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 Ganesh
Rationale / Rating Methodologies 		Construction [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
M Ganesh
Rationale / Rating Methodologies 		Construction [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 -- [ICRA]A4 ISSUER NOT COOPERATING -- Stable
M K Roy & Bros Projects Private Limited
Rationale / Rating Methodologies 		Miscellaneous [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
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 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.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.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.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 -- [ICRA]A4+ ISSUER NOT COOPERATING -- Stable
M.K. Printpack Private Limited
Rationale / Rating Methodologies 		Packaging [ICRA]BB 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]BB- ISSUER NOT COOPERATING -- -- -- Stable
M.M. Brothers
Rationale / Rating Methodologies 		Construction -- -- [ICRA]A4 ISSUER NOT COOPERATING -- --
M.M. Ispat Pvt Ltd
Rationale / Rating Methodologies 		Trading [ICRA]D ISSUER NOT COOPERATING -- -- -- --
M.M. Ispat Pvt Ltd
Rationale / Rating Methodologies 		Trading [ICRA]D ISSUER NOT COOPERATING -- [ICRA]D ISSUER NOT COOPERATING -- --
M/S B. P. Construction
Rationale / Rating Methodologies 		Construction -- -- [ICRA]A4 ISSUER NOT COOPERATING -- --
M/S B. P. Construction
Rationale / Rating Methodologies 		Construction [ICRA]B+ ISSUER NOT COOPERATING -- [ICRA]A4 ISSUER NOT COOPERATING -- Stable
M/S B. P. Construction
Rationale / Rating Methodologies 		Construction [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
M/s Jagatpal Singh
Rationale / Rating Methodologies 		Construction [ICRA]B+ ISSUER NOT COOPERATING -- [ICRA]A4 ISSUER NOT COOPERATING -- Stable
M/s Jagatpal Singh
Rationale / Rating Methodologies 		Construction [ICRA]B+ ISSUER NOT COOPERATING -- [ICRA]A4 ISSUER NOT COOPERATING -- Stable
M/s Jagatpal Singh
Rationale / Rating Methodologies 		Construction [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
M/s Karun Rice & General Mills
Rationale / Rating Methodologies 		Agricultural Produce [ICRA]B ISSUER NOT COOPERATING -- -- -- Stable
M/s Karun Rice & General Mills
Rationale / Rating Methodologies 		Agricultural Produce [ICRA]B ISSUER NOT COOPERATING -- -- -- Stable
M/S Kirpa Rice Mills
Rationale / Rating Methodologies 		Agricultural Produce [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
M/s Quadros Motors Pvt. Ltd.
Rationale / Rating Methodologies 		Automobile Dealerships [ICRA]D ISSUER NOT COOPERATING -- -- -- --
M/S Shiv Dal Mill
Rationale / Rating Methodologies 		Food and food products [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
M/S Shiv Dal Mill
Rationale / Rating Methodologies 		Food and food products [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
M/s. Ardhendu Mondal
Rationale / Rating Methodologies 		Miscellaneous [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
M/s. Ardhendu Mondal
Rationale / Rating Methodologies 		Miscellaneous -- -- [ICRA]A4 ISSUER NOT COOPERATING -- --
M/s. Ardhendu Mondal
Rationale / Rating Methodologies 		Miscellaneous [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
M/s. Ashutosh Bandyopadhayay
Rationale / Rating Methodologies 		Construction [ICRA]B ISSUER NOT COOPERATING -- -- -- Stable
M/s. Ashutosh Bandyopadhayay
Rationale / Rating Methodologies 		Construction [ICRA]B ISSUER NOT COOPERATING -- [ICRA]A4 ISSUER NOT COOPERATING -- Stable
M/S. M. S. Engineering
Rationale / Rating Methodologies 		Construction [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
M/S. M.D.Agro Foods
Rationale / Rating Methodologies 		Food and food products [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
M/S. Pankaj C. Patel
Rationale / Rating Methodologies 		Construction [ICRA]B- ISSUER NOT COOPERATING -- -- -- Stable
