April 1, 2019 / 10:37 AM / in 23 days

RPT-ICRA ratings for Indian debt instruments-Apr 1

 (Repeating to add additional ratings as of March 29 and March 31 2019)
    Apr 1 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of March 29 and March 31, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Aadi Polymers Pvt Ltd                   ST: Non-FBL           ICRA A4      40      Reaffirmed
Accord Plus Ceramics Pvt Ltd            Non-fund Based- BG    ICRA A4      23      Withdrawn
Alok Glass Works                        ST – Non Fund Based   ICRA A4      15.8
(Issuer Not Cooperating)
Ashapura International Ltd              ST Non-Fund Based     ICRA A4/@    20      Downgraded
                                                                                   from ICRA
                                                                                   A4+
@rating placed on watch with negative implications
Ashapura International Ltd              ST Fund Based         ICRA A4/@    60      Downgraded
                                                                                   from ICRA
                                                                                   A4+
@rating placed on watch with negative implications
Bellona Paper Mill Pvt. Ltd.            Non-fund Based BG     ICRA A4      10      Reaffirmed
Bhagawati Enterprises                   LOC                   ICRA A4      140     Reaffirmed
Bhagawati Enterprises                   External Commercial   ICRA A4      #       Reaffirmed
                                        Borrowing/Buyers
                                        Credit
#sub limit of Letter of Credit of Rs. 14 crore
Bhagawati Enterprises                   Inland LOC            ICRA A4      #       Reaffirmed
#sub limit of Letter of Credit of Rs. 14 crore
Bhagawati Enterprises                   Foreign Currency Loan ICRA A4      #       Reaffirmed
#sub limit of Letter of Credit of Rs. 14 crore
Billets Elektro Werke Pvt Ltd           Non- FBL              ICRA A3+     34.6    Withdrawn
Cesc Ltd                                CP                    ICRA A1+     13000   outstanding
Cesc Ltd                                CP                    ICRA A1+     3000    outstanding
Chidambaram Shipcare Pvt Ltd            ST, Non-FB Fac        ICRA A4+     28.5
(Issuer Not Cooperating)
Conneqt Business Solutions Ltd          CP Programme**        ICRA A1+     500     outstanding
**Commercial paper carved out of existing working capital limits
Crevita Granito Pvt. Ltd.               Non-fund Based - BG   ICRA A4      40      Reaffirmed
Cyient Ltd                              Corporate Governance  CGR2+        -       Reaffirmed
                                        Practices
D&H Secheron Electrodes Pvt Ltd         ST NonFBL             ICRA A3      50
Reason for delay in carrying out periodic review: - Review process is underway
Danlaw Electronics Assembly Ltd         Non-Fund Based        ICRA A4      15      Revised from
                                        ShortTerm                                  ICRA A4+ &
Issuer Not cooperating/& - Placed on rating watch with developing implications
Deepak Fertilisers &                    CP                    ICRA A1      -       Downgraded
Petrochemicals Corporation Ltd                                                     from ICRA 
                                                                                   A1+ & 
                                                                                   Withdrawn
Deepak Fertilisers &                    Non-FBL               ICRA A1      12000   Downgraded
Petrochemicals Corporation Ltd                                                     from ICRA
                                                                                   A1+
E - Durables                            Non-FBL               ICRA A2      80      Assigned
E - Vision                              Non-FBL               ICRA A2      250     Assigned
Elica Vitrified Pvt Ltd                 Non-fund based - BG   ICRA A4      25
(Issuer Not Cooperating)
Eminent Dealers Pvt. Ltd.               ST – Nonfund Based    ICRA A4      5
(Issuer Not Cooperating)
Flyjac Logistics Pvt Ltd                ST FB/ Non-fund Based ICRA A1+     -       Reaffirmed
                                        Interchangeable
                                        (Sublimit of CC)
Futura Ceramics (P) Ltd.                Non-fund Based LOC    ICRA A4+     30      Withdrawn
Futura Ceramics (P) Ltd.                Non-fund Based BG     ICRA A4+     5       Withdrawn
Futura Ceramics (P) Ltd.                Non-fund Based Credit ICRA A4+     6.1     Withdrawn
                                        Exposure Limit
Futura Ceramics (P) Ltd.                Non-fund Based        ICRA A4+     0       Withdrawn
                                        Buyer’s Credit
Futura Ceramics (P) Ltd.                Fund Based Export     ICRA A4+     0       Withdrawn
                                        Packing Credit
Godrej Consumer Products Ltd            CP Programme          ICRA A1+     7500    Reaffirmed
Icici Bank Ltd                          Certificates of       ICRA A1+     500000  Reaffirmed
                                        Deposit
Jay Bharat Maruti Ltd                   CP Programme          ICRA A1      750     Reaffirmed
Mackintosh Burn Ltd                     Non-FB Fac            ICRA A2+     1000    Reaffirmed
Maharashtra Seamless Ltd                ST FB Bk Fac:         ICRA A1+     450     Assigned
                                        Short-TL/ bills
                                        discounting
Mccoy Architectural Systems             ST Non-fund Based     ICRA A4+     160     Downgraded
Pvt Ltd                                                                            from ICRAA3
Mcleod Russel India Ltd                 Non-FB Bk Fac         ICRA A2+     154.1   Revised from
                                                                                   ICRAA1+
rating under watch with developing implications”
N G Projects Ltd                        Non-FBL               ICRA A3+     1700    Reaffirmed
Ongc Petro Additions Ltd                CP                    ICRA A1+     5000    outstanding
Ongc Petro Additions Ltd                Non-FBL               ICRA A1+     22030   outstanding
Pm Granite Exports Pvt Ltd              ST-fund based         ICRA A4      50
(Issuer Not Cooperating)
Polixel Security Systems Pvt            LC                    ICRA A4      100
Ltd
(Issuer Not Cooperating)
Pride Hotels Ltd                        ST Non-fund Based     ICRA A3+     10      Upgraded
                                                                                   from ICRAA3
R.S. Brothers Jewellers Pvt Ltd         Non-FB                ICRA A2+     132     Withdrawn
Radiant Energy Solutions Pvt.           Non-fund based - FLC  ICRA A4      
Ltd.                                    (sublimit of CC)
(Issuer Not Cooperating)
Radiant Energy Solutions Pvt.           Non-fund based - BG   ICRA A4      40
Ltd.
