March 23, 2018 / 10:52 AM / 6 months ago

RPT-ICRA ratings for Indian debt instruments-Mar 23

 (Repeating to add more ratings.)
    Mar 23 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of March 22, 2018.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Alkali Metals Ltd                       Non-FBL               ICRA A4      85      Reaffirmed
Ample Technologies Pvt Ltd              FB – Bill Discounting ICRA A3      30      Reaffirmed
Ample Technologies Pvt Ltd              Non-FB Fac            ICRA A3      20      Reaffirmed
B.P. Construction                       Non Fund Based BG     ICRA A4      65
ISSUER NOT COOPERATING
Arjandass & Sons                        ST Non-FB Fac         ICRA A4      60      Reaffirmed
ISSUER NOT COOPERATING
Gujarat Craft Industries Ltd            Foreign Bill          ICRA A4+             -
                                        Discounting#
ISSUER NOT COOPERATING, # sub-limit of cash credit
Gujarat Craft Industries Ltd            LOC                   ICRA A4+     110     -
ISSUER NOT COOPERATING
Gujarat Craft Industries Ltd            BG                    ICRA A4+     15      -
ISSUER NOT COOPERATING
Gujarat Craft Industries Ltd            Buyer’s Credit^       ICRA A4+             -
ISSUER NOT COOPERATING. ^ sub-limit of letter of credit
Gujarat Craft Industries Ltd            Credit Exposure Limit^ICRA A4+             -
ISSUER NOT COOPERATING, ^ sub-limit of letter of credit
Icici Prudential Asset                  ICICI Prudential      ICRA A1+mfs          Assigned
Management Co. Ltd                      Fixed Maturity
Plan –Series 82 – 99 Days Plan T
Icici Prudential Asset                  ICICI Prudential      ICRA A1+mfs          Outstanding
Management Co. Ltd                      Fixed Maturity
Plan – Series 82 – 103 Days Plan O
Castall Technologies Pvt Ltd            Non-Fund based- BG    ICRA A4      4       Reaffirmed
Clair Engineers Pvt Ltd                 LOC                   ICRA A4+     50      Reaffirmed
Desai Infrastructure Pvt. Ltd.          Non-fund Based BG     ICRA A4      55      Reaffirmed
Ecl Finance Ltd                         CP Programme (IPO     ICRA A1+     30000   Assigned
                                        financing)
Ecl Finance Ltd                         CP                    ICRA A1+     45000   Outstanding
Ecl Finance Ltd                         ST NCD Programme      ICRA A1+     1000    Outstanding
Ecl Finance Ltd                         CP Programme (IPO     ICRA A1+             Withdrawn
                                        financing)
Ecl Finance Ltd                         ST Principal          PP-MLD ICRA  9000    Outstanding
                                        Protected Market      A1+
                                        Linked Debenture Programme
Edelweiss Commodities Services          CP Programme (IPO     ICRA A1+     30000   Assigned
Ltd                                     financing)
Edelweiss Commodities Services          CP Programme          ICRA A1+     70000   Outstanding
Ltd
Edelweiss Commodities Services          ST NCD                ICRA A1+     1000    Outstanding
Ltd
Edelweiss Commodities Services          CP Programme (IPO     ICRA A1+             Withdrawn
Ltd                                     financing)
Edelweiss Commodities Services          ST Principal          PP-MLD ICRA  5000    Outstanding
Ltd                                     Protected Market      A1+
                                        Linked Debenture Programme
Girnar Food & Beverages Pvt Ltd         Fund Based –          ICRA A3+     375     Reaffirmed
                                        PC/PCFC/FDB/FBE/BRD
Hotcrete Infrastructure Pvt Ltd         ST non -fund based    ICRA A3+     75      Reaffirmed
Ipl Products                            FB                    ICRA A4      10      Assigned
Ipl Products                            Non-fund based        ICRA A4      47.5    Assigned
Iris Computers Ltd                      ST – Fund Based       ICRA A3      400     Reaffirmed
Kachchh Veneers Pvt Ltd                 Non-fund based – LOC  ICRA A4      165     Withdrawn
Kaveri Plasto Containers Pvt            Non-fund based- LOC   ICRA A4              Reaffirmed
Ltd
Leonard Exports                         Non Fund Based        ICRA A4      10
