Alloys Ltd                        Rupee TL           CRISIL BB-     10.4    Reaffirmed
Metal Power Analytical India Pvt Ltd    CC                 CRISIL BB+     25      Notice of
                                                                                  Withdrawal
Metal Power Analytical India Pvt Ltd    Proposed LT Bk     CRISIL BB+     173.8   Notice of
                                        Loan Fac                                  Withdrawal
MS Agarwal Foundries Pvt Ltd            CC                 CRISIL BBB     850     Suspended
MS Agarwal Foundries Pvt Ltd            Proposed LT Bk     CRISIL BBB     300     Suspended
                                        Loan Fac
Muthoot Finance Ltd                     Subordinated Debt  CRISIL         5000    Assigned
                                                           AA- 
Muthoot Finance Ltd                     NCD                CRISIL         5000    Assigned
                                                           AA- 
Muthoot Finance Ltd                     NCD                CRISIL         2767.1  Reaffirmed
                                                           AA- 
Muthoot Finance Ltd                     NCD                CRISIL         2790.7  Reaffirmed
                                                           AA- 
Muthoot Finance Ltd                     NCD                CRISIL         4562.4  Reaffirmed
                                                           AA- 
Muthoot Finance Ltd                     NCD                CRISIL         4593.2  Reaffirmed
                                                           AA- 
Muthoot Finance Ltd                     NCD                CRISIL         6932.8  Reaffirmed
                                                           AA- 
Muthoot Finance Ltd                     NCD                CRISIL         2749.4  Reaffirmed
                                                           AA- 
Muthoot Finance Ltd                     NCD                CRISIL         2597.5  Reaffirmed
                                                           AA- 
Muthoot Finance Ltd                     NCD                CRISIL         5000    Reaffirmed
                                                           AA- 
Muthoot Finance Ltd                     Subordinate Bond   CRISIL         209.3   Reaffirmed
                                                           AA- 
Muthoot Finance Ltd                     Subordinate Bond   CRISIL         1000    Reaffirmed
                                                           AA- 
Muthoot Finance Ltd                     Subordinate Bond   CRISIL         232.879 Reaffirmed
                                                           AA- 
Muthoot Finance Ltd                     Subordinate Bond   CRISIL         437.571 Reaffirmed
                                                           AA- 
NAC Jewellers Pvt Ltd                   CC                 CRISIL BB+     700     Reaffirmed
NAC Jewellers Pvt Ltd                   TL                 CRISIL BB+     66      Reaffirmed
Namratha Oil Refineries Pvt Ltd         CC                 CRISIL BBB     120     Reaffirmed
Nestle India Ltd                        LT Loan            CRISIL         18000   Reaffirmed
                                                           AAA
North India Steel Company               CC                 CRISIL BB-     60      Reaffirmed
North India Steel Company               Proposed LT Bk     CRISIL BB-     50      Reaffirmed
                                        Loan Fac
Novarc Labs Pvt Ltd                     CC                 CRISIL B       50      Assigned
Novarc Labs Pvt Ltd                     Proposed CC Limit  CRISIL B       30      Assigned
ONGC Tripura Power Co. Ltd              CC                 CRISIL A+      3000    Reaffirmed
ONGC Tripura Power Co. Ltd              Proposed LT Bk     CRISIL A+      4920    Reaffirmed
                                        Loan Fac
ONGC Tripura Power Co. Ltd              Rupee TL           CRISIL A+      28380   Reaffirmed
Orchid Infrastructure Developers Pvt LtdProposed FB Bk     CRISIL BBB-    1000    Suspended
                                        Limits
Ozone Overseas Pvt Ltd                  CC                 CRISIL BBB+    340     Reaffirmed
Ozone Overseas Pvt Ltd                  Proposed LT Bk     CRISIL BBB+    80      Reaffirmed
                                        Loan Fac
Padmesh Beverages                       CC                 CRISIL BB+     95      Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
Padmesh Beverages                       Corporate Loan     CRISIL BB+     5       Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
Padmesh Beverages                       Proposed LT Bk     CRISIL BB+     15      Downgraded
                                        Loan Fac                                  from CRISIL
                                                                                  BBB-
Padmesh Beverages                       TL                 CRISIL BB+     18.2    Downgraded
                                                                                  from CRISIL
                                                                                  BBB-
Palace Solar Energy Pvt Ltd             Rupee TL           CRISIL A       1300    Reaffirmed
Panini Granites Pvt Ltd                 CC                 CRISIL BB-     65      Reaffirmed
Panini Granites Pvt Ltd                 LT Loan            CRISIL BB-     105     Reaffirmed
Panini Granites Pvt Ltd                 Proposed LT Bk     CRISIL BB-     11      Reaffirmed
                                        Loan Fac
Panini Granites Pvt Ltd                 Standby Line of    CRISIL BB-     9       Reaffirmed
                                        Credit
Philips India Ltd                       CC*                CRISIL AA      3350    Reaffirmed
* Rs.2850 million interchangeable with letter of credit and bank guarantee
Piaggio Vehicles Pvt Ltd                CC*                CRISIL A       300     Reaffirmed
* Fully interchangeable with Letter of Credit /Local Bill Discounting/Export Bill
Discounting/Packing Credit and Bank Guarantees.
