Rating Updates for the Month of August 2019

Company Name (New Ratings) Instrument Ratings Aachi Masala Foods Private Limited Bank Facilities [ICRA]BBB+(Stable) Aachi Special Foods Private Limited Bank Facilities [ICRA]A3 Adani Hazira Port Private Limited Bank Facilities [ICRA]AA+(SO)(Stable) Arman Logistics Park Private Limited Bank Facilities [ICRA]BBB(Stable) Autotech-Sirmax Pvt Ltd Bank Facilities [ICRA]BBB(Stable) B.Melaram & Sons Bank Facilities [ICRA]A4 Bhagyanagar Chlorides Private Limited Bank Facilities [ICRA]BB(Stable) Bharat Biotech International Limited Bank Facilities [ICRA]A1+ Brady Services Private Limited Bank Facilities [ICRA]BB-(Stable)/[ICRA]A4 Chloride Metals Limited Bank Facilities [ICRA]AA(Stable)/[ICRA]A1+ Comstar Automotive Technologies Private Limited Bank Facilities [ICRA]AA-&/[ICRA]A1+& Duroflex Private Limited Bank Facilities [ICRA]A-(Positive)/[ICRA]A2+ Dvara Kshetriya Gramin Private Limited Bank Facilities [ICRA]BBB(Stable)

Edelweiss Rural & Corporate Services Limited Non Convertible Debenture [ICRA]AA-(negative) Edelweiss Rural & Corporate Services Limited Non Convertible Debenture [ICRA]AA-(SO)(negative) Edelweiss Rural & Corporate Services Limited Bank Facilities [ICRA]AA-(negative) Emudhra Limited Bank Facilities [ICRA]BBB(Stable)/[ICRA]A3+ Fusion (Pvt.) Ltd. Non-convertible Debenture [ICRA]A-(Stable) Global Autotech Limited Issuer Rating [ICRA]BBB+(Stable) Hafele India Private Limited Bank Facilities [ICRA]A+(Stable)/[ICRA]A1 Hafele India Private Limited Bank Facilities [ICRA]A+(stable)/[ICRA]A1 Hardik Textiles Pvt Ltd Bank Facilities [ICRA]BB-(Stable) Harinagar Sugar Mills Limited Bank Facilities [ICRA]A-(Stable) Home First Finance Company India Limited Bank Facilities [ICRA]A+(Stable) Housing Development Finance Corporation Limited Non-Convertible Debentures [ICRA]AAA(Stable) IIFL Wealth Finance Limited Commercial Paper(IPO Financing) [ICRA]A1+ IIFL Wealth Management Limited Commercial Paper(IPO Financing) [ICRA]A1+ India Grid Trust Non- Convertible Debenture [ICRA]AAA(Stable) India Grid Trust Market Linked Debenture [ICRA]AAA(Stable) Finance Limited Shining Metal Trust August 2019 PTCs Series A Provisional [ICRA]AAA(SO)

Indian Terrain Fashions Limited Bank Facilities [ICRA]A-(Stable)/[ICRA]A2+ Indospace Chittoor Private Limited Bank Facilities [ICRA]BBB(Stable) INFINA Finance Private Limited Commercial Paper(IPO financing) [ICRA]A1+ INI Design Studio Pvt. Ltd. Bank Facilities [ICRA]A3 Intas Pharmaceuticals Limited Bank Facilities [ICRA]AA(Stable)/[ICRA]A1+ Jabs International Private Limited Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2 Jindal Aluminium Limited Fixed Deposit MAA(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+ JSW Steel Limited Bank Facilities [ICRA]AA(Negative)/[ICRA]A1+ Kitturu Chennamma Poultry Farm Bank Facilities [ICRA]BB-(Stable) Kogta Financial India Limited A.K. Avighna July 2019 PTC Series A1 Provisional [ICRA]A+(SO) Kogta Financial India Limited Bank Facilities Provisional [ICRA]A(SO)(Stable) Konkan Railway Corporation Limited Non-Convertible Debenture Provisional [ICRA]AAA(S) (Stable) Kothari Metals Limited Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2+ Kothari Sugars and Chemicals Limited Bank Facilities [ICRA]BBB-(Stable) Krishak Bharati Cooperative Limited Bank Facilities [ICRA]A1+ Lendingkart Finance Limited Mercury 2019 Trust I PTC Series A1 Provisional [ICRA]BBB+(SO) Lulu International Shopping Mall Pvt. Ltd. Bank Facilities [ICRA]BBB+(Stable) Madura Micro Finance Limited Northern Arc 2019 MFI Thurston PTC Series A Provisional [ICRA]A(SO)

Madura Micro Finance Limited Northern Arc 2019 MFI Thodipuram PTC Series Provisional [ICRA]A(SO) A Magma Fincorp Limited Bank Facilities [ICRA]AA-(Stable) Magma Housing Finance Limited Bank Facilities [ICRA]AA-(Stable) Mahindra Electric Mobility Limited Bank Facilities [ICRA]A+(Stable)/[ICRA]A1 Mahindra HZPC Private Limited Bank Facilities [ICRA]BBB+(Stable) Max Infra (I) Limited Bank Facilities [ICRA]A-(Stable)/[ICRA]A2+ Maza Developers Private Limited Bank Facilities [ICRA]BB(Stable) Micron Electricals Bank Facilities [ICRA]A1 Mitter Fasteners Bank Facilities [ICRA]BB(Stable)/[ICRA]A4 Mosaic India Private Limited Bank Facilities [ICRA]A1+ Myoung Shin India Automotive Private Limited Bank Facilities [ICRA]BBB-(Stable) National Collateral Management Services Limited Bank Facilities [ICRA]A(stable) National Payments Corporation of India Bank Facilities [ICRA]A1+ Nazareth Foods Private Limited Bank Facilities [ICRA]BBB+(Stable) Nelcast Limited Bank Facilities [ICRA]A+(stable)/[ICRA]A1+ Nissan Renault Financial Services India Private Limited Commercial Paper [ICRA]A1+ Northern Arc Capital Limited Northern Arc Pooled Bond Issuance XIX- [ICRA]BBB+(Stable) Thirumeni Finance Private Limited Northern Arc Capital Limited Northern Arc Pooled Bond Issuance XIX- Aye [ICRA]BBB(Stable) Finance Private Limited Northern Arc Capital Limited Northern Arc Pooled Bond Issuance XIX- ASA [ICRA]BBB(Stable) International India Microfinance Limited