(Issuer Not Cooperating)
Ramkrishna Forgings Ltd                 Non-fund              ICRA A1      2390    Reaffirmed
                                        based-Working Capital
                                        Fac
Reliance Capital Ltd                    CP programme          ICRA A2@     40000   Downgraded
                                                                                   from ICRA 
                                                                                   A1@
@On rating Watch with Negative Implications
Reliance Commercial Finance Ltd         CP programme          ICRA A2@     30000   Downgraded
                                                                                   from ICRA 
                                                                                   A1@
@On rating Watch with Negative Implications
Reliance Commercial Finance Ltd         ST Bk lines           ICRA A2@     10000   Downgraded
                                                                                   from ICRA 
                                                                                   A1@
@On rating Watch with Negative Implications
Reliance Commodities Ltd                ST non-fund based Bk  ICRA A2@     2000    Downgraded
                                        Fac                                        from ICRA 
                                                                                   A1@
@On rating Watch with Negative Implications
Reliance Financial Ltd                  CP programme          ICRA A2@     1000    Downgraded
                                                                                   from ICRA 
                                                                                   A1@
@On rating Watch with Negative Implications
Reliance Home Finance Ltd               CP programme          ICRA A2@     30000   Downgraded
                                                                                   from ICRA 
                                                                                   A1@
@On rating Watch with Negative Implications
Reliance Securities Ltd                 ST non-fund based Bk  ICRA A2@     4000    Downgraded
                                        Fac                                        from ICRA 
                                                                                   A1@
@On rating Watch with Negative Implications
Reliance Securities Ltd                 CP programme          ICRA A2@     2000    Downgraded
                                                                                   from ICRA 
                                                                                   A1@
@On rating Watch with Negative Implications
Rockman Industries Chennai Pvt          ST non-fund based     ICRA A2      5       Withdrawn
Ltd
Ruttonsha International                 BG                    ICRA A4+     10      Reaffirmed
Rectifier Ltd
Ruttonsha International                 LOC                   ICRA A4+     1       Reaffirmed
Rectifier Ltd
S.K.L. Exports                          ST: Non-FB Fac        ICRA A4      50
(Issuer Not Cooperating)
Saimax Ceramic Pvt Ltd                  Non-Fund based        ICRA A4      27.5
(Issuer Not Cooperating)
Shiga Energy Pvt Ltd                    ST Non Fund Based     ICRA A4      49.5
(Issuer Not Cooperating)
Shiva Global Agro Industries            ST Non-fund- Based    ICRA A4+     120     Withdrawn
Ltd
(Issuer Not Cooperating)
Shree Shankar Vijay Saw Mill            Foreign Currency Loan ICRA A4      ##      Reaffirmed
##sub limit of cash credit of Rs. 6.25 crore
Shree Shankar Vijay Saw Mill            Letterof Credit       ICRA A4      125     Reaffirmed
Shree Shankar Vijay Saw Mill            Inland LOC            ICRA A4      0       Reaffirmed
Shree Shankar Vijay Saw Mill            Letter of Comfort     ICRA A4      0       Reaffirmed
Shree Shankar Vijay Saw Mill            Import LOC            ICRA A4      0       Reaffirmed
Spinel Microns                          Non-fund based - BG   ICRA A4      7
(Issuer Not Cooperating)
Stylin Sanitarywares                    Non-FB – BG           ICRA A4      3.2     Reaffirmed
Sunpack Barrier Films Pvt. Ltd.         Non-fund based -      ICRA A4      15      Withdrawn
                                        Inland/Foreign LOC
(Issuer Not Cooperating)
Tanfac Industries Ltd                   Non-fund              ICRA A2      550     Upgraded
                                        Based-Working Capital                      from ICRAA3
                                        Fac
Tata Steel Processing And               Non-FB Fac            ICRA A1+     950     Reaffirmed
Distribution Ltd
Tata Steel Processing And               CP                    ICRA A1+     2000    Reaffirmed
Distribution Ltd
The Indian Electric Company             FB – Bill Discounting ICRA A4+     15      Reaffirmed
The Indian Electric Company             Non-fund Based – LOC/ ICRA A4+     10      Reaffirmed
                                        BG
Trw Sun Steering Wheels Pvt.            ST nonfund based      ICRA A2+     10
Ltd.
(Issuer Not Cooperating)
Alm Food Products Ltd                   FB – Working capital  ICRA A3      1270    Reaffirmed
Alm Industries Ltd                      FB – Working capital  ICRA A3      1380    Reaffirmed
Canara Bank                             Certificates of       ICRA A1+     30,0000^
                                        Deposit Programme
Assigned/ Outstanding; ^ Amount Outstanding, as on March 25, 2019, was Rs. 12,100 crore
Jaipur Rugs Company Pvt Ltd             ST Fundbased Limits   ICRA A3+     600
Rating continues to remain under ‘Issuer Not Cooperating’ category
Jaipur Rugs Company Pvt Ltd             ST Non-FBL            ICRA A3+     -
Rating continues to remain under ‘Issuer Not Cooperating’ category
Kumaran Filaments Pvt Ltd               ST–Fund based         ICRA A4+     80      Assigned
Kumaran Filaments Pvt Ltd               ST – Non-fund based   ICRA A4+     20      Assigned
Mangal Sponge And Steel Pvt Ltd         Non Fund Based – BG   ICRA A4      10
Issuer Not Cooperating Rating moved to ‘Issuer Not Cooperating’ Category
N.S. Associates Pvt Ltd                 ST – Non Fund Based   ICRA A4+     204.2
Issuer delayed in giving information
Overseas Traders                        ST Non-FBL            ICRA A4      20      Reaffirmed
Pearl Global Industries Ltd             ST FB working capital ICRA A3+     1795    Assigned
                                        limits
Pearl Global Industries Ltd             ST non-FB limits      ICRA A3+     1455    Assigned
Pioneer Polyleathers Ltd                ST - Non-fund Based   ICRA A1      350
Downgraded from ICRA A1+
S.M.I.L.E. Microfinance Ltd             MFI Grading           M2           -       Assigned
Shree Samrat Pulp And Paper             ST non FB limit       ICRA A4+     0.2     Withdrawn
Pvt Ltd
Smartchem Technologies Ltd              Non-FBL               ICRA A1      11500
Downgraded from ICRA A1+
Smartchem Technologies Ltd              CP                    ICRA A1      -
Downgraded from ICRA A1+ and Withdrawn
 
MEDIUM TERM RATINGS:
-------------------
Icici Bank Ltd                          Fixed Deposit         MAAA         -       Reaffirmed
                                        Programme
Sri Sarvaraya Sugars Ltd                FD Programme          ICRA MD      50
Reason for delay in carrying out periodic review: - Review process is underway

LONG TERM RATINGS:
-------------------
A.J. Mehta & Co. Llp                    LT: Fund based        ICRA BB      160
(Issuer Not Cooperating)
A.J. Mehta & Co. Llp                    LT / ST: Unallocated  ICRA BB /    10
                                        limits                ICRA A4+
(Issuer Not Cooperating)
Aadi Polymers Pvt Ltd                   LT: Fund based TL     -            -       Reaffirmed
Aadi Polymers Pvt Ltd                   LT: Fund based CC     ICRA BB      35      Reaffirmed
                                        limits
Aadi Polymers Pvt Ltd                   Long/ ST: Unallocated ICRA BB /    25      Reaffirmed
                                                              ICRA A4
Accord Life Spec Pvt Ltd                Fund based-TL         ICRA D       500
(Issuer Not Cooperating)
