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RPT-ICRA ratings for Indian debt instruments-Jul 28

 (Repeating to add additional ratings)
  Jul 28 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of July 27, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
Aequs Pvt Ltd                          Fund Based – Working ICRA A4+    145    Withdrawn
                                       Capital Fac
Aequs Pvt Ltd                          Non-FB Fac           ICRA A4+    5      Withdrawn
Aerostructures Manufacturing           Fund Based – Working ICRA A4+    550    Withdrawn
India Pvt Ltd                          Capital Fac
Aerostructures Manufacturing           Non-fund Based –     ICRA A4+    10     Withdrawn
India Pvt Ltd                          Working Capital Fac
Apeejay Shipping Ltd                   FB – ST Loans        ICRA A1     400    -
(Downgraded to ICRA A1 from ICRA A1+)
Asian Granito India Ltd                ST Non-FB limits     ICRA A1     722.7  -
B & A Packaging India Ltd.             Non-FBL – LOC        ICRA A3     87.5   Withdrawn
B & A Packaging India Ltd.             Non-FBL – BG         ICRA A3     2      Withdrawn
Broadway Links Pvt Ltd                 Non-Fund Based BG    ICRA A4     179    -
(Rating continues to remain under ‘Issuer Not Cooperating’ category.)
Camrola Quartz Ltd                     BG                   ICRA A4+    50     -
(Downgraded from ICRA A2+ (CE))
Camrola Quartz Ltd                     Inland LOC           ICRA A4+    4.6    -
(Downgraded from ICRA A2+ (CE))
Gurgaon Sohna Highway Pvt Ltd          Non-FBL              ICRA A1(CE) -      Reaffirmed
M.K. Printpack Pvt Ltd                 ST - Interchangeable ICRA A4     -      -
(Rating downgraded from ICRA A4+ and Continues to remain under ‘Issuer Not Cooperating’
category)
Merittrac Services Pvt Ltd            LT/ST: Non-fund based ICRA A3+    -      -
                                       (sub-limit)
(Short-term rating downgraded to ICRA A3+ from ICRA A2+)
Merittrac Services Pvt Ltd             LT: TL               ICRA A3+    60     -
(Short-term rating downgraded to ICRA A3+ from ICRA A2+)
Noor Ice & Cold Storage Pvt Ltd        ST, Fund Based       ICRA A4     285    -
(Rating Continues to remain under issuer not cooperating category)
Piramal Capital & Housing              CP (CP) Programm     ICRA A1+    -      -
Finance Ltd
(reaffirmed and withdrawn)
Piramal Enterprises Ltd                CP                   ICRA A1+    -      -
(reaffirmed and withdrawn)
Piramal Enterprises Ltd                ST Non-Fund Based    ICRA A1+    2000   Reaffirmed
Piramal Enterprises Ltd                ST Fund based        ICRA A1+    16200  Reaffirmed
Piramal Enterprises Ltd                ST Fund based        ICRA A1+    -      -
(reaffirmed and withdrawn)
R Ramu                                 Non-fund based       ICRA A4+    120    -
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
R.R. Infraa Construction               Non-fund based       ICRA A4+    800    -
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Shiva Utensils Industries Pvt          ST: FB               ICRA A4     290    Reaffirmed
Ltd
Shiva Utensils Industries Pvt          ST: Unallocated      ICRA A4     10     Reaffirmed
Ltd
Shruthi Milk Products (P) Ltd          ST - Non-Fund Based  ICRA A4     0.6    -
(Rating downgraded from ICRA A4+ and continues to remain in the ‘Issuer Not Cooperating’ catego)
Steel Products Ltd                     Non-Fund Based LOC   ICRA A4     11.5   -
(Rating Continues to remain under issuer not cooperating category)
Supreme Power Equipment Pvt Ltd        ST – LOC             ICRA A4     70     -
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Supreme Power Equipment Pvt Ltd        ST – BG              ICRA A4     80     -
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
The Mithra Agencies (Hyderabad)        Fund Based –         ICRA A4+    225    -
                                       Inventory Funding
(Reason for delay in carrying out periodic review: - Issuer delayed in giving information)
Vardhman Roller Flour Mills            ST – BG              ICRA A4     4      -
Pvt Ltd
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Veer Plastics Pvt Ltd                 Non-fund Based Credit ICRA A2     30     Withdrawn
                                       Exposure Limit
Veer Plastics Pvt Ltd                  Non-fund Based LOC   ICRA A2     60     Withdrawn
                                       (LC)
