Ratings assigned and not accepted

Published on December 23rd, 2020

S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
1 Balaji Warehousing Logistics - Roads BLR 225 23-Dec-19 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+
Company Private Limited
2 Supriya Lifescience Ltd.* Pharmaceuticals- BLR 1550 24-Dec-19 Unlisted [ICRA]BBB+(Stable)/[ICRA]A2
API
3 Neo Metaliks Limited Ferrous Metals Issuer Rating 0 24-Dec-19 Unlisted [ICRA]A-(Stable)

4 Clean Max Enviro Energy Power- Hydro & BLR 384.6 24-Dec-19 Unlisted [ICRA]A3+
Solutions Pvt. Ltd. renewable
5 Synergy Agri Products Agricultural BLR 95 25-Dec-19 Unlisted [ICRA]D/[ICRA]D
Private Limited Produce -
Others

6 Cholamandalam Financial Service PTC Series A 2050.1 25-Dec-19 Unlisted Provisional [ICRA]AAA(SO)
Investment and Finance Companies
Company Limited
7 Cholamandalam Financial Service Second Loss 56.4 25-Dec-19 Unlisted Provisional [ICRA]A(SO)
Investment and Finance Companies Facility
Company Limited
8 Bestech Hotels Private Tourism Hotel and BLR 510 26-Dec-19 Unlisted [ICRA]BB+(Stable)
Limited restaurant

Page 1
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
9 Grospinz Fabz Limited Textiles - Spinning- Issuer Rating 0 27-Dec-19 Unlisted [ICRA]BB(Stable)
Cotton
10 J M Mhatre Infra Private Construction – Advance Rating 0 27-Dec-19 Unlisted [ARA]BBB-(Stable)/[ARA]A3
Limited Local EPC Scenario 1
Contractors
11 J M Mhatre Infra Private Construction – Local Advance Rating 0 27-Dec-19 Unlisted [ARA]BBB-(Stable)/[ARA]A3
Limited EPC Contractors Scenario 2
12 Shreem Electric Limited Electronics and BLR 500 27-Dec-19 Unlisted [ICRA]B+(Stable)/[ICRA]A4
Electricals

13 SRC Infra Developers Construction – National

BLR 4280 27-Dec-19 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+
Private Limited EPC contractors
14 Be’Rollex Pvt. Ltd. Engineering - BLR 180 27-Dec-19 Unlisted [ICRA]D
Capital Goods

15 Emmvee Photovoltaic Engineering - Others Advance Rating 0 27-Dec-19 Unlisted [ARA]BBB-(Stable)

Power Private Limited Assessment –
Scenario 1
16 Emmvee Photovoltaic Engineering - Others Advance Rating 0 27-Dec-19 Unlisted [ARA]BB+(Stable)
Power Private Limited Assessment –
Scenario 2

Page 2
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
17 Emmvee Photovoltaic Engineering - Others Advance Rating 0 27-Dec-19 Unlisted [ARA]BB+(Stable)
Power Private Limited Assessment –
Scenario 3
18 Hillman Hosiery Mills Private Textiles – Apparel Issuer Rating 0 28-Dec-19 Unlisted [ICRA]BB(Stable)
Limited Making
19 Bengal NRI Complex Real Estate Issuer Rating 0 28-Dec-19 Unlisted [ICRA]BB+(Stable)
Limited
20 Pacific Jute Limited Miscellaneous BLR 166 30-Dec-19 Unlisted [ICRA]BB(Stable)/[ICRA]A4+

21 Solairedirect Energy India Power – Hydro and Advance 0 30-Dec-19 Unlisted [ARA]A(CE)(Stable)
Private Limited Renewables Rating
Assessment –
Scenario 1
22 Shreeji Interiors Miscellaneous BLR 110 30-Dec-19 Unlisted [ICRA]B+(Stable)/[ICRA]A4

23 Indiabulls Housing Finance Structured Assignee payouts 6498 30-Dec-19 Unlisted Provisional [ICRA]AA(SO)
Limited Finance
24 EMS Infracon Private Limited* Construction - Local BLR 2800 30-Dec-19 Unlisted [ICRA]BBB (Stable)/[ICRA]A3+
EPC contractors
25 Pudumjee Paper Products Ltd.Paper Fixed Deposit 50 31-Dec-19 Listed [ICRA]MA(Stable)

26 Shanti Devi Charitable Trust Education - Medical Issuer rating 0 31-Dec-19 Unlisted [ICRA]B(Stable)
(Regd.)

Page 3
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
27 Ginni International Limited Textiles - Fabric BLR 357.2 31-Dec-19 Unlisted [ICRA]BBB-(Stable)
Making and Weaving
28 Ramacivil India Construction Pvt.
Construction - Issuer rating 0 03-Jan-20 Unlisted [ICRA]BBB(Stable)
Ltd. National EPC
contractors

29 Capri Global Capital Limited Finance and Advance Rating 0 03-Jan-20 Listed [ARA]BBB+(Stable)
Banking - Assessment –
NBFC Scenario 1
30 Capri Global Capital Limited Finance and Advance Rating 0 03-Jan-20 Listed [ARA]BBB+(Stable)
Banking - Assessment –
NBFC Scenario 2
31 Capri Global Capital Limited Finance and Advance Rating 0 03-Jan-20 Listed [ARA]BBB+(Stable)
Banking - Assessment –
NBFC Scenario 3
32 Maharashtra Academy of Education - BLR 690 04-Jan-20 Unlisted [ICRA]A+(Negative)
Engineering & Educational Diversified
research
33 Chaitanya India Fin Finance and Advance 0 06-Jan-20 Unlisted [ARA]BBB+ (Stable)
Credit Private Limited Banking rating
assessment
Scenario 1

Page 4
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
34 Chaitanya India Fin Finance and Advance 0 06-Jan-20 Unlisted [ARA]BBB+ (Stable)
Credit Private Limited Banking rating
assessment
Scenario 2
35 Chaitanya India Fin Finance and Advance 0 04-Jan-20 Unlisted [ARA]BBB+ (Stable)
Credit Private Limited Banking rating
Assessment
Scenario 3
36 Vijaynagar Biotech Private Miscellaneous BLR 520 05-Jan-20 Unlisted [ICRA]BB+(Stable)/A4+
Limited
37 Pudumjee Paper Products Ltd Paper BLR 2500 06-Jan-20 Listed [ICRA]A-(Stable)/[ICRA]A2+

