2. Ratings
As an early entrant in the Credit Rating business, ICRA Limited (ICRA) is one of the most experienced Credit Rating Agencies in the country today. ICRA rates rupee-denominated debt instruments issued by manufacturing companies, commercial banks, non-banking finance companies, financial institutions, public sector undertakings and municipalities, among others. ICRA also rates structured obligations and sector-specific debt obligations such as instruments issued by Power, Telecom and Infrastructure companies. The other services offered include Corporate Governance Rating, Stakeholder Value and Governance Rating, Credit Risk Rating of Debt Mutual Funds, Rating of Claims Paying Ability of Insurance Companies, Project Finance Rating, Line of Credit Rating and Valuation of Principal Protected-Market Linked Debentures (PP-MLD).
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z All
Company Name Sector Name Long Term Medium Term Short Term Issuer Outlook
H B Oil Industries
Rationale / Rating Methodologies 		Textiles ^ -- -- -- --
H D Enterprises
Rationale / Rating Methodologies 		Mining [ICRA]BB- -- -- -- Stable
H D Enterprises
Rationale / Rating Methodologies 		Mining [ICRA]BB- -- -- -- Stable
H D Enterprises
Rationale / Rating Methodologies 		Mining -- -- [ICRA]A4 -- --
H D Enterprises
Rationale / Rating Methodologies 		Mining [ICRA]BB- -- [ICRA]A4 -- Stable
H K Cotton Industries
Rationale / Rating Methodologies 		Textiles ^ -- ^ -- --
H N Construction Private Limited
Rationale / Rating Methodologies 		Construction [ICRA]BB+ ISSUER NOT COOPERATING -- -- -- Stable
H N Construction Private Limited
Rationale / Rating Methodologies 		Construction [ICRA]BB+ ISSUER NOT COOPERATING -- -- -- Stable
H R Builders
Rationale / Rating Methodologies 		Construction [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
H R Builders
Rationale / Rating Methodologies 		Construction -- -- [ICRA]A4 ISSUER NOT COOPERATING -- --
H R Charitable Trust
Rationale / Rating Methodologies 		Miscellaneous ^ -- -- -- --
H S Sandhu Builders Pvt. Ltd.
Rationale / Rating Methodologies 		Construction ^ -- ^ -- --
H Sherul & Company
Rationale / Rating Methodologies 		Gems and jewellery -- -- ^ -- --
H.D. Wires Private Limited
Rationale / Rating Methodologies 		Cables ^ -- ^ -- --
H.G. Ateli Narnaul Highway Private Limited
Rationale / Rating Methodologies 		Roads [ICRA]A(CE) -- -- -- Stable
H.G. Ateli Narnaul Highway Private Limited
Rationale / Rating Methodologies 		Roads -- -- [ICRA]A1(CE) -- --
H.G. Infra Engineering Limited
Rationale / Rating Methodologies 		Construction -- -- [ICRA]A1 -- --
H.G. Infra Engineering Limited
Rationale / Rating Methodologies 		Construction [ICRA]A -- [ICRA]A1 -- Stable
H.G. Infra Engineering Limited
Rationale / Rating Methodologies 		Construction [ICRA]A -- -- -- Stable
H.G. Infra Engineering Limited
Rationale / Rating Methodologies 		Construction [ICRA]A -- -- -- Stable
H.G. Infra Engineering Limited
Rationale / Rating Methodologies 		Construction -- -- [ICRA]A1 -- --
H.G. Rewari Ateli Highway Private Limited
Rationale / Rating Methodologies 		Roads [ICRA]A- -- -- -- Stable
H.G. Rewari Ateli Highway Private Limited
Rationale / Rating Methodologies 		Roads -- -- [ICRA]A2+ -- --
H.K. Agro Impex
Rationale / Rating Methodologies 		Agricultural Produce [ICRA]D ISSUER NOT COOPERATING -- -- -- --
H.K. Agro Impex
Rationale / Rating Methodologies 		Agricultural Produce -- -- [ICRA]D ISSUER NOT COOPERATING -- --
H.K. Agro Impex
Rationale / Rating Methodologies 		Agricultural Produce [ICRA]D ISSUER NOT COOPERATING -- [ICRA]D ISSUER NOT COOPERATING -- --
H.K. Agro Impex
Rationale / Rating Methodologies 		Agricultural Produce [ICRA]D ISSUER NOT COOPERATING -- -- -- --
H.M. Industrial Private Limited
Rationale / Rating Methodologies 		Textiles [ICRA]D ISSUER NOT COOPERATING -- -- -- --
H.M. Industries
Rationale / Rating Methodologies 		Textiles ^ -- -- -- --
H.P. Madhukar & Co.
Rationale / Rating Methodologies 		Construction ^ -- ^ -- --
H.R. Educational Foundation Trust
Rationale / Rating Methodologies 		Education [ICRA]D -- -- -- --
H.R. Steels Private Limited
Rationale / Rating Methodologies 		Ferrous metals ^ -- -- -- --