Northern Arc Capital Limited Northern Arc Pooled Bond Issuance XIX- [ICRA]BBB-(Stable) Kanakadurga Finance Limited Northern Arc Capital Limited Bank Facilities [ICRA]A+(Stable) Novagen Healthcare Private Limited Bank Facilities [ICRA]BBB-(SO)(Stable) NV Projects Private Limited Bank Facilities [ICRA]A-(SO)(Stable) Generation Phase-II Transmission Limited Bank Facilities [ICRA]AAA(Stable)/[ICRA]A1+ Odisha Television Limited Bank Facilities [ICRA]A-(Stable) Orient Exchange And Financial Services (P) Ltd Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3 Oriental Carbon & Chemicals Limited Bank Facilities [ICRA]AA-(Stable)/[ICRA]A1+ Oriental Rubber Industries Pvt. Ltd. Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3 P. N. Gadgil & Sons Limited Fixed Deposits MA+(Stable) P. N. Gadgil & Sons Limited Bank Facilities [ICRA]A(Stable)/[ICRA]A1 Pardos Lucknow Developers Private Limited Bank Facilities Provisional [ICRABBB(SO)(Stable) Poonam Grah Nirman (Pvt) Ltd. Bank Facilities [ICRA]B-(Stable)/[ICRA]A4 Ralson (India) Limited Issuer Rating [ICRA]A+(Stable) Reddy Pharmaceuticals Limited Bank Facilities [ICRA]B+(Stable) Rohan Landscape Private Limited Bank Facilities [ICRA]BBB(Stable) S.P.Mani And Mohan Dairy (India) Private Limited Bank Facilities [ICRA]BBB-(Stable) Sandhya Hydro Power Projects Balargha Private Limited Bank Facilities [ICRA]BBB(Stable) Sansera Engineering Limited Bank Facilities [ICRA]AA-(Stable)/[ICRA]A1+ Sapphire Papers Mill (P) Ltd. Bank Facilities [ICRA]BB+(Stable)/[ICRA]A4+ Satya MicroCapital Ltd. Non-convertible Debenture [ICRA]BBB-(Stable) SBI Funds Management Private Limited SBI Capital Protection Oriented Fund Series A Provisional [ICRA]AAAmfs(SO) Plan 7 SBI Funds Management Private Limited SBI Capital Protection Oriented Fund Series A Provisional [ICRA]AAAmfs(SO) Plan 8 BNP Paribas Financial Services Limited Commercial Paper(IPO Financing) [ICRA]A1+ Shobhaglobs Engineers Hub Pvt Ltd Bank Facilities [ICRA]B(Stable)/[ICRA]A4 Shreeram and Sons Bank Facilities [ICRA]BB(Stable)/[ICRA]A4+ Shriram Transport Finance Company Limited Sansar Trust July 2019 PTC Series A1 Provisional [ICRA]AAA(SO) Shriram Transport Finance Company Limited Sansar Trust July 2019 PTC Series A2 Provisional [ICRA]AAA(SO) Shubhlaxmi Gum Industries Bank Facilities [ICRA]A4 Siechem Technologies Private Limited Bank Facilities [ICRA]A-(Stable)/[ICRA]A2+ Siechem Technologies Pvt. Ltd. Bank Facilities [ICRA]A-(Stable)/[ICRA]A2+ Sify Technologies Limited Bank Facilities [ICRA]A+(Stable)/[ICRA]A1+ Sirwar Renewable Energy Private Limited Bank Facilities [ICRA]BB(Stable) Sivanta Spuntex Private Limited Bank Facilities [ICRA]BB-(Stable)/[ICRA]A4 SJVN Arun-3 Power Development Company Pvt. Ltd. Bank Facilities Provisional [ICRA]AA+(SO)(Stable) SKA Diagnostic Private Limited Bank Facilities [ICRA]BB+(Negative) Small Business FinCredit India Private Limited Bank Facilities [ICRA]A(Stable) Spandana Sphoorty Financial Limited Kartikeya 07 2019 PTC Series A Provisional [ICRA]A(SO) Spoton Logistics Private Limited Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2 Star Cement Limited Bank Facilities [ICRA]AA-(Stable)/[ICRA]A1+ State Basel III Compliant Tier I Bonds [ICRA]AA+(hyb)(Stable) Sudhakara Infratech Private Limited Bank Facilities [ICRA]BBB(Stable)/[ICRA]A3+ Sunpack Barrier Films Pvt. Ltd. Bank Facilities [ICRA]BB+(Stable)/[ICRA]A4+ Suvidha Realtors and Constructions Pvt Ltd Bank Facilities [ICRA]BB-(Stable) Synergy Property Development Services Pvt Ltd Bank Facilities [ICRA]A1 Power Finance and Infrastructure Development Fixed Deposit MA-(Stable) Corporation Limited TATA International DLT Private Limited Bank Facilities [ICRA]A@/[ICRA]A1@ THDC India Limited Non Convertible Debenture [ICRA]AA(Stable) Thirumeni Finance Private Limited Bank Facilities [ICRA]BBB+(Stable) Umbel Properties Private Limited Bank Facilities [ICRA]A-(Stable) VGN Property Developers Private Limited Issuer Rating [ICRA]B-(Stable) West Coast Paper Mills Limited Non-convertible Debenture [ICRA]AA-(Stable) Wipro GE Healthcare Pvt. Ltd. Bank Facilities [ICRA]AA(stable)/[ICRA]A1+ Xander Finance Private Limited Non-Convertible Debenture [ICRA]A+(stable) YES Asset Management (India) Limited YES Ultra Short Term Fund [ICRA]A1+mfs Zinka Logistics Solutions Private Limited Bank Facilities [ICRA]A4+