Piaggio Vehicles Pvt Ltd                CC                 CRISIL A       100     Reaffirmed
Piaggio Vehicles Pvt Ltd                LT Loan            CRISIL A       1343    Reaffirmed
Piaggio Vehicles Pvt Ltd                Overdraft Fac      CRISIL A       250     Reaffirmed
Planet Retail Holdings Pvt Ltd          CC                 CRISIL BB      60      Reaffirmed
Planet Retail Holdings Pvt Ltd          Proposed CC Limit  CRISIL BB      300     Withdrawal
Polaris Consulting & Services Ltd       Corporate Credit   CCR AA-        -       Placed on
                                        Rating                                    Rating Watch
                                                                                  with
Developing Implications
PPS Motors Pvt Ltd                      CC                 CRISIL BBB-    50      Reaffirmed
PPS Motors Pvt Ltd                      Inventory Funding  CRISIL BBB-    300     Reaffirmed
                                        Fac
Pradeep Stainless India Pvt Ltd         Bill Discounting   CRISIL BBB-    50      Upgraded from
                                                                                  CRISIL
                                                                                  BB+
Pradeep Stainless India Pvt Ltd         TL                 CRISIL BBB-    27.1    Upgraded from
                                                                                  CRISIL
                                                                                  BB+
Prakasam Enterprises                    CC                 CRISIL B+      85      Reaffirmed
Prakasam Enterprises                    Proposed LT Bk     CRISIL B+      15      Reaffirmed
                                        Loan Fac
Prasuna Vamsikrishna Spinning Mills Pvt CC                 CRISIL BBB-    147.5   Suspended
Ltd
Prasuna Vamsikrishna Spinning Mills Pvt LT Loan            CRISIL BBB-    154.7   Suspended
Ltd
Prolific Systems and Technologies Pvt   CC                 CRISIL BBB-    160     Reaffirmed
Ltd
Punjab Sind Dairy Products Pvt Ltd      CC                 CRISIL BB-     25      Reaffirmed
Punjab Sind Dairy Products Pvt Ltd      Proposed LT Bk     CRISIL BB-     112     Reaffirmed
                                        Loan Fac
Punjab Sind Dairy Products Pvt Ltd      TL                 CRISIL BB-     63      Reaffirmed
Rashtriya Ispat Nigam Ltd               LT Debt            CRISIL         20000   Downgraded
                                                           A+/Negative            from CRISIL
                                                                                  AA-
Ratnagiri Impex Pvt Ltd                 CC                 CRISIL BB-     165.5   Reaffirmed
Ratnagiri Impex Pvt Ltd                 Proposed LT Bk     CRISIL BB-     236.1   Reaffirmed
                                        Loan Fac
Ratnagiri Impex Pvt Ltd                 TL                 CRISIL BB-     130     Reaffirmed
Raymond UCO Denim Pvt Ltd               FB Fac             CRISIL A       2250    Upgraded from
                                                                                  CRISIL
                                                                                  A-
Raymond UCO Denim Pvt Ltd               TL                 CRISIL A       1520    Upgraded from
                                                                                  CRISIL
                                                                                  A-
Sagar Cements Ltd                       CC                 CRISIL BB      720     Reaffirmed
Sagar Cements Ltd                       Proposed TL        CRISIL BB      430     Reaffirmed
Sagar Cements Ltd                       TL                 CRISIL BB      1830    Reaffirmed
Saravanaa Projects & Co.                CC                 CRISIL BB      60      Assigned
Saravanaa Projects & Co.                LT Loan            CRISIL BB      20      Assigned
Showtime Syndicators Pvt Ltd            Proposed LT Bk     CRISIL B       30      Reaffirmed
                                        Loan Fac
Showtime Syndicators Pvt Ltd            TL                 CRISIL B       70      Reaffirmed
Siddique Trading Company Pvt Ltd        Proposed CC Limit  CRISIL B+      100     Suspended
Silk Touch Vitrified Pvt Ltd            CC                 CRISIL BB+     120     Upgraded from
                                                                                  CRISIL
                                                                                  BB
Silk Touch Vitrified Pvt Ltd            TL                 CRISIL BB+     147.5   Upgraded from
                                                                                  CRISIL
                                                                                  BB
Sitaram Spinners Pvt Ltd                CC                 CRISIL BBB-    650     Suspended
Sitaram Spinners Pvt Ltd                Proposed LT Bk     CRISIL BBB-    87.8    Suspended
                                        Loan Fac
