ICRA Limited

Ratings assigned and not accepted (Archived)

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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?	Whether review/appeal of the disclosed unaccepted rating was granted by ICRA. (Yes/No)	Remarks (wherever applicable)
1	Tirupati Sugars Limited	Agricultural Food & other Products	Bank Facilites	3541.2	21 Oct 2023	Unlisted	[ICRA]BB+ (Stable)	No			No
2	Hotel Sara	Leisure Services	Bank Facilities	350	16 Oct 2023	Unlisted	[ICRA]BB- (Stable)	No			No
3	Sunbeam Lightweighting Solutions Private Limited	Automobiles	Bank Facilities	1500	16 Oct 2023	Unlisted	[ICRA]BB+; ratings watch with positive implications/[ICRA]A4+; ratings watch with positive implications	No			No
4	Landsky Engineers Pvt Ltd	Industrial Manufacturing	Bank Facilities	1250	12 Oct 2023	Unlisted	[ICRA] B+(Stable)/ [ICRA]A4	No			No
5	Ram Kripal Singh Construction Pvt. Ltd.	Construction	Bank Facilities	2250	28 Sep 2023	Unlisted	[ICRA]BBB+(Stable) / [ICRA]A2	No			No
6	Annapurna Finance Private Limited	Finance	Non-Convertible Debenture	500	28 Sep 2023	Proposed to be listed	[ICRA]A-(Stable)	Yes	03 Nov 2023	[ICRA]A-(Stable)	No
7	Vriksh Advisors Private Limited	Finance	Series 1 PTCs	89.2	25 Sep 2023	Unlisted	Provisional [ICRA]BB-(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 final upon the execution of: 1. Trust deed 2. Deed of Assignment 3. Legal opinion 4. Trustee letter 5. Notice of Assignment 6. Master Rental Agreement 7. Any other documents executed for the transaction
8	VS Lignite Power Private Limited	Power	Bank Facilities	2550	09 Sep 2023	Unlisted	Provisional [ICRA]BBB- (Stable) Rating in the absence of the pending actions/ documents: No Rating would have been assigned as it would not be meaningful	Yes	28 Sep 2023	Provisional [ICRA]BBB-(Stable)	No		The assigned rating is provisional and would be converted into final upon execution of: 1. Loan Agreement 2. Trust and Retention Agreement 3. Creation of DSRA 4. Any other documents required for the transaction
9	Comnet Solutions Private Limited	IT - Hardware	Bank Facilities	600	08 Sep 2023	Unlisted	[ICRA]BBB-(Stable)/[ICRA]A3	Yes	12 Oct 2023	[ICRA]BBB-(Stable)/[ICRA]A3	No
10	Jain Housing and Constructions Limited	Realty	Bank facilities	1100	08 Sep 2023	Proposed to be listed	[ICRA]BB+ (Stable)	No			No
11	Gufic Biosciences Limited	Pharmaceuticals & Biotechnology	Bank Facilities	500	30 Aug 2023	Unlisted	[ICRA]BBB+(Stable)/ [ICRA]A2	No			No
12	Terna Sugars Private Limited	Commercial Services & Supplies	Bank Facilities	500	25 Aug 2023	Unlisted	[ICRA]B (Stable)	No			No
13	Sharada Erectors Private Limited	Realty	Bank Facilities	1908	11 Aug 2023	Unlisted	[ICRA]B+ (Stable)	No			Yes	Yes
14	Quint Digital Media Limited	Media	Fixed deposit	400	11 Aug 2023	Listed	[ICRA]BB+ (Stable)	No			No
15	Quint Digital Media Limited	Media	Commercial Paper	400	11 Aug 2023	Listed	[ICRA]A4+	No			No
16	BSL Limited	Textiles & Apparels	Bank Facilities	250	10 Aug 2023	Listed	[ICRA]BBB-(Stable)	No			No
17	VDB Projects Private Limited	Construction	Bank Facilities	1540	29 Jul 2023	Unlisted	[ICRA]BB (Stable)	No			No
18	Titagarh Rail Systems Limited (formerly Titagarh Wagons Limited)	Industrial Manufacturing	Issuer Rating	0	28 Jul 2023	Listed	[ICRA]A+(Stable)	No			No