Veer Plastics Pvt Ltd                  Non-fund Based       ICRA A2     68.2   Withdrawn
                                       Standby Line of Credit
Veer Plastics Pvt Ltd                  Non-fund Based BG    ICRA A2     92.5   Withdrawn
Veer Plastics Pvt Ltd                  FB Export Packing    ICRA A2     -      Withdrawn
                                       Credit
Vertex Techno Solutions                ST – Non fund based  ICRA A4+    15     -
Bangalore Pvt. Ltd.                    (BG)
(Reason for delay in carrying out periodic)
  
LONG TERM RATINGS:
-------------------
Aequs Pvt Ltd                          Fund Based – TL      ICRA BB+    40     Withdrawn
                                                            (Negative)
Aerospace Processing India Pvt         Fund Based – TL      ICRA BB+    45     Withdrawn
Ltd                                                         (Stable)
Aerospace Processing India Pvt         FB/Non-fund Based –  ICRA BB+    45     Withdrawn
Ltd                                    Working Capital Fac  (Stable)/
                                                            ICRA A4+
Aerostructures Manufacturing           Fund Based – TL      ICRA BB+    39.4   Withdrawn
India Pvt Ltd                                               (Negative)
Aerostructures Manufacturing           Fund Based – CC      ICRA BB+    50     Withdrawn
India Pvt Ltd                                               (Negative)
Annapurna Finance Pvt Ltd              NCD programme        ICRA        1000   Assigned
                                                            A-(Stable)
Annapurna Finance Pvt Ltd              LT Bk lines          ICRA        11000  Outstanding
                                                            A-(Stable)
Annapurna Finance Pvt Ltd              Subordinated debt    ICRA        890    Outstanding
                                       programme            A-(Stable)
Annapurna Finance Pvt Ltd              NCD programme        ICRA        2546.4 Outstanding
                                                            A-(Stable)
Apeejay Shipping Ltd                   FB- Bk Fac           ICRA A+     350    Reaffirmed
(outlook revised to Negative from Stable)
Apeejay Shipping Ltd                   FB – TL              ICRA A+     2200   Reaffirmed
(outlook revised to Negative from Stable)
Apeejay Shipping Ltd                   FB – TL              ICRA A+     -      Reaffirmed
(outlook revised to Negative from Stable)
Apeejay Shipping Ltd                   Non-fund based       ICRA A+     -      Reaffirmed
(outlook revised to Negative from Stable)
Apeejay Shipping Ltd                   Non-fund based       ICRA A+     20     Reaffirmed
(outlook revised to Negative from Stable ST rating downgraded to ICRA A1 from ICRA A1+)
Asian Granito India Ltd                LT FB TL             ICRA A      154.4  -
                                                            (Negative)
Asian Granito India Ltd                LT FB CC             ICRA A      1700   -
                                                            (Negative)
Asian Granito India Ltd                Unallocated Limits   ICRA A      42.9   -
                                                            (Negative)
B & A Packaging India Ltd.             FBL – CC             ICRA BBB-   105    Withdrawn
                                                            (Stable)
B & A Packaging India Ltd.             FBL – TL             ICRA BBB-   5.1    Withdrawn
                                                            (Stable)
B & A Packaging India Ltd.             Unallocated Limits   ICRA BBB-   50.4   Withdrawn
                                                            (Stable)/
                                                            ICRA A3
Broadway Links Pvt Ltd                 Fund Based – CC      ICRA        20     -
                                                            B+(Stable)
(downgraded from ICRA BB- (Stable) ISSUER NOT COOPERATING and Continues to remain under ‘Issuer
Not Cooperating’ category.)
Camrola Quartz Ltd                     CC                   ICRA BB+    100.4  -
                                                            (Negative)
(Downgraded from ICRA A- (CE) (Negative))
Camrola Quartz Ltd                     TL^                  ICRA BB+    248    -
                                                            (Negative)
(Downgraded from ICRA A-(CE) (Negative). 
