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ICRA ratings for Indian debt instruments-Sep 29

   Sep 29 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of September 28, 2020.


COMPANY                                INSTRUMENT           RATING      AMOUNT MOVEMENT
                                                                       (RS.MLN)
------                                 ----------           ------      -----  ---------
SHORT TERM RATINGS:
-------------------
Adisankara Spinning Mills Pvt          Non-fund             ICRA A3+@   200    -
Ltd                                    based-Working Capital
                                       Fac
(downgraded from ICRA A2+@ and remains on watch with negative implications)
Adyar Gate Hotels Ltd                  ST Non-fund based    ICRA A4     20     Reaffirmed
Anantha Pvc Pipes Pvt Ltd              ST - Non Fund Based  ICRA A4     70     -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Anthem Biosciences Pvt. Ltd            Non-fund Based       ICRA A1     70     -
                                       Working Capital Fac
(Upgraded from ICRA A2+)
Dixon Technologies (India) Ltd         FB - Working Capital ICRA A1+    1450   Reaffirmed
                                       Fac
Dixon Technologies (India) Ltd         Non-fund Based -     ICRA A1+    6350   Reaffirmed
                                       Working Capital Fac
                                       (ST scale)
Dixon Technologies (India) Ltd         Interchangeable^     ICRA A1+    2500   Reaffirmed
                                       Working Capital Fac
                                       (ST scale)
(^ between non-fund based and fund based,)
Dixon Technologies (India) Ltd         Unallocated Bk Fac   ICRA A1+    473.4  Reaffirmed
                                       (ST scale)
Dixon Technologies (India) Ltd         CP                   ICRA A1+    1000   Reaffirmed
Gsr Textiles Pvt Ltd                   ST - NonFund Based   ICRA D      13.5   -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Essen Speciality Films Pvt. Ltd        ST FB Export Packing ICRA A2     150    Reaffirmed
                                       Credit
Essen Speciality Films Pvt. Ltd        LOC                  ICRA A2     40     Reaffirmed
Geeco Enercon Pvt Ltd                  ST –Non-fund based   ICRA A4+    115    Reaffirmed
Halonix Technologies Pvt. Ltd          ST Non-fund Based Bk ICRA A3+    180    -
                                       Facility (LOC)
(upgraded from ICRA A3)
Halonix Technologies Pvt. Ltd          ST Non-fund Based Bk ICRA A3+    60     -
                                       Facility (BG)
(upgraded from ICRA A3)
Heath View Holiday Resorts Ltd         Non-FBL – BG         ICRA A4     5      -
(Rating Continues to remain under issuer not cooperating category)
Jm Financial Asset                     CP (CP) Programme    ICRA A1+    3000   outstanding
Reconstruction Co. Ltd
Laborate Pharmaceuticals India         ST FB                ICRA A1     400    Reaffirmed
Ltd
Laborate Pharmaceuticals India         ST non-fund based    ICRA A1     50     Reaffirmed
Ltd
Marigold Paints Pvt. Ltd.              ST Non Fund Based LOCICRA A4     10     -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Marigold Paints Pvt. Ltd.              ST Interchangeable BGICRA A4     -      -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Metco Roof Pvt Ltd                     ST - Non Fund Based  ICRA A3     280    -
(Reason for delay in carrying out periodic review: Review process is underway)
Mosaic India Pvt Ltd                   ST FBL               ICRA A1+    7750   Reaffirmed
Mosaic India Pvt Ltd                   CP programme         ICRA A1+    2000   Reaffirmed
Muthoot Finance Ltd                    ST FB Bk Fac         ICRA A1+   133380# outstanding
(#Long term and short-term fund based limits include an interchangeable limit of Rs. 7,260 crore
