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Ratings assigned and not accepted (as on 30 Oct 2025)

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Sl. No. Name of the Issuer Sector Security/Instrument Type Issue Size
(In INR Million) 		Date of Non-Acceptance Listing Status
(Listed/Proposed to be listed/Unlisted) 		Rating assigned along with Outlook
(if any) 		Whether the rating was accepted by the issuer, subsequent to the disclosure of un-accepted ratings?
(Yes/No) 		Date of subsequent acceptance of final rating assigned Final rating accepted by the issuer Whether the issuer requested for a review/appeal subsequent to disclosure of unaccepted rating?
(Yes/No) 		Whether review/appeal of the disclosed unaccepted rating was granted by ICRA.
(Yes/No) 		Remarks
(wherever applicable)
1 Purva Metal Sections Pvt Ltd Industrial Products Bank Facilities 800 30 Oct 2025 Unlisted [ICRA]BB+(Stable) No No
2 Shiva Ferric Pvt Ltd Metals & Minerals Trading Bank Facilities 800 30 Oct 2025 Unlisted [ICRA]BB+(Stable) No No
3 Findi India Limited Other Consumer Services Bank Facilities 500 30 Oct 2025 Unlisted [ICRA]BBB-(Stable) /[ICRA]A3 No No
4 STERLING GREEN POWER SOLUTIONS PRIVATE LIMITED Electrical Equipment Bank Facilities 750 30 Oct 2025 Unlisted [ICRA]BBB(Stable)/[ICRA]A3+ No No
5 Headsup B2B Private Limited Commercial Services & Supplies Issuer Rating 0 27 Oct 2025 Unlisted [ICRA]BB-(Stable) No No
6 Sri Ramraghav Mills Textiles & Apparels Bank Facilities 250 23 Oct 2025 Unlisted [ICRA]BB+(Stable) No No
7 Resonia Limited Construction Issuer Rating 0 09 Oct 2025 Unlisted [ICRA]A+(Stable) No No
8 RSB Transmissions (I) Ltd. Auto Components Issuer Rating 0 08 Oct 2025 Unlisted [ICRA]A-(Stable) No No
9 Purva Metal Sections Pvt Ltd Industrial Products Bank Facilities 800 03 Oct 2025 Unlisted [ICRA]BB(Stable) No Yes Yes
10 Shiva Ferric Pvt Ltd Metals & Minerals Trading Bank Facilities 800 03 Oct 2025 Unlisted [ICRA]BB(Stable) No Yes Yes
11 Wellness Forever Medicare Limited Retailing Bank Facilities 2300 03 Oct 2025 Unlisted [ICRA]BBB(Stable) No No
12 Mahaveer Surfactants Private Limited Chemicals & Petrochemicals Bank Facilities 310 03 Oct 2025 Unlisted [ICRA]BB(Stable) No No
13 Vel Castings Private Limited Industrial Products Bank Facilities 280 30 Sep 2025 Unlisted [ICRA]BB-(Stable) No No
14 Inbrew Beverages Private Limited Beverages Bank Facilities 4500 23 Sep 2025 Unlisted Provisional [ICRA]BB+(Stable) No No
15 M. R. Dairy Products Private Limited Food Products Bank Facilities 1000 23 Sep 2025 Unlisted [ICRA]BBB(Stable) /[ICRA]A3+ No No
16 Nuvama Wealth Finance Limited Finance Preference Shares 2000 19 Sep 2025 Unlisted [ICRA]A+ (Positive) No No
17 XOLOPAK INDIA LIMITED Paper, Forest & Jute Products Bank Facilities 750 18 Sep 2025 Unlisted [ICRA]BB (Stable) No No
18 Salvage Energy Solutions Private Limited Diversified Metals Non Convertible Debentures 400 16 Sep 2025 Proposed to be listed [ICRA]B+(Stable) No No
