a) upgraded the rating of long-term fund based limit of Rs . 25 crore to [ICRA]A+ (pronounced ICRA A plus) (Stable) from [ICRA]BB & (pronounced ICRA double B with rating watch on developing implications);

b) assigned rating of [ICRA]A+ (Stable) (pronounced as ICRA A plus) to the additional Rs. 60.00 crore fund based limit; and

c) upgraded the rating of short-term non-fund based limit of Rs. 6 crores to [ICRA]A 1 + (pronounced ICRA A one plus) from [ICRA]A4+ & (pronounced ICRA A four plus with rating watch on developing implications).

The rating watch removed and stable outlook assigned to the aforesaid rating.