total rated bank facilities stand at Rs. 17,665 c rore (including Rs. 2,690.0 crore term loans
and Rs.870 crore credit exposure limit))  
Muthoot Finance Ltd                    CP Programme         ICRA A1+    50000  outstanding
Nandi Irrigation Systems Ltd           ST - Non-Fund Based  ICRA A4     30     -
(Rating moved to the ‘Issuer Not Cooperating’ category)
National Seeds Corporation Ltd         Unallocated Limits   ICRA A1+    250    Reaffirmed
Planetcast Media Services Ltd          Non-fund             ICRA A1     300    -
                                       based-Working Capital
                                       Fac – ST Scale
(Reason for delay in carrying out periodic review: - Review process is underway)
Prabhu Spinning Mills Pvt Ltd          Non-fund             ICRA A3+@   200    -
                                       based-Working Capital
                                       Fac
(downgraded from ICRA A2+@ and remains on watch with negative implications)
Rajoo Engineers Ltd                    ST FB Export Packing ICRA A2     -      Reaffirmed
                                       Credit
Sivaraj Spinning Mills Pvt Ltd         Non-fund             ICRA A3+@   200    -
                                       based-Working Capital
                                       Fac
(downgraded from ICRA A2+@ and remains on watch with negative implications)
Spice Islands Apparels Ltd             Fund based- PCL/ PCFCICRA A4     20     -
(Rating Continues to remain under issuer not cooperating category)
Spice Islands Apparels Ltd             Fund based FDBP      ICRA A4     40     -
                                       /FUDBP /BDFC /BPFC
(Rating Continues to remain under issuer not cooperating category)
Spice Islands Apparels Ltd             Non Fund based- BG   ICRA A4     2      -
(Rating Continues to remain under issuer not cooperating category)
Sri Matha Spinning Mills Pvt           Non-fund             ICRA A2+@   200    -
Ltd                                    based-Working Capital
                                       Fac
(remains on watch with negative implications)
Sri Rama Spin Cot                      ST - Non Fund Based  ICRA A4     0.3    -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sri Shanmugavel Mills Pvt Ltd          Non-fund             ICRA A2@    300    -
                                       based-Working Capital
                                       Fac
(downgraded from ICRA A2+@ and remains on watch with negative implications)
Sri Velayudhaswamy Spinning            Non-fund             ICRA A2+@   1000   -
Mills Pvt Ltd                          based-Working Capital
                                       Fac
(@ remains on watch with negative implications)
Sudhan Spinning Mills Pvt Ltd          Non-fund             ICRA A2+@   600    -
                                       based-Working Capital
                                       Fac
(remains on watch with negative implications)
Tajgvk Hotels & Resorts Ltd            ST, FB Limits        ICRA A2+    300    -
(revised from ICRA A1)
Kasturi Commodities Pvt Ltd            ST – Non Fund Based  ICRA D      750    -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Delite Cables Pvt. Ltd                 ST - Non Fund Based  ICRA D      45     -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Kasturi Commodities Pvt Ltd            ST - Interchangeable ICRA D      -      -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Tajgvk Hotels & Resorts Ltd            ST, Non-FBL          ICRA A2+    -      -
                                       (Interchangeable)
(revised from ICRA A1)
Vaya Finserv Pvt Ltd                   CP programme         ICRA A3+&   500    -
(rating placed on Watch with Developing Implications)
Whitefield Spintex (India)             ST Non Fund based    ICRA D      13.5   -
Pvt. Ltd.