Sitaram Spinners Pvt Ltd                TL                 CRISIL BBB-    892.2   Suspended
Sonata Information Technology Ltd       CC^                CRISIL A       150     Upgraded from
                                                                                  CRISIL
                                                                                  A-/Positive
^One way changeable to standby letter of credit/bank guarantee up to Rs.100 million
Sonata Information Technology Ltd       CC**               CRISIL A       170     Upgraded from
                                                                                  CRISIL
                                                                                  A-/Positive
** Fully interchangeable with working capital loan
Sonata Information Technology Ltd       Proposed LT Bk     CRISIL A       50      Upgraded from
                                        Loan Fac                                  CRISIL
                                                                                  A-/Positive
Sreenath Engg. Sales and Service Pvt LtdCC                 CRISIL B+      35      Upgraded from
                                                                                  CRISIL
                                                                                  B
Sreenath Engg. Sales and Service Pvt LtdProposed LT Bk     CRISIL B+      5       Upgraded from
                                        Loan Fac                                  CRISIL
                                                                                  B
Sri Jayamalar Spinning Mills Pvt Ltd    CC                 CRISIL D       46.5    Suspended
Sri Jayamalar Spinning Mills Pvt Ltd    Proposed LT Bk     CRISIL D       14.2    Suspended
                                        Loan Fac
Sri Jayamalar Spinning Mills Pvt Ltd    TL                 CRISIL D       8.3     Suspended
Sri Lakshmikantha Spinners Ltd          CC*#               CRISIL B-      478.5   Assigned
*Includes a sub-limit of Rs.90 million of export packing credit/foreign bill discounting.
#Includes a sub-limit of Rs.60 million of export packing credit/foreign bill
Sri Lakshmikantha Spinners Ltd          LT Loan            CRISIL B-      651.5   Assigned
SSG Pharma Pvt Ltd                      Proposed LT Bk     CRISIL B+      13.6    Assigned
                                        Loan Fac
SSG Pharma Pvt Ltd                      LT Loan            CRISIL B+      70      Assigned
SSG Pharma Pvt Ltd                      Auto loans         CRISIL B+      11.4    Assigned
SSG Pharma Pvt Ltd                      CC                 CRISIL B+      80      Assigned
Star Plastics                           CC                 CRISIL BB-     180     Reaffirmed
Star Plastics                           Proposed LT Bk     CRISIL BB-     6.5     Reaffirmed
                                        Loan Fac
Star Plastics                           TL                 CRISIL BB-     113.5   Reaffirmed
Swati Synthetics                        TL                 CRISIL B+      73      Assigned
Swati Synthetics                        CC                 CRISIL B+      5       Assigned
Swelect Energy Systems Ltd              TL                 CRISIL A-      400     Reaffirmed
Tata Power Solar Systems Ltd            CC*                CRISIL A       4500    Reaffirmed
*Interchangeable with letter of credit and bank guarantee to the extent of Rs.3250 million.
Tata Power Solar Systems Ltd            NCD                CRISIL A200     Reaffirmed
Toshbro Medicals Pvt Ltd                CC                 CRISIL B       65      Reaffirmed
Umed Sizers                             CC                 CRISIL BB      100     Assigned
Umed Sizers                             TL                 CRISIL BB      24      Assigned
Vee Technologies Pvt Ltd                Overdraft Fac      CRISIL B-      64.2    Suspended
Vee Technologies Pvt Ltd                TL                 CRISIL B-      48.8    Suspended
Vipul Overseas Pvt Ltd                  CC                 CRISIL B+      45      Downgraded
                                                                                  from CRISIL
                                                                                  BB-
Vishal Chain and Jewellery Pvt Ltd      CC                 CRISIL BB-     100     Assigned
                                                                                  Suspension
                                                                                  Revoked
Vishal Chain and Jewellery Pvt Ltd      Proposed LT Bk     CRISIL BB-     150     Assigned
                                        Loan Fac                                  Suspension
                                                                                  Revoked
Yeshashvi Steels and Alloys Pvt Ltd     CC                 CRISIL B       35      Reaffirmed
Yeshashvi Steels and Alloys Pvt Ltd     TL                 CRISIL B       73.5    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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