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ICRA ratings for Indian debt instruments-Oct 26

    Oct 26 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of October 23, 2020.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Aishwaryagiri Constructions Pvt Ltd     ST- Non Fund Based    ICRA D       150
Issuer not cooperating; Withdrawn
Chowgule Construction Chemicals Pvt Ltd Non-FBL               ICRA A1(CE)  25
Issuer not cooperating
Chowgule Construction Chemicals Pvt Ltd Interchangeable       ICRA A1(CE)
Issuer not cooperating
Chadha Sugars & Industries Ltd          ST Non Fund Based     ICRA D       60
Rating continues to remain in the ‘Issuer not cooperating’ category
Forbes & Co. Ltd                        ST FB Limits          ICRA A4+     160
Downgraded from ICRA A2
Forbes & Co. Ltd                        ST Non-FBL            ICRA A4+     385
Downgraded from ICRA A2
Forbes & Co. Ltd                        CP                    ICRA A4+
Downgraded from ICRA A2 and Withdrawn
Forbes Technosys Ltd                    ST Non-FBL            ICRA A4+(CE) 320
Downgraded from ICRA A2(CE)
GIC Housing Finance Ltd                 ST Bk Lines           ICRA A1+     10000  Reaffirmed
GIC Housing Finance Ltd                 CP Programme          ICRA A1+     15000  Reaffirmed
Hanuman Foods                           ST - Fund Based       ICRA D       30
Downgraded from ICRA A4 Issuer not cooperating and continues to remain under ‘Issuer not
cooperating’ category
Himadri Speciality Chemical Ltd         CP                    ICRA A1+     3000   Outstanding
Iron Triangle Ltd                       Non-fund Based-BG     ICRA A1      6225   Reaffirmed
Maheshwari Coal Benefication &          Non-Fund Based-Bk     ICRA A4      20
Infrastructure Pvt Ltd                  Gurantee
Rating continues to remain under ‘Issuer not cooperating’ Category
Munjal Auto Industries Ltd              ST Fund based         ICRA A1+     180    Reaffirmed
Assigned to enhanced amount
Munjal Auto Industries Ltd              ST Non-fund based     ICRA A1+     159.3  Reaffirmed
Munjal Auto Industries Ltd              CP                    ICRA A1+     150    Reaffirmed
Nippon Life India Asset Management Ltd  Nippon India Money    ICRA A1+mfs         Outstanding
                                        Market Fund
Nippon Life India Asset Management Ltd  Nippon India          ICRA A1+mfs         Outstanding
                                        Overnight Fund
Nippon Life India Asset Management Ltd  Nippon India Interval ICRA A1+mfs         Outstanding
                                        Fund – Monthly
                                        Interval Fund – Series II
Nippon Life India Asset Management Ltd  Nippon India Interval ICRA A1+mfs         Outstanding
                                        Fund - Quarterly
                                        Interval Fund - Series II
Nippon Life India Asset Management Ltd  Nippon India Interval ICRA A1+mfs         Outstanding
                                        Fund – Quarterly
                                        Interval Fund – Series III
Nippon Life India Asset Management Ltd  Nippon India Interval ICRA A1+mfs         Outstanding
                                        Fund – Monthly
                                        Interval Fund – Series I
Nippon Life India Asset Management Ltd  Nippon India Liquid   ICRA A1+mfs         Outstanding
                                        Fund
Onshore Construction Company Pvt Ltd    ST Non-FBL            ICRA A2+     1500   Re-affirmed
Onshore Construction Company Pvt Ltd    ST Unallocated Limits ICRA A2+     683    Re-affirmed
Page Industries Ltd                     ST non-FB Fac         ICRA A1+     800
Sac Engine Components Pvt Ltd           ST - Unallocated      ICRA A2+     44.2   Reaffirmed
Saiwin Ceramic Pvt Ltd                  ST-Non fund based     ICRA A4      10
Rating continues to remain under ‘Issuer not cooperating’ category
Southern Power Equipment Company Pvt LtdST - Non Fund Based   ICRA A4      66.2
Rating continue to remain under the ‘Issuer not cooperating’ category

LONG TERM RATINGS:
-------------------
Aishwaryagiri Constructions Pvt Ltd     LT - Fund Based/ CC   ICRA D       300
Issuer not cooperating; Withdrawn
Aris Capital Pvt Ltd                    Rating Without        ICRA BB-
                                        Explicit Credit