38 Teesta Urja Limited Power –Hydro and Advance 0 06-Jan-20 Unlisted [ARA]B(Stable)
Renewable Rating
Assessment
Scenario 1
39 Vega Jeweldiam Private Gems and BLR 350 06-Jan-20 Unlisted [ICRA]D/[ICRA]D
Limited Jewellery – Cut
and Polished
Diamonds
40 Malladi Drugs And Pharmaceutical BLR 500 06-Jan-20 Unlisted [ICRA]A-(Stable)
Pharmaceuticals Limited s - APIs

Page 5
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
41 Hindustan Aeronautics Aviation BLR 73000 06-Jan-20 Listed [ICRA]AA(Stable)/[ICRA]A1+
Limited*
42 Hindustan Aeronautics Aviation Commercial 10000 06-Jan-20 Listed [ICRA]A1+
Limited* Paper
43 Gorakhpur Infrastructure Road – NHAI Annuity Advance Rating 0 07-Jan-20 Unlisted [ARA]AA+(Stable)
Company Private Limited Assessment
44 Kosi Bridge Infrastructure Roads - NHAI Advance Rating 0 07-Jan-20 Unlisted [ARA]AA+(Stable)
Company Private Limited Annuity Assessment

45 Auroglobal Comtrade Trading-Others Issuer Rating 0 09-Jan-20 Unlisted [ICRA]BBB-(Stable)

Private Limited
46 Vidya Mandir Society Education - DiversifiedBLR 300 09-Jan-20 Unlisted [ICRA]A-(Stable)

47 DNH Power Distribution Power-Distribution BLR 2500 10-Jan-20 Unlisted [ICRA]A- (Stable)
Corporation Limited Utilities
48 Carnival Films Private Limited Media and BLR 8150 10-Jan-20 Unlisted [ICRA]D
Entertainment-
Exhibitors
49 Shalimar Paints Limited Miscellaneous Issuer Rating 0 10-Jan-20 Unlisted [ICRA]BB+(Stable)

50 GPT Infraprojects Limited Construction - NationalBLR 5542.1 13-Jan-20 Listed [ICRA]BB (Stable)
EPC contractors

Page 6
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
51 Megatherm Induction Engineering – Issuer Rating 0 13-Jan-20 Unlisted [ICRA]BB(Stable)
Pvt. Ltd. Capital
Goods
52 Joulestowatts Business Manpower BLR 250 14-Jan-20 Unlisted [ICRA]BBB-(Stable)/[ICRA]A3
Solutions Pvt Ltd* Outsourcing and
Security Services
53 Sarwadi Finance Private Finance and BLR 200 14-Jan-20 Unlisted [ICRA]BB-(Stable)
Limited* Banking –
MFI
54 Nvr Mahasolar Private Limited Power - Hydro and Advance 0 15-Jan-20 Unlisted [ARA]A- (CE)(Stable)
Renewable Rating
Assessment
Scenario 1
55 Italian Edibles Private Limited FMCG BLR 130 17-Jan-20 Unlisted [ICRA]BB-(Stable)

56 Sathya Agencies Retail BLR 685 17-Jan-20 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+

Private Limted
57 Kamakshi Flexiprints Packaging-Flexible BLR 725 21-Jan-20 Unlisted [ICRA]BB(Stable)
Private Limited
58 Classic Promoters And Builders
Real Estate - BLR 2000 22-Jan-20 Unlisted [ICRA]BB-(Stable)
Pvt. Ltd Mixed Use

Page 7
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
59 Indure Private Limited Engineering-Others Advance 0 23-Jan-20 Unlisted [ARA]BB-(Stable)
Rating
Assessment
Scenario 1
60 Indure Private Limited Engineering-Others Advance 0 23-Jan-20 Unlisted [ARA]BB-(Stable)
Rating
Assessment
Scenario 2
61 Indure Private Limited Engineering-Others Advance 0 23-Jan-20 Unlisted [ARA]BB-(Stable)
Rating
Assessment
Scenario 3
62 Krishi Nutrition Company Private
Poultry BLR 550 24-Jan-20 Unlisted [ICRA]BB+(Stable)/ [ICRA]A4+
Limited
63 MANOMAY TEX INDIA LIMITED Textiles - Fabric BLR 100 24-Jan-20 Listed [ICRA]BBB-(Stable)
Making and Weaving
64 Narbheram Power & Steel Ferrous Metals BLR 1500 24-Jan-20 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+
Private Limited
65 Kross Limited (formerly Auto Ancillaries BLR 100 26-Jan-20 Unlisted [ICRA]BBB-(Stable)
known as Kross
Manufacturer
s (I) Pvt. Ltd)

Page 8
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
66 Kamrup Ice and Cold Real Estate - LRD BLR 700 26-Jan-20 Unlisted [ICRA]B+(Stable)/[ICRA]A4
Storage Co.

67 Nvr Mahasolar Private Limited Power - Hydro and Advance 0 27-Jan-20 Unlisted [ARA]A- (CE)(Stable)
Renewable Rating
Assessment
Scenario 2
68 Nvr Mahasolar Private Limited Power - Hydro and Advance 0 27-Jan-20 Unlisted [ARA]A (Stable)
Renewable Rating
Assessment
Scenario 3
69 Solar Idea Private Limited Miscellaneous BLR 65 28-Jan-20 Unlisted [ICRA]B+(Stable)/[ICRA]A4

70 Shriram Transport Finance STFC DA Sep 2019 Assignee Payouts 7,507.80 28-Jan-20 Unlisted Provisional[ICRA]AA(SO)
Company Limited*
71 Canyon Properties Private Real Estate - NCD 500 30-Jan-20 Listed [ICRA]BB+(Stable)
Limited Residential
72 Shreegopal Govind Ferrous Metals BLR 111.5 31-Jan-20 Unlisted [ICRA]D/[ICRA]D
Sponge Pvt. Ltd.
73 Attra Infotech Information BLR 350 03-Feb-20 Unlisted [ICRA]BBB+(Stable)/[ICRA]A2
Pvt Ltd* Technology and
BPO - IT Services

Page 9
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
74 Rajeev Prakashan Miscellaneous BLR 99.7 03-Feb-20 Unlisted [ICRA]BB+(Stable)/A4+

75 Shri Bajrang Power & Ispat Ferrous Metals BLR 400 04-Feb-20 Unlisted [ICRA]BBB-(Stable)/[ICRA]A3
Limited
76 Therapiva Private Limited* Pharmaceuticals BLR 2,180 05-Feb-20 Unlisted [ICRA]B-(Stable)