M/S. Pankaj C. Patel
Rationale / Rating Methodologies 		Construction -- -- [ICRA]A4 ISSUER NOT COOPERATING -- --
M/S. Pankaj C. Patel
Rationale / Rating Methodologies 		Construction [ICRA]B- ISSUER NOT COOPERATING -- -- -- Stable
M/s. Siddhartha Construction
Rationale / Rating Methodologies 		Construction [ICRA]BB- ISSUER NOT COOPERATING -- -- -- Stable
M/s. Siddhartha Construction
Rationale / Rating Methodologies 		Construction [ICRA]BB- ISSUER NOT COOPERATING -- [ICRA]A4 ISSUER NOT COOPERATING -- Stable
M/s. Siddhartha Construction
Rationale / Rating Methodologies 		Construction -- -- [ICRA]A4 ISSUER NOT COOPERATING -- --
Ma Sarada Cold Storage Private Limited
Rationale / Rating Methodologies 		Logistics [ICRA]D ISSUER NOT COOPERATING -- -- -- --
Ma Sarada Cold Storage Private Limited
Rationale / Rating Methodologies 		Logistics [ICRA]D ISSUER NOT COOPERATING -- -- -- --
Ma Sarada Cold Storage Private Limited
Rationale / Rating Methodologies 		Logistics [ICRA]D ISSUER NOT COOPERATING -- -- -- --
Maa Bameswari Cold Storage Private Limited
Rationale / Rating Methodologies 		Logistics [ICRA]B ISSUER NOT COOPERATING -- -- -- Stable
Maa Bameswari Cold Storage Private Limited
Rationale / Rating Methodologies 		Logistics [ICRA]B ISSUER NOT COOPERATING -- [ICRA]A4 ISSUER NOT COOPERATING -- Stable
Maa Bameswari Cold Storage Private Limited
Rationale / Rating Methodologies 		Logistics [ICRA]B ISSUER NOT COOPERATING -- -- -- Stable
Maa Bameswari Cold Storage Private Limited
Rationale / Rating Methodologies 		Logistics -- -- [ICRA]A4 ISSUER NOT COOPERATING -- --
Maa Bameswari Cold Storage Private Limited
Rationale / Rating Methodologies 		Logistics [ICRA]B ISSUER NOT COOPERATING -- -- -- Stable
Maa Gauri Poultry Private Limited
Rationale / Rating Methodologies 		Poultry [ICRA]B ISSUER NOT COOPERATING -- -- -- Stable
Maa Gauri Poultry Private Limited
Rationale / Rating Methodologies 		Poultry [ICRA]B ISSUER NOT COOPERATING -- -- -- Stable
Maa Kali Alloys Udyog Private Limited
Rationale / Rating Methodologies 		Ferrous metals [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
Maa Kali Alloys Udyog Private Limited
Rationale / Rating Methodologies 		Ferrous metals [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
Maa Kali Alloys Udyog Private Limited
Rationale / Rating Methodologies 		Ferrous metals -- -- [ICRA]A4 ISSUER NOT COOPERATING -- --
Maa Mahamaya Industries Limited
Rationale / Rating Methodologies 		Ferrous metals [ICRA]D ISSUER NOT COOPERATING -- [ICRA]D ISSUER NOT COOPERATING -- --
Maa Mahamaya Industries Limited
Rationale / Rating Methodologies 		Ferrous metals [ICRA]D ISSUER NOT COOPERATING -- -- -- --
Maa Mahamaya Industries Limited
Rationale / Rating Methodologies 		Ferrous metals [ICRA]D ISSUER NOT COOPERATING -- -- -- --
Maa Mahamaya Industries Limited
Rationale / Rating Methodologies 		Ferrous metals [ICRA]D ISSUER NOT COOPERATING -- [ICRA]D ISSUER NOT COOPERATING -- --
Maa Mahamaya Industries Limited
Rationale / Rating Methodologies 		Ferrous metals [ICRA]D ISSUER NOT COOPERATING -- [ICRA]D ISSUER NOT COOPERATING -- --
Maa Sheetla Industries Private Limited
Rationale / Rating Methodologies 		Breweries and Distilleries [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
Maa Shitala Agro Private Limited
Rationale / Rating Methodologies 		Agricultural Produce [ICRA]BB- ISSUER NOT COOPERATING -- -- -- Stable
Maa Shitala Agro Private Limited
Rationale / Rating Methodologies 		Agricultural Produce [ICRA]BB- ISSUER NOT COOPERATING -- -- -- Stable
Maa Shitala Agro Private Limited
Rationale / Rating Methodologies 		Agricultural Produce [ICRA]BB- ISSUER NOT COOPERATING -- -- -- Stable
Maa Vaishno Edibles Private Limited
Rationale / Rating Methodologies 		Food and food products [ICRA]B ISSUER NOT COOPERATING -- -- -- Stable
Maa Vaishno Edibles Private Limited
