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
M A Khizar Hussain & Sons
Rationale / Rating Methodologies 		Auto Ancillaries -- -- * -- --
M and B Switchgears Limited
Rationale / Rating Methodologies 		Power [ICRA]BB -- -- -- Stable
M and B Switchgears Limited
Rationale / Rating Methodologies 		Power [ICRA]BB -- -- -- Stable
M and B Switchgears Limited
Rationale / Rating Methodologies 		Power -- -- [ICRA]A4 -- --
M B Ceramic LLP
Rationale / Rating Methodologies 		Ceramic tiles [ICRA]B+ -- -- -- Stable
M B Ceramic LLP
Rationale / Rating Methodologies 		Ceramic tiles [ICRA]B+ -- -- -- Stable
M B Patil Construction Limited
Rationale / Rating Methodologies 		Construction * -- * -- --
M B Patil Construction Limited
Rationale / Rating Methodologies 		Construction * -- -- -- --
M B Patil Construction Limited
Rationale / Rating Methodologies 		Construction * -- -- -- --
M B Patil Construction Limited
Rationale / Rating Methodologies 		Construction -- -- * -- --
M D Overseas limited
Rationale / Rating Methodologies 		Trading ^ -- -- -- --
M E Energy Private Limited
Rationale / Rating Methodologies 		Miscellaneous ^ -- ^ -- --
M Ganesh
Rationale / Rating Methodologies 		Construction [ICRA]B+ ISSUER NOT COOPERATING -- [ICRA]A4 ISSUER NOT COOPERATING -- Stable
M Ganesh
Rationale / Rating Methodologies 		Construction [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
M J Casting Limited
Rationale / Rating Methodologies 		Auto Ancillaries [ICRA]A- -- -- -- Stable
M J Casting Limited
Rationale / Rating Methodologies 		Auto Ancillaries [ICRA]A- -- [ICRA]A2+ -- Stable
M J Casting Limited
Rationale / Rating Methodologies 		Auto Ancillaries [ICRA]A- -- [ICRA]A2+ -- Stable
M J Casting Limited
Rationale / Rating Methodologies 		Auto Ancillaries -- -- [ICRA]A2+ -- --
M K Roy & Bros Projects Private Limited
Rationale / Rating Methodologies 		Miscellaneous [ICRA]B+ ISSUER NOT COOPERATING -- [ICRA]A4 ISSUER NOT COOPERATING -- Stable
M K Roy & Bros Projects Private Limited
Rationale / Rating Methodologies 		Miscellaneous [ICRA]B+ ISSUER NOT COOPERATING -- [ICRA]A4 ISSUER NOT COOPERATING -- Stable
M K Roy & Bros Projects Private Limited
Rationale / Rating Methodologies 		Miscellaneous [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
M K Shipping & Allied Industries Private Limited
Rationale / Rating Methodologies 		Miscellaneous ^ -- ^ -- --
M Kantilal Exports
Rationale / Rating Methodologies 		Gems and jewellery -- -- ^ -- --
M L Rice Mills
Rationale / Rating Methodologies 		Agricultural Produce [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
M L Rice Mills
Rationale / Rating Methodologies 		Agricultural Produce [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
M M Creations
Rationale / Rating Methodologies 		Real estate ^ -- ^ -- --
M M Exports (India)
Rationale / Rating Methodologies 		Textiles -- -- ^ -- --
M Mahesh Shenoy
Rationale / Rating Methodologies 		Tourism Hotels and restaurant ^ -- -- -- --
M N Polytex Private Limited
Rationale / Rating Methodologies 		Textiles ^ -- -- -- --
M P Khaitan
Rationale / Rating Methodologies 		Construction * -- -- -- --
M P Recycling Company Private Limited
Rationale / Rating Methodologies 		Shipbreaking ^ -- ^ -- --
M R Agro Industries
Rationale / Rating Methodologies 		Agricultural Produce * -- * -- --
M R Shah Logistics Private Limited
Rationale / Rating Methodologies 		Miscellaneous * -- * -- --
M R Steel Corporation
Rationale / Rating Methodologies 		Trading [ICRA]BB- -- [ICRA]A4 -- Stable
M S Ahuja Agro Foods Private Limited
Rationale / Rating Methodologies 		Agricultural Produce ^ -- -- -- --
M S Corporation