                                        Enhancement
Aruna Finance Ltd                       Rating Without        ICRA BB
                                        Explicit Credit
                                        Enhancement
Belstar Microfinance Ltd- Vivriti       PTC Series A1         ICRA AA-(SO)        Reaffirmed
Artemisia 09 2019
Belstar Microfinance Ltd- Vivriti       PTC Series A1         ICRA A+(SO)         Reaffirmed
Xerxes 09 2019
Blue Jay Finlease Ltd                   Rating Without        ICRA BB
                                        Explicit Credit
                                        Enhancement
Capfloat Financial Services Pvt Ltd     Rating Without        ICRA BBB
                                        Explicit Credit
                                        Enhancement
Capfloat Financial Services Pvt Ltd#    Rating Without        ICRA BBB
                                        Explicit Credit
                                        Enhancement
# Formerly Zen Lefin Private Limited
Central Bank Of India                   Upper Tier II Bonds   ICRA A-
                                        Programme             (Negative)
Reaffirmed and Withdrawn
Central Bank Of India                   Upper Tier II Bonds   ICRA A-
                                        Programme             (Negative)
Reaffirmed and Withdrawn
Central Bank Of India                   Lower Tier II Bonds   ICRA A+      5000   Reaffirmed
                                        Programme             (Negative)
Central Bank Of India                   Basel III Tier II     ICRA A+(hyb) 20000  Reaffirmed
                                        Bonds Programme       (Negative)
Centrum Micro Credit Ltd                Rating Without        ICRA BBB-
                                        Explicit Credit
                                        Enhancement
Chadha Sugars & Industries Ltd          CC                    ICRA D       1098
Rating continues to remain in the ‘Issuer not cooperating’ category
Chadha Sugars & Industries Ltd          TL                    ICRA D       1683.3
Rating continues to remain in the ‘Issuer not cooperating’ category
Chadha Sugars & Industries Ltd          LT Unallocated        ICRA D       404.6
Rating continues to remain in the ‘Issuer not cooperating’ category
Chowgule Construction Chemicals Pvt Ltd Fund based-CC         ICRA A (CE)  75
                                                              (Negative)
Issuer not cooperating
Dvara Kshetriya Gramin Financial        Rating Without        ICRA BBB
Services Pvt Ltd                        Explicit Credit
                                        Enhancement
Fino Finance Pvt Ltd                    Rating Without        ICRA BBB-
                                        Explicit Credit
                                        Enhancement
Forbes & Co. Ltd                        LT FB Limits          ICRA BB+     715
                                                              (Negative)
Downgraded from ICRA BBB+(Negative)
Forbes & Co. Ltd                        Unallocated Limits    ICRA BB+     259.9
                                                              (Negative)/
                                                              ICRA A4+
Downgraded from ICRA BBB+ (Negative)/ICRA A2
Forbes Technosys Ltd                    Rating Without        ICRA BB-/
                                        Explicit Credit       ICRA A4
                                        Enhancement
Forbes Technosys Ltd                    LT - Loans            ICRA BB+     200
                                                              (CE)
                                                              (Negative)
Downgraded from ICRA BBB+(CE)(Negative)
Forbes Technosys Ltd                    LT FB Limits          ICRA BB+     480
                                                              (CE)
                                                              (Negative)
Downgraded from ICRA BBB+(CE)(Negative)
Forbes Technosys Ltd                    NCD (NCD) Programme   ICRA BB+     350
                                                              (CE)
                                                              (Negative)
Downgraded from ICRA BBB+(CE)(Negative)
Forbes Technosys Ltd                    LT - Loan             ICRA BBB-    57