H.S.India Limited
Rationale / Rating Methodologies 		Tourism Hotels and restaurant ^ -- ^ -- --
H.S.Weavers Pvt. Ltd.
Rationale / Rating Methodologies 		Textiles [ICRA]B ISSUER NOT COOPERATING -- -- -- Stable
H.S.Weavers Pvt. Ltd.
Rationale / Rating Methodologies 		Textiles [ICRA]B ISSUER NOT COOPERATING -- -- -- Stable
H.S.Weavers Pvt. Ltd.
Rationale / Rating Methodologies 		Textiles [ICRA]B ISSUER NOT COOPERATING -- [ICRA]A4 ISSUER NOT COOPERATING -- Stable
H.V. Metal Arc Private Limited
Rationale / Rating Methodologies 		Ferrous metals ^ -- ^ -- --
H’Reck Engineers Private Limited
Rationale / Rating Methodologies 		Gems and jewellery ^ -- ^ -- --
Haamid Real Estates Private Limited
Rationale / Rating Methodologies 		Real estate * -- -- -- --
Habib Textiles Pvt. Ltd.
Rationale / Rating Methodologies 		Textiles [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
Habitat Micro Build India Housing Finance Company Pvt Ltd
Rationale / Rating Methodologies 		Housing Finance Company * -- -- -- --
Haco Machinery Private Limited
Rationale / Rating Methodologies 		Engineering ^ -- -- -- --
Hafele India Private Limited
Rationale / Rating Methodologies 		Distributors [ICRA]A+ -- [ICRA]A1 -- Stable
Hafele India Private Limited
Rationale / Rating Methodologies 		Distributors [ICRA]A+ -- [ICRA]A1 -- Stable
Hafele India Private Limited
Rationale / Rating Methodologies 		Distributors [ICRA]A+ -- [ICRA]A1 -- Stable
Hafele India Private Limited
Rationale / Rating Methodologies 		Distributors -- -- [ICRA]A1 -- --
Haideri Timber Pvt. Ltd.
Rationale / Rating Methodologies 		Utilities * -- * -- --
Haji Alimohamed Moosa & Co.
Rationale / Rating Methodologies 		Textiles * -- * -- --
Hajipur Municipal Council
Rationale / Rating Methodologies 		Public finance * -- -- -- --
Halcyon Life Sciences Private Limited
Rationale / Rating Methodologies 		Agricultural Produce ^ -- -- -- --
Haldhar Developers Private Limited
Rationale / Rating Methodologies 		Miscellaneous * -- -- -- --
Haldia Energy Limited
Rationale / Rating Methodologies 		Power -- -- [ICRA]A1+ -- --
Haldia Municipality
Rationale / Rating Methodologies 		Public finance * -- -- -- --
Haldia Petrochemicals Limited
Rationale / Rating Methodologies 		PetroChemicals and Polymers [ICRA]AA@ -- -- -- --
Haldia Petrochemicals Limited
Rationale / Rating Methodologies 		PetroChemicals and Polymers -- -- [ICRA]A1+@ -- --
Haldia Petrochemicals Limited
Rationale / Rating Methodologies 		PetroChemicals and Polymers -- -- [ICRA]A1+@ -- --
Haldia Petrochemicals Limited
Rationale / Rating Methodologies 		PetroChemicals and Polymers [ICRA]AA@ -- -- -- --
Haldia Petrochemicals Limited
Rationale / Rating Methodologies 		PetroChemicals and Polymers [ICRA]AA@ -- -- -- --
Haldia Petrochemicals Limited
Rationale / Rating Methodologies 		PetroChemicals and Polymers [ICRA]AA@ -- [ICRA]A1+@ -- --
Haldia Petrochemicals Limited
Rationale / Rating Methodologies 		PetroChemicals and Polymers [ICRA]AA@ -- -- -- --
Haldia Steels Limited
Rationale / Rating Methodologies 		Ferrous metals ^ -- ^ -- --
Haldiram Educational Society
Rationale / Rating Methodologies 		Education * -- -- -- --
Haldiram Ethnic Foods Private Limited
Rationale / Rating Methodologies 		Food and food products [ICRA]A -- -- -- Stable
Haldiram Foods International Private Limited
Rationale / Rating Methodologies 		Food and food products * -- -- -- --
Haldiram Foods International Private Limited
Rationale / Rating Methodologies 		Food and food products -- -- * -- --
Haldiram Manufacturing Company Private Limited
Rationale / Rating Methodologies 		Food and food products -- -- [ICRA]A1+ -- --
Haldiram Manufacturing Company Private Limited
Rationale / Rating Methodologies 		Food and food products [ICRA]A+ -- -- -- Stable
Haldiram Marketing Pvt. Ltd.
Rationale / Rating Methodologies 		Food and food products [ICRA]A -- -- -- Stable
Haldiram Marketing Pvt. Ltd.
Rationale / Rating Methodologies 		Food and food products -- -- [ICRA]A1 -- --
Haldiram Products Private Limited
Rationale / Rating Methodologies 		Food and food products [ICRA]A -- -- -- Stable
Haldiram Products Private Limited
Rationale / Rating Methodologies 		Food and food products [ICRA]A -- -- -- Stable