                                        Packing credit/FBP/FBD
ISSUER NOT COOPERATING
Leonard Exports                         Non Fund Based BG     ICRA A4      2
ISSUER NOT COOPERATING
Majestic Auto Ltd                       Non-fund based        ICRA A3+     142.5   Withdrawn
Modern Agro-Tech Industries             Non Fund Based BG     ICRA A4      5
ISSUER NOT COOPERATING
Navdanya Foods Pvt Ltd                  Non Fund Based        ICRA A4      25
                                        –Letter of guarantee
ISSUER NOT COOPERATING
Nirav Gems                              ST Non-FB Fac         ICRA A3      20      Reaffirmed
Purbanchal Laminates Pvt Ltd            Non-fund Based –      ICRA A4      40
                                        Import LOC cum Buyers
                                        Credit
ISSUER NOT COOPERATING
Safe-Tronics Automation Pvt Ltd         ST - Non Fund Based   ICRA A4      90      Reaffirmed
Safe-Tronics Automation Pvt Ltd         ST - Interchangeable  ICRA A4              Reaffirmed
Sahastraa Exports Pvt Ltd               Non-FBL               ICRA A4      150     Reaffirmed
Sahastraa Exports Pvt Ltd               Non-FBL*              ICRA A4              Reaffirmed
*Sublimit of Non-Fund based limit
Santoshi Leather Works                  Fund based – Foreign  ICRA A4      60
                                        Bills Discount
ISSUER NOT COOPERATING
Santoshi Leather Works                  Fund based – Packing  ICRA A4
                                        Credit #
ISSUER NOT COOPERATING; # Sub-limit of Foreign Bills Discount
Shalimar Hatcheries Ltd                 Non-FB-BG             ICRA A1      50
Upgraded from ICRA A2+
Shalimar Hatcheries Ltd                 Non-FB-LOC/Trade      ICRA A1
                                        Credit BG
Upgraded from ICRA A2+
Shalimar Hatcheries Ltd                 Non-FB-BG             ICRA A1      50
Upgraded from ICRA A2+
Shalimar Hatcheries Ltd                 Non-FB-LOC/Trade      ICRA A1
                                        Credit BG
Upgraded from ICRA A2+
Shalimar Nutrients Pvt Ltd              Non-FB-BG             ICRA A1      20
Upgraded from ICRA A2+
Shalimar Nutrients Pvt Ltd              Non-FB-LOC            ICRA A1
Upgraded from ICRA A2+
Shalimar Pellet Feeds Ltd               Non-fund based-LOC    ICRA A1
Upgraded from ICRA A2+
Shalimar Pellet Feeds Ltd               Non-fund based- BG    ICRA A1      21
Upgraded from ICRA A2+
Shalimar Pellet Feeds Ltd               Non-fund based-       ICRA A1      20
                                        Forward Contract Limit
Upgraded from ICRA A2+
Smc Power Generation Ltd.               Non-FB Fac            ICRA A3+     275     Assigned
Sterlite Technologies Ltd               CP                    ICRA A1+     4500    Outstanding
Super Screws Pvt Ltd                    Fund based – Stand by ICRA A3      25      Reaffirmed
                                        line of credit
Super Screws Pvt Ltd                    Non-fund Based – LOC  ICRA A3      115     Reaffirmed
Super Screws Pvt Ltd                    Fund based – Stand by ICRA A3      25      Reaffirmed
                                        line of credit
Super Screws Pvt Ltd                    Non-fund Based – LOC  ICRA A3      115     Reaffirmed
Super Screws Pvt Ltd                    Non-fund Based – LOC  ICRA A3      115     Reaffirmed
Super Screws Pvt Ltd                    Fund based – Stand by ICRA A3      25      Reaffirmed
                                        line of credit
Super Screws Pvt Ltd                    Non-fund Based – LOC  ICRA A3      115     Reaffirmed
Sv Creditline (P) Ltd.                  Preference share      ICRA A4+             Withdrawn
                                        programme
Tata Realty And Infrastructure          CP                    ICRA A1+     18000   Outstanding
Ltd
Utkal Automobiles Pvt Ltd               Non Fund Based –BG    ICRA A3      7.5
ISSUER NOT COOPERATING

LONG TERM RATINGS:
-------------------
Aarvee Associates Architects            LT: FBL – TL          ICRA A+      18      Reaffirmed
Engineers & Consultants Pvt.
Ltd.
Aarvee Associates Architects            LT: FBL               ICRA A+      250     Reaffirmed
Engineers & Consultants Pvt.
Ltd.