19 ICE STEEL 1 PRIVATE LIMITED Auto Components Bank Facilities 375 09 Sep 2025 Unlisted [ICRA]BB+ (Stable) No No
20 Pentagon Premises Private Limited Realty Bank Facilities 1000 08 Sep 2025 Unlisted [ICRA]BB- (Stable) Yes 11 Sep 2025 [ICRA]BB- (Stable) No
21 Sri Navdurga Gems and Jewels Consumer Durables Bank Facilities 340 29 Aug 2025 Unlisted [ICRA]BB (Stable) No No
22 Abis Exports (India) Private Limited Food Products Bank Facilities 6638.2 29 Aug 2025 Unlisted [ICRA]AA-(Stable)/ [ICRA]A1+ No No
23 ABIS PROTEINS PRIVATE LIMITED Food Products Bank Facilities 980 29 Aug 2025 Unlisted [ICRA]AA-(Stable) No No
24 Radha Smelters Private Limited Ferrous Metals Bank Facilities 300 28 Aug 2025 Unlisted [ICRA]A3+ No No
25 Sancraft Industries Private Limited Electrical Equipment Issuer Rating 0 27 Aug 2025 Unlisted [ICRA]BB (Stable) No No
26 Hazel Infra Limited Industrial Manufacturing Issuer Rating 0 21 Aug 2025 Unlisted [ICRA]BB+(Stable) No No
27 Wine Enterprises Private Limited Beverages Bank Facilities 1000 21 Aug 2025 Unlisted [ICRA]BB+ (Stable) No No
28 KSL Cleantech Limited Power Bank Facilities 400 20 Aug 2025 Unlisted [ICRA]B+ (Stable)/[ICRA]A4 No No
29 TESLA POWER EQUIPMENTS AND PROJECTS LIMITED Electrical Equipment Bank Facilities 1020 20 Aug 2025 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+ No No
30 Asian Footwears Private Limited Consumer Durables Issuer Rating 0 18 Aug 2025 Unlisted [ICRA]BB+ (Stable) No No
31 Shreyas Sortex Industries Private Limited Agricultural Food & other Products Bank Facilities 500 14 Aug 2025 Unlisted [ICRA]BBB+(Stable) No No
32 Brindavan Beverages Private Limited Beverages Bank facilities 2500 12 Aug 2025 Unlisted [ICRA]BBB+(Stable) /[ICRA]A2 No No
33 New Sudarshan Silks Realty Bank Facilities 280 11 Aug 2025 Unlisted [ICRA]B(Stable) No No
34 Ganesh Cars Private Limited Automobiles Bank Facilities 500 11 Aug 2025 Unlisted [ICRA]BB(Stable) No No
35 S S GAS LAB ASIA PRIVATE LIMITED Chemicals & Petrochemicals Issuer Rating 0 30 Jul 2025 Unlisted [ICRA]BB+ (Stable) No No
36 Bimal Auto Agency Automobiles Bank Facilities 1000 17 Jul 2025 Unlisted [ICRA]BBB-(Stable) No No
37 Vaswani Estates Developers Pvt Ltd. Realty Bank Facilities 4000 17 Jul 2025 Unlisted [ICRA]BB+ (Stable) No No
38 Apollo Micro Systems Limited Aerospace & Defense Bank Facilities 500 16 Jul 2025 Unlisted [ICRA]BBB(Stable) /[ICRA]A3+ No No
39 Gem Edible Oils Private Limited Agricultural Food & other Products Bank Facilities 250 15 Jul 2025 Unlisted [ICRA]BBB(Stable) /[ICRA]A3+ No No
40 Ocean Lifespaces India Private Limited Construction Bank Facilities 4750 08 Jul 2025 Unlisted [ICRA]A (Stable) No No
41 Teems India Towerlines Private Limited Electrical Equipment Bank Facilities 24 08 Jul 2025 Unlisted [ICRA]A4+ No No
42 AMPIN Energy Green Four Private Limited Power Bank Facilities 4420 04 Jul 2025 Unlisted [ICRA]BBB+ (Stable) Yes 15 Jul 2025 [ICRA]A- (Stable) No
