Rating Updates For December 2017 Company Name (New Ratings) Instrument Ratings A N Associates Bank Facilities [ICRA]BB(Stable)/[ICRA]A4 AASAN Corporate Solutions Private Limited Non-Convertible Debentures Provisional [ICRA]A+(SO)(Stable) Aavas Financiers Limited Commercial Paper [ICRA]A1+ Aditya Birla Retail Limited Bank Facilities [ICRA]A-(Stable)/[ICRA]A2+ Alstom Systems Private Limited Bank Facilities [ICRA]A+(SO)(Stable)/[ICRA]A1+(SO) Alstom Transport India Limited Bank Facilities [ICRA]A+(SO)(Stable)/[ICRA]A1+(SO) Anamudi Real Estates LLP Bank Facilities [ICRA]A+(Stable) Anglo French Drug & Industries Limited Bank Facilities [ICRA]BBB-(Stable) Annapurna Private Limited Vivriti Valor 012 2017 PTC Series A1 Provisional [ICRA]A-(SO) Aptus Value Housing Finance India Limited Non-Convertible Debenture [ICRA]A(stable) ASA International India Microfinance Limited Non-Convertible Debenture [ICRA]BBB-(Stable) Bandipur Sopan Welfare Society MFI Grading M5 Barbeque Nation Hospitality Limited Commercial Paper [ICRA]A1+ Barbrik Project Limited Bank Facilities [ICRA]A-(Stable) Bazaar Konnections Bank Facilities [ICRA]B(Stable) Bharat Financial Inclusion Limited IMLRT November 2017 PTC Series A Provisional [ICRA]AA(SO) Bharti Telecom Limited Commercial Paper [ICRA]A1+ Bhartiya International Limited Bank Facilities [ICRA]A(Stable)/[ICRA]A1 BIBA Apparels Private Limited Bank Facilities [ICRA]A+(Stable)/[ICRA]A1+ BIBA Apparels Private Limited Commercial Paper [ICRA]A1+ Brindavan Beverages Pvt. Ltd. Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2 Bucon Engineers and Infrastructure Private Limited Bank Facilities [ICRA]BB-(Stable)/[ICRA]A4 Caramia Granito LLP Bank Facilities [ICRA]B(Stable)/[ICRA]A4 Children’s Education Society Bank Facilities [ICRA]BB+(Stable) Cholamandalam Investment and Finance Company Limited Bank Facilities [ICRA]AA(Positive) Cholamandalam Investment and Finance Company Limited Commercial Paper [ICRA]A1+ Clean Max Mercury Power Private Limited Bank Facilities [ICRA]BBB-(Stable) Clean Max Photovoltaic Private Limited Bank Facilities [ICRA]BBB-(Stable) Cooper Standard India Private Limited Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2 Cosmos Engitech Private Limited Bank Facilities [ICRA]BB+(Stable)/[ICRA]A4+ Credo Life Sciences Private Limited Bank Facilities [ICRA]BB-(Stable) Damodar Tradelinks Private Limited Bank Facilities [ICRA]BB-(Stable)/[ICRA]A4 DHFL Vysya Housing Finance Limited Commercial Paper [ICRA]A1+ DLF Limited Commercial Paper [ICRA]A1 DS Jaipur Hospitality Private Limited Bank Facilities [ICRA]AA-(SO) (Stable) ECL Finance Limited Commercial Paper(IPO Financing) [ICRA]A1+ ECL Finance Limited Commercial Paper(IPO Financing) [ICRA]A1+ ECL Finance Limited Commercial Paper(IPO Financing) [ICRA]A1+ Ecorex Buildtech Private Limited Bank Facilities [ICRA]C+/[ICRA]A4 Edelweiss Commodities Services Limited Commercial Paper(IPO Financing) [ICRA]A1+ Edelweiss Commodities Services Limited Commercial Paper(IPO Financing) [ICRA]A1+ Edelweiss Commodities Services Limited Commercial Paper(IPO Financing) [ICRA]A1+ Edelweiss Limited Commercial Paper(IPO Financing) [ICRA]A1+ Edelweiss Financial Services Limited Commercial Paper(IPO Financing) [ICRA]A1+ Edelweiss Financial Services Limited Commercial Paper(IPO Financing) [ICRA]A1+ Electro Polychem Limited Bank Facilities [ICRA]BB-(Stable)/[ICRA]A4 Eros Minerock Products LLP Bank Facilities [ICRA]B+(Stable)/[ICRA]A4 Fairfreight Lines Private Limited Bank Facilities Provisional [ICRA]A-(SO)(Stable)/Provisional [ICRA]A2+(SO) Fitwel Tools and Forgings Private Limited Bank Facilities [ICRA]A-(Stable) Flash Distribution Private Limited Bank Facilities [ICRA]BB(Stable) G R Thanga Maligai & Sons Bank Facilities [ICRA]A+(Positive) G R Thanga Maligai (Firm) Bank Facilities [ICRA]A+(Positive) GMR Hyderabad Aviation SEZ Limited Bank