September 3, 2019 / 1:22 PM / 3 months ago

RPT-ICRA ratings for Indian debt instruments-Sep 3

 (Repeating to add more ratings)
    Sep 3 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of August 30 and September 2, 2019.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Aks Alloys Pvt Ltd                      Fund based (sub-      ICRA A4      -
                                        limit) facility
Issuer Not Cooperating
Aks Alloys Pvt Ltd                      Non fund based        ICRA A4      100
Issuer Not Cooperating
Allix Ceramic Pvt Ltd                   Non-fund based BG     ICRA A4      13.5
Rating continues to remain under ‘Issuer Not Cooperating’ category
Alstone International                   Non-FBL               ICRA A4+     100     Downgraded
                                                                                   from ICRA A2
continues to remain in the ‘Issuer Not Cooperating’ category
Altech Infrastructure Pvt. Ltd.         ST: NonFund Based     ICRA A4      34
Reason for delay in carrying out periodic review: 
- Issuer not cooperating
Apeejay Shipping Ltd                    FB – ST Loans         ICRA A1+     400     Reaffirmed
Asm Technologies Ltd                    ST – Interchangeable^ ICRA A3      -       Reaffirmed
^ The short-term interchangeable limits are sub-limits of the cash credit limits
Atc Telecom Infrastructure Pvt          ST FB Limits          ICRA A1+     0       Withdrawn
Ltd
Autometers Alliance Ltd                 ST FB Bk Fac          ICRA A4+     400     Reaffirmed
Autometers Alliance Ltd                 ST non-FB Bk Fac      ICRA A4+     150     Reaffirmed
Bafna Enterprises                       ST, FB Fac            ICRA A2      47.5
Issuer Not Cooperating
Bajaj Motors Ltd                        ST Non-fund Based     ICRA A1+     245     Reaffirmed
Balrampur Chini Mills Ltd               CP                    ICRA A1+     12000   outstanding
Balrampur Chini Mills Ltd               Non-fund              ICRA A1+     ^       Reaffirmed
                                        Based-Working Capital
                                        Fac
^sublimit of fund based
Bansal Brothers                         Non-Fund based – LOC  ICRA A4      20
Rating continues to remain under ‘Issuer Not Cooperating’ category
Bharat Iron Syndicate                   Non-Fund Based – LOC  ICRA A4+     50
Issuer Not Cooperating
Bharat Seats Ltd                        ST: Non-Fund Based    ICRA A2+     200     Reaffirmed
Bmr Industries Pvt Ltd                  ST - FB Fac           ICRA A3+     520     Withdrawn
Bmr Industries Pvt Ltd                  ST - Non-FB Fac       ICRA A3+     65      Withdrawn
Captain Steel India Ltd                 Non-FB – LOC **       ICRA A1      -       Upgraded
                                                                                   from ICRA A2+
**sublimit of WCDL
Captain Steel India Ltd                 Non-FB – BG**         ICRA A1      -       Upgraded
                                                                                   from ICRA A2+
**sublimit of WCDL
Cdm Smith India Pvt Ltd                 Non-FBL               ICRA A4      62.5
Revised from ICRA A4+
Desein Pvt Ltd                          Non-FBL               ICRA A4+     200
Issuer Not Cooperating
Dh Ltd                                  ST: Unallocated       ICRA A3      305
Rating moved to ‘Issuer Not Cooperating’ category
Dh Ltd                                  ST:NonFBL             ICRA A3      100
Rating moved to ‘Issuer Not Cooperating’ category
Durovalves India Pvt Ltd                FB Fac                ICRA AA-     200     Reaffirmed
                                                              and ICRA A1+
outlook revised to Stable from Positive
Durovalves India Pvt Ltd                Non-FB Fac            ICRA AA-     280     Reaffirmed
                                                              and ICRA A1+
outlook revised to Stable from Positive
Durovalves India Pvt Ltd                FB/ Non-FB Fac        ICRA AA-     120     Reaffirmed
                                                              and ICRA A1+
outlook revised to Stable from Positive
Ecap Equities Ltd                       CP Programme          ICRA A1+     0       Withdrawn
Ecap Equities Ltd                       ST NCD programme      ICRA A1+     1500    outstanding
Ecap Equities Ltd                       ST Principle          PP-MLDICRA   1500    outstanding
                                        Protected Market      A1+
                                        Linked Debenture Programme
Ecl Finance Ltd                         CP Programme (IPO     ICRA A1+     0       Withdrawn
                                        financing)
Ecl Finance Ltd                         CP Programme          ICRA A1+     0       Withdrawn
Ecl Finance Ltd                         ST NCD Programme      ICRA A1+     5000    outstanding
Ecl Finance Ltd                         ST Principal          PP-MLDICRA   9000    outstanding
                                        Protected Market      A1+
                                        Linked Debenture Programme
Edel Finance Co. Ltd                    CP Programme          ICRA A1+     0       Withdrawn
Edelweiss Agri Value Chain Ltd          CP Programme          ICRA A1+     0       Withdrawn
Edelweiss Asset Reconstruction          CP Programme          ICRA A1+     0       Withdrawn
Co. Ltd
Edelweiss Finance &                     CP                    ICRA A1+     0       Withdrawn
Investments Ltd
Edelweiss Finance &                     ST Principal          PP-MLDICRA   4000    outstanding
Investments Ltd                         Protected Market      A1+
                                        Linked Debenture Programme
Edelweiss Finvest Pvt Ltd               CP Programme          ICRA A1+     0       Withdrawn
Edelweiss Finvest Pvt Ltd               ST NCD Programme      ICRA A1+     2000    outstanding
Edelweiss Finvest Pvt Ltd               ST Principal          PP MLDICRA   1500    outstanding
                                        Protected Market      A1+
                                        Linked Debenture Programme
Edelweiss Housing Finance Ltd           CP Programme          ICRA A1+     0       Withdrawn
Edelweiss Retail Finance Ltd            CP Programme          ICRA A1+     0       Withdrawn
Edelweiss Retail Finance Ltd            ST NCD Programme      ICRA A1+     1000    outstanding
Edelweiss Rural & Corporate             CP Programme          ICRA A1+     0       Withdrawn
Services Ltd
Edelweiss Rural & Corporate             CP Programme (IPO     ICRA A1+     0       Withdrawn
Services Ltd                            financing)
Edelweiss Rural & Corporate             ST NCD Programme      ICRA A1+     5000    outstanding
Services Ltd
Edelweiss Rural & Corporate             ST NCD Programme      ICRA A1+     635     outstanding
Services Ltd
Edelweiss Rural & Corporate             ST Principal          PP-MLDICRA   3000    outstanding
Services Ltd                            Protected Market      A1+
                                        Linked Debenture Programme
Edelweiss Securities Ltd                CP Programme          ICRA A1+     -       Withdrawn
Eros For Sanitarywares                  BG                    ICRA A4+     26
Eros For Sanitarywares                  Credit Exposure Limit ICRA A4+     6.5
Flourish Paper And Chemicals            ST NonFund Based      ICRA A4      80
Ltd
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Hafele India Pvt Ltd                    ST, fund based        ICRA A1      550
outstanding
Hindustan Hydraulics Pvt Ltd            ST - Non- Fund Based  ICRA A4      100
Continues to remain under the ‘Issuer Not Cooperating’ category
Hindustan Latex Family                  ST, Non-FB Fac        ICRA A2(SO)  40      Reaffirmed
Planning Promotion Trust
Hll Infra Tech Services Ltd             Non-fund based-ST     ICRA A2(SO)  210     Reaffirmed
Indiabulls Housing Finance Ltd          Commercial Paper      ICRA A1+     250000  Reaffirmed
                                        Programme Name of the
                                        rated entity
Indoco Remedies Ltd                     ST, FB Limits         ICRA A2+     200
revised from ICRA A1
Indoco Remedies Ltd                     ST, Non-FBL           ICRA A2+     202.5
revised from ICRA A1
Indoco Remedies Ltd                     CP Programme          ICRA A2+     -
revised from ICRA A1
Jambuwala Commodities Pvt Ltd           ST FB Bk lines        ICRA A4      50      Reaffirmed
Jambuwala Commodities Pvt Ltd           ST non-fund based Bk  ICRA A4      350     Reaffirmed
                                        lines
Jbm Ogihara Automotive India            Non-FBL               ICRA A3      40      Reaffirmed
Ltd
Jsw Steel Ltd                           ST FB Limits          ICRA A1+     13860   Reaffirmed
Jsw Steel Ltd                           ST Non-FBL            ICRA A1+     184000  Reaffirmed
Jsw Steel Ltd                           Proposed NCD          ICRA A1+     40000   Reaffirmed
                                        Programme
outlook revised to Negative from Stable
K. S. Fiber                             Non-Fund BasedForeign ICRA A4      -
                                        LOC
Rating continues to remain under ‘Issuer Not Cooperating’ category
Kalthia Engineering And                 Non-FBL – BG          ICRA A2+     2350
Construction Ltd
Review process is underway
Kalthia Infra Pvt Ltd                   Non-FBL – BG          ICRA A2+(SO) 20
Review process is underway
Kiran Gems Pvt Ltd                      ST, Non FB Fac        ICRA A2+     1920
rating removed from watch with developing implications; revised from ICRA A1
Kosol Energie Pvt Ltd                   Non-FBL –LC, BG       ICRA A2+(SO) 60
Review process is underway
Kotarki Constructions Pvt Ltd           ST –NonFund Based (BG)ICRA A4      120
Rating continues to remain under ‘Issuer Not Cooperating’ category
Kothari Sugars And Chemicals            Non-FBL               ICRA A3      50      Reaffirmed
Ltd
Krbl Ltd                                Non-fund Based -      ICRA A1+ @   1790    Reaffirmed -
                                        LC/BG/Forward Limit
                                        Unallocated
@ - under watch with negative implications
Krbl Ltd                                CP^                   ICRA A1+ @   5000    Withdrawn
@ - under watch with negative implications ^ carved out of working capital limits
Krbl Ltd                                CP^                   ICRA A1+ @   2000    Reaffirmed
@ - under watch with negative implications ^ carved out of working capital limits
L&T Finance Holdings Ltd                CP Programme          ICRA A1+     20000   Reaffirmed
L&T Finance Ltd (Erstwhile              CP Programme Bk Lines ICRA A1+     185000  Reaffirmed
Family Credit Ltd)                      Unallocated
L&T Infra Debt Fund Ltd                 CP programme          ICRA A1+     5000    Reaffirmed
L&T Infrastructure Development          CP Programme          ICRA A1+     5000    Reaffirmed
Projects Ltd
L&T Infrastructure Finance Co.          CP Programme          ICRA A1+     110000  Reaffirmed
Ltd
M.K. Wood India Pvt Ltd                 Non-fund Based - LC & ICRA A4      700     Reaffirmed
                                        Buyer’s Credit Limit
Rating moved to the ‘Issuer Not Cooperating’ category
Mag India Industrial                    ST - unallocated      ICRA A3      50
Automation Systems Pvt Ltd
Rating moved to ‘Issuer not cooperating’ category
Mandeep Industries                      Warehouse receipt     ICRA A4      30
                                        financing
Rating Moved to ‘Issuer Not Cooperating’ category
Mcnroe Consumer Products Pvt            ST -Non Fund Based    ICRA A4+     70
Ltd
Downgraded from ICRA A3+ and moved to the ‘Issuer Not Cooperating’ category
Micromatic Grinding                     Non-Fund Based- BG    ICRA A3      100
Technologies Ltd                        (BG)
Review process is underway
Micromatic Grinding                     Non-Fund Based-       ICRA A3      20
Technologies Ltd                        Foreign LOC (FLC)
Review process is underway
Mirha Exports Pvt Ltd                   ST: Fund based        ICRA A4      1400    Revised from