 ^ includes Rs. 17.0 crore of foreign letter of credit (capital goods) as sub limit)
Chloride Power Systems &               FB Limits– CC        ICRA A+     200    -
Solutions Ltd                                               (Stable)
(assigned to enhanced limits)
Chloride Power Systems &               Non-FBL              ICRA A+     400    Outstanding
Solutions Ltd                                               (Stable) /
                                                            A1
Cholamandalam Investment And           Platinum Trust       ICRA A(SO)  -      Reaffirmed
Finance Co. Ltd                        December 2017 Tranche
                                       II -Second Loss Facility
Cholamandalam Investment And           Platinum Trust       ICRA A(SO)  -      Reaffirmed
Finance Co. Ltd                        February 2018 -
                                       Second Loss Facility
Cholamandalam Investment And           Platinum Trust       ICRA AAA(SO)  -    Reaffirmed
Finance Co. Ltd                        December 2017 Tranche
                                       II - PTC Series A
Cholamandalam Investment And           Platinum Trust       ICRA AAA(SO) -     Reaffirmed
Finance Co. Ltd                        February 2018 -PTC
                                       Series A
Cholamandalam Investment And           Platinum Trust       ICRA AAA(SO) -     Reaffirmed
Finance Co. Ltd                        September 2018 –
                                       Tranche III - PTC Series A
Cholamandalam Investment And           Platinum Trust       ICRA AAA(SO)  -    Reaffirmed
Finance Co. Ltd                        January 2019 - PTC
                                       Series A
Cholamandalam Investment And           Platinum Trust June  ICRA AAA(SO)  -    Reaffirmed
Finance Co. Ltd                        2019 - PTC Series A
Cholamandalam Investment And           Platinum Trust June  ICRA BBB(SO) -     Reaffirmed
Finance Co. Ltd                        2019 - Second Loss
                                       Facility
Cholamandalam Investment And           Platinum Trust       ICRA        -      Reaffirmed
Finance Co. Ltd                        September 2018 –     BBB+(SO)
                                       Tranche III - Second Loss Facility
Cholamandalam Investment And           Platinum Trust       ICRA        -      Reaffirmed
Finance Co. Ltd                       January 2019 – Second BBB+(SO)
                                       Loss Facility
Cosmo Durables Pvt. Ltd                LT – CC              ICRA BB     70     -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Dewan Housing Finance                  CP programme         ICRA D      1000   Reaffirmed
Corporation Ltd
(reaffirmed and rated amount reduced)
Eta Constructions (India) Ltd          TL                   ICRA BBB@   890    Withdrawn
(@On rating Watch with Negative Implications)
Eta Constructions (India) Ltd          Overdraft facility   ICRA BBB@   50     Withdrawn
(@On rating Watch with Negative Implications)
Eta Constructions (India) Ltd          Non-FBL              ICRA BBB@   50     Withdrawn
(@On rating Watch with Negative Implications)
Gurgaon Sohna Highway Pvt Ltd          FB - TL              ICRA A(CE)  2878.6 Reaffirmed
                                                            (Stable)
Gurgaon Sohna Highway Pvt Ltd          Unallocated Limits   ICRA A(CE)  71.4   Reaffirmed
                                                            (Stable) /
                                                            A1(CE)
Iconkrishi Institute Of                TL                   ICRA A (CE) 140    Reaffirmed
Medical Sciences Pvt Ltd                                    (Positive)
Iconkrishi Institute Of                CC                   ICRA A (CE) 30     Reaffirmed
Medical Sciences Pvt Ltd                                    (Positive)
Jivandhara Cotton Industries           FB Limits            ICRA B+     140    Withdrawn
                                                            (Stable)
Jude Foods India Pvt Ltd               LT – FBL             ICRA        100    -
                                                            BB-(Stable)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Kiara Jewellery Pvt. Ltd               Fund based-Pre       ICRA B      80     -
                                       shipment Limit       (Stable) /
                                                            ICRA A4
(Rating Continues to remain under issuer not cooperating category)
Kiara Jewellery Pvt. Ltd               Fund based Post      ICRA B      60     -
                                       shipment Limit       (Stable) /
                                                            ICRA A4
