Crisil Ratings For Indian Debt Instruments-jul 13

Jul 13 – Below are the ratings awarded by Credit Rating Information Service of India
(CRISIL) for local debt instruments as of July 10, 2020.

COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
—— ———- —— —– ———
SHORT TERM RATINGS:
——————-
Austin Engineering Co. Ltd BG CRISIL A4+ 25 Reaffirmed
Deepsun Industrial Corporation BG CRISIL A4+ 57 Reaffirmed
Kamala Cold Storage Pvt Ltd BG CRISIL A4 1.6 Reaffirmed
(Migrated from ‘CRISIL A4 ISSUER NOT COOPERATING)
KKR India Asset Finance Ltd CP CRISIL A1+ 5000 Reaffirmed
Motherson Molds and Diecasting Ltd BG CRISIL A1+ 70 Reaffirmed
Motherson Molds and Diecasting Ltd Foreign Exchange CRISIL A1+ 2.5 Reaffirmed
Forward
Motherson Molds and Diecasting Ltd LOC CRISIL A1+ 20 Reaffirmed
Santosh Starch Products Ltd Proposed ST Bk CRISIL A4+ 2 Reaffirmed
Loan Fac
(Migrated from ‘CRISIL A4+ ISSUER NOT COOPERATING)
Shah Paperplast Industries Ltd Inland/Import LOC CRISIL A4+ 15 Reaffirmed
(Revised from ‘CRISIL A4+’ to ‘CRISIL D’ and Simultaneously Upgraded to ‘CRISIL A4+)
Shah Paperplast Industries Ltd Packing Credit in CRISIL A4+ 40 Reaffirmed
Foreign Currency
(Revised from ‘CRISIL A4+’ to ‘CRISIL D’ and Simultaneously Upgraded to ‘CRISIL A4+)
Shairu Gems Diamonds Pvt Ltd Foreign Exchange CRISIL A2 120 Reaffirmed
Forward
Shairu Gems Diamonds Pvt Ltd Post Shipment CRISIL A2 1262.5 Reaffirmed
Credit
Shriram City Union Finance Ltd CP CRISIL A1+ 30000 Reaffirmed
Subasri Textile Packing Credit CRISIL A4+ 50 –
Sula Vineyards Pvt Ltd Proposed ST Bk CRISIL A1 55.5 –
Loan Fac
Sula Vineyards Pvt Ltd WC Demand Loan! CRISIL A1 600 Reaffirmed
(!SBLC for Trade credit Rs 15 crore as a sub-limit , Bank guarantee limit of Rs 15 crore as a
sub-limit ,EPC/ PCFC EBRD/PSFC Rs 25 crore as a sub-limit, LER on forward contracts Rs 50 crore
as a sub-limit.)
Sula Vineyards Pvt Ltd WC Demand Loan& CRISIL A1 8 Reaffirmed
(&LC/ Bank guarantee limit of Rs 0.8 crore as a sub-limit)
Sula Vineyards Pvt Ltd WC Demand Loan@ CRISIL A1 550 Reaffirmed
(@LC/ Bank guarantee limit of Rs 1 crore as a sub-limit)
Sula Vineyards Pvt Ltd WC Demand Loan^ CRISIL A1 400 Reaffirmed
(^Fungible with LC/BG up to Rs 3 crore as a sub-limit , SBLC for Trade credit Rs 3 crore as a
sub-limit, EPC/ PCFC EBRD/PSFC Rs 15 crore as a sub-limit)
Sula Vineyards Pvt Ltd WC Demand Loan* CRISIL A1 452 Reaffirmed
(*Bank guarantee limit of Rs 10 crore as a sub-limit, LC Rs 0.2 crore as a sub-limit, EPC/ PCFC
EBRD/PSFC Rs 15 crore as a sub-limit)
Sula Vineyards Pvt Ltd WC Demand Loan% CRISIL A1 300 Reaffirmed
(%Interchangeable with FCNR Loan to the extent of Rs. 30 crore, Packing credit/Post Shipment to
the extent of Rs. 6 crore as a sub-limit, Bank Guarantee to the extent of Rs. 6.5 crore as a
sub-limit, Letter of Credit to the extent of Rs. 30 crore as a sub-limit, Buyer’s Credit to the
extent of Rs. 6.5 crore as a sub-limit)
Sula Vineyards Pvt Ltd WC Demand Loan# CRISIL A1 210 Assigned
(#SBLC for Trade credit Rs20 crore as a sub-limit, Interchangeable Letter of credit and Bank
Guarantee to the extent of Rs 20 crore as a sub-limit, EPC/ PCFC EBRD/PSFC Rs 15 crore as a
sub-limit.)