Company Name (Reaffirmations) Instrument Ratings A One Ispat Private Limited Bank Facilities [ICRA]BB+(Positive) Aachi Masala Foods Private Limited Bank Facilities [ICRA]BBB+(Stable) Aachi Spices and Foods Private Limited Bank Facilities [ICRA]BBB+(SO)(Stable)/[ICRA]A2(SO) ACR Machining Pvt. Ltd. Bank Facilities [ICRA]BBB-(Stable) Adani Ports and Special Economic Zone Limited Bank Facilities [ICRA]AA+(Stable) Adani Ports and Special Economic Zone Limited Non-convertible Debenture [ICRA]AA+(Stable) Adani Ports and Special Economic Zone Limited Commercial Paper [ICRA]A1+ Adoration Ceramica Pvt. Ltd. Bank Facilities [ICRA]B+(Stable)/[ICRA]A4 Ahmedabad Maliya Tollway Limited Non-convertible Debenture [ICRA]AA(SO)(Positive) Anant Rice Industries Bank Facilities [ICRA]B+(Stable)/[ICRA]A4 Angadpal Industries Private Limited Bank Facilities [ICRA]A4+ Anoop Forgings Private Limited Bank Facilities [ICRA]B-(Stable)/[ICRA]A4 Apeejay Shipping Limited Bank Facilities [ICRA]A1+ Arinsun Clean Energy Private Limited Bank Facilities [ICRA]A-(Positive) Arkiton Tiles LLP Bank Facilities [ICRA]B+(Stable)/[ICRA]A4 Aryadhan Financial Solutions Private Limited Bank Facilities [ICRA]BB+(Stable) Ashoka Concessions Limited Bank Facilities [ICRA]A(Stable) Ashoka Dhankuni Kharagpur Tollway Limited Bank Facilities [ICRA]BBB+(SO)(Stable) Ashoka Highways (Durg) Limited Non-Convertible Debenture [ICRA]A-(SO)(Stable) ASM Technologies Limited Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3 ATC Telecom Infrastructure Private Limited Bank Facilities [ICRA]AA-(Stable) AU Limited Bank Facilities [ICRA]AA-(Stable) AU Small Finance Bank Limited Non-Convertible Debenture [ICRA]AA-(Stable) AU Small Finance Bank Limited Subordinated Debt [ICRA]AA-(Stable) Autometers Alliance Limited Bank Facilities [ICRA]BB+(Stable)/[ICRA]A4+ Axis Wind Farms (Rayalaseema) Private Limited Bank Facilities [ICRA]BBB-& B.Melaram & Sons Bank Facilities [ICRA]A4 Backbone MNMP Highway Pvt. Ltd. Bank Facilities [ICRA]BBB+(Stable) Bahuleyan Charitable Foundation Bank Facilities [ICRA]BB(Stable)/[ICRA]A4 Bajaj Finance Ltd. Non-convertible Debenture [ICRA]AAA(Stable) Bajaj Finance Ltd. Subordinated Debt [ICRA]AAA(Stable) Bajaj Finance Ltd. Commercial Paper [ICRA]A1+ Bajaj Finance Ltd. Fixed Deposit MAAA(Stable) Bajaj Motors Limited Bank Facilities [ICRA]A+(Stable)/[ICRA]A1+ Baldev Textile Mills Private Limited Bank Facilities [ICRA]A4+ Balrampur Chini Mills Limited Bank Facilities [ICRA]AA(stable)/[ICRA]A1+ Bansal Brothers Bank Facilities [ICRA]A4 ISSUER NOT COOPERATING Basix Sub-k iTransactions Limited Bank Facilities [ICRA]BB(Stable) Benny Product Private Limited Bank Facilities [ICRA]BB(Stable) Betterman Engineers Private Limited Bank Facilities [ICRA]B(Stable)/[ICRA]A4 Bhansali & Co. Bank Facilities [ICRA]BB+(Stable)/[ICRA]A4+ Bharat Agri Fert And Realty Ltd Bank Facilities [ICRA]BB(Stable)/[ICRA]A4+ Bharat Biotech International Limited Bank Facilities [ICRA]A+(Positive)/[ICRA]A1+ Bharat Seats Limited Bank Facilities [ICRA]A-(Negative)/[ICRA]A2+ Bharat Seats Limited Bank Facilities [ICRA]A-(Negative)/[ICRA]A2+ Bicero Tiles LLP Bank Facilities [ICRA]B+(Stable)/[ICRA]A4 Blue Dart Aviation Limited Bank Facilities [ICRA]AA(Stable)/[ICRA]A1+ Blue Dart Express Limited Bank Facilities [ICRA]AA(Stable)/[ICRA]A1+ Blue Dart Express Limited Non-Convertible Debenture [ICRA]AA(Stable) Brady Services Private Limited Bank Facilities [ICRA]A4 C S Construction Company Private Limited Bank Facilities [ICRA]A-(Stable) Caspian Impact Investments Private Limited Non-Convertible Debenture [ICRA]BBB(Positive) Caspian Impact Investments Private Limited Bank Facilities [ICRA]BBB(Positive)/[ICRA]A2 Caspro Metal Industries Private Limited Bank Facilities [ICRA]BBB(Stable)/[ICRA]A3+ Celebi Cargo Terminal Management India Private Bank Facilities [ICRA]A(Stable) Limited Chloride Metals Limited Bank Facilities [ICRA]AA(Stable)/[ICRA]A1+ Cholamandalam Investment and Finance Company Limited Platinum Trust February 2017 PTC Series A [ICRA]AAA(SO)

Cholamandalam Investment and Finance Company Limited Platinum Trust March 2017- Tranche II PTC [ICRA]AAA(SO) Series A Cholamandalam Investment and Finance Company Limited Platinum Trust June [ICRA]AAA(SO) 2017 PTC Series A Cholamandalam Investment and Finance Company Limited Platinum Trust December 2017 Tranche II PTC [ICRA]AAA(SO) Series A Cholamandalam Investment and Finance Company Limited Platinum Trust December 2017 Tranche II [ICRA]A(SO) Second Loss Facility Cholamandalam Investment and Finance Company Limited Platinum Trust February 2018 PTC Series A [ICRA]AAA(SO)

Cholamandalam Investment and Finance Company Limited Platinum Trust February 2018 Second Loss [ICRA]A(SO) Facility DC Wovensack Private Limited Bank Facilities [ICRA]B+(Stable) Deepak Nitrite Limited Bank Facilities [ICRA]A1+ Deepak Nitrite Limited Commercial Paper [ICRA]A1+ Delhi International Airport Limited Bank Facilities [ICRA]AA-(Negative)/[ICRA]A1+ Duroflex Private Limited Bank Facilities [ICRA]A-(Positive)/[ICRA]A2+ Durovalves India Pvt Ltd Bank Facilities [ICRA]AA-(Stable)/[ICRA]A1+ Endress+Hauser (India) Automation Instrumentation Private Bank Facilities [ICRA]A-(Stable)/[ICRA]A1 Limited Endurance Technologies Limited Commercial Paper [ICRA]A1+ Endurance Technologies Limited Bank Facilities [ICRA]AA+(Stable)/[ICRA]A1+ Epicenter Technologies Private Limited Bank Facilities [ICRA]A4+ Facor Alloys Limited Bank Facilities [ICRA]D Fiat India Automobiles Private Limited Commercial Paper [ICRA]A1+ Fiat India Automobiles Private Limited Bank Facilities [ICRA]AA-(Negative)/[ICRA]A1+ FJM Cylinders Private Limited Bank Facilities [ICRA]BB+(Stable)/[ICRA]A4+ Forming India Private Limited Bank Facilities [ICRA]BB-(Stable)/[ICRA]A4 Goa-Tamnar Transmission Project Limited Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3 Gokul Agro Resources Limited Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3 Good Shepherd Educational Trust (Good Shepherd Bank Facilities [ICRA]A-(Stable) International School) Peanut Products Private Limited Bank Facilities [ICRA]B+(Stable) Gurgaon-Palwal Transmission Limited Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3 H.R. Educational Foundation Trust Bank Facilities [ICRA]D Hero MotoCorp Limited Bank Facilities [ICRA]AAA(Stable)/[ICRA]A1+ Hindustan Latex Family Planning Promotion Trust Bank Facilities [ICRA]BBB+(SO)(Stable)/[ICRA]A2(SO) HLL Infra Tech Services Limited Bank Facilities [ICRA]BBB+(SO)(Stable)/[ICRA]A2(SO) HMC MM Auto Limited Bank Facilities [ICRA]AA(Stable)/[ICRA]A1+ Home First Finance Company India Limited Bank Facilities [ICRA]A+(Stable) Home First Finance Company India Limited Non-Convertible Debentures [ICRA]A+(Stable) Home First Finance Company India Limited Commercial Paper [ICRA]A1+ Icewear Creation Bank Facilities [ICRA]BB-(Stable)/[ICRA]A4 ICICI Bank Limited ICICI Bank Ltd. (2005) MBS 1 (Aawas Trust [ICRA]AAA(SO) Series 8)-PTC Series A2 ICICI Bank Limited ICICI Bank Ltd. (2005) MBS 1 (Aawas Trust [ICRA]AAA(SO) Series 8)-PTC Series B ICICI Bank Limited ICICI Bank Ltd. (2005) MBS 1 (Aawas Trust [ICRA]AA(SO) Series 8)-Second Loss Facility ICICI Bank Limited ICICI Bank Ltd. (2005) MBS 2 (Aawas Trust [ICRA]AAA(SO) Series 5)-PTC Series A2 ICICI Bank Limited ICICI Bank Ltd. (2005) MBS 2 (Aawas Trust [ICRA]AAA(SO) Series 5)-PTC Series B ICICI Bank Limited ICICI Bank Ltd. (2005) MBS 2 (Aawas Trust [ICRA]AA(SO) Series 5)-Second Loss Facility Indiabulls Housing Finance Limited Innovation Trust XX Mar 14 PTC Series A [ICRA]AAA(SO) Indiabulls Housing Finance Limited Innovation Trust XXVIII Jun 2017 PTC Series A [ICRA]AAA(SO)