Facilities [ICRA]AA(SO)(Stable) GRT Jewellers (India) Private Limited Bank Facilities [ICRA]A+(Positive)/[ICRA]A1+ Gulf Ashley Motor Limited Bank Facilities [ICRA]A3+ Guruvayoor Infrastructure Private Limited Issuer Rating [ICRA]BBB(Stable) H.G Infra Engineering Limited Bank Facilities [ICRA]A-(Positive)/[ICRA]A2+ Harinagar Sugar Mills Limited Bank Facilities [ICRA]A1 HDFC Credila Financial Services Private Limited Perpetual Debt [ICRA]AA+(Stable) Hical Technologies Private Limited Bank Facilities [ICRA]BBB-(Positive)/[ICRA]A3 Hindustan Petroleum Corporation Limited Issuer Rating [ICRA]AAA(Stable) Hindusthan Engineering & Industries Limited Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2+ HPM Infra LLP Proposed Non Convertible Debenture/Debt [ICRA]BB-(Stable) HT Media Limited Commercial Paper [ICRA]A1+ IFMR Capital Capital Finance Private Limited IFMR Capital P.L.I. IV November 2017-Aye Finance Private Limited Provisional [ICRA]BBB+(SO) IFMR Capital Capital Finance Private Limited IFMR Capital P.L.I. IV November 2017-Essel Finance Business Loan Limited Provisional [ICRA]BBB+(SO) IFMR Capital Capital Finance Private Limited IFMR Capital P.L.I. IV November 2017-Pahal Financial Services Private Limited Provisional [ICRA]BBB+(SO) IFMR Capital Capital Finance Private Limited IFMR Capital P.L.I. IV November 2017-Svasti Microfinance Private Limited Provisional [ICRA]BBB+(SO) IFMR Capital Capital Finance Private Limited IFMR Capital P.L.I. IV November 2017-Aris Capital Private Limited Provisional [ICRA]BBB+(SO) IFMR Capital Capital Finance Private Limited IFMR Capital P.L.I. IV November 2017-Akme Fintrade (India) Limited Provisional [ICRA]BBB+(SO) IFMR Capital Capital Finance Private Limited IFMR Capital P.L.I. IV November 2017-Satya Microcapital Limited Provisional [ICRA]BBB+(SO) IFMR Capital Capital Finance Private Limited IFMR Capital P.L.I. IV November 2017-Samunnati Financial Intermediation & Services Private Limited Provisional [ICRA]BBB+(SO) IFMR Capital Capital Finance Private Limited IFMR Capital P.L.I. IV November 2017-FINO Finance Private Limited Provisional [ICRA]BBB+(SO) IFMR Capital Capital Finance Private Limited IFMR Capital P.L.I. IV November 2017-Visage Holdings and Finance Private Limited Provisional [ICRA]BBB+(SO) IFMR Capital Capital Finance Private Limited IFMR Capital P.L.I. IV November 2017-Shri Ram Finance Corporation Private Limited Provisional [ICRA]BBB+(SO) IFMR Capital Finance Private Limited IFMR Capital Mosec Trappist 2017 PTC Series A1 Provisional [ICRA]A-(SO) IFMR Capital Finance Private Limited IFMR Capital Mosec Trappist 2017 PTC Series A2 Provisional [ICRA]C+(SO) IIFL Facilities Services Limited Commercial Paper(IPO Financing) [ICRA]A1+ IIFL Facilities Services Limited Commercial Paper(IPO Financing) [ICRA]A1+ IIFL Wealth Finance Limited Commercial Paper(IPO Financing) [ICRA]A1+ IIFL Wealth Management Limited Commercial Paper(IPO Financing) [ICRA]A1+ IL&FS Transportation Networks Limited Commercial Paper [ICRA]A1 India Food Exports Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3 Finance Limited Robust CV Trust Dec 2017 PTC Series A Provisional [ICRA]AAA(SO) India Infoline Finance Limited Commercial Paper(IPO Financing) [ICRA]A1+ Indian Compressors Limited Bank Facilities [ICRA]BB+(Stable)/[ICRA]A4+ INFINA Finance Private Limited Commercial Paper(IPO Financing) [ICRA]A1+ INFINA Finance Private Limited Commercial Paper [ICRA]A1+ Itamax Ceramic Private Limited Bank Facilities [ICRA]B+(Stable)/[ICRA]A4 J.M. Financial & Investment Consultancy Services Private Limited Commercial Paper(IPO Financing) [ICRA]A1+ Jaipur-Mahua Tollway Pvt. Ltd. Proposed Non-Convertible Debentures/Bonds Provisional [ICRA]AAA(SO)(Stable) Jaipur-Mahua Tollway Pvt. Ltd. Proposed Subordinated Debt/NCD/Bonds Provisional [ICRA]AAA(SO)(Stable) JM Financial Capital Limited Commercial Paper(IPO