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ICRA ratings for Indian debt instruments-Oct 1

    Oct 1 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of September 30, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
Aadi Polymers Pvt Ltd                  Non-FBL              ICRA A4     40     -
(Moved to ‘Issuer Not Cooperating’ category)
Aditya Birla Finance Ltd               CP programme (IPO    ICRA A1+    80000  -
                                       financing)
(assigned/outstanding)
Aditya Birla Finance Ltd               CP programme         ICRA A1+    120000 outstanding
Aircon Engineers Pvt Ltd               Non-FBL              ICRA A4+    40     -
(Rating continues to be in ‘Issuer Not Cooperating’ category)
Bajaj Finance Ltd.                     CP programme         ICRA A1+    200000 -
(Reason for delay in carrying out periodic review: - Review process is underway)
Crystal Granite And Marble Pvt         ST: Fund based       ICRA A4+    254    Reaffirmed
Ltd
Crystal Granite And Marble Pvt         ST: Non-Fund based   ICRA A4+    38     Reaffirmed
Ltd
Dolphin Marine Foods &                 ST – FDBP / FIDBP**  ICRA D      90     Reaffirmed
Processors (India) Pvt Ltd
(** FDBP – Foreign Documentary Bill Purchase/ FUDBP – Foreign Usance Documentary Bill Purchas)
Dolphin Marine Foods &                 ST – Packing Credit**ICRA D      -      Reaffirmed
Processors (India) Pvt Ltd
(***Sublimit of FDBP/FUDBP)
East India Technologies Pvt Ltd        Non-fund Based       ICRA A3+    100    -
(Reason for delay in carrying out periodic review: - Review Process Underway)
Echjay Forgings Pvt Ltd                ST Non-fund Based –  ICRA A4     100    -
                                       LOC
(Rating downgraded from ICRA A4+ and moved to ‘Issuer not cooperating’ category)
Evergreen Seamless Pipes &             ST- Non Fund Based   ICRA A3     219    Reaffirmed
Tubes Pvt Ltd
Farmers Agriculture Credit             ST FB Bk facility    ICRA A4     97.5   Reaffirmed
Co-Operative Society Ltd
Gdjd Exports                           Unallocated limit    ICRA A4     14     Reaffirmed
Idbi Bank Ltd                          Certificates of      ICRA A1+    350000 Reaffirmed
                                       Deposit
(Revised to ICRA A1+ from ICRA A1)
L&T Finance Holdings Ltd               CP Programme         ICRA A1+    25000  Reaffirmed
L&T Finance Ltd                        CP Programme         ICRA A1+    135000 Reaffirmed
L&T Finance Ltd                        CP Programme^        ICRA A1+    -      -
(Reaffirmed and withdrawn. 
^The withdrawal is at the request of the company since either the rated instruments have matured
or were unutilised)
L&T Housing Finance Ltd                CP programme         ICRA A1+    50000  Reaffirmed
L&T Infra Debt Fund Ltd                CP programme         ICRA A1+    5000   Reaffirmed
(removed from Issuer Not Cooperating category#. 
# due to non submission of No Default Statement (NDS))
L&T Infrastructure Finance Co.         CP Programme         ICRA A1+    75000  Reaffirmed
Ltd
L&T Infrastructure Finance Co.         CP Programme         ICRA A1+    -      -
Ltd
(reaffirmed and withdrawn)
Newage Laminators Pvt Ltd              Non-fund Based       ICRA A4     12     Reaffirmed
Nippon Life India Asset                Nippon India Money   ICRA A1+mfs -      Outstanding
Management Ltd                         Market Fund
Nippon Life India Asset                Nippon India         ICRA A1+mfs -      Outstanding
Management Ltd                         Overnight Fund
Nippon Life India Asset                Nippon India Interval ICRA A1+mfs -     Outstanding
Management Ltd                         Fund – Monthly
                                       Interval Fund – Series II
Nippon Life India Asset                Nippon India Interval ICRA A1+mfs -     Outstanding
Management Ltd                         Fund - Quarterly
                                       Interval Fund - Series II
Nippon Life India Asset                Nippon India Interval ICRA A1+mfs -     Outstanding
Management Ltd                         Fund – Quarterly
                                       Interval Fund – Series III
Nippon Life India Asset                Nippon India Interval ICRA A1+mfs -     Outstanding
Management Ltd                         Fund – Monthly
                                       Interval Fund – Series I
Nippon Life India Asset                Nippon India Liquid  ICRA A1+mfs -      Outstanding
Management Ltd                         Fund
Overseas Traders                       ST Non FBL           ICRA A4     20     -
(Rating continues to remain under ‘Issuer Not cooperating’ category)
P. N. Gadgil & Sons Ltd                ST Fund based/Non-fund ICRA A1   -      -
                                       Based –
                                       Interchangeable
(Reason for delay in carrying out periodic review: - Surveillance process is underway)
Pon Pure Logistics Pvt Ltd             ST FB (Sublimit)     ICRA A4+    -      Reaffirmed
Popees Baby Care Products Pvt          ST - Non-FB Fac#     ICRA A4+    -      -
Ltd
(Rating moved to the ‘Issuer Not Cooperating’ category. # - Sub-limit of fund-based facilities
based on best available information.)
