Rating Updates For December 2017 Company Name (New Ratings) Instrument Ratings A N Associates Bank Facilities [ICRA]BB(Stable)/[ICRA]A4 AASAN Corporate Solutions Private Limited Non-Convertible Debentures Provisional [ICRA]A+(SO)(Stable) Aavas Financiers Limited Commercial Paper [ICRA]A1+ Aditya Birla Retail Limited Bank Facilities [ICRA]A-(Stable)/[ICRA]A2+ Alstom Systems India Private Limited Bank Facilities [ICRA]A+(SO)(Stable)/[ICRA]A1+(SO) Alstom Transport India Limited Bank Facilities [ICRA]A+(SO)(Stable)/[ICRA]A1+(SO) Anamudi Real Estates LLP Bank Facilities [ICRA]A+(Stable) Anglo French Drug & Industries Limited Bank Facilities [ICRA]BBB-(Stable) Annapurna Microfinance Private Limited Vivriti Valor 012 2017 PTC Series A1 Provisional [ICRA]A-(SO) Aptus Value Housing Finance India Limited Non-Convertible Debenture [ICRA]A(stable) ASA International India Microfinance Limited Non-Convertible Debenture [ICRA]BBB-(Stable) Bandipur Sopan Welfare Society MFI Grading M5 Barbeque Nation Hospitality Limited Commercial Paper [ICRA]A1+ Barbrik Project Limited Bank Facilities [ICRA]A-(Stable) Bazaar Konnections Bank Facilities [ICRA]B(Stable) Bharat Financial Inclusion Limited IMLRT November 2017 PTC Series A Provisional [ICRA]AA(SO) Bharti Telecom Limited Commercial Paper [ICRA]A1+ Bhartiya International Limited Bank Facilities [ICRA]A(Stable)/[ICRA]A1 BIBA Apparels Private Limited Bank Facilities [ICRA]A+(Stable)/[ICRA]A1+ BIBA Apparels Private Limited Commercial Paper [ICRA]A1+ Brindavan Beverages Pvt. Ltd. Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2 Bucon Engineers and Infrastructure Private Limited Bank Facilities [ICRA]BB-(Stable)/[ICRA]A4 Caramia Granito LLP Bank Facilities [ICRA]B(Stable)/[ICRA]A4 Children’s Education Society Bank Facilities [ICRA]BB+(Stable) Cholamandalam Investment and Finance Company Limited Bank Facilities [ICRA]AA(Positive) Cholamandalam Investment and Finance Company Limited Commercial Paper [ICRA]A1+ Clean Max Mercury Power Private Limited Bank Facilities [ICRA]BBB-(Stable) Clean Max Photovoltaic Private Limited Bank Facilities [ICRA]BBB-(Stable) Cooper Standard India Private Limited Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2 Cosmos Engitech Private Limited Bank Facilities [ICRA]BB+(Stable)/[ICRA]A4+ Credo Life Sciences Private Limited Bank Facilities [ICRA]BB-(Stable) Damodar Tradelinks Private Limited Bank Facilities [ICRA]BB-(Stable)/[ICRA]A4 DHFL Vysya Housing Finance Limited Commercial Paper [ICRA]A1+ DLF Limited Commercial Paper [ICRA]A1 DS Jaipur Hospitality Private Limited Bank Facilities [ICRA]AA-(SO) (Stable) ECL Finance Limited Commercial Paper(IPO Financing) [ICRA]A1+ ECL Finance Limited Commercial Paper(IPO Financing) [ICRA]A1+ ECL Finance Limited Commercial Paper(IPO Financing) [ICRA]A1+ Ecorex Buildtech Private Limited Bank Facilities [ICRA]C+/[ICRA]A4 Edelweiss Commodities Services Limited Commercial Paper(IPO Financing) [ICRA]A1+ Edelweiss Commodities Services Limited Commercial Paper(IPO Financing) [ICRA]A1+ Edelweiss Commodities Services Limited Commercial Paper(IPO Financing) [ICRA]A1+ Edelweiss Financial Services Limited Commercial Paper(IPO Financing) [ICRA]A1+ Edelweiss Financial Services