                                                                                   ICRA D
Mirha Exports Pvt Ltd                   ST/Non-fund Based     ICRA A4      330     Revised from
                                                                                   ICRA D
Mukta Industries Pvt Ltd                FB Bill Discounting   ICRA A4 (SO) 50
                                        Limits
Reason for delay in carrying out periodic review: - Issuer not cooperating
Mukta Industries Pvt Ltd                Non-fund based LOC    ICRA A4 (SO) 50
Reason for delay in carrying out periodic review: - Issuer not cooperating
Narain & Company                        ST Non-fund Based     ICRA A4+     -       Reaffirmed
National Collateral Management          CP Programme          ICRA A1      3000
Services Ltd
rating revised from ICRA A1+
Ncml Finance Pvt Ltd                    CP Programme          ICRA A1      500
Downgraded from ICRA A1+
Neel Metal Products Ltd                 CP/ST Debt            ICRA A2+&    1000    Downgraded
                                                                                   from ICRA A1&
 &: placed on rating Watch with Developing Implications  
Nissan Renault Financial                CP                    ICRA A1+     4000    Assigned
Services India Pvt Ltd                                                             /outstanding
Northern Arc Capital Ltd                CP                    ICRA A1+     5000    Reaffirmed
Opg Business Centre Pvt Ltd             Non-FB Fac            ICRA A3      75
Reason for delay in carrying out periodic review: Review process underway
Oyo Ceramic Pvt. Ltd.                   ST-BG                 ICRA A4      18
Rating moved to ‘Issuer Not Cooperating’ category
Oyo Ceramic Pvt. Ltd.                   ST- Interchangeable   ICRA A4      -
Rating moved to ‘Issuer Not Cooperating’ category
Paradeep Phosphates Ltd                 Non -Fund Based ST FacICRA A1      25700   Reaffirmed
Paradeep Phosphates Ltd                 CP Programme          ICRA A1      2500    Reaffirmed
Prakash Oils Ltd                        Non-FB limits         ICRA A4      670     Reaffirmed
Rating continues to remain under ‘Issuer Not Cooperating’ category
Prakash Steel Corporation               Non-fund based LOC*   ICRA A4      -
Reason for delay in carrying out periodic review: - Issuer not cooperating/
 *Sublimit of Cash Credit Facility
Raj Industries                          Non-fund Based        ICRA A2+     460     Reaffirmed
Rane Engine Valve Ltd                   ST Non fund based     ICRA A2      40      Withdrawn
Rane Engine Valve Ltd                   ST Non fund based     ICRA A2      -       Withdrawn
                                        sublimit
S&P Infrastructure Developers           ST Non-FB limits      ICRA A4+     670
Pvt Ltd
Rating continues to remain in the ‘Issuer Not Cooperating’ category
S&P Infrastructure Developers           Unallocated           ICRA A4+     60
Pvt Ltd
Rating continues to remain in the ‘Issuer Not
Samasta Microfinance Ltd                CP programme          ICRA A1      5500    Reaffirmed
Schwing Stetter India Pvt Ltd           CP                    ICRA A1      1500    Reaffirmed
Shakti Hormann Pvt Ltd                  NFBL                  ICRA A2+     220     Reaffirmed
Shree Ram Proteins Ltd                  Non-fund Based – BG   ICRA A4+     1       Reaffirmed
Shri Aruna Constructions Pvt            Non-Fund based- BG    ICRA A4      110
Ltd
Rating continues to remain under ‘Issuer Not Cooperating’ category
Shriram City Union Finance Ltd          CP                    ICRA A1+     30000   Reaffirmed
Sify Technologies Ltd                   ST: Non-FBL           ICRA A1+     630     Reaffirmed
Signet Conductors Pvt Ltd               ST Non-fund Based     ICRA A4      46.5    Reaffirmed
Singla Forging Pvt Ltd                  ST – NonFund Based    ICRA A4      10
Rating continues to remain under ‘Issuer Not Cooperating’ category
Singla Forging Pvt Ltd                  ST – Unallocated      ICRA A4      5
Rating continues to remain under ‘Issuer Not Cooperating’ category
Sonkamal Enterprises Pvt Ltd            Non-FB Limits         ICRA A3      1200    Withdrawn
Issuer Not Cooperating
Sree Venkateshwara Motors               Fund Based –          ICRA A4      50
(India) Pvt Ltd                         Inventory Funding
                                        Limits
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Sruti Filatex Pvt Ltd                   BG                    ICRA A4      15
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Synco Industries Ltd                    Non-fund based BG     ICRA A4      15
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Tajgvk Hotels Amp; Resorts Ltd          ST, FB Limits         ICRA A1+     300     Reaffirmed
Tajgvk Hotels Amp; Resorts Ltd          ST, Non-FBL           ICRA A1+     -       Reaffirmed
                                        (Interchangeable)
Tata Sons Pvt Ltd                       CP Programme          ICRA A1+     135000  Reaffirmed
Vikas Telecom Pvt Ltd                   ST TL                 ICRA A3      -
Downgraded to ICRA A3 from ICRA A3+ and Withdrawn
Vikas Telecom Pvt Ltd                   ST Non-fund based     ICRA A3      -
Downgraded to ICRA A3 from ICRA A3+ and Withdrawn
Vikas Telecom Pvt Ltd                   ST Unallocated        ICRA A3      -
                                        Previously Rated
Downgraded to ICRA A3 from ICRA A3+ and Withdrawn
Zeta Microns Llp                        Non-Fund Based: ST    ICRA A4      8
Rating continues to remain under ‘Issuer Not Cooperating’ category
Beko Dimon Fishing Co                   ST – Fund based       ICRA D       25
                                        facility
Reason for delay in carrying out periodic review: Issuer not cooperating

Carona Industries Pvt Ltd               ST – Fund Based       ICRA D       15
Rating Continues to remain in ‘Issuer Not Cooperating’ category
Carona Industries Pvt Ltd               ST – Non Fund Based   ICRA D       46.3
Rating Continues to remain in ‘Issuer Not Cooperating’ category
Carona Industries Pvt Ltd               ST – Interchangeable  ICRA D       -
Rating Continues to remain in ‘Issuer Not Cooperating’ category
Gb Engineering Enterprises Pvt          ST – Non Fund based   ICRA D       192.8
Ltd
Rating Continues to remain under ‘Issuer Not Cooperating’ category
Gb Engineering Enterprises Pvt          ST – interchangeable  ICRA D       -
Ltd
Rating Continues to remain under ‘Issuer Not Cooperating’ category
Servocontrols And Hydraulics            ST - Non Fund Based                34
(I) Pvt Ltd
Servocontrols And Hydraulics            ST - Interchangeable               -
(I) Pvt Ltd
Shri Haridarshan Jewellers              ST-Fund Based         ICRA D       20
Rating continues to remain under ‘Issuer Not Cooperating’ category
Vihita Chem Pvt Ltd                     ST FB - EPC/PCFC      ICRA A4+     65      Reaffirmed
Vihita Chem Pvt Ltd                     ST Non-fund Based     ICRA A4+     0       -
 

MEDIUM TERM RATINGS:
-------------------
L&T Housing Finance Ltd                 Medium-Term Fixed     MAAA         1000    Reaffirmed
                                        Deposits              (negative)
LONG TERM RATINGS:
-------------------
A B Renewable Energy Pvt Ltd            Bk Loan Ratings       ICRA         240
                                                              BB-(Stable)
Review process is underway
Ahmedabad Maliya Tollway Ltd            NCD (NCD)             ICRA AA(SO)  1750    Reaffirmed
outlook: Positive
Aks Alloys Pvt Ltd                      LT Fund based         ICRA C+      140
Issuer Not Cooperating
Allix Ceramic Pvt Ltd                   Fund based-TL         ICRA B       61.1
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Allix Ceramic Pvt Ltd                   Fund based-CC         ICRA B       50
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Alstone International                   FB Limits             ICRA         80      Downgraded
                                                              BB+/Stable           from ICRA
                                                                                   BBB+/Stable
continues to remain in the ‘Issuer Not Cooperating’ category
Altech Infrastructure Pvt. Ltd.         LT: Fund Based        ICRA B+      73.7
Reason for delay in carrying out periodic review: 
- Issuer not cooperating
Altech Infrastructure Pvt. Ltd.         LT: Unallocated       ICRA B+      2.3
Reason for delay in carrying out periodic review: 
- Issuer not cooperating
Apeejay Shipping Ltd                    FB- Bk Fac            ICRA A+      350     Downgraded
                                                              /Stable              from ICRA
                                                                                   AA-(Stable)
Apeejay Shipping Ltd                    FB – TL               ICRA A+      2200    Downgraded
                                                              /Stable              from ICRA
                                                                                   AA-(Stable)
Apeejay Shipping Ltd                    FB – TL               ICRA A+      39.16   Downgraded
                                                              /Stable              from ICRA
                                                                                   AA-(Stable)
Apeejay Shipping Ltd                    Non-fund based        ICRA A+      18      Downgraded
                                                              /Stable              from ICRA
                                                                                   AA-(Stable)
Apeejay Shipping Ltd                    Non-fund based        ICRA A+      20      Downgraded
                                                              /Stable/             from ICRA
                                                              ICRA A1+            
AA-(Stable)/Reaffirmed
ICRA A1+
Arihant Solvex Pvt Ltd                  Fund Based Working    ICRA BB-     160
                                        Capital Limits        (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Arinsun Clean Energy Pvt Ltd            Fund based-TL         ICRA         9060    Reaffirmed
                                                              A-(Positive)
outlook revised from Stable to Positive
Arinsun Clean Energy Pvt Ltd            CC Limit              ICRA         440     Reaffirmed
                                                              A-(Positive)
outlook revised from Stable to Positive
Arman Logistics Park Pvt Ltd            Fund Based - TL       ICRA BBB     1049.4  Assigned
Aryadhan Financial Solutions            LT Bk Lines (Fund     ICRA BB+     500     Reaffirmed
Pvt Ltd                                 Based/Non-fund Based)
outlook revised to Stable from Positive
Asm Technologies Ltd                    LT - CC               ICRA BBB-    120     Reaffirmed
Asm Technologies Ltd                    LT - Unallocated      ICRA BBB-    116.4   Reaffirmed
Atc Telecom Infrastructure Pvt          Long-TL               ICRA AA-     0       Reaffirmed
Ltd                                                           (Stable)
Atc Telecom Infrastructure Pvt          Long -term Non-FB     ICRA AA-     0       Reaffirmed
Ltd                                     Limits                (Stable)
Atc Telecom Infrastructure Pvt          LT FB Limits          ICRA AA-     5960    Reaffirmed
Ltd                                                           (Stable)
Atul Motors Pvt Ltd                     LT- Loan              ICRA         89.4
                                                              BB+(Stable)
Downgraded from ICRA BBB(Stable) and moved to the ‘Issuer Not Cooperating’ category
Atul Motors Pvt Ltd                     LT Fund Based CC      ICRA         180
                                                              BB+(Stable)
Downgraded from ICRA BBB(Stable) and moved to the ‘Issuer Not Cooperating’ category
Au Small Finance Bank Ltd               Bk Lines              ICRA         277.7   Reaffirmed
                                                              AA-(Stable)
Au Small Finance Bank Ltd               NCDs                  ICRA         1700    Reaffirmed
