January 11, 2019 / 12:51 PM / 4 months ago

RPT-ICRA ratings for Indian debt instruments-Jan 11

 (Repeating to add additional ratings as of January 10, 2019)
    Jan 11 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of January 10, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Air India Express Ltd                   Short-TL              ICRA A3      6750    -
Air India Express Ltd                   ST, FB Bk Fac         ICRA A3      7190    -
Avt Natural Products Ltd                ST FB Bk Fac          ICRA A1      295     Reaffirmed
Avt Natural Products Ltd                ST non-FB Bk Fac      ICRA A1      137     Reaffirmed
Bandhan Bank Ltd                        CD                    ICRA A1+     15000   outstanding
Bhagwati Power & Steel Ltd              Non-fund Based - LOC  ICRA A3+&    200     outstanding
& - Under rating watch with developing implications
Bhagwati Power & Steel Ltd              Non-fund Based -      ICRA A3+&    10      Assigned
                                        Forward contract
& - Under rating watch with developing implications
Boxco Logistics India Pvt Ltd           Non-fund              ICRA A3      300     Assigned
                                        Based-Working Capital
                                        Fac
Capital First Home Finance Ltd          CP programme          ICRA A1+     10000   Withdrawn
Capital First Ltd                       CP programme          ICRA A1+     60000   Withdrawn
Captain Tractors Pvt. Ltd.              Non-FB - LOC          ICRA A4      5       Assigned
Champion Commercial Co. Ltd             ST, Non-FBL           ICRA A3      50      Reaffirmed
Champion Commercial Co. Ltd             ST, Interchangeable   ICRA A3      200     Reaffirmed
                                        Limits
Cms It Services Pvt Ltd                 Non-fund Based -      ICRA A3      800     Reaffirmed
                                        Working Capital Fac
Comstar Automotive                      ST Non fund based     ICRA A1+     120     -
Technologies Pvt Ltd
Comstar Automotive                      ST Sublimit           ICRA A1+     -       -
Technologies Pvt Ltd
Cosmos Engitech Pvt Ltd                 Fund based-EPC / FBD  ICRA A4+     -       Withdrawn
                                        / PCFC Sublimit to CC
Cosmos Engitech Pvt Ltd                 Non-Fund based        ICRA A4+     -       Withdrawn
                                        Credit Exposure Limit
                                        Sublimit to LC
Cosmos Engitech Pvt Ltd                 Non-Fund              ICRA A4+     -       Withdrawn
                                        based-Buyer’s Credit
                                        Sublimit to TL
Cosmos Engitech Pvt Ltd                 Non-Fund based- LOC-  ICRA A4+     -       Withdrawn
                                        Sublimit to TL
Cosmos Engitech Pvt Ltd                 Non-Fund based- LOC   ICRA A4+     55      Withdrawn
Cosmos Engitech Pvt Ltd                 Non-Fund based- BG-   ICRA A4+     -       Withdrawn
                                        Sublimit to LC
Cosmos Engitech Pvt Ltd                 Non-Fund based-       ICRA A4+     -       Withdrawn
                                        Buyer’s Credit
                                        Sublimit to LC
Emerald Jewel Industry India            ST - Non-fund based   ICRA A2+     600     Reaffirmed
Ltd                                     facilitie
Emerald Jewel Industry India            ST- FB Fac            ICRA A2+     400     Reaffirmed
Ltd
Fine Organic Industries Ltd             Non-FBL               ICRA A1+     102.5   Upgraded
                                                                                   from ICRA A
Flash Distribution Pvt Ltd              Non-Fund Based        ICRA A4+     400     Upgraded
                                                                                   from ICRA A4
Ghai Construction Ltd                   Non-fund Based - BG   ICRA A4+     250     Assigned
Ghai Construction Ltd                   Non-fund Based - BG   ICRA A4+     250     Assigned
Godrej & Boyce Manufacturing            CP Programme          ICRA A1+     6000    Reaffirmed
Co. Ltd
Gowra Petrochem Pvt Ltd                 NFBL                  ICRA A2      70      Reaffirmed
Gowra Petrochem Pvt Ltd                 Unallocated limits    ICRA A2      13      Reaffirmed
Gruh Finance Ltd                        CP Programme          ICRA A1+     75000   Reaffirmed
Hindustan Petroleum                     CP                    ICRA A1+     150000  Reaffirmed
Corporation Ltd
Hindustan Petroleum                     Non-FBL               ICRA A1+     170000  Reaffirmed
Corporation Ltd
Idfc Bank Ltd                           CP*                   ICRA A1+     -       Assigned
*taken over from erstwhile Capital First Limited and Capital First Home Finance Limited
J.G. Hosiery Pvt Ltd                    ST FB working         ICRA A1      -1600   Reaffirmed
                                        capital Fac
                                        (sub-limits)
Jamshedpur Continuous                   CP/ST NCD             ICRA A1+     1750    Reaffirmed
Annealing Amp; Processing Co.