(Rating Continues to remain under issuer not cooperating category)
Kohinoor Speciality Foods              Bk loan Ratings      ICRA A+     4235   -
India Pvt Ltd                                               (SO)
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Krishna Institute Of Medical           CC                   ICRA A      500    Reaffirmed
Sciences Ltd                                                (Positive)
Krishna Institute Of Medical           TL                   ICRA A      1608.8 Reaffirmed
Sciences Ltd                                                (Positive)
Krishna Institute Of Medical           BG                   ICRA A      36     Reaffirmed
Sciences Ltd                                                (Positive)
                                                             / ICRA A1
Krishna Institute Of Medical           Unallocated Limits   ICRA A      1155.2 Reaffirmed
Sciences Ltd                                                (Positive)
                                                            / ICRA A1
Lakshya Dairy Pvt Ltd                  LT - Fund Based/ CC  ICRA D      75     -
(Rating Continues to remain under the ‘Issuer Not Cooperating’ category)
Lakshya Dairy Pvt Ltd                  Unallocated          ICRA D      25     -
(Rating Continues to remain under the ‘Issuer Not Cooperating’ category)
M.K. Printpack Pvt Ltd                 Unallocated Limits   ICRA B+     1.6    -
                                                            (Stable) /
                                                            ICRA A4
(Rating downgraded from ICRA BB (Stable)/ICRA A4+ and Continues to remain under ‘Issuer Not
Cooperating’ category)
M.K. Printpack Pvt Ltd                 LT - FBL             ICRA        249.2  -
                                                            B+(Stable)
(Rating downgraded from ICRA BB (Stable) and Continues to remain under ‘Issuer Not Cooperating’
category)
M.K. Printpack Pvt Ltd                 LT - Non FB limits   ICRA        69.2   -
                                                            B+(Stable)
(Rating downgraded from ICRA BB (Stable) and Continues to remain under ‘Issuer Not Cooperating’
category.)
M.K. Printpack Pvt Ltd                 LT interchangeable   ICRA        -      -
                                                            B+(Stable)
(Rating downgraded from ICRA BB (Stable) and Continues to remain under ‘Issuer Not Cooperating’
category)
Mahesh Mercandise Pvt Ltd              FB Limits            ICRA D:     100    -
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
Mahesh Mercandise Pvt Ltd              Non-fund Based       ICRA D:     195    -
(Reason for delay in carrying out periodic review: - Issuer Not Cooperating)
Marble Valley Foods And                LT – TL              ICRA        160    -
Beverages Pvt Limite                                        BB-(Stable)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Merittrac Services Pvt Ltd             LT: FB - CC          ICRA BBB    130    -
(Long term rating downgraded to: ICRA BBB from ICRA BBB+ outlook revised to ‘Negative’ from
‘Stable’)
Merittrac Services Pvt Ltd             LT: Non-fund based   ICRA BBB    -      -
                                       (sub-limit)
(Long term rating downgraded to: ICRA BBB from ICRA BBB+ outlook revised to ‘Negative’ from
‘Stable’)
Merittrac Services Pvt Ltd             ST: Fund based       ICRA BBB    70     -
                                       (interchangeable)
(Long term rating downgraded to: ICRA BBB from ICRA BBB+ outlook revised to ‘Negative’ from
‘Stable’)
Montfort Educational And               LT – Fund Based – TL ICRA BB-    106.3  -
Charitable Trust Of The                                     (Stable)
Brothers Of St. Gabriel
(Issuer non cooperating under NDS)
Montfort Educational And               LT – Fund Based –    ICRA BB-    3.7    -
Charitable Trust Of The                Unallocated          (Stable)
Brothers Of St. Gabriel
(Issuer non cooperating under NDS)
Mythri Infrastructure And              Fund Based – Working ICRA        400    Assigned
Mining India Pvt Ltd                   Capital Fac          BBB(Stable)
Mythri Infrastructure And              Non-fund Based –     ICRA        1297.5 Assigned
Mining India Pvt Ltd                   Working Capital Fac  BBB(Stable)
Mythri Infrastructure And              Unallocated          ICRA        2.5    Assigned
Mining India Pvt Ltd                                        BBB(Stable)
Noor Ice & Cold Storage Pvt Ltd        LT/Short term        ICRA B+     3      -
                                       Unallocated Limits   (Stable) /
                                                            ICRA A4
(Rating Continues to remain under issuer not cooperating category)