77 Laxai Life Sciences Pvt. Ltd. Pharmaceuticals BLR 650 05-Feb-20 Unlisted [ICRA]BB-(Stable)

78 Salzer Electronics Limited Electronics and Commercial Paper 200 05-Feb-20 Listed [ICRA]A2+
Electricals
79 Rohit Jewellers Private Gems & Jewellery BLR 200 07-Feb-20 Unlisted [ICRA]D/[ICRA]D
Limited
80 Vishal Fabrics Textiles -Fabric Advance Rating 0 07-Feb-20 Unlisted [ARA]BBB+(Stable)
Limited Making and Assessment
Weaving
81 Sandhya Aqua Exports Pvt. Seafood BLR 1100 11-Feb-20 Unlisted [ICRA]BBB-(Stable)
Limited
82 D.P. GARG AND COMPANY Building Materials - BLR 120 11-Feb-20 Unlisted [ICRA]BB+(Stable)
PRIVATE LIMITED Others

83 A.V.D. Ginning Factory Textiles - Ginning BLR 80 11-Feb-20 Unlisted [ICRA]B-(stable)/[ICRA]A4

Page 10
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
84 Rajtharun Textiles India Textiles – Spinning BLR 100 11-Feb-20 Unlisted [ICRA]B(stable)
Private Limited
85 Chetana Publications Media and BLR 300 12-Feb-20 Unlisted [ICRA]BB-(Stable)/[ICRA]A4
(India) LLP* entertainment
- Printing & Publishing
86 Enzen Global Solutions Consulting BLR 2500 12-Feb-20 Unlisted [ICRA]A-(Stable)/[ICRA]A2+
Pvt Ltd
87 Som Distilleries Pvt.Ltd.* Breweries and BLR 1163.8 13-Feb-20 Unlisted [ICRA]BB+ (Stable)/A4+
Distilleries
88 Ang Lifesciences India Pharmaceuticals - BLR 40 13-Feb-20 Listed [ICRA]BB+ (Stable)/A4+
Limited* Formulations

89 Shalimar Wires Industries Miscellaneous BLR 900 14-Feb-20 Listed [ICRA]D/[ICRA]D

Limited
90 Aarti Steels Limited Ferrous Metals Commercial 500 14-Feb-20 Unlisted [ICRA]A1
Paper
Programme
91 Vaighai Chemical Industries Chemicals BLR 28 20-Feb-20 Unlisted [ICRA]BBB-(Stable)/[ICRA]A3
Limited*
92 Andhra Pradesh Power Finance and Banking BLR 30000 20-Feb-20 Unlisted [ICRA]BBB+(CE)(Negative)
Finance Corporation
Limited

Page 11
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
93 Andhra Pradesh Power Finance and Banking BLR 67413.3 20-Feb-20 Unlisted Provisional[ICRA]BBB+(CE)(Negative)
Finance Corporation
Limited
94 Ladhuram Toshniwal & Sons Distributors BLR 435 21-Feb-20 Unlisted [ICRA]B+ (Stable)/[ICRA]A4
Electricals Private Limited (Trade
Name - Ladhuram Toshniwal &
Sons)
95 Kopran Limited Pharmaceuticals - BLR 450 21-Feb-20 Listed [ICRA]BBB (Stable)
Formulations
96 Kopran Research LaboratoriesPharmaceuticals - APIBLR 700 21-Feb-20 Unlisted [ICRA]BBB (Stable)
Limited
97 Vineha Enterprises Holding Company NCD 4,250.00 24-Feb-20 Unlisted Provisional[ICRA]AAA(CE)(Stable)
Private Limited
98 Tirunveli Solar Project Power - Hydro and BLR 2830.00 25-Feb-20 Unlisted [ICRA]BB+(Stable)
Private Limited Renewable
99 East India Udyog Ltd.* Power Distribution CP 100 27-Feb-20 Unlisted [ICRA]A4+

100 Royale Marine Impex Seafoods BLR 650 27-Feb-20 Unlisted [ICRA]BB+(Stable) [ICRA]/A4+
Private Limited
101 Vitthalrao Shinde Sahakari Sugar BLR 100 27-Feb-20 Unlisted [ICRA]BB(stable)
Sakhar Karkhana Ltd.

Page 12
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
102 Trident Infrahomes Real Estate- Mixed Use
BLR 1230 02-March-20 Unlisted [ICRA]B+(Stable)
Private Limited
103 Sahiti Infratec Ventures Real Estate – BLR 458.9 03-March-20 Unlisted [ICRA]BB (Stable)
India Private Limited Mixed Use
104 Liya Infratech Private Construction – BLR 140 07-March-20 Unlisted [ICRA]BB(Stable)/A4
Limited Local
EPC Contractors
105 Star Global Endura Petrochemicals BLR 200 09-March-20 Unlisted [ICRA]BB-(Stable)/[ICRA]A4
Limited and Polymers-
Polymer
Processors
106 Jaihind Traders Trading-Metals BLR 200 09-March-20 Unlisted [ICRA]BB+ (Stable)/A4+

107 Aye Finance (P) Ltd. Structured Rekha MSME 720.9 11-March-20 Unlisted Provisional [ICRA]AA(SO)
Finance Trust Jan 2020 PTC
Series A1
108 Rural Electrification Power- Thermal Advance Rating 0 11-March-20 Unlisted [ARA]BB-(Stable)
Corporation Limited Generation Assessment Scenario-
(Hiranmaye Energy 1
Limited)

Page 13
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
109 Rural Electrification Power- Thermal Advance Rating 0 11-March-20 Unlisted [ARA]B+(Stable)
Corporation Limited Generation Assessment Scenario-
(Hiranmaye Energy 2
Limited)
110 Mahajan Tyre Company Tyres BLR 170 12-March-20 Unlisted [ICRA]B+ (Stable)

111 Assam Roofing Limited Building material-others

Issuer rating 0 12-March-20 Listed [ICRA]BBB+(Stable)

112 North East Roofing Private Building material-others

Issuer rating 0 12-March-20 Unlisted [ICRA]BBB+(Stable)
Limited
113 PDP Steels Limited Building material-others
Issuer rating 0 12-March-20 Unlisted [ICRA]BBB+(Stable)

114 Prestige City Properties* Real Estate- BLR 12500 13-March-20 Unlisted [ICRA]BBB+ (Stable)
Commercia
115 Sterling and Wilson Construction - NationalCommercial 3000 13-March-20 Listed [ICRA]A2+
Solar Limited EPC contractors Paper
116 Best Capital Services Limited Non-Banking Finance BLR 100 16-March-20 Unlisted [ICRA]BB (Stable)
Companies
117 Rajasthan Electronics Engineering BLR 1030 16-March-20 Unlisted [ICRA]BBB-(Stable)/[ICRA]A3
And Instruments Limited - Others

