Annexure IV Rating Movement more than one Notch between October 2016 to March 2017 Long Term Date of Rating Sr. No. Name of the Issuer Rating Post Revision Notch Difference Change Rating prior to revision- AAA category

NIL

Rating prior to revision- AA category Gujarat State Petroleum Corporation Limited CARE A @ 1 2 14-10-2016 Gujarat State Petroleum Corporation Limited CARE A+ @ 2 2 14-10-2016 The Mysore Paper Mills Limited CARE BBB+ (SO) @ 3 4 02-02-2017

Rating prior to revision- A category 1 Adani Power Rajasthan Limited CARE BBB 2 16-02-2017 2 Asirvad Microfinance Limited CARE A+ 2 21-10-2016 3 Bandhan Bank Limited CARE AA- 2 10-11-2016 4 Bhoruka Power Corporation Limited CARE BBB 2 21-11-2016 5 Bhoruka Power Corporation Limited CARE BBB (FD) 2 21-11-2016 6 Caparo Maruti Limited CARE A- 2 20-01-2017 7 Electrosteel Castings Limited CARE BBB+ 2 28-10-2016 8 GMR Hyderabad International Airport Limited CARE AA- 3 16-11-2016 9 Gwalior Bypass Project Limited CARE BBB (SO) @ 3 10-03-2017 10 Housing Development Finance Corporation Limited - Securitisation CARE AA+ (SO) 3 25-11-2016 11 Housing Development Finance Corporation Limited - Securitisation CARE AAA (SO) 4 25-11-2016 12 Indo Count Industries Limited CARE AA- 2 17-10-2016 13 Jaora Nayagaon Toll Road Company Private Limited CARE A+ 2 07-11-2016 14 Magnifico Minerals Private Limited CARE BBB 2 28-02-2017 15 Manaksia Aluminium Company Limited CARE BBB 2 18-01-2017 16 Mercator Limited CARE BBB 2 14-10-2016 17 Mercator Oil & Gas Limited CARE BBB (SO) 2 14-10-2016 18 PNC Raebareli Highways Private Limited CARE A+ 2 13-02-2017 19 Sai Chakra Hotels Private Limited Provisional CARE A+ (SO) 2 11-11-2016 20 TAG Offshore Limited CARE BBB 2 16-03-2017 21 Utkal Alumina International Limited CARE A+ 2 07-11-2016 22 Worlds Window Impex India Private Limited CARE BBB 2 28-02-2017 Rating prior to revision- BBB category 1 Abilities India Pistons and Rings Limited CARE BB 2 15-03-2017 2 Agroh Ratlam Tollways Private Limited CARE A- 2 31-12-2016 3 Aravali Transmission Service Company Limited CARE A 4 14-03-2017 4 Arcotech Limited CARE BB 3 10-10-2016 5 Arka Carbon Fuels Private Limited CARE BB+ 2 31-03-2017 6 Ashok Leyland Vehicles Limited CARE A 4 09-02-2017 7 Assotech Realty Private Limited CARE BB; ISSUER NOT COOPERATING 2 21-03-2017 8 Avinash Developers Private Limited CARE BB; ISSUER NOT COOPERATING 2 23-03-2017 9 Azure Green Tech Private Limited CARE BBB+ 2 30-01-2017 10 Azure Sunshine Private Limited CARE BBB+ 2 27-01-2017 11 Belstar Investment and Finance Private Limited CARE A 4 05-10-2016 12 Bengal Aerotropolis Projects Limited CARE BB 3 24-01-2017 13 Bhavnagar Energy Company Limited CARE BBB- 2 05-10-2016 14 Bidar Solar Power Private Limited CARE D; ISSUER NOT COOPERATING 10 29-03-2017 15 BMM Ispat Limited CARE B+ 4 25-10-2016 16 BS Limited CARE B; ISSUER NOT COOPERATING 7 28-03-2017 17 Chemical Process Equipments Private Limited CARE BBB- 2 16-01-2017 18 DB Power Limited CARE A- 2 20-03-2017 19 Etawah-Chakeri (Kanpur) Highway Private Limited CARE D 10 13-01-2017 20 Fabrico India Private Limited CARE BB 2 17-10-2016 21 Gammon Infrastructure Projects Limited CARE BB 3 29-12-2016 