Pvt. Ltd.
Jm Financial Properties And             CP Programme          ICRA A1+     2500    Assigned
Holdings Ltd                                                                       /outstanding
Kalol Steel & Alloys Pvt Ltd            Non-FBL               ICRA A4      20      Reaffirmed
Kamadgiri Fashion Ltd                   Non-fund Based - LOC  ICRA A3+     90      Reaffirmed
                                        Fac
Kanan Devan Hills Plantations           Fund based –          ICRA A2+     -       Reaffirmed
Company Pvt Ltd                         Interchangeable
                                        sub-limits
Kap Cones Pvt Ltd                       Non-fund Based        ICRA A4+     40      Withdrawn
Krishnae Infrastructure Pvt Ltd         Non-fund Based – BG   ICRA A3      500     Reaffirmed
Lincoln Parenteral Ltd.                 Non-fund Based LOC    ICRA A2+     15      Reaffirmed
                                        (LC)
Lincoln Pharmaceuticals Ltd.            Non-fund Based LOC    ICRA A2+     100     Reaffirmed
                                        (LC)
Lincoln Pharmaceuticals Ltd.            Non-fund Based BG (BG)ICRA A2+     20      Reaffirmed
Lincoln Pharmaceuticals Ltd.            Non-fund Based LC/BG  ICRA A2+     50      Reaffirmed
Luxmi Tea Company Pvt Ltd               FB – ST Loan          ICRA A1      -       Reaffirmed
removed from ‘rating watch with developing implications’
Maheshwari Mining Pvt Ltd               Non-FBL – BG          ICRA A3      370     Reaffirmed
Maheshwari Mining Pvt Ltd               Non-FBL – LOC         ICRA A3      -       Reaffirmed
Maheshwari Mining Pvt Ltd               Non-FBL – LOC         ICRA A3      -       Reaffirmed
Muthoot Finance Ltd                     ST FB Bk Fac          ICRA A1+     131530* outstanding
*ICRA has withdrawn the long-term rating of       AA for MFL’s non-convertible 
debenture (NCD) programme aggregating Rs. 3.92 crore as these debentures were 
fully redeemed and there is no outstanding against the rated instruments 
Muthoot Finance Ltd                     CP Programme          ICRA A1+     50000   outstanding
Outshiny India Pvt Ltd                  ST – FB               ICRA A4+     180     Upgraded
(Erstwhile Outshiny India                                                          from ICRA A4
Apparels Pvt Ltd)
Padam Interiors                         BG                    ICRA A2      1080    Upgraded
                                                                                   from ICRA A3+
Padam Interiors                         LOC^                  ICRA A2      -       Upgraded
                                                                                   from ICRA A3+
^Sublimit of bank guarantee
Padmavati Chains Pvt Ltd                ST Interchangeable    ICRA A4+     -       Reaffirmed
Rane Brake Lining Ltd                   ST non-fund based     ICRA A1+     120     Reaffirmed
Rane Brake Lining Ltd                   ST non-fund based -   ICRA A1+     -       Reaffirmed
                                        sublimit
Rane Brake Lining Ltd                   ST non-fund based –   ICRA A1+     -       Reaffirmed
                                        sublimit#
# - Although the facility is denominated in foreign currency, 
ICRA’s rating for the same is on national scale as distinct from international rating scale
Rane Brake Lining Ltd                   CP                    ICRA A1+     300     Reaffirmed
S.P. Apparels Ltd                       ST FB working         ICRA A1      1800    outstanding
                                        capital Fac                                / Assigned
S.P. Apparels Ltd                       ST FB working         ICRA A1      -       outstanding
                                        capital Fac                                / Assigned
                                        (sub-limits)
S.P. Apparels Ltd                       Non-fund based        ICRA A1      400     Assigned
                                        working capital Fac
Sama Jewellery Pvt Ltd                  ST – NFBL^            ICRA A4      -       Withdrawn
^sublimit offund based facility
Sasken Technologies Ltd                 FB                    ICRA A1+     500     Reaffirmed
Sasken Technologies Ltd                 Non-fund based        ICRA A1+     400     Reaffirmed
Shanthi Gears Ltd                       ST non-fund based     ICRA A1+     -       -
                                        (sublimit)
Shri Ganesh Fire Equipments             ST: Non-fund Based    ICRA A4      30      Revised from
(P) Ltd                                                                            ICRA D and