Page 14
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
118 Laxmi Diamond Private Gems and BLR 6500 18-March-20 Unlisted [ICRA]BB(Negative)/[ICRA]A4
Limited Jewellery - Cut and
Polished
Diamonds
119 Saturn Ferro Alloys Miscellaneous BLR 300 18-March-20 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+
Pvt. Ltd.
120 Everwin Educational And Education- BLR 650 18-March-20 Listed [ICRA]D/[ICRA]D
Charitable Trust Diversified
121 Shivnath Automobiles Pvt. Ltd.Automobile BLR 220 20-March-20 Unlisted [ICRA]B+(Stable)
dealerships
– Diversified
122 Deccan Extrusions Private Non-ferrous BLR 70 20-March-20 Unlisted [ICRA]D/[ICRA]D
Limited metals
123 Rockworth Systems Consumer BLR 216 20-March-20 Unlisted [ICRA]B+(Stable)/[ICRA]A4
Furniture (India) Private Durables
Limited
124 Container Corporation of IndiaLogistics-Others BLR 94620 20-March-20 Listed [ICRA]AA+(Stable)
Ltd.
125 Container Corporation of IndiaLogistics-Others Issuer Rating 0 20-March-20 Listed [ICRA]AA+(Stable)
Ltd.
126 Greater Mohali Area Development Authorities
BLR 37000 20-March-20 Unlisted [ICRA]B (Stable)
Development Authority

Page 15
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
127 Gati Infrastructure Pvt. Ltd. Power- Advance 0 23-March-20 Unlisted [ARA]BB-(Stable)
Hydro & Renewable Rating
Assessment Scenario-
1
128 Gati Infrastructure Pvt. Ltd. Power- Advance 0 23-March-20 Unlisted [ARA]BB-(Stable)
Hydro & Renewable Rating
Assessment Scenario-
2
129 Foundations, Developers and Real Estate - Mixed Use BLR 150 24-March-20 Unlisted [ICRA]B (Stable)
Promoters
130 P.R.Nayak Associates Pvt Ltd*Automobile dealerships BLR 50 24-March-20 Unlisted [ICRA]BB+(Stable)/A4+
- Diversified
131 Zetwerk Manufacturing Trading-Others BLR 1500 25-March-20 Unlisted [ICRA]BB+(Stable)/A4+
Businesses Pvt Ltd
132 Velocis Systems Pvt. Miscellaneous Issuer Rating 0 26-March-20 Unlisted [ICRA]BBB+(Stable)
Limited
133 Sitics Logistic Solutions PrivateLogistics - Others BLR 200 27-March-20 Unlisted [ICRA]BB(Stable)/A4+
Limited
134 Itarsi Oils and Flours Private Solvent Extraction - Issuer Rating 0 27-March-20 Unlisted [ICRA]BBB (Stable)
Limited Edible Oil
135 Blue Star Diamonds Private Gems and Jewellery -Advance Rating 0 28-March-20 Unlisted [ARA]BB- (Stable)/[ARA]A4
Limited Cut and Polished Scenario 1
Diamonds

Page 16
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
136 Blue Star Diamonds Private Gems and Jewellery -Advance Rating 0 28-March-20 Unlisted [ARA]BB (Stable)/[ARA]A4
Limited Cut and Polished Scenario 2
Diamonds
137 Allahabad Bank (BLA Power Advance Rating 0 30-March-20 Unlisted [ARA]B(stable)
Power Pvt Ltd) Assessment (Scenario
1)
138 Allahabad Bank (BLA Power Advance Rating 0 30-March-20 Unlisted [ARA]B(stable)
Power Pvt Ltd) Assessment (Scenario
2)
139 Cholamandalam Structured PTC Series A 3,660.30 31-March-20 Unlisted Provisional [ICRA]AAA(SO)
Investment and Finance Finance
Company Limited
(Platinum Trust
March 2020)
140 Cholamandalam Structured Second Loss 192.17 31-March-20 Unlisted Provisional [ICRA]BBB-(SO)
Investment and Finance Finance Facility
Company Limited
(Platinum Trust
March 2020)
141 Srinivasa Educational Education - BLR 102.5 01-April-20 Unlisted [ICRA]B+(Stable)
Trust* Diversified

Page 17
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
142 Apex Meadows Pvt. Ltd.* Real Estate BLR 250 02-April-20 Unlisted [ICRA]BB+ (Stable)

143 K A I International Trading – Others BLR 880 03-April-20 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+

Pvt. Ltd.*
144 Exodus Marine Company Private Miscellaneous BLR 500 06-April-20 Unlisted [ICRA]B+(Stable)/[ICRA]A4
Limited
145 Hindustan Steel Trading-Metals BLR 175 08-April-20 Unlisted [ICRA]B+(Stable)/[ICRA]A4
Corporation*
146 Clix Capital Services Private Structured PTC Series A1 588.5 13-April-20 Unlisted Provisional [ICRA]AA+(SO)
Limited Finance
147 Durlax India Private Miscellaneous Issuer Ratings 0 16-April-20 Unlisted [ICRA]D
Limited
148 Sumadhura Infracon Real Estate- Real Estate 0 16-April-20 Unlisted [ICRA]Bengaluru 5-Star
Private Limited Residential Grading
149 Midland Microfin Limited Structured Finance Series A1 PTC 209.9 17-Apr-20 Unlisted Provisional [ICRA]A+(SO)

150 Mythri Infrastructure and MiningConstruction BLR 1700 19-April-20 Unlisted [ICRA]BBB(Stable)
India Private Limited - National EPC
contractor
151 Acsen Hyveg Private Seeds BLR 220 21-April-20 Unlisted [ICRA]BBB+(Stable)
Limited*
152 S D Polytech Private Spinning – Cotton BLR 600 23-April-20 Unlisted [ICRA]BB(Stable) /[ICRA]A4
Limited