Financing) [ICRA]A1+ JM Financial Products Limited Commercial Paper(IPO Financing) [ICRA]A1+ JM Financial Properties and Holdings Limited Commercial Paper(IPO Financing) [ICRA]A1+ JMC Paper Tech Private Limited Bank Facilities [ICRA]BB-(Positive)/[ICRA]A4 Kap Cones Private Limited Bank Facilities [ICRA]BB+(Stable)/[ICRA]A4+ Kosi Bridge Infrastructure Company Limited Non Convertible Debenture Provisional [ICRA]AAA(SO)(Stable) Kotak Mahindra Investments Limited Commercial Paper(IPO Financing) [ICRA]A1+ KRBL Limited Bank Facilities [ICRA]A1+ KRBL Limited Commercial Paper [ICRA]A1+ KRBL Limited Commercial Paper [ICRA]A1+ KSR Properties Private Limited Bank Facilities [ICRA]B(Stable) L&T Housing Finance Limited Commercial Paper [ICRA]A1+ Lendingkart Finance Limited Brooks SBL IFMR Capital 2017 PTC Series A1 Provisional [ICRA]BBB-(SO) Lendingkart Finance Limited Non-Convertible Debenture [ICRA]BBB-(Stable) Lenora Vitrified LLP Bank Facilities [ICRA]B+(Stable)/[ICRA]A4 Lizzart Granito LLP Bank Facilities [ICRA]BB-(Stable)/[ICRA]A4 Lotus Overseas Bank Facilities [ICRA]B+(Stable) Magma Fincorp Limited MFL Securitisation Trust LX PTC Series A1 Provisional [ICRA]AAA(SO) Magma Fincorp Limited MFL Securitisation Trust LX PTC Series A2 Provisional [ICRA]AAA(SO) Magma Fincorp Limited MFL Securitisation Trust LX Second Loss Facility Provisional [ICRA]BBB-(SO) Magma Fincorp Limited MFL Securitisation Trust LX Liquidity Facility Provisional [ICRA]AAA(SO) Mahathi Software Private Limited Bank Facilities [ICRA]B-(Stable)/[ICRA]A4 Marine Electricals (India) Private Limited Bank Facilities [ICRA]BBB+(Positive)/[ICRA]A2+ Merittrac Services Private Limited Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2+ Metco Roof Private Limited Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3 Munjal Kiriu Industries Private Limited Bank Facilities [ICRA]A+(Stable) Muthoot Homefin (India) Limited Commercial Paper [ICRA]A1+ N S Vaishno Devi Developers India Private Limited Bank Facilities [ICRA]BB(Stable) N.S. Associates Private Limited Bank Facilities [ICRA]A4+ Nainital Municipal Council Issuer Rating [ICRA]BB(Stable) Nandi Housing Private Limited Bank Facilities [ICRA]BB+(Stable) National Bank for Agricultural and Rural Development Commercial Paper [ICRA]A1+ New Era Enviro Ventures Private Limited Bank Facilities [ICRA]BB-(Stable) Nish Developers Private Limited Bank Facilities [ICRA]BBB+(Stable) Nissan Renault Financial Services India Private Limited Commercial Paper [ICRA]A1+ ONGC Mangalore Petrochemicals Limited Bank Facilities [ICRA]AA+&/[ICRA]A1+& ONGC Mangalore Petrochemicals Limited Commercial Paper [ICRA]A1+& Parakh Agro Industries Limited Bank Facilities [ICRA]A(Stable)/[ICRA]A2+ Parakh Foods and Oils Limited Bank Facilities [ICRA]A(Stable)/[ICRA]A2+ Piramal Finance Limited Bank Facilities [ICRA]AA(Positive) Piramal Housing Finance Limited Commercial Paper [ICRA]A1+ PNX Logistics Pvt. Ltd. Bank Facilities [ICRA]BBB+(SO)(Stable)/[ICRA]A2(SO) Prabhat Dairy Limited Bank Facilities [ICRA]A+(Stable)/[ICRA]A1 Prafful Overseas Private Limited Bank Facilities [ICRA]BBB(Stable)/[ICRA]A3+ Premier Solar Systems Private Limited Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3 Pride Hotels Limited Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3 Pyramid Technoplast Private Limited Bank Facilities [ICRA]BBB-(Positive)/[ICRA]A3 Pyrotech Electronics Private Limited Bank Facilities [ICRA]BBB-(Stable) R. D. Samant Contractors Private Limited Bank Facilities [ICRA]BB(Stable)/[ICRA]A4+ R.S. Brothers Retail India Private Limited Bank Facilities [ICRA]A-(Stable) Rajoo Engineers Limited Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2 Redington India Limited Commercial Paper [ICRA]A1+ Riyan Paper Mill Bank Facilities [ICRA]B+(Stable) RMZ Infotech Private Limited Non Convertible Bonds Provisional [ICRA]AA-(SO)(Stable) RSPL