43 Junobo Hotels Private Limted Leisure Services Bank Facilities 750 03 Jul 2025 Unlisted [ICRA]B+(Stable) Yes 25 Aug 2025 [ICRA]BBB(Stable) No
44 Ganesh Consumer Products Limited Agricultural Food & other Products Bank Facilities 680 01 Jul 2025 Unlisted [ICRA]A+(Stable) /[ICRA]A1 Yes 01 Jul 2025 [ICRA]A+ (Stable)/[ICRA]A1 No
45 MAHESH EDIBLE OIL MANUFACTURES PRIVATE LIMITED Agricultural Food & other Products Bank Facilities 2500 01 Jul 2025 Unlisted [ICRA]BBB-(Stable) No No
46 Simran Feeds Private Limited Food Products Bank Facilities 850 01 Jul 2025 Unlisted [ICRA]BB+(Stable) /[ICRA]A4+ No No
47 Joys the Beach Resort Private Limited Leisure Services Bank Facilities 1000 30 Jun 2025 Unlisted [ICRA]BB+(Stable) No No
48 Indel Money Limited Finance Non Convertible Debentures 250 30 Jun 2025 Proposed to be listed [ICRA]BBB+(Stable) No No
49 Orra Fine Jewellery Private Limited Consumer Durables Bank Facilities 750 27 Jun 2025 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+ No No
50 ETA Engineers Bangalore Private Limited Electrical Equipment Bank Facilities 500 20 Jun 2025 Unlisted [ICRA]BB(Stable)/ [ICRA]A4 No No
51 Triumph Auto (CV) Private Limited Agricultural, Commercial & Construction Vehicles Bank Facilities 3000 05 Jun 2025 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+ Yes 10 Jun 2025 [ICRA]BB+(Stable)/[ICRA]A4+ No
52 Advance Valves Private Limited Industrial Manufacturing Bank Facilities 150 04 Jun 2025 Unlisted [ICRA]A-(Stable)/[ICRA]A2+ No No
53 Advance Valves Global LLP Industrial Manufacturing Bank Facilities 150 04 Jun 2025 Unlisted [ICRA]A-(Stable)/[ICRA]A2+ No No
54 B K Sales Corporation Chemicals & Petrochemicals Bank Facilities 725 29 May 2025 Unlisted [ICRA]BBB+ (Stable)/[ICRA]A2 No No
55 Apollo Fashion International Limited Textiles & Apparels Bank Facilities 700 29 May 2025 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+ No No
56 Daya Engineering Works Private Limited Industrial Manufacturing Bank Facilities 570 23 May 2025 Unlisted [ICRA]A (Positive) / [ICRA] A2+ Yes 14 Jul 2025 [ICRA]A+ (Stable)/[ICRA] A1 Yes Yes
57 Patil Rail Infrastructure Private Limited Industrial Manufacturing Bank Facilities 4150 23 May 2025 Unlisted [ICRA]A (Positive) / [ICRA] A2+ Yes 14 Jul 2025 [ICRA]A+(Stable)/[ICRA] A1 Yes Yes
58 Thiruverkadu Municipality Public Services Issuer Rating 0 20 May 2025 Unlisted [ICRA]BB+(Stable) No No
59 Thanjavur City Municipal Corporation Public Services Issuer Rating 0 20 May 2025 Unlisted [ICRA] BB+ (Stable) No No
60 Rossell Techsys Limited Aerospace & Defense Bank Facilities 3200 20 May 2025 Unlisted [ICRA]BBB-(Stable)/[ICRA]A3 No No
61 Dtwelve Spaces Private Limited Realty Bank facilities 500 14 May 2025 Unlisted [ICRA]BB+ (Stable)/[ICRA]A4+ No No
62 Shekhawati Entrepreneur Private Limited Construction Bank Facilities 50 13 May 2025 Unlisted [ICRA]B+ (Stable) Yes 15 May 2025 [ICRA]B+ (Stable) No
63 Monsun Foods Private Limited Food Products Bank Facilities 300 07 May 2025 Unlisted [ICRA]BBB (Stable)/ [ICRA]A3+ No No