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Vedha Spinning Mills Pvt Ltd           Non-fund             ICRA A3@    100    -
                                       based-Working Capital
                                       Fac
(downgraded from ICRA A2+@ and remain on watch with negative implications)
Zodiac Clothing Co. Ltd                Bk Lines             ICRA A2     800    -
(Reason for delay in carrying out periodic review: - Review process is underway)
 

MEDIUM TERM RATINGS:
-------------------
The Tamilnadu Industrial               Fixed Deposits       MA(Stable)  5000   Reaffirmed
Investment Corporation Ltd

 

LONG TERM RATINGS:
-------------------
Adisankara Spinning Mills Pvt          Fund based- TL       ICRA BBB@   193.7  -
Ltd
(downgraded from ICRA A-@ and remains on watch with negative implications)
Adisankara Spinning Mills Pvt          Fund based- Working  ICRA BBB@   750    -
Ltd                                    Capital Fac
(downgraded from ICRA A-@ and remains on watch with negative implications)
Adisankara Spinning Mills Pvt          Unallocated limits   ICRA        156.3  -
Ltd                                                         BBB@/ICRA
                                                            A3+@
(downgraded from ICRA A-@/ ICRA A2+@ ratings remain on watch with negative implications)
Adyar Gate Hotels Ltd                  LT Fund based TL     ICRA B      2356   Reaffirmed
                                                            (Stable)
Adyar Gate Hotels Ltd                  LT FB Fac            ICRA B      450    Reaffirmed
                                                            (Stable)
Adyar Gate Hotels Ltd                  LT Unallocated       ICRA B      1054   Reaffirmed
                                                            (Stable)
Anantha Pvc Pipes Pvt Ltd              LT - Fund Based/ CC  ICRA        80     -
                                                            B(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Anthem Biosciences Pvt. Ltd            Fund Based - Working ICRA A      750    -
                                       Capital Fac          (Stable)
(Upgraded from ICRA A- (Stable))
Anthem Biosciences Pvt. Ltd            Fund Based – TL      ICRA A      1115.4 -
                                                            (Stable)
(Upgraded from ICRA A- (Stable))
Anthem Biosciences Pvt. Ltd            Unallocated          ICRA A      194.6  -
                                                            (Stable)
(Upgraded from ICRA A- (Stable))
Apl Infrastructure Pvt Ltd             TL                   ICRA A      1000   -
                                                            (Stable)
(Reason for delay in carrying out periodic review: Review process is underway)
Clix Finance India Pvt Ltd             Clix BOI DA PCG      Provisional 591.2  Assigned
                                       Tranche I -Assignee  ICRA A-(SO)
                                       Payouts
Credo Life Sciences Pvt Ltd            LT - Fund Based/ CC  ICRA B+     60     -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) and moved to ‘Issuer Not Cooperating’ category)
Credo Life Sciences Pvt Ltd            LT - Fund Based TL   ICRA B+     127.6  -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) and moved to ‘Issuer Not Cooperating’ category)
Credo Life Sciences Pvt Ltd            LT - Unallocated     ICRA B+     32.4   -
                                                            (Stable)
(Rating downgraded from ICRA BB- (Stable) and moved to ‘Issuer Not Cooperating’ category)
Delite Cables Pvt. Ltd                 LT - Fund Based/ CC  ICRA D      40     -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Delite Cables Pvt. Ltd                 LT / ST – Unallocated ICRA D/ICRA 35    -
                                                            D
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Dixon Technologies (India) Ltd         FB -TL               ICRA A+     527    Reaffirmed
                                                            (Positive)
Dlf Urban Pvt Ltd                      Fund based TL        ICRA A      10500  Reaffirmed
                                                            (Stable)
Essen Speciality Films Pvt. Ltd        LT FB TL             ICRA BBB+   10     Reaffirmed
                                                            (Stable)
Essen Speciality Films Pvt. Ltd        LT FB CC             ICRA BBB+   -      Reaffirmed
                                                            (Stable)
G.M. Fabrics Pvt Ltd                   TL                   ICRA        580    -
                                                            BBB(Stable)
(Rating downgraded from ICRA A- (Stable) and moved to Issuer Not Cooperating category)
G.M. Fabrics Pvt Ltd                   CC / Packing Credit  ICRA        800    -
