Rating Data for the Month of April 2021 Company Name (New Ratings) Instrument Ratings Aarti Drugs Limited Bank Facilities [ICRA]AA‐(Stable) /[ICRA]A1+ Abis Exports (India) Private Limited Bank facilities [ICRA]A+(Stable) Aishwarya Healthcare Bank Facilities [ICRA]BBB‐(Stable) Aishwarya Lifesciences Bank Facilities [ICRA]BBB‐(Stable) Alliance Business Parks Pvt Ltd Bank Facilities [ICRA]BBB‐(Stable) ANSR Global Corporation Private Limited Bank facilities [ICRA]BBB(Stable) Apollo Pipes Limited Bank facilities [ICRA]A(Stable) /[ICRA]A1 ASAP Fluids Private Limited Bank Facilities [ICRA]BBB+(Positive) Aurangabad Municipal Corporation Issuer rating [ICRA]BBB+(Stable) Aurore Life Sciences Pvt Ltd Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2 Ayana Renewable Power Private Limited Bank facilities [ICRA]A+(Positive) Bajaj Allianz General Insurance Company Limited Issuer Rating [ICRA]AAA(Stable) Bajaj Finance Ltd. Commercial Paper [ICRA]A1+ Bharat Bijlee Limited Bank Facilities [ICRA]A+(Stable) /[ICRA]A1+ Big Bags International Pvt Ltd Bank Facilities [ICRA]A(Stable) /[ICRA]A1 Celebrity Biopharma Ltd. Bank Facilities [ICRA]BBB‐(Stable) Chennai Petroleum Corporation Limited Non‐Convertible Debenture [ICRA]AAA(Stable) Cholamandalam Investment and Finance Company Limited Platinum Trust March 2021 PTC Series A Provisional [ICRA]AAA(SO) Cholamandalam Investment and Finance Company Limited Platinum Trust March 2021 Second Loss Facility Provisional [ICRA]BBB‐(SO) Cigora Exim Private Limited Bank Facilities [ICRA]B‐(Stable) Cloudtail India Pvt Ltd Bank Facilities [ICRA]A‐(Stable) /[ICRA]A2+ Dholi Spintex Private Limited Bank Facilities [ICRA]BBB+(Negative) Divyasree Tarbus Builders Private Limited Bank Facilities [ICRA]BBB+(Stable) DMI Finance Private Limited Non‐Convertible Debenture [ICRA]AA‐(Stable) DMI Finance Private Limited Bank Facilities [ICRA]AA‐(Stable) DMI Housing Finance Private Limited Non‐Convertible Debenture [ICRA]AA‐(Stable) DMI Housing Finance Private Limited Bank Facilities [ICRA]AA‐(Stable) ECE Industries Limited Bank Facilities [ICRA]A2 Eskay Dyestuffs & Organic Chemicals Private Limited Bank Facilities [ICRA]BBB(Stable) GIC Housing Finance Limited Non‐Convertible Debenture [ICRA]AA+(Negative) Giesecke & Devrient India Private Limited Bank Facilities [ICRA]A‐(Stable) /[ICRA]A2+ GNA Gears Limited Bank Facilities [ICRA]BBB‐(Positive) Godrej properties Limited Bank Facilities [ICRA]AA(Positive) /[ICRA]A1+ Gopaldas Visram And Company Limited Bank Facilities [ICRA]BBB+(Stable) /[ICRA]A2 Green Infra Wind Energy Limited Bank Facilities [ICRA]AA(Stable) /[ICRA]A1+ Hanief Motors Bank Facilities [ICRA]B(Stable) Hemant Surgical Industries Limited Bank Facilities [ICRA]BB‐(Stable)/[ICRA]A4 Hero FinCorp Limited Bank Facilities [ICRA]AA+(Stable) /[ICRA]A1+ Idupulapadu Cotton Mills Pvt. Ltd. Bank Facilities [ICRA]BB(Stable)/[ICRA]A4 India Motor Parts and Accessories Limited Bank Facilities [ICRA]AA(Stable) Indian School Finance Company Private Limited Northern Arc 2021 SBL Fischer PTC Series A Provisional [ICRA]BBB(SO) IndInfravit Trust Bank Facilities [ICRA]AAA(Stable) Innovsource Services Private Limited Bank Facilities [ICRA]A(Stable) /[ICRA]A1 ITI Asset Management Limited ITI Ultra Short Duration Fund Provisional [ICRA]A1+mfs Jamna Auto Industries Limited Bank Facilities [ICRA]AA‐(Stable) /[ICRA]A1+ Jayalakshmi Sea Foods Pvt. Ltd. Bank Facilities [ICRA]BBB(Stable) /[ICRA]A3+ Jayant Agro‐Organics Limited Bank Facilities [ICRA]A‐(Stable) /[ICRA]A2+ L&T Finance Limited Non‐Convertible Debenture [ICRA]AAA(Negative) L&T Finance Limited Subordinated Debt [ICRA]AAA(Negative) L&T Finance Limited Perpetual Debt [ICRA]AA+(Negative) L&T Finance Limited Commercial Paper [ICRA]A1+ L&T Finance Limited Bank Facilities [ICRA]AAA(Negative) Lendingkart Finance Limited Northern Arc 2021 SBL Schindler Series A PTC Provisional [ICRA]A(SO) Meridian Medical Research and Hospital Limited Bank Facilities [ICRA]A1+(CE) Meridian Medical Research and Hospital Limited Bank Facilities Provisional [ICRA]AA‐(CE)(Stable) Mikado Realtors Private Limited Bank Facilities [ICRA]BBB+(Stable) Motherson Sumi Infotech & Designs Limited Bank Facilities [ICRA]AA‐(Stable) /[ICRA]A1+ Nandan Industries Private Limited Bank Facilities [ICRA]BBB+(Negative) Narayani Resources Private Limited Bank Facilities [ICRA]B+(Stable)/[ICRA]A4 National Highways Authority of India Long Term Borrowing Programme for 2021‐22 [ICRA]AAA(Stable) Netmagic IT Services Private Limited Bank Facilities [ICRA]AA+(Stable)/[ICRA]A1+ Nezone Tubes (Utkal) Limited Bank facilities [ICRA]A(Stable) /[ICRA]A1 Nezone Tubes Tn Limited Bank facilities [ICRA]A(Stable) /[ICRA]A1 NTPC Limited Bonds [ICRA]AAA(Stable) Orbit Lifesciences Private Limited Bank Facilities [ICRA]BB(Stable) /[ICRA]A4+ Oriental InfraTrust Bank Facilities [ICRA]AAA(Stable) Origo Commodities India Pvt. Ltd. Bank Facilities Provisional [ICRA]A1(CE) Orra Fine Jewellery Private Limited Bank Facilities [ICRA]BBB(CE)(Stable) /[ICRA]A3+(CE) Patton International Limited Bank facilities [ICRA]A1+ Paxal Corporation Bank Facilities [ICRA]BB‐(Stable) /[ICRA]A4+ Phillip Finance & Investment Services India Private Limited Commercial Paper [ICRA]A1 Phillips Carbon Black Limited Commercial Paper [ICRA]A1+ Power Finance Corporation Ltd. Long‐term borrowing programme FY2022 [ICRA]AAA(Stable) Power Finance Corporation Ltd. Short‐term borrowing programme FY2022 [ICRA]A1+ Poysha Power Generation Pvt Ltd Bank Facilities [ICRA]A‐(Stable) Punjabi University,Patiala Bank Facilities [ICRA]BB(Negative) Quality Exim Private Limited Bank Facilities [ICRA]A2 Quality Exim Private Limited Bank Facilities [ICRA]BBB+(Negative) Quess Corp Limited Bank Facilities [ICRA]AA(Stable) Rajratan Global Wire Limited Bank Facilities [ICRA]A(Stable) /[ICRA]A1 Rama Phosphates Limited Bank facilities [ICRA]BBB+(Stable) /[ICRA]A2 Rama Phosphates Limited Bank Facilities [ICRA]BBB+(Stable) /[ICRA]A2 Rashtriya Seva Samithi Bank facilities [ICRA]BB+(Stable) RBSG Capital Private Limited CredAvenue Princess 03 2021 PTC Series A1 Provisional [ICRA]BBB+(SO) Real Ispat & Power Limited Commercial Paper [ICRA]A1+ REC Limited Long‐term borrowing programme FY2022 [ICRA]AAA(Stable) REC Limited Short‐term borrowing programme FY2022 [ICRA]A1+ Resil Chemicals Private Limited Bank Facilities [ICRA]BBB+(Positive)/[ICRA]A2 Roots Corporation Limited Bank Facilities [ICRA]A2+ Roots Multiclean Limited Bank Facilities [ICRA]A(Stable) Saija Finance Private Limited KiPlatform M22 – 001 PTC Series A1 Provisional [ICRA]BBB+(SO) Sakthi Finance Limited Non‐Convertible Debenture [ICRA]BBB(Stable) Sakthi Finance Limited Bank Facilities [ICRA]BBB(Stable) /[ICRA]A2 Satya MicroCapital Ltd. CredAvenue Claymore 03 2021 PTC Series A1 Provisional [ICRA]A‐(SO) Satya MicroCapital Ltd. CredAvenue Claymore 03 2021 PTC Series A2 Provisional [ICRA]BBB+(SO) Satya MicroCapital Ltd. Bank Facilities [ICRA]BBB(Stable) Shree Balbir Food Product Private Limited Bank Facilities [ICRA]A4 Shree Gautam Construction Co. Ltd. Bank Facilities [ICRA]A2+ Shree Gautam Construction Co. Ltd. Bank Facilities [ICRA]A‐(Stable) SMC Infrastructures Pvt Ltd Bank Facilities [ICRA]BBB(Stable) /[ICRA]A3+ Spoton Logistics Private Limited Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2 Sri Enterprises Bank Facilities [ICRA]A4+ Star Infratech Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2 Sterlite Technologies Limited Commercial Paper [ICRA]A1+ Sterlite Technologies Limited Bank Facilities [ICRA]AA(Stable) Swelect Energy Systems Limited Bank Facilities [ICRA]A‐(Negative) Tamil Nadu Power Finance and Infrastructure Development Corporation Limited Fixed Deposit MA‐(Stable) Tata Capital Financial Services Limited Commercial Paper(IPO financing) [ICRA]A1+ Thar Commercial Finance Private Limited Bank Facilities [ICRA]BB(Stable) The Mathrubhumi Printing And Publishing Co. Ltd. Bank Facilities [ICRA]A‐(Stable)/[ICRA]A2+ Tijaria Polypipes Limited Bank Facilities [ICRA]B(Stable) /[ICRA]A4 Vasa Nonwoven Industries Pvt. Ltd. Bank Facilities [ICRA]BB(Stable) Vastu Housing Finance Corporation Limited Bank Facilities [ICRA]A(Stable) Vaya Finserv Private Limited CredAvenue Stella 03 2021 PTC Series A1 Provisional [ICRA]A(SO) Vaya Finserv Private Limited CredAvenue Stella 03 2021 PTC Series A2 Provisional [ICRA]BBB+(SO) Vaya Finserv Private Limited Non‐convertible debentures [ICRA]BBB(Stable) Visage Holdings & Finance Pvt. Ltd. Northern Arc 2021 SBL Sierra PTC Series A1 Provisional [ICRA]A‐(SO) Visage Holdings & Finance Pvt. Ltd. Non‐Convertible Debenture [ICRA]BBB‐(Negative) Voltaic Power Private Limited Issuer Rating [ICRA]B(Stable) Wheels India Limited Fixed Deposit MA+(Stable) Wohr Parking Systems Pvt Ltd Bank Facilities [ICRA]BBB‐(Stable) /[ICRA]A3