                                                                                   removed from 
(Issuer Not Co-operating)’ category
Shriji Polymers India Ltd               ST Non-fund Based     ICRA A1      190     Upgraded
                                                                                   from ICRA A2+
Skh Metals Ltd                          Non-fund Based -      ICRA A3      400     Reaffirmed
                                        Working Capital Fac
Suhani Trading And Investment           ST, Non FB Fac        ICRA A3+     1300    Reaffirmed
Consultants Pvt Ltd
Super Smelters Ltd                      Non-FB Fac            ICRA A3      1500    Reaffirmed
Synechron Technologies Pvt Ltd          FB Fac                ICRA A1      1600    Withdrawn
Synechron Technologies Pvt Ltd          Non-FB Fac            ICRA A1      -       Withdrawn
Tata Consulting Engineers Ltd           ST Unallocated Fac    ICRA A1+     10      Reaffirmed
Tata Consulting Engineers Ltd           ST Debt Program       ICRA A1+     200     Reaffirmed
Triveni Turbine Ltd                     Non-fund              ICRA A1+     3150    Reaffirmed
                                        Based-Working Capital
                                        315 Fac
Triveni Turbine Ltd                     Non-fund              ICRA A1+     300     Reaffirmed
                                        Based-Proposed Fac
                                        30
Umiya Wood Works Pvt Ltd.               Non-fund Based-       ICRA A4+     190     Upgraded
                                        Inland Import LC cum                       from ICRA A4
                                        Buyers Credit
Unique Structures Amp; Towers           Non-fund Based        ICRA A4+     927     Reaffirmed
Ltd
Vvc Motors Pvt. Ltd.                    ST –Non-Fund Based    ICRA A3+     50      Assigned
Zeco Aircon Ltd                         ST: Non-fund Based    ICRA A2      150     Reaffirmed
removed from (Issuer Not Cooperating) category
MNR Research Conventions (P)            ST non-FB limits      ICRA A2      600     Assigned
Ltd.


MEDIUM TERM RATINGS:
-------------------
Gruh Finance Ltd                        Fixed Deposits        MAAA @       -
                                        Programme
Fincare Small Finance Bank Ltd          Fixed Deposit         MA+          500     outstanding
                                        Programme

LONG TERM RATINGS:
-------------------
Aadarshini Real Estate                  NCDs                  Provisional  9000    Assigned
Developers Pvt Ltd                                            ICRA A+
Avt Natural Products Ltd                LT non-FB Bk facility ICRA A       1.8     Reaffirmed
Avt Natural Products Ltd                LT / ST fund based    ICRA A/ICRA  215     Reaffirmed
                                        (inter-changeable) Bk A1
                                        Fac
Bandhan Bank Ltd                        Subordinated Tier II  ICRA AA &    1600    -
                                        NCD
placed on rating watch with developing implications
Bandhan Bank Ltd                        TL from Bks           ICRA AA &    800     -
placed on rating watch with developing implications
Bank Of Baroda                          Corporate Governance  -            -       withdrawn
                                        Practices
Bhagwati Power & Steel Ltd              FB -TL                ICRA BBB&    466     Assigned/
                                                                                   outstanding
& - Under rating watch with developing implications
Bhagwati Power & Steel Ltd              FB - Working Capital  ICRA BBB&    335     outstanding
                                        Fac
& - Under rating watch with developing implications
Bhagyalaxmi Dairy Farms Pvt Ltd         Proposed LT Facility  ICRA A-      600     Assigned
Boxco Logistics India Pvt Ltd           FB -TL                ICRA BBB-    260     Assigned
Boxco Logistics India Pvt Ltd           FB - Working Capital  ICRA BBB-    370     Assigned
                                        Fac
C.Dinesh & Company Pvt Ltd              LT and ST, FB Limits  ICRA         730     Reaffirmed
                                                              BBB-/ICRA A3
C.Dinesh & Company Pvt Ltd              LT and ST,            ICRA         20      Reaffirmed
                                        Unallocated Limits    BBB-/ICRA A3
Captain Tractors Pvt. Ltd.              FB – TL               ICRA BB-     30.3    Assigned