                                                              (CE)
Downgraded from ICRA A-(CE)(Negative)
GIC Housing Finance Ltd                 LT Bk Lines           ICRA AA+     125000 Reaffirmed
                                                              (Negative)
GIC Housing Finance Ltd                 NCD Programme         ICRA AA+     5500   Reaffirmed
                                                              (Negative)
H.M. Industrial Pvt Ltd                 NCDs (NCD)            ICRA D       60
Rating continues to remain under the ‘Issuer not cooperating’ category
H.M. Industrial Pvt Ltd                 Proposed              ICRA D       90
                                        Nonconvertible
                                        Debentures (NCD)
Rating continues to remain under the ‘Issuer not cooperating’ category
Hanuman Foods                           LT - Fund Based/ CC   ICRA D       120
Downgraded from ICRA B(Stable) Issuer not cooperating and continues to remain under ‘Issuer not
cooperating’ category
Himadri Speciality Chemical Ltd         NCD                   ICRA AA-     1500   Outstanding
                                                              (Negative)
Himadri Speciality Chemical Ltd         TL                    ICRA AA-     1450.3
                                                              (Negative)
Assigned/ outstanding
Himadri Speciality Chemical Ltd         FB Limits             ICRA AA-     8058.3
                                                              (Negative)
Assigned/ outstanding
Himadri Speciality Chemical Ltd         Non-FBL               ICRA AA-     8650
                                                              (Negative)/
                                                              A1+
Assigned/ outstanding
Iron Triangle Ltd                       FB-TL                 ICRA A       686.9  Reaffirmed
                                                              (Stable)
Iron Triangle Ltd                       FB- Working Capital   ICRA A       1120   Reaffirmed
                                        Fac                   (Stable)
Kanakadurga Finance Ltd                 Rating Without        ICRA BBB-
                                        Explicit Credit
                                        Enhancement
Kissan Poultry (India) Pvt Ltd          CC                    ICRA D       100
Rating continues to remain in the ‘Issuer not cooperating’ category
Kissan Poultry (India) Pvt Ltd          TL                    ICRA D       36.1
Rating continues to remain in the ‘Issuer not cooperating’ category
Klr Industries Ltd.                     FBL                   ICRA D       285
Rating continues to remain under the ‘Issuer not cooperating’ category
Klr Industries Ltd.                     Non-FBL               ICRA D       125
Rating continues to remain under the ‘Issuer not cooperating’ category
Lendingkart Finance Ltd                 Rating Without        ICRA BBB+
                                        Explicit Credit
                                        Enhancement
Livfin India Pvt Ltd                    Rating Without        ICRA BB
                                        Explicit Credit
                                        Enhancement
Magalir Micro Capital Pvt Ltd           Rating Without        ICRA BB+
                                        Explicit Credit
                                        Enhancement
Mahadev Weaving Industries Llp          Fund based - CC       ICRA B-      25
                                                              (Stable)
Rating continues to remain under the ‘Issuer not cooperating’ category
Mahadev Weaving Industries Llp          Fund based - TL       ICRA B-      84.6
                                                              (Stable)
Rating continues to remain under the ‘Issuer not cooperating’ category
Mahadev Weaving Industries Llp          LT -Unallocated       ICRA B-      10.4
                                                              (Stable)
Rating continues to remain under the ‘Issuer not cooperating’ category
Maheshwari Coal Benefication &          Fund Based- TL        ICRA B       24.6
Infrastructure Pvt Ltd                                        (Stable)
Rating continues to remain under ‘Issuer not cooperating’ category
Maheshwari Coal Benefication &          Fund based – CC       ICRA B       60