S.S. Enterprises Electricals           ST – Non-fund based  ICRA A4     10     Reaffirmed
Shriram City Union Finance Ltd         CP                   ICRA A1+    30000  -
Smc Global Securities Ltd              CP                   ICRA A1+    250    Outstanding
Subhash Sarees Pvt Ltd                 ST – Interchangeable ICRA A4+    -      -
(Upgraded from ICRA A4, removed from ‘ISSUER NOT COOPERATING’ category)
Tata Elxsi Ltd                         Non-fund Based       ICRA A1+    100    Reaffirmed
                                       Working Capital Fac
Tata Sons Pvt Ltd                      CP Programme         ICRA A1+    135000 Reaffirmed
Tata Steel Ltd                         CP Programme         ICRA A1+    150000 Reaffirmed
Vihaan Boards Pvt Ltd                  ST-Fund based        ICRA A4     10     -
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Vihaan Boards Pvt Ltd                  ST-Nonfund based     ICRA A4     10     -
(Continues to remain under the ‘Issuer Not Cooperating’ category)
 

MEDIUM TERM RATINGS:
-------------------
Bajaj Finance Ltd.                     Fixed deposit        MAAA(Stable)-      -
                                       programme
(Reason for delay in carrying out periodic review: - Review process is underway)
Shriram City Union Finance Ltd         Fixed Deposit        MAA+        -      -
                                       Programme            (Stable)
Idbi Bank Ltd                          Fixed Deposits       MAA-        -      Reaffirmed
                                       Programme
P. N. Gadgil & Sons Ltd                Fixed Deposits       MA+(Stable) 400    -
                                       Programme
(Reason for delay in carrying out periodic review: - Surveillance process is underway)


 

LONG TERM RATINGS:
-------------------
Aadi Polymers Pvt Ltd                  Fund based- CC       ICRA        35     -
                                                            B+(Stable)
(Rating downgraded from ICRA BB(Stable) and moved to ‘Issuer Not Cooperating’ category)
Aadi Polymers Pvt Ltd                  Unallocated Limits   ICRA        25     -
                                                            B+(Stable)
                                                            / A4
(Rating downgraded from ICRA BB(Stable)/A4 and moved to ‘Issuer Not Cooperating’ category)
Aditya Birla Finance Ltd               Perpetual debt       ICRA        7000   outstanding
                                       programme            AA+(hyb)
                                                            (Stable)
Aditya Birla Finance Ltd               Retail NCD           ICRA AAA    50000  outstanding
                                                            (Stable)
Aditya Birla Finance Ltd               NCD                  ICRA AAA    204975 outstanding
                                                            (Stable)
Aditya Birla Finance Ltd               Unsecured NCD        ICRA AAA    15000  outstanding
                                                            (Stable)
Aditya Birla Finance Ltd               Bk lines             ICRA AAA    265153.outstanding
                                                            (Stable)
Aditya Birla Finance Ltd               Sub. Debt Programme  ICRA AAA    25000  outstanding
                                                            (Stable)
Aditya Vidyut Appliances Ltd           FB TL                ICRA D      440    -
(Rating continues to remain under ‘Issuer Not cooperating’ category)
Aditya Vidyut Appliances Ltd           FB CC                ICRA D      530    -
(Rating continues to remain under ‘Issuer Not cooperating’ category)