Company Name (Reaffirmations) Instrument Ratings Aachi Masala Foods Private Limited Bank Facilities [ICRA]BBB+(Stable) Aarti Drugs Limited Commercial Paper [ICRA]A1+ Aarti Drugs Limited Bank Facilities [ICRA]AA‐(Stable) Abroad Vitrified Private Limited Bank Facilities [ICRA]A4 Adani Ports and Special Economic Zone Limited Non Convertible Debentures [ICRA]AA+(Stable) Adani Ports and Special Economic Zone Limited Bank Facilities [ICRA]AA+(Stable) Adani Ports and Special Economic Zone Limited Commercial Paper [ICRA]A1+ Adani Ports and Special Economic Zone Limited Non Convertible Debentures [ICRA]AA+(Stable) Adani Ports and Special Economic Zone Limited Bank Facilities [ICRA]AA+(Stable) Adani Ports and Special Economic Zone Limited Commercial Paper [ICRA]A1+ Adarsha Auto World Private Limited Bank Facilities [ICRA]B+(Stable) Adarsha Automotives Private Limited Bank Facilities [ICRA]BB+(Stable) /[ICRA]A4+ Aditya Birla Sun Life Short Term Fund (erstwhile Aditya Birla Sun Life Short Term Aditya Birla Sun Life AMC Limited [ICRA]AAmfs Opportunities Fund) Aditya Birla Sun Life AMC Limited Aditya Birla Sun Life Money Manager Fund [ICRA]AAAmfs Aditya Birla Sun Life AMC Limited Aditya Birla Sun Life Savings Fund [ICRA]AAAmfs Aditya Birla Sun Life AMC Limited Aditya Birla Sun Life Low Duration Fund [ICRA]AAAmfs Aditya Birla Sun Life AMC Limited Aditya Birla Sun Life Floating Rate Fund [ICRA]AAAmfs Aditya Birla Sun Life AMC Limited Aditya Birla Sun Life Liquid Fund [ICRA]A1+mfs Aditya Birla Sun Life AMC Limited Aditya Birla Sun Life Overnight Fund [ICRA]A1+mfs Aditya Birla Sun Life AMC Limited Aditya Birla Sun Life Banking & PSU Debt Fund [ICRA]AAAmfs Aditya Birla Sun Life AMC Limited Aditya Birla Sun Life Corporate Bond Fund [ICRA]AAAmfs Aditya Birla Sun Life AMC Limited Aditya Birla Sun Life Income Fund [ICRA]AAAmfs Al Gyas Exports Private Limited Bank Facilities [ICRA]A4+ Aloka Exports Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Amalgamated Plantations Private Limited Bank facilities [ICRA]A1(CE) Ananda Saw Mills Bank facilities [ICRA]B+(Stable) /[ICRA]A4 Andhra Organics Limited Bank Facilities [ICRA]A+(Stable)/[ICRA]A1+ Ankit International. Bank facilities [ICRA]B(Stable) /[ICRA]A4 Anugraha Valve Castings Limited Bank Facilities [ICRA]A‐(Stable) Anugraha Valve Castings Limited Bank Facilities [ICRA]A2+ APAC Financial Services Private Limited Bank Facilities [ICRA]BBB+(Stable) ASAP Fluids Private Limited Bank Facilities [ICRA]BBB+(Positive) /[ICRA]A2 Asian Food Industries Bank Facilities [ICRA]BBB‐(Stable) /[ICRA]A3 Avichal Buildcon Pvt. Ltd. Bank Facilities [ICRA]A(Stable) AVT McCormick Ingredients Private Limited Bank Facilities [ICRA]A(Stable) /[ICRA]A1 Axis Asset Management Company Limited Axis Corporate Debt Fund [ICRA]AAAmfs Axis Asset Management Company Limited Axis Short Term Fund [ICRA]AAAmfs Axis Asset Management Company Limited Axis Banking & PSU Debt Fund [ICRA]AAAmfs Axis Asset Management Company Limited Axis Overnight Fund [ICRA]A1+mfs Axis Asset Management Company Limited Axis Money Market Fund [ICRA]A1+mfs Axis Asset Management Company Limited Axis Ultra Short Term Fund [ICRA]A1+mfs Axis Asset Management Company Limited Axis Liquid Fund [ICRA]A1+mfs Axis Asset Management Company Limited Axis Treasury Advantage Fund [ICRA]A1+mfs Ayana Renewable Power Private Limited Bank facilities [ICRA]A+(Positive) /[ICRA]A1+ Ayyappa Infra Projects Private Limited Bank Facilities [ICRA]BBB(Stable) /[ICRA]A3+ Bajaj Finance Ltd. Non‐convertible Debentures [ICRA]AAA(Stable) Bajaj Finance Ltd. Non‐convertible Debentures [ICRA]AAA(Stable) Bajaj Finance Ltd. Subordinated Debt [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+ Balrampur Chini Mills Limited Commercial Paper [ICRA]A1+ Balrampur Chini Mills Limited Bank Facilities [ICRA]AA(Positive)/[ICRA]A1+ Bangalore Electricity Supply Company Limited Issuer Rating [ICRA]A‐(Negative) Bank of India Fixed Deposit MAA+(Stable) Baroda Asset Management India Limited Baroda Liquid Fund [ICRA]A1+mfs Baroda Asset Management India Limited Baroda Ultra Short Duration Fund [ICRA]A1+mfs Baroda Asset Management India Limited Baroda Money Market Fund [ICRA]A1+mfs Baroda Asset Management India Limited Baroda Overnight Fund [ICRA]A1+mfs Beardsell Limited Fixed Deposit MB+(Stable) Bharat Bijlee Limited Bank Facilities [ICRA]A+(Stable) /[ICRA]A1+ Bharti Airtel Limited Commercial Paper [ICRA]A1+ Bharti Airtel Limited Issuer Rating [ICRA]AA‐(Stable) Bharti Airtel Limited Bank Facilities [ICRA]AA‐(Stable)/[ICRA]A1+ Bharti Hexacom Limited Commercial Paper [ICRA]A1+ Bharti Realty Limited Commercial Paper [ICRA]A1+ Bhutan Ventures Hospitality Private Limited Bank Facilities [ICRA]BB‐(Negative) Bimal Auto Agency India Pvt Ltd Bank Facilities [ICRA]BBB(Stable) Bioplus Life Sciences Private Limited Bank Facilities [ICRA]A3+ Borosil Limited Bank Facilities [ICRA]A+(Stable) /[ICRA]A1+ Chennai Petroleum Corporation Limited Commercial Paper [ICRA]A1+ Chennai Petroleum Corporation Limited Non‐Convertible Debenture [ICRA]AAA(Stable) Chiripal Textile Mills Private Limited Bank Facilities [ICRA]BBB+(Negative) /[ICRA]A2 Clair Engineers Private Limited Bank facilities [ICRA]BB+(Stable) /[ICRA]A4+ Coastal Marine Construction and Engineering Limited Bank Facilities [ICRA]A+(Stable) /[ICRA]A1+ Crevita Granito Pvt. Ltd. Bank facilities [ICRA]B+(Stable) /[ICRA]A4 Dakshin Gujarat Vij Company Limited Bank Facilities [ICRA]AA‐(Stable)/[ICRA]A1+ Debonair Realtors Private Limited Bank Facilities [ICRA]A(Stable) Desai Brothers Limited Bank Facilities [ICRA]A1+ Desai Brothers Limited Fixed Deposit MAA‐(Stable) Devbhumi Realtors Pvt Ltd Bank Facilities [ICRA]A(Stable) Dholi Spintex Private Limited Bank Facilities [ICRA]BBB+(Negative) /[ICRA]A2 DMI Finance Private Limited Commercial Paper [ICRA]A1+ DMI Housing Finance Private Limited Bank Facilities [ICRA]AA‐(Stable) Dry Blend Foods Private Limited Bank Facilities [ICRA]BBB(Stable) Dwarikesh Sugar Industries Limited Bank facilities [ICRA]A+(Stable) Dwarikesh Sugar Industries Limited Commercial Paper [ICRA]A1+ ECE Industries Limited Bank Facilities [ICRA]BBB(Stable) /[ICRA]A2 Economic And Entrepreneurship Development Foundation Bank Facilities [ICRA]BBB+(Stable) Edward Food Research and Analysis Centre Limited Non‐Convertible Debenture [ICRA]C+ Eskay Dyestuffs & Organic Chemicals Private Limited Bank Facilities [ICRA]BBB(Stable)/[ICRA]A3+ Essvy Constructions India Pvt. Ltd. Bank Facilities [ICRA]BBB‐(Stable) Fine Organic Industries Limited Bank Facilities [ICRA]AA‐(Stable) /[ICRA]A1+ Fives Cail KCP Limited Bank Facilities [ICRA]BBB‐(Stable) /[ICRA]A3 Food Corporation of India Non‐Convertible Debentures [ICRA]AAA(CE)(Stable) Fortius Infradevelopers LLP Bank facilities [ICRA]BBB‐(Stable) Fortune Foam Pvt. Ltd. Bank Facilities [ICRA]BB‐(Stable) /[ICRA]A4 Ganga Rasayanie Private Limited Bank Facilities [ICRA]BBB(Positive) /[ICRA]A3+ GIC Housing Finance Limited Bank Facilities [ICRA]AA+(Negative) /[ICRA]A1+ GIC Housing Finance Limited Non‐Convertible Debenture [ICRA]AA+(Negative) GIC Housing Finance Limited Commercial Paper [ICRA]A1+ GNA Gears Limited Bank Facilities [ICRA]BBB‐(Positive) Godavari Polymers Private Limited Bank facilities [ICRA]BB(Negative) /[ICRA]A4 Godrej properties Limited Bank Facilities [ICRA]AA(Positive) /[ICRA]A1+ Godrej properties Limited Non‐Convertible Debenture [ICRA]AA(Positive) Godrej properties Limited Commercial Paper [ICRA]A1+ Godrej properties Limited Non‐Convertible Debenture [ICRA]AA(Positive) Goldlites India Private Limited Bank Facilities [ICRA]A1 Green Infra Wind Energy Limited Commercial Paper [ICRA]A1+ Green Infra Wind Energy Limited Bank Facilities [ICRA]AA(Stable) /[ICRA]A1+ Gujarat Energy Transmission Corporation Limited Bank Facilities [ICRA]AA‐(Stable)/[ICRA]A1+ Gujarat Road and Infrastructure Company Limited Non‐Convertible Debenture [ICRA]AAA(Stable) Gujarat Road and Infrastructure Company Limited Non‐Convertible Debenture [ICRA]AAA(Stable) Gujarat State Electricity Corporation Limited Bank Facilities [ICRA]AA‐(Stable)/[ICRA]A1+ Gujarat Urja Vikas Nigam Limited Bank Facilities [ICRA]AA‐(Stable)/[ICRA]A1+ Gumpro Drilling Fluids Private Limited Bank Facilities [ICRA]BBB+(Positive) /[ICRA]A2 Guruvayoor Infrastructure Private Limited Bank facilities [ICRA]BBB@ Guruvayoor Infrastructure Private Limited Non convertible Debenture [ICRA]BBB@ Hero FinCorp Limited Commercial Paper [ICRA]A1+ Hero FinCorp Limited Subordinated Debt [ICRA]AA+(Stable) Hero FinCorp Limited Non‐convertible Debentures [ICRA]AA+(Stable) Hero FinCorp Limited Non‐convertible Debentures [ICRA]AA+(Stable) Hero FinCorp Limited Bank Facilities [ICRA]AA+(Stable) /[ICRA]A1+ Hero Housing Finance Limited Commercial Paper [ICRA]A1+ Hero Housing Finance Limited Subordinated Debt [ICRA]AA+(Stable) Hero Housing Finance Limited Non‐convertible Debentures [ICRA]AA+(Stable) Hero Housing Finance Limited Bank Facilities [ICRA]AA+(Stable) /[ICRA]A1+ Hindustan Aeronautics Limited Bank Facilities [ICRA]A1+ Hindustan Aeronautics Limited Commercial Paper [ICRA]A1+ Hindustan Urvarak & Rasayan Ltd. Bank facilities [ICRA]A(Stable) HMC MM Auto Limited Bank Facilities [ICRA]AA(Stable) HMC MM Auto Limited Bank Facilities [ICRA]A1+ Hotel Excelsior Limited Bank facilities [ICRA]A(Negative) India Infrastructure Finance Company Limited Tax‐free/taxable bonds [ICRA]AAA(Stable) India Infrastructure Finance Company Limited GoI guaranteed debt [ICRA]AAA(CE)(Stable) India Infrastructure Finance Company Limited Subordinated debt [ICRA]AAA(Stable) India Motor Parts and Accessories Limited Bank Facilities [ICRA]AA(Stable)/[ICRA]A1+ IndInfravit Trust Issuer Rating [ICRA]AAA(Stable) IndInfravit Trust Non‐Convertible Debenture [ICRA]AAA(Stable) IndInfravit Trust Non‐Convertible Debenture Provisional [ICRA]AAA(Stable) Indostar Capital Finance Limited Commercial Paper [ICRA]A1+ Indostar Home Finance Private Limited Commercial Paper [ICRA]A1+ Indus Towers Limited Commercial Paper [ICRA]A1+ Indus Towers Limited Non‐Convertible Debentures [ICRA]AA+(Stable) Indus Towers Limited Bank Facilities [ICRA]AA+(Stable)/[ICRA]A1+ Indus Towers Limited (formerly Bharti Infratel Limited) Issuer Rating [ICRA]AA+(Stable) Indus Towers Limited (formerly Bharti Infratel Limited) Commercial Paper [ICRA]A1+ Indus Towers Limited (formerly Bharti Infratel Limited) Non‐Convertible Debentures [ICRA]AA+(Stable) Indus Towers Limited (formerly Bharti Infratel Limited) Bank Facilities [ICRA]AA+(Negative)/[ICRA]A1+ Infina Finance Private Limited Commercial Paper [ICRA]A1+ Infina Finance Private Limited Commercial Paper (IPO Financing) [ICRA]A1+ International Combustion (India) Limited Bank facilities [ICRA]BB+(Negative) /[ICRA]A4+ International Seaport Dredging Private Limited Bank Facilities [ICRA]BBB‐(Stable)/[ICRA]A3 ITI Asset Management Limited ITI Liquid Fund [ICRA]A1+mfs ITI Asset Management Limited ITI Overnight Fund [ICRA]A1+mfs Jai Suspension Systems LLP Bank Facilities [ICRA]AA‐(Stable) /[ICRA]A1+ Jaina India Private Limited Bank Facilities [ICRA]BBB‐(Stable) /[ICRA]A3 Jamna Auto Industries Limited Bank Facilities [ICRA]AA‐(Stable) /[ICRA]A1+ Jamna Auto Industries Limited Commercial Paper [ICRA]A1+ Jayalakshmi Sea Foods Pvt. Ltd. Bank Facilities [ICRA]BBB(Stable) /[ICRA]A3+ JTEKT India Limited (erstwhile Sona Koyo Steering Systems Limited) Bank Facilities [ICRA]AA(Stable) /[ICRA]A1+ JTEKT India Limited (erstwhile Sona Koyo Steering Systems Limited) Commercial Paper [ICRA]A1+ Jyothy Labs Limited Commercial Paper [ICRA]A1+ Kapoor Industries Limited Bank Facilities [ICRA]A+(Stable) /[ICRA]A1+ Karna International Bank Facilities [ICRA]B(Stable) Kay Jay Forgings Pvt.Ltd. Issuer Rating [ICRA]BBB+(Stable) Kay Jay Forgings Pvt.Ltd. Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2 Keezia Tiles LLP Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Kems Forgings Limited Bank Facilities [ICRA]BBB(Stable) /[ICRA]A3+ Kera Vitrified LLP Bank facilities [ICRA]BB‐(Stable) /[ICRA]A4 Kfin Technologies Private Limited Non‐Convertible Debenture [ICRA]AA‐(Stable) Kotak Mahindra Asset Management Company Limited Kotak Bond Short Term Fund [ICRA]AAAmfs Kotak Mahindra Asset Management Company Limited Kotak Dynamic Bond Fund [ICRA]AAAmfs Kotak Mahindra Asset Management Company Limited Kotak Savings Fund [ICRA]AAAmfs Kotak Mahindra Asset Management Company Limited Kotak Corporate Bond Fund [ICRA]AAAmfs Kotak Mahindra Asset Management Company Limited Kotak Bond Fund [ICRA]AAAmfs Kotak Mahindra Asset Management Company Limited Kotak Banking and PSU Debt Fund [ICRA]AAAmfs Kotak Mahindra Asset Management Company Limited Kotak Money Market Fund [ICRA]AAAmfs Kotak Mahindra Asset Management Company Limited Kotak Floating Rate Fund [ICRA]AAAmfs Kotak Mahindra Asset Management Company Limited Kotak Low Duration Fund [ICRA]AAAmfs Kotak Mahindra Asset Management Company Limited Kotak Liquid Fund [ICRA]A1+mfs Kotak Mahindra Asset Management Company Limited Kotak Overnight Fund [ICRA]A1+mfs L&T Infra Debt Fund Limited Non‐Convertible Debenture [ICRA]AAA(Stable) L&T Infra Debt Fund Limited Long Term Market Linked Debenture PP‐MLD [ICRA]AAA(Stable) L&T Infra Debt Fund Limited Commercial Paper [ICRA]A1+ Lenora Vitrified LLP Bank Facilities [ICRA]B(Stable) /[ICRA]A4 LH Sugar Factories Limited Bank Facilities [ICRA]BBB+(Positive)/[ICRA]A2 M. K. Shah Exports Limited Bank facilities [ICRA]A‐(Postive) /[ICRA]A2+ Maa Mangla Flour Mills Private Limited Bank facilities [ICRA]BB+(Stable) /[ICRA]A4+ Madhya Gujarat Vij Company Limited Bank Facilities [ICRA]AA‐(Stable)/[ICRA]A1+ Mahindra CIE Automotive Limited Bank Facilities [ICRA]AA‐(Positive) /[ICRA]A1+ Mahindra CIE Automotive Limited Commercial Paper [ICRA]A1+ Mallemaala Entertainments Private Limited Bank facilities [ICRA]BB(Stable) MAS Financial Services Limited Subordinated Debt [ICRA]A(Stable) Mehta Petro Refineries Limited Bank Facilities [ICRA]BBB‐(Stable) /[ICRA]A3 Meridian Medical Research and Hospital Limited Bank Facilities [ICRA]AA‐(CE)(Stable) Meridian Medical Research and Hospital Limited Bank Facilities Provisional [ICRA]AA‐(CE)(Stable) Midmark India Private Limited Bank Facilities [ICRA]BBB‐(Stable) /[ICRA]A3 Mikado Realtors Private Limited Bank Facilities [ICRA]BBB+(Stable) MSRDC Sea Link Limited Bank Facilities [ICRA]A+(CE)(Negative) Naari Pharma Pvt. Ltd. Bank Facilities [ICRA]BBB‐(CE)(Negative)/[ICRA]A3(CE) Naga Hanuman Solvent Oils Pvt. Ltd. Bank Facilities [ICRA]BB+(Stable) Nandan Industries Private Limited Bank Facilities [ICRA]BBB+(Negative) /[ICRA]A2 Narayana Hrudayalaya Limited Bank Facilities [ICRA]AA‐(Stable) /[ICRA]A1+ Natco Pharma Limited Bank Facilities [ICRA]AA(Stable) /[ICRA]A1+ Natco Pharma Limited Commercial Paper [ICRA]A1+ National Fertilizers Limited Bank Facilities [ICRA]AA‐(Stable) /[ICRA]A1+ National Fertilizers Limited Commercial Paper [ICRA]A1+ National Highways Authority of India Long Term Borrowing Programme for 2020‐21 [ICRA]AAA(Stable) National Highways Authority of India Long Term Borrowing Programme for 2018‐19 [ICRA]AAA(Stable) National Highways Authority of India Long‐term Borrowing Programme for 2017‐18 (excluding 54 EC Bonds) [ICRA]AAA(Stable) National Highways Authority of India 54 EC Bonds under the Long‐term Borrowing Programme for 2017‐18 [ICRA]AAA(Stable) National Highways Authority of India Long‐term Borrowing Programme for 2016‐17 [ICRA]AAA(Stable) National Highways Authority of India Tax‐free Bonds – 2015‐16 [ICRA]AAA(Stable) National Highways Authority of India Bank Facilities [ICRA]A1+ National Projects Construction Corporation Limited Bank facilities [ICRA]A(Stable) /[ICRA]A2+ Natural Capsules Limited Bank Facilities [ICRA]BBB(Stable)/[ICRA]A3+ Neel Metal Products Limited Bank Facilities [ICRA]BBB+(Stable) /[ICRA]A2 Neel Metal Products Limited Commercial Paper/Short‐term debt [ICRA]A2 Neelanchal Realtors LLP Bank Facilities [ICRA]A(Stable) NeoGrowth