                                       / Post shipment      BBB(Stable)
                                       Credit  /  Working   / ICRA A3+
                                       Capital  Demand Loan      
(Rating downgraded from ICRA A- (Stable)/ICRA A2+ and moved to Issuer Not Cooperating category)
G.M. Fabrics Pvt Ltd                   Unallocated limit    ICRA        200    -
                                                            BBB(Stable)
                                                            / ICRA A3+
(Rating downgraded from ICRA A- (Stable)/ICRA A2+ and moved to Issuer Not Cooperating category)
Geeco Enercon Pvt Ltd                  LT – FB- Working     ICRA BB     230    Reaffirmed
                                       capital facility     (Stable)
Gsr Textiles Pvt Ltd                   LT - Fund Based/ CC  ICRA D      125    -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Gsr Textiles Pvt Ltd                   LT - Fund Based TL   ICRA D      57.7   -
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Gsr Textiles Pvt Ltd                   LT/ST - Unallocated  ICRA D/ICRA 42.2   -
                                                            D
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Halonix Technologies Pvt. Ltd          LT FB Bk Facility (CCICRA BBB    700    -
                                                            (Stable)
(upgraded from ICRA BBB- (Positive) Outlook revised to stable from Positive)
Haris Marine Products Pvt Ltd          LT – Fund based / CC ICRA        100    Assigned
                                                            BBB-(Stable)
Heath View Holiday Resorts Ltd         Fund based Overdraft ICRA        30     -
                                                            B(Stable)
(Rating Continues to remain under issuer not cooperating category)
Indiabulls Housing Finance Ltd         Innovation Trust     ICRA AA(SO) 4269.4 Reaffirmed
                                       XXXII Dec-19
                                       -Assignee Payouts
Indiabulls Housing Finance Ltd         Innovation Trust XX  ICRA AAA(SO) 728.5 Reaffirmed
                                       Mar 14 - PTC Series A
Indiabulls Housing Finance Ltd         Innovation Trust     ICRA AAA(SO)1501.2 Reaffirmed
                                       XXVIII Jun 2017 - PTC
                                       Series A
Indiabulls Housing Finance Ltd         Innovation Trust XXIXICRA AAA(SO)3308.6 Reaffirmed
                                       Sept 2017- PTC Series
                                       A
Indiabulls Housing Finance Ltd         Innovation Trust XXIXICRA AAA(SO)1498.3 Reaffirmed
                                       Dec-19 -PTC Series A
Jm Financial Asset                     NCD (NCD) Programme  ICRA AA-    13715  Reaffirmed
Reconstruction Co. Ltd                                      (Stable)
Jm Financial Asset                     NCD Programme        ICRA AA-    -      -
Reconstruction Co. Ltd                                      (Stable)
(reaffirmed and withdrawn)
Jm Financial Asset                     NCD Programme        ICRA AA-    432    Assigned
Reconstruction Co. Ltd                                      (Stable)
Jm Financial Asset                     LT Bk Lines (CC)     ICRA AA-    2350   outstanding
Reconstruction Co. Ltd                                      (Stable)
Jm Financial Asset                     LT Bk Lines (TL)     ICRA AA-    1980   outstanding
Reconstruction Co. Ltd                                      (Stable)
Jm Financial Asset                     LT Bk Lines          ICRA AA-    670    outstanding
Reconstruction Co. Ltd                 (Unallocated)        (Stable)
Jm Financial Asset                     LT Market Linked     PP-MLDICRA  5500   Reaffirmed
Reconstruction Co. Ltd                 Debentures (Principal AA-(Stable)
                                       Protected) {MLD (PP)} Programme
Jm Financial Asset                     MLD (PP) Programme   PP-MLD ICRA -      -
Reconstruction Co. Ltd                                      AA- (Stable)
(reaffirmed and withdrawn)
Jm Financial Asset                     MLD (PP) Programme   PP-MLD ICRA  500    Assigned
Reconstruction Co. Ltd                                      AA- (Stable)
Kasturi Commodities Pvt Ltd            LT – Interchangeable ICRA D      -      -
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
L&T Metro Rail (Hyderabad) Ltd         NCD Programme        ICRA AAA    10000  -
                                                            (CE)
                                                            (Stable)
(Reason for delay in carrying out periodic review: Review process is underway)
Laborate Pharmaceuticals India         LT FB                ICRA        800    -
Ltd                                                         A+(Stable)