Thermax Ltd Non-FBL CRISIL A1+ 27400 Reaffirmed
Thermax Ltd Proposed ST Bk CRISIL A1+ 2100 Assigned
Loan Fac
UPL Ltd LOC & BG CRISIL A1+ 6500 Reaffirmed
UPL Ltd CP CRISIL A1+ 13500 Reaffirmed

LONG TERM RATINGS:
——————-
Abharan Motors Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
ADD Pens Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Adihm Developers Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Aditya Aggregates Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Aditya Agri Machineries Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Allied Electro Mechanicals Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Alpine Expo Tex Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
American Feed Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
American Feed Unit-II Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Anjaninandan Premier Packaging Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Austin Engineering Co. Ltd CC CRISIL 139 Reaffirmed
BB/Stable
Austin Engineering Co. Ltd Credit Limit Under CRISIL 16 Reaffirmed
Gold Card BB/Stable
Austin Engineering Co. Ltd Proposed LT Bk CRISIL 40 Reaffirmed
Loan Fac BB/Stable
Bhaskar Resources Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Bioworld Merchandising India Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
BLA Udyog Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Daman Polythread Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Deepsun Industrial Corporation CC CRISIL 35 Reaffirmed
BB-/Stable
Deepsun Industrial Corporation Proposed FB Bk CRISIL 18 Assigned
Limits BB-/Stable
Dyna-K Automotive Stampings Pvt Ltd Rating Advisory – – –

(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Easternzone Industries Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Elektronik Lab India Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Ess Kay Fincorp Ltd Proposed LT Bk CRISIL A/Stable 2700 Reaffirmed
Loan Fac
Ess Kay Fincorp Ltd TL CRISIL A/Stable 3200 Reaffirmed
Ess Kay Fincorp Ltd WC Demand Loan CRISIL A/Stable 100 Assigned
Ess Kay Fincorp Ltd NCD CRISIL A/Stable 500 –
Ess Kay Fincorp Ltd NCD CRISIL A/Stable 850 –
Ess Kay Fincorp Ltd NCD CRISIL A/Stable 860 –
Ess Kay Fincorp Ltd NCD CRISIL A/Stable 1000 –
Ess Kay Fincorp Ltd NCD CRISIL A/Stable 1000 –
Ess Kay Fincorp Ltd NCD CRISIL A/Stable 1500 –
Ess Kay Fincorp Ltd NCD CRISIL A/Stable 3000 –
Ess Kay Fincorp Ltd NCD CRISIL 1000 –
A/Stable
Ess Kay Fincorp Ltd LT Principal CRISIL PP-MLD 320 –
Protected Market Ar/Stable
Linked Debentures
Ess Kay Fincorp Ltd LT Principal CRISIL PP-MLD 500 –
Protected Market Ar/Stable
Linked Debentures
Euroasia Trans Continental Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Explicit Leathers Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Exquisite Enterprises Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Ferro Steel Solutions Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Garg Agrifoods Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Ghankun Steels Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Golf Ceramics Ltd BG CRISIL 60 Reaffirmed
BBB-/Stable
(Rating Reaffirmed and Withdrawn)
Golf Ceramics Ltd CC CRISIL 100 Reaffirmed
BBB-/Stable
(Rating Reaffirmed and Withdrawn)
Golf Ceramics Ltd Proposed LT Bk CRISIL 20 Reaffirmed
Loan Fac BBB-/Stable
(Rating Reaffirmed and Withdrawn)
Hi-Tech Pipes Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Hi-Tech Satluj Motors Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Hyquip Systems Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Immanuel and Co. Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Jai Hind Public School Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Jhansi Concrete Products – Jhansi Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Kamala Cold Storage Pvt Ltd CC CRISIL 63 Reaffirmed