Credit Private Limited Bank facilities [ICRA]BBB(Negative) NeoGrowth Credit Private Limited Non convertible Debenture [ICRA]BBB(Negative) Netmagic IT Services Private Limited Bank Facilities [ICRA]AA+(Stable)/[ICRA]A1+ Netmagic IT Services Private Limited Commercial Paper [ICRA]A1+ Network18 Media & Investments Limited Commercial Paper [ICRA]A1+ Network18 Media & Investments Limited Bank Facilities [ICRA]A1+ Neyveli Uttar Pradesh Power Limited Bank Facilities [ICRA]BBB+(Stable) Nezone Strips Limited Bank facilities [ICRA]A(Stable) /[ICRA]A1 Nezone Tubes Limited Bank facilities [ICRA]A(Stable) /[ICRA]A1 Nile Developers Pvt Ltd Non convertible Debenture [ICRA]BBB+(Positive) Notto Granito LLP Bank facilities [ICRA]A4 NTPC GE Power Services Private Limited (erstwhile Ntpc Alstom Power Services Private Bank facilities [ICRA]A+(Stable)/[ICRA]A1 Limited) NTPC Limited Bank Facilities [ICRA]AAA(Stable) /[ICRA]A1+ NTPC Limited Commercial Paper [ICRA]A1+ NTPC Limited Bonds [ICRA]AAA(Stable) NTPC Limited Bonds [ICRA]AAA(Stable) Ocean Sparkle Limited Non‐Convertible Debentures [ICRA]AA‐(Stable) Ocean Sparkle Limited Bank Facilities [ICRA]AA‐(Stable) /[ICRA]A1+ Orange County Resorts & Hotels Limited Bank Facilities [ICRA]BBB+(Stable) Orra Fine Jewellery Private Limited Bank Facilities [ICRA]BBB(CE)(Stable) /[ICRA]A3+(CE) P. C. Chandra & Sons India Pvt Ltd Bank Facilities [ICRA]A1 P. C. Chandra Juels International Private Limited Bank Facilities [ICRA]A1 P.C. Chandra (Jewellers) Private Limited Bank Facilities [ICRA]A1 Panama Wind Energy Private Limited Bank Facilities [ICRA]BBB‐(Stable) Paschim Gujarat Vij Company Limited Bank Facilities [ICRA]AA‐(Stable)/[ICRA]A1+ Patel Cotton Industries ‐ Dhrangadhra Bank Facilities [ICRA]BB‐(Stable) /[ICRA]A4 Patratu Vidyut Utpadan Nigam Limited Bank Facilities [ICRA]A‐(Stable) Patton International Limited Bank facilities [ICRA]AA(Stable) /[ICRA]A1+ Payal International Limited Bank Facilities [ICRA]A4 PGIM India Asset Management Private Limited PGIM India Overnight Fund [ICRA]A1+mfs PGIM India Asset Management Private Limited PGIM India Money Market Fund [ICRA]A1+mfs PGIM India Asset Management Private Limited PGIM India Ultra Short Term Fund [ICRA]AAAmfs PGIM India Asset Management Private Limited PGIM India Insta Cash Fund [ICRA]AAAmfs PGIM India Asset Management Private Limited PGIM India Dynamic Bond Fund [ICRA]AAAmfs PGIM India Asset Management Private Limited PGIM India Premier Bond Fund [ICRA]AAAmfs PGIM India Asset Management Private Limited PGIM India Banking and PSU Debt Fund [ICRA]AAAmfs Phillip Finance & Investment Services India Private Limited Commercial Paper [ICRA]A1 Phillips Carbon Black Limited Bank Facilities [ICRA]AA(Stable) Power Finance Corporation Ltd. Long‐term borrowing programme FY2021 [ICRA]AAA(Stable) Power Finance Corporation Ltd. Short‐term borrowing programme FY2021 [ICRA]A1+ Power Finance Corporation Ltd. Long‐term borrowing programme FY2020 [ICRA]AAA(Stable) Power Finance Corporation Ltd. Short‐term borrowing programme FY2020 [ICRA]A1+ Power Finance Corporation Ltd. Long‐term/short‐term borrowing programmes of earlier years [ICRA]AAA(Stable) /[ICRA]A1+ Power Finance Corporation Ltd. Long‐term/short‐term borrowing programmes of earlier years [ICRA]AAA(Stable) /[ICRA]A1+ Power Finance Corporation Ltd. Perpetual bond programme [ICRA]AA+(Stable) Pragya Securities Private Limited Bank Facilities [ICRA]A3 PRL Developers Private Limited Bank Facilities [ICRA]BBB‐(Negative) Provident Housing Limited Bank Facilities [ICRA]BBB+(Positive) /[ICRA]A2 Punjabi University,Patiala Bank Facilities [ICRA]BB(Negative) Puravankara Limited ( Previously Puravankara Projects Limited ) Bank Facilities [ICRA]BBB+(Positive) /[ICRA]A2 Qualiance International Private limited Bank Facilities [ICRA]A4 Quality Exim Private Limited Bank Facilities [ICRA]BBB+(Negative) Quess Corp Limited Bank Facilities [ICRA]AA(Stable) /[ICRA]A1+ Quess Corp Limited Commercial Paper [ICRA]A1+ Racy Sanitary Wares Bank Facilities [ICRA]A4 Radiance Renewables Private Limited Bank Facilities [ICRA]A(Stable) /[ICRA]A2+ Rahman Industries Limited Bank Facilities [ICRA]BBB(Negative)/[ICRA]A3+ Rajratan Global Wire Limited Issuer Rating [ICRA]A(Stable) Rajratan Global Wire Limited Bank Facilities [ICRA]A(Stable) /[ICRA]A1 Ramco Systems Limited Bank Facilities [ICRA]A2+ Rashtriya Seva Samithi Bank facilities [ICRA]BB+(Stable) Rasi Seeds Private Limited Bank Facilities [ICRA]A1+ Real Granito Pvt. Ltd. Bank facilities [ICRA]A4 Real Ispat & Power Limited Bank Facilities [ICRA]AA‐(Stable) /[ICRA]A1+ REC Limited Long‐term borrowing programme FY2021 [ICRA]AAA(Stable) REC Limited Short‐term borrowing programme FY2021 [ICRA]A1+ REC Limited Long‐term borrowing programme FY2020 [ICRA]AAA(Stable) REC Limited Long‐term borrowing programme FY2020 [ICRA]AAA(Stable) REC Limited Short‐term borrowing programme FY2021 [ICRA]A1+ REC Limited Long‐term borrowing programmes from earlier years [ICRA]AAA(Stable) REC Limited Long‐term borrowing programmes from earlier years [ICRA]AAA(Stable) REC Limited Market Linked Debentures PP‐MLD [ICRA]AAA(Stable) REC Limited GoI fully serviced bonds [ICRA]AAA(Stable) RMZ North Star Projects Private Limited Bank Facilities [ICRA]BBB‐(Stable) RNS Earthmovers Private Limited Bank Facilities [ICRA]BBB(Stable) Roots Corporation Limited Bank Facilities [ICRA]A(Negative) Roots Multiclean Limited Bank Facilities [ICRA]A(Stable) /[ICRA]A1 Rossell India Limited Bank Facilities [ICRA]A‐(Stable) /[ICRA]A2+ Rosy Blue (India) Private Limited Bank Facilities [ICRA]BBB+(Stable) /[ICRA]A2 S V Creditline Limited Non Convertible Debentures [ICRA]BB+(Stable) S V Creditline Limited Bank facilities [ICRA]BB+(Stable) Saivijay Pragati Steel Udyog Private Limited (erstwhile Pragati Steel Udyog Private Bank Facilities [ICRA]BB(Stable) /[ICRA]A4+ Limited) Saj Food Products Pvt. Ltd. Bank Facilities [ICRA]A(Positive) /[ICRA]A1 Sakthi Finance Limited Non‐Convertible Debenture [ICRA]BBB(Stable) Sakthi Finance Limited Fixed Deposits MA‐(Stable) Sakthi Finance Limited Bank Facilities [ICRA]BBB(Stable) /[ICRA]A2 Salarpuria Properties Private Limited Bank Facilities [ICRA]A(Stable) Salarpuria Signum Complex LLP Bank Facilities [ICRA]A(Stable) Samunnati Financial Intermediation and Services Private Limited Non‐convertible Debentures [ICRA]BBB(Stable) Samunnati Financial Intermediation and Services Private Limited Non‐convertible Debentures [ICRA]BBB(Stable) Samunnati Financial Intermediation and Services Private Limited Market Linked Debentures PP‐MLD [ICRA]BBB(Stable) Saraswati Sugar Mills Limited Bank Facilities [ICRA]A‐(Stable) /[ICRA]A1 Satin Creditcare Network Ltd. Commercial Paper [ICRA]A1 Satin Creditcare Network Ltd. Subordinated Debt [ICRA]A‐(Stable) Satin Creditcare Network Ltd. Subordinated Debt [ICRA]A‐(Stable) Satin Creditcare Network Ltd. Non‐convertible Debenture [ICRA]A‐(Stable) Satin Creditcare Network Ltd. Non‐convertible Debenture [ICRA]A‐(Stable) Sattva Developers Pvt. Ltd. Bank Facilities [ICRA]A(Stable) Satya MicroCapital Ltd. Non‐convertible Debentures [ICRA]BBB(Stable) Satya MicroCapital Ltd. Tier‐II Bonds [ICRA]BBB(Stable) Satya MicroCapital Ltd. Commercial Paper [ICRA]A3+ Satya MicroCapital Ltd. Bank Facilities [ICRA]BBB(Stable) Satya MicroCapital Ltd. Subordinated Debt [ICRA]BBB(Stable) Satya MicroCapital Ltd. Market Linked Debenture PP‐MLD [ICRA]BBB(Stable) SBI DFHI Limited Issuer Rating [ICRA]AAA(Stable) SBI DFHI Limited Commercial Paper [ICRA]A1+ Shankha Deep Exports Pvt. Ltd. Bank facilities [ICRA]BB‐(Stable) Shell MRPL Aviation Fuels and Services Limited Bank Facilities [ICRA]AA‐(Negative) /[ICRA]A1+ Shell MRPL Aviation Fuels and Services Limited Commercial Paper [ICRA]A1+ Shri Ramalinga Mills Private Limited Bank Facilities [ICRA]BB‐(Stable) /[ICRA]A4 SIAC SKH India Cabs Manufacturing Private Limited Bank Facilities [ICRA]BBB(Stable)/[ICRA]A3+ SKM Steels Limited Bank Facilities [ICRA]BBB+(Stable) /[ICRA]A2 Skoda Auto Volkswagen India Private Limited Bank facilities [ICRA]AA+(Stable) /[ICRA]A1+ Skoda Auto Volkswagen India Private Limited Commercial Paper [ICRA]A1+ SOGEFI Engine Systems India Private Limited Bank Facilities [ICRA]A+(Positive) /[ICRA]A1+ Solid Properties (P) Ltd. Non‐Convertible Debenture [ICRA]B(Stable) Sparkle Port Services Limited Bank Facilities [ICRA]AA‐(CE)(Stable) /[ICRA]A1+(CE) Sparkle Terminal and Towage Services Limited Non‐Convertible Debenture [ICRA]AA‐(CE)(Stable) Sparkle Terminal and Towage Services Limited Bank Facilities [ICRA]A‐(Stable) Spoton Logistics Private Limited Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2 Sri Enterprises Bank Facilities [ICRA]BB+(Stable) /[ICRA]A4+ Sri Enterprises Bank Facilities [ICRA]BB+(Stable) /[ICRA]A4+ Sri Lakshmi Srinivas Parboiled Bank Facilities [ICRA]B‐(Stable) Standard Retail Private Limited Bank Facilities [ICRA]BB+(Stable) /[ICRA]A4+ Standard Retail Private Limited Bank Facilities [ICRA]BB+(Stable) /[ICRA]A4+ Starlite Lighting Limited Bank Facilities [ICRA]A‐(CE)(Stable) /[ICRA]A2+(CE) Starlite Lighting Limited Non‐Convertible Debenture [ICRA]A(CE)(Stable) Starlite Lighting Limited Non‐Convertible Debenture [ICRA]A(CE)(Stable) Sterlite Technologies Limited Commercial Paper [ICRA]A1+ Sterlite Technologies Limited Non‐Convertible Debenture [ICRA]AA(Stable) Sterlite Technologies Limited Non‐Convertible Debenture [ICRA]AA(Stable) Sterlite Technologies Limited Bank Facilities [ICRA]AA(Stable) /[ICRA]A1+ Stockholding Document Management Services Limited Bank Facilities Provisional [ICRA]A+(CE)(Stable) Stockholding Document Management Services Limited Non‐convertible Debenture Provisional [ICRA]A+(CE)(Stable) Strides Pharma Science Limited Bank facilities [ICRA]A+(Stable) /[ICRA]A1 Surya Roshni Limited Commercial Paper [ICRA]A1+(CE) Susheel Motors Private Limited Bank Facilities [ICRA]BB‐(Negative) Swelect Energy Systems Limited Bank Facilities [ICRA]A‐(Negative) /[ICRA]A2+ Tamil Nadu Power Finance and Infrastructure Development Corporation Limited Bank Facilities [ICRA]A‐(CE)(Stable)

Tamil Nadu Power Finance and Infrastructure Development Corporation Limited Fixed Deposit MA‐(Stable)

Tamil Nadu Power Finance and Infrastructure Development Corporation Limited Long‐term Bond [ICRA]A‐(CE)(Stable) Tenshi Kaizen Private Limited Bank Facilities [ICRA]BBB‐(CE)(Negative) Tenshi Life Sciences Private Limited Issuer Rating [ICRA]BBB‐(Negative) Tenshi Life Sciences Private Limited Bank Facilities [ICRA]BBB‐(Negative)/[ICRA]A3 The ICFAI Society Bank Facilities [ICRA]A+(Stable) The Travancore Cochin Chemicals Limited Bank facilities [ICRA]BB+(Negative) /[ICRA]A4+ Thirumalai Chemicals Limited Bank Facilities [ICRA]A+(Positive)/[ICRA]A1+ Triveni Engineering & Industries Ltd. Bank facilities [ICRA]AA‐(Positive) /[ICRA]A1+ Triveni Engineering & Industries Ltd. Commercial Paper [ICRA]A1+ TV18 Broadcast Limited Commercial Paper [ICRA]A1+ TV18 Broadcast Limited Bank Facilities [ICRA]A1+ Union Asset Management Company Private Limited Union Overnight Fund [ICRA]A1+mfs Union Asset Management Company Private Limited Union Liquid Fund [ICRA]A1+mfs Uttar Gujarat Vij Company Limited Bank Facilities [ICRA]AA‐(Stable)/[ICRA]A1+ Veer O Metals Private Limited Bank facilities [ICRA]BBB(Stable) /[ICRA]A2 Viacom18 Media Private Limited Commercial Paper [ICRA]A1+ Viacom18 Media Private Limited Bank Facilities [ICRA]A1+ Vilas Transcore Limited Bank Facilities [ICRA]BBB+(Stable) /[ICRA]A2 Vindhya Spinning Mills Private Limited Bank Facilities [ICRA]BBB‐(Stable) /[ICRA]A3 Virchow Laboratories Limited Bank Facilities [ICRA]A+(Stable)/[ICRA]A1+ Virgo Boards Limited Bank Facilities [ICRA]A(Stable)/[ICRA]A1 Virgo Decors Private Limited Bank Facilities [ICRA]A(Stable)/[ICRA]A1 Virgo Industries Bank Facilities [ICRA]A(Stable)/[ICRA]A1 Virgo Laminates Limited Bank Facilities [ICRA]A(Stable)/[ICRA]A1 Visage Holdings & Finance Pvt. Ltd. Non‐convertible Debenture [ICRA]BBB‐(Negative) Visage Holdings & Finance Pvt. Ltd. Non‐convertible Debenture [ICRA]BBB‐(Negative) Visage Holdings & Finance Pvt. Ltd. Commercial Paper [ICRA]A3 Visage Holdings & Finance Pvt. Ltd. Bank Facilities [ICRA]BBB‐(Negative) West Pioneer Properties (India) Private Limited Bank Facilities [ICRA]BB(Stable) Wheels India Limited Commercial Paper [ICRA]A1 Wheels India Limited Fixed Deposit MA+(Stable) Wheels India Limited Bank Facilities [ICRA]A1 Workspace Metal Solutions Private Limited Bank Facilities [ICRA]BB‐(Stable) Yojana Poultry Pvt. Ltd. Bank facilities [ICRA]B+(Stable) /[ICRA]A4

Upgrade Entity Instrument Previous Rtg Revised Rtg Abis Exports (India) Private Limited Bank facilities [ICRA]A(Stable)/[ICRA]A1 [ICRA]A+(Stable)/[ICRA]A1+ Abis Exports (India) Private Limited Commercial Paper [ICRA]A1 [ICRA]A1+ Abis Sampoorna LLP Bank facilities [ICRA]BBB+(CE)(Stable)/[ICRA]A2(CE) [ICRA]A‐(CE)(Stable)/[ICRA]A2+(CE) Abroad Vitrified Private Limited Bank Facilities [ICRA]B+(Stable) [ICRA]BB‐(Stable) Amalgamated Plantations Private Limited Bank facilities [ICRA]BBB+(Stable) /[ICRA]A2 [ICRA]A‐(Stable) /[ICRA]A2+ Amalgamated Plantations Private Limited Bank facilities [ICRA]A(CE)(Stable) [ICRA]A+(CE)(Stable) ANSR Global Corporation Private Limited Bank facilities [ICRA]BBB‐(Stable) [ICRA]BBB(Stable) Aurore Life Sciences Pvt Ltd Bank Facilities [ICRA]BBB‐(CE)(Negative)/[ICRA]A3(CE) [ICRA]BBB+(Stable)/[ICRA]A2 Aurore Pharmaceuticals Private Limited Bank Facilities [ICRA]BBB‐(CE)(Negative)/[ICRA]A3(CE) [ICRA]BBB+(Stable)/[ICRA]A2 Borana Plastic Limited Bank Facilities [ICRA]BB+(Stable) /[ICRA]A4+ [ICRA]BBB‐(Stable) /[ICRA]A3 Burger King India Limited Bank Facilities [ICRA]BBB+(Negative) /[ICRA]A2 [ICRA]A‐(Stable) /[ICRA]A2+ Coldman Logistics Private Limited Bank Facilities [ICRA]B+(Stable) ISSUER NOT COOPERATING [ICRA]BB(Stable) Deveuro Paper Products LLP Bank Facilities [ICRA]D [ICRA]B(Stable) Diamond India Limited Bank Facilities [ICRA]BBB(Stable) [ICRA]A‐(Stable) Divyasree Tarbus Builders Private Limited Bank Facilities [ICRA]BBB(Stable) [ICRA]BBB+(Stable) Dr. D. Y. Patil Vidyapeeth Society Bank Facilities [ICRA]BBB+(Stable) /[ICRA]A2 [ICRA]A‐(Stable) /[ICRA]A2+ Duroflex Private Limited Bank Facilities [ICRA]A‐(Positive) /[ICRA]A2+ [ICRA]A(Stable) /[ICRA]A1 E to E Transportation Infrastructure Private Limited Bank Facilities [ICRA]BB+(Stable) /[ICRA]A4+ [ICRA]BBB‐(Stable) /[ICRA]A3 Enviro Solaire Private Limited Bank Facilities [ICRA]A& [ICRA]A+(Stable) Giesecke & Devrient India Private Limited Bank Facilities [ICRA]BBB+(Stable) /[ICRA]A2 [ICRA]A‐(Stable) /[ICRA]A2+ Goldlites India Private Limited Bank Facilities [ICRA]A(Stable) [ICRA]A+(Stable) Hindustan Aeronautics Limited Bank Facilities [ICRA]AA(Stable) [ICRA]AA+(Positive) HPCL Shapoorji Energy Private Limited Bank Facilities [ICRA]A(Stable) [ICRA]A+(Stable) Indian Agro and Food Industries Limited Bank facilities [ICRA]A(Stable)/[ICRA]A1 [ICRA]A+(Stable)/[ICRA]A1+ Integreon Managed Solutions (India) Pvt Ltd Bank Facilities [ICRA]BBB‐(Stable) /[ICRA]A3 [ICRA]BBB(Stable) /[ICRA]A3+ Jindal Steel & Power Limited Bank Facilities [ICRA]BBB+(Stable) /[ICRA]A2 [ICRA]A(Stable) /[ICRA]A1 Jindal Steel & Power Limited Non‐Convertible Debentures [ICRA]BBB+(Stable) [ICRA]A(Stable) Jindal Steel & Power Limited Non‐Convertible Debentures [ICRA]BBB+(Stable) [ICRA]A(Stable) JRS Pharma & Gujarat Microwax Pvt. Ltd. Bank Facilities [ICRA]A‐(Stable) /[ICRA]A2+ [ICRA]A(Stable) /[ICRA]A1 Kothari Petrochemicals Limited Bank Facilities [ICRA]A‐(Stable)/[ICRA]A2+ [ICRA]A(Stable)/[ICRA]A1 Lalitpur Power Generation Company Limited Bank Facilities [ICRA]D [ICRA]B(Stable) Linkwell Telesystems Private Limited Bank Facilities [ICRA]BBB+(Positive) /[ICRA]A2 [ICRA]A‐(Stable) /[ICRA]A2+ Mallcom (India) Limited Bank facilities [ICRA]BBB+(Stable) [ICRA]A‐(Stable) Maragathammbal Industrial And Logistics Park Private Limited Bank facilities [ICRA]A‐(Negative) [ICRA]A(Stable) Marudhamalai Industrial & Logistics Parks Private Limited Bank facilities [ICRA]A‐(Negative) [ICRA]A(Stable) Motherson Sumi Infotech & Designs Limited Bank Facilities [ICRA]A(Stable) /[ICRA]A1 [ICRA]AA‐(Stable) /[ICRA]A1+ MTAR Technologies Limited Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2 [ICRA]A‐(Positive)/[ICRA]A2+ Nezone Tubes (Utkal) Limited Bank facilities [ICRA]A‐(CE)(Stable) [ICRA]A(Stable) Nezone Tubes (Utkal) Limited Bank facilities [ICRA]BBB‐(Stable) /[ICRA]A3 [ICRA]A(Stable) /[ICRA]A1 Nirjara Solaire Urja Private Limited