Accord Plus Ceramics Pvt Ltd            FB- TL                ICRA B+      130     Withdrawn
Accord Plus Ceramics Pvt Ltd            FB- CC                ICRA B+      50      Withdrawn
Alok Glass Works                        LT – Fund Based – CC  ICRA B+      55
(Issuer Not Cooperating)
Alok Glass Works                        LT – Fund Based – TL  ICRA B+      19.2
(Issuer Not Cooperating)
Alstom Systems India Pvt Ltd            Fund based- Working   ICRA A+(SO)  760
                                        Capital Fac
Reason for delay in carrying out periodic review: - Review process is underway
Alstom Systems India Pvt Ltd            Non-FBL – LC/BG       ICRA A+(SO)  3000
                                                              /ICRA
                                                              A1+(SO)
Reason for delay in carrying out periodic review: - Review process is underway
Alstom Transport India Ltd              Non-FBL – LC/BG       ICRA A+(SO)  8900
Reason for delay in carrying out periodic review: - Review process is underway
Alstom Transport India Ltd              Non-fund based/ Fund  ICRA         8200
                                        based- Working        A+(SO)/ICRA
                                        Capital Fac           A1+(SO)
Reason for delay in carrying out periodic review: - Review process is underway
Amalgamated Plantations Pvt Ltd         TL                    ICRA BBB+    1990    Downgraded
                                                                                   from ICRAA
Amalgamated Plantations Pvt Ltd         LT/ ST – FB Limits    ICRA BBB+/   3300    Downgraded
                                                              ICRA A2              from ICRA 
                                                                                   A/ICRAA1
Annapurna Finance Pvt Ltd               Bk lines              ICRA A-      11000   Upgraded
                                                                                   from ICRA 
                                                                                   BBB+
Annapurna Finance Pvt Ltd               NCD Programme         ICRA A-      4362.9  Upgraded
                                                                                   from ICRA 
                                                                                   BBB+
Annapurna Finance Pvt Ltd               Subordinated Debt     ICRA A-      890     Upgraded
                                        Programme                                  from ICRA 
                                                                                   BBB+
Ashapura International Ltd              LT - Fund Based       ICRA BB/@    180     Downgraded
                                                                                   from ICRA 
                                                                                   BB+
@rating placed on watch with negative implications
Ashapura International Ltd              LT - Interchangeable  ICRA BB/@    ^       Downgraded
                                                                                   from ICRA 
                                                                                   BB+
@rating placed on watch with negative implications /^Sub-limit of fund-based facility
Ashapura International Ltd              LT - Proposed         ICRA BB/@    240     Downgraded
                                                                                   from ICRA 
                                                                                   BB+
Rating placed on watch with negative implications
Ashapura Perfoclay Ltd                  ST Non-Fund Based LT, ICRA A3/@    20      Downgraded
                                        FB – TL                                    from ICRAA2
@rating placed on watch with negative implications
Ashapura Perfoclay Ltd                  LT - Fund Based/CC    ICRA BBB-/@  300     Downgraded
                                                                                   from ICRA 
                                                                                   BBB+
@rating placed on watch with negative implications
Ashapura Perfoclay Ltd                  LT - Fund Based/TL    ICRA BBB-/@  600     Downgraded
                                                                                   from ICRA 
                                                                                   BBB+
@rating placed on watch with negative implications
Ashapura Perfoclay Ltd                  LT - Unallocated      ICRA BBB-/@  80      Downgraded
                                                                                   from ICRA 
                                                                                   BBB+
@rating placed on watch with negative implications
Bazaar Konnections                      LT - FB – Packing     ICRA B-      93.5    Revised from
                                        Credit                                     ICRAB
Bazaar Konnections                      FB TL                 ICRA B-      32.9    Revised from
                                                                                   ICRAB
Bellona Paper Mill Pvt. Ltd.            FB TL                 ICRA BB-     54.3    Upgraded
                                                                                   from ICRAB+
Bellona Paper Mill Pvt. Ltd.            FB CC                 ICRA BB-     90      Upgraded
                                                                                   from ICRAB+
Bellona Paper Mill Pvt. Ltd.            Unallocated           ICRA BB-     17.7    Upgraded
                                                              /ICRA A4             from ICRA 
                                                                                   B+ /
                                                                                   Reaffirmed
Bhagawati Enterprises                   CC                    ICRA B+      #       Reaffirmed
#sub limit of Letter of Credit of Rs. 14 cror
Bhagawati Enterprises                   Unallocated Limit     ICRA         60      Reaffirmed
                                                              B+/ICRA A4
Billets Elektro Werke Pvt Ltd           FBL                   ICRA BBB     95      Withdrawn
Bombay Minerals Ltd                     Non-fund based - LOC  ICRA A4/@    20      Downgraded
                                                                                   from ICRA 
                                                                                   A4+
@rating placed on watch with negative implications
Bombay Minerals Ltd                     Fund based - CC       ICRA BB/@    280     Downgraded
                                                                                   from ICRA 
                                                                                   BB+
@rating placed on watch with negative implications
Century Joint Development Pvt           Non- Convertible      ICRA BB+     4200
Ltd                                     Debentures            (SO)
(Issuer Not Cooperating)
Chidambaram Shipcare Pvt Ltd            LT, FB Fac            ICRA BB+     25
(Issuer Not Cooperating)
Chidambaram Shipcare Pvt Ltd            LT, Unallocated       ICRA BB+     6.5
(Issuer Not Cooperating)
Clean Max Mercury Power Pvt Ltd         Fund based-TL         ICRA BBB-    1560    Withdrawn
Clean Max Mercury Power Pvt Ltd         LT - Unallocated      ICRA BBB-    40      Withdrawn
Clean Max Photovoltaic Pvt Ltd          Fund based-TL         ICRA BBB-    1560    Withdrawn
Clean Max Photovoltaic Pvt Ltd          LT - Unallocated      ICRA BBB-    40      Withdrawn
Conneqt Business Solutions Ltd          FB Limits             ICRA A+      550     outstanding
Conneqt Business Solutions Ltd          FB/Non-FBL            ICRA A+ /    350     outstanding
                                                              ICRA A1+
Conneqt Business Solutions Ltd          LT/ST Non-FBL         ICRA A+      740     Assigned
                                                              /ICRA A1+            /outstanding
Cooch Behar Mission Hospital            FB Limits - TL        ICRA B-      254.9   Reaffirmed
(P) Ltd.