Infrastructure Pvt Ltd                                        (Stable)
Rating continues to remain under ‘Issuer not cooperating’ category
Midland Microfin Ltd- Vivriti Daniela   PTC Series A1         ICRA A (SO)         Withdrawn
09 2019
Midland Microfin Ltd- Vivriti Daniela   PTC Series A2         ICRA A- (SO)        Withdrawn
09 2019
Mini Hotels & Projects                  Unallocated           ICRA D/ D    65
Rating continues to remain under the ‘Issuer not cooperating’ category
Mpower Micro Finance Pvt Ltd            Rating Without        ICRA BB
                                        Explicit Credit
                                        Enhancement
Munjal Auto Industries Ltd              LT Fund based/ CC     ICRA AA-     350    Reaffirmed
                                                              (Stable)
Assigned to enhanced amount
Munjal Auto Industries Ltd              LT Fund based TL      ICRA AA-     801.8  Reaffirmed
                                                              (Stable)
Assigned to enhanced amount
Munjal Auto Industries Ltd              LT/ ST Unallocated    ICRA AA-     308.9  Reaffirmed
                                                              (Stable)/
                                                              ICRA A1+
Assigned to enhanced amount
Nippon Life India Asset Management Ltd  Nippon India Capital  ICRA AAA (SO)       Outstanding
                                        Protection Oriented
                                        Fund II - Plan A
Nippon Life India Asset Management Ltd  Nippon India ETF LT   ICRA AAAmfs         Outstanding
                                        Gilt
Nippon Life India Asset Management Ltd  Nippon India ST Fund  ICRA AAAmfs         Outstanding
Nippon Life India Asset Management Ltd  Nippon India Gilt     ICRA AAAmfs         Outstanding
                                        Securities Fund
Nippon Life India Asset Management Ltd  Nippon India Bking &  ICRA AAAmfs         Outstanding
                                        PSU Debt Fund
Nippon Life India Asset Management Ltd  Nippon India Dynamic  ICRA AAAmfs         Outstanding
                                        Bond fund
Nippon Life India Asset Management Ltd  Nippon India Floating ICRA AAAmfs         Outstanding
                                        Rate Fund
Nippon Life India Asset Management Ltd  Nippon India Income   ICRA AAAmfs         Outstanding
                                        Fund
Nippon Life India Asset Management Ltd  Nippon India Low      ICRA AAAmfs         Outstanding
                                        Duration Fund
Nippon Life India Asset Management Ltd  Nippon India          ICRA AAmfs
                                        Corporate Bond Fund
Upgraded to ICRA AAmfs from ICRA AA- mfs @Rating removed from watch with negative implications
Northern Arc Capital Ltd - Centrum      Loans- Northern Arc   ICRA A- (CE)        Reaffirmed
Micro Credit Ltd                        P.L.I. VIII Mar 2019
Stable , outlook
Northern Arc Capital Ltd - Livfin India Loans- Northern Arc   ICRA A- (CE)        Reaffirmed
Pvt Ltd                                 P.L.I. VIII Mar 2019
Stable , outlook
Northern Arc Capital Ltd - Origo        Loans- Northern Arc   ICRA A- (CE)        Reaffirmed
Finance Pvt Ltd                         P.L.I. VIII Mar 2019
Stable , outlook
Northern Arc Capital Ltd - Saija        Loans- Northern Arc   ICRA A- (CE)        Reaffirmed
Finance Pvt Ltd                         P.L.I. VIII Mar 2019
Stable , outlook
Northern Arc Capital Ltd- Aris Capital  Loans- Northern Arc   ICRA A (CE)
Pvt Ltd                                 PLI VII Mar-18
Upgraded from ICRA A-(CE) Stable , outlook
Northern Arc Capital Ltd- Aruna Finance Loans- Northern Arc   ICRA A (CE)         Reaffirmed
Ltd                                     PLI VI Mar 2018
Stable , outlook
Northern Arc Capital Ltd -Blue Jay      Loans- Northern Arc   ICRA A- (CE)        Reaffirmed
Finlease Ltd                            P.L.I. VIII Mar 2019
Stable , outlook
Northern Arc Capital Ltd -Capfloat      Loans- Northern Arc   ICRA A- (CE)        Withdrawn
Financial Services Pvt Ltd              PLI VII Mar-18
Northern Arc Capital Ltd -Capfloat      Loans- Northern Arc   ICRA A- (CE)        Reaffirmed
Financial Services Pvt Ltd#             P.L.I. VIII Mar 2019
Stable , outlook; # Formerly Zen Lefin Private Limited