Limited Bank Facilities [ICRA]AA(Stable)/[ICRA]A1+ S. J. Logistics (India) Limited Bank Facilities [ICRA]B+(Stable) S.K.R. Constructions Bank Facilities [ICRA]BB+(Positive)/[ICRA]A4+ Saija Finance Private Limited MFI Grading M2 Saija Finance Private Limited Non Convertible Debenture [ICRA]BBB-(Stable) San Marine Bank Facilities [ICRA]BB(Positive) Satin Creditcare Network Limited Saffron Trust November 2017 PTC Series A Provisional [ICRA]BBB+(SO) Satin Creditcare Network Limited Non Convertible Debenture [ICRA]BBB+(Negative) Satin Creditcare Network Limited Preference Share [ICRA]BBB(hyb)(Negative) Security and Intelligence Services (India) Limited Bank Facilities [ICRA]A+(Stable)/[ICRA]A1+ Shapoorji Pallonji Solar Holdings Private Limited Bank Facilities [ICRA]A(SO)(Stable) Sharavathy Conductors Private Limited Bank Facilities [ICRA]A3 BNP Paribas Financial Services Private Limited Commercial Paper(IPO Financing) [ICRA]A1+ Shree Jagannath Expressway Limited Bank Facilities [ICRA]A-(Stable) Shrem Resort Private Limited Bank Facilities [ICRA]BBB-(Stable) Shriram Transport Finance Company Limited Sansar Trust December 2017 II PTC Series A Provisional [ICRA]AAA(SO) Shriram Transport Finance Company Limited Sansar Trust December 2017 II Second Loss Facility Provisional [ICRA]BBB(SO) Siesta Hospitality Services Limited Bank Facilities [ICRA]BBB-(Stable) Sigma Chemicals Bank Facilities [ICRA]BB+(Stable)/[ICRA]A4+ Simar Port Private Limited Bank Facilities [ICRA]BBB-(Stable) Simran Farms Limited Bank Facilities [ICRA]BB(Stable) Siti Networks Limited Bank Facilities [ICRA]A-(Stable) SKS Fasteners Limited Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3 SLN Coffee Private Limited Bank Facilities [ICRA]BB(Stable) Small Business Fincredit India Private Limited Bank Facilities [ICRA]A(Stable) Smartchem Technologies Limited Commercial Paper [ICRA]A1+ Smartchem Technologies Limited Bank Facilities [ICRA]AA-(Negative)/[ICRA]A1+ Sonata Finance Private Limited Aruvi IFMR Capital 2017 PTC Series A1 Provisional [ICRA]A(SO) Sonata Finance Private Limited Aruvi IFMR Capital 2017 PTC Series A2 Provisional [ICRA]BBB(SO) Spandana Sphoorty Financial Limited Pragathi 12 2017 PTC Series A Provisional [ICRA]A+(SO) Laboratories Limited Commercial Paper [ICRA]A1+ Sun Pharmaceutical Industries Limited Commercial Paper [ICRA]A1+ Sundaram Finance Limited SHRI Trust U 2018 PTC Series A Provisional [ICRA]AAA(SO) Sunfresh Agro Industries Private Limited Bank Facilities [ICRA]A+(Stable)/[ICRA]A1 Sunshine Edible Oils Bank Facilities [ICRA]B+(Stable) Suprajit Engineering Limited Bank Facilities [ICRA]AA(Stable) SVSVS Projects Private Limited Bank Facilities [ICRA]B+(Stable) Swarna Tollway Private Limited Non Convertible Debenture Provisional [ICRA]AAA(SO)(Stable) Tata Business Support Services Limited Bank Facilities [ICRA]A+(Stable)/[ICRA]A1+ Tata Consultancy Services Limited Bank Facilities [ICRA]AAA(Stable)/[ICRA]A1+ Tata Motors Finance Limited Indian Receivable Trust December 2017 B PTC Series A Provisional [ICRA]AAA(SO) Tata Motors Finance Limited Indian Receivable Trust December 2017 B Second Loss Facility Provisional [ICRA]BBB(SO) Tata Motors Finance Solutions Limited Commercial Paper [ICRA]A1+ Tata Steel Processing and Distribution Limited Commercial Paper [ICRA]A1+ The Tata Power Company Limited Commercial Paper [ICRA]A1+ Therdose Pharma Pvt. Ltd. Bank Facilities [ICRA]BB(Stable)/[ICRA]A4 Thirumeni Finance Private Limited Bank Facilities [ICRA]BBB(Stable) TMF Holdings Limited Commercial Paper [ICRA]A1+ Torrent Pharmaceuticals Limited Proposed Non Convertible Debenture [ICRA]AA(Stable) Torrent Pharmaceuticals Limited Bank Facilities [ICRA]AA(Stable) Triveni Engineering & Industries Limited Commercial Paper [ICRA]A1+ Ultralift India LLP Bank Facilities [ICRA]B+(Stable) V. M. Bakery Products Private Limited Bank Facilities [ICRA]B-(Stable) Vaya Finserv Private Limited MFI Grading M2 Vinyaas Project Private Limited Bank Facilities [ICRA]BB-(Stable) ZR Renewable Energy Private Limited Bank Facilities Provisional [ICRA]BBB(Stable)