Noor Ice & Cold Storage Pvt Ltd        LT- CC               ICRA        40     -
                                                            B+(Stable)
(Rating Continues to remain under issuer not cooperating category)
Noor Ice & Cold Storage Pvt Ltd        LT- TL               ICRA        47     -
                                                            B+(Stable)
(Rating Continues to remain under issuer not cooperating category)
Noor Ice & Cold Storage Pvt Ltd        LT, Interchangeable  ICRA        -      -
                                                            B+(Stable)
(Rating Continues to remain under issuer not cooperating category)
Origo Finance Pvt Ltd                  Vivriti Anubis 07    Provisional 101.1  Assigned
                                       2020 - PTC Series A1 ICRA A-(SO)
Palash Realtors Llp                    LT- TL               ICRA BB+    1100   -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Palash Realtors Llp                    Unallocated          ICRA BB+    100    -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Piramal Capital & Housing              NCD (NCD) Programme  ICRA AA     23950  Reaffirmed
Finance Ltd                                                 (Negative)
Piramal Capital & Housing              NCD Programme        ICRA AA     -      -
Finance Ltd                                                 (Negative)
(reaffirmed and withdrawn)
Piramal Capital & Housing              Subordinated         ICRA AA     15000  Reaffirmed
Finance Ltd                            (Tier-II) Bonds      (Negative)
Piramal Capital & Housing              LT FB Limits         ICRA AA     16250  Reaffirmed
Finance Ltd                                                 (Negative)
Piramal Capital & Housing              LT FB Limits         ICRA AA     -      -
Finance Ltd                                                 (Negative)
(reaffirmed and withdrawn)
Piramal Capital & Housing              LT TL                ICRA AA     84000  Reaffirmed
Finance Ltd                                                 (Negative)
Piramal Capital & Housing              LT TL                ICRA AA     -      -
Finance Ltd                                                 (Negative)
(reaffirmed and withdrawn)
Piramal Enterprises Ltd                LT- Fund Based TL    ICRA AA     13500  Reaffirmed
                                                            (negative)
Piramal Enterprises Ltd                LT- Fund Based TL    ICRA AA     -      -
                                                            (negative)
(reaffirmed and withdrawn)
Piramal Enterprises Ltd                No Convertible       ICRA AA     -      -
                                       Debentures           (negative)
(reaffirmed and withdrawn)
Piramal Enterprises Ltd                No Convertible       ICRA AA     78400  Reaffirmed
                                       Debentures           (negative)
Piramal Enterprises Ltd                LT/ST Fund Based     ICRA AA     3000   Reaffirmed
                                                            (negative)
                                                            /ICRA A1+
Piramal Enterprises Ltd                LT Principal         PP-MLD ICRA -      -
                                       Protected Market     AA
                                       Linked Debentures    (negative)
(reaffirmed and withdrawn)
Piramal Enterprises Ltd                LT Principal         Provisional -      -
                                       Protected Market     PP-MLD ICRA
                                       Linked Debentures    AA (negative)
(reaffirmed and withdrawn)
Pragati Glass Pvt Ltd                  FB-TL                ICRA D      40     -
(Rating Continues to remain under issuer not cooperating category)
Pragati Glass Pvt Ltd                  FB-CC                ICRA D      175    -
(Rating Continues to remain under issuer not cooperating category)
Pragati Glass Pvt Ltd                  Non-FBL              ICRA D      40     -
(Rating Continues to remain under issuer not cooperating category)
R Ramu                                 Fund based           ICRA BB+    200    -
                                                            (Positive)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
R.R. Infraa Construction               Fund based           ICRA BB+    600    -
                                                            (Positive)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Resolution Enterprises                 Fund Based – CC      ICRA        85     -
                                                            B+(Stable)
(downgraded from ICRA BB- (Stable) ISSUER NOT COOPERATING and Continues to remain under ‘Issuer
Not Cooperating’ category.)