Indiabulls Housing Finance Limited Innovation Trust XXIX Sept 2017 PTC Series A [ICRA]AAA(SO)

Indiabulls Housing Finance Limited Commercial Paper [ICRA]A1+ Indospace Rohan Industrial Park Khed Private Limited Bank Facilities [ICRA]AA(SO)(Stable) Indospace Rohan Industrial Park Mahalunge Private Limited Bank Facilities [ICRA]AA(SO)(Stable)

Indospace Rohan Industrial Park Private Limited Bank Facilities [ICRA]AA(SO)(Stable) Indospace Rohan Industrial Park Pune Private Limited Bank Facilities [ICRA]AA(SO)(Stable) INI Design Studio Pvt. Ltd. Bank Facilities [ICRA]BBB-(Stable) Intas Pharmaceuticals Limited Bank Facilities [ICRA]AA(Stable)/[ICRA]A1+ International Tractors Limited Bank Facilities [ICRA]AA+(Stable)/[ICRA]A1+ Iron Triangle Limited Bank Facilities [ICRA]A(Stable)/[ICRA]A1 Jai Suspension Systems LLP Bank Facilities [ICRA]A1+(SO) Jambuwala Commodities Private Limited Bank Facilities [ICRA]A4 Jamna Auto Industries Limited Bank Facilities [ICRA]A1+ Jamna Auto Industries Limited Commercial Paper [ICRA]A1+ JBM Ogihara Automotive India Limited Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3 Jindal Aluminium Limited Fixed Deposit MAA(Stable) JITF Urban Waste Management (Bathinda) Limited Bank Facilities [ICRA]BB(Negative) Jivandhara Cotton Industries Bank Facilities [ICRA]B+(Stable) JRS Pharma & Gujarat Microwax Pvt. Ltd. Bank Facilities [ICRA]A-(Stable)/[ICRA]A2+ JSW Steel Limited Bank Facilities [ICRA]AA(Negative)/[ICRA]A1+ JSW Steel Limited Non-convertible Debenture [ICRA]AA(Negative) JSW Steel Limited Commercial Paper [ICRA]A1+ Kali Aerated Water Works Private Limited Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3 Kalis Sparkling Water (P) Ltd. Bank Facilities [ICRA]BBB-(Stable) Kanwar Enterprises Private Limited Bank Facilities [ICRA]BB+(Stable)/[ICRA]A4+ Katira Construction Ltd. Bank Facilities [ICRA]BBB(Stable)/[ICRA]A3+ Khoday India Limited Issuer Rating [ICRA]B+(Stable) Khosla Engineering Private Limited Bank Facilities [ICRA]A4 Kirby Building Systems & Structures India Private Limited Bank Facilities [ICRA]AA-(Stable)/[ICRA]A1+ Kobe Suspension Company Private Limited Bank Facilities [ICRA]B+(Stable)/[ICRA]A4 Konkan Railway Corporation Limited Non-Convertible Debenture [ICRA]AAA(S) (Stable) Kothari Metals Limited Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2+ Kothari Sugars and Chemicals Limited Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3 KRBL Limited Bank Facilities [ICRA]AA-@/[ICRA]A1+@ KRBL Limited Commercial Paper [ICRA]A1+@ KRIBHCO Fertilizers Limited Non-Convertible Debenture [ICRA]AA(SO)(Stable) KRIBHCO Fertilizers Limited Commercial Paper [ICRA]A1+ Krishak Bharati Cooperative Limited Bank Facilities [ICRA]AA(Stable)/[ICRA]A1+ Krishak Bharati Cooperative Limited Commercial Paper [ICRA]A1+ L&T Finance Holdings Limited Non-convertible Debenture [ICRA]AAA (Negative) L&T Finance Holdings Limited Commercial Paper [ICRA]A1+ L&T Finance Limited (erstwhile Family Credit Limited) Bank Facilities [ICRA]AAA(negative) L&T Finance Limited (erstwhile Family Credit Limited) Market Linked Debenture PP-MLD[ICRA]AAA(negative) L&T Finance Limited (erstwhile Family Credit Limited) Non-convertible Debenture [ICRA]AAA(negative) L&T Finance Limited (erstwhile Family Credit Limited) Non-convertible Debenture (Public Issuance) [ICRA]AAA(negative)