Company Name (Reaffirmations) Instrument Ratings Alstom Transport India Limited Bank Facilities [ICRA]A+(SO)(Stable)/[ICRA]A1+(SO) Arvind Exports Solvent Oil Industries Bank Facilities [ICRA]B+(Stable) Bajaj Capital Limited Bank Facilities [ICRA]BBB(Stable) BEL Optronic Devices Limited Bank Facilities [ICRA]AA+(Stable)/[ICRA]A1+ Bengal Ambuja Housing Development Limited Bank Facilities [ICRA]BBB+(Negative) BPR Infrastructure Limited Bank Facilities [ICRA]BBB-(Positive) C. Dinesh & Co. Pvt. Ltd. Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3 Champion Commercial Company Limited Bank Facilities [ICRA]BB+(Stable)/[ICRA]A4+ Cosmos Engitech Private Limited Bank Facilities [ICRA]BB+(Stable)/[ICRA]A4+ Delhi Aviation Fuel Facility Private Limited Bank Facilities [ICRA]AA-(Stable) Frostees Export (India) Private Limited Bank Facilities [ICRA]A4+ G N Altech Bank Facilities [ICRA]BB-(Stable)/[ICRA]A4 GH Induction India Private Limited Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2 GNA Gears Limited Bank Facilities [ICRA]BBB-(Stable) Kamlesh Metacast Private Limited Bank Facilities [ICRA]B(Stable) Karnataka State Financial Corporation Bond Programme [ICRA]AA-(SO)(Stable) Kishan Cotton Ginning & Pressing Factory Bank Facilities [ICRA]B(Stable)/[ICRA]A4 Mahesh Mercandise Private Limited Bank Facilities [ICRA]BB-(Stable)/[ICRA]A4 Meghnad Saha Institute of Technology Bank Facilities [ICRA]BB(Stable) Metro Ortem Limited Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2 Metro Tyres Limited Bank Facilities [ICRA]A-(Positive)/[ICRA]A2+ Microtex Energy Private Limited Bank Facilities [ICRA]BB+(Stable)/[ICRA]A4+ ONGC Mangalore Petrochemicals Limited Bank Facilities [ICRA]AA+&/[ICRA]A1+& ONGC Mangalore Petrochemicals Limited Commercial Paper [ICRA]A1+& Radix Industries (India) Limited Bank Facilities [ICRA]BB(Stable)/[ICRA]A4 Rai Bahadur Seth Shreeream Narasingdas Private Limited Bank Facilities [ICRA]BB+(Stable)/[ICRA]A4+ Rajlakshmi Minerals Bank Facilities [ICRA]BB(Stable) Redington India Limited Bank Facilities [ICRA]A1+ Relaxo Footwears Limited Bank Facilities [ICRA]A1+ Relaxo Footwears Limited Commercial Paper [ICRA]A1+ San Marine Bank Facilities [ICRA]BB(Positive) Satnam Psyllium Industries Bank Facilities [ICRA]BB-(Stable)/[ICRA]A4 Shiva & Shiva Orthopaedic Hospital Private Limited Bank Facilities [ICRA]BBB-(Positive)/[ICRA]A3 Shri Modi Shikshan Sansthan Bank Facilities [ICRA]BBB+(Stable) Sigma Chemicals Bank Facilities [ICRA]BB+(Stable)/[ICRA]A4+ SP Spinning Mills Private Limited Bank Facilities [ICRA]BBB(Stable)/[ICRA]A3+ Sri Krishna Pharmaceuticals Limited Bank Facilities [ICRA]A-(Stable)/[ICRA]A2+ SRL Diagnostics Private Limited Bank Facilities [ICRA]A-&/[ICRA]A2+& SRL Limited Bank Facilities [ICRA]A+&/[ICRA]A1+& Super Psyllium Bank Facilities [ICRA]BB-(Stable)/[ICRA]A4 Tata Motors Finance Limited Indian Receivable Trust September 2016 B PTCs [ICRA]AAA(SO) Tata Motors Finance Limited Indian Receivable Trust September 2016 B Second Loss Facility [ICRA]BBB(SO) The Tata Power Company Limited Non-Convertible Debenture [ICRA]AA-(Stable) The Tata Power Company Limited Commercial Paper [ICRA]A1+ Valdel Engineers and Constructors Private Limited Bank Facilities [ICRA]A(Stable)/[ICRA]A1