Captain Tractors Pvt. Ltd.              FB – CC               ICRA BB-     210     Assigned
Captain Tractors Pvt. Ltd.              Unallocated Limits    ICRA BB-/A4  4.7     Assigned
Champion Commercial Co. Ltd             ST, FB Limits         -            -       Reaffirmed
Champion Commercial Co. Ltd             LT and ST,            -            -       Reaffirmed
                                        Unallocated Limit
Champion Commercial Co. Ltd             LT, FB Limits         ICRA BBB-    200     Reaffirmed
Cms Info Systems Ltd                    FB - Working Capital  ICRA AA /    1190    outstanding
                                        Fac                   ICRA A1+
Cms Info Systems Ltd                    Non-fund Based -      ICRA AA /    2310    Assigned/
                                        Working Capital Fac   ICRA A1+             Outstanding
Cms It Services Pvt Ltd                 Fund Based - Working  ICRA BBB-    360     Reaffirmed
                                        Capital Fac
Cms It Services Pvt Ltd                 Fund Based/           ICRA         200     Reaffirmed
                                        Non-fund Based -      BBB-/ICRA
                                        Interchangeable       A3
Comstar Automotive                      LT FB                 ICRA AA-     350     -
Technologies Pvt Ltd
Cosmos Engitech Pvt Ltd                 Fund based- CC        ICRA BB+     85      Withdrawn
Cosmos Engitech Pvt Ltd                 Fund based-TL         ICRA BB+     54.2    Withdrawn
Cosmos Engitech Pvt Ltd                 Fund based/ Non-Fund  ICRA BB+     2.3     Withdrawn
                                        based Unallocated FB  /A4+
                                        limits
Dharmanandan Diamonds Pvt Ltd           FB working capital FacICRA A       14131.6 Reaffirmed
                                                              /ICRA A1
Dharmanandan Diamonds Pvt Ltd           Unallocated limits    ICRA A       2118.4  Reaffirmed
                                                              /ICRA A1
Dixcy Textiles Pvt Ltd                  Fund based facility   ICRA A+ /    1300    Reaffirmed
                                                              ICRA A1+
Dixcy Textiles Pvt Ltd                  Unallocated facility  ICRA A+ /    200     Reaffirmed
                                                              ICRA A1+
Emerald Jewel Industry India            Fund based-TL         ICRA A-      630     Reaffirmed
Ltd
Emerald Jewel Industry India            Fund based- Working   ICRA A-      3620    Reaffirmed
Ltd                                     Capital Fac
Emerald Jewel Industry India            LT / ST: FB Fac       ICRA A- /    -       Withdrawn
Ltd                                                           ICRA A2+
Emerald Jewel Industry India            LT / ST: -            ICRA A- /    -       Reaffirmed
Ltd                                     Interchangeable Fac   ICRA A2+
Emerald Jewel Industry India            LT / ST: Unallocated  ICRA A- /    300     Reaffirmed
Ltd                                                           ICRA A2+
Fincare Small Finance Bank Ltd          LT FB Fac             ICRA A       8000    Assigned
Fincare Small Finance Bank Ltd          LT Bk Fac             ICRA A       750     outstanding
Fine Organic Industries Ltd             FBL – CC              ICRA A+      650     Reaffirmed
Flash Distribution Pvt Ltd              Interchangeable       -            -       -
Flash Distribution Pvt Ltd              Fund based            ICRA BB+     360     Upgraded
                                                                                   from ICRA BB
Flash Distribution Pvt Ltd              Unallocated           ICRA BB+     20      Upgraded
                                                                                   from ICRA BB
G Corp Homes Pvt Ltd                    TL                    [ICRA BBB    400     Revised from
                                                                                   ICRA BBB+
Ghai Construction Ltd                   FB - Overdraft        [ICRA BB     80      Assigned
Ghai Construction Ltd                   FB - Overdraft        ICRA BB      80      Assigned
Ghai Construction Ltd                   Unallocated Limits    ICRA BB /    270     Assigned
                                                              ICRA A4+
Ghai Construction Ltd                   Unallocated Limits    ICRA BB      270     Assigned
                                                              /ICRA A4+
Goa Antibiotics And                     CC                    ICRA BB+     80      -
Pharmaceuticals Ltd.