Haldiram Snacks Private Limited
Rationale / Rating Methodologies 		Food and food products [ICRA]AA -- -- -- Stable
Haldiram Snacks Private Limited
Rationale / Rating Methodologies 		Food and food products * -- * -- --
Haldwani Municipal Corporation
Rationale / Rating Methodologies 		Public finance * -- -- -- --
Hallelu CLM Footwear LLP
Rationale / Rating Methodologies 		Miscellaneous ^ -- ^ -- --
Hallmark Steel Private Limited
Rationale / Rating Methodologies 		Ferrous metals * -- -- -- --
Halonix Technologies Pvt. Ltd.
Rationale / Rating Methodologies 		Electronics and Electricals [ICRA]BBB- -- -- -- Positive
Halonix Technologies Pvt. Ltd.
Rationale / Rating Methodologies 		Electronics and Electricals -- -- [ICRA]A3 -- --
Halonix Technologies Pvt. Ltd.
Rationale / Rating Methodologies 		Electronics and Electricals -- -- [ICRA]A3 -- --
Hamsa Minerals & Exports
Rationale / Rating Methodologies 		Building materials [ICRA]D ISSUER NOT COOPERATING -- -- -- --
Hamsa Minerals & Exports
Rationale / Rating Methodologies 		Building materials -- -- [ICRA]D ISSUER NOT COOPERATING -- --
Hamsa Minerals & Exports
Rationale / Rating Methodologies 		Building materials [ICRA]D ISSUER NOT COOPERATING -- [ICRA]D ISSUER NOT COOPERATING -- --
Hamsa Minerals & Exports
Rationale / Rating Methodologies 		Building materials [ICRA]D ISSUER NOT COOPERATING -- -- -- --
Hand in Hand India
Rationale / Rating Methodologies 		Microfinance Institution [ICRA]B+ -- -- -- Stable
Handicrafts Collections (India) Private Limited
Rationale / Rating Methodologies 		Textiles -- -- ^ -- --
Handloom Bhandar
Rationale / Rating Methodologies 		Miscellaneous [ICRA]B ISSUER NOT COOPERATING -- -- -- Stable
Handloom Bhandar
Rationale / Rating Methodologies 		Miscellaneous [ICRA]B ISSUER NOT COOPERATING -- -- -- Stable
Handloom Bhandar
Rationale / Rating Methodologies 		Miscellaneous [ICRA]B ISSUER NOT COOPERATING -- -- -- Stable
Hanil Lear India Private Limited
Rationale / Rating Methodologies 		Auto Ancillaries -- -- * -- --
Hanjer Biotech Energies Private Limited
Rationale / Rating Methodologies 		Miscellaneous ^ -- ^ -- --
Hans Industries Private Limited
Rationale / Rating Methodologies 		Ferrous metals * -- * -- --
Hans Rubber & Sports Private Limited
Rationale / Rating Methodologies 		Miscellaneous ^ -- ^ -- --
Hansa Metallics Limited
Rationale / Rating Methodologies 		Miscellaneous ^ -- -- -- --
Hansoge Enterprises Private Limited
Rationale / Rating Methodologies 		Tourism Hotels and restaurant * -- -- -- --
Hansoge Enterprises Private Limited
Rationale / Rating Methodologies 		Tourism Hotels and restaurant * -- -- -- --
Hansoge Enterprises Private Limited
Rationale / Rating Methodologies 		Tourism Hotels and restaurant * -- -- -- --
Hansraj Memorial Education Society
Rationale / Rating Methodologies 		Education ^ -- -- -- --
Hanuman Agro Products
Rationale / Rating Methodologies 		Miscellaneous [ICRA]B ISSUER NOT COOPERATING -- -- -- Stable
Hanuman Agro Products
Rationale / Rating Methodologies 		Miscellaneous -- -- [ICRA]A4 ISSUER NOT COOPERATING -- --
Hanuman Agro Products
Rationale / Rating Methodologies 		Miscellaneous [ICRA]B ISSUER NOT COOPERATING -- -- -- Stable
Recent Releases
  • GMR Hyderabad International Airport Limited: Rating placed on watch with negative implications

    Rationale / 02 Apr 2020

  • Bangalore International Airport Limited: Rating placed on watch with negative implications

    Rationale / 02 Apr 2020

  • Cochin International Airport Limited: Rating placed on watch with negative implications

    Rationale / 02 Apr 2020

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ICRA Special Comments
Performance of ICRA-assigned credit ratings in FY2020
Others / Apr 2020 GoI’s fiscal deficit rose by 21.7% to Rs. 10.4 trillion in April-February FY2020; expenditure would need to be curtailed below the FY2020 RE by Rs. 1.1-1.2 trillion to prevent a fiscal slippage in absolute terms
Key Economic Indicators / Apr 2020 Sharp reduction in small savings rates for Q1 FY2021, following 75 bps cut in the policy Repo rate, to improve transmission to bank lending rates
Key Economic Indicators / Apr 2020 Read more