                                                              AA-(Stable)
Au Small Finance Bank Ltd               Subordinated Debt     ICRA         250     Reaffirmed
                                        Programme             AA-(Stable)
Autometers Alliance Ltd                 LT FB Bk Fac          ICRA         400     Reaffirmed
                                                              BB+(Stable)
Autometers Alliance Ltd                 LT non-FB Bk Fac      ICRA         1350    Reaffirmed
                                                              BB+(Stable)
Bafna Enterprises                       LT, FB Fac            ICRA         70
                                                              BBB(Stable)
Issuer Not Cooperating
Bajaj Motors Ltd                        TL                    ICRA A+      570     Reaffirmed
outlook revised to Stable from Positive
Bajaj Motors Ltd                        FB CC                 ICRA A+      450     Reaffirmed
outlook revised to Stable from Positive
Bajaj Motors Ltd                        LT/ST Unallocated     ICRA         235     Reaffirmed
                                                              A+/ICRA A1+
outlook revised to Stable from Positive
Balrampur Chini Mills Ltd               FB -TL                ICRA AA      3876.3  Reaffirmed
Balrampur Chini Mills Ltd               FB - Working Capital  ICRA AA      19030   Reaffirmed
                                        Fac
Balrampur Chini Mills Ltd               FB - Working Capital  ICRA         1500    Reaffirmed
                                        Fac                   AA/ICRA A1+
Bansal Brothers                         Fund based - CC       ICRA B+      60
                                                              (Stable)
Downgraded from ICRA BB (Stable); Issuer Not Cooperating; Rating continues to remain under
‘Issuer Not Cooperating’ category
Basant City Centre Malls Pvt            LT –Fund Based (TL)   ICRA         100
Ltd                                                           B+(Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Beko Dimon Fishing Co                   LT – Unallocated      ICRA D       20
Reason for delay in carrying out periodic review: Issuer not cooperating
Bharat Iron Syndicate                   Fund based-TL         ICRA BB      20
                                                              (Stable)
Issuer Not Cooperating
Bharat Iron Syndicate                   Fund based-CC         ICRA BB      90
                                                              (Stable)
Issuer Not Cooperating
Bharat Seats Ltd                        LT: FB- CC            ICRA         352     Reaffirmed
                                                              A-(Negative)
Bharat Seats Ltd                        LT: FB- TL            ICRA         55.6    Reaffirmed
                                                              A-(Negative)
Bmr Industries Pvt Ltd                  TL                    ICRA BBB     425     Withdrawn
                                                              (Stable)
Bmr Industries Pvt Ltd                  LT - FB Fac           ICRA BBB     425     Withdrawn
                                                              (Stable)
Bmr Industries Pvt Ltd                  LT– Proposed Fac      ICRA BBB     965     Withdrawn
                                                              (Stable)
Call Express Construction               LT – Fund based TL    ICRA         500
India Pvt Ltd                                                 B+(Stable)
Issuer Not Cooperating
Call Express Construction               LT / ST – Unallocated ICRA         100
India Pvt Ltd                                                 B+(Stable)
                                                              /A4
Issuer Not Cooperating
Captain Steel India Ltd                 FB- Untied limit      -            0       -
Captain Steel India Ltd                 Non-FB – LOC          -            0       -
Captain Steel India Ltd                 Non-fund based –      -            0       -
                                        Untied limit
Captain Steel India Ltd                 FB– CC                ICRA A       1670    Upgraded
                                                              (Stable)             from ICRA A-
                                                                                   (Stable)
Captain Steel India Ltd                 FB– WCDL              ICRA A       330     Upgraded
                                                              (Stable)             from ICRA A-
                                                                                   (Stable)
Captain Steel India Ltd                 Fund based            ICRA A       -       Upgraded
                                        (Interchangeable)**   (Stable)             from ICRA A-
                                                                                   (Stable)
**sublimit of WCDL
Carona Industries Pvt Ltd               LT – Fund Based/ CC   ICRA D       145
Rating Continues to remain in ‘Issuer Not Cooperating’ category
Carona Industries Pvt Ltd               LT – Fund Based TL    ICRA D       41
Rating Continues to remain in ‘Issuer Not Cooperating’ category
Carona Industries Pvt Ltd               LT – unallocated      ICRA D       112.7
Rating Continues to remain in ‘Issuer Not Cooperating’ category
Cdm Smith India Pvt Ltd                 Fund Based- CC        ICRA         10
                                                              B+(Negative)
Revised from ICRA BB+ (Negative)
Celebi Delhi Cargo Terminal             Fund based- Working   ICRA A       100     Reaffirmed
Management India Pvt Ltd                Capital Fac
outlook revised to stable from positive
Celebi Delhi Cargo Terminal             Fund based- TL        ICRA A       1200    Reaffirmed
Management India Pvt Ltd
outlook revised to stable from positive
Choudhary Gum Amp; Derivatives          CC Fac                ICRA         145
                                                              B(Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Clean Max Power Projects Pvt.           LT - TL               ICRA BBB     10000   Upgraded
Ltd                                                           (Stable)             from ICRA
                                                                                   BBB- (Stable)
Desein Pvt Ltd                          CC                    ICRA BB+     30
                                                              (Stable)
Issuer Not Cooperating
Dh Ltd                                  LT Non-Fund based     ICRA BBB     70
                                                              (Stable)
Rating moved to ‘Issuer Not Cooperating’ category
Ds Jaipur Hospitality Pvt Ltd           LT FB Bk Fac: TL      ICRA A(S)    695.5   Withdrawn
                                                              (Stable)
Durovalves India Pvt Ltd                TL                    ICRA AA-     150     Reaffirmed
outlook revised to Stable from Positive
Ecap Equities Ltd                       NCD programme         ICRA AA-     7500    outstanding
                                                              (negative)
Ecap Equities Ltd                       LT Market Linked      PP-MLDICRA   10000   outstanding
                                        Debenture programme   AA-
                                                              (negative)
Ecap Equities Ltd                       LT Market Linked      PP-MLDICRA   18400.4 outstanding
                                        Debenture programme   AA-
                                                              (negative)
Ecl Finance Ltd                         Retail NCD Programme  ICRA AA-     20000   outstanding
                                                              (negative)
Ecl Finance Ltd                         Retail NCD Programme  ICRA AA-     40000   outstanding
                                                              (negative)
Ecl Finance Ltd                         NCD Programme         ICRA AA-     61362.5 outstanding
                                                              (negative)
Ecl Finance Ltd                         Subordinated Debt     ICRA AA-     11500   outstanding
                                        Programme             (negative)
Ecl Finance Ltd                         Bk Lines              ICRA AA-     180000  outstanding
                                                              (negative)/
                                                              ICRA A1+
Ecl Finance Ltd                         LT Principal          PP-MLDICRA   3000    outstanding
                                        Protected Market      AA-
                                        Linked Debenture Progr(negative)
Ecl Finance Ltd                         LT Principal          PP-MLDICRA   21116.3 outstanding
                                        Protected Market      AA-
                                        Linked Debenture Progr(negative)
Edel Finance Co. Ltd                    NCD programme         ICRA AA-     7500    outstanding
                                                              (negative)
Edel Finance Co. Ltd                    LT Market Linked      PP-MLDICRA   10000   outstanding
                                        Debenture             AA-
                                                              (negative)
Edelweiss Agri Value Chain Ltd          NCD Programme         ICRA AA-     0       Withdrawn
                                                              (Negative)
Edelweiss Agri Value Chain Ltd          NCD Programme         ICRA AA-     0       Withdrawn
                                                              (Negative)
Edelweiss Agri Value Chain Ltd          Bk Lines              ICRA AA-     0       Withdrawn
                                                              (Negative)
Edelweiss Agri Value Chain Ltd          NCD Programme**       ICRA         0       Withdrawn
                                                              AA-(SO)**
                                                              (Negative)
** The letters SO in parenthesis, suffixed to the rating symbol, stand for structured
obligation. An SO rating is specific to the rated issue, its terms, and structure. SO ratings do
not represent ICRA’s opinion on the general credit quality of the issuers concerned. The SO
rating for the NCDs is based on the strength of an unconditional, irrevocable and continuing
guarantee by Edelweiss Financial Services Limited (EFSL; Guarantor)
Edelweiss Asset Reconstruction          NCD Programme         ICRA A+      25000   outstanding
Co. Ltd                                                       (Negative)
Edelweiss Asset Reconstruction          Bk Lines              ICRA A+      5000    outstanding
Co. Ltd                                                       (Negative)
Edelweiss Asset Reconstruction          NCD Programme         ICRA         10500   outstanding
Co. Ltd                                                       AA-(SO)**
                                                              (Negative)
** The letters SO in parenthesis, suffixed to the rating symbol, stand for structured
obligation. An SO rating is specific to the rated issue, its terms, and structure. SO ratings do
not represent ICRA’s opinion on the general credit quality of the issuers concerned. The SO
rating for the non-convertible debentures (NCDs) and market linked debentures is based on the
strength of an unconditional, irrevocable and continuing guarantee provided by Edelweiss
Financial Services Limited (EFSL; guarantor); *** PP-MLD refers to the principal protected
market linked debenture programme. According to the terms of the rated market linked debentures,
the amount invested, that is the principal, is protected against erosion while the returns on
the investment could vary as they are linked to movements in one or more variables, such as
equity indices, commodity prices, and/or foreign exchange rates. The assigned rating expresses
ICRA’s current opinion on the credit risk associated with the issuer concerned. The rating does
not address the risks associated with the variability in returns resulting from the adverse
movements in the variable(s) concerned. 