22 Gayatri Jhansi Roadways Limited CARE A- 2 07-10-2016 23 Gayatri Lalitpur Roadways Limited CARE A- 2 07-10-2016 24 Glocal Healthcare Systems Private Limited CARE BB 2 17-02-2017 25 Great Eastern Energy Corporation Limited CARE D 12 21-10-2016 26 Great Eastern Energy Corporation Limited CARE C 10 21-10-2016 27 Greenesol Power Systems Private Limited CARE BB 2 10-01-2017 28 Gujarat Infrapipes Private Limited CARE BB 2 30-03-2017 29 Haldia Petrochemicals Limited CARE A- 2 04-11-2016 30 Hyderabad-Yadgiri Toll Way Private Limited CARE A- 2 21-11-2016

1 Date of Rating Sr. No. Name of the Issuer Rating Post Revision Notch Difference Change 31 Indo Rama Synthetics India Limited CARE BB 2 04-11-2016 32 Indore Composite Private Limited CARE BBB+ 2 23-12-2016 33 Industrial Progressive India Limited CARE B-; ISSUER NOT COOPERATING 6 23-03-2017 34 Jain Irrigation Systems Limited CARE BBB+ 2 17-02-2017 35 Jindal ITF Limited CARE A+ (SO) 5 12-10-2016 36 KSK Energy Ventures Limited CARE D 10 06-03-2017 37 Maharaja Shree Umaid Mills Limited CARE BB 2 16-11-2016 38 Maru Transmission Service Company Limited CARE A- 3 14-03-2017 39 MIRC Electronics Limited CARE BB 2 02-12-2016 40 Partap Industries Limited CARE BBB+ 2 17-11-2016 41 Pawar Electro Systems Private Limited CARE D 12 03-10-2016 42 PNC Raebareli Highways Private Limited CARE A 2 13-02-2017 43 RattanIndia Power Limited CARE D 10 20-10-2016 44 S E Transstadia Private Limited CARE D 10 09-03-2017 45 Sai Lilagar Power Limited CARE D 10 06-03-2017 46 Sanwaria Agro Oils Limited CARE BB+ 2 25-10-2016 47 SBS Transpole Logistics Private Limited CARE BB; ISSUER NOT COOPERATING 4 23-03-2017 48 Shrachi Burdwan Developers Private Limited CARE D 10 07-03-2017 49 Shree Ganpatlal Onkarlal Agrawal & Company CARE BB+ 2 31-03-2017 50 Siesta Hospitality Services Limited CARE BB+; ISSUER NOT COOPERATING 3 31-03-2017 51 Speciality Polymers Private Limited CARE D 10 07-02-2017 52 Steel Exchange India Limited CARE BB 2 07-10-2016 53 Sudarshan Jeans Private Limited CARE BBB+ 2 18-11-2016 54 Swastik Coal Corporation Private Limited CARE BB+ 2 31-03-2017 55 Team Universal Infratech Private Limited CARE D 10 24-02-2017 56 The Byke Hospitality Limited CARE A- 2 10-10-2016 57 Tirupati Basmati Exports Private Limited CARE D; ISSUER NOT COOPERATING 10 20-03-2017 58 TRN Energy Private Limited CARE D 11 20-03-2017 59 TRN Energy Private Limited CARE D 10 20-03-2017 60 Urjankur Shree Tatyasaheb Kore Warna Power Company Limited CARE A- 2 20-10-2016 61 Varron Aluminium Private Limited CARE D 10 16-01-2017 62 Varron Auto Kast Limited CARE D 10 16-01-2017 63 Varron Industries Private Limited CARE D 10 16-01-2017 64 Welspun Renewables Energy Private Limited CARE A 3 01-02-2017 Rating prior to revision- BB category 1 Aakash Global Foods Private Limited CARE BBB 2 16-02-2017 2 AG8 Ventures Limited CARE B+ 2 15-03-2017 3 AG8 Ventures Limited CARE D 8 15-03-2017 4 Agarwal Reclaim and Rubber Products Private Limited CARE D 7 11-01-2017 5 Ahuja Automobiles CARE D 7 12-12-2016 6 Ajay Tube Industries Private Limited CARE D 8 31-12-2016 7 AMCL Machinery Limited CARE B+ (SO) 2 15-03-2017 8 Arcvac Forgecast Private Limited CARE