Corporate Debt Ratings
An ICRA Rating is a symbolic indicator of ICRA's current opinion on the relative capability of the corporate entity concerned to timely service debts and obligations, with reference to the instrument Rated. The Rating is based on an objective analysis of the information and clarifications obtained from the entity, as also other sources considered reliable by ICRA. The independence and professional approach of ICRA ensure reliable, consistent and unbiased Ratings. Rating allow investors to factor credit risk in their investment decision. ICRA Rates long-term, medium-term, and short-term debt instruments. ICRA offers its Credit Rating services to a wide range of issuers including:

- Manufacturing companies
- Banks and financial institutions
- Infrastructure sector companies
- Service companies
- Municipal and other local bodies
- State governments
- Non-banking finance companies
- Small and medium sector entities

Rating Process
ICRA's Rating process is initiated on receipt of a formal request (or mandate) from the prospective issuer. A Rating team, which usually consists of two analysts with the expertise and skills required to evaluate the business of the issuer, is involved with the Rating assignment. An issuer is provided a list of information requirements and the broad framework for discussions. These requirements are worked out on the basis of ICRA's understanding of the issuer's business, and broadly cover all aspects that may have a bearing on the Rating. ICRA also draws on secondary sources of information, including its own Research Division, while working on the Rating assignment. The Rating involves assessment of a number of qualitative factors with a view to estimating the future earnings of the issuer. This requires extensive interactions with the issuer's management, specifically on subjects relating to plans, outlook, competitive position, and funding policies.

In the case of manufacturing companies, plant visits are made to gain a better understanding of the issuer's production process, make an assessment of the state of equipment and main facilities, evaluate the quality of technical personnel, and form an opinion on the key variables that influence the level, quality and cost of production. These visits also help in assessing the progress of projects under implementation. After completing the analysis, a Rating Report is prepared, which is then presented to the ICRA Rating Committee. A presentation on the issuer's business and management is also made by the Rating Team. The Rating Committee is the final authority for assigning Rating. The assigned Rating, along with the key issues, is communicated to the issuer's top management for acceptance. Non-accepted Rating are not disclosed and complete confidentiality is maintained on them unless such disclosure is required under any laws/regulations.

If the issuer does not find the Rating acceptable, it has a right to appeal for a review. Such reviews are usually taken up if the issuer provides certain fresh inputs. During a review, the issuer's response is presented to the Rating Committee. If the inputs and/or fresh clarifications so warrant, the Rating Committee would revise the initial Rating decision. As part of a mandatory surveillance process, ICRA monitors all accepted Ratings over the tenure of the Rated instruments. The Rating are generally reviewed once every year, unless the circumstances of the case warrant an earlier review. The Rating outstanding may be retained or revised (that is, upgraded or downgraded) on surveillance.

Methodology
ICRA considers all relevant factors that have a bearing on the future cash generation of the issuer. These factors include: industry characteristics, competitive position of the issuer, operational efficiency, management quality, commitment to new projects and other associate companies, and funding policies of the issuer. A detailed analysis of the past financial statements is made to assess performance under "real world" business dynamics. Estimates of future earnings under various sensitivity scenarios are drawn up and evaluated against the claims and obligations that require servicing over the tenure of the instrument being Rated. Primarily, it is the relative comfort level on the issuers' cash flows to service obligations that determines the Rating.
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
20 Microns Limited
Rationale / Rating Methodologies
Chemicals ^ -- ^ -- --
20 Microns Nano Minerals Limited
Rationale / Rating Methodologies
Chemicals ^ -- -- -- --
24/7 Customer Private Limited
Rationale / Rating Methodologies
Information Technology and BPO [ICRA]A- -- -- -- Stable
3 K Prime Properties
Rationale / Rating Methodologies
Miscellaneous ^ -- -- -- --
3B Films Pvt. Ltd.