64 NAMBIAR ENSEMBLERESIDENTIAL PROJECTS LLP Realty Bank Facilities 2750 07 May 2025 Unlisted [ICRA]BBB+ (Stable) No No
65 Bareilly Dairies Limited Food Products Bank Facilities 3800 02 May 2025 Unlisted [ICRA]BB+(Stable) No No
66 SMC Agri Limited Agricultural Food & other Products Bank Facilities 1150 02 May 2025 Unlisted [ICRA]BB+(Stable) No No
67 Thiruvarur Municipality Public Services Issuer Rating 0 29 Apr 2025 Unlisted [ICRA] BB- (Stable) No No
68 Sumeet Trans Logistics Private Limited Other Consumer Services Issuer Rating 0 28 Apr 2025 Unlisted [ICRA]BB+ (Stable) No No
69 SRM Hotels Private Limited Leisure Services Bank Facilities 660 25 Apr 2025 Unlisted [ICRA]BBB (Stable) No No
70 Vysyaraju Jewellers Private Limited Consumer Durables Bank Facilities 1270 23 Apr 2025 Unlisted [ICRA]BBB-(Stable) No No
71 Bhima Projects Private Limited Construction Bank Facilities 1000 17 Apr 2025 Unlisted [ICRA]BB (Stable)/[ICRA]A4 Yes 09 Sep 2025 [ICRA]BB (Stable)/[ICRA]A4 No
72 BCC Buildtech Limited Construction Bank Facilities 1110 14 Apr 2025 Unlisted [ICRA]BB+ (Stable)/ [ICRA] A4+ No No
73 Pudukkottai City Municipal Corporation Public Services Issuer Rating 0 09 Apr 2025 Unlisted [ICRA]BB (Stable) No No
74 Mannargudi Municipality Public Services Issuer Rating 0 09 Apr 2025 Unlisted [ICRA]B+(Stable) No No
75 Criss Financial Limited (erstwhile Criss Financial Holdings Limited) Finance PTC Series A1 146.1 08 Apr 2025 Unlisted Provisional [ICRA]A-(SO) Rating in the absence of the pending actions/documents: No rating would have been assigned as it would not be meaningful No No The assigned rating is provisional and would be converted into a final rating upon the execution of: 1.Trust deed 2.Assignment agreement 3. Power of Attorney 4.Legal opinion 5.Trustee letter 6.KYC Chartered Accountant’s certificate 7.Any other documents executed for the transaction
76 Nagapattinam Municipality Public Services Issuer Rating 0 08 Apr 2025 Unlisted [ICRA]B+ (Stable) No No
77 Sayaji Hotels Limited Leisure Services Bank Facilities 350 07 Apr 2025 Unlisted [ICRA]BBB+ (Stable) Yes 07 Apr 2025 [ICRA]BBB+ (Stable) No
78 Lloyds Infrastructure & Construction Limited Construction Bank Facilities 2000 04 Apr 2025 Unlisted [ICRA]BBB (Stable) No No
79 S And T Engineers Private Limited Industrial Manufacturing Bank Facilities 470 02 Apr 2025 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+ No No
80 Spray Engineering Devices Limited Industrial Manufacturing Bank Facilities 1450 21 Mar 2025 Unlisted [ICRA]BBB+ (Stable)/[ICRA]A Yes 24 Mar 2025 [ICRA]BBB+ (Stable)/[ICRA]A No
81 Rayzon Solar Private Limited Industrial Manufacturing Bank Facilities 500 17 Mar 2025 Unlisted [ICRA]BBB+(Stable) No No
82 Sunflag Iron and Steel company Limited Ferrous Metals Bank Facilities 1000 13 Mar 2025 Unlisted [ICRA]A+ (Stable) No No
83 Mayiladuthurai Municipality Public Services Issuer rating 0 06 Mar 2025 Unlisted [ICRA]BB(Stable) No No