D 7 20-02-2017 9 Arkay Energy (Rameswarm) Limited CARE D 7 07-03-2017 10 Associated Colours Industries Private Limited CARE B 2 15-03-2017 11 Atlantic Projects Limited CARE D; ISSUER NOT COOPERATING 9 16-02-2017 12 Balasore Alloys Limited CARE BBB- 2 19-01-2017 13 Belstar Investment and Finance Private Limited CARE A- 4 05-10-2016 14 Bhadresh Agro Venture Limited CARE D 9 13-10-2016 15 BMW Iron and Steel Industries Limited CARE D; ISSUER NOT COOPERATING 9 03-03-2017 16 Bravo Agencies Private Limited CARE D 7 16-03-2017 17 Corona Bus Manufacturers Private Limited CARE B+ 2 17-01-2017 18 Dashmesh Rubber Industries Private Limited CARE D 7 07-10-2016 19 Daya Engineering Works Private limited CARE BBB- 2 08-03-2017 20 Dharmadev Infrastructure Limited CARE D; ISSUER NOT COOPERATING 8 07-03-2017 21 DQ Entertainment International Limited CARE D 8 13-10-2016 22 Dynamic (CG) Equipments Private Limited CARE D 7 30-12-2016 23 Dynamic Powertech Private Limited CARE BB+ 2 19-12-2016 24 Eco Tech Papers CARE BBB 2 28-02-2017 25 Encore Theme Technologies Private Limited CARE BB+ 2 02-02-2017 26 Global Offshore Services Limited CARE D 8 07-02-2017 27 Gujarat Liqui Pharmacaps Private Limited CARE D 8 09-03-2017 28 Gujarat State Energy Generation Limited CARE BBB- 2 25-01-2017 29 GVK Power & Infrastructure Limited CARE D 8 07-10-2016 30 GVK Transportation Private Limited CARE B 3 07-12-2016 31 Hardayal Milk Products Private Limited CARE D 8 17-03-2017 32 Hindusthan National Glass and Industries Limited CARE B+ 2 09-03-2017

2 Date of Rating Sr. No. Name of the Issuer Rating Post Revision Notch Difference Change 33 Icon Sleeper Track Private Limited CARE BBB- 2 08-03-2017 34 Ind-Barath Power (Madras) Limited CARE D 7 07-03-2017 35 Ind-Barath Thermal Power Limited CARE D 8 08-03-2017 36 Indo Brine Industries Limited CARE B+ 2 28-02-2017 37 Iskrupa Mall Management Company Private Limited CARE BBB- (SO) 2 09-12-2016 38 Jaypee Healthcare Limited CARE D 8 03-02-2017 39 KSK Energy Limited CARE D 8 06-03-2017 40 KSK Water Infrastructures Private Limited CARE D 9 01-12-2016 41 Maha Associated Hotels Private Limited CARE D 9 30-01-2017 42 MB Power (Madhya Pradesh) Limited CARE B 4 21-03-2017 43 MB Power (Madhya Pradesh) Limited CARE D 9 21-03-2017 44 Microplast Polytex Industries Private Limited CARE D 7 07-03-2017 45 Miraj Metals CARE D 8 20-12-2016 46 Miraj Recyclers Private Limited CARE D 8 20-12-2016 47 N & N Constructions CARE D 7 10-10-2016 48 Newtech Shelters Private Limited CARE D 7 31-03-2017 49 Niki Agro Products Private Limited CARE D; ISSUER NOT COOPERATING 8 14-03-2017 50 Om Besco Rail Products Limited CARE D 8 14-11-2016 51 Palaparthi Super Speciality Hospital Private Limited CARE B+ 3 14-03-2017 52 Paradise Polymers Limited CARE D; ISSUER NOT COOPERATING 7 29-03-2017 53 Patil Rail Infrastructure Private Limited CARE BBB- 2 08-03-2017 54 Polakulath Narayanan Renai Medicity CARE BBB- 2 20-12-2016 55 Raghuvanshi Cotton Ginning and Pressing Private Limited CARE D; ISSUER NOT COOPERATING 8 02-03-2017 56 Ram Nath Memorial Trust Society CARE D 7 16-03-2017 57 RattanIndia Nasik Power Limited CARE D 8 20-10-2016 58 Raxa Security Services Limited