Bank Facilities [ICRA]BBB+& [ICRA]A‐(Stable) [ICRA]BB+(Stable) ISSUER NOT COOPERATING /[ICRA]A4+ NIS Management Limited Bank Facilities [ICRA]BBB+(Stable) /[ICRA]A2 ISSUER NOT COOPERATING Notto Granito LLP Bank facilities [ICRA]B(Stable) [ICRA]B+(Stable) P. C. Chandra & Sons India Pvt Ltd Bank Facilities [ICRA]A(Stable) [ICRA]A+(Stable) P. C. Chandra Gems Private Limited Bank Facilities [ICRA]A(Stable) [ICRA]A+(Stable) P. C. Chandra Jewellery Apex Private Limited Bank Facilities [ICRA]A(Stable) [ICRA]A+(Stable) P. C. Chandra Juels International Private Limited Bank Facilities [ICRA]A(Stable) [ICRA]A+(Stable) P.C. Chandra (Jewellers) Private Limited Bank Facilities [ICRA]A(Stable) [ICRA]A+(Stable) Price Waterhouse Chartered Accountants LLP Bank Facilities [ICRA]AA‐(Negative) [ICRA]AA(Stable) PricewaterhouseCoopers Private Limited Bank Facilities [ICRA]A+(Stable) /[ICRA]A1 [ICRA]AA‐(Stable) /[ICRA]A1+ Punjab Alkalies & Chemicals Limited Bank facilities [ICRA]BB‐&/[ICRA]A4& [ICRA]BB(Stable)/[ICRA]A4+ Pyrotech Workspace Solutions Private Limited Bank Facilities [ICRA]BB(Stable) [ICRA]BB+(Stable) Racy Sanitary Wares Bank Facilities [ICRA]B+(Stable) [ICRA]BB‐(Stable) Ramco Systems Limited Bank Facilities [ICRA]A‐(Positive) [ICRA]A(Stable) Rasi Seeds Private Limited Bank Facilities [ICRA]A+(Positive) [ICRA]AA‐(Stable) Ravi Dyeware Company Private Limited Bank facilities [ICRA]A‐(Stable) /[ICRA]A2+ [ICRA]A(Stable) /[ICRA]A1 Real Granito Pvt. Ltd. Bank facilities [ICRA]B(Stable) [ICRA]B+(Stable) RMZ Galleria India Private Limited Bank Facilities [ICRA]BBB‐& [ICRA]BBB(Stable) Sangli Miraj and Kupwad Municipal Corporation Issuer rating [ICRA]B+(Stable) ISSUER NOT COOPERATING [ICRA]BBB(Stable) Sentini Hospitals Private Limited Bank Facilities [ICRA]B+(Stable) ISSUER NOT COOPERATING [ICRA]BB+(Stable) Shabnam Petrofils Private Limited Bank Facilities [ICRA]BB(Stable) /[ICRA]A4 [ICRA]BBB‐(Stable) /[ICRA]A3 Siddharth Colorchem Private Limited Bank facilities [ICRA]A‐(Stable) /[ICRA]A2+ [ICRA]A(Stable) /[ICRA]A1 Siruvapuri Murugan Industrial and Logistics Private Limited Bank facilities [ICRA]A‐(Negative) [ICRA]A(Stable) Solaire Surya Urja Private Limited Bank Facilities [ICRA]A+& [ICRA]AA‐(Stable) Sri Priyanka Agro Enterprises Private Limited Bank facilities [ICRA]BB‐(Positive) [ICRA]BB(Stable) Star Infratech Bank Facilities [ICRA]BBB(Stable)/[ICRA]A3+ [ICRA]BBB+(Stable)/[ICRA]A2 Suprasanna Solaire Energy Private Limited Bank Facilities [ICRA]BBB+& [ICRA]A‐(Stable) TVS Industrial & Logistics Parks Private Limited Bank facilities [ICRA]A‐(Negative)/[ICRA]A2+ [ICRA]A(Stable)/[ICRA]A1 Ujjvalatejas Solaire Urja Private Limited Bank Facilities [ICRA]BBB+& [ICRA]A‐(Stable) West Pioneer Properties (India) Private Limited Bank Facilities [ICRA]A4 [ICRA]A4+ [ICRA]BB+(Stable) ISSUER NOT COOPERATING /[ICRA]A4+ ISSUER Wohr Parking Systems Pvt Ltd Bank Facilities [ICRA]BBB‐(Stable) /[ICRA]A3 NOT COOPERATING

Downgrade Entity Instrument Previous Rtg Revised Rtg Apeejay Tea Limited Bank Facilities [ICRA]BBB+(Negative)/[ICRA]A2 [ICRA]BBB‐(Negative)/[ICRA]A3 Arhyama Solar Power Private Limited Bank Facilities [ICRA]B+(Stable) ISSUER NOT COOPERATING [ICRA]D ISSUER NOT COOPERATING Ascent Hotels Private Limited Bank Facilities [ICRA]BBB‐(Negative) [ICRA]BB+(Negative) Bafna Motors (Mumbai) Private Limited Bank Facilities [ICRA]B‐& [ICRA]D Barque Hotels Private Limited Bank Facilities [ICRA]BBB‐(Negative) [ICRA]BB+(Negative) Camrola Quartz Ltd. Bank facilities [ICRA]BB+(Negative) /[ICRA]A4+ [ICRA]BB(Stable) /[ICRA]A4 [ICRA]BB+(Stable) ISSUER NOT COOPERATING/[ICRA]A4+ ISSUER [ICRA]B+(Stable) ISSUER NOT COOPERATING/[ICRA]A4 ISSUER NOT Coperion Ideal Private Limited Bank Facilities NOT COOPERATING COOPERATING [ICRA]BBB+(Stable) ISSUER NOT COOPERATING/[ICRA]A2 ISSUER NOT FLSmidth Private Limited Bank Facilities [ICRA]A+(Stable)/[ICRA]A1+ COOPERATING [ICRA]BBB+(Stable) ISSUER NOT COOPERATING/[ICRA]A2 ISSUER NOT FLSmidth Private Limited Bank Facilities [ICRA]A+(Stable)/[ICRA]A1+ COOPERATING Future Mobile LLP Bank Facilities [ICRA]BBB‐(Negative) /[ICRA]A3 [ICRA]BB+(Stable)/CRA]A4+ [ICRA]BB(Stable) ISSUER NOT COOPERATING /[ICRA]A4+ ISSUER [ICRA]B+(Stable) ISSUER NOT COOPERATING /[ICRA]A4 ISSUER NOT Geetanjali University Bank Facilities NOT COOPERATING COOPERATING Gokak Power & Energy Limited Bank Facilities [ICRA]BB‐(CE)@ [ICRA]D Gonglu Agro Private Limited Bank Facilities [ICRA]BB‐(CE)(Negative) [ICRA]B+(CE)(Stable) ISSUER NOT COOPERATING Jainalco Industries Private Limited Bank Facilities [ICRA]BB‐(Stable) ISSUER NOT COOPERATING [ICRA]B+(Stable) ISSUER NOT COOPERATING Jawahar Shetkari Sahakari Sakhar Karkhana Limited Bank Facilities [ICRA]BBB‐(Negative) [ICRA]BB(Stable) Jawahar Shetkari Sahakari Sakhar Karkhana Limited Bank Facilities [ICRA]BBB‐(Negative) [ICRA]BB(Stable) ISSUER NOT COOPERATING Khadim India Limited Bank facilities [ICRA]BBB(Negative) /[ICRA]A3+ [ICRA]BBB‐(Stable) /[ICRA]A3 Khaya Solar Projects Private Limited Bank Facilities [ICRA]C [ICRA]D LJ‐Victoria Properties Private Limited Bank Facilities [ICRA]BBB+@ [ICRA]BBB(Negative) M S Ramaiah Foundation Bank facilities [ICRA]B+(Stable) [ICRA]D Mehta Stone Export House Bank facilities [ICRA]BB(Stable) [ICRA]BB‐(Stable) [ICRA]BB‐(Stable) ISSUER NOT COOPERATING /[ICRA]A4 ISSUER Navneeta Steels Private Limited Bank Facilities [ICRA]D ISSUER NOT COOPERATING NOT COOPERATING New India Cables Trading Private Limited Bank Facilities [ICRA]BB+(Stable) ISSUER NOT COOPERATING [ICRA]B+(Stable) ISSUER NOT COOPERATING Orbit Exports Limited Bank facilities [ICRA]A(Negative) /[ICRA]A1 [ICRA]A‐(Stable) /[ICRA]A2+ [ICRA]B+(Stable) ISSUER NOT COOPERATING /[ICRA]A4 ISSUER Overseas Traders Bank Facilities [ICRA]D ISSUER NOT COOPERATING NOT COOPERATING Prakash Dal & Flour Mills Bank Facilities [ICRA]BB‐(Stable) [ICRA]B+(Stable) ISSUER NOT COOPERATING RMZ Azure Projects Private Limited Bank Facilities [ICRA]A(CE)& [ICRA]A‐(Stable) RMZ Ecoworld Infrastructure Private Limited Bank Facilities [ICRA]A& [ICRA]A‐(Stable) RMZ Ecoworld Infrastructure Private Limited Non‐Convertible Debenture [ICRA]A& [ICRA]A‐(Stable) RMZ Infotech Private Limited Bank Facilities [ICRA]A& [ICRA]A‐(Stable) RMZ Infotech Private Limited Long‐term Bonds [ICRA]A& [ICRA]A‐(Stable) Ronald Colaco Bank Facilities [ICRA]BB+(Stable) ISSUER NOT COOPERATING [ICRA]B+(Stable) ISSUER NOTCOOPERATING [ICRA]B(Stable) ISSUER NOT COOPERATING /[ICRA]A4 ISSUER Satya Subal Himghar Private Limited Bank Facilities [ICRA]D ISSUER NOT COOPERATING NOT COOPERATING Shah Technical Consultants Private Limited Bank Facilities [ICRA]BB+(Stable) ISSUER NOT COOPERATING [ICRA]B+(Stable) ISSUER NOT COOPERATING Shantesha Motors Private Limited Bank Facilities [ICRA]BB+(Stable) ISSUER NOT COOPERATING [ICRA]B+(Stable) ISSUER NOTCOOPERATING Shree Balbir Food Product Private Limited Bank Facilities [ICRA]B+(Stable) ISSUER NOT COOPERATING [ICRA]B(Stable) [ICRA]B(Stable) ISSUER NOT COOPERATING /[ICRA]A4 ISSUER Shree Jagdamba Poultry Private Limited Bank Facilities [ICRA]D ISSUER NOT COOPERATING NOT COOPERATING Shree Ramkrushna Ginning and Oil Industries Bank Facilities [ICRA]BB‐(Stable) [ICRA]B+(Stable) ISSUER NOT COOPERATING Silver Crest Clothing Private Limited Bank Facilities [ICRA]A(Stable)/[ICRA]A1 [ICRA]A‐(Stable)/[ICRA]A2+ SNAM Abrasives Private Limited Bank Facilities [ICRA]BBB+(CE)(Stable) ISSUER NOT COOPERATING [ICRA]BB+(CE)(Stable) ISSUER NOT COOPERATING [ICRA]BB(Stable) ISSUER NOT COOPERATING /[ICRA]A4+ ISSUER [ICRA]B+(Stable) ISSUER NOT COOPERATING /[ICRA]A4 ISSUER NOT Society Of Green Makers Private Limited Bank Facilities NOT COOPERATING COOPERATING Sri Srinivasa Spintex (India) Limited Bank facilities [ICRA]B+(Stable) ISSUER NOT COOPERATING [ICRA]D ISSUER NOT COOPERATING [ICRA]B‐(Stable) ISSUER NOT COOPERATING/[ICRA]A4 ISSUER Sunny Enterprises Bank Facilities [ICRA]D ISSUER NOT COOPERATING NOT COOPERATING Wheels India Limited Bank Facilities [ICRA]A+(Negative) [ICRA]A(Stable) WIL Car Wheels Limited Bank Facilities [ICRA]A‐(Negative)/[ICRA]A1 [ICRA]BBB+(Stable)/[ICRA]A2+ Xander Finance Private Limited Non‐Convertible Debenture [ICRA]A+(Stable) [ICRA]A(Negative) Xander Finance Private Limited Bank Facilities [ICRA]A+(Stable) [ICRA]A(Negative) Xander Finance Private Limited Long‐term Borrowing [ICRA]A+(Stable) [ICRA]A(Negative) Xander Finance Private Limited Commercial Paper [ICRA]A1+ [ICRA]A1 Y.V.S Kumkumam Company Bank Facilities [ICRA]BB(Stable) ISSUER NOT COOPERATING [ICRA]B+(Stable) ISSUER NOT COOPERATING Y.V.S Spices and Co Bank Facilities [ICRA]BB(Stable) ISSUER NOT COOPERATING [ICRA]B+(Stable) ISSUER NOT COOPERATING