L&T Finance Limited (erstwhile Family Credit Limited) Subordinated Debt [ICRA]AAA (negative) L&T Finance Limited (erstwhile Family Credit Limited) Perpetual Debt [ICRA]AA+(negative) L&T Finance Limited (erstwhile Family Credit Limited) Commercial Paper [ICRA]A1+ L&T Housing Finance Limited Bank Facilities [ICRA]AAA(negative) L&T Housing Finance Limited Non-Convertible Debenture [ICRA]AAA(negative) L&T Housing Finance Limited Subordinated Debt [ICRA]AAA(negative) L&T Housing Finance Limited Perpetual Debt [ICRA]AA+(negative) L&T Housing Finance Limited Medium-Term Fixed Deposits MAAA(negative) L&T Infra Debt Fund Limited Non-Convertible Debenture [ICRA]AAA(stable) L&T Infra Debt Fund Limited Market Linked Debenture PP-MLD[ICRA]AAA(stable) L&T Infra Debt Fund Limited Commercial paper [ICRA]A1+ L&T Infrastructure Development Projects Limited Non-convertible Debenture [ICRA]AA(Positive) L&T Infrastructure Development Projects Limited Non-convertible Debenture [ICRA]AA+(S)(Stable) L&T Infrastructure Development Projects Limited Bank Facilities [ICRA]AA(Positive) L&T Infrastructure Development Projects Limited Commercial Paper [ICRA]A1+ L&T Infrastructure Finance Company Limited Bank Facilities [ICRA]AAA(negative) L&T Infrastructure Finance Company Limited Non-convertible Debenture [ICRA]AAA(negative) L&T Infrastructure Finance Company Limited Non-convertible Debenture (Infra Bonds) [ICRA]AAA(negative) L&T Infrastructure Finance Company Limited Subordinated Debt [ICRA]AAA(negative) L&T Infrastructure Finance Company Limited Perpetual Debt [ICRA]AA+(negative) L&T Infrastructure Finance Company Limited Commercial Paper [ICRA]A1+ L&T Metro Rail () Limited Non-Convertible Debenture [ICRA]AAA(SO)(Stable) Locksmiths Industries Private Limited Bank Facilities [ICRA]B-(Stable)/[ICRA]A4 Madura Micro Finance Limited Subordinated Debentures [ICRA]BBB+(Stable) Madura Micro Finance Limited Bank Facilities [ICRA]BBB+(Stable) Madura Micro Finance Limited Non-Convertible Debentures [ICRA]BBB+(Stable) ManiBhavnam Home Finance India Pvt. Ltd. Bank Facilities [ICRA]BBB-(Negative) Marina Distributors Bank Facilities [ICRA]A+(SO)(Stable) Max Infra (I) Limited Bank Facilities [ICRA]A-(Stable)/[ICRA]A2+ Maxion Wheels Aluminum India Private Limited Bank Facilities [ICRA]BBB+(Stable) Meghalaya Power Limited Bank Facilities [ICRA]AA-(Stable)/[ICRA]A1+ Merck Specialities Private Limited Bank Facilities [ICRA]AA-(Stable)/[ICRA]A1+ Meru Industries LLP (erstwhile Meru Industries) Bank Facilities [ICRA]BBB(Negative)/[ICRA]A3+ Micron Electricals Bank Facilities [ICRA]A1 Mini Construction Bank Facilities [ICRA]BB+(Stable/[ICRA]A4+ Mishtann Foods Limited Bank Facilities [ICRA]BBB(Stable) Mobis India Limited Bank Facilities [ICRA]A1+ Modern Communication and Broadcast Systems Private Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3 Limited Modest Infrastructure Private Limited Bank Facilities [ICRA]C+/[ICRA]A4 Mohindra Fasteners Limited Bank Facilities [ICRA]BBB(Stable)/[ICRA]A3+ Mosaic India Private Limited Bank Facilities [ICRA]A1+ Mosaic India Private Limited Commercial Paper [ICRA]A1+ Myoung Shin India Automotive Private Limited Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3 Narain & Company Bank Facilities [ICRA]BB(Stable)/[ICRA]A4+ National Fertilizers Limited Bank Facilities [ICRA]AA(Negative)/[ICRA]A1+ National Fertilizers Limited Commercial Paper [ICRA]A1+ Navjivan Cotton Industries Bank Facilities [ICRA]B+(Stable) Nazareth Foods Private Limited Bank Facilities [ICRA]BBB+(Stable) NCL VEKA Limited Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2 NED Energy Limited Bank Facilities [ICRA]A+(SO)(Stable)/[ICRA]A1+(SO) Nelcast Limited Bank Facilities [ICRA]A+(stable)/[ICRA]A1+ Nelcast Limited Commercial Paper [ICRA]A1+ Nisiki India Private Limited Bank Facilities [ICRA]B+(Stable)/[ICRA]A4 Nissan Renault Financial Services India Private Limited Non-Convertible Debenture [ICRA]AAA(Negative) Nissan Renault Financial Services India Private Limited Commercial Paper [ICRA]A1+ North Eastern Road Transport Facilities [ICRA]B+(Stable) Northern Arc Capital Limited Commercial Paper [ICRA]A1+ Northern Arc Capital Limited Bank Facilities [ICRA]A+(Stable) Northern Arc Capital Limited Cumulative non-convertible compulsorily [ICRA]A(Stable) redeemable preference shares Northern Arc Capital Limited Non-convertible debentures [ICRA]A+(Stable) Northern Arc Capital Limited Subordinated debt [ICRA]A+(Stable) Northern Arc Capital Limited Commercial paper [ICRA]A1+ Odisha Television Limited Bank Facilities [ICRA]A-(Stable) P Kishanchand Textiles Limited Bank Facilities [ICRA]B(Stable)/[ICRA]A4 P. N. Gadgil & Sons Limited Bank Facilities [ICRA]A(Stable)/[ICRA]A1 Paradeep Phosphates Limited Bank Facilities [ICRA]A(Stable)/[ICRA]A1 Paradeep Phosphates Limited Commercial Paper [ICRA]A1 Pepsu Road Transport Corporation Bank Facilities [ICRA]B+(Stable) PNB Gilts Limited Commercial Paper [ICRA]A1+ Prachay Capital Private Limited Bank Facilities [ICRA]BB+(SO)(Stable) Prataap Snacks Limited Bank Facilities [ICRA]A+(Stable) Prism Johnson Limited Non Convertible Debenture [ICRA]A-(Stable) Prism Johnson Limited Bank Facilities [ICRA]A-(Stable)/[ICRA]A1 Raajratna Metal Industries Limited Bank Facilities [ICRA]A(Stable)/[ICRA]A1 Raj Industries Bank Facilities [ICRA]A-(Stable)/[ICRA]A2+ Rehber Food Industries Private Limited Bank Facilities [ICRA]BBB(Stable)/[ICRA]A3+ Relaxo Footwears Limited Bank Facilities [ICRA]AA(Stable)/[ICRA]A1+ Relaxo Footwears Limited Commercial Paper [ICRA]A1+ Limited Non-Convertible Debenture [ICRA]AAA(Stable) Reliance Industries Limited Commercial Paper [ICRA]A1+ Reliance Power Limited Non-Convertible Debenture [ICRA]D ISSUER NOT COOPERATING Reliance Power Limited Bank Facilities [ICRA]D ISSUER NOT COOPERATING Rishabh Metals & Chemicals Private Limited Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3 RMZ Azure Projects Private Limited Bank Facilities [ICRA]A(SO) (Negative) RMZ Buildcon Private Limited Bank Facilities [ICRA]BBB+(SO)(Negative) RMZ Buildcon Private Limited Non-Convertible Debenture [ICRA]BBB+(SO)(Negative) RMZ Ecoworld Infrastructure Private Limited Bank Facilities [ICRA]A(Negative) RMZ Ecoworld Infrastructure Private Limited Non-Convertible Debenture [ICRA]A(Negative) RMZ Estates Private Limited Bank Facilities [ICRA]BBB+(SO)(Negative) RMZ Infinity (Chennai) Limited (erstwhile WS Electric Bank Facilities [ICRA]A(SO) (Negative) Limited) RMZ Infotech Private Limited Bank Facilities [ICRA]A(Negative) RMZ Infotech Private Limited Long term bonds [ICRA]A(Negative) Rohan Cityscape Private Limited Bank Facilities [ICRA]BBB+(Stable) Rohan Realtors (Pune) Private Limited Bank Facilities [ICRA]BBB+(Stable) Rugby Renergy Private Limited Bank Facilities [ICRA]A-(Stable) S.M.I.L.E. Microfinance Limited Bank Facilities [ICRA]BBB(Stable) S.M.I.L.E. Microfinance Limited Non Convertible Debenture [ICRA]BBB(Stable) Salguti Industries Limited Bank Facilities [ICRA]B+(Stable)/[ICRA]A4 Samasta Microfinance Limited Bank Facilities [ICRA]A(Stable) Samasta Microfinance Limited Non-Convertible Debenture [ICRA]A(Stable) Samasta Microfinance Limited Commercial Paper [ICRA]A1 Sansera Engineering Limited Bank Facilities [ICRA]AA-(Stable)/[ICRA]A1+ Sayaji Hotels Limited Bank Facilities [ICRA]BBB-& Sayaji Industries Limited Fixed Deposits MA-(Negative) Schwing Stetter India Private Limited Bank Facilities [ICRA]A+(Stable)/[ICRA]A1 Schwing Stetter India Private Limited Commercial Paper [ICRA]A1 Shakti Hormann Private Limited Bank Facilities [ICRA]A-(Positive)/[ICRA]A2+ Sheel Diamond Exports Limited Bank Facilities [ICRA]BB(Stable) Sheel Gems Bank Facilities [ICRA]BB(Stable) Shree Ajit Pulp And Paper Limited Bank Facilities [ICRA]A-(Positive)/[ICRA]A2+ Shree Durga Iron and Steel Co. Limited Bank Facilities [ICRA]B(Stable)/[ICRA]A4 Shree Polyester Industries Private Limited Bank Facilities [ICRA]BB(Stable)/[ICRA]A4+ Shree Ram Proteins Limited Bank Facilities [ICRA]BB(Stable)/[ICRA]A4+ Shree Yamuna Ginning and Pressing Factory Bank Facilities [ICRA]B+(Stable) Shriram City Union Finance Limited Non-Convertible Debenture [ICRA]AA(Stable) Shriram City Union Finance Limited Fixed deposit MAA+(Stable) Shriram City Union Finance Limited Commercial Paper [ICRA]A1+ Shubhlaxmi Gum Industries Bank Facilities [ICRA]B(Stable) Sify Technologies Limited Bank Facilities [ICRA]A+(Stable)/[ICRA]A1+ Signet Conductors Private Limited Bank Facilities [ICRA]B+(Stable)/[ICRA]A4 SMC Power Generation Ltd Bank Facilities [ICRA]BBB+(stable) Sprng Energy Pvt. Ltd. Bank Facilities [ICRA]A-(S)(Negative) Sprng Solren Private Limited Bank Facilities [ICRA]BBB+(Negative) Sprng Transform Sun Energy Private Limited Bank Facilities [ICRA]BBB(Negative) Sri Lakshmi Egg Farming Private Limited Bank Facilities [ICRA]A4 Sri Laxmi Srinivasa Roller Flour Mills Bank Facilities [ICRA]B+(Stable) Sri Narasus Coffee Company Private Limited Bank Facilities [ICRA]A-(Stable)/[ICRA]A1 Sri Ramalingeswara Aqua Feeds Bank Facilities [ICRA]B+(Stable) Sri Venkateswara Aqua Culture Bank Facilities [ICRA]B+(Stable) Star Cement Limited Bank Facilities [ICRA]AA-(Stable)/[ICRA]A1+ Star Cement Meghalaya Limited Bank Facilities [ICRA]AA-(Stable)/[ICRA]A1+ Sundaram Asset Management Company Limited Sundaram Corporate Bond Fund [ICRA]AAAmfs Sundaram Finance Limited Shri Trust N 2017 PTC Series A [ICRA]AAA(SO) Sundaram Finance Limited Shri Trust O 2017 PTC Series A [ICRA]AAA(SO) Sundaram Finance Limited Shri Trust P 2017 PTC Series A [ICRA]AAA(SO) Sundaram Finance Limited Shri Trust Q 2017 PTC Series A [ICRA]AAA(SO) Sundaram Finance Limited Shri Trust R 2018 PTC Series A [ICRA]AAA(SO) Sundaram Finance Limited Shri Trust S 2018 PTC Series A [ICRA]AAA(SO) Sundaram Finance Limited Shri Trust T 2018 PTC Series A [ICRA]AAA(SO) Sundaram Finance Limited Shri Trust U 2018 PTC Series A [ICRA]AAA(SO) Sundaram Finance Limited Shri Trust V 2018 PTC Series A [ICRA]AAA(SO) Sundaram Finance Limited Shri Trust X 2019 PTC Series A [ICRA]AAA(SO) Sundaram Finance Limited Shri Trust Y 2019 PTC Series A [ICRA]AAA(SO) Surya Roshni Limited Commercial Paper [ICRA]A1+(SO) Private Limited Bank Facilities [ICRA]A-(Stable) Svatantra Microfin Private Limited Subordinated Debt [ICRA]A-(Stable) Synergy Property Development Services Pvt Ltd Bank Facilities [ICRA]A(Stable) TajGVK Hotels & Resorts Limited Bank Facilities [ICRA]A+(Stable)/[ICRA]A1+ Tamil Nadu Power Finance and Infrastructure Development Bond Programme [ICRA]A-(SO)(Stable) Corporation Limited TATA International DLT Private Limited Bank Facilities [ICRA]A@/[ICRA]A1@ Tata Motors Finance Limited Commercial Paper [ICRA]A1+ Tata Motors Finance Limited Bank Facilities [ICRA]A1+ Tata Motors Finance Solutions Limited Commercial Paper [ICRA]A1+ Tata Motors Limited Short-term Debt [ICRA]A1+ Tata Motors Limited Commercial Paper [ICRA]A1+ Tata Motors Limited Bank Facilities [ICRA]A1+ Tata Sons Private Limited Commercial Paper [ICRA]A1+ Tata Sons Private Limited Non-Convertible Debenture [ICRA]AAA(Stable) Tata Steel Limited Commercial Paper [ICRA]A1+ Tata Steel Long Products Limited Bank Facilities [ICRA]AA-(Stable)/[ICRA]A1+ Tata Steel Long Products Limited Commercial Paper [ICRA]A1+ The Andhra Sugars Limited Bank Facilities [ICRA]A+(Positive)/[ICRA]A1+ The Andhra Sugars Limited Fixed Deposits MAA-(Positive) The Mahatma Gandhi Sahakara Sakkare Karkhane Bank Facilities [ICRA]C+ The Shipping Corporation of India Limited Issuer Rating [ICRA]AA-(Stable) The Shipping Corporation of India Limited Short-term Debt [ICRA]A1+ The Tata Power Company Limited Non-Convertible Debenture [ICRA]AA-(Stable) The Tata Power Company Limited Commercial Paper [ICRA]A1+ TMF Holdings Limited Commercial Paper [ICRA]A1+ Topland Engines Private Limited Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2+ Tracks & Towers Infratech Private Limited Bank Facilities [ICRA]A-(Positive) TRIL Amritsar Projects Limited Non-Convertible Debenture [ICRA]A(SO) (Stable) Trimula Industries Limited Bank Facilities [ICRA]BB+(Stable) UCO Bank Lower Tier II Bonds – Basel II [ICRA]A+(Negative) UCO Bank Upper Tier II Bonds – Basel II [ICRA]A-(Negative) Umbel Properties Private Limited Bank Facilities [ICRA]A2+ Unique Engineers Pvt Ltd Bank Facilities [ICRA]BBB(Nagative)/[ICRA]A3+ United Breweries Limited Bank Facilities [ICRA]AA+(Stable)/[ICRA]A1+ United Breweries Limited Commercial Paper [ICRA]A1+ Varroc Engineering Limited Bank Facilities [ICRA]AA-(Stable)/[ICRA]A1+ Varroc Engineering Limited Non-Convertible Debenture [ICRA]AA-(Stable) Varroc Engineering Limited Commercial Paper [ICRA]A1+ Varroc Lighting Systems (India) Pvt Ltd Bank Facilities [ICRA]AA-(Stable)/[ICRA]A1+ Varroc Polymers Pvt Ltd Bank Facilities [ICRA]AA-(Stable)/[ICRA]A1+ Varroc Polymers Pvt Ltd Non-Convertible Debenture [ICRA]AA-(Stable) Varroc Polymers Pvt Ltd Commercial Paper [ICRA]A1+ Venus Home Appliances Private Limited Bank Facilities [ICRA]BBB(Stable)/[ICRA]A3+ Venus India Asset-Finance Private Limited Bank Facilities [ICRA]BBB(Stable) Vidarbha Industries Power Limited Bank Facilities [ICRA]D ISSUER NOT COOPERATING Vihita Chem Private Limited Bank Facilities [ICRA]BB(Positive)/[ICRA]A4+ Vijay Pulse Pvt. Ltd. Bank Facilities [ICRA]B(Stable) Volkswagen Finance Private Limited Commercial Paper [ICRA]A1+ West Pioneer Properties (India) Private Limited Bank Facilities [ICRA]BB+(Negative)/[ICRA]A4+ Xander Finance Private Limited Non-Convertible Debenture [ICRA]A+(stable) Xander Finance Private Limited Bank Facilities [ICRA]A+(stable) Xander Finance Private Limited Long-term Borrowing [ICRA]A+(stable) Xander Finance Private Limited Commercial Paper [ICRA]A1+