Rationale / Rating Methodologies
Plastics * -- -- -- --
3D PLM Software Solutions Limited
Rationale / Rating Methodologies
Information Technology and BPO * -- -- -- --
3Forks Hospitality Private Limited
Rationale / Rating Methodologies
Tourism Hotels and restaurant ^ -- -- -- --
4 Genius Minds
Rationale / Rating Methodologies
Information Technology and BPO [ICRA]D ISSUER NOT COOPERATING -- -- -- --
4 Genius Minds
Rationale / Rating Methodologies
Information Technology and BPO [ICRA]D ISSUER NOT COOPERATING -- -- -- --
4S Spintex India Private Limited
Rationale / Rating Methodologies
Textiles ^ -- ^ -- --
5Paisa Capital Limited
Rationale / Rating Methodologies
Finance and Banking -- -- * -- --
7 Star Company
Rationale / Rating Methodologies
Real estate * -- -- -- --
7 Star Company
Rationale / Rating Methodologies
Real estate * -- -- -- --
7 Star Construction
Rationale / Rating Methodologies
Real estate * -- -- -- --
70 Realty
Rationale / Rating Methodologies
Real estate ^ -- -- -- --
916 Epari Jeweller Private Limited
Rationale / Rating Methodologies
Gems and jewellery ^ -- -- -- --
A & L Apparels Pvt Ltd
Rationale / Rating Methodologies
Textiles [ICRA]BB+ -- -- -- Stable
A & L Apparels Pvt Ltd
Rationale / Rating Methodologies
Textiles -- -- [ICRA]A4+ -- --
A & L Apparels Pvt Ltd
Rationale / Rating Methodologies
Textiles -- -- [ICRA]A4+ -- --
A & L Apparels Pvt Ltd
Rationale / Rating Methodologies
Textiles [ICRA]BB+ -- [ICRA]A4+ -- Stable
A B Gold Private Limited
Rationale / Rating Methodologies
Gems and jewellery ^ -- -- -- --
A B Grain Spirits Private Limited
Rationale / Rating Methodologies
Breweries and Distilleries ^ -- ^ -- --
A B Motions Private Limited
Rationale / Rating Methodologies
Real estate [ICRA]BB+ ISSUER NOT COOPERATING -- -- -- Stable
A B Renewable Energy Pvt Ltd
Rationale / Rating Methodologies
Power [ICRA]BB- -- -- -- Stable
A G Aerovision Electronics Private Limited
Rationale / Rating Methodologies
Consumer durables ^ -- ^ -- --
A M Kanniappa Mudaliar & A M K Jambulinga Mudaliar Educational Trust
Rationale / Rating Methodologies
Education ^ -- -- -- --
A N Associates
Rationale / Rating Methodologies
Miscellaneous [ICRA]BB ISSUER NOT COOPERATING -- -- -- Stable
A N Associates
Rationale / Rating Methodologies
Miscellaneous -- -- [ICRA]A4 ISSUER NOT COOPERATING -- --
A N Buildwell Private Limited
Rationale / Rating Methodologies
Real estate ^ -- -- -- --
A One Ceramic Private Limited
Rationale / Rating Methodologies
Ceramic tiles ^ -- ^ -- --
A One Ispat Private Limited
Rationale / Rating Methodologies
Miscellaneous [ICRA]BB+ -- -- -- Positive
A One Ispat Private Limited
Rationale / Rating Methodologies
Miscellaneous [ICRA]BB+ -- -- -- Positive
A One Ispat Private Limited
Rationale / Rating Methodologies
Miscellaneous [ICRA]BB+ -- -- -- Positive
A One Steels India Private Limited
Rationale / Rating Methodologies
Ferrous metals ^ -- -- -- --
A P R Textiles
Rationale / Rating Methodologies
Textiles -- -- * -- --
A Plus Design House Llp
Rationale / Rating Methodologies
Real estate [ICRA]BBB -- -- -- Stable
A S Cargo Movers Private Limited
Rationale / Rating Methodologies
Logistics ^ -- -- -- --
A S Enterprise
Rationale / Rating Methodologies
