Credit Rating : Piramal

Shareholder Information
& Services

Name of the instrument	Current Rating		Chronology of Rating History for the Past 3 years
	Type	FY 2021	FY 2020	FY 2019		Month-year & Rating in FY2017 / FY 2018
		Mar-31	Mar-31	Sep-18	Apr-18	Oct-17	Jun-17	Feb-17
NCD	Long Term	ICRA AA (Negative) / CARE AA (Under Credit watch with developing implications)	ICRA AA (Negative) / 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) / [CARE]AA (Stable)
NCD	Short Term	CARE A1+	CARE A1+ / CRISIL A1+	CARE A1+ (A One Plus)	–	–	–	–
CP	Short Term	CARE A1+ / CRISIL A1+	ICRA A1+ / CARE A1+	[ICRA]A1+ / [CARE]A1+ / [CRISIL] A1+	[ICRA]A1+ / [CARE]A1+	[ICRA]A1+ / [CARE]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)
Term Loans	Long Term	–	–	[ICRA]AA (Stable) / [CARE]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+
Fund based	Short Term	ICRA A1+ / CARE A1+	ICRA A1+ / CARE A1+	[ICRA]A1+ / [CARE]A1+	[ICRA]A1+	[ICRA]A1+	[ICRA]A1+	[ICRA]A1+
ICD	Short Term	CARE A1+	CARE A1+	[CARE]A1+	–	–	–	–
PP – MLD	Long Term	–	PP-MLD ICRA AA (Negative)	PP-MLD [ICRA] AA (Stable)*	–	–	–	–