Resolution Enterprises                 Unallocated Limit    ICRA        15     -
                                                            B+(Stable)
(downgraded from ICRA BB- (Stable) ISSUER NOT COOPERATING and Continues to remain under ‘Issuer
Not Cooperating’ category.)
Shriram Transport Finance Co.          Sansar Trust Feb 2020ICRA A(SO)  840.8  -
Ltd                                    III -PTC Series A2
(provisional rating confirmed as final)
Shriram Transport Finance Co.          Sansar Trust Feb 2020ICRA AAA(SO) 15975.5   -
Ltd                                    III -PTC Series A1
(provisional rating confirmed as final)
Shriram Transport Finance Co.          Sansar Trust Feb 2020ICRA        1513.5 -
Ltd                                    III - Second Loss    BBB-(SO)
                                       Facility
(provisional rating confirmed as final)
Shruthi Milk Products (P) Ltd          LT - Fund Based/CC   ICRA B+     150    -
                                                            (Stable)
(Rating downgraded from ICRA BB+ (Stable) and continues to remain in the ‘Issuer Not
Cooperating’ category)
Shruthi Milk Products (P) Ltd          LT - Fund Based TL   ICRA B+     59.4   -
                                                            (Stable)
(Rating downgraded from ICRA BB+ (Stable) and continues to remain in the ‘Issuer Not
Cooperating’ category)
Squad Forging India Pvt Ltd            Fund Based – TL      ICRA BB+    427.4  Withdrawn
                                                            (Negative)
Squad Forging India Pvt Ltd            Fund Based – Working ICRA BB+    50     Withdrawn
                                       Capital Facilitie    (Negative)
Steel Products Ltd                     Fund Based – CC      ICRA C      115    -
(Rating Continues to remain under issuer not cooperating category)
Steel Products Ltd                     Non-Fund BasedBk     ICRA C      100    -
                                       Guarant
(Rating Continues to remain under issuer not cooperating category)
Sunshine Edible Oil                    Bk Loan Ratings      ICRA        250    -
                                                            B+(Stable)
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Supreme Power Equipment Pvt Ltd        LT – CC Facility     ICRA        40     -
                                                            BB-(Stable)
(Reason for delay in carrying out periodic review: Issuer delayed in giving information)
Surya International                    LT – CC              ICRA BB     160    -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
The Mithra Agencies (Hyderabad)        Fund Based-Working   ICRA BB     100    -
                                       Capital              (Stable)
(Reason for delay in carrying out periodic review: - Issuer delayed in giving information)
The Mithra Agencies (Hyderabad)        Fund Based – TL      ICRA BB     65.3   -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Issuer delayed in giving information)
The Mithra Agencies (Hyderabad)        Unallocated          ICRA BB     12.2   -
                                                            (Stable)/A4+
(Reason for delay in carrying out periodic review: - Issuer delayed in giving information)
Vardhman Roller Flour Mills            LT CC                ICRA        280    -
Pvt Ltd                                                     B+(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Vardhman Roller Flour Mills            LT TL                ICRA        1.5    -
Pvt Ltd                                                     B+(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Vardhman Roller Flour Mills            LT - Unallocated     ICRA        6      -
Pvt Ltd                                                     B+(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Veer Plastics Pvt Ltd                  FB TL                ICRA BBB+   816.3  Withdrawn
                                                            (Stable)
Veer Plastics Pvt Ltd                  FB Working Capital   ICRA BBB+   1090   Withdrawn
                                                            (Stable)
Vertex Techno Solutions                LT – Fund Based – CC ICRA BB+    35     -
Bangalore Pvt. Ltd.                                         (Stable)
(Reason for delay in carrying out periodic)
Vihaan Boards Pvt Ltd                  Bk Loan Ratings      ICRA        150    -
                                                            B+(Stable)/
                                                            ICRA A4
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Voyants Solutions Pvt Ltd              Bk Loan Rating       ICRA BBB    1050   -
                                                            (Stable) /
                                                            A3
(Reason for delay in carrying out periodic review: - Issuer not cooperating)
Northern Arc P.L.I. VI - Aruna Finance Bk Loan Fac          ICRA A(CE)  21.2   Review
Ltd (Aruna)                                                                    process is
                                                                               underway
Northern Arc P.L.I. VI - Fino Finance  Bk Loan Fac          ICRA A(CE)  52.8   Review