Rationale / Rating Methodologies 		Real estate * -- -- -- --
M S Khurana Engineering Limited
Rationale / Rating Methodologies 		Construction ^ -- ^ -- --
M S Metals & Steels Private Limited
Rationale / Rating Methodologies 		Trading ^ -- ^ -- --
M S Ramaiah Foundation
Rationale / Rating Methodologies 		Education [ICRA]B+ -- -- -- Stable
M S Ramaiah Foundation
Rationale / Rating Methodologies 		Education [ICRA]B+ -- -- -- Stable
M S Ramaiah Foundation
Rationale / Rating Methodologies 		Education [ICRA]B+ -- -- -- Stable
M V Agro Renewable Energy Pvt. Ltd.
Rationale / Rating Methodologies 		Agricultural Produce [ICRA]D ISSUER NOT COOPERATING -- -- -- --
M V Agro Renewable Energy Pvt. Ltd.
Rationale / Rating Methodologies 		Agricultural Produce [ICRA]D ISSUER NOT COOPERATING -- [ICRA]D ISSUER NOT COOPERATING -- --
M V Agro Renewable Energy Pvt. Ltd.
Rationale / Rating Methodologies 		Agricultural Produce [ICRA]D ISSUER NOT COOPERATING -- -- -- --
M V Alloys
Rationale / Rating Methodologies 		Ferrous metals ^ -- -- -- --
M V Food Industries Limited
Rationale / Rating Methodologies 		Food and food products ^ -- -- -- --
M V Shiptrade Private Limited
Rationale / Rating Methodologies 		Shipbreaking [ICRA]B+ -- -- -- Stable
M V Shiptrade Private Limited
Rationale / Rating Methodologies 		Shipbreaking -- -- [ICRA]A4 -- --
M Venkata Rao Infra Projects Private Limited
Rationale / Rating Methodologies 		Construction ^ -- -- -- --
M&G Impex (I) Private Limited
Rationale / Rating Methodologies 		Building materials -- -- [ICRA]A4 -- --
M&M Equipments Private Limited
Rationale / Rating Methodologies 		Engineering ^ -- -- -- --
M. B. Garments (India) Private Limited
Rationale / Rating Methodologies 		Textiles * -- -- -- --
M. B. Garments (India) Private Limited
Rationale / Rating Methodologies 		Textiles * -- -- -- --
M. B. Garments (India) Private Limited
Rationale / Rating Methodologies 		Textiles * -- -- -- --
M. B. Mehta & Co.
Rationale / Rating Methodologies 		Gems and jewellery [ICRA]BB+ -- [ICRA]A4+ -- Stable
M. B. Polishing Works
Rationale / Rating Methodologies 		Gems and jewellery [ICRA]BB+ -- [ICRA]A4+ -- Stable
M. H. Foods
Rationale / Rating Methodologies 		Trading ^ -- -- -- --
M. K. Gupta & Co.
Rationale / Rating Methodologies 		Construction ^ -- ^ -- --
M. K. Shah Exports Limited
Rationale / Rating Methodologies 		Tea and coffee [ICRA]A- -- -- -- Stable
M. K. Shah Exports Limited
Rationale / Rating Methodologies 		Tea and coffee [ICRA]A- -- -- -- Stable
M. K. Shah Exports Limited
Rationale / Rating Methodologies 		Tea and coffee -- -- [ICRA]A2+ -- --
M. M. Ceramics & Ferro Alloys
Rationale / Rating Methodologies 		Trading ^ -- ^ -- --
M. Mohan Doss
Rationale / Rating Methodologies 		Construction ^ -- ^ -- --
M. P. International Private Limited
Rationale / Rating Methodologies 		Trading ^ -- ^ -- --
M. Pallonji & Company Private Limited
Rationale / Rating Methodologies 		Miscellaneous [ICRA]A+ -- -- -- Stable
M. Pallonji & Company Private Limited
Rationale / Rating Methodologies 		Miscellaneous -- -- [ICRA]A1+ -- --
M. Pallonji Logistics Singapore Pte. Limited
Rationale / Rating Methodologies 		Shipping [ICRA]A(CE) -- -- -- Stable
M. R. Chains Private Limited
Rationale / Rating Methodologies 		Gems and jewellery ^ -- -- -- --
M. U. A. Arumugaperumal and Sons
Rationale / Rating Methodologies 		Textiles -- -- * -- --
M. Venkatrama Reddy
Rationale / Rating Methodologies 		Construction ^ -- ^ -- --
M.B. Tea & Allied Products Private Limited
Rationale / Rating Methodologies 		Tea and coffee ^ -- -- -- --
M.D. Cotton Industries
Rationale / Rating Methodologies 		Textiles ^ -- -- -- --
M.D. Frozen Food Exports