Cooch Behar Mission Hospital            Unallocated Limits    ICRA B-      95.1    Reaffirmed
(P) Ltd.
Crevita Granito Pvt. Ltd.               FB - TL               ICRA B+      255     Downgraded
                                                                                   from ICRA 
                                                                                   BB-
Crevita Granito Pvt. Ltd.               FB - CC               ICRA B+      100     Downgraded
                                                                                   from ICRA 
                                                                                   BB-
D&H Secheron Electrodes Pvt Ltd         LT Fundbased Limits   ICRA BBB-    150
Reason for delay in carrying out periodic review: - Review process is underway
D.R. Buildestate Pvt Ltd                LT – Fund Based – CC  ICRA BB-     5
(Issuer Not Cooperating)
D.R. Buildestate Pvt Ltd                LT – Non Fund Based   ICRA BB-     70
(Issuer Not Cooperating)
Danlaw Electronics Assembly Ltd         FB LT                 ICRA B+      10      Revised from
                                                                                   ICRABB+ &
Issuer Not cooperatin/& - Placed on rating watch with developing implications
Deepak Fertilisers &                    TL                    ICRA A+      4310    Downgraded
Petrochemicals Corporation Ltd                                                     from ICRA 
                                                                                   AA-
Deepak Fertilisers &                    CC                    ICRA A+      9750    Downgraded
Petrochemicals Corporation Ltd                                                     from ICRA 
                                                                                   AA-
Door Sanchar Hydro Power Pvt            FBL-TL                ICRA D       241.5
Ltd
(Issuer Not Cooperating)
Door Sanchar Hydro Power Pvt            Unallocated Limits    ICRA D       1.8
Ltd
(Issuer Not Cooperating)
E - Durables                            FB Limits             ICRA BBB+    370     Assigned
E - Vision                              FB Limits             ICRA BBB+    900     Assigned
Elica Vitrified Pvt Ltd                 FB - TL               ICRA BB-     52.5
(Issuer Not Cooperating)
Elica Vitrified Pvt Ltd                 FB - CC               ICRA BB-     90
(Issuer Not Cooperating)
Elica Vitrified Pvt Ltd                 Unallocated Limits    ICRA BB-/A4  2.5
(Issuer Not Cooperating)
Eminent Dealers Pvt. Ltd.               LT – Fund Based – CC  ICRA BB-     85
(Issuer Not Cooperating)
Eminent Dealers Pvt. Ltd.               LT – Fund Based - TL  ICRA BB-     140
(Issuer Not Cooperating)
Flyjac Logistics Pvt Ltd                CC                    ICRA A+      110     Reaffirmed
Flyjac Logistics Pvt Ltd                Unallocated           ICRA A+      40      Reaffirmed
                                                              /ICRA A1+
Futura Ceramics (P) Ltd.                FB TL                 ICRA BB      128.9   Withdrawn
Futura Ceramics (P) Ltd.                FB Working Capital FacICRA BB      120     Withdrawn
Futura Ceramics (P) Ltd.                Unallocated Limit     ICRA BB      37      Withdrawn
                                                              /ICRA A4+
Gayatri Hi-Tech Hotels Ltd              Fund based/ CC        ICRA D       180
(Issuer Not Cooperating)
Gayatri Hi-Tech Hotels Ltd              Fund based TL         ICRA D       4911
(Issuer Not Cooperating)
Gayatri Hi-Tech Hotels Ltd              Non-fund based        ICRA D       268
(Issuer Not Cooperating)
Gayatri Hi-Tech Hotels Ltd              Unallocated           ICRA D       11
(Issuer Not Cooperating)
Gem Batteries Pvt Ltd                   LT- Fund Based        ICRA D       180
(Issuer Not Cooperating)
Gmr Ose Hungund Hospet                  FB -TL                ICRA D       10779.7 Reaffirmed
Highways Pvt Ltd
Godrej Consumer Products Ltd            LT / ST, FB Fac       ICRA AA+ /   300     Reaffirmed
                                                              ICRA A1+
Godrej Consumer Products Ltd            LT / ST, Non-fund     ICRA AA+ /   1700    Reaffirmed
                                        Based Fac             ICRA A1+
Godrej Consumer Products Ltd            LT / ST, FB / Non-FB  ICRA AA+ /   18000   Reaffirmed
                                        Fac                   ICRA A1+
Green Farm Agri Exports                 FB Limits             ICRA D       76      Downgraded
                                                                                   from ICRAB+
(Issuer Not Cooperating)
Green Farm Agri Exports                 Interchangeable LimitsICRA D       -       Downgraded
                                                                                   from ICRAA4
(Issuer Not Cooperating)
Green Farm Agri Exports                 Non-FB                ICRA D       6.9     Downgraded
                                                                                   from ICRAA4
(Issuer Not Cooperating)
Green Farm Agri Exports                 Unallocated Limits    ICRA D/ICRA  15.8    Downgraded
                                                              D                    from ICRA 
                                                                                   B+ /ICRAA4
(Issuer Not Cooperating)
Gripwell Forging & Tools                LT - FB - CC          ICRA B+      70      Reaffirmed
Highco Engineers Pvt Ltd                Fund Based - CC       ICRA BBB-    40
(Issuer Not Cooperating)
Highco Engineers Pvt Ltd                Fund Based - TL       ICRA BBB-    97.8
(Issuer Not Cooperating)
Highco Engineers Pvt Ltd                Untied limits         ICRA BBB-    32.2
(Issuer Not Cooperating)
Hydrobaths Ramco Marketing Pvt          FBL                   ICRA D       104.3   (Issuer Not
Ltd                                                                                Cooperating)
Hydrobaths Ramco Marketing Pvt          Non-FBL               ICRA D       25      (Issuer Not
Ltd                                                                                Cooperating)
Hydrobaths Ramco Marketing Pvt          Unallocated           ICRA D       10      (Issuer Not
Ltd                                                                                Cooperating)
Icici Bank Ltd                          Certificates of       -            -       Reaffirmed
                                        Deposit
Icici Bank Ltd                          Basel III Compliant   ICRA         135000  Reaffirmed
                                        Additional Tier I     AA+(hyb)
                                        Bonds
Icici Bank Ltd                          Lower Tier II Bonds   ICRA AAA     127250  Reaffirmed
                                        Programme
Icici Bank Ltd                          Subordinated Debt     ICRA AAA     450     Reaffirmed
                                        Programme*
* Taken over from erstwhile Bank of Rajasthan Limited