Revised from ICRA BBB and moved to ‘(Issuer Not Cooperating)’ category
Goa Antibiotics And                     Unallocated           ICRA         5       -
Pharmaceuticals Ltd.                                          BB+/ICRA A4+
Revised from ICRA BBB (Stable)/ICRA A3+ and moved to ‘(Issuer Not Cooperating)’ category
Gowra Petrochem Pvt Ltd                 FBL                   ICRA BBB+    45      Reaffirmed
Gowra Petrochem Pvt Ltd                 Fund Based/NFBL       ICRA         330     Reaffirmed
                                                              BBB+/ICRA A2
Gruh Finance Ltd                        NCD Programme Trust   ICRA AAA     -       withdrawn
                                        Name
Gruh Finance Ltd                        NCD Programme         ICRA AAA @   57500   -
placed on watch with negative implications
Gruh Finance Ltd                        Subordinated Debt     ICRA AAA @   350     -
                                        Programme
placed on watch with negative implications MAAA @
Hindustan Petroleum                     NCD Programme         ICRA AAA     30000   Reaffirmed
Corporation Ltd
Hindustan Petroleum                     CC Limits             ICRA AAA     40000   Reaffirmed
Corporation Ltd
Hindustan Petroleum                     FBL                   ICRA AAA     240000  Reaffirmed
Corporation Ltd
Hindustan Petroleum                     Issuer Rating         ICRA AAA     -       Reaffirmed
Corporation Ltd
J.G. Hosiery Pvt Ltd                    FB -TL                ICRA A       117.3   Reaffirmed
J.G. Hosiery Pvt Ltd                    LT FB working         ICRA A       1600    Reaffirmed
                                        capital Fac
Jm Financial Properties And             FB – TL               ICRA AA      1350    outstanding
Holdings Ltd
Kalol Steel & Alloys Pvt Ltd            FB Limits             ICRA B+      40      Reaffirmed
Kalol Steel & Alloys Pvt Ltd            Unallocated Limits    ICRA B+      5.6     Reaffirmed
Kamadgiri Fashion Ltd                   FB - CC Facility      ICRA BBB     347.5   Reaffirmed
Kamadgiri Fashion Ltd                   FB - Working Capital  ICRA BBB     152.5   Reaffirmed
                                        Demand Loan
Kamadgiri Fashion Ltd                   FB - TL               ICRA BBB     65.1    Reaffirmed
Kamadgiri Fashion Ltd                   Unallocated Limits    ICRA         34.9    Reaffirmed
                                                              BBB/ICRA A3+
Kanan Devan Hills Plantations           Non-fund              -            -       -
Company Pvt Ltd                         based-Working Capital
                                        Fac 3.00
Kanan Devan Hills Plantations           Fund based- Working   ICRA A-      930     Reaffirmed
Company Pvt Ltd                         Capital Fac
Kanan Devan Hills Plantations           Fund based – TL       ICRA A-      150     Reaffirmed
Company Pvt Ltd
Kanan Devan Hills Plantations           Fund based –          ICRA A-      220     Reaffirmed
Company Pvt Ltd                         Unallocated limits
Kap Cones Pvt Ltd                       FB - CC               ICRA BB+     120     Withdrawn
Kap Cones Pvt Ltd                       FB - TL               ICRA BB+     161.3   Withdrawn
Kap Cones Pvt Ltd                       Unallocated           ICRA BB+ /   68.1    Withdrawn
                                                              ICRA A4+
Kaushalya Roller Flour Mills            LT FB - CC            ICRA BB-     140     Withdrawn
Pvt Ltd
Kaushalya Roller Flour Mills            LT / ST Unallocated   ICRA         25      Withdrawn
Pvt Ltd                                                       BB-/ICRA A4
Krishnae Infrastructure Pvt Ltd         FB – CC               ICRA BBB-    250     Reaffirmed
Krishnae Infrastructure Pvt Ltd         Unallocated Limits    ICRA BBB-    250     Reaffirmed
                                                              /ICRA A3
Lincoln Parenteral Ltd.                 FB External           ICRA A-      5       Reaffirmed
                                        Commercial Borrowing
Lincoln Parenteral Ltd.                 FB CC                 ICRA A-      30      Reaffirmed
Lincoln Pharmaceuticals Ltd.            FB TL                 ICRA A-      77      Reaffirmed
Lincoln Pharmaceuticals Ltd.            FB Working Capital FacICRA A-      530     Reaffirmed
Lincoln Pharmaceuticals Ltd.            Interchangeable Limit ICRA A-      -       Reaffirmed
Luxmi Tea Company Pvt Ltd               FB-TL                 ICRA A       980     Reaffirmed
removed from ‘rating watch with developing implications’
Luxmi Tea Company Pvt Ltd               FB – CC               ICRA A       295     Reaffirmed
removed from ‘rating watch with developing implications’
Madhava Hytech Infrastructures          LT CC                 ICRA D       40      -
(India) Pvt Ltd
(ISSUER NOT COOPERATING)
Madhava Hytech Infrastructures          Non-Fund based -BG    ICRA D       100     -