Aditya Vidyut Appliances Ltd           Non-FBL              ICRA D      1230   -
(Rating continues to remain under ‘Issuer Not cooperating’ category)
Aircon Engineers Pvt Ltd               FB limits            ICRA BB+    25     -
                                                            (Stable)
(Rating continues to be in ‘Issuer Not Cooperating’ category)
Aircon Engineers Pvt Ltd               Unallocated          ICRA BB+    15     -
                                                            (Stable)
(Rating continues to be in ‘Issuer Not Cooperating’ category)
Andhra Expressway Pvt Ltd              Non-fund based       ICRA AA     69.8   Reaffirmed
                                                            (Stable)
Au Small Finance Bank Ltd              Subordinated Debt    ICRA        200    Reaffirmed
                                       Programme            AA-(Stable)
Au Small Finance Bank Ltd              NCDs                 ICRA        567    Reaffirmed
                                                            AA-(Stable)
Au Small Finance Bank Ltd              Subordinated Debt    ICRA        50     -
                                       Programme            AA-(Stable)
(reaffirmed and withdrawn)
Au Small Finance Bank Ltd              Bk Lines             ICRA        277.7  -
                                                            AA-(Stable)
(reaffirmed and withdrawn)
Bafna Motors (Mumbai) Pvt Ltd          BLR                  ICRA        2090   -
                                                            B-(Stable)
(Reason for delay in carrying out periodic review: - Review process underway)
Bafna Motors Pune Pvt Ltd              BLR                  ICRA        235    -
                                                            B-(Stable)
(Reason for delay in carrying out periodic review: - Review process underway)
Bajaj Capital Ltd                      LT – Fund Based/CC   ICRA BBB-   -      Withdrawn
                                                            (Stable)
Bajaj Capital Ltd                      LT – Fund Based TL   ICRA BBB-   -      Withdrawn
                                                            (Stable)
Bajaj Capital Ltd                      LT – Unallocated     ICRA BBB-   -      Withdrawn
                                                            (Stable)
Bajaj Finance Ltd.                     NCDs programme       ICRA        12900  -
                                                            AAA(Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Bajaj Finance Ltd.                     Subordinated debt    ICRA        12783  -
                                       programme            AAA(Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Catasynth Speciality Chemicals         FB TL                ICRA        1100   Assigned
Pvt Ltd                                                     BBB-(Stable)
Coldman Logistics Pvt Ltd              Fund Based – TL      ICRA B+     796.8  -
                                                            (Stable)
(Rating downgraded from ICRA BB (Stable) and moved to ‘Issuer Not Cooperating’ category)
Coldman Logistics Pvt Ltd              Unallocated Limits   ICRA B+     3.2    -
                                                            (Stable)
(Rating downgraded from ICRA BB (Stable) and moved to ‘Issuer Not Cooperating’ category)
Crystal Granite And Marble Pvt         LT – Fund based - TL ICRA        0.5    Reaffirmed
Ltd                                                         BB(Stable)
Dolphin Marine Foods &                 LT – CC              ICRA D      20     Reaffirmed
Processors (India) Pvt Ltd
(removed from Issuer Not Cooperating category#. 