Edelweiss Asset Reconstruction          LT Principal          PP-MLD ICRA  5000    outstanding
Co. Ltd                                 Protected Market      AA- (SO)
                                        Linked Debenture Progr**(Negative)
 ** The letters SO in parenthesis, suffixed to the rating symbol, stand for structured
obligation. An SO rating is specific to the rated issue, its terms, and structure. SO ratings do
not represent ICRA’s opinion on the general credit quality of the issuers concerned. The SO
rating for the non-convertible debentures (NCDs) and market linked debentures is based on the
strength of an unconditional, irrevocable and continuing guarantee provided by Edelweiss
Financial Services Limited (EFSL; guarantor ) 
Edelweiss Asset Reconstruction          LT Principal          PP-MLD ICRA  2500    outstanding
Co. Ltd                                 Protected Market      AA-(SO)***
                                        Linked Debenture Progr(Negative)
 *** PP-MLD refers to the principal protected market linked debenture programme. According to
the terms of the rated market linked debentures, the amount invested, that is the principal, is
protected against erosion while the returns on the investment could vary as they are linked to
movements in one or more variables, such as equity indices, commodity prices, and/or foreign
exchange rates. The assigned rating expresses ICRA’s current opinion on the credit risk
associated with the issuer concerned. The rating does not address the risks associated with the
variability in returns resulting from the adverse movements in the variable(s) concerned.  
Edelweiss Finance &                     NCD                   ICRA AA-     11000   outstanding
Investments Ltd                                               (negative)
Edelweiss Finance &                     Subordinated Debt     ICRA AA-     350     outstanding
Investments Ltd                                               (negative)
Edelweiss Finance &                     Bk Lines              ICRA AA-     5000    outstanding
Investments Ltd                                               (negative)
Edelweiss Finance &                     LT Principal          PP MLDICRA   7000    outstanding
Investments Ltd                         Protected Market      AA-
                                        Linked Debenture      (negative)
Edelweiss Finvest Pvt Ltd               NCD Programme         ICRA AA-     7000    outstanding
                                                              (negative)
Edelweiss Finvest Pvt Ltd               Subordinated Debt     ICRA AA-     1000    outstanding
                                        Programme             (negative)
Edelweiss Finvest Pvt Ltd               Bk Lines              ICRA AA-     5000    outstanding
                                                              (negative)
Edelweiss Finvest Pvt Ltd               LT Principal          PP MLD ICRA  8073.9  outstanding
                                        Protected Market      AA-
                                        Linked Debenture Progr(negative)
Edelweiss Finvest Pvt Ltd               LT Principal          PP MLD ICRA  2000    outstanding
                                        Protected Market      AA-
                                        Linked Debenture Progr(negative)
Edelweiss Housing Finance Ltd           NCD                   ICRA AA-     10000   outstanding
                                                              (negative)
Edelweiss Housing Finance Ltd           Bk Lines              ICRA AA-     40000   outstanding
                                                              (negative)
Edelweiss Housing Finance Ltd           NCD Programme         ICRA AA-     9600    outstanding
                                                              (negative)
Edelweiss Housing Finance Ltd           Subordinated Debt     ICRA AA-     3000    outstanding
                                        Programme             (negative)
Edelweiss Housing Finance Ltd           Retail NCD Programme  ICRA AA-     5000    outstanding
                                                              (negative)
Edelweiss Retail Finance Ltd            Bk Lines              ICRA AA-     20000   outstanding
                                                              (negative)
Edelweiss Retail Finance Ltd            Retail NCD Programme  ICRA AA-     5000    outstanding
                                                              (negative)
Edelweiss Retail Finance Ltd            NCD Programme         ICRA AA-     12000   outstanding
                                                              (negative)
Edelweiss Retail Finance Ltd            Subordinated Debt     ICRA AA-     4500    outstanding
                                        Programme             (negative)
Edelweiss Rural & Corporate             NCD Programme         ICRA AA-     15000   Assigned
Services Ltd                                                  (negative)
Edelweiss Rural & Corporate             Bk Lines              ICRA AA-     25000   Assigned
Services Ltd                                                  (negative)
Edelweiss Rural & Corporate             NCD Programme         ICRA AA-     30000   outstanding
Services Ltd                                                  (negative)
Edelweiss Rural & Corporate             NCD Programme         ICRA AA-     51705   outstanding
Services Ltd                                                  (negative)
Edelweiss Rural & Corporate             NCD Programme         ICRA         5000    Assigned
Services Ltd                                                  AA-(SO)**
                                                              (negative)
** The letters SO in parenthesis, suffixed to the rating symbol, stand for structured
obligation. An SO rating is specific to the rated issue, its terms, and structure. SO ratings do
not represent ICRA’s opinion on the general credit quality of the issuers concerned. The SO
rating for the NCDs is based on the strength of an unconditional, irrevocable and continuing
guarantee by Edelweiss Financial Services Limited (EFSL; Guarantor). 
Empire Industries Ltd                   BLR                   ICRA A       2051.8
                                                              (Stable)/
                                                              ICRA A1/ MA (Stable)
Review process is underway
Eros For Sanitarywares                  CC                    ICRA         117.5
                                                              BB+(Stable)
Eros For Sanitarywares                  TL                    ICRA         59.1
                                                              BB+(Stable)
Eros For Sanitarywares                  Unallocated Limits    ICRA         71.6
                                                              BB+(Stable)
                                                              /A4+
Facor Alloys Ltd                        LT FB Bk Facility (CC)ICRA D       107.2   Reaffirmed
Facor Alloys Ltd                        LT FB Bk Facility     ICRA D       4       Reaffirmed
                                        (Bill Discounting)
Facor Alloys Ltd                        LT FB Bk Facility     ICRA D       23      Reaffirmed
                                        (Overdraft)
Facor Alloys Ltd                        LT/ST Unallocated     ICRA D/ICRA  494.8   Reaffirmed
                                        Limits                D
Flourish Paper And Chemicals            Fund based-CC         ICRA B+      70
Ltd
Rating continues to remain under ‘Issuer Not Cooperating’ category
Flourish Paper And Chemicals            Fund based-TL         ICRA B+      13
Ltd
Rating continues to remain under ‘Issuer Not Cooperating’ category
Fusion Microfinance (Pvt.) Ltd.         NCD Programme         ICRA A-      350     Assigned
                                                              (Stable)
Fusion Microfinance (Pvt.) Ltd.         NCD Programme         ICRA A-      5085
                                                              (Stable)
outstanding
Gaurishanker Bihani                     Bk Fac                ICRA B+      2000
                                                              (Stable)
Reason for delay in carrying out periodic review: - Review process is underway
Gav Agro Pvt Ltd                        Fund based-CC         ICRA D       40
Rating revised from ICRA B(Stable) and continues to remain under ‘Issuer Not Cooperating’
category
Gav Agro Pvt Ltd                        Fund based-TL         ICRA D       101.5
Rating revised from ICRA B(Stable) and continues to remain under ‘Issuer Not Cooperating’
category
Gb Engineering Enterprises Pvt          LT – Fund Based/ CC   ICRA D       240
Ltd
Rating Continues to remain under ‘Issuer Not Cooperating’ category
Gb Engineering Enterprises Pvt          LT / ST – Unallocated ICRA D       32.6
Ltd
Rating Continues to remain under ‘Issuer Not Cooperating’ category
Ghanshyamdas & Company                  LT FB - CC            ICRA         150     Downgraded
                                                              B+(Stable)           from ICRA
                                                                                   BB- (Stable)
Gmr Chhattisgarh Energy Ltd             TL                    ICRA D       58500
Rating continues to remain under ‘Issuer Not Cooperating’ category
Gmr Chhattisgarh Energy Ltd             Unallocated Limits    ICRA D       18670
Rating continues to remain under ‘Issuer Not Cooperating’ category
Gmr Kamalanga Energy Ltd                Fund based - TL       ICRA D       34050
Rating continues to remain under ‘Issuer Not Cooperating’ category
Gmr Kamalanga Energy Ltd                Non-fund based        ICRA D       4500
Rating continues to remain under ‘Issuer Not Cooperating’ category
Golden Tobacco Ltd                      Fund based – CC       ICRA D       443
Rating continues to remain under ‘Issuer Not Cooperating’ category
Good Shepherd Educational               Fund based-TL         ICRA A-      500     Reaffirmed
Trust (Good Shepherd                                          (Stable)
International School)
Good Shepherd Educational               Fund based- Working   ICRA A-      100     Reaffirmed
Trust (Good Shepherd                    Capital Fac           (Stable)
International School)
Gopal Oil Industries                    FB CC                 ICRA B       99
                                                              (Stable)
Downgraded from ICRA BB- (Stable) and moved to ‘Issuer Not Cooperating’ category
Hafele India Pvt Ltd                    LT/ST; Fund           ICRA A+      2220
                                        based/Non-fund Based  (stable)
                                                              /ICRA A1
Assigned/ outstanding
Hafele India Pvt Ltd                    LT /ST, FB            ICRA A+      300
                                                              (stable)/
                                                              ICRA A1
outstanding
Hafele India Pvt Ltd                    LT/ST interchangeable ICRA A+      -
                                                              (stable)/
                                                              ICRA A1
outstanding
Haldia Municipality                     Issuer rating         ICRA BBB     -       Withdrawn
                                                              (Stable)
Hindustan Hydraulics Pvt Ltd            LT - Fund Based/ CC   ICRA BB-     51
                                                              (Stable)
Continues to remain under the ‘Issuer Not Cooperating’ category
Hindustan Hydraulics Pvt Ltd            LT - Fund Based TL    ICRA BB-     11
                                                              (Stable)
Continues to remain under the ‘Issuer Not Cooperating’ category
Hindustan Hydraulics Pvt Ltd            LT - Unallocated      ICRA BB-     38
                                                              (Stable)
Continues to remain under the ‘Issuer Not Cooperating’ category
Hindustan Latex Family                  LT, FB Fac            ICRA BBB+    100^
Planning Promotion Trust                                      (SO)
reaffirmed with Outlook revised to Stable from Negative; ^50% one way interchangeable from fund
based to non-fund based
Hll Infra Tech Services Ltd             CC- LT                ICRA         256.5   Reaffirmed
                                                              BBB+(SO)
outlook revised to Stable from Negative
Icici Bank Ltd-Icici Bank Ltd.          Second Loss Facility  ICRA AA(SO)  -       Reaffirmed
(2005) Mbs 1 (Aawas Trust
Series 8)
Icici Bank Ltd-Icici Bank Ltd.          Second Loss Facility  ICRA AA(SO)  -       Reaffirmed
(2005) Mbs 1 (Aawas Trust
Series 8)
Icici Bank Ltd-Icici Bank Ltd.          PTC Series A2         ICRA AAA(SO) -       Reaffirmed
(2005) Mbs 1 (Aawas Trust
Series 8)
Icici Bank Ltd-Icici Bank Ltd.          PTC Series B^^        ICRA AAA(SO) -       Reaffirmed
(2005) Mbs 1 (Aawas Trust
Series 8)
^^ Initial investment by Series B PTC holders was nominal