CARE BBB- (SO) 2 03-03-2017 59 Rolex Cycles Private Limited CARE D 8 03-11-2016 60 Rotomag Motors and Controls Private Limited CARE BBB 2 16-03-2017 61 Rotomotive Powerdrives India Limited CARE BBB (SO) 4 24-03-2017 62 Royal Wood Private Limited CARE D; ISSUER NOT COOPERATING 7 22-03-2017 63 Sai Wardha Power Limited CARE D 9 18-11-2016 64 Saptarishi Hotels Private Limited CARE D 8 30-01-2017 65 Saturn Rings and Forgings Private Limited CARE D; ISSUER NOT COOPERATING 9 08-03-2017 66 Shah Group Builders Limited CARE D; ISSUER NOT COOPERATING 8 16-03-2017 67 Shiv S. Balvantrai Rotliwala CARE BBB- 2 14-02-2017 68 Shiva Cement Limited CARE D 8 31-12-2016 69 Shivansh Diamond Private Limited CARE D; ISSUER NOT COOPERATING 8 20-03-2017 70 Shivom Minerals Limited CARE D 7 30-12-2016 71 Shree Ganesh Jewellers Limited CARE B+ 2 14-03-2017 72 Sindhanur Gangavathi Tollway Private Limited CARE D 9 28-10-2016 73 Skypoint Multitrade Private Limited CARE D 9 08-03-2017 74 Sri Sai Durga Infratech India Private Limited CARE D; ISSUER NOT COOPERATING 8 27-03-2017 75 Sri Shyam Millers Private Limited CARE B; ISSUER NOT COOPERATING 2 20-03-2017 76 Srinivasa Educational Academy CARE D 8 16-03-2017 77 Sterling Global Oil Resources Private Limited CARE D 8 22-03-2017 78 Sterling Oil Exploration & Energy Production Company Limited CARE D 8 22-03-2017 79 Subhash Kabini Power Corporation Limited CARE D 8 27-02-2017 80 Suzuki Textiles Limited CARE C 7 07-11-2016 81 Tara Jewels Limited CARE D 8 28-02-2017 82 Tree House Education and Accessories Limited CARE D 8 28-12-2016 83 Universal Associates CARE D 8 23-12-2016 84 Utopian Sugars Limited CARE D 7 22-03-2017 85 Vatsa Automobiles Private Limited CARE D; ISSUER NOT COOPERATING 7 22-03-2017 86 Verdant Life Sciences Private Limited CARE BB+ 2 12-01-2017 87 VSP Udyog Private Limited CARE D; ISSUER NOT COOPERATING 9 27-02-2017 Rating prior to revision- B category 1 A B T Limited CARE BB- (FD) 2 24-01-2017 2 A B T Limited CARE BB- 2 24-01-2017 3 Abhijit Realtors and Infraventures Private Limited CARE BB- 3 17-01-2017 4 Accord Communications Limited CARE D 4 16-03-2017 5 Adilabad Expressway Private Limited CARE BB- 2 09-12-2016 6 Admiron Life Sciences Private Limited CARE D 6 14-11-2016 7 Amar Cottex Private Limited CARE D; ISSUER NOT COOPERATING 6 29-03-2017 8 Ansal Properties & Infrastructure Limited CARE D 5 27-02-2017 9 Anupam Industries CARE D; ISSUER NOT COOPERATING 6 07-03-2017 10 Apollo Zipper India Limited CARE BB+ (SO) 4 21-10-2016 11 AS Nutra Tech Private Limited CARE D; ISSUER NOT COOPERATING 5 27-02-2017

3 Date of Rating Sr. No. Name of the Issuer Rating Post Revision Notch Difference Change 12 Asian Impex CARE D 6 28-03-2017 13 Baldev Krishan Memorial Charitable Society CARE D 5 31-03-2017 14 Balkrishna Spintex Private Limited CARE BB 2 08-12-2016 15 Bardhaman Agro Private Limited CARE BB- 2 09-01-2017 16 Bharat Hotels Limited CARE BB+ 4 21-10-2016 17 Binani Industries Limited CARE D 6 29-11-2016 18 Chandna Infraprojects India Private Limited CARE D 5 25-01-2017 19 Club 29 Private Limited CARE D 6 14-03-2017 20 Commercial Carriers Limited CARE D; ISSUER NOT COOPERATING 6 14-03-2017 21 Earthen