# due to non submission of No Default Statement (NDS))
East India Technologies Pvt Ltd        FB Limits            ICRA BBB    300    -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Review Process Underway)
Echjay Forgings Pvt Ltd                LT Fund Based - CC   ICRA B+     215    -
                                                            (Stable)
(Rating downgraded from ICRA BB+ (Stable) and moved to ‘Issuer not cooperating’ category)
Evergreen Seamless Pipes &             LT - Fund Based - CC ICRA BBB-   80     Reaffirmed
Tubes Pvt Ltd                                               (Stable)
Evergreen Seamless Pipes &             ST/LT- Unallocated   ICRA BBB-   211    Reaffirmed
Tubes Pvt Ltd                                               (Stable)/A3
Frontline Builders                     LT - Unallocated Limit ICRA BB   500    Assigned
                                                            (Stable)
Gauri Land Developers Llp              Issuer Rating        ICRA BB+    -      Assigned
                                                            (Stable)
Gdjd Exports                           FBL                  ICRA        80     Reaffirmed
                                                            B+(Stable)
Global Aluminium Pvt Ltd               FBL- CC              ICRA BBB+   430    Reaffirmed
                                                            (Stable)
Global Aluminium Pvt Ltd               FBL- TL              ICRA BBB+   145    Reaffirmed
                                                            (Stable)
Global Aluminium Pvt Ltd               LT – Unallocated     ICRA BBB+   25     Reaffirmed
                                                            (Stable)
Holy Faith International (P)           Fund based/ Non-fund ICRA BBB-   410    Reaffirmed
Ltd                                    Based                (Stable)/A3
Idbi Bank Ltd                          Infrastructure Bonds ICRA A      80000  Reaffirmed
(outlook revised to Stable from Negative)
Idbi Bank Ltd                          Flexi Bond Series    ICRA A      1036.7 Reaffirmed
(outlook revised to Stable from Negative)
Idbi Bank Ltd                          Flexi Bond Series    ICRA A      -      Reaffirmed
(outlook revised to Stable from Negative and withdrawn)
Idbi Bank Ltd                          Senior & Basel II    ICRA A      219393.Reaffirmed
                                       Lower Tier II
Idbi Bank Ltd                          Senior & Basel II    ICRA A      -      Reaffirmed
                                       Lower Tier II
Idbi Bank Ltd                          Subordinated Debt    ICRA A      200    Reaffirmed
Idbi Bank Ltd                          Subordinated Debt    ICRA A      -      Reaffirmed
Idbi Bank Ltd                          Basel III Tier II    ICRA A Hyb  50000  Reaffirmed
                                       Bonds
Idbi Bank Ltd                          Basel II Upper Tier  ICRA BBB+   10000  Reaffirmed
                                       II Bonds
Idbi Bank Ltd                          Basel II Upper Tier  ICRA BBB+   -      Reaffirmed
                                       II Bonds
Idbi Bank Ltd                          Basel II Tier I Bonds ICRA BBB+  -      Reaffirmed
L&T Finance Holdings Ltd               NCD Programme        ICRA AAA    1000   Reaffirmed
                                                            (Negative)
L&T Finance Ltd                        Perpetual Debt       ICRA AA+    6000   Reaffirmed
                                       Programme            (negative)
L&T Finance Ltd                        Bk Lines programme   ICRA AAA    260000 -
                                                            (negative)
(Reaffirmed and withdrawn)
L&T Finance Ltd                        NCD Programme        ICRA AAA    102575 Reaffirmed
                                                            (negative)
L&T Finance Ltd                        NCD Programme^       ICRA AAA    -      -
                                                            (negative)
(Reaffirmed and withdrawn. ^The withdrawal is at the request of the company since either the
rated instruments have matured or were unutilised)
L&T Finance Ltd                        NCD Programme (Public ICRA AAA   -      -
                                       Issuance)^           (negative)
(Reaffirmed and withdrawn. ^The withdrawal is at the request of the company since either the
rated instruments have matured or were unutilised)
L&T Finance Ltd                        NCD Programme (Public ICRA AAA   50000  Reaffirmed
                                       Issuance) #          (negative)
(# The rated limit is interchangeable with Unsecured Subordinated Redeemable Non-convertible
Debenture [public issue])
L&T Finance Ltd                        Subordinated Debt    ICRA AAA    13250  Reaffirmed
                                       Programme            (negative)
L&T Finance Ltd                        LT Market Linked     PP-MLD ICRA 5000   Reaffirmed
                                       Debenture Programme  AAA
L&T Housing Finance Ltd                Perpetual Debt       ICRA AA+    1000   Reaffirmed