Rationale / Rating Methodologies 		Textiles [ICRA]D ISSUER NOT COOPERATING -- -- -- --
M.D. Frozen Food Exports
Rationale / Rating Methodologies 		Textiles [ICRA]D ISSUER NOT COOPERATING -- -- -- --
M.D. Frozen Food Exports
Rationale / Rating Methodologies 		Textiles [ICRA]D ISSUER NOT COOPERATING -- -- -- --
M.D. Frozen Food Exports
Rationale / Rating Methodologies 		Textiles [ICRA]D ISSUER NOT COOPERATING -- -- -- --
M.D. Frozen Food Exports Private Limited
Rationale / Rating Methodologies 		Textiles [ICRA]D ISSUER NOT COOPERATING -- -- -- --
M.D. Frozen Food Exports Private Limited
Rationale / Rating Methodologies 		Textiles [ICRA]D ISSUER NOT COOPERATING -- -- -- --
M.D. Frozen Food Exports Private Limited
Rationale / Rating Methodologies 		Textiles [ICRA]D ISSUER NOT COOPERATING -- -- -- --
M.E. Project Private Limited
Rationale / Rating Methodologies 		Construction ^ -- -- -- --
M.G. Brothers Industries Private Limited
Rationale / Rating Methodologies 		Construction equipment [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
M.G. Brothers Industries Private Limited
Rationale / Rating Methodologies 		Construction equipment [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
M.G. Contractors Pvt. Ltd.
Rationale / Rating Methodologies 		Utilities [ICRA]A- -- -- -- Stable
M.G. Contractors Pvt. Ltd.
Rationale / Rating Methodologies 		Utilities [ICRA]A- -- -- -- Stable
M.G. Hussain
Rationale / Rating Methodologies 		Miscellaneous ^ -- ^ -- --
M.G.M Springs Private Limited
Rationale / Rating Methodologies 		Non-ferrous metals [ICRA]BB- -- -- -- Stable
M.G.M Springs Private Limited
Rationale / Rating Methodologies 		Non-ferrous metals [ICRA]BB- -- -- -- Stable
M.G.M Springs Private Limited
Rationale / Rating Methodologies 		Non-ferrous metals -- -- [ICRA]A4 -- --
M.H.M Fish Trading Company
Rationale / Rating Methodologies 		Miscellaneous ^ -- -- -- --
M.J. Patel (India) Limited
Rationale / Rating Methodologies 		Trading ^ -- ^ -- --
M.K. Aggarwal Hosiery (P) Limited
Rationale / Rating Methodologies 		Textiles [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
M.K. Aggarwal Hosiery (P) Limited
Rationale / Rating Methodologies 		Textiles [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
M.K. Aggarwal Hosiery (P) Limited
Rationale / Rating Methodologies 		Textiles [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
M.K. Printpack Private Limited
Rationale / Rating Methodologies 		Packaging [ICRA]BB ISSUER NOT COOPERATING -- -- -- Stable
M.K. Printpack Private Limited
Rationale / Rating Methodologies 		Packaging [ICRA]BB ISSUER NOT COOPERATING -- -- -- Stable
M.K. Printpack Private Limited
Rationale / Rating Methodologies 		Packaging [ICRA]BB ISSUER NOT COOPERATING -- [ICRA]A4+ ISSUER NOT COOPERATING -- Stable
M.K. Wood India Private Limited
Rationale / Rating Methodologies 		Timbers and Plywood etc [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
M.K. Wood India Private Limited
Rationale / Rating Methodologies 		Timbers and Plywood etc -- -- [ICRA]A4 ISSUER NOT COOPERATING -- --
M.M. Brothers
Rationale / Rating Methodologies 		Construction [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
M.M. Brothers
Rationale / Rating Methodologies 		Construction -- -- [ICRA]A4 ISSUER NOT COOPERATING -- --
Recent Releases
  • PNB Housing Finance Limited: Rating downgraded to [ICRA]AA(Negative)

    Rationale / 03 Apr 2020

  • Essvy Constructions India Pvt. Ltd.: Rating reaffirmed

    Rationale / 03 Apr 2020

  • Jaypee Infra Ventures Private Limited: Grading Reaffirmed

    Rationale / 03 Apr 2020

Read more
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