Limited Commercial Paper(IPO Financing) [ICRA]A1+ Edelweiss Financial Services Limited Commercial Paper(IPO Financing) [ICRA]A1+ Electro Polychem Limited Bank Facilities [ICRA]BB-(Stable)/[ICRA]A4 Eros Minerock Products LLP Bank Facilities [ICRA]B+(Stable)/[ICRA]A4 Fairfreight Lines Private Limited Bank Facilities Provisional [ICRA]A-(SO)(Stable)/Provisional [ICRA]A2+(SO) Fitwel Tools and Forgings Private Limited Bank Facilities [ICRA]A-(Stable) Flash Distribution Private Limited Bank Facilities [ICRA]BB(Stable) G R Thanga Maligai & Sons Bank Facilities [ICRA]A+(Positive) G R Thanga Maligai (Firm) Bank Facilities [ICRA]A+(Positive) GMR Hyderabad Aviation SEZ Limited Bank Facilities [ICRA]AA(SO)(Stable) GRT Jewellers (India) Private Limited Bank Facilities [ICRA]A+(Positive)/[ICRA]A1+ Gulf Ashley Motor Limited Bank Facilities [ICRA]A3+ Guruvayoor Infrastructure Private Limited Issuer Rating [ICRA]BBB(Stable) H.G Infra Engineering Limited Bank Facilities [ICRA]A-(Positive)/[ICRA]A2+ Harinagar Sugar Mills Limited Bank Facilities [ICRA]A1 HDFC Credila Financial Services Private Limited Perpetual Debt [ICRA]AA+(Stable) Hical Technologies Private Limited Bank Facilities [ICRA]BBB-(Positive)/[ICRA]A3 Hindustan Petroleum Corporation Limited Issuer Rating [ICRA]AAA(Stable) Hindusthan Engineering & Industries Limited Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2+ HPM Infra LLP Proposed Non Convertible Debenture/Debt [ICRA]BB-(Stable) HT Media Limited Commercial Paper [ICRA]A1+ IFMR Capital Capital Finance Private Limited IFMR Capital P.L.I. IV November 2017-Aye Finance Private Limited Provisional [ICRA]BBB+(SO) IFMR Capital Capital Finance Private Limited IFMR Capital P.L.I. IV November 2017-Essel Finance Business Loan Limited Provisional [ICRA]BBB+(SO) IFMR Capital Capital Finance Private Limited IFMR Capital P.L.I. IV November 2017-Pahal Financial Services Private Limited Provisional [ICRA]BBB+(SO) IFMR Capital Capital Finance Private Limited IFMR Capital P.L.I. IV November 2017-Svasti Microfinance Private Limited Provisional [ICRA]BBB+(SO) IFMR Capital Capital Finance Private Limited IFMR Capital P.L.I. IV November 2017-Aris Capital Private Limited Provisional [ICRA]BBB+(SO) IFMR Capital Capital Finance Private Limited IFMR Capital P.L.I. IV November 2017-Akme Fintrade (India) Limited Provisional [ICRA]BBB+(SO) IFMR Capital Capital Finance Private Limited IFMR Capital P.L.I. IV November 2017-Satya Microcapital Limited Provisional [ICRA]BBB+(SO) IFMR Capital Capital Finance Private Limited IFMR Capital P.L.I. IV November 2017-Samunnati Financial Intermediation & Services Private Limited Provisional [ICRA]BBB+(SO) IFMR Capital Capital Finance Private Limited IFMR Capital P.L.I. IV November 2017-FINO Finance Private Limited Provisional [ICRA]BBB+(SO) IFMR Capital Capital Finance Private Limited IFMR Capital P.L.I. IV November 2017-Visage Holdings and Finance Private Limited Provisional [ICRA]BBB+(SO) IFMR Capital Capital Finance Private Limited IFMR Capital P.L.I. IV November 2017-Shri Ram Finance Corporation Private Limited Provisional [ICRA]BBB+(SO) IFMR Capital Finance Private Limited IFMR Capital Mosec Trappist 2017 PTC Series A1 Provisional [ICRA]A-(SO) IFMR