Icici Bank Ltd                          Subordinated Debt     ICRA AAA     -       Withdrawn
                                        Programme*
* Taken over from erstwhile Bank of Rajasthan Limited
Icici Bank Ltd                          Unsecured Redeemable  ICRA AAA     339000  Reaffirmed
                                        LT Bonds Programme
                                        (Infrastructure Bonds Programme)
Icici Bank Ltd                          Unsecured Redeemable  ICRA AAA     -       Withdrawn
                                        LT Bonds Programme
                                        (Infrastructure Bonds Programme)
Icici Bank Ltd                          LT Bonds Programme#   ICRA AAA     5261.4  Reaffirmed
# From erstwhile ICICI Limited; amount outstanding, as on November 30, 2016, including accrued
interest on zero coupon bonds
Icici Bank Ltd                          LT Bonds Programme#   ICRA AAA     500000  Withdrawn
# From erstwhile ICICI Limited; amount outstanding, as on November 30, 2016, including accrued
interest on zero coupon bonds
Icici Bank Ltd                          Lower Tier II Bonds   ICRA AAA     -       Withdrawn
                                        Programme
Icici Bank Ltd                          Unsecured Redeemable  ICRA AAA     -       Withdrawn
                                        LT Bonds Programme
                                        (Infrastructure Bonds Programme)
Icici Bank Ltd                          LT Bonds Programme#   ICRA AAA     5261.4  Reaffirmed
# From erstwhile ICICI Limited; amount outstanding, as on November 30, 2016, including accrued
interest on zero coupon bonds
Icici Bank Ltd                          LT Bonds Programme#   ICRA AAA     -       Withdrawn
#From erstwhile ICICI Limited; amount outstanding, as on November 30, 2016, including accrued
interest on zero coupon bonds 
Icici Bank Ltd                          Basel III Compliant   ICRA         100000  Reaffirmed
                                        Tier II Bonds         AAA(hyb)
India Infrastructure Finance            LT tax-free/TBs       ICRA AAA     180000  Reaffirmed
Co. Ltd                                 programme
India Infrastructure Finance            Subordinated debt     ICRA AAA     12000   Assigned
Co. Ltd                                 programme
India Infrastructure Finance            GoI guaranteed        ICRA         16000   Reaffirmed
Co. Ltd                                 bonds/debt programme  AAA(SO)
Jay Bharat Maruti Ltd                   TL                    ICRA AA-     1781.2  Reaffirmed
Jay Bharat Maruti Ltd                   NCD Programme         ICRA AA-     1500    Reaffirmed
Jay Bharat Maruti Ltd                   CC/WCDL               ICRA AA-/A1+ 3145    Reaffirmed
Jay Bharat Maruti Ltd                   Buyer’s Credit        ICRA AA-/A1+ 945     Reaffirmed
                                        Facility/Letters of
                                        Credit/BG
Jay Bharat Maruti Ltd                   Unallocated           ICRA AA-/A1+ 98.8    Reaffirmed
Karvy Data Management Services          LT Fund               ICRA A(SO)   3705.9  downgraded
Ltd                                     Based/Non-fund Based                       from ICRA 
                                                                                   A+(SO)
Klystron Electronics Pvt Ltd            FB- CC                ICRA BB      15      Reaffirmed
Klystron Electronics Pvt Ltd            Non-fund Based- BG    ICRA BB /    65      Reaffirmed
                                                              ICRA A4
Klystron Electronics Pvt Ltd            Unallocated Amount    ICRA BB /    20      Reaffirmed
                                                              ICRA A4
Krishna Constructions                   LT, FB – CC           ICRA B+      150     Reaffirmed
M.G. Contractors Pvt. Ltd.              FB                    ICRA A-      550     Upgrade from
                                                                                   ICRABBB+
M.G. Contractors Pvt. Ltd.              Non-fund Based        ICRA A-      5720    Upgrade from
                                                                                   ICRABBB+
Mackintosh Burn Ltd                     FB Fac                ICRA BBB+    400     Reaffirmed
Mackintosh Burn Ltd                     Unallocated           ICRA BBB+    244.5   Reaffirmed
Maharashtra Seamless Ltd                LT FB Bk Fac: CC      ICRA AA-     550     Assigned for
                                                                                   enhanced
                                                                                   amount
Maharashtra Seamless Ltd                LT FB Bk Fac: TL      ICRA AA-     160     outstanding
Maharashtra Seamless Ltd                Issuer Rating         ICRA AA-     -       outstanding
Maharashtra Seamless Ltd                LT/ ST non-FB Bk Fac  ICRA AA-     9660    Assigned for
                                                              /ICRA A1+            enhanced
                                                                                   amount
Maharashtra Seamless Ltd                LT/ ST Unallocated Bk ICRA AA-     180     Assigned for
                                        Fac                   /ICRA A1+            enhanced
                                                                                   amount
Mccoy Architectural Systems             LT FB Cash            ICRA BB+     40      Downgraded
Pvt Ltd                                                                            from ICRA 
                                                                                   BBB-
Mccoy Architectural Systems             LT TL                 ICRA BBB-    50      Downgraded
Pvt Ltd                                                                            from ICRA 
                                                                                   BBB-
Mcleod Russel India Ltd                 TL                    ICRA A       3600    Revised from
                                                                                   ICRAAA-
rating under watch with developing implications”
Mcleod Russel India Ltd                 FB Bk Fac             ICRA A       4917.6  Revised from
                                                                                   ICRA AA-
rating under watch with developing implications”
Mcleod Russel India Ltd                 FB Bk Fac**           ICRA A/ICRA  1639.2  Revised from
                                                              A2+                  ICRA 
                                                                                   AA-/ICRA A1+
rating under watch with developing implications” /**Fungible with LT facilities
Meera And Co. Ltd                       FBL-CC                ICRA D       95
(Issuer Not Cooperating)
Meera And Co. Ltd                       NFBL                  ICRA D       1
(Issuer Not Cooperating)
Mojika Real Estate And                  Fund based – TL       ICRA BB      370     Reaffirmed
Developers (P) Ltd.