Gems and jewellery -- -- ^ -- --
A S K Brothers Ltd
Rationale / Rating Methodologies
Tourism Hotels and restaurant [ICRA]BBB- -- -- -- Negative
A S K Brothers Ltd
Rationale / Rating Methodologies
Tourism Hotels and restaurant [ICRA]BBB- -- -- -- Negative
A S Moloobhoy & Sons
Rationale / Rating Methodologies
Miscellaneous ^ -- ^ -- --
A Shama Rao Foundation
Rationale / Rating Methodologies
Education [ICRA]BB+ ISSUER NOT COOPERATING -- -- -- Stable
A Shama Rao Foundation
Rationale / Rating Methodologies
Education [ICRA]BB+ ISSUER NOT COOPERATING -- -- -- Stable
A&A Modular Systems
Rationale / Rating Methodologies
Retail ^ -- ^ -- --
A&J Microns Private Limited
Rationale / Rating Methodologies
Utilities * -- * -- --
A&J Microns Private Limited
Rationale / Rating Methodologies
Utilities * -- -- -- --
A&J Microns Private Limited
Rationale / Rating Methodologies
Utilities * -- -- -- --
A&J Microns Private Limited
Rationale / Rating Methodologies
Utilities -- -- * -- --
A. K. Das Associates Limited
Rationale / Rating Methodologies
Construction [ICRA]BB- -- -- -- Stable
A. K. Das Associates Limited
Rationale / Rating Methodologies
Construction -- -- [ICRA]A4 -- --
A. K. Das Associates Limited
Rationale / Rating Methodologies
Construction -- -- [ICRA]A4 -- --
A. K. L. Infracon Pvt Ltd
Rationale / Rating Methodologies
Construction -- -- [ICRA]A4 ISSUER NOT COOPERATING -- --
A. K. L. Infracon Pvt Ltd
Rationale / Rating Methodologies
Construction [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
A. R. Stanchem Pvt.Ltd
Rationale / Rating Methodologies
Chemicals * -- * -- --
A. S. Export
Rationale / Rating Methodologies
Gems and jewellery -- -- [ICRA]A3 -- --
A. S. Steel Traders (VSP) Private Limited
Rationale / Rating Methodologies
Trading * -- * -- --
A.A. Snack
Rationale / Rating Methodologies
Food and food products ^ -- ^ -- --
A.B Rice Mills
Rationale / Rating Methodologies
Agricultural Produce ^ -- -- -- --
A.D. Wine
Rationale / Rating Methodologies
Breweries and Distilleries ^ -- -- -- --
A.G. Industries (Bawal) Pvt Ltd
Rationale / Rating Methodologies
Auto Ancillaries [ICRA]AA -- -- -- Stable
A.G. Industries (Bawal) Pvt Ltd
Rationale / Rating Methodologies
Auto Ancillaries [ICRA]AA -- -- -- Stable
A.G. Industries Pvt. Limited
Rationale / Rating Methodologies
Auto Ancillaries [ICRA]AA -- -- -- Stable
A.G. Industries Pvt. Limited
Rationale / Rating Methodologies
Auto Ancillaries -- -- [ICRA]A1+ -- --
A.G. Industries Pvt. Limited
Rationale / Rating Methodologies
Auto Ancillaries [ICRA]AA -- -- -- Stable
A.G. Industries Pvt. Limited
Rationale / Rating Methodologies
Auto Ancillaries [ICRA]AA -- [ICRA]A1+ -- Stable
A.H. Memorial Educational Trust
Rationale / Rating Methodologies
Education [ICRA]BBB+ -- -- -- Negative
A.H. Memorial Educational Trust
Rationale / Rating Methodologies
Education [ICRA]BBB+ -- -- -- Negative
A.H. Memorial Educational Trust
Rationale / Rating Methodologies
Education [ICRA]BBB+ -- -- -- Negative
A.H.Alloys
Rationale / Rating Methodologies
Ferrous metals ^ -- -- -- --
A.J. Mehta & Co. LLP
Rationale / Rating Methodologies
Gems and jewellery [ICRA]BB ISSUER NOT COOPERATING -- -- -- Stable
A.J. Mehta & Co. LLP
Rationale / Rating Methodologies