Capital Finance Private Limited IFMR Capital Mosec Trappist 2017 PTC Series A2 Provisional [ICRA]C+(SO) IIFL Facilities Services Limited Commercial Paper(IPO Financing) [ICRA]A1+ IIFL Facilities Services Limited Commercial Paper(IPO Financing) [ICRA]A1+ IIFL Wealth Finance Limited Commercial Paper(IPO Financing) [ICRA]A1+ IIFL Wealth Management Limited Commercial Paper(IPO Financing) [ICRA]A1+ IL&FS Transportation Networks Limited Commercial Paper [ICRA]A1 India Food Exports Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3 India Infoline Finance Limited Robust CV Trust Dec 2017 PTC Series A Provisional [ICRA]AAA(SO) India Infoline Finance Limited Commercial Paper(IPO Financing) [ICRA]A1+ Indian Compressors Limited Bank Facilities [ICRA]BB+(Stable)/[ICRA]A4+ INFINA Finance Private Limited Commercial Paper(IPO Financing) [ICRA]A1+ INFINA Finance Private Limited Commercial Paper [ICRA]A1+ Itamax Ceramic Private Limited Bank Facilities [ICRA]B+(Stable)/[ICRA]A4 J.M. Financial & Investment Consultancy Services Private Limited Commercial Paper(IPO Financing) [ICRA]A1+ Jaipur-Mahua Tollway Pvt. Ltd. Proposed Non-Convertible Debentures/Bonds Provisional [ICRA]AAA(SO)(Stable) Jaipur-Mahua Tollway Pvt. Ltd. Proposed Subordinated Debt/NCD/Bonds Provisional [ICRA]AAA(SO)(Stable) JM Financial Capital Limited Commercial Paper(IPO Financing) [ICRA]A1+ JM Financial Products Limited Commercial Paper(IPO Financing) [ICRA]A1+ JM Financial Properties and Holdings Limited Commercial Paper(IPO Financing) [ICRA]A1+ JMC Paper Tech Private Limited Bank Facilities [ICRA]BB-(Positive)/[ICRA]A4 Kap Cones Private Limited Bank Facilities [ICRA]BB+(Stable)/[ICRA]A4+ Kosi Bridge Infrastructure Company Limited Non Convertible Debenture Provisional [ICRA]AAA(SO)(Stable) Kotak Mahindra Investments Limited Commercial Paper(IPO Financing) [ICRA]A1+ KRBL Limited Bank Facilities [ICRA]A1+ KRBL Limited Commercial Paper [ICRA]A1+ KRBL Limited Commercial Paper [ICRA]A1+ KSR Properties Private Limited Bank Facilities [ICRA]B(Stable) L&T Housing Finance Limited Commercial Paper [ICRA]A1+ Lendingkart Finance Limited Brooks SBL IFMR Capital 2017 PTC Series A1 Provisional [ICRA]BBB-(SO) Lendingkart Finance Limited Non-Convertible Debenture [ICRA]BBB-(Stable) Lenora Vitrified LLP Bank Facilities [ICRA]B+(Stable)/[ICRA]A4 Lizzart Granito LLP Bank Facilities [ICRA]BB-(Stable)/[ICRA]A4 Lotus Overseas Bank Facilities [ICRA]B+(Stable) Magma Fincorp Limited MFL Securitisation Trust LX PTC Series A1 Provisional [ICRA]AAA(SO) Magma Fincorp Limited MFL Securitisation Trust LX PTC Series A2 Provisional [ICRA]AAA(SO) Magma Fincorp Limited MFL Securitisation Trust LX Second Loss Facility Provisional [ICRA]BBB-(SO) Magma Fincorp Limited MFL Securitisation Trust LX Liquidity Facility Provisional [ICRA]AAA(SO) Mahathi Software Private Limited Bank Facilities [ICRA]B-(Stable)/[ICRA]A4 Marine Electricals (India) Private Limited Bank Facilities [ICRA]BBB+(Positive)/[ICRA]A2+ Merittrac Services Private Limited Bank Facilities [ICRA]BBB+(Stable)/[ICRA]A2+ Metco Roof Private Limited Bank Facilities [ICRA]BBB-(Stable)/[ICRA]A3 Munjal Kiriu Industries Private Limited Bank Facilities [ICRA]A+(Stable) Muthoot Homefin