Rationale / Rating Methodologies 		Food and food products [ICRA]B ISSUER NOT COOPERATING -- -- -- Stable
Maa Vaishno Edibles Private Limited
Rationale / Rating Methodologies 		Food and food products [ICRA]B ISSUER NOT COOPERATING -- [ICRA]A4 ISSUER NOT COOPERATING -- Stable
Maberest Hotels Private Limited
Rationale / Rating Methodologies 		Tourism Hotels and restaurant -- -- [ICRA]A4 ISSUER NOT COOPERATING -- --
Maberest Hotels Private Limited
Rationale / Rating Methodologies 		Tourism Hotels and restaurant [ICRA]BB- ISSUER NOT COOPERATING -- -- -- Stable
Maberest Hotels Private Limited
Rationale / Rating Methodologies 		Tourism Hotels and restaurant [ICRA]BB- ISSUER NOT COOPERATING -- -- -- Stable
Machilipatnam Municipality
Rationale / Rating Methodologies 		Public finance [ICRA]BB+ ISSUER NOT COOPERATING -- -- -- Stable
Mad Studios Private Limited
Rationale / Rating Methodologies 		Media & Entertainment [ICRA]D ISSUER NOT COOPERATING -- -- -- --
Mad Studios Private Limited
Rationale / Rating Methodologies 		Media & Entertainment [ICRA]D ISSUER NOT COOPERATING -- -- -- --
Mad Studios Private Limited
Rationale / Rating Methodologies 		Media & Entertainment -- -- [ICRA]D ISSUER NOT COOPERATING -- --
Madhabganj Karunamoyee Himghar Pvt Ltd
Rationale / Rating Methodologies 		Logistics [ICRA]B ISSUER NOT COOPERATING -- -- -- Stable
Madhabganj Karunamoyee Himghar Pvt Ltd
Rationale / Rating Methodologies 		Logistics [ICRA]B ISSUER NOT COOPERATING -- -- -- Stable
Madhabganj Karunamoyee Himghar Pvt Ltd
Rationale / Rating Methodologies 		Logistics -- -- [ICRA]A4 ISSUER NOT COOPERATING -- --
Madhabganj Karunamoyee Himghar Pvt Ltd
Rationale / Rating Methodologies 		Logistics [ICRA]B ISSUER NOT COOPERATING -- [ICRA]A4 ISSUER NOT COOPERATING -- Stable
Madhava Hytech Infrastructures (India) Private Limited
Rationale / Rating Methodologies 		Construction [ICRA]D ISSUER NOT COOPERATING -- -- -- --
Madhava Hytech Infrastructures (India) Private Limited
Rationale / Rating Methodologies 		Construction -- -- [ICRA]D ISSUER NOT COOPERATING -- --
Madhava Hytech Infrastructures (India) Private Limited
Rationale / Rating Methodologies 		Construction [ICRA]D ISSUER NOT COOPERATING -- [ICRA]D ISSUER NOT COOPERATING -- --
Madhucon Granites Limited
Rationale / Rating Methodologies 		Building materials [ICRA]B- ISSUER NOT COOPERATING -- -- -- Stable
Madhucon Granites Limited
Rationale / Rating Methodologies 		Building materials -- -- [ICRA]A4 ISSUER NOT COOPERATING -- --
Madhucon Granites Limited
Rationale / Rating Methodologies 		Building materials -- -- [ICRA]A4 ISSUER NOT COOPERATING -- --
Madhucon Projects Limited
Rationale / Rating Methodologies 		Miscellaneous -- -- [ICRA]D ISSUER NOT COOPERATING -- --
Madhucon Projects Limited
Rationale / Rating Methodologies 		Miscellaneous [ICRA]D ISSUER NOT COOPERATING -- [ICRA]D ISSUER NOT COOPERATING -- --
Recent Releases
  • Bajaj Electricals Limited: Ratings revised to [ICRA]A-(Negative)/[ICRA]A2+; outlook remains Negative

    Rationale / 15 Nov 2019

  • GTN Industries Limited: Long-term rating upgraded to [ICRA]B(Stable); Short-term rating reaffirmed

    Rationale / 15 Nov 2019

  • T S Alloys Limited: Ratings reaffirmed and placed on Rating watch wT S Alloys Limited: Ratings reaffirmed and placed on Rating watch with developing implications ith developing implications

    Rationale / 15 Nov 2019

Read more
ICRA Special Comments
Indian Non-Ferrous Metals Industry: “Improving alumina supply has resulted in a correction in global alumina prices; mixed impact on the domestic primary aluminium producers”
Non-ferrous Metals / Nov 2019 CPI inflation rose to a 16-month high 4.6% in October 2019, led by food and beverages
Key Economic Indicators / Nov 2019 WPI inflation eased to 0.2% in October 2019, driven bydeeper disinflation in core items, and fuel and power
Key Economic Indicators / Nov 2019 Read more