Icici Bank Ltd-Icici Bank Ltd.          PTC Series A2         ICRA AAA(SO) -       Reaffirmed
(2005) Mbs 1 (Aawas Trust
Series 8)
Icici Bank Ltd-Icici Bank Ltd.          PTC Series B^^        ICRA AAA(SO) -       Reaffirmed
(2005) Mbs 1 (Aawas Trust
Series 8)
^^ Initial investment by Series B PTC holders was nominal
Indiabulls Housing Finance Ltd          NCD (NCD) Programme   ICRA AA+     452000  Downgraded
                                                                                   from ICRA AAA
remains on Watch with Developing Implications
Indiabulls Housing Finance Ltd          Subordinated Debt     ICRA AA+     50000   Downgraded
                                        Programme                                  from ICRA AAA
remains on Watch with Developing Implications
Indiabulls Housing Finance Ltd          Retail Bond Programme1ICRA AA+     150000  Downgraded
                                                                                   from ICRA AAA
remains on Watch with Developing Implications
Indiabulls Housing Finance Ltd          LT Bk Fac             ICRA AA+     470000  Downgraded
                                                                                   from ICRA AAA
remains on Watch with Developing Implications
Indian Furniture Products Ltd           Proposed Limits       ICRA B       235
                                                              /ICRA A4
Rating continues to remain under ‘Issuer Not Cooperating’ category
Indoco Remedies Ltd                     Long-TL               ICRA A       2500
                                                              (Negative)
revised from ICRA A+(Negative)
Indoco Remedies Ltd                     LT, FB Limits         ICRA A       294
                                                              (Negative)
revised from ICRA A+(Negative)
Indoco Remedies Ltd                     LT, Non-FBL           ICRA A       243.7
                                                              (Negative)
revised from ICRA A+(Negative)
Indoco Remedies Ltd                     LT/ST, FB Limits      ICRA A       250
                                                              (Negative)
                                                              /ICRA A2+
revised from ICRA A+(Negative)/ICRA A1
Indoco Remedies Ltd                     LT/ST, Unallocated    ICRA A       600
                                        Limits                (Negative)
                                                              /ICRA A2+
revised from ICRA A+(Negative)/ICRA A1
Indospace Chittoor Pvt Ltd              Fund Based - TL       ICRA BBB     700     Assigned
                                                              (Stable)
Indospace Rohan Industrial              Fund Based - TL       ICRA AA(SO)  655     Reaffirmed
Park Khed Pvt Ltd                                             (Stable)
Indospace Rohan Industrial              Fund Based - TL       ICRA AA(SO)  655     Reaffirmed
Park Mahalunge Pvt Ltd                                        (Stable)
Indospace Rohan Industrial              Fund Based - TL       ICRA AA(SO)  655     Reaffirmed
Park Pune Pvt Ltd                                             (Stable)
Indospace Rohan Industrial              Fund Based - TL       ICRA AA(SO)  655     Reaffirmed
Park Pvt Ltd                                                  (Stable)
Ishaan Metals Pvt Ltd                   Fund Based- CC (CC)/  ICRA         100
                                        Overdraft (optionally B+(Stable)
                                        convertible debenture)
Issuer Not Cooperating
Ishaan Metals Pvt Ltd                   Unallocated           ICRA         25
                                                              B+(Stable)
Issuer Not Cooperating
J.I. Enterprises                        LT: Fund Based        ICRA B       64.4
                                                              (Stable)
Issuer Not Cooperating
J.I. Enterprises                        LT: Unallocated       ICRA B       25.6
                                                              (Stable)
Issuer Not Cooperating
Jai Suspension Systems Llp              LT/ST: Fund based/    ICRA AA-     450     Downgraded
                                        Non-fund based        (SO) /               fromICRA
                                                              ICRA A1+(SO)         AA/Reaffirmed
Jainalco Industries Pvt Ltd             LT Fund based/CC LT   ICRA BB      70
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Jainalco Industries Pvt Ltd             Fund Based/ TL        ICRA BB      80
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Jambuwala Commodities Pvt Ltd           ST unallocated        -            0       -
Jamna Auto Industries Ltd               TL                    ICRA AA-     850     Downgraded
                                                                                   from ICRA AA
Jamna Auto Industries Ltd               LT: Fund              ICRA AA-     1300    Downgraded
                                        based/Nonfund Based                        from ICRA AA
Jamna Auto Industries Ltd               LT/ST: Fund           ICRA AA- /   2950    Downgraded
                                        based/Non-fund Based  ICRA A1+             from ICRA
                                                                                   AA/Reaffirmed
Jamna Auto Industries Ltd               LT/ST: Unallocated    ICRA AA- /   200     Downgraded
                                                              ICRA A1+             from ICRA AA
                                                                                   /Reaffirmed
Jbm Ogihara Automotive India            CC                    ICRA BBB-    170     Reaffirmed
Ltd
Jbm Ogihara Automotive India            TL                    ICRA BBB-    47.3    Reaffirmed
Ltd
Jbm Ogihara Automotive India            Unallocated           ICRA BBB-/A3 242.7   Reaffirmed
Ltd
Jitf Urban Waste Management             Fund based - TL       ICRA BB      268.3   Reaffirmed
(Bathinda) Ltd                                                (Negative)
Jsw Steel Ltd                           Proposed – TL         -            -       Reaffirmed
Jsw Steel Ltd                           NCD Programme         ICRA AA      31410   Reaffirmed
outlook revised to Negative from Stable
Jsw Steel Ltd                           TL / Standby LOC Fac  ICRA AA      303370  Reaffirmed
outlook revised to Negative from Stable -
Jsw Steel Ltd                           LT / ST –             ICRA         96880   Reaffirmed
                                        Fundbased/Non-FBL     AA/ICRA A1+
outlook on longterm rating revised to Negative from Stable
K. S. Fiber                             Fund Based-TL         ICRA         5000
                                                              B(Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
K. S. Fiber                             Fund Based-CC         ICRA         80
                                                              B(Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Kalthia Engineering And                 Fund Based- CC        ICRA A-      350
Construction Ltd                                              (Stable)
Review process is underway
Kalthia Infra Projects Pvt Ltd          Fund Based- TL        ICRA         1478.6
                                                              BBB+(Stable)
Review process is underway
Kalthia Infra Pvt Ltd                   Fund Based- TL        ICRA A-(SO)  89.7
                                                              (Stable)
Review process is underway
Kalthia Infra-Con Pvt Ltd               Fund Based- TL        ICRA A-(SO)  509.2
                                                              (Stable)
Review process is underway
Khargone Transmission Ltd               FB -TL                ICRA BBB-    10700
                                                              (Negative)
Revised from ICRA BBB (Stable)
Khargone Transmission Ltd               Non-fund Based-LOC    ICRA BBB-    -
                                                              (Negative)
                                                              / ICRA A3
Revised from ICRA BBB (Stable) / ICRA A3+
Kiran Gems Pvt Ltd                      LT, FB Fac            ICRA A-      23767
                                                              (Negative)
rating removed from watch with developing implications; revised from ICRA A+
Kiran Gems Pvt Ltd                      LT / ST – Unallocated ICRA A-      563
                                                              (Negative)
                                                              /ICRA A2+
rating removed from watch with developing implications; revised from ICRA A+/ICRA A1
Konkan Railway Corporation Ltd          NCD Programme         ICRA AAA(S)  13800   Reaffirmed
Konkan Railway Corporation Ltd          NCD Programme         Provisional  1200    Assigned
                                                              ICRA AAA(S)
Kosol Energie Pvt Ltd                   Fund Based- CC        ICRA A-(SO)  60
                                                              (Stable)
Review process is underway
Kotarki Constructions Pvt Ltd           LT –Fund Based (CC)   ICRA B+      130
Rating continues to remain under ‘Issuer Not Cooperating’ category
Kothari Sugars And Chemicals            TL                    ICRA BBB-    159.3   Reaffirmed
Ltd                                                           (Stable)
Kothari Sugars And Chemicals            CC                    ICRA BBB-    1000    Reaffirmed
Ltd                                                           (Stable)
Krbl Ltd                                TL                    ICRA AA- @   440     Reaffirmed
@ - under watch with negative implications
Krbl Ltd                                Working Capital       ICRA AA- @   15750   Reaffirmed
@ - under watch with negative implications
L&T Finance Holdings Ltd                NCD Programme         ICRA AAA     10000   Reaffirmed
                                                              (Negative)
outlook revised to Negative from Stable
L&T Finance Ltd (Erstwhile              Perpetual Debt        ICRA AA+     6000    Reaffirmed
Family Credit Ltd)                      Programme             (negative)
outlook revised to Negative from Stable
L&T Finance Ltd (Erstwhile              Bk Lines programme    ICRA AAA     260000  Reaffirmed
Family Credit Ltd)                                            (negative)
outlook revised to Negative from Stable
L&T Finance Ltd (Erstwhile              NCD Programme         ICRA AAA     135000  Reaffirmed
Family Credit Ltd)                                            (negative)
outlook revised to Negative from Stable
L&T Finance Ltd (Erstwhile              NCD Programme (Public ICRA AAA     6817    Reaffirmed
Family Credit Ltd)                      Issuance)             (negative)
outlook revised to Negative from Stable
L&T Finance Ltd (Erstwhile              NCD Programme (Public ICRA AAA     50000   Reaffirmed
Family Credit Ltd)                      Issuance) #           (negative)
outlook revised to Negative from Stable
L&T Finance Ltd (Erstwhile              Subordinated Debt     ICRA AAA     13250   Reaffirmed
Family Credit Ltd)                      Programme             (negative)
outlook revised to Negative from Stable
L&T Finance Ltd (Erstwhile              LT Market Linked      PP MLD ICRA  5000    Reaffirmed
Family Credit Ltd)                      Debenture Programme   AAA
                                                              (negative)
outlook revised to Negative from Stable
L&T Housing Finance Ltd                 Perpetual Debt        ICRA AA+     1000    Reaffirmed
                                        Programme             (negative)
outlook revised to Negative from Stable MAAA (negative)
L&T Housing Finance Ltd                 Bk Lines Programme    ICRA AAA     29000   Reaffirmed
                                                              (negative)
outlook revised to Negative from Stable
L&T Housing Finance Ltd                 NCD Programme         ICRA AAA     52500   Reaffirmed
                                                              (negative)
outlook revised to Negative from Stable
L&T Housing Finance Ltd                 Subordinated Debt     ICRA AAA     3000    Reaffirmed
                                        Programme             (negative)
outlook revised to Negative from Stable
L&T Infra Debt Fund Ltd                 NCD Programme         ICRA AAA     82000   Reaffirmed
L&T Infra Debt Fund Ltd                 LT Market Linked      PP-MLDICRA   5000    Reaffirmed
                                        Debenture Programme   AAA
L&T Infrastructure Development          NCD-1 Series G        -            -       Withdrawn
Projects Ltd
outlook: Positive Rating
L&T Infrastructure Development          NCD Programme 1       ICRA AA      800     Reaffirmed
Projects Ltd                            (NCD-1) Series H, I, J
L&T Infrastructure Development          Non-FB Fac - BGs      ICRA AA      12500   Reaffirmed