Upgrade Entity Instument Previous Rtg Revised Rtg Barbrik Project Limited Bank Facilities [ICRA]BBB+(Stable) [ICRA]A-(Stable) Bharatiyam Foods and Beverages Private Limited Bank Facilities [ICRA]BB-(Stable) [ICRA]BB(Stable) C.P. Arora Engineers and contractors Private Limited Bank Facilities [ICRA]A4 [ICRA]A4+ Cherian Varkey Construction Company Private Limited Bank Facilities [ICRA]BBB(Stable)/[ICRA]A3+ [ICRA]BBB+(Stable)/[ICRA]A2+ Den Networks Limited Bank Facilities [ICRA]A-(Stable)/[ICRA]A2+ [ICRA]A(Stable)/[ICRA]A1 Embassy Inn Private Limited Non Convertible Debentures [ICRA]D [ICRA]BB- (Stable) Fine Organic Industries Ltd. Bank Facilities [ICRA]A(Stable) [ICRA]A+(Stable) Globus Steel and Power Private Limited Bank Facilities [ICRA]BBB(Stable) [ICRA]BBB+(Stable) Hari Bhog Foods Private Limited Bank Facilities [ICRA]B [ICRA]BB-(Stable) Indus Vegpro Private Limited Bank Facilities [ICRA]B+ [ICRA]BB-(Stable) Jayco Synthetics Bank Facilities [ICRA]B(Stable) [ICRA]B+(Stable) JOP Hotels Limited Bank Facilities [ICRA]BB+(Stable) [ICRA]BBB-(Stable) K.S. Overseas Private Limited Bank Facilities [ICRA]BB-(Stable) [ICRA]BB(Stable) Kerala Nut Food Company Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3 [ICRA]BBB(Stable)/[ICRA]A3+ Krifor Industries Private Limited Bank Facilities [ICRA]B [ICRA]B+(Stable) Kumaragiri Electronics Limited Bank Facilities [ICRA]D [ICRA]B-(sable)/[ICRA]A4 Kyungshin Industrial Motherson Private Limited Bank Facilities [ICRA]AA-(Stable) [ICRA]AA(Stable) Magma Fincorp Limited MFL Securitisation Trust XXX PTC Series A1 [ICRA]AA(SO) [ICRA]AAA(SO) Magma Fincorp Limited MFL Securitisation Trust XXX PTC Series A2 [ICRA]AA(SO) [ICRA]AAA(SO) Magma Fincorp Limited MFL Securitisation Trust XXXII PTC Series A1 [ICRA]AA(SO) [ICRA]AAA(SO) Magma Fincorp Limited MFL Securitisation Trust XXXII PTC Series A2 [ICRA]AA(SO) [ICRA]AAA(SO) Magma Fincorp Limited MFL Securitisation Trust XXXIX PTC Series A1 [ICRA]AA(SO) [ICRA]AAA(SO) Magma Fincorp Limited MFL Securitisation Trust XXXIX PTC Series A2 [ICRA]AA(SO) [ICRA]AAA(SO) Magma Fincorp Limited MFL Securitisation Trust XLII Second Loss Facility [ICRA]BBB-(SO) [ICRA]BBB(SO) Magma Fincorp Limited MFL Securitisation Trust XLV PTC Series A1 [ICRA]AA(SO) [ICRA]AA+(SO) Magma Fincorp Limited MFL Securitisation Trust XLV PTC Series A2 [ICRA]AA(SO) [ICRA]AA+(SO) Magma ITL Finance Limited MIFL Securitisation Trust VII PTC Series A1 [ICRA]AA(SO) [ICRA]AAA(SO) Magma ITL Finance Limited MIFL Securitisation Trust VII PTC Series A2 [ICRA]AA(SO) [ICRA]AAA(SO) Magma ITL Finance Limited MIFL Securitisation Trust VII Second Loss Facility [ICRA]BBB-(SO) [ICRA]BBB(SO) Magma ITL Finance Limited MIFL Securitisation Trust VIII PTC Series A1 [ICRA]AA(SO) [ICRA]AAA(SO) Magma ITL Finance Limited MIFL Securitisation Trust VIII PTC Series A2 [ICRA]AA(SO) [ICRA]AAA(SO) Magma ITL Finance Limited MIFL Securitisation Trust VIII Second Loss Facility [ICRA]BBB-(SO) [ICRA]BBB+(SO) Magma ITL Finance Limited MIFL Securitisation Trust IX PTC Series A1 [ICRA]A(SO) [ICRA]AA-(SO) Magma ITL Finance Limited MIFL Securitisation Trust IX PTC Series A2 [ICRA]A(SO) [ICRA]AA-(SO) Magneti Marelli Motherson Shock Absorbers India Private Limited Bank Facilities [ICRA]BBB(Stable)/[ICRA]A3+ [ICRA]A-(Stable)/[ICRA]A2+ Mahadev Ship Breakers Private Limited Bank Facilities [ICRA]BB-(Stable)/[ICRA]A4 [ICRA]BB(Stable)/[ICRA]A4+ Mayajaal Entertainment limited Bank Facilities [ICRA]C+ [ICRA]B-(Stable) Munjal Kiriu Industries Private Limited Bank Facilities [ICRA]A(Stable) [ICRA]A+(Stable) N S Vaishno Devi Developers India Private Limited Bank Facilities [ICRA]BB-(Stable) [ICRA]BB(Stable) N.S. Associates Private Limited Bank Facilities [ICRA]BB-(Stable)/[ICRA]A4 [ICRA]BB(Stable)/[ICRA]A4+ P.R. Nayak Associates Private Limited Bank Facilities [ICRA]BB(Stable) [ICRA]BB+(Stable) Parakh Agro Industries Limited Bank Facilities [ICRA]A-(Stable) [ICRA]A(Stable) Parakh Foods and Oils Limited Bank Facilities [ICRA]A-(Stable) [ICRA]A(Stable) Polynova Industries Limited Bank Facilities [ICRA]BBB+(Stable) [ICRA]A-(Stable) Premier Solar Systems Private Limited Bank Facilities [ICRA]BB(Stable)/[ICRA]A4 [ICRA]BBB-(Stable)/[ICRA]A3 R Ramu Bank Facilities [ICRA]A4 [ICRA]A4+ Redington India Limited Bank