Page 18
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
153 T.C. Spinners Private Limited Textiles - Spinning- Issuer Rating 0 24-April-20 Unlisted [ICRA]BBB-(Stable)
Cotton
154 Tna Readymix (I) Pvt Ltd Building Materials – BLR 180 24-April-20 Unlisted [ICRA]B+(Stable)/[ICRA]A4
Others
155 Ivy Ecoenergy India Private Power- Hydro & Advance Rating – 0 28-April-20 Unlisted [ARA]BB-(Stable)
Limited renewable Scenario 1
156 Ivy Ecoenergy India Private Power- Hydro & Advance Rating – 0 28-April-20 Unlisted [ARA]B+ (Stable)
Limited renewable Scenario 2
157 Vanilla Clean Power Private Power- Hydro & Advance Rating – 0 28-April-20 Unlisted [ARA]BB-(Stable)
Limited renewable Scenario 1
158 Vanilla Clean Power Private Power- Hydro & Advance Rating – 0 28-April-20 Unlisted [ARA]B+ (Stable)
Limited renewable Scenario 2
159 Gurumaharaj Engicon Construction - BLR 400 29-April-20 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+
Private Limited* others
160 Shetron Limited Packaging - Rigid Issuer rating 0 30-April-20 Listed [ICRA]BB-(Stable)

161 Joonktollee Tea And Tea and Coffee Issuer rating 0 30-April-20 Unlisted [ICRA]BB+(Stable)
Industries Ltd
162 Sargam India Electronics Electronics and Issuer Rating 0 08-May-20 Unlisted [ICRA]BB+(Stable)
Pvt Ltd Electricals
163 Bondada Engineering Engineering - Capital BLR 190 08-May-20 Unlisted [ICRA]BBB(Stable)/ [ICRA]A3+
Private Limited* Goods

Page 19
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
164 Allahabad Bank (Tamra Dhatu Non ferrous metals Advance Rating – 0 14-May-20 Unlisted [ARA]B+(Stable)
Udyog Pvt Ltd) Scenario 1
165 Allahabad Bank (Tamra Dhatu Non ferrous metals Advance Rating – 0 14-May-20 Unlisted [ARA]B+(Stable)
Udyog Pvt Ltd) Scenario 2
166 Allahabad Bank (Tamra Dhatu Non ferrous metals Advance Rating – 0 14-May-20 Unlisted [ARA]B+(Stable)
Udyog Pvt Ltd) Scenario 3
167 Century extrusions limited Non ferrous metals Issuer rating 0 14-May-20 Listed [ICRA]BB (Stable)

168 Viswaat Chemicals Chemicals – Issuer Rating 0 15-May-20 Unlisted [ICRA]BBB-(Stable)

Limited Dyes and
Pigments
169 Skyline Foundations and Real Estate- Real Estate 0 19-May-20 Unlisted [ICRA]Trivandrum Six-Star
Structures Private Residential Grading
Limited
170 Sun Estates Real Estate BLR 510.6 22-May-20 Unlisted [ICRA]D

171 Bharat Gears Limited Corporate-Auto BLR 400 23-May-20 Listed [ICRA]BB- (Stable)/ [ICRA]A4
Ancillaries
172 Nanj Solar Private Power-Hydro & BLR 700 26-May-20 Unlisted [ICRA]BBB-(Stable)
Limited Renewable
173 Ashiana Housing Real Estate– Advance 0 29-May-20 Listed [ARA]A-(Negative)
Limited Residential Rating

Page 20
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
174 Janatha Fish Meal and Seafoods BLR 85 04-June-20 Unlisted [ICRA]BBB-(Stable)
Oil Products
175 M/s. Indrani Patnaik Mining BLR 300 08-June-20 Unlisted [ICRA]BBB-(Stable)

176 CMM Infraprojects Construction - BLR 1300 09-June-20 Listed [ICRA]D

Limited Local EPC
contractors
177 Agrasen Shipbreakers Pvt. Ltd.Shipbreaking Issuer Rating 0 10-June-20 Unlisted [ICRA]BB (Stable)

178 Attra Infotech Pvt Ltd* Information Issuer Rating 0 10-June-20 Unlisted [ICRA]BBB+ (Stable)
Technology and
BPO - IT Services
179 De Son Marketing Pvt. Ltd. Trading-Metals BLR 270 13-June-20 Unlisted [ICRA]BB (Stable)
180 White Metals Alloys Industries Non-ferrous
Fz Advance Rating – 0 15-June-20 Unlisted [ARA]B- (Stable)
- Llc Metals Scenario 1
181 White Metals Alloys Industries Non-ferrous
Fz Advance Rating – 0 15-June-20 Unlisted [ARA]B (Stable)
- Llc Metals Scenario 2
182 White Metals Alloys Industries Non-ferrous
Fz Advance Rating – 0 15-June-20 Unlisted [ARA]B+ (Stable)
- Llc Metals Scenario 3
183 Oryana Ventures Private Construction – BLR 100 15-June-20 Unlisted [ICRA]B+(Stable)
Limited National EPC
contractors

Page 21
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
184 Peregrine Guarding Manpower Issuer Rating 0 18-June-20 Unlisted [ICRA]BBB-(Stable)
Private Limited Outsourcing and
security services
185 Amir Chand Jagdish Agricultural Produce - Issuer Rating 0 25-June-20 Unlisted [ICRA]BB+(Stable)
Kumar (Exports) Ltd. Rice Mills
186 PRM Roadways Logistics - Road BLR 1200 01-July-20 Unlisted [ICRA]BB- (Stable)
Private Limited
187 Gloster Limited Textiles - Processing &
Issuer Rating 0 01-July,20 Listed [ICRA]A+(Stable)
Others
188 Atul Builders Real Estate - BLR 500 02-July-20 Unlisted [ICRA]BB(Stable)
Mixed Use
189 Sagar Manufacturers Textiles - Spinning- Issuer Rating 0 06-July020 Unlisted [ICRA]BBB+ (Stable)
Private Limited Cotton
190 Panchajanya Trust Education - K XII Issuer Rating 0 08-July-20 Unlisted [ICRA]D

191 Austin Plywood Pvt. Ltd. Timbers and Issuer Rating 0 09-July-20 Unlisted [ICRA]BBB (Stable)
Plywood etc
192 SRG Housing Finance Housing Finance NCD 500 11-July-20 Listed [ICRA]BBB- (Stable)
Limited Companies