(Upgraded from ICRA A (Stable))
Marigold Paints Pvt. Ltd.              Fund Based – CC      ICRA B+     70     -
                                                            (Stable)
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Metco Roof Pvt Ltd                     LT - Fund Based/ CC  ICRA BBB-   120    -
                                                            (Stable)
(Reason for delay in carrying out periodic review: Review process is underway)
Metco Roof Pvt Ltd                     LT – TL              ICRA BBB-   210    -
                                                            (Stable)
(Reason for delay in carrying out periodic review: Review process is underway)
Mukka Sea Food Industries Ltd          LT / ST – Fund based ICRA BBB-   1050   Assigned
                                                            (Stable) /
                                                            ICRA A3
Mukka Sea Food Industries Ltd          LT – Fund based / TL ICRA        100    Assigned
                                                            BBB-(Stable)
Muthoot Finance Ltd                    NCD Programme (public ICRA      11890.1 outstanding
                                       placement) –         AA(Stable)
                                       Unallocated
Muthoot Finance Ltd                    NCD Programme (public ICRA       28110  Assigned
                                       placement) –         AA(Stable)
                                       Unallocated
Muthoot Finance Ltd                    NCD Programme (public ICRA       76813  outstanding
                                       placement) – Allocate AA(Stable)
Muthoot Finance Ltd                    NCD Programme        ICRA        19500  outstanding
                                       (private placement) –AA(Stable)
                                       Unallocated
Muthoot Finance Ltd                    NCD Programme        ICRA        20500  outstanding
                                       (private placement) –AA(Stable)
                                       Allocated
Muthoot Finance Ltd                    LT FB Bk Fac         ICRA        88970# outstanding
                                                            AA(Stable)
(#Long term and short-term fund based limits include an interchangeable limit of Rs. 7,260 crore
total rated bank facilities stand at Rs. 17,665 c rore (including Rs. 2,690.0 crore term loans
and Rs.870 crore credit exposure limit)) 
Muthoot Finance Ltd                    TL                   ICRA        26900  outstanding
                                                            AA(Stable)
Muthoot Finance Ltd                    Subordinated         ICRA        2738.4 outstanding
                                       Debenture Programme  AA(Stable)
                                       Allocated
Muthoot Finance Ltd                    Subordinated         ICRA        2000   outstanding
                                       Debenture Programme  AA(Stable)
                                       Unallocated
Mytrah Vayu (Tungabhadra) Pvt          FB - TL              -           9528.3 -
Ltd
(ICRA is unable to publish the rating action on Mytrah Vayu (Tungabhadra) Private Limited, as is
otherwise mandated by SEBI Regulations/Circulars, in due compliance with the directions passed
by the Hon’ble High Court of Andhra Pradesh vide its order dated September 25, 2020 in the
matter of Mytrah Energy (India) Private Limited and Mytrah Vayu (Tungabhadra) Private Limited vs
Southern Power Distribution Company of Andhra Pradesh, ICRA Limited, Bank of Baroda and Power
Finance Corporation Limited.) 
Mytrah Vayu (Tungabhadra) Pvt          FB - Overdraft       -           430    -
Ltd
(ICRA is unable to publish the rating action on Mytrah Vayu (Tungabhadra) Private Limited, as is
otherwise mandated by SEBI Regulations/Circulars, in due compliance with the directions passed
by the Hon’ble High Court of Andhra Pradesh vide its order dated September 25, 2020 in the
matter of Mytrah Energy (India) Private Limited and Mytrah Vayu (Tungabhadra) Private Limited vs
Southern Power Distribution Company of Andhra Pradesh, ICRA Limited, Bank of Baroda and Power
Finance Corporation Limited.) 
Mytrah Vayu (Tungabhadra) Pvt          Unallocated          -           381.7  -
Ltd
(ICRA is unable to publish the rating action on Mytrah Vayu (Tungabhadra) Private Limited, as is
otherwise mandated by SEBI Regulations/Circulars, in due compliance with the directions passed
by the Hon’ble High Court of Andhra Pradesh vide its order dated September 25, 2020 in the
matter of Mytrah Energy (India) Private Limited and Mytrah Vayu (Tungabhadra) Private Limited vs
Southern Power Distribution Company of Andhra Pradesh, ICRA Limited, Bank of Baroda and Power
Finance Corporation Limited.) 