B+/Stable
(Migrated from ‘CRISIL B+/Stable ISSUER NOT COOPERATING)
Kamala Cold Storage Pvt Ltd WC Fac CRISIL 15 Reaffirmed
B+/Stable
(Migrated from ‘CRISIL B+/Stable ISSUER NOT COOPERATING)
KKR India Asset Finance Ltd Proposed LT Bk CRISIL 7950 Reaffirmed
Loan Fac AA/Stable
KKR India Asset Finance Ltd TL CRISIL 27550 Reaffirmed
AA/Stable
KKR India Asset Finance Ltd NCD CRISIL 10000 Reaffirmed
AA/Stable
Kolhapur Municipal Corporation Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Lancosa Ceramic LLP Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Loknete Baburao Patil Agro Industries Rating Advisory – – –
Ltd
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Magic Mirror – Mumbai Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Mahavishnu Cashew Factory Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
MGM Minerals Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Milestone Corporation – Ghaziabad Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Motherson Auto Ltd LT Loan CRISIL 2990 Reaffirmed
AA/Stable
Motherson Auto Ltd Overdraft CRISIL 100 Reaffirmed
AA/Stable
Motherson Auto Ltd Proposed LT Bk CRISIL 10 Reaffirmed
Loan Fac AA/Stable
Motherson Lease Solution Ltd TL CRISIL 1250 Reaffirmed
AA/Stable
Motherson Molds and Diecasting Ltd CC CRISIL AA- 60 Reaffirmed
(Placed on ‘Rating Watch with Positive Implications’)
Motherson Molds and Diecasting Ltd TL CRISIL AA- 116 Reaffirmed
(Placed on ‘Rating Watch with Positive Implications’)
Navalakha Translines Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Nidhie Weaving Mill CC CRISIL 80 Assigned
B+/Stable
Nidhie Weaving Mill LT Loan CRISIL 40 Assigned
B+/Stable
Nutan Ispat and Power Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Nutech Polymers Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Orissa Stevedores Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Pandit Ambika Pratap Narayan Higher Rating Advisory – – –
Educational Shiksha Samiti
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Periyar Polymers Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Piyush Infratech Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Pooja Enterprises – Narela CC CRISIL 100 Reaffirmed
BB-/Stable
Pooja Enterprises – Narela Proposed CC Limit CRISIL 100 Assigned
BB-/Stable
Precise Engineering Company Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
R. G. International Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
R. Velumani Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Race Polymer Arts LLP CC CRISIL 20 Withdrawn
BBB-/Stable
(Rating Reaffirmed and Withdrawn)
Race Polymer Arts LLP TL CRISIL 96 Withdrawn
BBB-/Stable
(Rating Reaffirmed and Withdrawn)
Raffles Green Pet India Pvt Ltd BG CRISIL D 9.5 –
(ISSUER NOT COOPERATING; Downgraded from ‘CRISIL B-/Stable)
Raffles Green Pet India Pvt Ltd CC CRISIL D 40 –
(ISSUER NOT COOPERATING; Downgraded from ‘CRISIL B-/Stable)
Raffles Green Pet India Pvt Ltd Proposed LT Bk CRISIL D 1 –
Loan Fac
(ISSUER NOT COOPERATING; Downgraded from ‘CRISIL B-/Stable)
Raffles Green Pet India Pvt Ltd TL CRISIL D 49.5 –
(ISSUER NOT COOPERATING; Downgraded from ‘CRISIL B-/Stable)
Rajendra Chemicals – Sahibabad Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Rajni Exports & Imports Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Real Agrotech Industries CC CRISIL D 40 –
(ISSUER NOT COOPERATING; Downgraded from ‘CRISIL B/Stable)