Northern Arc Capital Ltd- Capfloat      Loans- Northern Arc   ICRA A (CE)         Reaffirmed
Financial Services Pvt Ltd#             PLI VI Mar 2018
Stable , outlook; # Formerly Zen Lefin Private Limited
Northern Arc Capital Ltd -Dvara         Loans- Northern Arc   ICRA A (CE)
Kshetriya Gramin Financial Services Pvt PLI VII Mar-18
Ltd^
Upgraded from ICRA A-(CE) Stable , outlook
Northern Arc Capital Ltd- Dvara         Loans- Northern Arc   ICRA A (CE)         Withdrawn
Kshetriya Gramin Financial Services Pvt PLI VI Mar 2018
Ltd^
^ Formerly Pudhuaaru Financial Services Private Limited
Northern Arc Capital Ltd -Essel Finance Loans- Northern Arc   ICRA A- (CE)        Withdrawn
Business Loan Ltd                       PLI VII Mar-18
Northern Arc Capital Ltd -Fino Finance  Loans- Northern Arc   ICRA A (CE)
Pvt Ltd                                 PLI VII Mar-18
Upgraded from ICRA A-(CE) Stable , outlook
Northern Arc Capital Ltd- Fino Finance  Loans- Northern Arc   ICRA A (CE)         Withdrawn
Pvt Ltd                                 PLI VI Mar 2018
Northern Arc Capital Ltd -Kanakadurga   Loans- Northern Arc   ICRA A (CE)
Finance Ltd                             PLI VII Mar-18
Upgraded from ICRA A-(CE) Stable , outlook
Northern Arc Capital Ltd -Lendingkart   Loans- Northern Arc   ICRA A (CE)
Finance Ltd                             PLI VII Mar-18
Upgraded from ICRA A-(CE) Stable , outlook
Northern Arc Capital Ltd -Light         Loans- Northern Arc   ICRA A- (CE)        Withdrawn
Microfinance Pvt Ltd                    PLI VII Mar-18
Northern Arc Capital Ltd- Light         Loans- Northern Arc   ICRA A (CE)         Withdrawn
Microfinance Pvt Ltd                    PLI VI Mar 2018
Northern Arc Capital Ltd- Lotus Sree    Loans- Northern Arc   ICRA A (CE)         Withdrawn
Filco Pvt Ltd                           PLI VI Mar 2018
Northern Arc Capital Ltd -Magalir Micro Loans- Northern Arc   ICRA A- (CE)        Reaffirmed
Capital Pvt                             P.L.I. VIII Mar 2019
Stable , outlook
Northern Arc Capital Ltd- Mpower Micro  Loans- Northern Arc   ICRA A (CE)         Withdrawn
Finance Pvt Ltd                         PLI VI Mar 2018
Northern Arc Capital Ltd -Mpower        Loans- Northern Arc   ICRA A- (CE)        Reaffirmed
Microfinance Pvt Ltd                    P.L.I. VIII Mar 2019
Stable , outlook
Northern Arc Capital Ltd -Orange Retail Loans- Northern Arc   ICRA A- (CE)        Reaffirmed
Finance India                           P.L.I. VIII Mar 2019
Stable , outlook
Northern Arc Capital Ltd -Oxyzo         Loans- Northern Arc   ICRA A- (CE)        Reaffirmed
Financial Services                      P.L.I. VIII Mar 2019
Stable , outlook
Northern Arc Capital Ltd -Pahal         Loans- Northern Arc   ICRA A (CE)
Financial Services Pvt Ltd              PLI VII Mar-18
Upgraded from ICRA A-(CE) Stable , outlook
Northern Arc Capital Ltd- Pahal         Loans- Northern Arc   ICRA A (CE)         Withdrawn
Financial Services Pvt Ltd              PLI VI Mar 2018
Northern Arc Capital Ltd -Riviera       Loans- Northern Arc   ICRA A- (CE)        Reaffirmed
Investors Pvt                           P.L.I. VIII Mar 2019
Stable , outlook
Northern Arc Capital Ltd -Saija Finance Loans- Northern Arc   ICRA A (CE)
Pvt Ltd                                 PLI VII Mar-18
Upgraded from ICRA A-(CE) Stable , outlook
Northern Arc Capital Ltd- Saija Finance Loans- Northern Arc   ICRA A (CE)         Withdrawn
Pvt Ltd                                 PLI VI Mar 2018
Northern Arc Capital Ltd -Sambandh      Loans- Northern Arc   ICRA A- (CE)        Withdrawn
Finserve Pvt Ltd                        PLI VII Mar-18
Northern Arc Capital Ltd- Sambandh      Loans- Northern Arc   ICRA A (CE)         Withdrawn
Finserve Pvt Ltd                        PLI VI Mar 2018
Northern Arc Capital Ltd -Satya         Loans- Northern Arc   ICRA A (CE)
Microcapital Ltd                        PLI VII Mar-18
Upgraded from ICRA A-(CE) Stable , outlook
Northern Arc Capital Ltd -Shri Ram      Loans- Northern Arc   ICRA A (CE)
Finance Corporation Pvt Ltd             PLI VII Mar-18
Upgraded from ICRA A-(CE) Stable , outlook
Northern Arc Capital Ltd -Sonata        Loans- Northern Arc   ICRA A (CE)
Finance Pvt Ltd                         PLI VII Mar-18
Upgraded from ICRA A-(CE) Stable , outlook
Northern Arc Capital Ltd- Sonata        Loans- Northern Arc   ICRA A (CE)         Withdrawn