Treasures Natural Resources Private Limited CARE D 5 07-10-2016 22 Emaar MGF Land Limited CARE D 5 23-01-2017 23 Gati Infrastructure Bhasmey Power Private Limited CARE D 5 28-03-2017 24 Goel Roadways CARE BB- 2 08-03-2017 25 Golden Jubilee Hotels Limited CARE D 5 30-01-2017 26 Green Mirror Buildcon Private Limited CARE D; ISSUER NOT COOPERATING 5 29-03-2017 27 Guinea Motors Private Limited CARE BB- 2 23-12-2016 28 H.B. Ravi Kumar CARE BB 2 31-12-2016 29 Highbar Technologies Limited CARE D 6 25-10-2016 30 Ind-Barath Thermotek Private Limited CARE D 6 16-03-2017 31 Innotech Educational Society CARE D; ISSUER NOT COOPERATING 6 14-03-2017 32 JM Ferro Alloys Private Limited CARE D 6 13-10-2016 33 Kaadambary Ricetech Private Limited CARE D; ISSUER NOT COOPERATING 5 14-03-2017 34 Kujjal Builders Private Limited CARE BB+ (SO) 4 21-10-2016 35 Lavasa Corporation Limited CARE C (SO) 3 31-12-2016 36 Lokesh Machines Limited CARE D; ISSUER NOT COOPERATING 4 07-03-2017 37 Mahajyoti Fibers Private Limited CARE D 6 12-12-2016 38 MGM Infra Development Solution Private Limited CARE D 5 23-01-2017 39 Mother Lam Private Limited CARE D 6 10-03-2017 40 Nagarjuna Fertilizers and Chemicals Limited CARE D 5 21-03-2017 41 Nagesh Enterprises CARE BB- 2 29-11-2016 42 Nandi Pipes Private Limited CARE D; ISSUER NOT COOPERATING 6 06-03-2017 43 Neha Exports CARE BB- 2 07-10-2016 44 NSL Cotton Corporation Private Limited CARE D 4 09-01-2017 45 Om Shiv Lumbers Private Limited CARE D; ISSUER NOT COOPERATING 6 22-03-2017 46 Orbit Aviation Private Limited CARE D 6 31-01-2017 47 Orbit Resorts Limited CARE D 6 31-01-2017 48 P. M. Cot Fibers CARE D; ISSUER NOT COOPERATING 5 23-03-2017 49 Palak Ferro Alloys CARE D; ISSUER NOT COOPERATING 6 14-03-2017 50 Panama Agriculture Private Limited CARE D 5 14-03-2017 51 Panyam Cements and Mineral Industries Limited CARE BB- 3 06-01-2017 52 Patna Highway Projects Limited CARE D 5 04-10-2016 53 PNL Constructions Private Limited CARE BB 2 23-03-2017 54 Pravara Renewable Energy Limited CARE D 5 04-10-2016 55 Prayan Ispat and Steel Private Limited CARE D 6 16-03-2017 56 R.S. Green Foods Private Limited CARE D 5 09-12-2016 57 Rachana Seeds Industries Private Limited CARE D 6 19-12-2016 58 Ruchi Soya Industries Limited CARE D 5 19-12-2016 59 Ruchi Worldwide Limited CARE D 5 29-12-2016 60 S.P.Y. Agro Industries Limited CARE D 4 10-02-2017 61 Sahakar Maharshi Shankarrao Mohite Patil SSK Limited CARE B+ 2 27-12-2016 62 Samraddhi Cot Fibers Private Limited CARE D 6 23-02-2017 63 Sara Spintex India Private Limited CARE D; ISSUER NOT COOPERATING 6 22-03-2017 64 Savalia Cotton Ginning and Pressing Private Limited CARE D; ISSUER NOT COOPERATING 6 02-03-2017 65 Sharon Bio-Medicine Limited CARE D 6 15-12-2016 66 Shiraguppi Sugar Works Limited CARE D; ISSUER NOT COOPERATING 5 31-03-2017 67 Shiva Satya Hotels Private Limited CARE BB- 2 28-12-2016 68 Shiva Shakti Sugars Limited CARE BB- 3 06-01-2017 69 Shri Ramswaroop Memorial Charitable Trust CARE D 6 24-11-2016 70 Silk Cotton CARE D; ISSUER NOT COOPERATING 5 17-03-2017 71 Singan Projects Limited CARE D; ISSUER NOT COOPERATING 6 02-03-2017 72 SNS Starch Limited CARE D; ISSUER NOT COOPERATING 6 07-03-2017 73 Spads Red Fields Exim Private Limited CARE BB 2 27-02-2017 74 Sri Shakthi Refineries Private Limited CARE BB- 2 10-10-2016 75 Sukhmani Holidays-Inn Private Limited CARE D 6 09-03-2017 76 Suresh Angadi Education Foundation CARE D; ISSUER NOT COOPERATING 4 31-03-2017 77 Toolfab Engineering Industries Private Limited CARE BB- 2 02-03-2017 78 Unitech Automobiles Private Limited CARE BB- 2 28-11-2016