19	E to E Transportation Infrastructure Private Limited	Construction	Bank Facilities	200	20 Jul 2023	Unlisted	[ICRA]BB+ (Stable)/[ICRA]A4+	No			No
20	Shreeyam Power and Steel Industries Limited	Ferrous Metals	Bank Facilities	1000	17 Jul 2023	Unlisted	[ICRA]BB+ (Stable)	No			No
21	HK Cement Industries Private Limited	Cement & Cement Products	Bank Facilities	1350	12 Jul 2023	Unlisted	[ICRA] D	No			No
22	National Realty Private Limited	Realty	Bank Facilities	4000	11 Jul 2023	Unlisted	[ICRA]BB+ (Stable)	No			No
23	Shri Ganesh Agro Foods	Agricultural Food & other Products	Bank Facilities	750	10 Jul 2023	Unlisted	[ICRA]BB (Stable)	No			No
24	Candeur Constructions Private Limited	Realty	Bank Facilities	6000	10 Jul 2023	Unlisted	[ICRA] BB- (Stable)	Yes	28 Aug 2023	[ICRA]BB- (Stable)	No
25	Ambica Constructions and Contractors	Construction	Bank Facilities	1000	06 Jul 2023	Unlisted	[ICRA]B (Stable) / [ICRA] A4	No			No
26	Viney Corporation Private Limited	Automobiles	Non-Convertible Debentures	250	03 Jul 2023	Proposed to be listed	[ICRA]BBB- (Stable)	No			No
27	Shrem InvIT	Transport Infrastructure	Non-Convertible Debenture	10000	03 Jul 2023	Proposed to be listed	Provisional [ICRA]AAA (Negative) 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 final upon: 1. Transfer of the remaining two SPVs to the InvIT*. These SPVs are: a. DBL Nidagatta Mysore Highways Pvt Ltd b. Pathrapali Kathgora Highways Pvt Ltd 2. Acquisition of the remaining 51% stake in the three SPVs (Bangalore Nidagatta, Chandikhole Bhadrak and Rewa Siddhi) Rating shall be converted into final upon execution of documentation or receipt of final terms of the proposed NCDs
28	Maxwell Hospital And Research Centre Private Limited	Healthcare Services	Bank Facilities	600	27 Jun 2023	Unlisted	[ICRA]B+ (Stable)	Yes	18 Jul 2023	[ICRA]B+ (Stable)	No
29	SRIAS Developers LLP	Realty	Bank Facilities	375	26 Jun 2023	Unlisted	[ICRA] BB (Stable)	No			No
30	Ratnapuri Constructions Private Limited	Realty	Non-Convertible Debentures	1250	23 Jun 2023	Proposed to be listed	[ICRA]D	No			No
31	Carbon Resources Private Limited	Chemicals & Petrochemicals	Bank Facilities	500	19 Jun 2023	Unlisted	[ICRA]A1+	No			No
32	Senapathy Whiteley Pvt Ltd	Electrical Equipment	Bank Facilities	250	19 Jun 2023	Unlisted	[ICRA]BB-(Stable)/ [ICRA]A4	No			No
33	Sunstar Precision Forge Limited	Auto Components	Issuer Rating	0	19 Jun 2023	Unlisted	[ICRA]BBB+ (Stable)	Yes	23 Jan 2024	[ICRA]BBB+ (Stable)	Yes	Yes
34	Devdashrath Infratech Private Limited	Other Construction Materials	Bank Facilities	780	15 Jun 2023	Unlisted	[ICRA]BB-(Stable) / [ICRA]A4	No			No
35	Raghava Projects	Realty	Bank Facilities	2250	09 Jun 2023	Unlisted	[ICRA]BB (Stable)	No			No
36	DRT-Anthea Aroma Chemicals Private Limited	Chemicals & Petrochemicals	Bank facilities	1130	05 Jun 2023	Unlisted	[ICRA]BBB (Stable) / [ICRA]A2	No			No
37	Ram Kumar Contractor Private Limited	Construction	Bank Facilities	700	31 May 2023	Unlisted	[ICRA]BBB+ (Stable)/[ICRA]A2	No			No
38	Shalimar Malls Private Limited	Realty	Bank Facilities	1550	26 May 2023	Unlisted	[ICRA]BB+ (Stable)/[ICRA]A4+	No			No
39	Hindustan Oil Exploration Company Limited	Oil	Bank Facilities	5000	23 May 2023	Listed	[ICRA]A-(Stable)/[ICRA]A2+	No			No
40	C5 Engineering Private Limited	Construction	Bank Facilities	1250	22 May 2023	Unlisted	[ICRA] BB-(Stable)/ [ICRA] A4	No			No