(India) Pvt Ltd
(ISSUER NOT COOPERATING)
Madhava Hytech Infrastructures          Unallocated Limits    ICRA D/ICRA  50      -
(India) Pvt Ltd                                               D
Assigned from ICRA B/ICRA A4 and Rating continue to remain in ‘(Issuer Not Cooperating)’
category
Madhusudan Garai                        FB Limit – CC         ICRA B       30      Reaffirmed
Madhusudan Garai                        Non-FBL – BG          ICRA B       35      Reaffirmed
Maheshwari Mining Pvt Ltd               FB Limit – CC         ICRA BBB-    280     Reaffirmed
Maheshwari Mining Pvt Ltd               FB Limit – Working    ICRA BBB-    -       Reaffirmed
                                        Capital Demand Loan
Malik Cars Pvt Ltd                      CC                    ICRA BB      290     Downgraded
                                                                                   from ICRA BB+
Malik Cars Pvt Ltd                      Unallocated           ICRA BB      30      Downgraded
                                                                                   from ICRA BB+
Master Staffing Solutions Pvt           Fund Based - Working  ICRA AA-     90      Assigned
Ltd                                     Capital Fac           (SO)
Mirha Exports Pvt Ltd                   Fund Based            ICRA D       1400    Reaffirmed
Mirha Exports Pvt Ltd                   Non-fund Based        ICRA D       330     Reaffirmed
Mnr Educational Trust                   Fund Based TL Limits  ICRA BBB+    550     Assigned
Mnr Educational Trust                   Fund Based CC Limits  ICRA BBB+    20      Assigned
Muthoot Finance Ltd                     NCD Programme (public ICRA AA      40000   Assigned
                                        - placement) -
                                        allocated
Muthoot Finance Ltd                     NCD Programme         ICRA AA      14750   outstanding
                                        (private
                                        placement) - unallocated
Muthoot Finance Ltd                     NCD Programme         ICRA AA      5250    outstanding
                                        (private placement) -
                                        allocated
Muthoot Finance Ltd                     NCD Programme (public ICRA AA      65237.2 outstanding
                                        placement) -
                                        allocated
Muthoot Finance Ltd                     NCD Programme (public ICRA AA      -       Withdrawn *
                                        placement) -
                                        allocated
*ICRA has withdrawn the long-term rating of       AA for MFL’s non-convertible 
debenture (NCD) programme aggregating Rs. 3.92 crore as these debentures were 
fully redeemed and there is no outstanding against the rated instruments 
Muthoot Finance Ltd                     LT FB Bk Fac          ICRA AA      99620*  outstanding
*ICRA has withdrawn the long-term rating of       AA for MFL’s non-convertible 
debenture (NCD) programme aggregating Rs. 3.92 crore as these debentures were 
fully redeemed and there is no outstanding against the rated instruments 
Muthoot Finance Ltd                     TL                    ICRA AA      2000    outstanding
Muthoot Finance Ltd                     Subordinated          ICRA AA      5513.6  outstanding
                                        Debenture Programme
Orange County Resorts &                 TL                    ICRA BBB+    600     Assigned
Hotels Ltd
Outshiny India Pvt Ltd                  LT – FB – CC          ICRA BB      65      Upgraded
(Erstwhile Outshiny India                                                          from ICRA BB-
Apparels Pvt Ltd)
Oxyzo Financial Services Pvt            LT Bk Lines           ICRA BBB     500     Assigned
Ltd
Oxyzo Financial Services Pvt            Issuer rating         ICRA BBB     -       outstanding
Ltd
Padam Interiors                         CC                    ICRA BBB+    100     Upgraded
                                                                                   from ICRA BBB
Padam Interiors                         Unallocated Limits    ICRA         320     Upgraded
                                                              BBB+/ICRA A2         from ICRA
                                                                                   BBB/ICRA A3+
Padmavati Chains Pvt Ltd                LT FB -CC             ICRA BB      200     Revised from
                                                                                   ICRA
                                                                                   BB+(Negative)
Padmavati Chains Pvt Ltd                LT Interchangeable    ICRA BB      -       Revised from
                                                                                   ICRA
                                                                                   BB+(Negative)