Real Agrotech Industries LT Loan CRISIL D 13.3 –
(ISSUER NOT COOPERATING; Downgraded from ‘CRISIL B/Stable)
Reliance Industries Ltd First Business CRISIL AAA – Reaffirmed
Receivables Trust
-PTCs
Reliance Industries Ltd First Business Provisional – Withdrawn
Receivables Trust CRISIL AAA
-PTCs
(@A prefix of ‘Provisional’ indicates that the rating centrally factors in the strength of
specific structures, and will be supported by certain critical
Remy Diamonds Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Rittal India Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Rudra Enterprises – Asansol Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Sachdeva Home Furnishing Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Sai Projects and Systems Pvt Ltd BG CRISIL D 35 –
(ISSUER NOT COOPERATING; Downgraded from ‘CRISIL B+/Stable)
Sai Projects and Systems Pvt Ltd LOC CRISIL D 6 –
(ISSUER NOT COOPERATING; Downgraded from ‘CRISIL B+/Stable)
Sai Projects and Systems Pvt Ltd Overdraft CRISIL D 10 –
(ISSUER NOT COOPERATING; Downgraded from ‘CRISIL B+/Stable)
Sai Projects and Systems Pvt Ltd Proposed Overdraft CRISIL D 10 –
Fac
(ISSUER NOT COOPERATING; Downgraded from ‘CRISIL B+/Stable)
Sai Projects and Systems Pvt Ltd Overdraft CRISIL D 30 –
(ISSUER NOT COOPERATING; Downgraded from ‘CRISIL B+/Stable)
Samvardhana Motherson Auto Component CC CRISIL A+ 50 Reaffirmed
Pvt Ltd
(Placed on ‘Rating Watch with Positive Implications’)
Samvardhana Motherson Auto Component TL CRISIL A+ 350 Reaffirmed
Pvt Ltd
(Placed on ‘Rating Watch with Positive Implications’)
Santosh Starch Products Ltd CC CRISIL 180 Reaffirmed
BB+/Stable
(Migrated from ‘CRISIL BB+/Stable ISSUER NOT COOPERATING)
Santosh Starch Products Ltd Rupee TL CRISIL 11.5 Reaffirmed
BB+/Stable
(Migrated from ‘CRISIL BB+/Stable ISSUER NOT COOPERATING)
Sarama Steel Furniture Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Satya Sai Agro Industries Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
SCV SKY Vision CC CRISIL D 10 –
(ISSUER NOT COOPERATING; Downgraded from ‘CRISIL B+/Stable)
SCV SKY Vision LT Loan CRISIL D 50 –
(ISSUER NOT COOPERATING; Downgraded from ‘CRISIL B+/Stable)
SDB Infrastructure Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Shah Paperplast Industries Ltd CC CRISIL 20 Reaffirmed
BB-/Stable
(Revised from ‘CRISIL BB-/Stable’ to ‘CRISIL D’ and Simultaneously Upgraded to ‘CRISIL
BB-/Stable’)
Shah Paperplast Industries Ltd Proposed LT Bk CRISIL 15.9 Reaffirmed
Loan Fac BB-/Stable
(Revised from ‘CRISIL BB-/Stable’ to ‘CRISIL D’ and Simultaneously Upgraded to ‘CRISIL
BB-/Stable’)
Shah Paperplast Industries Ltd TL CRISIL 26.7 Reaffirmed
BB-/Stable
(Revised from ‘CRISIL BB-/Stable’ to ‘CRISIL D’ and Simultaneously Upgraded to ‘CRISIL
BB-/Stable’)
Shairu Gems Diamonds Pvt Ltd Export Packing – 45 Withdrawn
Credit
Shairu Gems Diamonds Pvt Ltd Proposed Export – 93 Withdrawn
Packing Credit
Shairu Gems Diamonds Pvt Ltd Export Packing CRISIL 1262.5 Reaffirmed
Credit BBB+/Negative
Shairu Gems Diamonds Pvt Ltd Standby Line of CRISIL 337 Assigned
Credit BBB+/Negative
Shastha Enterprises Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Shree Lalji Energy Foods Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Shree Prayosha Jewellers Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Shreyans Creation Global Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Shriram City Union Finance Ltd NCD CRISIL 2500 Assigned
AA/Negative
Shriram City Union Finance Ltd NCD CRISIL 30000 Reaffirmed
AA/Negative
Shriram City Union Finance Ltd NCD CRISIL 6000 Reaffirmed
AA/Negative