Upgrade Entity Instument Previous Rtg Revised Rtg Asa International India Microfinance Limited Northern Arc 2018 MFI Icarus PTC Series A1 [ICRA]A-(SO) [ICRA]AA(SO) Asa International India Microfinance Limited Northern Arc 2018 MFI Icarus PTC Series A2 [ICRA]BBB+(SO) [ICRA]AA(SO) Baldev Textile Mills Private Limited Bank Facilities [ICRA]BB(Stable) [ICRA]BB+(Stable) Bharat Fritz Werner Limited Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2 [ICRA]A-(Stable)/[ICRA]A2+ Brady Services Private Limited Bank Facilities [ICRA]B+(Stable) [ICRA]BB-(Stable) Captain Steel India Limited (erstwhile BMA Stainless Limited Bank Facilities [ICRA]A-(Stable)/[ICRA]A2+ [ICRA]A(Stable)/[ICRA]A1

Cholamandalam Investment and Finance Company Limited Platinum Trust February 2017 Second Loss [ICRA]A(SO) [ICRA]AA-(SO) Facility Cholamandalam Investment and Finance Company Limited Platinum Trust March 2017- Tranche II Second [ICRA]A(SO) [ICRA]A+(SO) Loss Facility Cholamandalam Investment and Finance Company Limited Platinum Trust June [ICRA]A(SO) [ICRA]A+(SO) 2017 Second Loss Facility Clean Max Power Projects Pvt. Ltd. Bank Facilities [ICRA]BBB-(Stable) [ICRA]BBB(Stable) Crescent Petrochem Private Limited Bank Facilities [ICRA]BBB(Stable)/[ICRA]A3+ [ICRA]BBB+(Stable)/[ICRA]A2 Daikin Airconditioning India Private Limited Bank Facilities [ICRA]AA+(Positive) [ICRA]AAA(Stable) Daikin Airconditioning India Private Limited Issuer Rating [ICRA]AA+(Positive) [ICRA]AAA(Stable) Deepak Nitrite Limited Bank Facilities [ICRA]A+(Positive) [ICRA]AA-(Stable) Dvara Kshetriya Gramin Financial Services Private Limited Bank Facilities [ICRA]BBB-(Stable) [ICRA]BBB(Stable)

Dvara Kshetriya Gramin Financial Services Private Limited Subordinated Debt [ICRA]BBB-(Stable) [ICRA]BBB(Stable) Electronica Finance Limited Egret SBL IFMR Capital 2016 PTC Series A1 [ICRA]A+(SO) [ICRA]AAA(SO) Electronica Finance Limited Egret SBL IFMR Capital 2016 PTC Series A2 [ICRA]BBB+(SO) [ICRA]AA-(SO) Electronica Finance Limited MSE Loan Pool Trust – X PTC Series A1 [ICRA]AA-(SO) [ICRA]AAA(SO) Electronica Finance Limited MSE Loan Pool Trust – XI PTC Series A1 [ICRA]A+(SO) [ICRA]AAA(SO) Epicenter Technologies Private Limited Bank Facilities [ICRA]BB(Stable) [ICRA]BB+(Positive) Greenpack Industries Bank Facilities [ICRA]BB+(stable) [ICRA]BBB-(stable) GSJ Envo Limited Bank Facilities [ICRA]B+(Stable) [ICRA]BB-(Stable) Hardik Textiles Pvt Ltd Bank Facilities [ICRA]B+(Stable) [ICRA]BB-(Stable) India Shelter Finance Corporation Limited Sinnan IFMR Capital 2014 PTC Series A1 [ICRA]AA(SO) [ICRA]AA+(SO) India Shelter Finance Corporation Limited Sinnan IFMR Capital 2014 PTC Series A2 [ICRA]AA-(SO) [ICRA]AA(SO) India Shelter Finance Corporation Limited Elbe SBL IFMR Capital 2017 PTC Series A2 [ICRA]A+(SO) [ICRA]AA-(SO) India Shelter Finance Corporation Limited Elbe SBL IFMR Capital 2017 PTC Series A3 [ICRA]BBB(SO) [ICRA]BBB+(SO) Ivalue Infosolutions Pvt Ltd Bank Facilities [ICRA]BBB(Positive)/[ICRA]A3+ [ICRA]BBB+(Positive)/[ICRA]A2 J.R. Metal Chennai Limited Bank Facilities [ICRA]BB+(Stable)/[ICRA]A4+ [ICRA]BBB-(Stable)/[ICRA]A3 Khosla Engineering Private Limited Bank Facilities [ICRA]B+(Stable) ISSUER NOT [ICRA]BB-(Stable) COOPERATING Mirha Exports Private Limited Bank Facilities [ICRA]D [ICRA]A4 Mohan Meakin Limited Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3 [ICRA]BBB(Positive)/[ICRA]A3+ SMC Power Generation Ltd Bank Facilities [ICRA]A2 [ICRA]A2+ Sri Lakshmi Egg Farming Private Limited Bank Facilities [ICRA]B+(Stable) [ICRA]BB-(Stable) Sri Lakshmi Srinivasa Hi-Tech Industries Bank Facilities [ICRA]B+(Stable) [ICRA]BB-(Stable) Sun Clean Renewable Power Private Limited Bank Facilities [ICRA]BBB(Stable) [ICRA]BBB+(Stable) Sunborne Energy Solar Private Limited Bank Facilities [ICRA]BBB+(Stable) [ICRA]A-(Stable) U D Developers LLP Bank Facilities [ICRA]BB-(Stable) [ICRA]BB(Stable) United Builders Bank Facilities [ICRA]B(Stable) [ICRA]BB-(Stable)