Page 22
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
193 CastorGirnar Industries Solvent Extraction BLR 310 15-July-20 Unlisted [ICRA]BB+ (Stable)/[ICRA]A4+
Privat Limited –
Non-Edible Oil and
Trading – Others
194 ArthImpact Digital Loans Finance and BLR 500 21-July-20 Unlisted [ICRA]BB (Stable)/ [ICRA]A4+
Private Limited Banking/ Financial
Service Companies
195 Oswal Cable Products Pvt. Ltd.Petrochemicals-Polymer
BLR 170 23-July-20 Unlisted [ICRA]BBB- (Stable)/ [ICRA]A3
Trader
196 Hotel Radha Private Limited Miscellaneous Advance Rating 0 24-July-20 Unlisted [ARA] B-(Stable)
Assessment -
Scenario - 1
197 Hotel Radha Private Limited Miscellaneous Advance Rating 0 24-July-20 Unlisted [ARA] B-(Stable)
Assessment -
Scenario - 2
198 Hotel Radha Private Limited Miscellaneous Advance Rating 0 24-July-20 Unlisted [ARA] B-(Stable)
Assessment -
Scenario – 3
199 Green Trading - Others BLR 1000 24-July-20 Unlisted [ICRA]BBB- (Stable)
Mobiles

Page 23
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
200 Calsea Footwear Private Footwear – BLR 200 24-July-20 Unlisted [ICRA]BBB- (Stable)/ [ICRA]A3
Limited Leather
products
201 Clix Capital Services Structured PTC Series 1 351.8 24-July-20 Unlisted Provisional [ICRA]AA+(SO)
Private Limited Finance
202 Kcvr Infra Project Private Construction - BLR 1040 24-July-20 Unlisted [ICRA]BB+(Stable)/ [ICRA]A4+
Limited* Local EPC
contractor
203 Karnataka State Financial Finance & Banking BLR 2500 24-July-20 Unlisted [ICRA]A+(CE)(Stable)
Corporation
204 Benir E-Store Solutions Pvt LtdTrading - Others BLR 150 24-July-20 Unlisted [ICRA]BB- (Stable)

205 Manba Finance Limited NBFC NCD 100 27-July-20 Unlisted [ICRA]BBB (stable)

206 Sudhakara Infratech Construction - BLR 500 28-July-20 Unlisted [ICRA]BBB(Stable)/[ICRA]A3+

Private Limited* Local EPC
contractor
207 Rajasthan Arts and Crafts Timbers and BLR 520 30-July-20 Unlisted [ICRA]BB- (Stable)
House* Plywood etc
208 Pentagon Premises Real Estate – BLR 1200 06-Aug-20 Unlisted [ICRA]B+(Stable)
Private Limited Residential

Page 24
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
209 Divyasree Soft Tech Realtors Real Estate - LRD BLR 3205 06-Aug-20 Unlisted [ICRA]BBB+(Stable)
Private Limited
210 MB Sponge & Power Limited Ferrous Metals Issuer Rating 0 07-Aug-20 Unlisted [ICRA]BB (Stable)

211 Milli Trust Education- BLR 665 07-Aug-20 Unlisted [ICRA]BB+(Stable)

Diversified
212 Ascon Infratech Pvt. Ltd. Construction- BLR 500 09-Aug-20 Unlisted [ICRA]BB (Stable)/ [ICRA] A4
Others
213 Auric Industries Limited Power -Hydro and BLR 1040 13-Aug-20 Unlisted [ICRA]BB (Stable)
Renewable
214 FLDEC Systems Private Electronics and BLR 300 14-Aug-20 Unlisted [ICRA]BB+ (Stable)/A4+
Limited* Electricals
215 Afablez Semiconductor Electronics and BLR 230 14-Aug-20 Unlisted [ICRA]BB+ (Stable)
Private Limited* Electricals
216 Bejan Singh Eye Hospital Healthcare BLR 515 17-Aug-20 Unlisted [ICRA]B+(stable)/A4
Private Limited - Hospitals
217 Kejriwal Geotech Textiles – Spinning BLR 1558.5 17-Aug-20 Unlisted [ICRA]A- (Stable)
Private Limited - Manmade
218 SM Corporation Ltd. Trading - Metals BLR 900 19-Aug-20 Unlisted [ICRA]B+ (Stable)/[ICRA]A4

Page 25
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
219 Ramky Pharma City Real Estate – BLR 155 19-Aug-20 Unlisted [ICRA]BB+ (Stable)
(India) Ltd. Commercial
220 CFM Asset Reconstruction Finance and BLR 1500 20-Aug-20 Unlisted [ICRA]BBB (Stable)
Private Limited Banking – ARC
221 Cepro Building Systems (P) Ltd.
Building Materials - BLR 190 20-Aug-20 Unlisted [ICRA]B(Stable)/[ICRA]A4
Others
222 Inderjit Mehta Constructions Pvt.
Construction Issuer Rating 0 21-Aug-20 Unlisted [ICRA]BBB (Stable)
Ltd. - Others
223 Blockbase Consultants Information Issuer Rating 0 22-Aug-20 Unlisted [ICRA]B (Stable)
Private Limited Technology and
BPO – IT Services
224 Plasmagen Biosciences PrivatePharma - BLR 1200 26-Aug-20 Unlisted [ICRA]BB (Stable)
Limited Formulations
225 Jupiter Capital Private Finance & Banking NCD 2,000 26-Aug-20 Unlisted [ICRA]BB+ (Stable)
Limited
226 Greenpanel Industries Timbers and BLR 100 26-Aug-20 Listed [ICRA]BBB+ (Stable)
Limited Plywood
227 Shreeram Agro Industries Agricultural Issuer Rating 0 27-Aug-20 Unlisted [ICRA]B+ (Stable)
Produce - Others
228 Sri Muthukumaran Education - BLR 150 31-Aug-20 Unlisted [ICRA]BB- (Stable)
Educational Trust Diversified

Page 26
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
229 Asg Leather Private Limited Footwear - Leather Issuer Rating 0 02-Sept-20 Unlisted [ICRA]BB (Stable)
Products
230 Thales Ventures Limited Real Estate - LRD BLR 1770 02-Sept-20 Unlisted [ICRA]BBB@; placed on watch with
Negative implications
231 Trijal Enterprise Pvt Ltd Gems & Jewellery- BLR 550 03-Sept-20 Unlisted [ICRA]B+(Stable)/[ICRA]A4
Wholesale
232 Rockworth Systems Consumer BLR 216 07-Sept-20 Unlisted [ICRA]BB- (Stable)/ [ICRA]A4
Furniture (India) Private Durables
Limited
233 Visage Holdings & Finance Finance & Banking NCD 500 07-Sept-20 Unlisted [ICRA]A3
Pvt. Ltd.
234 Sun Polytex Private Limited Petrochemicals BLR 300 09-Sept-20 Unlisted [ICRA]BBB+(Stable)/A2
and Polymers
- Polymer
Processor
235 Plasti Weave Industries Petrochemicals BLR 320 09-Sept-20 Unlisted [ICRA]BBB+(Stable)/A2
LLP and Polymers
- Polymer
Processor