Shriram City Union Finance Ltd Subordinated Debt CRISIL 1000 Reaffirmed
AA/Negative
Shubhi Devi Higher Education Shiksha Rating Advisory – – –
Samiti
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Siddhi Ganesh Metal Pvt Ltd Electronic Dealer CRISIL 240 Reaffirmed
Financing BB-/Stable
Scheme(e-DFS)
Siddhi Ganesh Metal Pvt Ltd Proposed LT Bk CRISIL 10 Reaffirmed
Loan Fac BB-/Stable
Southern India Aquaculture Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Spicecoast Hotels Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Sree Vasavi Trust Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Sri Mahalakshmi Raw and Boiled Rice Mill CC CRISIL D 100 –
(ISSUER NOT COOPERATING; Downgraded from ‘CRISIL B+/Stable)
Sri Mahalakshmi Raw and Boiled Rice Mill LT Loan CRISIL D 2.7 –
(ISSUER NOT COOPERATING; Downgraded from ‘CRISIL B+/Stable)
Sri Varalakshmi Agro Tech Industries Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Sri Varalakshmi Solvent Oils Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Srishti Apparels Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Subasri Textile TL CRISIL 53.5 –
BB-/Stable
Sula Vineyards Pvt Ltd Proposed LT Bk CRISIL 200 Reaffirmed
Loan Fac A/Negative
Sula Vineyards Pvt Ltd TL CRISIL 984.5 –
A/Negative
Sunil Chemical Industries Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Swati Concast and Power Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Swelore Engineering Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
T.C. Agro Food Industries Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Tara Educational Trust Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Telmos Electronics Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Thermax Ltd FB Fac CRISIL 2900 Reaffirmed
AA+/Stable
Thermax Ltd Proposed LT Bk CRISIL 200 Assigned
Loan Fac AA+/Stable
U and Co Marine Exports Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
UPL Ltd CC## CRISIL 11500 Reaffirmed
AA+/Negative
(##Fully interchangeable between cash credit, working capital demand loan, foreign currency
non-resident (Bank) loans, packing credit in INR, packing credit in foreign currency, export
bill discounting in INR and foreign currency, buyer’s credit for imports and domestic purchases,
and domestic sales bill discounting. It can also be converted into non-fund-based facilities.)
UPL Ltd Proposed CC Limit CRISIL 5000 Reaffirmed
AA+/Negative
UPL Ltd Proposed LT Bk CRISIL 2000 Reaffirmed
Loan Fac** AA+/Negative
(**It can be converted into non-fund-based facilities.)
UPL Ltd Proposed WC Fac** CRISIL 15000 Reaffirmed
AA+/Negative
(**It can be converted into non-fund-based facilities.)
UPL Ltd NCD CRISIL 5000 Reaffirmed
AA+/Negative
Usaka Hydro Powers Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
V.K. Gupta and Associates Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Vaigai Leather Corporation Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Vama Wovenfab Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Veevee Controls Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Velocis Systems Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
VGP Marine Kingdom Pvt Ltd Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
Vinay Kumar Dixit Rating Advisory – – –
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
West Bengal Hosiery Park Infrastructure Rating Advisory – – –
Ltd
(CRISIL is yet to receive adequate information from the company to enable it to undertake a
rating review)
——————————————————————————————–
$: 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 [email protected])


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