Gems and jewellery [ICRA]BB ISSUER NOT COOPERATING -- [ICRA]A4+ ISSUER NOT COOPERATING -- Stable
A.L.A Chemicals Private Limited
Rationale / Rating Methodologies
Construction ^ -- ^ -- --
A.M. Bhanderi
Rationale / Rating Methodologies
Construction [ICRA]BB -- -- -- Stable
A.M. Bhanderi
Rationale / Rating Methodologies
Construction -- -- [ICRA]A4+ -- --
A.M. Breweries Private Limited
Rationale / Rating Methodologies
Breweries and Distilleries [ICRA]BB- ISSUER NOT COOPERATING -- -- -- Stable
A.M. Breweries Private Limited
Rationale / Rating Methodologies
Breweries and Distilleries [ICRA]BB- ISSUER NOT COOPERATING -- -- -- Stable
A.M. Breweries Private Limited
Rationale / Rating Methodologies
Breweries and Distilleries -- -- [ICRA]A4 ISSUER NOT COOPERATING -- --
A.M. Fisheries
Rationale / Rating Methodologies
Seafoods ^ -- ^ -- --
A.M. Textiles and Knitwears Limited
Rationale / Rating Methodologies
Miscellaneous * -- -- -- --
A.M.N. Jewellers Private Limited
Rationale / Rating Methodologies
Gems and jewellery * -- * -- --
A.M.N. Jewellers Private Limited
Rationale / Rating Methodologies
Gems and jewellery * -- * -- --
A.P.R. Ginn And Pressing Mills
Rationale / Rating Methodologies
Miscellaneous [ICRA]B ISSUER NOT COOPERATING -- -- -- Stable
A.R. Dairy Food Private limited
Rationale / Rating Methodologies
Food and food products [ICRA]BB+ ISSUER NOT COOPERATING -- -- -- Stable
A.R. Dairy Food Private limited
Rationale / Rating Methodologies
Food and food products [ICRA]BB+ ISSUER NOT COOPERATING -- -- -- Stable
A.R. Dairy Food Private limited
Rationale / Rating Methodologies
Food and food products [ICRA]BB+ ISSUER NOT COOPERATING -- -- -- Stable
A.R. Dairy Food Private limited
Rationale / Rating Methodologies
Food and food products -- -- [ICRA]A4+ ISSUER NOT COOPERATING -- --
A.R. Dairy Food Private limited
Rationale / Rating Methodologies
Food and food products -- -- [ICRA]A4+ ISSUER NOT COOPERATING -- --
A.S. Moloobhoy Private Limited
Rationale / Rating Methodologies
Miscellaneous [ICRA]BB -- [ICRA]A4+ -- Stable
A.S. Moloobhoy Private Limited
Rationale / Rating Methodologies
Miscellaneous -- -- [ICRA]A4+ -- --
A.S. Reddy Infratech Private Limited
Rationale / Rating Methodologies
Construction ^ -- ^ -- --
A.S. Transport Private Limited
Rationale / Rating Methodologies
Logistics ^ -- ^ -- --
A.S.T. Pipes Private Limited
Rationale / Rating Methodologies
Miscellaneous ^ -- ^ -- --
A.V. Infraprojects Private Limited
Rationale / Rating Methodologies
Trading ^ -- ^ -- --
A2K Epic Decor Private Limited
Rationale / Rating Methodologies
Timbers and Plywood etc * -- * -- --
AA Nutts
Rationale / Rating Methodologies
Agricultural Produce ^ -- ^ -- --
AAA Paper Marketing Limited
Rationale / Rating Methodologies
Paper ^ -- ^ -- --
Aachi Masala Foods Private Limited
Rationale / Rating Methodologies
Agricultural Produce -- -- [ICRA]A2 -- --
Aachi Masala Foods Private Limited
Rationale / Rating Methodologies
Agricultural Produce [ICRA]BBB+ -- -- -- Stable
Aachi Masala Foods Private Limited
Rationale / Rating Methodologies
Agricultural Produce [ICRA]BBB+ -- -- -- Stable
Aachi Spices And Foods Private Limited
Rationale / Rating Methodologies
Agricultural Produce * -- -- -- --