Page 27
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
236 Mewar Polytex Limited Petrochemicals BLR 220 09-Sept-20 Unlisted [ICRA]BBB+(Stable)/A2
and Polymers
- Polymer
Processor
237 Harmony Plastics Pvt Ltd Petrochemicals BLR 320 09-Sept-20 Unlisted [ICRA]BBB+(Stable)/A2
and Polymers
- Polymer
Processor
238 PTC India Limited Power – Trading BLR 15000 11-Sept-20 Listed [ICRA]AA- (Stable)

239 Haris Marine Products Pvt Corporate – BLR 100 12-Sept-20 Unlisted [ICRA]BBB-(Stable)
Ltd* Seafoods
240 Mukka Sea Food Industries Corporate – BLR 1150 12-Sept-20 Unlisted [ICRA]BBB-(Stable)/[ICRA]A3
Ltd* Seafoods
241 Agra Gwalior Pathways Roads - NHAI Toll BLR 250 15-Sept-20 Unlisted [ICRA]BBB+(Stable)
Private Limited
242 Tribeni Constructions Construction - NCD 200 15-Sept-20 Unlisted [ICRA]BBB+(Stable)
Limited National EPC
Contractors
243 DivyasreecTarbus Builders Real Estate - LRD BLR 4474 16-Sept-20 Unlisted [ICRA]BBB (Stable)
Private Limited

Page 28
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
244 Aruna Finance Limited Finance & Banking BLR 280 16-Sept-20 Unlisted [ICRA]BB (Stable)

245 Star Infratech Construction BLR 920 18-Sept-20 Unlisted [ICRA]BBB(Stable)/[ICRA]A3+

246 Vidya Herbs Pvt. Ltd. Pharmaceuticals – BLR 150 23-Sept-20 Unlisted [ICRA]A- (Negative)/ [ICRA]A2+
Ayurveda and
others
247 Avtar Instalments Private Finance and BLR 650 23 Sept-20 Unlisted [ICRA]BB (Stable)
Limited Banking
248 Pan India Consultants Pvt. Corporate - BLR 175 24-Sept-20 Unlisted [ICRA]BB-(Stable)/A4
Ltd. Miscellaneous
249 Rameshwar Textile Mills Textiles - BLR 14 25-Sept-20 Unlisted [ICRA]/A4
Ltd. Processing &
Others
250 ESDS Software solution Information BLR 125 25-Sept-20 Unlisted [ICRA]BBB+(Stable)
Pvt. Ltd. Technology and
BPO - IT Services
251 Grameen Shakti Finance & Banking Issuer Rating 0 28-Sept-20 Unlisted [ICRA]BB- (Stable)
Microfinance Services Pvt.
Ltd.

Page 29
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
252 NPR Finance Limited Finance & Banking BLR 100 28-Sept-20 Listed [ICRA]BB- (Stable)

253 Catasynth Speciality Chemicals - Others Issuer Rating 0 29-Sept-20 Unlisted [ICRA]BBB-(Stable)
Chemicals Private Limited
254 Team Computers Private Information BLR 350 29-Sept-20 Unlisted [ICRA]BBB+ (Positive)/ [ICRA]A2
Limited Technology and
BPO - Hardware
255 Ganesh Electricals Private Construction – BLR 250 01-Oct-20 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+
Limited Local EPC
Contractor
256 Hira Jewellers Pvt. Ltd. Corporate - Gold BLR 220 01-Oct-20 Unlisted [ICRA]B+(Stable)
Jewellery Retail
257 Dwarkadhish Decor Private Miscellaneous Issuer Rating 0 01-Oct-20 Unlisted [ICRA]B (Stable)
Limited
258 Dwarkadhish Decor Private Miscellaneous NCD 300 01-Oct-20 Unlisted [ICRA]B (Stable)
Limited
259 Visakhapatnam Port Logistics-others BLR 1000 02-Oct-20 Unlisted [ICRA]C
Logistics Park Ltd
260 Srinivaas Infra Developers Real Estate – BLR 220 05-Oct-20 Unlisted [ICRA]D
Pvt. Ltd. Residential

Page 30
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
261 P S Group Realty Pvt. Ltd. Real Estate - Issuer Rating 0 06-Oct-20 Unlisted [ICRA]BBB+ (Stable)
Mixed Use
262 Texmo Pipes and Products Petrochemicals Issuer Rating 0 08-Oct-20 Listed [ICRA]BB+ (Stable)
Ltd and Polymers
– Polymer
processors
263 Divyasree Project Real Estate- BLR 1962.6 08-Oct-20 Unlisted [ICRA]BBB(Stable)
Developers LRD
264 Vibrant Fabtex Private Textiles – Fabric BLR 62.3 15-Oct-20 Unlisted [ICRA]D
Limited Making and
Weaving
265 Sunshine Tiles Company Ceramic Tiles BLR 250 19-Oct-20 Unlisted [ICRA]BBB+ (Stable)
Pvt Ltd
266 Share India Securities Finance and BLR 1250 20-Oct-20 Listed [ICRA]A3+
Limited Banking – Broking
Companies
267 Mear Logistics LLP* Logistics – Others BLR 50.6 23-Oct-20 Unlisted [ICRA]B+(Stable)

268 Energy Efficiency Services Miscellaneous BLR 10000 26-Oct-20 Unlisted [ICRA]A+ (Stable)
Limited

Page 31
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
269 Jharkhand Central Railway Logistics - Rail BLR 12597.5 27-Oct-20 Unlisted [ICRA]BBB+ (Stable)
Limited*
270 Anmol Polymers Petrochemicals BLR 150 28-Oct-20 Unlisted [ICRA]BB-(Stable)
and Polymers -
Polymer Traders
271 Bharat Caarriers Ltd. Logistics-Road BLR 80 30-Oct-20 Unlisted [ICRA]D

272 Omjay Ev Limited Automobile OEMs BLR 240 30-Oct-20 Unlisted [ICRA]B+(Stable)/[ICRA]A4
- Two Wheelers
273 Shree Bharat Motors Automobile BLR 750 30-Oct-20 Unlisted [ICRA]B+(Stable)/[ICRA]A4
Limited dealerships -
Diversified
274 Bharat Motors Limited Automobile BLR 400 30-Oct-20 Unlisted [ICRA]B+ (Stable)/ [ICRA]A4
dealerships -
Diversified
275 Adam & Coal Resources Trading - Others BLR 210 2-Nov-20 Unlisted [ICRA]A4+
Private Limited
276 Sanjana Cryogenic Miscellaneous BLR 400 05-Nov-20 Unlisted [ICRA]A-(Stable)
Storages Limited
277 TP Luminaire Private Miscellaneous BLR 550 04-Nov-20 Unlisted [ICRA]A (Stable)
Limited

