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With the preparatory rank, you can get preparatory courses in IITs. Preparatory courses mean that you will be qualified and trained for one year, therefore after one year you will be considered 'pass' or 'fail', according to which you will receive a straight enrollment from the next academic session to an IIT undergraduate course.The current rank you have is for a preparatory course that varies from a traditional undergraduate course. You are not assigned a rank by the JEE Advanced Rank List. Usually, candidates from the same caste classes will be given the vacancies reserved for candidates from SC , ST and PwD that are not filled completely in in the counselling for admission to a preparatory course in IITs.
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