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 India 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 Financial Services 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 Microfinance (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) India Infoline 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) Odisha 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 Sharekhan 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 Bank of India 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 Tamil Nadu 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