N S Vaishno Devi Developers            LT - Fund Based/ CC  ICRA        125    -
India Pvt Ltd                                               B+(Stable)
(Rating downgraded from ICRA BB(Stable) ISSUER NOT COOPERATING and continues to remain in the
‘Issuer Not Cooperating’ category)
N S Vaishno Devi Developers            LT - Fund Based TL   ICRA        75     -
India Pvt Ltd                                               B+(Stable)
(Rating downgraded from ICRA BB(Stable) ISSUER NOT COOPERATING and continues to remain in the
‘Issuer Not Cooperating’ category)
N S Vaishno Devi Developers            LT - Unallocated     ICRA        330    -
India Pvt Ltd                                               B+(Stable)
(Rating downgraded from ICRA BB(Stable) ISSUER NOT COOPERATING and continues to remain in the
‘Issuer Not Cooperating’ category)
Nandi Irrigation Systems Ltd           LT - Fund Based/ CC  ICRA        60     -
                                                            B(Stable)
(Rating moved to the ‘Issuer Not Cooperating’ category)
Nandi Irrigation Systems Ltd           LT / ST – Unallocated ICRA       30     -
                                                            B(Stable) /
                                                            ICRA A4
(Rating moved to the ‘Issuer Not Cooperating’ category)
National Seeds Corporation Ltd         Fund based - Working ICRA AA     750    Reaffirmed
                                       Capital Fac          (Negative)
(outlook revised to Negative from Stable)
Neogem India Ltd                       LT/ ST – Fund Based  ICRA D/ICRA 150    -
                                                            D
(Rating continues to remain under ‘Issuer Not Cooperating’ category)
Northern Arc Capital Ltd               Berar Finance Limited Provisional 100   Assigned
                                       (“Berar”)            ICRA A-(CE)
                                                            (Stable)
Northern Arc Capital Ltd               Visage Holdings and  Provisional 100    Assigned
                                       Finance Private      ICRA A-(CE)
                                       Limited (“Kinara”)   (Stable)
Northern Arc Capital Ltd               Satya Microcapital   Provisional 100    Assigned
                                       Limited (“Satya”)    ICRA A-(CE)
                                                            (Stable)
Northern Arc Capital Ltd               Sonata Finance       Provisional 100    Assigned
                                       Private Limited      ICRA A-(CE)
                                       (“Sonata”)           (Stable)
Northern Arc Capital Ltd               Jain Sons Finlease   Provisional 100    Assigned
                                       Limited              ICRA A-(CE)
                                       (“Intellegrow”)      (Stable)
Omkar Fabrics Pvt Ltd                  Fund based - CC      ICRA        30     -
                                                            B(Stable)
(Rating Continues to remain under issuer not cooperating category)
Omkar Fabrics Pvt Ltd                  Fund based - TL      ICRA        12.3   -
                                                            B(Stable)
(Rating Continues to remain under issuer not cooperating category)
Omkar Fabrics Pvt Ltd                  Unallocated limit    ICRA        107.7  -
                                                            B(Stable) /
                                                            ICRA A4
(Rating Continues to remain under issuer not cooperating category)
Planetcast Media Services Ltd          TL                   ICRA        400    -
                                                            A+(Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Planetcast Media Services Ltd          Fund based- Working  ICRA        100    -
                                       Capital Fac          A+(Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Prabhu Spinning Mills Pvt Ltd          Fund based- TL       ICRA BBB@   195    -
(downgraded from ICRA A-@ and remains on watch with negative implications)
Prabhu Spinning Mills Pvt Ltd          Fund based- Working  ICRA BBB@   1000   -
                                       Capital Fac
(downgraded from ICRA A-@ and remains on watch with negative implications)
Prabhu Spinning Mills Pvt Ltd          Unallocated limits   ICRA        205    -
                                                            BBB@/ICRA
                                                            A3+@
(downgraded from ICRA A-@/ ICRA A2+@ ratings remain on watch with negative implications)
Pune Solapur Expressways Pvt           NCD Programme        ICRA A      7755   -
Ltd                                                         (Stable)
(Reaffirmed and withdrawn)
Pune Solapur Expressways Pvt           TL                   ICRA A      2000   -
Ltd                                                         (Stable)
(Reaffirmed and withdrawn)
Pune Solapur Expressways Pvt           NCD Programme (Sub   ICRA AA     1974   -
Ltd                                    Debt)#               (CE)
                                                            (Stable)
(Provisional rating confirmed as final. 