Projects Ltd
outlook: Positive
L&T Infrastructure Development          NCD Programme 2       ICRA AA+(S)  2500    Reaffirmed
Projects Ltd                            (NCD-2)               Stable
L&T Infrastructure Finance Co.          Subordinated Debt     ICRA AA+     40000   Reaffirmed
Ltd                                     Programme             (negative)
outlook revised to Negative from Stable
L&T Infrastructure Finance Co.          Perpetual Debt        ICRA AA+     4000    Reaffirmed
Ltd                                     Programme             (negative)
L&T Infrastructure Finance Co.          Bk Lines- Unallocated ICRA AAA     25000   Reaffirmed
Ltd                                                           (negative)
outlook revised to Negative from Stable
L&T Infrastructure Finance Co.          Bk Lines- LT Fund     ICRA AAA     52000   Reaffirmed
Ltd                                     based                 (negative)
outlook revised to Negative from Stable
L&T Infrastructure Finance Co.          Bk Lines-Non-Fund     ICRA AAA     7000    Reaffirmed
Ltd                                     based                 (negative)
outlook revised to Negative from Stable
L&T Infrastructure Finance Co.          NCD Programme         ICRA AAA     74000   Reaffirmed
Ltd                                                           (negative)
outlook revised to Negative from Stable
L&T Infrastructure Finance Co.          NCD (Infra Bonds)     ICRA AAA     16650.3 Reaffirmed
Ltd                                     Programme             (negative)
outlook revised to Negative from Stable
Lendingkart Finance Ltd-                PTC Series A1         Provisional  199     Assigned
Mercury 2019 Trust I                                          ICRA
                                                              BBB+(SO)
M Ganesh                                LT - Fund Based/ CC   ICRA B+      30
Rating continues to remain under ‘Issuer Not Cooperating’ category
M Ganesh                                LT / ST - Non Fund    ICRA B+      20
                                        Based                 /ICRA A4
Rating continues to remain under ‘Issuer Not Cooperating’ category
M.K. Wood India Pvt Ltd                 Fund Based - Cash CredICRA B+      125
                                                              (Stable)
Rating moved to the ‘Issuer Not Cooperating’ category; Downgraded from ICRA BB-(Stable)
Mag India Industrial                    LT - unallocated      ICRA BBB-    200
Automation Systems Pvt Ltd
Rating moved to ‘Issuer not cooperating’ category
Mandeep Industries                      FB CC                 ICRA B       400
                                                              (Stable)
Rating Moved to ‘Issuer Not Cooperating’ category
Mandeep Industries                      FB TL                 ICRA B       59.4
                                                              (Stable)
Rating Moved to ‘Issuer Not Cooperating’ category
Mandeep Industries                      Unallocated Limited   ICRA B       0.6
                                                              (Stable)
Rating Moved to ‘Issuer Not Cooperating’ category
Maxion Wheels Aluminum India            LT, Unallocated       -            -       -
Pvt Ltd                                 Facility
Maxion Wheels Aluminum India            TL                    ICRA         1060    Reaffirmed
Pvt Ltd                                                       BBB+(Stable)
Maxion Wheels Aluminum India            LT, FB Limits         ICRA         690     Reaffirmed
Pvt Ltd                                                       BBB+(Stable)
Mcnroe Consumer Products Pvt            Fund based- CC        ICRA BB+     450
Ltd                                                           (Stable)
Downgraded from ICRA BBB and moved to the ‘Issuer Not Cooperating’ category
Melange Developers                      LT FB - TL            ICRA BB-     400     Reason for
                                                                                   delay in
                                                                                   carrying out
periodic review: - Issuer delayed in giving information
Micromatic Grinding                     Fund Based- CC        ICRA BBB-    70
Technologies Ltd                                              (Stable)
Review process is underway
Mukta Industries Pvt Ltd                FB CC                 ICRA BB-     250
                                                              (SO)
Reason for delay in carrying out periodic review: - Issuer not cooperating
Narain & Company                        LT CC                 ICRA BB      -       Reaffirmed
                                                              (Stable)
Narain & Company                        Long/ST Unallocated   ICRA         -       Reaffirmed
                                                              BB(Stable)
                                                              /A4+
National Collateral Management          FB Limits             ICRA A       1500
Services Ltd                                                  (Stable)
rating revised from ICRA A+ (stable) and rated amount enhanced
Neel Metal Products Ltd                 TL                    ICRA A-&     1716.6  Downgraded
                                                                                   from ICRA A&
 &: placed on rating Watch with Developing Implications  
Neel Metal Products Ltd                 Unallocated           ICRA         111.8   Downgraded
                                                              A-&/ICRA A2&         from ICRA
                                                                                   A&/ICRA A1&
 &: placed on rating Watch with Developing Implications  
Neel Metal Products Ltd                 FB Fac                ICRA         3810    Downgraded
                                                              A-&/ICRA             from ICRA
                                                              A2+&                 A&/ICRA A1&
 &: placed on rating Watch with Developing Implications  
Neel Metal Products Ltd                 Non-FB Fac            ICRA         3225    Downgraded
                                                              A-&/ICRA             from ICRA
                                                              A2+&                 A&/ICRA A1&
 &: placed on rating Watch with Developing Implications  
Neel Metal Products Ltd                 Interchangeable Fac   ICRA         2800**  Downgraded
                                                              A-&/ICRA             from ICRA
                                                              A2+&                 A&/ICRA A1&
 &: placed on rating Watch with Developing Implications/
 ** Rs. 125.0 crore as sublimit of non-fund based facilities and Rs. 155.0 crore as sublimit of
fund-based facilities
Nirankar Cottex                         FB-TL                 ICRA B+      50
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Nirankar Cottex                         FB-CC                 ICRA B+      60
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Nissan Renault Financial                NCD (NCD) Programme   ICRA AAA     1000    outstanding
Services India Pvt Ltd                                        (Negative)
Northern Arc Capital Ltd                Cumulative            ICRA         200     Reaffirmed
                                        non-convertible       A(Stable)
                                        compulsorily redeemable PS
Northern Arc Capital Ltd                NCDs                  ICRA A+      10000   Reaffirmed
                                                              (Stable)
Northern Arc Capital Ltd                NCDs                  ICRA A+      4350    Withdrawn
                                                              (Stable)
Northern Arc Capital Ltd                Subordinated debt     ICRA A+      750     Reaffirmed
                                                              (Stable)
Northern Arc Capital Ltd                Subordinated debt     ICRA A+      75      Withdrawn
                                                              (Stable)
Northern Arc Capital Ltd                LT – Proposed         ICRA         7975.8  Reaffirmed
                                                              A+(Stable)
Northern Arc Capital Ltd                LT – FB limits        ICRA         4400    Reaffirmed
                                                              A+(Stable)
Northern Arc Capital Ltd                LT – TL               ICRA         12624.2 Reaffirmed
                                                              A+(Stable)
Opg Business Centre Pvt Ltd             FB – CC               ICRA BBB-    50
                                                              (Stable)
Reason for delay in carrying out periodic review: Review process underway
Opg Business Centre Pvt Ltd             FB – TL               ICRA BBB-    92
                                                              (Stable)
Reason for delay in carrying out periodic review: Review process underway
Opg Business Centre Pvt Ltd             Unallocated           ICRA BBB-    89.3
                                                              (Stable)
                                                              /ICRA A3
Reason for delay in carrying out periodic review: Review process underway
Orient Green Power Co. Ltd              FB -TL                ICRA D       499.2
Reason for delay in carrying out periodic review: Review process is underway
Orient Green Power Co. Ltd              FB - Working Capital  ICRA D       39
                                        Fac
Reason for delay in carrying out periodic review: Review process is underway
Oyo Ceramic Pvt. Ltd.                   LT-CC                 ICRA B+      25
                                                              (Stable)
Rating moved to ‘Issuer Not Cooperating’ category
Oyo Ceramic Pvt. Ltd.                   LT-TL                 ICRA B+      30.1
                                                              (Stable)
Rating moved to ‘Issuer Not Cooperating’ category
Oyo Ceramic Pvt. Ltd.                   LT- Unallocated LimitsICRA B+      18.5
                                                              (Stable)
Rating moved to ‘Issuer Not Cooperating’ category
Paradeep Phosphates Ltd                 TL                    ICRA A       2900    Reaffirmed
Paradeep Phosphates Ltd                 Fund Based LT Fac     ICRA A       13650   Reaffirmed
Paramount Propbuild Pvt Ltd             LT FB – TL            ICRA BBB     3090    Withdrawn
                                                              (Stable)
Patel Cotton Industries -               Fund based-CC         ICRA         100
Veraval                                                       B+(Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Pepsu Road Transport                    FB Overdraft          ICRA         250     Reaffirmed
Corporation                                                   B+(Stable)
removed from Issuer Not Cooperating category
Pepsu Road Transport                    Long                  ICRA         150     Reaffirmed
Corporation                             -term/Unallocated     B+(Stable)
removed from Issuer Not Cooperating category
Pkm Projects Pvt Ltd                    FB TL                 ICRA D       400
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Prakash Oils Ltd                        CC                    ICRA B+      220
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category; Downgraded from ICRA BB
(Stable) Issuer Not Cooperating
Prakash Steel Corporation               FB TL                 ICRA BB-     1.8
Reason for delay in carrying out periodic review: - Issuer not cooperating
Prakash Steel Corporation               FB CC                 ICRA BB-     150
Reason for delay in carrying out periodic review: - Issuer not cooperating
Prakash Steel Corporation               Unallocated Limits    ICRA BB-     8.2
                                                              /ICRA A4
Reason for delay in carrying out periodic review: - Issuer not cooperating
Prataap Snacks Ltd                      LT: Unallocated       ICRA A+      580     Reaffirmed
                                                              (Stable)
Prayagraj Power Generation Co.          BLR                   ICRA D       125050
Ltd
Reason for delay in carrying out periodic review: - Review process is underway
Prometrik Engineering Ltd               LT - Fund Based/ CC   ICRA BB-     25
(Formerly Andhra Sinter Ltd)                                  (Stable)
Rating Moved to ‘Issuer Not Cooperating’ category
Pvp Developers                          Fund Based            ICRA B       100
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Raj Industries                          Fund Based            ICRA A-      190     Reaffirmed
outlook revised to Stable from Negative
Ramesh Company                          Bk Fac                ICRA B+      200