Page 32
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
278 Alagar Jewellers Private Gems and BLR 1000 04-Nov-20 Unlisted [ICRA]BB (Stable)
Limited Jewellery - Retail
279 Victory Spinning Mills Textiles -Spinning- BLR 800 05-Nov-20 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+
Private Limited Manmade and
others
280 SNJ Sugars and Products Sugars BLR 220 05-Nov-20 Unlisted [ICRA]BBB+ (Stable)
Limited
281 SNJ Breweries Private Breweries and BLR 35 05-Nov-20 Unlisted [ICRA]BBB+ (Stable)
Limited Distilleries
282 Suraj Logistix Pvt. Ltd. Petrochemicals Issuer Rating 0 06-Nov-20 Unlisted [ICRA]BBB+ (Stable)
and Polymers
- Polymer
Processors
283 Sutlej Textiles and Textiles - Spinning- Commercial 3000 10-Nov-20 Listed [ICRA]A1
Industries Limited Cotton Paper
284 Jaipur-Mahua Tollway Roads - NHAI Toll BLR 1246 12-Nov-20 Unlisted [ICRA]AA+ (Stable)
Limited
285 Bliss Hotels Limited Hotel-Tourism BLR 450 12-Nov-20 Unlisted [ICRA]B+ (Watch with Developing
Hotels and Implications)
restaurant

Page 33
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
286 S M Niryat (P) Limited Trading-Metals Issuer Rating 0 18-Nov-20 Unlisted [ICRA]BBB- (Stable)

287 MVN Infrastructure Real Estate Issuer Rating 0 20-Nov-20 Unlisted [ICRA]BB+ (Stable)
Private Limited – Mixed Use
288 KJS Cement (I) Limited Building Materials - BLR 3000 23-Nov-20 Unlisted [ICRA]BB+ (Stable)/[ICRA]A4+
Cement
289 Alpha Design Technologies Engineering BLR 2176.0 23-Nov-20 Unlisted [ICRA]BBB+ (Stable)/[ICRA]A2
Private Limited – Others
290 Ram Ratna Wires Limited Electronics and BLR 750.00 24-Nov-20 Listed [ICRA]BBB(Stable)/A3+
Electricals
291 Jaya Industries Pvt. Ltd. Food and Food BLR 100 27-Nov-20 Unlisted [ICRA]BBB- (Stable)/ [ICRA]A3
Products
292 ASG Leather Private Footwear - Leather BLR 430 27-Nov-20 Unlisted [ICRA]BB (Stable)/ [ICRA]A4
Limited Products
293 Kho Kho Sports League Miscellaneous BLR 140 03-Dec-20 Unlisted [ICRA]BBB- (Stable)
Private Limited
294 Divyasree Infrastructure Real Estate BLR 1280 10-Dec-20 Unlisted [ICRA]BBB- (Stable)
Developers Pvt Ltd - LRD
295 Palogix Infrastructure Logistics – Others BLR 550 11-Dec-20 Unlisted [ICRA]BB+ (Stable) (CE)
Pvt. Ltd.

Page 34
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
 S Name of the Issuer Sector Instrument Type Issue Size Date of Non- Listing Rating assigned
No. (INR millions) acceptance Status
296 RR Construction and Construction- BLR 150 11-Dec-20 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+
Infrastructure India Private Others
Limited
297 NSL Constructions Pvt Ltd Construction BLR 460 15-Dec-20 Unlisted [ICRA]BB+ (Stable)

298 Kochi Metro Rail Limited Logistics - Rail BLR 9090 16-Dec-20 Unlisted [ICRA]BBB(CE)(Stable)

299 Kochi Metro Rail Limited Logistics - Rail BLR 6.7 16-Dec-20 Unlisted Provisional [ICRA]BBB(CE)(Stable)

300 Divyasree Infrastructure Real Estate - LRD BLR 1280 18-Dec-20 Unlisted [ICRA]BBB (Stable)
Developers Pvt Ltd
301 Grand Canyon SEZ Private Real Estate - BLR 3000 22-Dec-20 Unlisted [ICRA]BB (Stable)
Limited Commercial
302 Mb Green Energy Private Power - Hydro and BLR 300 23-Dec-20 Unlisted [ICRA]BB+(Stable)
Limited Renewable
* Mukka Sea Food Industries Ltd- Rating for 491.8 INR million BLR limit is accepted. Refer to www.icra.in for rationale published on accepted rating

Page 35
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
MEDIA AND PUBLIC RELATIONS CONTACT)
Ms. Naznin Prodhani
Tel: +91 124 4545 860
communications@icraindia.com

Helpline for business queries:

+91-9354738909 (open Monday to Friday, from 9:30 am to 6 pm)
info@icraindia.com

About ICRA Limited:

ICRA Limited was set up in 1991 by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional investment
Information and Credit Rating Agency.

Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a Public Limited Company, with its shares listed on the Bombay Stock Exchange and
the National Stock Exchange. The international Credit Rating Agency Moody’s Investors Service is ICRA’s largest shareholder.

For more information, visit www.icra.in

Page 36
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
ICRA Limited
Corporate Office
Building No. 8, 2nd Floor, Tower A; DLF Cyber City, Phase II; Gurgaon 122 002
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Email: info@icraindia.com
Website: www.icra.in

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Page 37
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.
© Copyright, 2020 ICRA Limited. All Rights Reserved.

Contents may be used freely with due acknowledgement to ICRA.

ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA ratings are subject to a process of surveillance, which may lead to revision in ratings. An ICRA rating is a symbolic indicator
of ICRA’s current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icra.in or contact any ICRA office for the latest
information on ICRA ratings outstanding. All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable, including the rated issuer. ICRA however has not conducted any audit
of the rated issuer or of the information provided by it. While reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA in particular,
makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such informati on. Also, ICRA or any of its group companies may have provided services other than rating to the issuer
rated. All information contained herein must be construed solely as statements of opinion, and ICRA shall not be liable for any losses incurr ed by users from any use of this publication or its contents

Page 38
Disclaimers:
Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally
ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments.

The' *' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings. Please visit our website
(https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list
(https://www.icra.in/Rating?RatingType=CR) published on ICRA website for further information on rated instrument.