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Rating Rationales

14 May 2026

Bhavya Enterprises.: Continues to remain under issuer non-cooperating category

Bhavya Enterprises.: Continues to remain under issuer non-cooperating category

14 May 2026

Country Club Hospitality and Holidays Limited (Formerly Country Club (India) Limited): Continues to remain under issuer non-cooperating category

Country Club Hospitality and Holidays Limited (Formerly Country Club (India) Limited): Continues to remain under issuer non-cooperating category

14 May 2026

Kashida Apparels Private Limited: Rating downgraded

Kashida Apparels Private Limited: Rating downgraded

14 May 2026

Saanvi Clothing Pvt Ltd: Continues to remain under issuer non-cooperating category

Saanvi Clothing Pvt Ltd: Continues to remain under issuer non-cooperating category

14 May 2026

Shyam Textiles Limited: Continues to remain under issuer non-cooperating category

Shyam Textiles Limited: Continues to remain under issuer non-cooperating category

13 May 2026

Brahmani River Pellets Limited: Rating upgraded to [ICRA]AA(Stable)

Brahmani River Pellets Limited: Rating upgraded to [ICRA]AA(Stable)

13 May 2026

DCM Shriram Limited: Update on entity

DCM Shriram Limited: Update on entity

13 May 2026

Ganta Sriram Educational Society: Continues to remain under issuer non-cooperating category

Ganta Sriram Educational Society: Continues to remain under issuer non-cooperating category

13 May 2026

H D Enterprises: Continues to remain under issuer non-cooperating category

H D Enterprises: Continues to remain under issuer non-cooperating category

13 May 2026

Housing and Urban Development Corporation Ltd.: Ratings reaffirmed; rated amount enhanced

Housing and Urban Development Corporation Ltd.: Ratings reaffirmed; rated amount enhanced


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Structured Finance Rating Rationales

13 May 2026

Northern Arc Capital Limited: Ratings confirmed as final for PTCs backed by a pool of consumer finance loan receivables

Northern Arc Capital Limited: Ratings confirmed as final for PTCs backed by a pool of consumer finance loan receivables

13 May 2026

Vedika Credit Capital Ltd: Rating withdrawn for PTCs issued under a microfinance loan securitisation transaction

Vedika Credit Capital Ltd: Rating withdrawn for PTCs issued under a microfinance loan securitisation transaction

12 May 2026

Svasti Microfinance Private Limited: Rating withdrawn for PTCs issued under a microfinance loan securitisation transaction

Svasti Microfinance Private Limited: Rating withdrawn for PTCs issued under a microfinance loan securitisation transaction

08 May 2026

Akara Capital Advisors Private Limited: Provisional [ICRA]A(SO) assigned to PTCs backed by personal loan receivables issued by STAR 11 2025

Akara Capital Advisors Private Limited: Provisional [ICRA]A(SO) assigned to PTCs backed by personal loan receivables issued by STAR 11 2025

08 May 2026

CreditAccess Grameen Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Kanths PTC Trust Dec 2025

CreditAccess Grameen Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Kanths PTC Trust Dec 2025

08 May 2026

Criss Financial Limited (erstwhile Criss Financial Holdings Limited): Rating confirmed as final for PTCs backed by loan against property (LAP) loan receivables issued by CANARY 12 2025

Criss Financial Limited (erstwhile Criss Financial Holdings Limited): Rating confirmed as final for PTCs backed by loan against property (LAP) loan receivables issued by CANARY 12 2025

08 May 2026

HDB Financial Services Limited: Rating confirmed as final for PTCs backed by vehicle loan receivables issued by HORIZON TRUST JANUARY 2026

HDB Financial Services Limited: Rating confirmed as final for PTCs backed by vehicle loan receivables issued by HORIZON TRUST JANUARY 2026

08 May 2026

Lendingkart Finance Limited: Rating confirmed as final for SNs backed by unsecured small business loan receivables issued by SBL Ron26

Lendingkart Finance Limited: Rating confirmed as final for SNs backed by unsecured small business loan receivables issued by SBL Ron26

08 May 2026

Midland Microfin Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Medius 01 2026

Midland Microfin Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Medius 01 2026

08 May 2026

Midland Microfin Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by River Rock 11 2025

Midland Microfin Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by River Rock 11 2025


Our Rating Approach & Methodologies

ICRA's Rating process starts when the issuer contacts
our business team to engage our services.

No Data Available

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07 May 2026 04:00 PM

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West Asia Crisis-Impact and Outlook on Oil & Gas and downstream sectors

Girishkumar Kadam,Prashant Vasisht

29 Apr 2026 04:00 PM

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