Downgrade Entity Instument Previous Rtg Revised Rtg Alstone International Bank Facilities [ICRA]BBB+(Stable) ISSUER NOT [ICRA]BB+(Stable) ISSUER NOT COOPERATING COOPERATING Apeejay Shipping Limited Bank Facilities [ICRA]AA-(stable) [ICRA]A+(stable) Apeejay Shipping Limited Bank Facilities [ICRA]AA-(stable) [ICRA]A+(stable) Atul Motors Private Limited Bank Facilities [ICRA]BBB(Stable)/[ICRA]A2 [ICRA]BB+(Stable)/[ICRA]A4+ ISSUER NOT COOPERATING Bansal Brothers Bank Facilities [ICRA]BB(Stable) ISSUER NOT [ICRA]B+(Stable) ISSUER NOT COOPERATING COOPERATING Call Express Construction India Private Limited Bank Facilities [ICRA]BB-(Stable) ISSUER NOT [ICRA]B+(Stable) ISSUER NOT COOPERATING COOPERATING CDM Smith India Private Limited Bank Facilities [ICRA]BB+(Negative)/[ICRA]A4+ [ICRA]B+(Negative)/[ICRA]A4 GAV Agro Private Limited Bank Facilities [ICRA]B(Stable) ISSUER NOT [ICRA]D ISSUER NOT COOPERATING COOPERATING Ghanshyamdas & Company Bank Facilities [ICRA]BB-(Stable) [ICRA]B+(Stable) Gopal Oil Industries Bank Facilities [ICRA]BB-(Stable) [ICRA]B(Stable) ISSUER NOT Indiabulls Housing Finance Limited Bank Facilities [ICRA]AAA& [ICRA]AA+& Indiabulls Housing Finance Limited Non-convertible Debenture [ICRA]AAA& [ICRA]AA+& Indiabulls Housing Finance Limited Subordinated Debt [ICRA]AAA& [ICRA]AA+& Indiabulls Housing Finance Limited Retail Bond [ICRA]AAA& [ICRA]AA+& Indoco Remedies Limited Bank Facilities [ICRA]A+(Negative)/[ICRA]A1 [ICRA]A(Negative)/[ICRA]A2+ Indoco Remedies Limited Commercial Paper [ICRA]A1 [ICRA]A2+ Jai Suspension Systems LLP Bank Facilities [ICRA]AA(SO) (Stable) [ICRA]AA-(SO) (Stable) Jamna Auto Industries Limited Bank Facilities [ICRA]AA(Stable) [ICRA]AA-(Stable) Khargone Transmission Limited Bank Facilities [ICRA]BBB(Stable)/[ICRA]A3+ [ICRA]BBB-(Negative)/[ICRA]A3 Kiran Gems Private Limited Bank Facilities [ICRA]A+&/[ICRA]A1& [ICRA]A-(Negative)/[ICRA]A2+ M.K. Wood India Private Limited Bank Facilities [ICRA]BB-(Stable) [ICRA]B+(Stable) ISSUER NOT Mcnroe Consumer Products Private Limited Bank Facilities [ICRA]BBB(Stable)/[ICRA]A3+ ISSUER NOT [ICRA]BB+(Stable)/[ICRA]A4+ COOPERATING ISSUER NOT COOPERATING Mohan Mutha Polytech Private Limited Bank Facilities [ICRA]BBB-(SO)(Stable) [ICRA]BB+(CE)(Stable) ISSUER NOT National Collateral Management Services Limited Bank Facilities [ICRA]A+(stable) [ICRA]A(stable) National Collateral Management Services Limited Commercial Paper [ICRA]A1+ [ICRA]A1 NCML Finance Private Limited Commercial Paper [ICRA]A1+ [ICRA]A1 Neel Metal Products Limited Bank Facilities [ICRA]A&/[ICRA]A1& [ICRA]A-&/[ICRA]A2+& Neel Metal Products Limited Commercial Paper/Short-term Debt [ICRA]A1& [ICRA]A2+& Prakash Oils Limited Bank Facilities [ICRA]BB(Stable) ISSUER NOT [ICRA]B+(Stable) ISSUER NOT COOPERATING COOPERATING Pravin Electricals Private Limited Bank Facilities [ICRA]BB(Stable)/[ICRA]A4+ ISSUER NOT [ICRA]B+(Stable)/[ICRA]A4 ISSUER COOPERATING NOT COOPERATING Prehari Protection Systems Pvt. Ltd. Bank Facilities [ICRA]BB(Stable)/[ICRA]A4+ ISSUER NOT [ICRA]D ISSUER NOT COOPERATING COOPERATING Roop Automotives Ltd Bank Facilities [ICRA]A-(Stable)/[ICRA]A2+ ISSUER NOT [ICRA]BBB+(Stable)/[ICRA]A2 COOPERATING ISSUER NOT COOPERATING Sarvodaya Polymers Pvt Ltd Bank Facilities [ICRA]BB-(Stable) ISSUER NOT [ICRA]B+(Stable) ISSUER NOT COOPERATING COOPERATING Sharda Construction And Corporation Pvt. Ltd. Bank Facilities [ICRA]BBB(Stable)/[ICRA]A3+ ISSUER NOT [ICRA]BB+(Stable)/[ICRA]A4+ COOPERATING ISSUER NOT COOPERATING Sri Ramcharan Energy & Infra Pvt. Ltd. Bank Facilities [ICRA]BB+(Stable) [ICRA]BB(Stable) Sruti Filatex Private Limited Bank Facilities [ICRA]BB-(Stable) ISSUER NOT [ICRA]B+(Stable) ISSUER NOT COOPERATING COOPERATING Syscon Engineers Bank Facilities [ICRA]BB(Stable) ISSUER NOT [ICRA]B+(Stable) ISSUER NOT COOPERATING COOPERATING Vikas Telecom Private Limited Bank Facilities [ICRA]BBB+(SO) (Stable)/[ICRA]A3+ [ICRA]BBB(SO) (Stable)/[ICRA]A3 Zed Vitrified Private Limited Bank Facilities [ICRA]BB-(Stable) ISSUER NOT [ICRA]B+(Stable) ISSUER NOT COOPERATING COOPERATING Zippy Edible Products Private Limited Bank Facilities [ICRA]BB(Stable) [ICRA]B+(Stable) ISSUER NOT

ISSUER NOT COOPERATING Entity Instument Ratings Ajab Singh And Company Bank Facilities [ICRA]BB-(Stable) Arene Life Sciences Limited Bank Facilities [ICRA]BB+(Stable)/[ICRA]A4+ Asian Lakto Industries Limited Bank Facilities [ICRA]B+(Stable) Brisk Facilities (Sugar Division) Private Limited Bank Facilities [ICRA]B(Stable) Chennai Textiles Bank Facilities [ICRA]A4 DH Limited Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3 Geetanjali University Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3 Hilltop Hirise Private Limited Bank Facilities [ICRA]BB-(Stable)/[ICRA]A4 Jainalco Industries Private Limited Bank Facilities [ICRA]BB(Stable) JS Estates and Projects Private Limited Bank Facilities [ICRA]BB-(Stable) ISSUER NOTCOOPERATING MAG India Industrial Automation Systems Private Limited Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3

Mahalaxmi Cashew Industries Bank Facilities [ICRA]B+(Stable) Mandeep Industries Bank Facilities [ICRA]B(Stable)/[ICRA]A4 Oyo Ceramic Private Limited Bank Facilities [ICRA]B+(Stable)/[ICRA]A4 Progressive Automobiles Private Limited Bank Facilities [ICRA]B+(Stable)/[ICRA]A4 Prometrik Engineering Limited (formerly Andhra Sinter Bank Facilities [ICRA]BB-(Stable)/[ICRA]A4 Limited) Prometrik Engineering Limited (formerly Andhra Sinter Bank Facilities [ICRA]BB-(Stable)/[ICRA]A4 Limited) Soham Mannapitlu Power Private Limited Bank Facilities [ICRA]BB-(Stable) Soham Phalguni Renewable Energy Private Limited Bank Facilities [ICRA]B(Stable) Surya Processors Private Limited Bank Facilities [ICRA]BB+(Negative)/[ICRA]A4+ V K Industrial Corporation Limited Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2+

RW Developing Entity Instument Previous Rtg Revised Rtg

Ayana Renewable Power Private Limited Bank Facilities [ICRA]A+(Stable)/[ICRA]A1+ [ICRA]A+&/[ICRA]A1+& Vayu Urja Bharat Private Limited Bank Facilities [ICRA]BBB(Stable) [ICRA]BBB&

RW Negative Entity Instument Previous Rtg Revised Rtg SNJ Breweries Private Limited Bank Facilities [ICRA]A-(Stable) [ICRA]A-@ SNJ Sugars and Products Limited Bank Facilities [ICRA]A-(Stable)/[ICRA]A2+ [ICRA]A-@/[ICRA]A2+@