Mphasis Ltd                             LT / ST- non fund     ICRA AA+ /   7000    Reaffirmed
                                        based                 ICRA A1+
N G Projects Ltd                        FBL                   ICRA BBB     300     Reaffirmed
outlook revised Positive from Stable
Omexo Tiles                             CC                    ICRA B+      20
(Issuer Not Cooperating)
Ongc Petro Additions Ltd                TL                    ICRA AA      -       outstanding
Ongc Petro Additions Ltd                FBL                   ICRA AA /    15580   outstanding
                                                              ICRA A1+
Ongc Petro Additions Ltd                NCD                   ICRA AAA(S)  3350    outstanding
Ongc Petro Additions Ltd                NCD                   ICRA AAA(S)  4850    Confirmed as
                                                                                   final
Ongc Petro Additions Ltd                TL                    ICRA AAA(S)  65000   outstanding
Ongc Petro Additions Ltd                Compulsorily          ICRA         72860   outstanding
                                        Convertible DebenturesAAA(SO)
Ongc Petro Additions Ltd                NCD                   Provisional  21800   Validity
                                                              ICRA AAA(S)          extended
Pm Granite Exports Pvt Ltd              LT- TL                ICRA C+      17.2
(Issuer Not Cooperating)
Pm Granite Exports Pvt Ltd              LT- Fund Based-CC     ICRA C+      7.5
(Issuer Not Cooperating)
Pm Granite Exports Pvt Ltd              LT/ST- Proposed LimitsICRA C+/A4   29.3
(Issuer Not Cooperating)
Polixel Security Systems Pvt            CC                    ICRA BB-     25
Ltd
(Issuer Not Cooperating)
Popular Foundations Pvt Ltd             LT: FB Fac (CC)       ICRA BB-     55
(Issuer Not Cooperating)
Pragya Rice Mill                        CC                    ICRA B+      80
(Issuer Not Cooperating)
Pride Hotels Ltd                        TL                    ICRA BBB     1754.7  Upgraded
                                                                                   from ICRA 
                                                                                   BBB-
Pride Hotels Ltd                        LT FB Limits          ICRA BBB     160     Upgraded
                                                                                   from ICRA 
                                                                                   BBB-
R.S. Brothers Jewellers Pvt Ltd         FB                    ICRA A-      500     Withdrawn
R.S. Brothers Jewellers Pvt Ltd         Unallocated           ICRA A-      18      Withdrawn
R.S. Brothers Retail India Pvt          FB                    ICRA A-      650     Withdrawn
Ltd
R.S. Brothers Retail India Pvt          TL                    ICRA A-      653.8   Withdrawn
Ltd
R.S. Brothers Retail India Pvt          Unallocated           ICRA A-      196.2   Withdrawn
Ltd
Radiant Energy Solutions Pvt.           FB - TL               ICRA B       22.5
Ltd.
(Issuer Not Cooperating)
Radiant Energy Solutions Pvt.           FB - CC               ICRA B       60
Ltd.
(Issuer Not Cooperating)
Ramkrishna Forgings Ltd                 FB-TL                 ICRA A       4430    Reaffirmed
Ramkrishna Forgings Ltd                 Fund based- Working   ICRA A       4600    Reaffirmed
                                        Capital Fac
Rewa Shiksha Samiti                     LT – Fund Based - TL  ICRA B       60
(Issuer Not Cooperating)
Rewa Shiksha Samiti                     LT - Unallocated      ICRA B       5
(Issuer Not Cooperating)
Rockman Industries Chennai Pvt          CC Fac                ICRA BBB     150     Withdrawn
Ltd
Rockman Industries Chennai Pvt          TL                    ICRA BBB     257     Withdrawn
Ltd
Rockman Industries Chennai Pvt          LT/ST fund based      ICRA BBB /A2 30      Withdrawn
Ltd
Rockman Industries Chennai Pvt          Unallocated           ICRA BBB /A2 17.9    Withdrawn
Ltd
Ruttonsha International                 CC                    ICRA BB+     80      Reaffirmed
Rectifier Ltd
Ruttonsha International                 Unallocated amount    ICRA BB+ /   9       Reaffirmed
Rectifier Ltd                                                 ICRA A4+
S.K.L. Exports                          LT: FB Fac (CC)       ICRA BB      70
(Issuer Not Cooperating)
Saimax Ceramic Pvt Ltd                  Fund based            ICRA B+      80.5
(Issuer Not Cooperating)
Sanghamithra Rural Financial            Bk Fac                ICRA BBB-    1600
Services
Reason for delay in carrying out periodic review: - Review process is underway
Shiga Energy Pvt Ltd                    LT/ST Non Fund Based  ICRA B       450.5   Downgraded
                                                              /ICRA A4             from ICRA 
                                                                                   BBB+(SO
/ICRAA2+(SO)
(Issuer Not Cooperating)
Shiva Global Agro Industries            LT FB CC              ICRA BB      320     Withdrawn
Ltd
(Issuer Not Cooperating)
Shiva Global Agro Industries            LT TL                 ICRA BB      50      Withdrawn
Ltd
(Issuer Not Cooperating)
Shree Shankar Vijay Saw Mill            CC                    ICRA B+      62.5    Reaffirmed
Shree Shankar Vijay Saw Mill            Unallocated Limit     ICRA         25      Reaffirmed
                                                              B+/ICRA A4
Siesta Hospitality Services Ltd         Fund Based- TL        ICRA BBB-    350
Reason for delay in carrying out periodic review: 
- Review process is underway
Siesta Hospitality Services Ltd         Fund Based- CC        ICRA BBB-    240
Reason for delay in carrying out periodic review: 
- Review process is underway
Siesta Hospitality Services Ltd         Unallocated           ICRA BBB-    1.1
Sonata Finance Pvt Ltd                  PTC Series A1         Provisional  677     Assigned
-Northern Arc 2019 Mfi Bedin                                  ICRA A-(SO)
Sonata Finance Pvt Ltd                  PTC Series A2         Provisional  23.5    Assigned
-Northern Arc 2019 Mfi Bedin                                  ICRA A-(SO)
Sonata Finance Pvt Ltd                  PTC Series A1         Provisional  347.6   Assigned
-Vivriti Samwise 02 2019                                      ICRA A-(SO)
Sonata Finance Pvt Ltd                  PTC Series A2         Provisional  11.7    Assigned
-Vivriti Samwise 02 2019                                      ICRA BBB(SO)
Spandana Sphoorty Financial Ltd         NCD Programme         ICRA A-      8210    Revised from