Aasan Corporate Solutions Pvt           NCDs (NCDs)           ICRA AA-(SO) 4000    Assigned
Ltd
Aasan Corporate Solutions Pvt           NCDs (NCDs)           ICRA A+(SO) 21500    Upgraded
Ltd                                                                                from
ICRA
                                                                                   A+(SO)
Aasan Corporate Solutions Pvt           TL – Lease Rental     ICRA BBB (SO)4000    Outstanding
Ltd                                     Discounting (LRD)
Aasan Corporate Solutions Pvt           TL – Loan Against     ICRA BBB (SO)1000    Outstanding
Ltd                                     Property (LAP)
Arjandass & Sons                        LT FB Fac             ICRA B+      15      Reaffirmed
ISSUER NOT COOPERATING
Gujarat Craft Industries Ltd            TL                    ICRA BB      101.3   -
ISSUER NOT COOPERATING
Gujarat Craft Industries Ltd            CC                    ICRA BB      159.5   -
ISSUER NOT COOPERATING
Icici Prudential Asset                  ICICI Prudential      ICRA AAAmfs          Outstanding
Management Co. Ltd                      Fixed Maturity
Plan – Series 82 – 1185 Days Plan I
Icici Prudential Asset                  ICICI Prudential ST   ICRA AAAmfs          Outstanding
Management Co. Ltd                      Plan
Icici Prudential Asset                  ICICI Prudential      ICRA AAAmfs          Outstanding
Management Co. Ltd                      Dynamic Bond
Fund
Icici Prudential Asset                  ICICI Prudential      ICRA AAmfs           Outstanding
Management Co. Ltd                      Corporate Bond Fund
Meh India Overseas Pvt Ltd              Packing Credit Limit  ICRA BB-     105     revised from
                                                                                   ICRA BB
ISSUER NOT COOPERATING
Piramal Realty Pvt Ltd                  NCD Programme         ICRA AA-     3500    upgraded
                                                              (SO)                 from ICRA A+
                                                                                   (SO)
Aarvee Associates Architects            LT: FBL – TL          ICRA A+      18      Reaffirmed
Engineers & Consultants Pvt.
Ltd.
Aarvee Associates Architects            LT: FBL               ICRA A+      250     Reaffirmed
Engineers & Consultants Pvt.
Ltd.
Aarvee Associates Architects            LT: FBL – TL          ICRA A+      18      Reaffirmed
Engineers & Consultants Pvt.
Ltd.
Aarvee Associates Architects            LT: FBL               ICRA A+      250     Reaffirmed
Engineers & Consultants Pvt.
Ltd.
Aarvee Associates Architects            Long/ST: Non-FBL      ICRA A+ /A1  934     Reaffirmed
Engineers & Consultants Pvt.
Ltd.
Aarvee Associates Architects            Long/ST: Non-FBL      ICRA A+ /A1  934     Reaffirmed
Engineers & Consultants Pvt.
Ltd.
Aarvee Associates Architects            Long/ST: Non-FBL      ICRA A+ /A1  934     Reaffirmed
Engineers & Consultants Pvt.
Ltd.
Abco Steel International Pvt            LT – Fund Based       ICRA BB-     135     Reaffirmed
Ltd
Abco Steel International Pvt            LT – TL               ICRA BB-     40      Reaffirmed
Ltd
Abco Steel International Pvt            ST – Non Fund Based   ICRA BB-     15      Reaffirmed
Ltd
Alkali Metals Ltd                       Fund based- Working   ICRA BB      180     Reaffirmed
                                        Capital Fac
Alkali Metals Ltd                       Unallocated Limits    ICRA BB /A4  155     Reaffirmed
Amgoorie India Ltd                      FB limits*            ICRA A+ /A1+         Withdrawn
* AIL’s bank facilities are entirely fungible between long term and short term facilities
Amgoorie India Ltd                      FB limits*            ICRA A+ /A1+         Withdrawn
* AIL’s bank facilities are entirely fungible between long term and short term facilities
Ample Technologies Pvt Ltd              FB – CC               ICRA BBB-    270     Reaffirmed
Ample Technologies Pvt Ltd              FB - TL               ICRA BBB-    76      Reaffirmed
Ample Technologies Pvt Ltd              Unallocated Fac       ICRA BBB-    104     Reaffirmed
                                                              /A3
B.P. Construction                       Fund Based – CC       ICRA B+      10
