Credit Rating : Piramal

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Name of the instrument	Current Rating			Chronology of Rating History for the Past 3 years
	Type	Rating Outstanding	FY 2019	Month-year & Rating in FY2017 / FY 2018			Month-year & Rating in FY2016	Month-year & Rating in FY2015
		Sep-18	Apr-18	Oct-17	Jun-17	Feb-17	Feb-16	Jul-14
NCD	Long Term	[ICRA]AA (Stable) / [CARE]AA (Stable)	[ICRA]AA (Stable) / [CARE]AA (Stable)	[ICRA]AA (Stable) / [CARE]AA (Stable)	[ICRA]AA (Stable) / [CARE]AA (Stable)	[ICRA]AA (Stable) / [CARE]AA (Stable)	[ICRA]AA (Stable)	[ICRA]AA (Stable)
NCD	Short Term	CARE A1+ (A One Plus)	–	–	–	–	–	–
CP	Short Term	[ICRA]A1+ / [CARE]A1+ / [CRISIL] A1+	[ICRA]A1+ / [CARE]A1+	[ICRA]A1+ / [CARE]A1+	[ICRA]A1+	[ICRA]A1+	[ICRA]A1+	[ICRA]A1+
Fund Based	Long Term	[ICRA]AA (Stable) / [CARE]AA (Stable)	[[ICRA]AA (Stable)	[[ICRA]AA (Stable)	[[ICRA]AA (Stable)	[ICRA]AA (Stable)	[ICRA]AA (Stable)	[ICRA]AA (Stable)
Term Loans	Long Term	[ICRA]AA (Stable) / [CARE]AA (Stable)	[[ICRA]AA (Stable)	[[ICRA]AA (Stable)	[[ICRA]AA (Stable)	[ICRA]AA (Stable)	[ICRA]AA (Stable)	[ICRA]AA (Stable)
Non-fund based	Short Term	[ICRA]A1+ / [CARE]A1+	[ICRA]A1+	[ICRA]A1+	[ICRA]A1+	[ICRA]A1+	[ICRA]A1+	[ICRA]A1+
Fund based	Short Term	[ICRA]A1+ / [CARE]A1+	[ICRA]A1+	[ICRA]A1+	[ICRA]A1+	[ICRA]A1+	[ICRA]A1+	[ICRA]A1+
ICD	Short Term	[CARE]A1+	–	–	–	–	–	–
PP – MLD	Long Term	PP-MLD [ICRA] AA (Stable)*	–	–	–	–	–	–