Peninsula Projects (Bangalore)          Fund based            ICRA B       200     Reaffirmed
Pvt Ltd
Provident Housing Ltd                   FB Limits LT          ICRA BBB+    -       Outstanding
                                        Unallocated                                / Assigned
Puravankara Ltd ( Previously            FB Limits LT          ICRA BBB+    -       Outstanding
Puravankara Projects Ltd )              Unallocated                                / Assigned
Radhee Foods Pvt Ltd                    LT FB - CC            ICRA BB-     130     Withdrawn
Rane Brake Lining Ltd                   LT unallocated        ICRA AA-     1128.2  Reaffirmed
Rane Brake Lining Ltd                   ST fund based         ICRA AA-     100     Reaffirmed
Rane Brake Lining Ltd                   ST fund based -       ICRA AA-     -       Reaffirmed
                                        sublimit
Rane Brake Lining Ltd                   ST fund based –       ICRA AA-     -       Reaffirmed
                                        sublimit#
# - Although the facility is denominated in foreign currency, ICRA’s rating for the
 same is on national scale as distinct from international rating scale
Rane Brake Lining Ltd                   LT fund based         ICRA AA-     305     Reaffirmed
Rani Sati Roller Flour Mills            LT FB CC              ICRA BB-     130     Withdrawn
Pvt Ltd
Rani Sati Roller Flour Mills            LT / ST -Unallocated  ICRA         25      Withdrawn
Pvt Ltd                                                       BB-/ICRA A4
Ranisati Foods Pvt Ltd                  LT FB CC              ICRA BB-     120     Withdrawn
Ranisati Foods Pvt Ltd                  LT FB TL              ICRA BB-     2.8     Withdrawn
Ranisati Foods Pvt Ltd                  LT / ST - Unallocated ICRA         28.7    Withdrawn
                                                              BB-/ICRA A4
Rural Fairprice Wholesale Ltd           NCD (NCD)Programme    ICRA         3200    Reaffirmed
                                                              BBB(SO)
outlook revised to Negative from Stable
S.P. Apparels Ltd                       FB -TL                ICRA A+      412.3   Outstanding
                                                                                   / Assigned
S.P. Apparels Ltd                       LT FB working         ICRA A+      -       Assigned
                                        capital Fac
                                        (sub-limits)
S.P. Apparels Ltd                       Unallocated Fac Trust ICRA A+/     -       Assigned
                                        Name                  ICRA A1
Sama Jewellery Pvt Ltd                  LT – FBL              ICRA BB-     85      Withdrawn
Samvardhana Motherson                   NCD Programme         ICRA AA-     4000    Withdrawn
International Ltd
Shanthi Gears Ltd                       LT fund based         ICRA AA      100     -
Shanthi Gears Ltd                       LT non-fund based     ICRA AA      300     -
Shanthi Gears Ltd                       LT/ ST unallocated    ICRA AA /    100     -
                                                              ICRA A1+
Sharman Woollen Mills Ltd.              LT, FB Limits         ICRA BB+     200     revised from
                                                                                   ICRA BB
Shree Ambica Cotton Industries          TL                    ICRA B+      18      Assigned
Shree Ambica Cotton Industries          CC                    ICRA B+      42.5    Assigned
Shree Datta Shetkari Sahakari           FB - Working Capital  ICRA BBB-    750     outstanding
Sakhar Karkhana Ltd, Shirol             Fac 25.00                                  / Assigned
Shree Datta Shetkari Sahakari           FB – TL               ICRA BBB-    250     Assigned
Sakhar Karkhana Ltd, Shirol
Shri Ganesh Fire Equipments             LT: Fund Based/ CC    ICRA C-      30      revised from
(P) Ltd                                                                            ICRA D and
                                                                                   removed from 
‘(Issuer Not Co-operating)’ category
Shriji Polymers India Ltd               LT FB                 ICRA A       590     Upgraded
                                                                                   from ICRA A-
Skd Realty Llp                          LT FB limit-TL        ICRA B+      250     -
(ISSUER NOT COOPERATING)* Rating continues to remain in ‘(Issuer Not Co-operating)’ Category
Skh Metals Ltd                          TL                    ICRA BBB-    1683.7  Reaffirmed
Skh Metals Ltd                          FB - Working Capital  ICRA         -       Reaffirmed
                                        Fac FB/Non-fund Based BBB-/ICRA A3
                                        - Working Capital Fac
Soma Indus Varanasi Aurangabad          Fund based - TL       ICRA BB      23330   Assigned
Tollway Pvt Ltd