                                                                                   ICRABBB+
Spandana Sphoorty Financial Ltd         LT Bk Fac             ICRA A-      25000   Revised from
                                                                                   ICRABBB+
Spinel Microns                          FB - TL               ICRA B       54
(Issuer Not Cooperating)
Spinel Microns                          FB - CC               ICRA B       50
(Issuer Not Cooperating)
Sri Balaji Textiles                     LT: FB Fac            ICRA B-      50
(Issuer Not Cooperating)
Sri Karpaga Vinayagar Textiles          LT: FB Fac (CC)       ICRA BB-     15
(Issuer Not Cooperating)
Sri Karpaga Vinayagar Textiles          LT: FB (TL)           ICRA BB-     47.5
(Issuer Not Cooperating)
Sri Sarvaraya Sugars Ltd                BLR                   ICRA D       2149.5
Reason for delay in carrying out periodic review: - Review process is underway
Sri Sarvaraya Sugars Ltd                Unallocated Limits    ICRA D       73.9
Reason for delay in carrying out periodic review: - Review process is underway
Sribalaji Hatcheries Pvt Ltd            Fund Based CC Limits  ICRA C       50
(Issuer Not Cooperating)
Sribalaji Hatcheries Pvt Ltd            Unallocated Limits    ICRA C       15
(Issuer Not Cooperating)
Stylin Sanitarywares                    FB – TL               ICRA B+      29.6    Reaffirmed
Stylin Sanitarywares                    FB – CC               ICRA B+      12.5    Reaffirmed
Stylin Sanitarywares                    Unallocated Limits    ICRA B+/A4   20.4    Reaffirmed
Suncity Synthetics Ltd                  Bk loan Ratings       ICRA BB-     150
Reason for delay in carrying out periodic review: Review process underway
Sunpack Barrier Films Pvt. Ltd.         FB - TL               ICRA BB-     75      Withdrawn
(Issuer Not Cooperating)
Sunpack Barrier Films Pvt. Ltd.         FB - CC               ICRA BB-     35      Withdrawn
(Issuer Not Cooperating)
Sunpack Barrier Films Pvt. Ltd.         FB - Sublimit of CC   ICRA BB-     -5      Withdrawn
                                        (EPC/PSC/PCFC/PSCFC)
(Issuer Not Cooperating)
Sunshine Edible Oils                    Bk loan Ratings       ICRA B+      250
Reason for delay in carrying out periodic review: Review process underway
Tanfac Industries Ltd                   FB - Working Capital  ICRA BBB+    250     Upgraded
                                        Fac                                        from ICRA 
                                                                                   BBB-
Tanfac Industries Ltd                   LT/ST                 ICRA         100     Upgraded
                                        fundbased/non-fund    BBB+/ICRA A2         from ICRA 
                                        based, unallocated Fac                     BBB/ICRAA3
Tata Steel Processing And               TL                    ICRA AA-     4200    Reaffirmed
Distribution Ltd
Tata Steel Processing And               FB Fac                ICRA AA-     3500    Reaffirmed
Distribution Ltd
Tea Board Of India                      FB -TL                ICRA AA      154.4   Reaffirmed
The Indian Electric Company             FB – CC               ICRA BB      155     Reaffirmed
The Indian Electric Company             Unallocated facility  ICRA         16      Reaffirmed
                                                              BB/ICRA A4+
The Montfort Educational                Fund based-           ICRA B       10
Society                                 optionally
                                        convertible debenture
(Issuer Not Cooperating)
The Montfort Educational                Fund based- TL        ICRA B       33
Society
(Issuer Not Cooperating)
The Montfort Educational                Fund based- TL        ICRA B       22.7
Society
(Issuer Not Cooperating)
The Montfort Educational                Fund based- TL        ICRA B       25
Society
(Issuer Not Cooperating)
The Montfort Educational                Unallocated amount    ICRA B       9.3
Society
(Issuer Not Cooperating)
Tril Infopark Ltd                       TL                    ICRA AA-     28000   Reaffirmed
                                                              (SO)
Tril Infopark Ltd                       NCD (NCD)             ICRA AA-     0       Withdrawn
                                                              (SO)
Tril Infopark Ltd                       BG                    ICRA AA-     1500    Reaffirmed
                                                              (SO)
Trw Sun Steering Wheels Pvt.            LT fundbased          ICRA A-      29
Ltd.
(Issuer Not Cooperating)
Trw Sun Steering Wheels Pvt.            LT/ ST unallocated    ICRA         40.1
Ltd.                                                          A-/ICRA A2+
(Issuer Not Cooperating)
Vinyaas Project Pvt Ltd                 LT-Unallocated Limits ICRA BB-     200     Withdrawn
Vitp Pvt Ltd                            NCD Programme         ICRA BBB     3500    Reaffirmed
Voltas Ltd                              LT / ST Fundbased /   ICRA AA+     35000   Upgraded
                                        Non-FB Fac            /ICRA A1+            from ICRA 
                                                                                   AA /
                                                                                   Reaffirmed
Western Agri Seeds Ltd                  FB Limits             ICRA BB      80      Reaffirmed
Yedeshwari Agro Products Ltd            Fund based-TL         ICRA B-      357
(Issuer Not Cooperating)
Yedeshwari Agro Products Ltd            Unallocated           ICRA B-      273
(Issuer Not Cooperating)
Alm Food Products Ltd                   TL                    ICRA BBB-    113.6   Reaffirmed
Asir Automobiles Pvt Ltd                CC                    ICRA BB-     50
Issuer not cooperating
Asir Automobiles Pvt Ltd                TL                    ICRA BB-     60.5
Issuer not cooperating
Asir Automobiles Pvt Ltd                Unallocated           ICRA BB-     9.5
Issuer not cooperating
Aye Finance (P) Ltd.                    NCD Programme         ICRA BBB     4438    Outstanding
Aye Finance (P) Ltd.                    Fund Based - TL       ICRA BBB     556     Outstanding
Aye Finance (P) Ltd.                    NCD Programme         Provisional  200
                                                              ICRA A-(SO)
Validity extended by 120 days
Babanraoji Shinde Sugar And             Fund based-CC         ICRA C       1100
Allied Industries Ltd.
