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 [ICRA]BB- -- -- -- Stable
M R Agro Industries
Rationale / Rating Methodologies
Agricultural Produce -- -- [ICRA]A4 -- --
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 [ICRA]BB- -- -- -- Stable
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 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 * -- -- -- --
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. 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+(SO) -- -- -- 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]BB- ISSUER NOT COOPERATING -- -- -- Stable
M.G. Brothers Industries Private Limited
Rationale / Rating Methodologies
Construction equipment [ICRA]BB- 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]BB- -- -- -- Stable
M.K. Wood India Private Limited
Rationale / Rating Methodologies
Timbers and Plywood etc -- -- [ICRA]A4 -- --
M.M. Brothers
Rationale / Rating Methodologies
Construction [ICRA]BB- ISSUER NOT COOPERATING -- -- -- Stable
M.M. Brothers
Rationale / Rating Methodologies
Construction -- -- [ICRA]A4 ISSUER NOT COOPERATING -- --
Recent Releases

  • The Government Tele-communication Employees’ Co-operative Society Limited: Rating downgraded to [ICRA]D; remains in ‘Issuer Not cooperating’ category

    Rationale / 23 May 2019

  • Variety Lumbers Private Limited: Rating upgraded to [ICRA]C/A4

    Rationale / 23 May 2019

  • Uttar Pradesh Rajkiya Nirman Nigam Ltd.: Short term rating assigned at [ICRA]A3+; Long term rating reaffirmed

    Rationale / 23 May 2019