                                                              (Stable)
                                                              /ICRA A4
Reason for delay in carrying out periodic review: - Review process is underway
Rane Engine Valve Ltd                   LT TL                 ICRA         464.4   Withdrawn
                                                              BBB(Stable)
Rane Engine Valve Ltd                   LT Fund based         ICRA         1068    Withdrawn
                                                              BBB(Stable)
Rane Engine Valve Ltd                   LT Unallocated        ICRA         19.9    Withdrawn
                                                              BBB(Stable)
Real Growth Securities Pvt Ltd          Bk Fac                ICRA BBB-    250     Withdrawn
                                                              (Stable)
Rmz Azure Projects Pvt Ltd              TL                    ICRA A (SO)  1800    Reaffirmed
outlook revised from Stable to Negative
Rmz Buildcon Pvt Ltd                    TL                    ICRA         5550    Reaffirmed
                                                              BBB+(SO)
outlook revised from Stable to Negative
Rmz Buildcon Pvt Ltd                    NCDs                  ICRA         16450   Reaffirmed
                                                              BBB+(SO)
outlook revised from Stable to Negative
Rmz Ecoworld Infrastructure             TL                    ICRA A       26031.5
Pvt Ltd
reaffirmed; outlook revised from Stable to Negative
Rmz Ecoworld Infrastructure             NCD                   ICRA A       13750
Pvt Ltd
reaffirmed; outlook revised from Stable to Negative
Rmz Ecoworld Infrastructure             Unallocated           ICRA A       4572.7
Pvt Ltd
reaffirmed; outlook revised from Stable to Negative
Rmz Estates Pvt Ltd                     TL                    ICRA         16000   Reaffirmed
                                                              BBB+(SO)
outlook revised from Stable to Negative
Rmz Infinity (Chennai) Ltd              LT – TL               ICRA A (SO)  9760    Reaffirmed
(Erstwhile Ws Electric Ltd)
outlook revised from Stable to Negative
Rmz Infotech Pvt Ltd                    TL                    ICRA A       12891   Reaffirmed
outlook revised from Stable to Negative
Rmz Infotech Pvt Ltd                    LT bonds              ICRA A       5500    Reaffirmed
outlook revised from Stable to Negative
Rohan Cityscape Pvt Ltd                 Fund Based - TL       ICRA BBB+    1179.3  Reaffirmed
outlook revised to Stable from Positive
Rohan Landscape Pvt Ltd                 LT – Fund Based       ICRA BBB     950     Assigned
                                                              (Stable)
Rohan Landscape Pvt Ltd                 LT Non-Fund Based     ICRA BBB     100     Assigned
                                                              (Stable)
Rohan Landscape Pvt Ltd                 LT Non-Fund Based#    ICRA BBB     -       Assigned
                                                              (Stable)
#-sub limit of fund based limits
Rohan Realtors (Pune) Pvt Ltd           Fund Based - TL       ICRA BBB+    414.3   Reaffirmed
outlook revised to Stable from Positive
S&P Infrastructure Developers           LT FBL/CC             ICRA BB      70
Pvt Ltd
Rating continues to remain in the ‘Issuer Not Cooperating’ category
S.S. Construction                       Fund based            ICRA B-      59.5
                                                              (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
S.S. Construction                       Non-fund based        ICRA B-      20.5
                                                              (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Samasta Microfinance Ltd                LT Bk lines           ICRA         4000    Reaffirmed
                                                              A(Stable)
Samasta Microfinance Ltd                NCDs                  ICRA         1250    Reaffirmed
                                                              A(Stable)
Samasta Microfinance Ltd                NCDs                  ICRA         -       Withdrawn
                                                              A(Stable)
Sambhav Shelters                        BLR                   ICRA B+      300
                                                              (Stable)
Sarvodaya Polymers Pvt Ltd              FB CC                 ICRA B+      80
                                                              (Stable)
Downgraded from ICRA BB- (Stable) and moved to ‘Issuer Not Cooperating’ category
Sarvodaya Polymers Pvt Ltd              FB TL                 ICRA B+      50
                                                              (Stable)
Downgraded from ICRA BB- (Stable) and moved to ‘Issuer Not Cooperating’ category
Sayaji Hotels Ltd                       LT Unallocated Limits ICRA BBB-    156.8   Reaffirmed
on watch with developing implications
Sayaji Hotels Ltd                       Non-fund              ICRA BBB- &  5       Reaffirmed
                                        Based-Working Capital
                                        Fac
on watch with developing implications
Sayaji Hotels Ltd                       Long-TL               ICRA BBB- &  689.5   Reaffirmed
on watch with developing implications
Sayaji Hotels Ltd                       FB- Working Capital   ICRA BBB- &  87.5    Reaffirmed
                                        Fac
on watch with developing implications
Sbi Life Insurance Co. Ltd              CPA rating            iAAA;        -
put on notice of withdrawal
Schwing Stetter India Pvt Ltd           TL (Unallocated)      ICRA A+      1800    Reaffirmed
Schwing Stetter India Pvt Ltd           LT/ST working capital ICRA         4100    Reaffirmed
                                        Fac                   A+/ICRA A1
Servocontrols And Hydraulics            LT - Fund Based/ CC                65
(I) Pvt Ltd
Servocontrols And Hydraulics            LT - Fund Based TL                 8.3
(I) Pvt Ltd
Servocontrols And Hydraulics            LT – Unallocated                   2.7
(I) Pvt Ltd
Shakti Hormann Pvt Ltd                  Unallocated LT -      ICRA A-      1       Reaffirmed
                                        Non-FB Fac            (Positive)
                                                              / ICRA A2+
Shakti Hormann Pvt Ltd                  Fund Based – CC       ICRA         60      Reaffirmed
                                                              A-(Positive)
Shine Metaltech Pvt Ltd                 LT - Fund Based/ CC   ICRA D       6
Continues to remain under the ‘Issuer Not Cooperating’ category
Shree Ram Proteins Ltd                  Fund Based – Working  ICRA BB      310     Reaffirmed
                                        Capital Fac
Shri Aruna Constructions Pvt            Fund based-CC         ICRA BB      30
Ltd                                                           (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Shri Haridarshan Jewellers              Fund Based: CC        ICRA D       105
Rating continues to remain under ‘Issuer Not Cooperating’ category
Shriram City Union Finance Ltd          NCD Programme         ICRA AA      250     Reaffirmed
Shriram City Union Finance Ltd          Fixed deposit         MAA+         -       Reaffirmed
                                        programme
Sify Technologies Ltd                   LT: Fund Based TL     ICRA         2689.7
                                                              A+(Stable)
Reaffirmed/ Assigned
Sify Technologies Ltd                   LT: FBL               ICRA         2750    Reaffirmed
                                                              A+(Stable)
Sify Technologies Ltd                   LT: Non-FBL           ICRA         2890    Reaffirmed
                                                              A+(Stable)
Sify Technologies Ltd                   LT/ST: Non-FBL        ICRA         1580
                                                              A+(Stable)
                                                              /ICRA A1+
Reaffirmed/ Assigned
Sify Technologies Ltd                   LT/ST: Proposed Fac   ICRA         301.5   Assigned
                                                              A+(Stable)
                                                              /ICRA A1+
Signet Conductors Pvt Ltd               LT CC                 ICRA B+      150     Reaffirmed
                                                              (Stable)
Signet Conductors Pvt Ltd               LT TL                 ICRA B+      9.1     Reaffirmed
                                                              (Stable)
Signet Conductors Pvt Ltd               Long/ST Unallocated   ICRA B+      3.8     Reaffirmed
                                                              (Stable)/A4
Singla Forging Pvt Ltd                  Fund Based Working    ICRA BB      110
                                        Capital Limits        (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Singla Forging Pvt Ltd                  Fund based-TL         ICRA BB      40
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Sivanta Spuntex Pvt Ltd                 CC                    ICRA BB-     70      Assigned
                                                              (Stable)
Sivanta Spuntex Pvt Ltd                 TL                    ICRA BB-     805.4   Assigned
                                                              (stable)
Sivanta Spuntex Pvt Ltd                 Unallocated           ICRA         54.6    Assigned
                                                              BB-(Stable)
                                                              /ICRA A4
Soham Mannapitlu Power Pvt Ltd          Fund based-TL         ICRA BB-     150
                                                              (Stable)
Rating moved to the ‘Issuer Not Cooperating’ category
Soham Phalguni Renewable                Fund based-TL         ICRA B       352.3
Energy Pvt Ltd                                                (Stable)
Rating moved to the ‘Issuer Not Cooperating’ category
Sonkamal Enterprises Pvt Ltd            FB Limits             ICRA BBB-    300     Withdrawn
Issuer Not Cooperating
Sonkamal Enterprises Pvt Ltd            FB Sublimit under     ICRA BBB-    0       Withdrawn
                                        Non-FB Limits
Issuer Not Cooperating
Sprng Energy Pvt. Ltd.                  LT - Non-FB Fac       ICRA A-(S)   6000
                                                              (Negative);
Reaffirmed, Outlook revised from Stable to Negative
Sprng Solren Pvt Ltd                    TL                    ICRA BBB+    600     Reaffirmed
                                                              (Negative)
outlook revised from Stable to Negative
Sprng Transform Sun Energy Pvt          TL                    ICRA BBB     5800    Reaffirmed
Ltd                                                           (Negative)
outlook revised from Stable to Negative
Sprng Transform Sun Energy Pvt          CC                    ICRA BBB     300     Reaffirmed
Ltd                                                           (Negative)
outlook revised from Stable to Negative
Sree Venkateshwara Motors               Fund Based –CC        ICRA B+      31.5
(India) Pvt Ltd                                               (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Sree Venkateshwara Motors               Unallocated Limits    ICRA B+      28.5
(India) Pvt Ltd                                               (Stable)/
                                                              ICRA A4
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Sri Lakshmi Egg Farming Pvt Ltd         Fund Based-TL         ICRA         9.8
                                                              BB-(Stable)
Upgraded from ICRA B+(Stable)
Sri Lakshmi Egg Farming Pvt Ltd         Fund Based-CC         ICRA         190
                                                              BB-(Stable)
Upgraded from ICRA B+(Stable)
Sri Lakshmi Egg Farming Pvt Ltd         Unallocated Limits    ICRA         0.2
                                                              BB-(Stable)
                                                              / ICRA A4
Upgraded from ICRA B+(Stable)/ Reaffirmed
Sri Laxmi Srinivasa Roller              LT - Fund Based / CC  ICRA B+      65      Reaffirmed
Flour Mills
Sri Laxmi Srinivasa Roller              Non-fund Based –      ICRA B+      5       Reaffirmed
Flour Mills                             Unallocated
Sri Ramcharan Energy Amp;               FB–TL                 ICRA         450
Infra Pvt. Ltd.                                               BB(Stable)
Revised to ICRA BB(Stable) from ICRA BB+(Stable)
Sruti Filatex Pvt Ltd                   CC                    ICRA         100
                                                              B+(Stable)
Downgraded from ICRA BB-(Stable); Rating continues to remain in the ‘Issuer Not Cooperating’
category