4 Date of Rating Sr. No. Name of the Issuer Rating Post Revision Notch Difference Change 79 United Infraventures Limited CARE D; ISSUER NOT COOPERATING 5 07-03-2017 80 Uniworld Sugars Private Limited CARE D 5 30-03-2017 81 Val Pack Solutions Private Limited CARE BB+ 3 13-12-2016 82 Youth Welfare Association CARE D 6 06-10-2016 Rating prior to revision- C category 1 Bindals Papers Mills Limited CARE BB- 5 17-01-2017 2 Etco Denim Private Limited CARE D 2 30-12-2016 3 Etco Industries Private Limited CARE D 2 17-10-2016 4 Everest Kanto Cylinder Limited CARE B 3 06-10-2016 5 Faze Three Limited CARE BB 6 15-03-2017 6 Himachal Fibres Limited CARE D 3 17-02-2017 7 Mandhana Industries Limited CARE D 2 03-02-2017 8 Prince Marine Transport Services Private Limited CARE D; ISSUER NOT COOPERATING 2 21-03-2017 9 Real Strips Limited CARE D 2 21-11-2016 10 Shiva Speciality Yarns Limited CARE D 3 24-01-2017 11 Sujala Pipes Private Limited CARE B+ 4 04-10-2016 12 Uttam Galva Metallics Limited CARE D 2 14-03-2017 13 Yogindera Worsted Limited CARE D 3 24-01-2017

5 Date of Rating Sr. No. Name of the Issuer Rating Post Revision Notch Difference Change

Rating Movement more than one Notch between October 2016 to March 2017 Short Term Date of Rating Sr. No. Name of the Issuer Rating Post Revision Notch Difference Change Rating prior to revision- A1 category 1 Electrosteel Castings Limited CARE A2 2 28-10-2016 2 Tata Teleservices Limited CARE A2+ 2 27-03-2017 Rating prior to revision- A2 category 1 Adani Power Rajasthan Limited CARE A3+ 2 16-02-2017 2 Bhoruka Power Corporation Limited CARE A3+ 2 21-11-2016 3 BS Limited CARE A4; ISSUER NOT COOPERATING 4 28-03-2017 4 Electrosteel Castings Limited CARE A3+ 2 28-10-2016 5 GMR Hyderabad International Airport Limited CARE A1+ 2 16-11-2016 6 Hindusthan Urban Infrastructure Limited CARE A3 2 24-01-2017 7 Lipi Data Systems Limited CARE A3 2 27-03-2017 8 Magnifico Minerals Private Limited CARE A3+ 2 28-02-2017 9 Manaksia Aluminium Company Limited CARE A3+ 2 18-01-2017 10 Manaksia Coated Metals and Industries Limited CARE A3+ 2 18-01-2017 11 Mercator Limited CARE A3+ 2 14-10-2016 12 Mercator Oil & Gas Limited CARE A3+ (SO) 2 14-10-2016 13 Ruchi Infrastructure Limited CARE D 5 27-12-2016 14 SBS Transpole Logistics Private Limited CARE A4; ISSUER NOT COOPERATING 4 23-03-2017 15 TAG Offshore Limited CARE A3+ 2 16-03-2017 16 Taurus Tiles Private Limited CARE A3 (SO) 2 14-03-2017 17 The India Cements Limited CARE A1 2 17-01-2017 18 Utkal Alumina International Limited CARE A1+ 2 07-11-2016 19 Wonder Cement Limited CARE A1+ 2 07-10-2016 20 Worlds Window Impex India Private Limited CARE A3+ 2 28-02-2017 Rating prior to revision- A3 category 1 Abilities India Pistons and Rings Limited CARE A4 2 15-03-2017 