Finance Pvt Ltd                         PLI VI Mar 2018
Northern Arc Capital Ltd- Svasti        Loans- Northern Arc   ICRA A (CE)         Withdrawn
Microfinance Pvt Ltd                    PLI VI Mar 2018
Northern Arc Capital Ltd -Svasti        Loans- Northern Arc   ICRA A (CE)
Microfinance Pvt. Ltd                   PLI VII Mar-18
Upgraded from ICRA A-(CE) Stable , outlook
Northern Arc Capital Ltd -Village       Loans- Northern Arc   ICRA A (CE)
Financial Services Ltd                  PLI VII Mar-18
Upgraded from ICRA A-(CE) Stable , outlook
Northern Arc Capital Ltd- Village       Loans- Northern Arc   ICRA A (CE)         Withdrawn
Financial Services Ltd                  PLI VI Mar 2018
Northern Arc Capital Ltd- Visage        Loans- Northern Arc   ICRA A (CE)         Reaffirmed
Holdings & Finance Pvt Ltd              PLI VI Mar 2018
Stable , outlook
Onshore Construction Company Pvt Ltd    LT FBL                ICRA A-      17     Re-affirmed
                                                              (Stable)
Onshore Construction Company Pvt Ltd    LT/ST FBL#            ICRA A-             Re-affirmed
                                                              (Stable)/ A2+
#- sub-limit of non-fund based limits
Orange Retail Finance India Pvt Ltd     Rating Without        ICRA BB
                                        Explicit Credit
                                        Enhancement
Origo Finance Pvt Ltd                   Rating Without        ICRA BB+
                                        Explicit Credit
                                        Enhancement
Oxyzo Financial Services Pvt Ltd        Rating Without        ICRA BBB
                                        Explicit Credit
                                        Enhancement
Page Industries Ltd                     LT FB Fac             ICRA AA      3698.3
                                                              (Stable)
Page Industries Ltd                     LT/ ST unallocated Bk ICRA AA      114
                                        Fac                   (Stable)/
                                                              ICRA A1+
Pahal Financial Services Pvt Ltd        Rating Without        ICRA BBB-
                                        Explicit Credit
                                        Enhancement
Pasupati Spinning & Weaving Mills Ltd   15% PCDs              ICRA D       117.7
Rating continues to remain in the ‘Issuer not cooperating’ category
Rainbow Children’S Medicare Pvt Ltd     NCDs                  ICRA AA-     500
                                                              (Stable)
Upgraded from ICRA A+(Positive)
Riviera Investors Pvt Ltd               Rating Without        ICRA BB+
                                        Explicit Credit
                                        Enhancement
Sac Engine Components Pvt Ltd           LT - TL               ICRA A-      500    Reaffirmed
                                                              (Negative)
Sac Engine Components Pvt Ltd           LT - Fund based CC    ICRA A-      450    Reaffirmed
                                                              (Negative)
Saija Finance Pvt Ltd                   Rating Without        ICRA BB+
                                        Explicit Credit
                                        Enhancement
Saija Finance Pvt Ltd                   Rating Without        ICRA BB+
                                        Explicit Credit
                                        Enhancement
Saiwin Ceramic Pvt Ltd                  Fund based - CC       ICRA B       40
                                                              (Stable)
Rating continues to remain under ‘Issuer not cooperating’ category
Saiwin Ceramic Pvt Ltd                  Fund based - TL       ICRA B       72.7
                                                              (Stable)
Rating continues to remain under ‘Issuer not cooperating’ category
Satya Microcapital Ltd                  Rating Without        ICRA BBB-
                                        Explicit Credit
                                        Enhancement
Sayaji Hotels Ltd                       LT -TL                ICRA BB+     689.5  Outstanding
                                                              (Negative)
Sayaji Hotels Ltd                       FB- Working Capital   ICRA BB+     87.5   Outstanding