Sruti Filatex Pvt Ltd                   TL                    ICRA         59.4
                                                              B+(Stable)
Downgraded from ICRA BB-(Stable); Rating continues to remain in the ‘Issuer Not Cooperating’
category
Stci Primary Dealer Ltd                 ST Debt Programme     ICRA A1+     -       Withdrawn
Sunil And Company                       FB CC                 ICRA B-      75
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Sunil And Company                       FB Channel Funding    ICRA B-      20
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Suryalakshmi Cotton Mills Ltd           ST FB Limits          ICRA A4+     180
rating removed from watch with negative implications
Suryalakshmi Cotton Mills Ltd           ST Non-FB Limits      ICRA A4+     708.8
rating removed from watch with negative implications
Suryalakshmi Cotton Mills Ltd           TL                    ICRA BB+     1176.9
                                                              (Negative)
ratings removed from watch with negative implications
Suryalakshmi Cotton Mills Ltd           LT FB Limits          ICRA BB+     1670
                                                              (Negative)
rating removed from watch with negative implications
Suryalakshmi Cotton Mills Ltd           LT/ST Unallocated     ICRA BB+     441.8
                                        Limits                (Negative)
ratings removed from watch with negative implications
Svatantra Microfin Pvt Ltd              LT Bk lines           ICRA A-      10000   outstanding
Svatantra Microfin Pvt Ltd              Subordinated debt     ICRA A-      750     outstanding
                                        programme
Synco Industries Ltd                    FB CC                 ICRA C+      85
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Tajgvk Hotels Amp; Resorts Ltd          Long-TL               ICRA A+      1978.8  Reaffirmed
                                                              (Stable)
Tata Sons Pvt Ltd                       NCD Programme         ICRA AAA     265100  Reaffirmed
                                                              (Stable)
Tata Steel Long Products Ltd            Non-FBL               ICRA A1+     1481.5
Tata Steel Long Products Ltd            CP programme          ICRA A1+     40000
Tata Steel Long Products Ltd            Fund Based – CC       ICRA         700
                                                              AA-(Stable)
Tata Steel Ltd                          CP                    ICRA A1+     150000  Reaffirmed
Thdc India Ltd                          NCD                   ICRA AA      15000   Assigned
                                                              (Stable)
The Mahatma Gandhi Sahakara             LT - Fund Based/ CC   ICRA C+      150     Reaffirmed
Sakkare Karkhane
The Mahatma Gandhi Sahakara             LT - Unallocated      ICRA C+      200     Reaffirmed
Sakkare Karkhane
Tril Amritsar Projects Ltd              NCD Programme         ICRA A(SO)   1250    Reaffirmed
U D Developers Llp                      TL                    ICRA BB      325     Upgraded
                                                              (Stable)             from ICRA
                                                                                   BB- (Stable)
Ujjivan Small Finance Bank Ltd          NCDs                  ICRA A+      4000    Withdrawn
                                                              (Stable) /
                                                              Rating
Ujjivan Small Finance Bank Ltd          CDs                   ICRA A1+ /   10000   Withdrawn
                                                              Rating
Ujjivan Small Finance Bank Ltd          ST Fixed Deposits     ICRA A1+ /   10000   Withdrawn
                                                              Rating
Umbel Properties Pvt Ltd                ST BG                 ICRA A-      -
                                                              (Stable) /
                                                              ICRA A2+
Assigned / Reaffirmed
Umbel Properties Pvt Ltd                LT / ST BG            ICRA A-      300
                                                              (Stable) /
                                                              ICRA A2+
Assigned / Reaffirmed
United Builders                         LT- TL                ICRA BB-     147
                                                              (Stable)
Upgraded from ICRA B (Stable)
United Builders                         LT- Unallocated       ICRA BB-     3
                                                              (Stable)
Upgraded from ICRA B (Stable)
Varroc Engineering Ltd                  CP                    ICRA A1+     1000    Reaffirmed
(Erstwhile Varroc Engineering
Pvt Ltd)
Varroc Engineering Ltd                  TL                    ICRA AA-     1706.5  Reaffirmed
(Erstwhile Varroc Engineering
Pvt Ltd)
outlook revised to Stable from Positive
Varroc Engineering Ltd                  NCD                   ICRA AA-     1000    Reaffirmed
(Erstwhile Varroc Engineering
Pvt Ltd)
outlook revised to Stable from Positive
Varroc Engineering Ltd                  FB Fac                ICRA AA-     3438.5  Reaffirmed
(Erstwhile Varroc Engineering                                 and ICRA A1+
Pvt Ltd)
outlook revised to Stable from Positive
Varroc Engineering Ltd                  Non-FB Fac            ICRA AA-     1520    Reaffirmed
(Erstwhile Varroc Engineering                                 and ICRA A1+
Pvt Ltd)
outlook revised to Stable from Positive
Varroc Engineering Ltd                  FB/ Non-FB Fac        ICRA AA-     2385    Reaffirmed
(Erstwhile Varroc Engineering                                 and ICRA A1+
Pvt Ltd)
outlook revised to Stable from Positive
Varroc Lighting Systems                 TL                    ICRA AA-     380     Reaffirmed
(India) Pvt Ltd
outlook revised to Stable from Positive
Varroc Lighting Systems                 FB Fac                ICRA AA-     250     Reaffirmed
(India) Pvt Ltd                                               and ICRA A1+
outlook revised to Stable from Positive
Varroc Lighting Systems                 FB/ Non-FB Fac        ICRA AA-     70      Reaffirmed
(India) Pvt Ltd                                               and ICRA A1+
outlook revised to Stable from Positive
Varroc Polymers Pvt Ltd                 CP                    ICRA A1+     750     Reaffirmed
Varroc Polymers Pvt Ltd                 TL                    ICRA AA-     515     Reaffirmed
Outlook revised to Stable from Positive
Varroc Polymers Pvt Ltd                 NCD                   ICRA AA-     500     Reaffirmed
Outlook revised to Stable from Positive
Varroc Polymers Pvt Ltd                 FB Fac                ICRA AA-     395     Reaffirmed
                                                              and ICRA A1+
Outlook revised to Stable from Positive
Varroc Polymers Pvt Ltd                 Non-FB Fac            ICRA AA-     690     Reaffirmed
                                                              and ICRA A1+
Outlook revised to Stable from Positive
Varroc Polymers Pvt Ltd                 FB/ Non-FB Fac        ICRA AA-     1400    Reaffirmed
                                                              and ICRA A1+
Outlook revised to Stable from Positive
Venus India Asset-Finance Pvt.          LT - TL               ICRA BBB     860.8   Reaffirmed
Ltd.                                                          (Stable)
Venus India Asset-Finance Pvt.          Proposed Limits       ICRA BBB     389.2   Reaffirmed
Ltd.                                                          (Stable)
Vidarbha Industries Power Ltd           TL – LT Scale         ICRA D       26542.4
Reaffirmed and continues to remain in Issuer Not Cooperating category
Vidarbha Industries Power Ltd           Working Capital Fac   ICRA D       5000
                                        (CC/WCDL)
Reaffirmed and continues to remain in Issuer Not Cooperating category
Vidarbha Industries Power Ltd           Non-FBL (B/G and L/C) ICRA D       1100
Reaffirmed and continues to remain in Issuer Not Cooperating category
Vihita Chem Pvt Ltd                     LT FB - CC            -            0
Vihita Chem Pvt Ltd                     LT FB -               -            0       -
                                        Interchangeable
Vihita Chem Pvt Ltd                     ST Non-fund Based -   ICRA A4+     -       Reaffirmed
                                        LOC/BG
                                        (Interchangeable)
Vihita Chem Pvt Ltd                     LT FB - TL            ICRA BB      48.5    Reaffirmed
outlook revised to Positive from Stable -
Vihita Chem Pvt Ltd                     LT FB - CC            ICRA BB      -       Reaffirmed
                                        (Interchangeable
                                        Limit of EPC/PCFC)
outlook revised to Positive from Stable -
Vihita Chem Pvt Ltd                     LT/ST - Unallocated   ICRA         8.7     Reaffirmed
                                                              BB/ICRA A4+
outlook revised to Positive from Stable
Vijay Pulse Pvt. Ltd                    FB Limits             ICRA B       76.7    Reaffirmed
                                                              (Stable)
Vikas Telecom Pvt Ltd                   LT TL                 ICRA         -
                                                              BBB(SO)
                                                              (Stable)
Downgraded to ICRA BBB(SO) (Stable) from ICRA BBB+(SO) (Stable) and Withdrawn
Vishwasrao Naik Sahakari                LT – Fund Based – CC  ICRA         75
Sakhar Karkhana Ltd                                           BB-(Stable)
Reason for delay in carrying out periodic review:- Issuer delayed in giving information
Vishwasrao Naik Sahakari                LT – Unallocated      ICRA         25
Sakhar Karkhana Ltd                                           BB-(Stable)
Reason for delay in carrying out periodic review:- Issuer delayed in giving information
West Coast Paper Mills Ltd              NCD Programme         ICRA         6000    Assigned
                                                              AA-(Stable)
West Pioneer Properties                 Non-Fund Based - BG   ICRA A4+     20      Reaffirmed
(India) Pvt Ltd
West Pioneer Properties                 Non-Fund Based – LOC  ICRA A4+     -       Reaffirmed
(India) Pvt Ltd
#sub-limit within the term loan of Rs. 100 crore
West Pioneer Properties                 Fund Based – TL       ICRA BB+     1000    Reaffirmed
(India) Pvt Ltd
outlook revised to Negative from Stable
West Pioneer Properties                 Fund Based – CC/      ICRA BB+     #       Reaffirmed
(India) Pvt Ltd                         Overdraft
outlook revised to Negative from Stable/#sub-limit within the term loan of Rs. 100 crore
West Pioneer Properties                 Fund Based – TL -     ICRA BB+     1100    Reaffirmed
(India) Pvt Ltd                         Lease Rental
                                        Discounting (LRD)
outlook revised to Negative from Stable
Windsor Industries Pvt Ltd              Bk loan Ratings       ICRA BBB     99
                                                              (Positive)
Review process is underway
Wipro Ge Healthcare Pvt. Ltd.           Non-FBL – LC/BG       ICRA AA      4000    Assigned
                                                              (stable) /
                                                              ICRA A1+
Zeta Microns Llp                        Fund Based: CC        ICRA B       28
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Zeta Microns Llp                        Fund Based: TL        ICRA B       74.7
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Zippy Edible Products Pvt Ltd           FB CC                 ICRA B+      20
                                                              (Stable)
Downgraded from ICRA BB (Stable) and moved to ‘Issuer Not Cooperating’ category
Zippy Edible Products Pvt Ltd           FB TL                 ICRA B+      140     Rating
                                                              (Stable)
Downgraded from ICRA BB(Stable) and moved to ‘Issuer Not Cooperating’ category
Bholasons Jewellers (Gold Souk)         Issuer Rating         ICRA BBB-            Assigned
Motil Devi Organic Food                 Fund based- CC        ICRA B       20
Industries Pvt. Ltd.
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
Motil Devi Organic Food                 Fund based- TL        ICRA B       50
Industries Pvt. Ltd.
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
Motil Devi Organic Food                 Unallocated Limits    ICRA B       30
Industries Pvt. Ltd.
Rating Continues to remain under the ‘Issuer Not Cooperating’ category
--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

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

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

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