ISSUER NOT COOPERATING
B.P. Construction                       Untied Limits         ICRA B+      65
ISSUER NOT COOPERATING
Castall Technologies Pvt Ltd            FBL: TL               ICRA BB-     75.7    Reaffirmed
Castall Technologies Pvt Ltd            FBL: TL – proposed    ICRA BB-     80      Reaffirmed
Castall Technologies Pvt Ltd            Fund based- CC        ICRA BB-     235     Reaffirmed
Castall Technologies Pvt Ltd            Fund based- CC        ICRA BB-     25      Reaffirmed
                                        proposed
Castall Technologies Pvt Ltd            Unallocated           ICRA BB-     30.3    Reaffirmed
Chokshi Texlen Pvt Ltd                  CC                    ICRA B+      70
ISSUER NOT COOPERATING
Chokshi Texlen Pvt Ltd                  TL                    ICRA B+      11.7
ISSUER NOT COOPERATING
Clair Engineers Pvt Ltd                 CC                    ICRA BB+     120     Reaffirmed
Clair Engineers Pvt Ltd                 BG                    ICRA BB+     100     Reaffirmed
Desai Infrastructure Pvt. Ltd.          FB CC                 ICRA B+      45
Upgraded from ICRA B
Dewas Bypass Tollway Pvt Ltd            TL                    ICRA A+ (S)  2250    Reaffirmed
Provisional rating Confirmed as final
Dsm Soft Pvt Ltd                        FBL                   ICRA BB-     118.2
Upgraded from ICRA B+
Dsm Soft Pvt Ltd                        Unallocated facility  ICRA BB-     21.8
Upgraded from ICRA B+
Ecl Finance Ltd                         NCD Programme         ICRA AA      73500   Outstanding
Ecl Finance Ltd                         Subordinated Debt     ICRA AA      11500   Outstanding
                                        Programme
Ecl Finance Ltd                         Bk Lines              ICRA AA      110000  Outstanding
Ecl Finance Ltd                         LT Principal          PP-MLD ICRA  3000    Outstanding
                                        Protected Market      AA
                                        Linked Debenture Programme (Unsecured and Subordinated)
Ecl Finance Ltd                         LT Principal          PP-MLD ICRA  23500   Outstanding
                                        Protected Market      AA
                                        Linked Debenture Programme
Edelweiss Commodities Services          NCD                   ICRA AA      50000   Outstanding
Ltd
Edelweiss Commodities Services          Bk Lines              ICRA AA      20000   Outstanding
Ltd
Fincare Small Finance Bank              PTC Series A1         ICRA A- (SO) 500     Assigned
Ltd- Vivriti Endor 003 2018                                                        Provisional
Girnar Food & Beverages Pvt Ltd         Fund Based – CC       ICRA BBB     150     Reaffirmed
Hotcrete Infrastructure Pvt Ltd         Fund based            ICRA BBB     408.1   Reaffirmed
Hotcrete Infrastructure Pvt Ltd         LT Non -fund based    ICRA BBB     234.5   Reaffirmed
Hotcrete Infrastructure Pvt Ltd         Unallocated limits    ICRA BBB/    282.4   Reaffirmed
                                                              A3+
Il&Fs Solar Power Ltd                   NCD                   ICRA A- (SO) 1500    Assigned
Il&Fs Solar Power Ltd                   NCD                   ICRA A+ (SO) 2100    Outstanding
Ipl Products                            CC                    ICRA B+      70      Assigned
Iris Computers Ltd                      LT – Fund Based       ICRA BBB-    600     Reaffirmed
Kachchh Veneers Pvt Ltd                 Fund based – CC*      ICRA B+              Withdrawn
*sublimit of Letter of Credit
Kachchh Veneers Pvt Ltd                 Unallocated Limits    ICRA B+ /A4  5       Withdrawn
Kanchan Ganga Seed Company Pvt          Fund based- CC        ICRA B       112.5   Reaffirmed
Ltd
Kanchan Ganga Seed Company Pvt          Unallocated Limits    ICRA B       7.5     Reaffirmed
Ltd
Kaveri Plasto Containers Pvt            Fund based- CC        ICRA BB-     40
Ltd
Revised from ICRA B+
Kaveri Plasto Containers Pvt            TL                    ICRA BB-     25.3
Ltd
Revised from ICRA B+
Kaveri Plasto Containers Pvt            Unallocated           ICRA BB /A4  23.8
Ltd
Revised from ICRA B+ /reaffirmed
Kirpa Foods                             CC                    ICRA B+      280
Revised from ICRA B