                                       Programme
L&T Housing Finance Ltd                Bk Lines Programme   ICRA AAA    29000  Reaffirmed
L&T Housing Finance Ltd                NCD Programme        ICRA AAA    37610  Reaffirmed
L&T Housing Finance Ltd                NCD Programme        ICRA AAA    -      -
                                                            (negative)
(reaffirmed and withdrawn)
L&T Housing Finance Ltd                Subordinated Debt    ICRA AAA    3000   Reaffirmed
                                       Programme            (negative)
L&T Housing Finance Ltd                Medium-Term Fixed    MAAA        -      -
                                       Deposits             (negative)
(reaffirmed and withdrawn)
L&T Infra Debt Fund Ltd                NCD Programme        ICRA        80050  Reaffirmed
                                                            AAA(stable)
L&T Infra Debt Fund Ltd                NCD Programme^       ICRA        -      -
                                                            AAA(stable)
(reaffirmed and
withdrawn. ^The withdrawal is at the request of the company since either the rated instruments
have matured)
L&T Infra Debt Fund Ltd                LT Market Linked     PP-MLDICRA  5000   Reaffirmed
                                       Debenture Programme  AAA(stable)
L&T Infrastructure Finance Co.         Perpetual Debt       ICRA AA+    4000   Reaffirmed
Ltd                                    Programme
L&T Infrastructure Finance Co.         Bk Lines- Unallocated ICRA AAA   25000  Reaffirmed
Ltd                                                         (negative)
L&T Infrastructure Finance Co.         Bk Lines- LT Fund    ICRA AAA    52000  Reaffirmed
Ltd                                    based                (negative)
L&T Infrastructure Finance Co.         Bk Lines-Non-Fund    ICRA AAA    7000   Reaffirmed
Ltd                                    based                (negative)
L&T Infrastructure Finance Co.         NCD Programme        ICRA AAA    55542  Reaffirmed
Ltd                                                         (negative)
L&T Infrastructure Finance Co.         NCD Programme        ICRA AAA    -      -
Ltd                                                         (negative)
(reaffirmed and withdrawn)
L&T Infrastructure Finance Co.         NCD (Infra Bonds)    ICRA AAA   16650.3 Reaffirmed
Ltd                                    Programme            (negative)
L&T Infrastructure Finance Co.         Subordinated Debt    ICRA AAA    40000  Reaffirmed
Ltd                                    Programme            (negative)
Magma Fincorp Ltd                      MFL PSB DA JUL'2020  Provisional -      Withdrawn
                                       Assignee 
payouts    ICRA AA(SO)
Malhotra Book Depot                    Fund based – CC      ICRA BBB-   135    Reaffirmed
                                                            (Negative)
Newage Laminators Pvt Ltd              Fund Based- CC       ICRA BB-    35     Reaffirmed
                                                            (Stable)
Newage Laminators Pvt Ltd              Fund Based- TL       ICRA BB-    18.4   Reaffirmed
                                                            (Stable)
Newage Laminators Pvt Ltd              Unallocated          ICRA BB-    34.6   Reaffirmed
                                                            (Stable)/A4
Nippon Life India Asset                Nippon India Capital ICRA AAA(SO)-      Outstanding
Management Ltd                         Protection Oriented
                                       Fund II - Plan A
Nippon Life India Asset                Nippon India ETF LT  ICRA AAAmfs -      Outstanding
Management Ltd                         Gilt
Nippon Life India Asset                Nippon India ST Fund ICRA AAAmfs -      Outstanding
Management Ltd
Nippon Life India Asset                Nippon India Gilt    ICRA AAAmfs -      Outstanding
Management Ltd                         Securities Fund
Nippon Life India Asset                Nippon India Bking & ICRA AAAmfs -      Outstanding
Management Ltd                         PSU Debt Fund
Nippon Life India Asset                Nippon India Dynamic ICRA AAAmfs -      Outstanding
Management Ltd                         Bond fund
Nippon Life India Asset                Nippon India Floating ICRA AAAmfs -     Outstanding
Management Ltd                         Rate Fund
Nippon Life India Asset                Nippon India Income  ICRA AAAmfs -      Outstanding
Management Ltd                         Fund
Nippon Life India Asset                Nippon India Low     ICRA AAAmfs -      Outstanding
Management Ltd                         Duration Fund
Nippon Life India Asset                Nippon India Prime   ICRA AA-mfs@-      Outstanding
Management Ltd                         Debt Fund
(@Under rating Watch with Negative Implications)
Nippon Life India Asset                Nippon India Capital Provisional -      Outstanding
Management Ltd                         Protection Oriented  ICRA AAA(SO)
                                       Fund II - Plan B