# Rating Without Explicit Credit)
Pune Solapur Expressways Pvt           NCD Programme (Senior ICRA       3587   -
Ltd                                    Debt)                AA-(Stable)
(Provisional rating confirmed as final)
Pune Solapur Expressways Pvt           TL (Senior Debt)     ICRA        1913   -
Ltd                                                         AA-(Stable)
(Provisional rating confirmed as final)
Pune Solapur Expressways Pvt           TL (Sub Debt)#       Provisional 1974   outstanding
Ltd                                                         ICRA AAA
                                                            (CE)(Stable)
(# Rating Without Explicit Credit)
Rajoo Engineers Ltd                    LT FB TL             ICRA BBB+   139    Reaffirmed
                                                            (Stable)
Rajoo Engineers Ltd                    LT FB CC             ICRA BBB+   180    Reaffirmed
                                                            (Stable)
Reddy Pharmaceuticals Ltd              LT - Fund Based/ CC  ICRA C      27     -
(Rating downgraded from ICRA C+ removed from Watch with Negative Implications and continues to
remain in the ‘Issuer Not Cooperating’ category)
Reddy Pharmaceuticals Ltd              LT - Unallocated     ICRA C      73     -
(Rating downgraded from ICRA C+ removed from Watch with Negative Implications and continues to
remain in the ‘Issuer Not Cooperating’ category)
Riona Laminate Pvt. Ltd.               Fund Based – TL      ICRA B+     35     -
                                                            (Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Riona Laminate Pvt. Ltd.               Fund Based – CC      ICRA B+     30     -
                                                            (Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sandor Medicaids Pvt Ltd               NCDs                 ICRA D      200    -
(Reason for delay in carrying out periodic review: Issuer not cooperating)
Shraddha Energy And                    Fund based -TL       ICRA BB-    2236.5 -
Infraprojects Pvt. Ltd                                      (Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Shraddha Energy And                    Fund Based- Working  ICRA BB-    1836.6 -
Infraprojects Pvt. Ltd                 Capital Fac          (Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Shraddha Energy And                    Unallocated          ICRA BB-    26.9   -
Infraprojects Pvt. Ltd                                      (Stable)
(Reason for delay in carrying out periodic review: - Review process is underway)
Sivaraj Spinning Mills Pvt Ltd         Fund based- TL       ICRA BBB@   106    -
(downgraded from ICRA A-@ and remains on watch with negative implications)
Sivaraj Spinning Mills Pvt Ltd         Fund based- Working  ICRA BBB@   500    -
                                       Capital Fac
(downgraded from ICRA A-@ and remains on watch with negative implications)
Sivaraj Spinning Mills Pvt Ltd         Unallocated limits   ICRA BBB@   694    -
(downgraded from ICRA A-@ ICRA A3+@ downgraded from ICRA A2+ 
@ ratings remain on watch with negative implications)
Sri Matha Spinning Mills Pvt           Fund based- TL       ICRA A-@    263    -
Ltd
(remains on watch with negative implications)
Sri Matha Spinning Mills Pvt           Fund based- Working  ICRA A-@    550    -
Ltd                                    Capital Fac
(remains on watch with negative implications)
Sri Matha Spinning Mills Pvt           Unallocated limits   ICRA        237    -
Ltd                                                         A-@/ICRA
                                                            A2+@
(remains on watch with negative implications)
Sri Rama Spin Cot                      LT - Fund Based/ CC  ICRA        89     -
                                                            B(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sri Rama Spin Cot                      LT - Fund Based TL   ICRA        13.7   -
                                                            B(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sri Rama Spin Cot                      LT - Unallocated     ICRA        0.4    -
                                                            B(Stable)
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sri Shanmugavel Mills Pvt Ltd          Fund based- TL       ICRA BBB+@  90     -