41	Symbio Generrics India Private Limited	Pharmaceuticals & Biotechnology	Bank Facilities	520	18 May 2023	Unlisted	[ICRA]BBB (Stable)/[ICRA]A3+	No			No
42	Ocean Pearl Hotels Private Limited	Leisure Services	Bank Facilities	720	11 May 2023	Unlisted	[ICRA]C+/[ICRA]A4	No			No
43	Mfar Kudavillingili Pvt. Ltd.	Leisure Services	Bank Facilities	65	10 May 2023	Unlisted	[ICRA]D	No			No		Amount in USD Million
44	Runwal Developers Pvt. Ltd.	Realty	Bank Facilities	250	08 May 2023	Unlisted	[ICRA]BBB+ (Stable)	No			No
45	Runwal Developers Pvt. Ltd.	Realty	Commercial Paper	250	08 May 2023	Unlisted	[ICRA]A2	No			No
46	LC Capital India Private Limited	Capital Markets	Bank Facilities	250	05 May 2023	Unlisted	[ICRA]BB-(Stable)/[ICRA]A4	No			No
47	DS Chewing Products LLP	Other Consumer Services	Bank Facilities	400	02 May 2023	Unlisted	[ICRA]A (Stable)	Yes	15 May 2023	[ICRA]A (Stable)	No
48	Maxim Tubes Company Private Limited	Ferrous Metals	Bank Facilities	1918.4	01 May 2023	Unlisted	[ICRA]BB+(Stable)/[ICRA]A4+	No			No
49	Rupa Renaissance Limited	Realty	Bank Facilities	4070	27 Apr 2023	Unlisted	[ICRA]BB+ (Stable)	No			No
50	Prince Gold and Diamonds India Private Limited	Consumer Durables	Bank Facilities	2350	27 Apr 2023	Unlisted	[ICRA]BB+(Stable)/[ICRA]A4+	No			No
51	Devdashrath Infratech Private Limited	Other Construction Materials	Bank Facilities	780	21 Apr 2023	Unlisted	[ICRA]B+(Stable)/ [ICRA] A4	No			Yes	Yes
52	Dinesh Engineers Limited	Construction	Bank Facilities	1800	21 Apr 2023	Unlisted	[ICRA]BB+(Stable)/[ICRA] A4+	No			No
53	Gujarat Mineral Development Corporation Limited	Consumable Fuels	Bank Facilities	10000	19 Apr 2023	Listed	[ICRA]A+ (Stable)	No			No
54	The KTM Jewellery Limited	Consumer Durables	Bank Facilities	2600	19 Apr 2023	Unlisted	[ICRA]BBB-(Stable)/[ICRA]A3	No			No
55	KKV Agro Powers Limited	Consumer Durables	Bank Facilities	195	19 Apr 2023	Unlisted	[ICRA]BB+(Stable)	No			No
56	AISECT Limited	Diversified	Bank Facilities	555	17 Apr 2023	Unlisted	[ICRA]BBB-(Stable)/[ICRA]A3	Yes	24 Apr 2023	[ICRA]BBB-(Stable)/[ICRA]A3	No
57	Brics Power Generation Private Limited	Power	Bank Facilities	350	12 Apr 2023	Unlisted	[ICRA]BB- (Stable)	No			No
58	Ripley Pride Limited	Transport Services	Bank Facilities	580	10 Apr 2023	Unlisted	[ICRA]BB+(Stable)	No			No
59	Sri Vijaya Lakshmi Raw & Boiled Rice Mill	Agricultural Food & other Products	Bank Facilities	350	04 Apr 2023	Unlisted	[ICRA]B+ (Stable)	No			No
60	Deepak Nitrite Limited	Chemicals & Petrochemicals	Bank Facilities	3400	31 Mar 2023	Unlisted	[ICRA]AA(Positive)/[ICRA]A1+	No			No
61	GRT Jewellers (India) Private Limited	Consumer Durables	Bank Facilities	1250	30 Mar 2023	Unlisted	[ICRA]AA(Stable)/[ICRA]A1+	No			No
62	Vision Plus Security Control Private Limited	IT - Services	Bank Facilities	140	30 Mar 2023	Unlisted	[ICRA]BB (Stable)	No			No
63	Choice Diamond	Consumer Durables	Bank Facilities	550	29 Mar 2023	Unlisted	[ICRA]BB+ (Stable)/ [ICRA]A4+	No			No
64	Anitha Texcot India Private Limited	Textiles & Apparels	Bank Facilities	350	29 Mar 2023	Unlisted	[ICRA]BB+(Stable)/ [ICRA]A4+	No			No
65	Indogulf Cropsciences Limited	Chemicals & Petrochemicals	Bank Facilities	250	28 Mar 2023	Unlisted	[ICRA]BBB+ (Stable)	Yes	16 May 2023	[ICRA]BBB+ (Stable)	No