Kirpa Foods                             TL                    ICRA B+      30
Revised from ICRA B
Lendingkart Finance Ltd-                PTC Series A1         ICRA BBB-    256.9   Assigned
Triumphal Northern Arc 2018                                   (SO)                 Provisional
Leonard Exports                         Fund Based – CC       ICRA B+      37.5
ISSUER NOT COOPERATING
Leonard Exports                         Untied Limits         ICRA B+      20.5
ISSUER NOT COOPERATING
Majestic Auto Ltd                       TL                    ICRA BBB     79      Withdrawn
Majestic Auto Ltd                       FB                    ICRA BBB     160     Withdrawn
Majestic Auto Ltd                       Unallocated           ICRA BBB     118.5   Withdrawn
Mehta Stone Export House                Packing Credit Limit  ICRA BB      120     Reaffirmed
Modern Agro-Tech Industries             Fund Based – TL       ICRA B       35.5
ISSUER NOT COOPERATING
Modern Agro-Tech Industries             Fund Based – CC       ICRA B       25
ISSUER NOT COOPERATING
Modern Agro-Tech Industries             Untied Limits         ICRA B       34.5
ISSUER NOT COOPERATING
Navdanya Foods Pvt Ltd                  Fund Based – CC       ICRA B       40
ISSUER NOT COOPERATING
Nirav Gems                              LT and ST FB Fac      ICRA BBB-    250     Reaffirmed
                                                              /A3
P. Venganna Setty & Bros.               FB – TL               ICRA BB-     183.2
Upgraded from ICRA B
P. Venganna Setty & Bros.               Unallocated           ICRA BB-     144.3
Upgraded from ICRA B
Pinkcity Build Home Pvt Ltd             FB- TL                ICRA BB+     305
Upgraded from ICRA BB-
Pinkcity Build Home Pvt Ltd             Unallocated Limits    ICRA BB+     1
                                                              /A4+
Upgraded from ICRA BB- /A4
Purbanchal Laminates Pvt Ltd            FB – Working Capital  ICRA BB-     77.5
                                        Limit
ISSUER NOT COOPERATING
Purbanchal Laminates Pvt Ltd            Fun-based – TL        ICRA BB-     35.1
ISSUER NOT COOPERATING
Safe-Tronics Automation Pvt Ltd         LT - Fund Based       ICRA B+      40      Reaffirmed
Safe-Tronics Automation Pvt Ltd         LT / ST - Unallocated ICRA B+ /A4  10      Reaffirmed
Sahastraa Exports Pvt Ltd               FBL                   ICRA B+      75
Revised from ICRA BB-
Santoshi Leather Works                  Untied Limits         ICRA B+      10
ISSUER NOT COOPERATING
Sbc Minerals Pvt Ltd                    LT – Fund Based/CC    ICRA BB-     200
Upgraded from ICRA B+, Removed from issuer not cooperating
Shalimar Hatcheries Ltd                 FB-TL                 ICRA A       203.3
Upgraded from ICRA A-
Shalimar Hatcheries Ltd                 Unallocated           ICRA A       16.7
Upgraded from ICRA A-
Shalimar Hatcheries Ltd                 FB-CC                 ICRA A       300
Upgraded from ICRA A-
Shalimar Hatcheries Ltd                 FB-TL                 ICRA A       203.3
Upgraded from ICRA A-
Shalimar Hatcheries Ltd                 Unallocated           ICRA A       16.7
Upgraded from ICRA A-
Shalimar Hatcheries Ltd                 FB-CC                 ICRA A       300
Upgraded from ICRA A-
Shalimar Nutrients Pvt Ltd              FB-TL                 ICRA A       129.9
Upgraded from ICRA A-
Shalimar Nutrients Pvt Ltd              FB-CC                 ICRA A       300
Upgraded from ICRA A-
Shalimar Nutrients Pvt Ltd              FB-Packing            ICRA A
                                        Credit/Bill
                                        Discounting/Foreign Bill Discounting
Upgraded from ICRA A-
Shalimar Nutrients Pvt Ltd              Unallocated           ICRA A       180.1
Upgraded from ICRA A-
Shalimar Pellet Feeds Ltd               FB-TL                 ICRA A       165
Upgraded from ICRA A-
Shalimar Pellet Feeds Ltd               FB-CC                 ICRA A       600
Upgraded from ICRA A-
Shalimar Pellet Feeds Ltd               FB-Unallocated        ICRA A       84
Upgraded from ICRA A-
Smc Power Generation Ltd.               TL                    ICRA BBB     905     Assigned
Smc Power Generation Ltd.               CC                    ICRA BBB     800     Assigned
Sona Vets Pvt Ltd                       FB- CC                ICRA A       250