Facilities [ICRA]AA-(Stable) [ICRA]AA(Stable) Secure Industries Private Limited Bank Facilities [ICRA]B(Stable) [ICRA]BB-(Stable) Security and Intelligence Services (India) Limited Bank Facilities [ICRA]A-(Stable)/[ICRA]A1 [ICRA]A+(Stable)/[ICRA]A1+ Sharavathy Conductors Private Limited Bank Facilities [ICRA]BB+(Stable)/[ICRA]A4+ [ICRA]BBB-(Stable)/[ICRA]A3 Shiv Facilities [ICRA]BB-(Stable)/[ICRA]A4 [ICRA]BB(Stable)/[ICRA]A4+ Shiv Ship Breaking Company Bank Facilities [ICRA]BB-(Stable)/[ICRA]A4 [ICRA]BB(Stable)/[ICRA]A4+ Shri Ram Rice Mills Bank Facilities [ICRA]B+ [ICRA]BB-(Stable) Sri Jyoti Renewable Energy Private Limited Bank Facilities [ICRA]B- [ICRA]BB-(Stable) Sri Sai Baba Enterprises Bank Facilities [ICRA]B [ICRA]B+(Stable) Sri Sankari Yarns Private Limited Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3 [ICRA]BBB(Stable)/[ICRA]A3+ Surat Wovensacks Industries LLP Bank Facilities [ICRA]B [ICRA]B+(Stable) Tanfac Industries Limited Bank Facilities [ICRA]BB+(Stable)/[ICRA]A4+ [ICRA]BBB-(Stable)/[ICRA]A3 Tangling Mini Hydel Power Project Bank Facilities [ICRA]B [ICRA]BB-(Stable) The Andhra Petrochemicals Limited Bank Facilities [ICRA]BB(Positive)/[ICRA]A4+ [ICRA]BBB-(Stable)/[ICRA]A3 Triveni Engineering & Industries Limited Bank Facilities [ICRA]A+(Stable) [ICRA]AA-(Stable) Verma Tractors Bank Facilities [ICRA]B [ICRA]B+(Stable) Vikram Hospital (Bengaluru) Private Limited Non-Convertible Debenture [ICRA]B- [ICRA]B(Stable) ZF Hero Chassis Systems Private Limited Bank Facilities [ICRA]BBB+(Stable) [ICRA]A-(Stable)

Downgrade Entity Instument Previous Rtg Revised Rtg Accord Life Spec Private Limited Bank Facilities [ICRA]BB-(Stable) [ICRA]D AOV Exports Private Limited Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2+ [ICRA]BBB(Stable)/[ICRA]A3+ Embassy Inn Private Limited Non Convertible Debentures [ICRA]BBB-(Stable) [ICRA]D Frostees Export (India) Private Limited Bank Facilities [ICRA]BB+(Stable) [ICRA]BB(Stable) Futura Ceramics Private Limited Bank Facilities [ICRA]BB+(Stable) [ICRA]BB(Stable) Gandhi Enterprises Bank Facilities [ICRA]BB(Stable)/[ICRA]A4+ [ICRA]BB-(Stable)/[ICRA]A4 Janalakshmi Financial Services Limited Bank Facilities [ICRA]A(Negative) [ICRA]A-(Negative) Janalakshmi Financial Services Limited Non-Convertible Debentures [ICRA]A(Negative) [ICRA]A-(Negative) Janalakshmi Financial Services Limited Subordinated Debt [ICRA]A(Negative) [ICRA]A-(Negative) Janalakshmi Financial Services Limited Commercial Paper [ICRA]A1 [ICRA]A2+ Finvest Limited Long-Term Debt [ICRA]A+& [ICRA]A& Religare Finvest Limited Bank Facilities [ICRA]A+& [ICRA]A& Religare Housing Development Finance Corporation Limited Bank Facilities [ICRA]A+& [ICRA]A& Religare Housing Development Finance Corporation Limited Subordinate Debt [ICRA]A+& [ICRA]A& Sapphire Lifesciences Private Limited Bank Facilities [ICRA]BB(Stable) [ICRA]D Therdose Pharma Pvt. Ltd. Bank Facilities [ICRA]BB+(Stable)/[ICRA]A4+ [ICRA]BB(Stable)/[ICRA]A4 V. M. Bakery Products Private Limited Bank Facilities [ICRA]B [ICRA]B-(Stable) Windsor Edifices Private Limited Bank Facilities [ICRA]BB-(Stable) [ICRA]D

Entity Instument Ratings A. M. Breweries Private Limited Bank Facilities [ICRA]BB-(Stable)/[ICRA]A4 [ICRA]BB-(Stable)/[ICRA]A4 A.R. Dairy Food Private Limited Bank Facilities [ICRA]BB+(Stable)/[ICRA]A4+ [ICRA]BB+(Stable)/[ICRA]A4+ Aditya Ultra Steel Private Limited Bank Facilities [ICRA]D [ICRA]D Ajay Engicone Private Limited Bank Facilities [ICRA]D [ICRA]D Arnav Technosoft Private Limited Bank Facilities [ICRA]D [ICRA]D Arqube Industries (India) Limited Bank Facilities [ICRA]BB(Negative) [ICRA]BB(Negative) BDA Healthcare Private Limited Bank Facilities [ICRA]B [ICRA]B(Stable) Bhavin Agri-Infra Private Limited Bank Facilities [ICRA]B+/[ICRA]A4 [ICRA]B+(Stable)/[ICRA]A4 DNP Foods Limited Bank Facilities [ICRA]A4 [ICRA]D GSR Textiles