Suhani Trading And Investment           Long-TL               ICRA BBB     7960.9  Reaffirmed
Consultants Pvt Ltd
Suhani Trading And Investment           LT, FB Fac            ICRA BBB     500     Reaffirmed
Consultants Pvt Ltd
Suhani Trading And Investment           NCD Programme (NCD)   ICRA BBB     0       Withdrawn
Consultants Pvt Ltd
Suhani Trading And Investment           Principal Protected   PP-MLD ICRA  6000    Reaffirmed
Consultants Pvt Ltd                     Market Linked         BBB
                                        Debenture Programme (PP-MLD)
Super Smelters Ltd                      TL                    ICRA BBB-    7503    Reaffirmed
Super Smelters Ltd                      FB Fac**              ICRA BBB-    6497    Reaffirmed
**Includes untied limit of Rs. 324.70 crore
Synechron Technologies Pvt Ltd          CC                    ICRA A-      -       Withdrawn
Tata Consulting Engineers Ltd           Long-TL               ICRA AA      515     Reaffirmed
Tata Consulting Engineers Ltd           LT, FB Fac            ICRA AA      710     Reaffirmed
Tata Consulting Engineers Ltd           Issuer Rating         ICRA AA      -       Reaffirmed
Tata Consulting Engineers Ltd           LT/ST, Non-FB Fac ST, ICRA         -       Reaffirmed
                                        Non-FB Fac            AA/ICRA A1+
Teesta Urja Ltd                         FB – TL               ICRA D       -       Reaffirmed
Triveni Turbine Ltd                     FB - Working Capital  ICRA AA-     295     Reaffirmed
                                        Fac 29.5
Umiya Wood Works Pvt Ltd.               FB – CC               ICRA BB      20      Upgraded
                                                                                   from ICRA BB-
Unique Structures Amp; Towers           Fund Based – CC       ICRA BB+     242.5   Reaffirmed
Ltd
Unique Structures Amp; Towers           Fund Based - TL       ICRA BB+     13.9    Reaffirmed
Ltd
Vasant Cotton                           FB- TL                ICRA B+      12.4    Reaffirmed
Vasant Cotton                           FB- Working Capital   ICRA B+      55      Reaffirmed
                                        Fac
Vaya Finserv Pvt Ltd                    NCD programme         ICRA BBB     680     revised from
                                                                                   ICRA BBB-
Vaya Finserv Pvt Ltd                    LT Bk lines           ICRA BBB     1684.1  revised from
                                                                                   ICRA BBB-
Vaya Finserv Pvt Ltd                    LT Bk lines:          ICRA BBB     3315.9  revised from
                                        unallocated                                ICRA BBB-
Vvc Motors Pvt. Ltd.                    LT - Fund Based/ CC   ICRA BBB     300     Assigned
Vvc Motors Pvt. Ltd.                    LT / ST – Unallocated ICRA         50      Assigned
                                                              BBB/ICRA A3+
Zeco Aircon Ltd                         LT: Fund Based / CC   ICRA BBB     550     Reaffirmed
removed from (Issuer Not Cooperating) category
Zeco Aircon Ltd                         LT: Fund Based / TL   ICRA BBB     227.5   Reaffirmed
removed from (Issuer Not Cooperating) category
Zeco Aircon Ltd                         LT/Shortterm /        ICRA BBB /   72.5    Reaffirmed
                                        Unallocated           ICRA A2
removed from (Issuer Not Cooperating) category
Bangalore Institute Of                  LT- TL                ICRA B       99.5
Gastroenterology Pvt Ltd
Issuer Not Cooperating; Ratings moved to the ‘Issuer Not Cooperating category’
Bangalore Institute Of                  LT Unallocated        ICRA B       0.5
Gastroenterology Pvt Ltd                Facility
Issuer Not Cooperating; Ratings moved to the ‘Issuer Not Cooperating category’
Broadway Links Pvt Ltd                  Bk Fac                ICRA BB- /A4 199
Issuer Not Cooperating; Ratings moved to the ‘Issuer Not Cooperating category’
Indo Dutch Carpet Mfg. Pvt.             Bk Fac                ICRA B       100
Ltd.
Issuer Not Cooperating; Ratings moved to the ‘Issuer Not Cooperating category’
Mid West Builders Pvt Ltd               LT- TL                ICRA B       80
Issuer Not Cooperating; Ratings moved to the ‘Issuer Not Cooperating category’
Prime Gourmet (P) Ltd                   TL                    ICRA A+ (SO) 168.5   Withdrawn
Shrikishan & Company                    Bk Fac                ICRA BB+ /A4 250
Issuer Not Cooperating; Ratings moved to the ‘Issuer Not Cooperating category’
Steel Products Ltd                      Bk Fac                ICRA C- /A4  226.5
Issuer Not Cooperating; Ratings moved to the ‘Issuer Not Cooperating category’
Swastik Traders                         CC                    ICRA B+      30
Issuer Not Cooperating
Swastik Traders                         BG                    ICRA B+      30
Issuer Not Cooperating

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