Pvt Ltd (Fino)                                                                 process is
                                                                               underway
Northern Arc P.L.I. VI - Light         Bk Loan Fac          ICRA A(CE)  39.8   Review
Microfinance Pvt Ltd                                                           process is
                                                                               underway
Northern Arc P.L.I. VI - Lotus Sree    Bk Loan Fac          ICRA A(CE)  15.8   Review
Filco Pvt Ltd                                                                  process is
                                                                               underway
Northern Arc P.L.I. VI - Mpower Micro  Bk Loan Fac          ICRA A(CE)  26.5   Review
Finance Pvt Ltd (Mpower)                                                       process is
                                                                               underway
Northern Arc P.L.I. VI - Pahal         Bk Loan Fac          ICRA A(CE)  15.8   Review
Financial Services Pvt Ltd (Pahal)                                             process is
                                                                               underway
Northern Arc P.L.I. VI - Pudhuaaru     Bk Loan Fac          ICRA A(CE)  52.8   Review
Financial Services Pvt Ltd (Pfspl)                                             process is
                                                                               underway
Northern Arc P.L.I. VI - Saija Finance Bk Loan Fac          ICRA A(CE)  79.2   Review
Pvt Ltd (Saija)                                                                process is
                                                                               underway
Northern Arc P.L.I. VI - Sambandh      Bk Loan Fac          ICRA A(CE)  26.5   Review
Finserve Pvt Ltd                                                               process is
                                                                               underway
Northern Arc P.L.I. VI - Sonata FinanceBk Loan Fac          ICRA A(CE)  158.2  Review
Pvt Ltd                                                                        process is
                                                                               underway
Northern Arc P.L.I. VI - Svasti        Bk Loan Fac          ICRA A(CE)  53     Review
Microfinance Pvt. Ltd. (Svasti)                                                process is
                                                                               underway
Northern Arc P.L.I. VI - Village       Bk Loan Fac          ICRA A(CE)  91.9   Review
Financial Services Ltd                                                         process is
                                                                               underway
Northern Arc P.L.I. VI - Visage        Bk Loan Fac          ICRA A(CE)  70.2   Review
Holdings And Finance Pvt Ltd (Kinara)                                          process is
                                                                               underway
Northern Arc P.L.I. VI - Zen Lefin Pvt Bk Loan Fac          ICRA A(CE)  62.7   Review
Ltd (Capital Float)                                                            process is
                                                                               underway
Northern Arc P.L.I. VII March 2018 -   Bk Loan Fac          ICRA A-(CE) 35.1   Review
Aris Capital Pvt Ltd (Aris)                                                    process is
                                                                               underway
Northern Arc P.L.I. VII March 2018 -   Bk Loan Fac          ICRA A-(CE) 105    Review
Essel Finance Business Loans Ltd (Essel)                                       process is
                                                                               underway
Northern Arc P.L.I. VII March 2018 -   Bk Loan Fac          ICRA A-(CE) 70.3   Review
Fino Finance Pvt Ltd (Fino)                                                    process is
                                                                               underway
Northern Arc P.L.I. VII March 2018 -   Bk Loan Fac          ICRA A-(CE) 70.1   Review
Kanakadurga Finance Ltd (Kanakadurga)                                          process is
                                                                               underway
Northern Arc P.L.I. VII March 2018 -   Bk Loan Fac          ICRA A-(CE) 140.6  Review
Lendingkart Finance Ltd (Lendingkart)                                          process is
                                                                               underway
Northern Arc P.L.I. VII March 2018 -   Bk Loan Fac          ICRA A-(CE) 37.1   Review
Light Microfinance Pvt Ltd (Light)                                             process is
                                                                               underway
Northern Arc P.L.I. VII March 2018 -   Bk Loan Fac          ICRA A-(CE) 49.4   Review
Pahal Financial Services Pvt Ltd (Pahal)                                       process is
                                                                               underway
Northern Arc P.L.I. VII March 2018 -   Bk Loan Fac          ICRA A-(CE) 105.4  Review
Pudhuaaru Financial Services Pvt Ltd                                           process is