                                        Fac                   (Negative)
Sayaji Hotels Ltd                       Non-fund              ICRA BB+     5      Outstanding
                                        Based-Working Capital (Negative)
                                        Fac
Sayaji Hotels Ltd                       LT Unallocated Limits ICRA BB+     156.8  Outstanding
                                                              (Negative)
Sbfc Finance Pvt Ltd - Aura March 2020  PTC Series A          ICRA AA (SO) 762.7
Trust
Provisional rating confirmed as final
Sbfc Finance Pvt Ltd - Aura Trust June  PTC Series A          ICRA AA (SO) 621.6
2020
Provisional rating confirmed as final
Shapoorji Pallonji Pandoh Takoli        TL                    ICRA BBB-    13919
Highway Pvt Ltd                                               (Negative)
Downgraded from ICRA BBB(Negative)
Shapoorji Pallonji Pandoh Takoli        Non-fund based        ICRA BBB-
Highway Pvt Ltd                         facility              (Negative)
Downgraded from ICRA BBB(Negative) and Withdrawn
Shapoorji Pallonji Pandoh Takoli        Non-fund based (Sub   ICRA BBB-
Highway Pvt Ltd                         limit of - TL)        (Negative)
Downgraded from ICRA BBB(Negative)
Shri Ram Finance Corporation Pvt Ltd    Rating Without        ICRA BBB-
                                        Explicit Credit
                                        Enhancement
Sitac Kabini Renewables Pvt Ltd         TL                    ICRA AA-     20750
                                                              (CE)
                                                              (Negative)
Reaffirmed on existing limits and assigned to enhanced limits; outlook revised
Sitac Kabini Renewables Pvt Ltd         Rating Without        ICRA BBB+
                                        Explicit Credit
                                        Enhancement
Sonata Finance Pvt Ltd (Sonata)         Rating Without        ICRA BBB
                                        Explicit Credit
                                        Enhancement
Southern Power Equipment Company Pvt LtdLT - Fund Based/ CC   ICRA B-      30
                                                              (Stable)
Rating continue to remain under the ‘Issuer not cooperating’ category
Southern Power Equipment Company Pvt LtdLT - Fund Based TL    ICRA B-      3.8
                                                              (Stable)
Rating continue to remain under the ‘Issuer not cooperating’ category
Sun Clean Renewable Power Pvt Ltd       LT fund based TL      ICRA BBB+    334.7  Reaffirmed
                                                              (Stable)
Svasti Microfinance Pvt Ltd             Rating Without        ICRA BBB-
                                        Explicit Credit
                                        Enhancement
Village Financial Services Ltd          Rating Without        ICRA BBB-
(Village)                               Explicit Credit
                                        Enhancement
Visage Holdings & Finance Pvt Ltd       Rating Without        ICRA BBB-
                                        Explicit Credit
                                        Enhancement
White-Tone Micron Pvt. Ltd.             Fund based - CC       ICRA B       15
                                                              (Stable)
Rating continues to remain under ‘Issuer not cooperating’ category
White-Tone Micron Pvt. Ltd.             Fund based - TL       ICRA B       62.5
                                                              (Stable)
Rating continues to remain under ‘Issuer not cooperating’ category
Zenith Precision Pvt Ltd                LT: FBL/CC            ICRA BB-     180    Assigned
                                                              (Stable)
Zenith Precision Pvt Ltd                LT: Fund Based TL     ICRA BB-     115.9  Assigned
                                                              (Stable)
Zenith Precision Pvt Ltd                Unallocated Limits –  ICRA BB-     4.1    Assigned
                                        (LT/ST)               (Stable) / A4

--------------------------------------------------------------------------------------------
$: 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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