Upgraded from ICRA A-
Sona Vets Pvt Ltd                       FB- Working Capital   ICRA A       25
                                        Demand Loan
Upgraded from ICRA A-
Sona Vets Pvt Ltd                       FB- TL                ICRA A       1
Upgraded from ICRA A-
Sona Vets Pvt Ltd                       FB- Working Capital TLICRA A       1
Upgraded from ICRA A-
Sona Vets Pvt Ltd                       Unallocated           ICRA A       23
Upgraded from ICRA A-
Sterlite Technologies Ltd               NCD Programme         ICRA AA-     1500    Assigned
                                        (Proposed)
Sterlite Technologies Ltd               NCD                   ICRA AA-     1500    Outstanding
Sterlite Technologies Ltd               Fund based-TL         ICRA AA-     3000    Outstanding
Sterlite Technologies Ltd               Fund based- Working   ICRA AA-     7900    Outstanding
                                        Capital Fac
Sterlite Technologies Ltd               Non-FBL               ICRA AA-     28850   Outstanding
                                                              /A1+
Super Screws Pvt Ltd                    Fund based – CC       ICRA BBB-    200     Reaffirmed
Super Screws Pvt Ltd                    Fund based – TL       ICRA BBB-    240     Reaffirmed
Super Screws Pvt Ltd                    Non-fund Based – BG   ICRA BBB-            Reaffirmed
Super Screws Pvt Ltd                    Fund based – CC       ICRA BBB-    200     Reaffirmed
Super Screws Pvt Ltd                    Fund based – TL       ICRA BBB-    240     Reaffirmed
Super Screws Pvt Ltd                    Non-fund Based – BG   ICRA BBB-            Reaffirmed
Super Screws Pvt Ltd                    Fund based – CC       ICRA BBB-    200     Reaffirmed
Super Screws Pvt Ltd                    Fund based – TL       ICRA BBB-    240     Reaffirmed
Super Screws Pvt Ltd                    Non-fund Based – BG   ICRA BBB-            Reaffirmed
Super Screws Pvt Ltd                    Fund based – Stand by ICRA BBB-    25      Reaffirmed
                                        line of credit
Super Screws Pvt Ltd                    Fund based – CC       ICRA BBB-    200     Reaffirmed
Super Screws Pvt Ltd                    Fund based – TL       ICRA BBB-    240     Reaffirmed
Super Screws Pvt Ltd                    Non-fund Based – BG   ICRA BBB-            Reaffirmed
Sv Creditline (P) Ltd.                  NCD programme         ICRA BB+     970     Outstanding
Sv Creditline (P) Ltd.                  Bk lines              ICRA BB+     700     Outstanding
Sv Creditline (P) Ltd.                  Subordinated debt     ICRA BB+     100     Outstanding
                                        programme
Tata Realty And Infrastructure          NCD                   ICRA AA      30000   Assigned
Ltd
Thermax Ltd                             FBL                   ICRA AA+     2500    Reaffirmed
Thermax Ltd                             Non-FBL               ICRA AA+     44500   Reaffirmed
Tvs Credit Services Ltd-                Second Loss Facility  ICRA A- (SO) 20.5    Assigned
Silver Trust March 2018                                                            Provisional
Tvs Credit Services Ltd-                PTC Series A          ICRA AAA     747.2   Assigned
Silver Trust March 2018                                       (SO)                 Provisional
Urja Automobiles Pvt Ltd                CC                    ICRA B       10
ISSUER NOT COOPERATING
Urja Automobiles Pvt Ltd                e-DFS                 ICRA B       50^
ISSUER NOT COOPERATING; ^Dropline facility of Rs.1 crore is a sub-limit of E-dfs facility
Urja Automobiles Pvt Ltd                Unallocated           ICRA B       5
ISSUER NOT COOPERATING
Utkal Automobiles Pvt Ltd               Fund Based –CC        ICRA BBB-    270
ISSUER NOT COOPERATING
Utkal Automobiles Pvt Ltd               Fund Based –TL        ICRA BBB-    60
ISSUER NOT COOPERATING
Utkal Automobiles Pvt Ltd               Fund Based –CC (e-Dfs)ICRA BBB-    205
ISSUER NOT COOPERATING
Western India Transport                 PTC Series A1         ICRA A- (SO) 115.3   Assigned
Finance Company Pvt Ltd-                                                           Provisional
Sanchez Cv Northern Arc Capital 2018


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