                                                                               underway
Northern Arc P.L.I. VII March 2018 -   Bk Loan Fac          ICRA A-(CE) 106    Review
Saija Finance Pvt Ltd (Saija)                                                  process is
                                                                               underway
Northern Arc P.L.I. VII March 2018 -   Bk Loan Fac          ICRA A-(CE) 31.8   Review
Sambandh Finserve Pvt Ltd (Sambandh)                                           process is
                                                                               underway
Northern Arc P.L.I. VII March 2018 -   Bk Loan Fac          ICRA A-(CE) 105.8  Review
Satya Microcapital Ltd (Satya)                                                 process is
                                                                               underway
Northern Arc P.L.I. VII March 2018 -   Bk Loan Fac          ICRA A-(CE) 70.2   Review
Shri Ram Finance Corporation Pvt Ltd                                           process is
                                                                               underway
Northern Arc P.L.I. VII March 2018 -   Bk Loan Fac          ICRA A-(CE) 175.8  Review
Sonata Finance Pvt Ltd (Sonata)                                                process is
                                                                               underway
Northern Arc P.L.I. VII March 2018 -   Bk Loan Fac          ICRA A-(CE) 35.3   Review
Svasti Microfinance Pvt. Ltd. (Svasti)                                         process is
                                                                               underway
Northern Arc P.L.I. VII March 2018 -   Bk Loan Fac          ICRA A-(CE) 72.3   Review
Village Financial Services Ltd (Village)                                       process is
                                                                               underway
Northern Arc P.L.I. VII March 2018 -   Bk Loan Fac          ICRA A-(CE) 159.6  Review
Zen Lefin Pvt Ltd (Capital Float)                                              process is
                                                                               underway
Northern Arc P.L.I. VIII March 2019 -  Bk Loan Fac          ICRA A-(CE) 100    Review
Blue Jay Finlease Ltd (Zip Loan)                                               process is
                                                                               underway
Northern Arc P.L.I. VIII March 2019 -  Bk Loan Fac          ICRA A-(CE) 200    Review
Capfloat Financial Services Pvt Ltd                                            process is
(Capital Float)                                                                underway
Northern Arc P.L.I. VIII March 2019 -  Bk Loan Fac          ICRA A-(CE) 150    Review
Centrum Micro Credit Ltd (Centrum)                                             process is
                                                                               underway
Northern Arc P.L.I. VIII March 2019 -  Bk Loan Fac          ICRA A-(CE) 50     Review
Livfin India Pvt Ltd (Livfin)                                                  process is
                                                                               underway
Northern Arc P.L.I. VIII March 2019 -  Bk Loan Fac          ICRA A-(CE) 50     Review
Magalir Micro Capital Pvt Ltd (Magalir)                                        process is
                                                                               underway
Northern Arc P.L.I. VIII March 2019 -  Bk Loan Fac          ICRA A-(CE) 50     Review
Mpower Microfinance Pvt Ltd (Mpower)                                           process is
                                                                               underway
Northern Arc P.L.I. VIII March 2019 -  Bk Loan Fac          ICRA A-(CE) 100    Review
Orange Retail Finance India Pvt Ltd                                            process is
(Orange)                                                                       underway
Northern Arc P.L.I. VIII March 2019 -  Bk Loan Fac          ICRA A-(CE) 80     Review
Origo Finance Pvt Ltd (Origo)                                                  process is
                                                                               underway
Northern Arc P.L.I. VIII March 2019 -  Bk Loan Fac          ICRA A-(CE) 200    Review
Oxyzo Financial Services Pvt Ltd                                               process is
(Ofbusiness)                                                                   underway
Northern Arc P.L.I. VIII March 2019 -  Bk Loan Fac          ICRA A-(CE) 100    Review
Riviera Investors Pvt Ltd (Indifi)                                             process is
                                                                               underway
Northern Arc P.L.I. VIII March 2019 -  Bk Loan Fac          ICRA A-(CE) 120    Review
Saija Finance Pvt Ltd (Saija)                                                  process is
                                                                               underway
--------------------------------------------------------------------------------------------
$: 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

ICRA 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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