Nv Projects Pvt Ltd                    NCDs                 ICRA A-     1930   Reaffirmed
                                                            (Stable)
Nv Projects Pvt Ltd                    TL                   ICRA A-     520    Reaffirmed
                                                            (Stable)
Nv Realty Pvt Ltd                      TL                   ICRA A-     1400   Reaffirmed
                                                            (Stable)
Overseas Traders                       LT Fund based Limit  ICRA        120    -
                                                            B+(Stable)
(Rating continues to remain under ‘Issuer Not cooperating’ category)
Overseas Traders                       LT Interchangeable   ICRA        -      -
                                       Limit                B+(Stable)
(Rating continues to remain under ‘Issuer Not cooperating’ category)
Overseas Traders                       LT and ST Unallocated ICRA       50     -
                                                            B+(Stable)
                                                            / ICRA A4
(Rating continues to remain under ‘Issuer Not cooperating’ category)
P. N. Gadgil & Sons Ltd                FB Working Capital Fac ICRA A    3350   -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Surveillance process is underway)
Pkm Projects Pvt Ltd                   FB TL                ICRA D      400    Withdrawn
(ISSUER NOT COOPERATING)
Pon Pure Logistics Pvt Ltd             LT FB Fac            ICRA        80     Reaffirmed
                                                            BB+(Stable)
Pon Pure Logistics Pvt Ltd             LT/ST Non-fund Based ICRA        -      Reaffirmed
                                       (Sublimit)           BB+(Stable)
                                                            / ICRA A4+
Popees Baby Care Products Pvt          LT - FB Fac          ICRA BB+    97.5   -
Ltd                                                         (Stable)
(Rating moved to the ‘Issuer Not Cooperating’ category)
Popees Baby Care Products Pvt          LT - TL              ICRA BB+    65.6   -
Ltd                                                         (Stable)
(Rating moved to the ‘Issuer Not Cooperating’ category)
Popees Baby Care Products Pvt          LT - Unallocated     ICRA BB+    12.9   -
Ltd                                                         (Stable)
(Rating moved to the ‘Issuer Not Cooperating’ category)
Quick Builders                         FB-CC                ICRA BB     30     -
                                                            (Stable)
(Rating moved to the ‘Issuer Not Cooperating’ category)
Quick Builders                         Non-Fund Based - BG  ICRA BB     230    -
                                                            (Stable)
(Rating moved to the ‘Issuer Not Cooperating’ category)
Quick Builders                         Unallocated limits   ICRA BB     70     -
                                                            (Stable)
(Rating moved to the ‘Issuer Not Cooperating’ category)
Rajahmundry Expressway Pvt Ltd         Non-fund based       ICRA AA     74     Reaffirmed
                                                            (Stable)
Rmz Buildcon Pvt Ltd                   LT-TL                ICRA        5550   -
                                                            BBB+(CE)
                                                            (Negative)
(Reason for delay in carrying out periodic review: Review process is underway)
Rmz Buildcon Pvt Ltd                   LT-Nonconvertible    ICRA        16450  -
                                       debentures           BBB+(CE)
                                                            (Negative)
(Reason for delay in carrying out periodic review: Review process is underway)
S.K.R. Constructions                   Fund Based – CC      ICRA BB+    40     Reaffirmed
                                                            (Stable)
S.K.R. Constructions                   LT/Sort Term - NFBL  ICRA BB+    230    Reaffirmed
                                                            (Stable)/
                                                            ICRA A4+
S.S. Enterprises Electricals           LT – FB- CC          ICRA B+     40     -
                                                            (Stable)
(downgraded from ICRA BB- (Stable))
Sah Polymers Ltd                       Fund based CC        ICRA        65     -
                                                            B+(Stable)
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Sah Polymers Ltd                       Fund based TL        ICRA        12.5   -
                                                            B+(Stable)
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Sah Polymers Ltd                       Unallocated Limits   ICRA        32.5   -
                                                            B+(Stable)
                                                            / A4
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Scottish Chemical Industries           LT/ST Interchangeable ICRA BBB+  -      Reaffirmed
