Advance Ratings
ICRA’s Advance Rating is an assessment of the credit quality of issuer under certain specific scenarios. These scenarios can be related to some significant developments expected to take place in future, the outcome of which has some uncertainty. Advance Rating should not be construed as credit rating of the issuer. The Advance Rating only provides guidance on the trajectory the credit ratings are likely to follow under various scenarios.

ICRA’s Advance Rating product is designed for issuers who expect certain developments in near future which can have a material impact on their credit profile. Example of some such events are: outcome of a significant court case, sizeable equity infusion deal, mergers/acquisitions, regulatory developments, debt restructuring etc. In most cases, the existing credit rating would not be able to fully factor such developments till they actually materialize or till there is high amount of certainty of their outcome. ICRA’s Advance Rating would help the issuers in such cases to evaluate the impact on its credit rating under various scenarios.

Company Name Scenarios Long Term Short Term Outlook
Agarwal Industrial Corporation Limited Scenario 1 [ARA] BBB- -- Stable
Alliance Mall Developers Company Pvt Ltd Scenario 1 [ARA] BBB- -- Stable
Amines and Plasticizers Limited Scenario 1 [ARA] BBB+ -- Positive
Ashkit Properties Limited Scenario 1 [ARA] BBB- -- Stable
BCP TOPCO VII PTE Ltd Scenario 1 [ARA] AA -- Stable
Bharat Wire Ropes Limited Scenario 1 [ARA] B+ -- Stable
Scenario 2 [ARA] B+ -- Stable
Scenario 3 [ARA] BB- -- Stable
Essar Bulk Terminal Limited Scenario - 1 [ARA] A -- Stable
Scenario - 2 [ARA] A- -- Stable
Scenario - 3 [ARA] BBB+ -- Stable
Flexituff Ventures International Limited Scenario 1 [ARA] BBB+ -- Stable
Gold Plus Glass Industry Limited Scenario 1 [ARA] BBB -- Stable
Indiabulls Properties Private Limited Scenario 1 [ARA] BBB+ -- Stable
Scenario 2 [ARA] A- -- Stable
Indiabulls Real Estate Company Private Limited Scenario 1 [ARA] A- -- Stable
Indian Express Newspapers (Mumbai) Private Limited Scenario 1 [ARA] A(SO) -- Stable
Kaveri Engineering Projects Pvt. Ltd. Scenario 2 [ARA] BBB- -- Stable
Kayem Food Industries Private Limited Scenario 1 [ARA] BB -- Stable
KSK Mahanadi Power Company Limited Scenario-I [ARA] BBB- -- Stable
Lumax Industries Limited Scenario 1 [ARA] A [ARA] A1 Negative
M/S Kalthia Priyheer Infrastructure Pvt Ltd Scenario 1 [ARA] BB+ [ARA] A4+ Stable
Scenario 2 [ARA] BB+ [ARA] A4+ Stable
Scenario - 3 [ARA] A-(SO) [ARA] A2+(SO) Stable
Maharashtra State Road Development Corporation Limited Scenario 1 [ARA] A+ -- Stable
Manglam Build-Developers Ltd Scenario 1 [ARA] BBB- -- Stable
Scenario 2 [ARA] BBB- -- Stable
Matix Fertilisers and Chemicals Limited Scenario 1 [ARA] BBB- -- Stable
MN Takshila Industries Private Limited Scenario 1 [ARA] BBB-(SO) -- Stable
Scenario 1 [ARA] BBB-(SO) -- Stable
Navayuga Dhola Infra Projects Limited Scenario 1 [ARA] AAA(SO) -- Stable
Nirma Limited Scenario 1 [ARA] AA -- Negative
Scenario 2 [ARA] AA -- Negative
Novagen Healthcare Private Limited Scenario 1 [ARA] BBB-(CE) -- Stable
Scenario 2 [ARA] BBB-(CE) -- Stable
NSL Sugars Limited Scenario-I [ARA] BB -- Stable
Scenario-II [ARA] BBB- -- Stable
O2 Spa Salon Pvt. Ltd. Scenario 1 [ARA] BB+ -- Stable
Scenario 2 [ARA] BB+ -- Stable
Oriental Rubber Industries Pvt. Ltd. Scenario 1 [ARA] BBB- -- Stable
Rani Constructions Pvt. Ltd. Scenario 1 [ARA] BB [ARA] A4+ Stable
Scenario 2 [ARA] BB [ARA] A4+ Stable
Regency Gangani Energy Private Limited Scenario 1 [ARA] BB -- Stable
Scenario 2 [ARA] BB+ -- Stable
Regency Yamuna Energy Limited Scenario 1 [ARA] BB -- Stable
Scenario 2 [ARA] BB+ -- Stable
Share Microfin Limited Scenario 1 [ARA] BBB- -- Stable
Scenario 2 [ARA] BBB- -- Stable
Sheth Developers Scenario 1 [ARA] BBB- -- Stable
Sheth Developers Private Limited Scenario 1 [ARA] BBB- -- Stable
Shiksha Financial Services India Private Limited Scenario 1 [ARA] BB+ -- Stable
Scenario 2 [ARA] BBB- -- Stable
Shresht Industries Private Limited Scenario 1 [ARA] BBB- -- Stable
Shri Bajrang Power & Ispat Limited Scenario 2 [ARA] A -- Stable
Simhapuri Expressway Limited Scenario 1 [ARA] A+ -- Stable
Tata Sky Broadband Private Limited Scenario 1 [ARA] A+(S) -- Stable
Vatsala New Renewables Energy Limited Scenario 1 [ARA] BBB -- Stable
Waaree Energies Limited Scenario 1 [ARA] BBB- -- Stable
Welspun Delhi Meerut Expressway Private Limited Scenario 1 [ARA] AAA(SO) -- Stable
Yashita Buildcon Limited Scenario 1 [ARA] BBB -- Stable
Recent Releases

  • CreditAccess Grameen Limited – Update on Material Event

    Rationale / 06 Dec 2019

  • Tata Capital Financial Services Limited: [ICRA]AAA(Stable)/[ICRA]A1+ assigned

    Rationale / 06 Dec 2019

  • Hero Mindmine Institute Private Limited: Ratings reaffirmed; rated amount enhanced

    Rationale / 06 Dec 2019