84 Mariya Constructions Construction Bank Facilities 200 24 Feb 2025 Unlisted [ICRA]B+ (Stable)/[ICRA]A4 No No
85 Panruti Municipality Public Services Issuer Rating 0 21 Feb 2025 Unlisted [ICRA]B+(Stable) No No
86 Navdurga Electroconstruction Pvt. Ltd. Construction Bank Facilities 700 21 Feb 2025 Unlisted [ICRA]BB+(Stable) / [ICRA]A4+ No No
87 Kirtilal Kalidas Jewellers Private Limited Consumer Durables Bank Facilities 800 20 Feb 2025 Unlisted [ICRA]BBB+ (Stable) / [ICRA]A2 Yes 08 Mar 2025 [ICRA]BBB+ (Stable)/ [ICRA]A2 No
88 Malik Auto Zone Private Limited Automobiles Bank Facilities 800 20 Feb 2025 Unlisted [ICRA]BB- (Stable) / [ICRA]A4 Yes 27 Mar 2025 [ICRA]BB- (Stable)/[ICRA]A No
89 Curated Living Solutions Private Limited Realty Bank Facilities 435 14 Feb 2025 Unlisted [ICRA] BBB- (Stable) No No
90 Alternative Housing Management Services Private Limited Realty Bank Facilities 135 14 Feb 2025 Unlisted [ICRA] BBB- (Stable) No No
91 Tambaram City Municipal Corporation Public Services Issuer Rating 0 13 Feb 2025 Unlisted [ICRA]BBB+(Stable) No No
92 Asian Solvochem Private Limited Chemicals & Petrochemicals Bank Facilities 50 10 Feb 2025 Unlisted [ICRA]BBB-(Negative ) / [ICRA]A3 Yes 25 Apr 2025 [ICRA]BBB-(Negative)/[ICRA]A3 No
93 Crescent Organics Private Limited Chemicals & Petrochemicals Bank Facilities 200 10 Feb 2025 Unlisted [ICRA]BBB-(Negative) Yes 23 Apr 2025 [ICRA]BBB-(Negative) No
94 Kancheepuram City Municipal Corporation Public Services Issuer Rating 0 04 Feb 2025 Unlisted [ICRA]BBB-(Stable) No No
95 BRBA Infratech LLP Construction Bank Facilities 530 03 Feb 2025 Unlisted [ICRA]BB(Stable)/[ICRA]A4 No No
96 Brajdev Ethanol Private Limited Beverages Issuer rating 0 30 Jan 2025 Unlisted [ICRA]B+(Stable) No No
97 Udhagamandalam Municipality Public Services Issuer rating 0 28 Jan 2025 Unlisted [ICRA]BB+ (Stable) No No
98 Udumalpettai Municipality Public Services Issuer rating 0 28 Jan 2025 Unlisted [ICRA]BB- (Stable) No No
99 Comnet Solutions Private Limited IT - Hardware Bank Facilities 1250 24 Jan 2025 Unlisted [ICRA]BBB- (Stable) [ICRA]A3 No No
100 Inalco Metal Private Limited Non - Ferrous Metals Bank Facilities 500 20 Jan 2025 Unlisted [ICRA]BBB-(Stable) No No

Disclaimers :

Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally, ICRA Ratings should not be treated as a recommendation to buy, sell, or hold the rated debt instruments. For ratings which were un-accepted by the Issuer prior to 1st February 2023, the status in column 9 to 14 is updated only if the respective event has occurred after 1st February 2023.

For ratings which are un-accepted by the Issuer on or after 1st February 2023, the status in column 9 to 14 is shown as on date of issue of this disclosure. The '*' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings.

Please visit our website (https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list (https://www.icra.in/Rating/Index) published on ICRA website for further information on rated instruments.