Private Limited Bank Facilities [ICRA]D [ICRA]D Gujarat Peanut Products Private Limited Bank Facilities [ICRA]B+ [ICRA]B+(Stable) H N Construction Private Limited Bank Facilities [ICRA]BB+(Stable) [ICRA]BB+(Stable) Hydrobath Ramco Marketing Private Limited Bank Facilities [ICRA]D [ICRA]D Jasmine Industrial Corporation Bank Facilities [ICRA]B/[ICRA]A4 [ICRA]B(Stable)/[ICRA]A4 K. Prasad Babu Bank Facilities [ICRA]B [ICRA]B(Stable) Khodal Cotton Processing Private Limited Bank Facilities [ICRA]B+ [ICRA]B+(Stable) Kwality Township Private Limited Bank Facilities [ICRA]D [ICRA]D Lalita Foamex Private Limited Bank Facilities [ICRA]D [ICRA]D Malankara Plantations Limited Bank Facilities [ICRA]BB+(Stable) [ICRA]BB+(Stable) Mangalam Pipes Private Limited Bank Facilities [ICRA]BB-(Stable)/[ICRA]A4 [ICRA]BB-(Stable)/[ICRA]A4 Manisha Construction Co. Bank Facilities [ICRA]B+/[ICRA]A4 [ICRA]B+(Stable)/[ICRA]A4 Mittal Udyog Indore Private Limited Bank Facilities [ICRA]BB-(Stable)/[ICRA]A4 [ICRA]BB-(Stable)/[ICRA]A4 Oil Country Tubular Limited Bank Facilities [ICRA]D [ICRA]D Ongole Municipal Corporation Issuer Rating [ICRA]BBB(Stable) [ICRA]BBB(Stable) Pioneer Fil-Med Private Limited Bank Facilities [ICRA]BB-(Stable)/[ICRA]A4 [ICRA]BB-(Stable)/[ICRA]A4 PM Granite Export Private Limited Bank Facilities [ICRA]C+/[ICRA]A4 [ICRA]C+/[ICRA]A4 Quality Foils (India) Private Limited Bank Facilities [ICRA]BB+(Stable)/[ICRA]A4+ [ICRA]BB+(Stable)/[ICRA]A4+ Ramapriya Solar Energy Private Limited Bank Facilities [ICRA]B [ICRA]B(Stable) Reliable Exports (India) Private Limited Bank Facilities [ICRA]B [ICRA]B(Stable) RSAL Steel Private Limited Bank Facilities [ICRA]D [ICRA]D Saravana Global Energy Limited Bank Facilities [ICRA]D [ICRA]D Servocontrols Aerospace India Private Limited Bank Facilities [ICRA]B-/[ICRA]A4 [ICRA]B-(Stable)/[ICRA]A4 Shree Krishna Rice Mills Bank Facilities [ICRA]B- [ICRA]B-(Stable) Sri Balaji Educational and Charitable Public Trust Bank Facilities [ICRA]BB+(Stable) [ICRA]BB+(Stable) Sri Lakshmi Ammal Educational Trust Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2 [ICRA]BBB+(Stable)/[ICRA]A2 Sri Rama Spin Cot Bank Facilities [ICRA]B/ICRA]A4 [ICRA]B(Stable)/ICRA]A4 Susee Motors (India) Private Limited Bank Facilities [ICRA]B/ICRA]A4 [ICRA]B(Stable)/ICRA]A4 The Montfort Educational Society Bank Facilities [ICRA]B [ICRA]B(Stable) Vijai Marine Services Bank Facilities [ICRA]BB+(Stable)/[ICRA]A4+ [ICRA]BB+(Stable)/[ICRA]A4+ RW Developing Developing Entity Instument Previous Rtg Revised Rtg Adani Transmission Limited Commercial Paper [ICRA]A1+ [ICRA]A1+& CMS IT Services Private Limited Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3 [ICRA]BBB-&/[ICRA]A3& Embassy Property Developments Private Limited Non Convertible Debentures [ICRA]BBB-(SO)(Stable) [ICRA]BBB-(SO)& Embassy Property Developments Private Limited Bank Facilities [ICRA]BBB-(SO)(Stable) [ICRA]BBB-(SO)& Future Corporate Resources Limited Bank Facilities [ICRA]BBB-(Stable) [ICRA]BBB-& Future Corporate Resources Limited Non Convertible Debentures [ICRA]BBB-(Stable) [ICRA]BBB-& Future Corporate Resources Limited Principal-Protected Market-linked Non-Convertible Debenture PP-MLD[ICRA]BBB-(Stable) PP-MLD[ICRA]BBB-& Katira Construction Limited Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2 [ICRA]BBB+&/[ICRA]A2& PIL Industries Limited Bank Facilities [ICRA]BB+(Stable) [ICRA]BB+& PIL Industries Limited Non Convertible Debenture [ICRA]BB+(Stable) [ICRA]BB+& Religare Commodities Limited Short Term Debt [ICRA]A1 [ICRA]A1& Religare Comtrade Limited Short Term Debt [ICRA]A1 [ICRA]A1& Religare Securities Limited Bank Facilities [ICRA]A1 [ICRA]A1& Religare Securities Limited Commercial Paper [ICRA]A1 [ICRA]A1&

RW Developing Negative Entity Instument Previous Rtg Revised Rtg Sayaji Hotels Limited Bank Facilities [ICRA]BBB-(Stable) [ICRA]BBB-@