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Canara Bank                             Additional Tier-I     ICRA AA      15000   Outstanding
                                        Bonds Programme –     (hyb)
                                        Basel III             (negative)
Canara Bank                             Tier-II Bonds         ICRA AAA     79000   Outstanding
                                        Programme – Basel III (hyb)
                                                              (negative)
Canara Bank                             Lower Tier-II Bonds   ICRA AAA     3250    Outstanding
                                        Programme             (negative)
Cherian Varkey Construction             Fund based- Working   ICRA BBB+    840
Company Pvt Ltd                         Capital Fac
Review process is underway
Cherian Varkey Construction             Non-fund              ICRA BBB+ /  1750
Company Pvt Ltd                         based-Working Capital ICRA A2+
                                        Fac
Review process is underway
Future Human Development Ltd            Long-TL               ICRA BB      500     Reaffirmed
Jaipur Rugs Company Pvt Ltd             Unallocated           ICRA BBB     19.8
Rating continues to remain under ‘Issuer Not Cooperating’ category
Kumaran Filaments Pvt Ltd               LT - Fund based       ICRA BB+     100     Assigned
Mangal Sponge And Steel Pvt Ltd         Fund Based - CC       ICRA B-      250
Issuer Not Cooperating Rating moved to ‘Issuer Not Cooperating’ Category
Mangal Sponge And Steel Pvt Ltd         Fund Based - TL       ICRA B-      95
Issuer Not Cooperating Rating moved to ‘Issuer Not Cooperating’ Category
Mangalore Sea Products                  LT – TL               ICRA B+      25
Reason for delay in carrying out periodic review: Information yet to be received
Mangalore Sea Products                  LT FB Fac             ICRA B+      50
Reason for delay in carrying out periodic review: Information yet to be received
N.S. Associates Pvt Ltd                 LT – Fund Based – CC  ICRA BB      60
Issuer delayed in giving information
Overseas Traders                        LT FB Limit           ICRA B+      120     Reaffirmed
Overseas Traders                        LT Interchangeable    ICRA B+      -       Reaffirmed
                                        Limit
Overseas Traders                        LT and ST Unallocated ICRA         50      Reaffirmed
                                        Limits                B+/ICRA A4
Ozone Homes Pvt Ltd                     NCD                   ICRA BB+     1800
                                                              (SO)
Issuer delayed in giving information
Pearl Global Industries Ltd             LT FB limits (TL)     ICRA BBB     401.2   Assigned
Pearl Global Industries Ltd             LT/ ST Unallocated    ICRA BBB /   18.8    Assigned
                                        Limits                ICRA A3+
Pioneer Elabs Ltd                       FB – LRD Loan         ICRA BBB     170     Assigned
                                                              (SO)
Pioneer Polyleathers Ltd                LT FB TL              ICRA A       141.2
Downgraded from ICRA A+
Pioneer Polyleathers Ltd                LT FB CC              ICRA A       730
Downgraded from ICRA A+
Pioneer Polyleathers Ltd                LT – Non-fund Based   ICRA A       15
Downgraded from ICRA A+
Pioneer Polyleathers Ltd                LT - Unallocated      ICRA A       13.8
Downgraded from ICRA A+
S & T Mining Company Pvt Ltd            FB Limits – TL        ICRA BBB+    -
Withdrawn; Issuer Not Cooperating
S & T Mining Company Pvt Ltd            FB Limits – CC        ICRA BBB+    -
Withdrawn; Issuer Not Cooperating
S & T Mining Company Pvt Ltd            Non-FBL – BG          ICRA BBB+    50
Rating continues to remain under ‘ISSUER NOT COOPERATING’ category
S.K.R. Constructions                    Fund Based – CC       ICRA BB+     40      Reaffirmed
outlook revised from Positive; removed from Non Cooperation
S.K.R. Constructions                    LT/Sort Term - NFBL   ICRA BB+     230     Reaffirmed
                                                              /A4+
outlook revised from Positive; removed from Non Cooperation
Shapoorji Pallonji Solar                BLR                   ICRA A(SO)&  2500
Holdings Pvt Ltd
& - Under rating watch with developing implications
Shree Samrat Pulp And Paper             LT FB limit/CC        ICRA BB+     70      Withdrawn
Pvt Ltd
Shree Samrat Pulp And Paper             LT FB limit TL        ICRA BB+     47.2    Withdrawn
Pvt Ltd
Smartchem Technologies Ltd              TL                    ICRA A+      8500
Downgraded from ICRA AA- (Negative)
Smartchem Technologies Ltd              FBL                   ICRA A+      8000
Downgraded from ICRA AA- (Negative)
Sunbeam Real Ventures Pvt Ltd           Fund based- TL        ICRA BB      43
Upgraded from ICRA BB-
Sunbeam Real Ventures Pvt Ltd           Unallocated -         ICRA BB      57
Upgraded from ICRA BB-
Verma Tractors                          LT – Fund Based – CC  ICRA B+      70
                                                              /ICRA A4
Issuer delayed in giving information
Vihaan Boards Pvt Ltd                   LT FB TL              ICRA B+      60      Reaffirmed
Vihaan Boards Pvt Ltd                   LT FB CC              ICRA B+      70.5    Reaffirmed
Vihaan Boards Pvt Ltd                   LT – Unallocated      ICRA B+      19.5    Reaffirmed
Weener Empire Plastics Pvt Ltd          BLR                   ICRA         301.2
                                                              BBB+&/ICRA
                                                              A2+&
& placed on rating watch with developing implication; Review process is underway
Weener Empire Plastics Pvt Ltd          NCD                   ICRA         2000
                                                              BBB+&/ICRA
                                                              A2+&
& placed on rating watch with developing implication; Review process is underway
--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

ICRA may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222 , E-mail at
rru.data@thomsonreuters.com)
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