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Rating Rationales

24 Sep 2025

4 Genius Minds: Continues to remain under issuer Non-Cooperating category

4 Genius Minds: Continues to remain under issuer Non-Cooperating category

24 Sep 2025

Aadhi Cars Pvt Ltd: Continues to remain under issuer Non-Cooperating category

Aadhi Cars Pvt Ltd: Continues to remain under issuer Non-Cooperating category

24 Sep 2025

Afcons Infrastructure Limited: Rating withdrawn

Afcons Infrastructure Limited: Rating withdrawn

24 Sep 2025

Aurora Apparel Private Limited: Continues to remain under issuer Non-Cooperating category

Aurora Apparel Private Limited: Continues to remain under issuer Non-Cooperating category

24 Sep 2025

BVSR Constructions Private Limited: Rating reaffirmed; outlook revised to Positive from Stable; rated amount enhanced

BVSR Constructions Private Limited: Rating reaffirmed; outlook revised to Positive from Stable; rated amount enhanced

24 Sep 2025

Cooper-Standard India Pvt. Ltd.: Continues to remain under issuer Non-Cooperating category

Cooper-Standard India Pvt. Ltd.: Continues to remain under issuer Non-Cooperating category

24 Sep 2025

DMD Developers Private Limited: Continues to remain under issuer non-Cooperating category

DMD Developers Private Limited: Continues to remain under issuer non-Cooperating category

24 Sep 2025

Dolphin Foods India Limited: Ratings Withdrawn

Dolphin Foods India Limited: Ratings Withdrawn

24 Sep 2025

DSG Corp Private Limited: Continues to remain under issuer non-cooperating category

DSG Corp Private Limited: Continues to remain under issuer non-cooperating category

24 Sep 2025

DSP Finance Private Limited: [ICRA]A1+ assigned to short term fund based facilities; ratings reaffirmed and rated amount enhanced for commercial paper

DSP Finance Private Limited: [ICRA]A1+ assigned to short term fund based facilities; ratings reaffirmed and rated amount enhanced for commercial paper


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Structured Finance Rating Rationales

24 Sep 2025

Chaitanya India Fin Credit Private Limited: Provisional [ICRA]AA+(SO) assigned to PTC Series A1 issued by Mclaren 2025, backed by a pool of microfinance loan receivables

Chaitanya India Fin Credit Private Limited: Provisional [ICRA]AA+(SO) assigned to PTC Series A1 issued by Mclaren 2025, backed by a pool of microfinance loan receivables

24 Sep 2025

DMI Finance Private Limited: Rating reaffirmed for PTCs issued under a personal loan securitisation transaction

DMI Finance Private Limited: Rating reaffirmed for PTCs issued under a personal loan securitisation transaction

24 Sep 2025

Satya MicroCapital Ltd.: Rating placed on Watch with Negative Implications for PTCs issued under microfinance loan receivables securitisation transaction

Satya MicroCapital Ltd.: Rating placed on Watch with Negative Implications for PTCs issued under microfinance loan receivables securitisation transaction

24 Sep 2025

Satya MicroCapital Ltd.: Ratings placed on Watch with Negative Implications for PTCs issued under microfinance and unsecured SME loan receivables securitisation transaction

Satya MicroCapital Ltd.: Ratings placed on Watch with Negative Implications for PTCs issued under microfinance and unsecured SME loan receivables securitisation transaction

23 Sep 2025

Cholamandalam Investment and Finance Company Limited: Ratings reaffirmed for PTCs issued under three vehicle loan securitisation transactions

Cholamandalam Investment and Finance Company Limited: Ratings reaffirmed for PTCs issued under three vehicle loan securitisation transactions

23 Sep 2025

Five-Star Business Finance Limited: Rating reaffirmed for PTCs issued under small business loan securitisation transaction

Five-Star Business Finance Limited: Rating reaffirmed for PTCs issued under small business loan securitisation transaction

23 Sep 2025

HDFC Bank Limited: Rating reaffirmed for PTCs issued under mortgage loan securitisation transaction

HDFC Bank Limited: Rating reaffirmed for PTCs issued under mortgage loan securitisation transaction

23 Sep 2025

Svakarma Finance Private Limited: Provisional ratings assigned to PTCs backed by a pool of MSME roof top solar loans receivables

Svakarma Finance Private Limited: Provisional ratings assigned to PTCs backed by a pool of MSME roof top solar loans receivables

23 Sep 2025

Svatantra Microfin Private Limited: Provisional [ICRA]AA+(SO) assigned to PTC Series A1 issued by Vakratunda Sep-25, backed by a pool of microfinance loan receivables

Svatantra Microfin Private Limited: Provisional [ICRA]AA+(SO) assigned to PTC Series A1 issued by Vakratunda Sep-25, backed by a pool of microfinance loan receivables

23 Sep 2025

Vivriti Capital Limited: Ratings confirmed as final for PTCs backed by a pool of unsecured personal loan receivables

Vivriti Capital Limited: Ratings confirmed as final for PTCs backed by a pool of unsecured personal loan receivables


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18 Sep 2025 04:00 PM

The Indian Pharmaceutical Industry- Industry at a Crossroads: Navigating Global Challenges and Local Opportunities

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