Issuer Not Cooperating Entity Instrument Ratings ABHI S.K.Hospital Private Limited Bank Facilities [ICRA]B+(Stable) Action Industrial Corporation Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 ADG Agrotech Pvt Ltd Bank Facilities [ICRA]B(Stable) Airan Steel & Power Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Akal Pipe Industries Bank Facilities [ICRA]D Akhandalamani Electricals & Construction Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Ananya Hospital Private Limited Bank Facilities [ICRA]B+(Stable) Armania Agro Industries Bank Facilities [ICRA]B(Stable) Aruppukottai Shri Ramalinga Spinners Private Limited Bank Facilities [ICRA]B(Stable) /[ICRA]A4 Asn Agri Genetic Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Atal Tea Co. (1943) Limited Bank Facilities [ICRA]B‐(Stable) /[ICRA]A4 B.R. Guar Gum Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 B.V.L. Exports Private Limited Bank Facilities [ICRA]D Baba Bhuman Shah Ji Rice Mills Bank Facilities [ICRA]B(Stable) Bagga Luxury Motorcars LLP Bank Facilities [ICRA]D Balaji Overseas Bank Facilities [ICRA]B(Stable) /[ICRA]A4 Balason Tea Company Private Limited Bank Facilities [ICRA]B‐(Stable) /[ICRA]A4 Bhadohi Carpets Bank Facilities [ICRA]B+(Stable) Bhagatpur Tea Co. Ltd Bank Facilities [ICRA]B(Stable) Bharat Immunologicals & Biologicals Corporation Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Bisui Poultry Private Limited Bank Facilities [ICRA]D BMS Projects Bank Facilities [ICRA]B‐(Stable) /[ICRA]A4 Boss Cotton And Oil Industries Bank Facilities [ICRA]B‐(Stable) Burakia Steel & Alloys Bank Facilities [ICRA]B+(Stable) Ceejay Finance Limited Bank Facilities [ICRA]B+(Stable) Chandan Tea Industries Private Limited Bank Facilities [ICRA]B‐(Stable) /[ICRA]A4 Classic Enterprises Limited Bank Facilities [ICRA]B+(Stable) Coochbehar Agro Tea Estates Pvt. Ltd. Bank Facilities [ICRA]B‐(Stable) /[ICRA]A4 D. S. Developers Bank Facilities [ICRA]B(Stable) Dada Ganpati Guar Products Pvt. Ltd. Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Deekay Trexim India Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Dharamchand Paraschand Exports Bank Facilities [ICRA]D Dhareshwar Cotton Private Limited Bank Facilities [ICRA]B(Stable) Dhiraj Foundation Bank Facilities [ICRA]B‐(Stable) Dhirendra Narayan Cold Storage Private Limited Bank Facilities [ICRA]B(Stable) /[ICRA]A4 Divine Alloys & Power Company Limited Bank Facilities [ICRA]D Divine Solutions Private Limited Bank Facilities [ICRA]B(Stable) /[ICRA]A4 Durga Polysters Pvt. Ltd. Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Dusmer Tools Pvt. Ltd. Bank Facilities [ICRA]C+ /[ICRA]A4 Dynamic Transmission Limited Bank Facilities [ICRA]B+(Stable) Earthcon Developers Pvt. Ltd. Bank Facilities [ICRA]D Eastman Mettcast Limited Bank Facilities [ICRA]C+ Euro Forge Private Limited Bank Facilities [ICRA]B(Stable) /[ICRA]A4 Euro Pratik Ispat Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Everlast Roofing Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Fashion Flare International Private Limited Bank Facilities [ICRA]B(Stable) /[ICRA]A4 Ferromet Steels Private Limited Bank Facilities [ICRA]D Flock Sur India Pvt. Ltd. Bank Facilities [ICRA]B+(Stable) Four Wheels Auto Private Limited Bank Facilities [ICRA]B+(Stable) Future Education And Research Trust Bank Facilities [ICRA]D Ganges Ford (Proprietor: Lexicon Commercial Enterprises Limited) Bank Facilities [ICRA]D Geetanjali Ispat & Powers Pvt. Ltd. Bank Facilities [ICRA]B+(Stable) Girijashankar Cotton Private Limited Bank Facilities [ICRA]B+(Stable) Global Institute of Medical Science & Health Care Bank Facilities [ICRA]B+(Stable) Gonglu Agro Private Limited Bank Facilities [ICRA]A4(CE) Goverdhan Verma Punjab Jewellers Private Limited Bank Facilities [ICRA]B+(Stable) Gupta Solvent Private Limited Bank Facilities [ICRA]B+(Stable) Hilltop Ceramic Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Hyderabad Steels Bank Facilities [ICRA]C /[ICRA]A4 Hydromatik Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 IBD Nalanda Infrastructure Pvt. Ltd. Bank Facilities [ICRA]D International Fresh Farm Products India Limited Bank Facilities [ICRA]D J Matadee Free Trade Zone Private Limited Bank Facilities [ICRA]B+(Stable) Jabalpur Entertainment Complexes Private Limited Bank Facilities [ICRA]B+(Stable) Jai Laxmi Cement Co. (P) Limited Bank Facilities [ICRA]B(Stable) Jai Maakali Fish Farms Private Limited Bank Facilities [ICRA]D Jainam Coatex LLP Bank Facilities [ICRA]B(Stable) Jajodia Exports Pvt Ltd Bank Facilities [ICRA]B(Stable) Jalpaiguri Duars Tea Company Limited Bank Facilities [ICRA]B‐(Stable) /[ICRA]A4 Joseph Leslie & Company LLP Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 K. Rasiklal Exim Pvt. Ltd. Bank Facilities [ICRA]BB+(Stable) /[ICRA]A4+ K.P. Saha Private Limited Unit: Maa Bameswari Rice Mill Bank Facilities [ICRA]B+(Stable) Kalsi Brothers Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Karthik Roofings Bank Facilities [ICRA]D Karthik Roofings And Structurals Pvt Ltd Bank Facilities [ICRA]D Krishna Construction Co. Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Ksk Mineral Resources Private Limited Bank Facilities [ICRA]D L&T Halol Shamlaji Tollway Limited Bank Facilities [ICRA]D Lakshmidurga Textiles Private Limited Bank Facilities [ICRA]B+(Stable) Lanco Solar Energy Private Limited Bank Facilities [ICRA]D Lanco Solar Private Limited Bank Facilities [ICRA]D Laxmi Oil & Vanaspati Private Limited Bank Facilities [ICRA]D Laxmi Rice Mills Bank Facilities [ICRA]B(Stable) Lemosa Tiles Llp Bank Facilities [ICRA]B+(Stable) Lucky Steel Industries (Ship Breaking Division) Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Lycon Microns Llp Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Lypsa Gems and Jewellery Limited Bank Facilities [ICRA]D Maa Bameswari Cold Storage Private Limited Bank Facilities [ICRA]B(Stable) /[ICRA]A4 Maa Shitala Agro Private Limited Bank Facilities [ICRA]B+(Stable) Madhucon Projects Limited Bank Facilities [ICRA]D Magnolia Martinique Clothing Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Mahan Plastics Private Limited Bank Facilities [ICRA]B(Stable) /[ICRA]A4 Mahesh Ginning Private Limited Bank Facilities [ICRA]B+(Stable) Mann Mediciti Wellness Centre Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Marudhara Polypack Private Limited Bank Facilities [ICRA]B+(Stable) Maruti Products Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Mathuram Swastha Evam Shikshan Sansthan Bank Facilities [ICRA]B+(Stable) Matrix Ceramic Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 MBM ENGINEERING INFOTECH LIMITED Bank Facilities [ICRA]B(Stable) /[ICRA]A4 Meena Advertisers Bank Facilities [ICRA]B+(Stable) Meenamani Real Venture LLP Bank Facilities [ICRA]B+(Stable) Megha Marketing Bank Facilities [ICRA]B+(Stable) Mehta Brothers Gems Private Limited Bank Facilities [ICRA]B+(Stable) Memon Health Care Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Mittal Cot Fibers Bank Facilities [ICRA]B(Stable) Mor Alloys Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Muktsar Cotton (P) Ltd. Bank Facilities [ICRA]B(Stable) Mums Mega Food Park Private Limited Bank Facilities [ICRA]B(Stable) N.B Hi‐Tech Cold Storage Bank Facilities [ICRA]B‐(Stable) N.R. Constructions Bank Facilities [ICRA]B+(Stable) Nanda Infra Construction Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Nectar Crafts Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Neelay Metal Industries Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 New Win Win Feeds Pvt. Ltd. Bank Facilities [ICRA]D Nicomet Industries Limited Bank Facilities [ICRA]D North Dinajpur Tea Agro Pvt. Limited Bank Facilities [ICRA]B(Stable) /[ICRA]A4 North India Surgical Company Bank Facilities [ICRA]D Pacific Garments Pvt. Ltd. Bank Facilities [ICRA]D Pan Healthcare Pvt. Ltd. Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Paramount Rice Pvt. Ltd. Bank Facilities [ICRA]B+(Stable) Paratus Real Estates Pvt. Ltd. Bank Facilities [ICRA]D Patel Cotton Bank Facilities [ICRA]B+(Stable) Perumal Spinning Mills Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Petal Motocon Pvt. Ltd. Bank Facilities [ICRA]B‐(Stable) Pioneer Tea & Exports Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Powered Epc Services Limited Bank Facilities [ICRA]B(Stable) /[ICRA]A4 Prakash Dal & Flour Mills Bank Facilities [ICRA]A4 Prateek Apparels Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Prime Lumbers Pvt. Ltd. Bank Facilities [ICRA]B‐(Stable) /[ICRA]A4 Pv Knit Fashions Bank Facilities [ICRA]D R.V. Plastic Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Rajrajeshwar Cotton Industries Bank Facilities [ICRA]B+(Stable) Rajshree Sugars & Chemicals Limited Bank Facilities [ICRA]D Ramana Educational Trust Bank Facilities [ICRA]B(Stable) Rameswar Udyog Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Ratan Housing Development Limited Bank Facilities [ICRA]B+(Stable) Realtime Techsolutions Pvt. Ltd. Bank Facilities [ICRA]D Renxsol Ecotech Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Repute Foods Pvt. Ltd. Bank Facilities [ICRA]B(Stable) RGTL Industries Limited Bank Facilities [ICRA]D Rheabari Tea Company Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Rmp Farms Bank Facilities [ICRA]B+(Stable) Rosha Alloys Private Limited Bank Facilities [ICRA]B+(Stable) Roshan Real Estates Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 S. K. Exports (Lower Parel) Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 S.P. Sortex Rice Exports India Ltd Bank Facilities [ICRA]B+(Stable) Sabari Textiles Private Limited Bank Facilities [ICRA]D Sahara Industries Bank Facilities [ICRA]B(Stable) Sai Swadhin Commercials Private Limited Bank Facilities [ICRA]D Samkit Diamond Export Private Limited Bank Facilities [ICRA]B(Stable) /[ICRA]A4 Sanchit Polymers Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Sangamner Taluka Sahakari Dudh Utpadak And Prakriya Sangh Limited Bank Facilities [ICRA]B(Stable) Santhalakshmi Mills India Llp Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Saspack Ventures Pvt Ltd. Bank Facilities [ICRA]B(Stable) Satguru Metals & Power Private Limited Bank Facilities [ICRA]D Satwi Infra Bank Facilities [ICRA]B(Stable) Saurabh Agrotech Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Savitri Polyesters Private Limited Bank Facilities [ICRA]B(Stable) Seaward Exports Private Limited Bank Facilities [ICRA]B+(Stable) Shakti Polytex Private Limited Bank Facilities [ICRA]D Sharp Travels (India) Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Shell Apparels Private Limited Bank Facilities [ICRA]B+(Stable) Shitaram Industries Bank Facilities [ICRA]B‐(Stable) Shivam Motors Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 SHL Agro Foods Inc Bank Facilities [ICRA]B+(Stable) Shraddha Synthetics Private Limited Bank Facilities [ICRA]B(Stable) /[ICRA]A4 Shree Cotex Bank Facilities [ICRA]B+(Stable) Shree Murugan Flour Mills (P) Ltd Bank Facilities [ICRA]D Shree Sangameswara Electricals Bank Facilities [ICRA]D Shreegopal Gobind Agro Tech Private Limited Bank Facilities [ICRA]B+(Stable) Shreenathji Cotgin Private Limited Bank Facilities [ICRA]B‐(Stable) /[ICRA]A4 Shri Ram Rice Mill Bank Facilities [ICRA]B+(Stable) Shri Ram Switchgears Limited Bank Facilities [ICRA]D Shrivardhman Milk Dairy Private Limited Bank Facilities [ICRA]B+(Stable) Shubh Motors Private Limited Bank Facilities [ICRA]B+(Stable) Siksha 'O' Anusandhan Bank Facilities [ICRA]B+(Stable) Silica Infotech Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Silver Fab Suitings Private Limited Bank Facilities [ICRA]B+(Stable) Sion Steels Bank Facilities [ICRA]B+(Stable) Smile Ceramic Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Speciality Polymers Private Limited Bank Facilities [ICRA]D Sravan FTWZ Private Limited Bank Facilities [ICRA]B+(Stable) Sree Siva Sankar Automobiles Bank Facilities [ICRA]B+(Stable) Sri Adiparashakti Agro Tech Bank Facilities [ICRA]B+(Stable) Sri Gopal Auto Centre Bank Facilities [ICRA]B+(Stable) Sri Gopal Auto Stores Bank Facilities [ICRA]B+(Stable) Sri Krishna Kireeti Food Products Bank Facilities [ICRA]B(Stable) /[ICRA]A4 Sri Sai Agro Industries Bank Facilities [ICRA]B(Stable) Sri Varun Logistics Park Private Limited Bank Facilities [ICRA]B+(Stable) Sri Veera Venkata Satyanarayana Rice Mill Bank Facilities [ICRA]B+(Stable) Srinagar Banihal Expressway Ltd Bank Facilities [ICRA]D Standard Consultants Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Subabhalaji Spinning Mills India Private Limited Bank Facilities [ICRA]B(Stable) /[ICRA]A4 Sumadhura Infracon Private Limited Bank Facilities [ICRA]BBB(Stable) Sumanglam Wood Products (India) Private Limited Bank Facilities [ICRA]B‐(Stable) /[ICRA]A4 Sun Hospitality & Service Apartments Private Limited Bank Facilities [ICRA]D Sun Metallics & Alloys Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 SVL Limited Non‐convertible Debentures [ICRA]D SVL Limited Non‐convertible Debentures [ICRA]D SVL Limited Bank Facilities [ICRA]D Swati Ornaments Bank Facilities [ICRA]B(Stable) Synergy Systems & Solutions Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Synnova Ceramic Pvt. Ltd. Bank Facilities [ICRA]B‐(Stable) /[ICRA]A4 Taneja Vidyut Control Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Taurus Thermoplastics Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 TCS and Associates Private Limited Bank Facilities [ICRA]B+(Stable) Tightwell Fastners Bank Facilities [ICRA]B+(Stable) Tirumala Seven Hills Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Umesh & Bros. Construction Bank Facilities [ICRA]B+(Stable) Uniflex Industries Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 United Electricals & Engineering Pvt Ltd Bank Facilities [ICRA]B(Stable) /[ICRA]A4 Unity Care & Health Services Private Limited Bank Facilities [ICRA]B+(Stable) Universal India Agro Foods Bank Facilities [ICRA]B(Stable) Uttarayan Foods Private Limited Bank Facilities [ICRA]C+ /[ICRA]A4 V.M and Co Bank Facilities [ICRA]B(Stable) Vaishnavi Lifecare Pvt Ltd Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Valencia Ceramic Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Vatsal Construction Co. Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Velammal Educational Trust Bank Facilities [ICRA]B(Stable) Vikas Gems Bank Facilities [ICRA]A4 Vinayak Cottex Bank Facilities [ICRA]B(Stable) Viviana Vitrified Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 VS Lignite Power Private Limited Bank Facilities [ICRA]D Winwind Power Energy Private Limited Bank Facilities [ICRA]D Y. S. Investments Bank Facilities [ICRA]B+(Stable) /[ICRA]A4 Yashveer Ceramic Bank Facilities [ICRA]B(Stable) /[ICRA]A4 Zeta Industrial Corporation Private Limited Bank Facilities [ICRA]B‐(Stable) Zetek Castings Private Limited Bank Facilities [ICRA]B+(Stable) /[ICRA]A4

RW Developing Entity Instrument Previous Rtg Revised Rtg Azure Power Thirty Eight Private Limited Bank facilities [ICRA]BBB(Stable) [ICRA]BBB& Bhagyalaxmi Dairy Farms Private Limited Bank Facilities [ICRA]A‐(Negative) [ICRA]A‐& J.G. Hosiery Private Limited Bank Facilities [ICRA]A(Stable)/[ICRA]A1 [ICRA]A&/[ICRA]A1& Parag Milk Foods Limited Bank Facilities [ICRA]A(Negative) /[ICRA]A2+ [ICRA]A& /[ICRA]A2+&

RW Positive Entity Instrument Previous Rtg Revised Rtg Mahindra Electric Mobility Limited Bank Facilities [ICRA]A+(Stable) /[ICRA]A1 [ICRA]A+ % /[ICRA]A1%

Notice of Withdrawal Entity Instrument Ratings Nippon Life India Asset Management Limited Nippon India Interval Fund – Monthly Interval Fund – Series I [ICRA]A1+mfs Nippon Life India Asset Management Limited Nippon India Interval Fund – Monthly Interval Fund – Series II [ICRA]A1+mfs Nippon Life India Asset Management Limited Nippon India Interval Fund ‐ Quarterly Interval Fund ‐ Series II [ICRA]A1+mfs Nippon Life India Asset Management Limited Nippon India Interval Fund – Quarterly Interval Fund – Series III [ICRA]A1+mfs Fab‐Tech Works and Constructions Private Limited Issuer Rating [ICRA]BBB‐(Stable)