                                       (WCDL)               (Stable) /
                                                            A2
Scottish Chemical Industries           Unallocated          ICRA BBB+   150    Reaffirmed
                                                            (Stable) /
                                                            A2
Scottish Chemical Industries           LT FB CC (CC)        ICRA        300    Reaffirmed
                                                            BBB+(Stable)
Shirpur-Warvade Municipal              TL                   ICRA BB+    76.8   Reaffirmed
Council                                                     (Stable)
Shriram City Union Finance Ltd         NCD Programme        ICRA AA     250    -
                                                            (Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Sikkim Manipal University              FB TL                ICRA BBB    800    -
                                                            (Stable)
(Reason for delay in carrying out periodic review: Review process is underway)
Sikkim Manipal University              Non-fund Based       ICRA BBB    100    -
                                                            (Stable)
(Reason for delay in carrying out periodic review: Review process is underway)
Smc Global Securities Ltd              Issuer Rating        ICRA A      -      Withdrawn
                                                            (Stable)
Smc Global Securities Ltd              LT/ST Fund- based/   ICRA A      10000  Outstanding
                                       Non-fund Based Bk    (Stable)/
                                       Lines                ICRA A1+
Sri Padma Priya Finance                LT Bk Fac            ICRA B+     180    Reaffirmed
Corporation                                                 (Stable)
Sri Ramachandra Institute Of           TL                   ICRA A+     1250   Reaffirmed
Higher Education And Research                               (Positive)
Trust
(outlook revised to Positive from Stable)
Sri Vishnu Priya Finance               LT Bk Fac            ICRA B+     180    Reaffirmed
                                                            (Stable)
Srs Healthcare And Research            LT /ST -Unallocated  ICRA D/ICRA 1150   -
Centre Ltd                                                  D
(Rating continues to remain under the ‘Issuer Not Cooperating’ category)
Subhash Sarees Pvt Ltd                 LT – FB TL           ICRA BB+    15     -
                                                            (Stable)
(Upgraded from ICRA BB (Stable), removed from ‘ISSUER NOT COOPERATING’ category)
Subhash Sarees Pvt Ltd                 LT – Fund Based/ CC  ICRA BB+    220    -
                                                            (Stable)
(Upgraded from ICRA BB (Stable), removed from ‘ISSUER NOT COOPERATING’ category)
Sunbeam Real Ventures Pvt Ltd          LT - Fund Based TL   ICRA        43     -
                                                            B+(Stable)
(Rating downgraded from ICRA BB (Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Sunbeam Real Ventures Pvt Ltd          LT - Unallocated     ICRA        57     -
                                                            B+(Stable)
(Rating downgraded from ICRA BB (Stable) and continues to remain under ‘Issuer Not Cooperating’
category)
Tamil Nadu Power Finance And           LT Bond Programme    ICRA A-     19642  -
Infrastructure Development                                  (CE)
Corporation Ltd                                             (Stable)
Tamil Nadu Power Finance And           Fixed Deposit        MA-(Stable) 27,3245-
Infrastructure Development             Programme
Corporation Ltd
(^ Outstanding of deposits as on March 31, 2019, as per provisional balance sheet)
Tata Elxsi Ltd                         Fund Based - Working ICRA AA     450    Reaffirmed
                                       Capital Fac          (Stable)
Tata Sons Pvt Ltd                      NCD Programme        ICRA AAA    103114 Reaffirmed
                                                            (Stable)
Tata Sons Pvt Ltd                      NCD Programme        ICRA AAA    -      -
                                                            (Stable)
(reaffirmed and withdrawn)
Vihaan Boards Pvt Ltd                  Fund based- CC       ICRA        70.5   -
                                                            B+(Stable)
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Vihaan Boards Pvt Ltd                  Fund based- TL       ICRA        59.5   -
                                                            B+(Stable)
(Continues to remain under the ‘Issuer Not Cooperating’ category)
Walker Estate Llp                      FB -TL               ICRA B+     450    -
                                                            (Negative)
(Rating revised from ICRA BB and Outlook revised to Negative from Stable)
--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

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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