Nov 11 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of November 10, 2020.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Hiten Fasteners Pvt Ltd                 ST - Fund Based Bill  ICRA A4      60     Reaffirmed
                                        Discounting
Hiten Fasteners Pvt Ltd                 ST -Non-fund Based BG ICRA A4      41.9   Reaffirmed
Matrix Clothing Pvt Ltd                 FB - Working Capital  ICRA A3      968    Reaffirmed
Orinda Granito Llp                      Non-fund based BG     ICRA A4      25     Reaffirmed
Supriya Spinning Mills Pvt Ltd          ST - Non Fund Based   ICRA A4      450
Rating continues to remain in the ‘Issuer Not Cooperating’ category

LONG TERM RATINGS:
-------------------
Bhartiya Urban Pvt Ltd                  LT FB Bk Fac          ICRA BBB     12200  Reaffirmed
outlook revised to Negative from Stable; assigned for enhanced amount
Chennai Auto Agency Pvt Ltd             Fund Based - Working  ICRA         100    Reaffirmed
                                        Capital Fac           BBB(Negative)
Chennai Auto Agency Pvt Ltd             Unallocated Facility  ICRA         100    Reaffirmed
                                                              BBB(Negative)
Gomatha Cotton Industries               LT - Fund Based/ CC   ICRA         80
                                                              B(Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Gomatha Cotton Industries               LT - Fund Based TL    ICRA         40
                                                              B(Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Hitech Hydraulics                       LT - Fund Based/ CC   ICRA         30
                                                              B+(Stable)
Downgraded from ICRA BB-(Stable) Issuer Not Cooperating and continues to remain in the ‘Issuer
Not Cooperating’ category
Hitech Hydraulics                       LT - Fund Based TL    ICRA         9.5
                                                              B+(Stable)
Downgraded from ICRA BB-(Stable) Issuer Not Cooperating and continues to remain in the ‘Issuer
Not Cooperating’ category
Hitech Hydraulics                       LT - Non Fund Based   ICRA         30
                                                              B+(Stable)
Downgraded from ICRA BB-(Stable) Issuer Not Cooperating and continues to remain in the ‘Issuer
Not Cooperating’ category
Hitech Hydraulics                       LT - Unallocated      ICRA         30.5
                                                              B+(Stable)
Downgraded from ICRA BB-(Stable) Issuer Not Cooperating and continues to remain in the ‘Issuer
Not Cooperating’ category
Hiten Fasteners Pvt Ltd                 LT - Fund Based CC    ICRA BB-     120    Reaffirmed
outlook revised to Stable from Negative
Hiten Fasteners Pvt Ltd                 LT - Fund Based       ICRA BB-     87.5   Reaffirmed
                                        Term-Loan
outlook revised to Stable from Negative
Jagaran Microfin Pvt Ltd                NCD programme         ICRA BBB-    770
                                                              (Negative)
Reaffirmed and outlook revised to Negative from Stable
Matrix Clothing Pvt Ltd                 FB - TL               ICRA BBB-    63.3   Reaffirmed
                                                              (Stable)
Maxworth Plywoods Pvt Ltd               LT - Fund Based- CC   ICRA D       30
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Maxworth Plywoods Pvt Ltd               LT / ST - Unallocated ICRA D/ICRA  30
                                                              D
Rating continues to remain in the ‘Issuer Not Cooperating’ category
New Era Dwellers And Constructions Pvt  NCD Programme         ICRA D       150
Ltd
Downgraded from ICRA B+ (Stable) and simultaneously Withdrawn
Orinda Granito Llp                      FB TL                 ICRA BB-     145    Reaffirmed
                                                              (Stable)
Orinda Granito Llp                      FB Working Capital FacICRA BB-     100    Reaffirmed
                                                              (Stable)
Sandor Medicaids Pvt Ltd                LT - Bonds/NCD/LTD    ICRA D       200
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Sirwar Renewable Energy Pvt Ltd         LT- Fund Based- TL    ICRA B+      100
                                                              (Stable)
Downgraded from ICRA BB (Stable) and Moved to Issuer Not Cooperating’ category
Supriya Spinning Mills Pvt Ltd          LT - Fund Based/ CC   ICRA B       380
                                                              (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Supriya Spinning Mills Pvt Ltd          LT - Fund Based TL    ICRA B       169.6
                                                              (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
Supriya Spinning Mills Pvt Ltd          LT - Unallocated      ICRA B       133.1
                                                              (Stable)
Rating continues to remain in the ‘Issuer Not Cooperating’ category
V.S.T. And Sons Pvt Ltd                 Fund Based - Working  ICRA BBB     440    Reaffirmed
                                        Capital Fac           (Negative)
V.S.T. And Sons Pvt Ltd                 Fund Based - TL       ICRA BBB     10     Reaffirmed
                                                              (Negative)
V.S.T. Auto Parts Pvt Ltd               Fund Based - Working  ICRA BBB     310    Reaffirmed
                                        Capital Fac           (Negative)
V.S.T. Motors Pvt Ltd                   Fund Based - Working  ICRA BBB     650    Reaffirmed
                                        Capital Fac           (Negative)
--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

ICRA may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222 , E-mail at rru.data@refinitiv.com)