2 Anik Industries Limited CARE A4 2 29-03-2017 3 Arcotech Limited CARE A4 3 10-10-2016 4 Arka Carbon Fuels Private Limited CARE A4 3 31-03-2017 5 BMM Ispat Limited CARE A4 2 25-10-2016 6 D.E.C. Infrastructures and Projects (India) Private Limited CARE A2+ 2 28-12-2016 7 DCM Shriram Industries Limited CARE A2 2 08-03-2017 8 Gadre Marine Export CARE A2 2 27-01-2017 9 Gammon Infrastructure Projects Limited CARE A4 2 29-12-2016 10 Greenesol Power Systems Private Limited CARE A4 2 10-01-2017 11 Gujarat Infrapipes Private Limited CARE A4 2 30-03-2017 12 Haldia Petrochemicals Limited CARE A1 3 04-11-2016 13 Harita Seating Systems Limited CARE A2+ 2 13-10-2016 14 India Pesticides Limited CARE A2+ 2 30-12-2016 15 Indo Rama Synthetics India Limited CARE A4 2 04-11-2016 16 Jindal ITF Limited CARE A1+ (SO) 5 12-10-2016 17 K.P.R. Sugar Mill Limited CARE A2+ 2 13-02-2017 18 Kesar Multimodal Logistics Limited CARE A4 (SO) 2 27-12-2016 19 KSK Energy Ventures Limited CARE D 3 06-03-2017 20 Maharaja Shree Umaid Mills Limited CARE A4 2 16-11-2016 21 Malladi Drugs and Pharmaceuticals Limited CARE A2 2 29-03-2017 22 MIRC Electronics Limited CARE A4 2 02-12-2016 23 Pawar Electro Systems Private Limited CARE D 4 03-10-2016 24 RattanIndia Power Limited CARE D 3 20-10-2016 25 Sai Lilagar Power Limited CARE D 3 06-03-2017 26 Speciality Polymers Private Limited CARE D 3 07-02-2017 27 Spring Trading Private Limited CARE A4 (SO) 2 20-01-2017 28 Stamlo Hotels Limited CARE A2+ 2 10-10-2016 29 Steel Exchange India Limited CARE A4 2 07-10-2016 30 Swastik Coal Corporation Private Limited CARE A4 3 31-03-2017 31 Tirupati Basmati Exports Private Limited CARE D; ISSUER NOT COOPERATING 3 20-03-2017 32 TRN Energy Private Limited CARE D 3 20-03-2017 33 Varron Aluminium Private Limited CARE D 3 16-01-2017 34 Varron Auto Kast Limited CARE D 3 16-01-2017 35 Varron Industries Private Limited CARE D 3 16-01-2017 Rating prior to revision- A4 category 1 Aakash Global Foods Private Limited CARE A3 2 16-02-2017

6 Date of Rating Sr. No. Name of the Issuer Rating Post Revision Notch Difference Change 2 Balasore Alloys Limited CARE A3 2 19-01-2017 3 Bhadresh Agro Venture Limited CARE D 2 13-10-2016 4 Daya Engineering Works Private limited CARE A3 2 08-03-2017 5 Eco Tech Papers CARE A3+ 2 28-02-2017 6 Ecoren Energy India Private Limited CARE A3 2 23-12-2016 7 Goldi Green Technologies Private Limited CARE A3 2 09-02-2017 8 Gujarat State Energy Generation Limited CARE A3 2 25-01-2017 9 Icon Sleeper Track Private Limited CARE A3 2 08-03-2017 10 Maha Associated Hotels Private Limited CARE D 2 30-01-2017 11 Modern Insulators Limited CARE A3 2 19-01-2017 12 Patil Rail Infrastructure Private Limited CARE A3 2 08-03-2017 13 Raxa Security Services Limited CARE A3 (SO) 2 03-03-2017 14 Rotomag Motors and Controls Private Limited CARE A3+ 2 16-03-2017 15 Rotomotive Powerdrives India Limited CARE A3+ (SO) 3 24-03-2017 16 Sai Wardha Power Limited CARE D 2 18-11-2016 17 Shiv S. Balvantrai Rotliwala CARE A3 2 14-02-2017 18 Universal Associates CARE D 2 23-12-2016 19 VSP Udyog Private Limited CARE D; ISSUER NOT COOPERATING 2 27-02-2017

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