(downgraded from ICRA A-@ and remains on watch with negative implications)
Sri Shanmugavel Mills Pvt Ltd          Fund based- Working  ICRA BBB+@  1000   -
                                       Capital Fac
(downgraded from ICRA A-@ and remains on watch with negative implications)
Sri Shanmugavel Mills Pvt Ltd          Unallocated limits   ICRA BBB+@  1060   -
(downgraded from ICRA A-@ ICRA A2@ downgraded from ICRA A2+
 @ ratings remain on watch with negative implications)
Sri Velayudhaswamy Spinning            Fund based- TL       ICRA A-@    285    -
Mills Pvt Ltd
(@ remains on watch with negative implications)
Sri Velayudhaswamy Spinning            Fund based- Working  ICRA A-@    700    -
Mills Pvt Ltd                          Capital Fac
(@ remains on watch with negative implications)
Sri Velayudhaswamy Spinning            Unallocated limits   ICRA        265    -
Mills Pvt Ltd                                               A-@/ICRA
                                                            A2+@
(@ remains on watch with negative implications)
Sri Venkateswara Rice                  LT - Fund Based/ CC  ICRA D      700    -
Industries Pvt Ltd
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sri Venkateswara Rice                  LT - Fund Based TL   ICRA D      3      -
Industries Pvt Ltd
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sri Venkateswara Rice                  LT - Unallocated     ICRA D      47     -
Industries Pvt Ltd
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Sudhan Spinning Mills Pvt Ltd          Fund based- TL       ICRA A-@    306    -
(remains on watch with negative implications)
Sudhan Spinning Mills Pvt Ltd          Fund based- Working  ICRA A-@    1300   -
                                       Capital Fac
(remains on watch with negative implications)
Sudhan Spinning Mills Pvt Ltd          Unallocated limits   ICRA        1394   -
                                                            A-@/ICRA
                                                            A2+@
(ratings remain on watch with negative implications)
Tajgvk Hotels & Resorts Ltd            Long-TL              ICRA A-     1656.3 -
                                                            (Negative)
(revised from ICRA A (Negative))
The Tamilnadu Industrial               Bond Programme       ICRA A-     1500   Reaffirmed
Investment Corporation Ltd                                  (CE)
                                                            (Stable)
The Tamilnadu Industrial               LT Bk Fac            ICRA BBB+   11000  Reaffirmed
Investment Corporation Ltd                                  (Stable)
Vaya Finserv Pvt Ltd                   LT Bk lines          ICRA BBB&   5000   -
(rating placed on Watch with Developing Implications)
Vaya Finserv Pvt Ltd                   NCD                  ICRA BBB&   1440   -
(rating placed on Watch with Developing Implications)
Vedha Spinning Mills Pvt Ltd           Fund based- TL       ICRA BBB-@  445    -
(downgraded from ICRA A-@ and remain on watch with negative implications)
Vedha Spinning Mills Pvt Ltd           Fund based- Working  ICRA BBB-@  650    -
                                       Capital Fac
(downgraded from ICRA A-@ and remain on watch with negative implications)
Vedha Spinning Mills Pvt Ltd           Unallocated limits   ICRA BBB-@  305    -
(downgraded from ICRA A-@ ICRA A3@ downgraded from ICRA A2+@ ratings remain on watch with
negative implications)
Vishala India Commercial               LT Fund Based – TL   ICRA BBB @  815    -
Developers Pvt Ltd
( rating continues on watch with negative implications)
Whitefield Spintex (India)             Fund based- CC       ICRA D      30     -
Pvt. Ltd.
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Whitefield Spintex (India)             FB – TL              ICRA D      255    -
Pvt. Ltd.
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
Whitefield Spintex (India)             Non FB               ICRA D      -      -
Pvt. Ltd.                              Interchangeable
                                       sublimit to CC
(Rating continues to remain in the ‘Issuer Not Cooperating’ category)
--------------------------------------------------------------------------------------------
$: 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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