66	GRIDCO Limited	Power	Issuer Rating	0	28 Mar 2023	Unlisted	[ICRA]BBB- (Stable)	No			No
67	Sonali Overseas Private Limited	Chemicals & Petrochemicals	Bank Facilities	1150	23 Mar 2023	Unlisted	[ICRA]BB+ (Stable)/ [ICRA]A4+	No			No
68	Evergreen Seamless Pipes & Tubes Private Limited	Commercial Services & Supplies	Bank Facilities	710	15 Mar 2023	Unlisted	[ICRA]BB+ (Stable)/[ICRA]A4+	No			No
69	IIFL Securities Limited	Capital Markets	Market- linked Debenture	10000	06 Mar 2023	Unlisted	PP-MLD[ICRA]AA- (Stable)	No			No
70	Greenam Energy Private Limited	Power	Bank Facilities	950	28 Feb 2023	Unlisted	[ICRA]BB-(Stable)	No			No
71	Chennai Radha Engineering Works (P) Limited	Industrial Manufacturing	Bank Facilities	350	28 Feb 2023	Unlisted	[ICRA]A (Stable)/[ICRA]A1	Yes	08 Mar 2023	[ICRA]A (Stable)/[ICRA]A1	No
72	Bramhacorp Limited	Realty	Bank Facilities	500	23 Feb 2023	Unlisted	[ICRA]BBB (Stable)	No			Yes	Yes	Rating was not accepted after review on 8-Jun-2023
73	J B Ecotex Limited	Textiles & Apparels	Bank Facilities	250	23 Feb 2023	Unlisted	[ICRA]BBB(Stable)/ [ICRA]A3+	No			No
74	Sitac Kabini Renewables Private Limited	Power	Bank Facilities	900	22 Feb 2023	Unlisted	[ICRA]A (Stable)	Yes	22 Feb 2023	[ICRA]A (Stable)	No
75	Petro Carbon And Chemicals Private Limited	Chemicals & Petrochemicals	Issuer rating	0	17 Feb 2023	Unlisted	[ICRA]BBB-(Stable)	No			No
76	Anil Neerukonda Educational Society	Other Consumer Services	Bank Facilities	1135.5	09 Feb 2023	Unlisted	[ICRA]BBB-(Stable)/[ICRA]A3	Yes	21 Feb 2023	[ICRA]BBB-(Stable)/[ICRA]A3	Yes	Yes
77	Enpro Industries Pvt. Ltd.	Industrial Manufacturing	Bank Facilities	750	27 Jan 2023	Unlisted	[ICRA]BBB+(Stable)/[ICRA]A2
78	Spandana Sphoorty Finance Limited	Finance	PTC Series A1(a)	306	27 Jan 2023	Unlisted	Provisional [ICRA]AA(SO) Rating in the absence of the pending actions/ documents: No rating would have been assigned as it would not be meaningful						The assigned ratings are provisional and would be converted into final upon execution of: 1. Trust deed 2. Assignment agreement 3. Legal opinion 4. Trustee letter 5. Power of Attorney 6. CA certificate 7. Any other Documents executed for the transaction including for cash collateral
79	Spandana Sphoorty Finance Limited	Finance	PTC Series A1(b)	35.1	27 Jan 2023	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						The assigned ratings are provisional and would be converted into final upon execution of: 1. Trust deed 2. Assignment agreement 3. Legal opinion 4. Trustee letter 5. Power of Attorney 6. CA certificate 7. Any other Documents executed for the transaction including for cash collateral
80	Spillikin Private Limited	Realty	Bank Facilities	527.9	25 Jan 2023	Unlisted	[ICRA] BB (Stable)
81	Jaisingh Alloys Private Limited	Non - Ferrous Metals	Bank Facilities	200	24 Jan 2023	Unlisted	[ICRA]BB-(Stable)/[ICRA]A4
82	Haresh Petrochem Private Limited	Chemicals & Petrochemicals	Issuer Rating	0	20 Jan 2023	Unlisted	[ICRA] BB+ (Stable)
83	Transmission Corporation of Telangana Ltd.	Power	Bank Facilities	500	19 Jan 2023	Unlisted	[ICRA]BB+ (Stable)
84	MS Agarwal Foundries Private Limited	Ferrous Metals	Issuer Rating	0	17 Jan 2023	Unlisted	[ICRA]BBB-(Stable)
85	Keystone Infra Private Limited	Construction	Bank Facilities	250	16 Jan 2023	Unlisted	[ICRA]BBB+ (Stable)/[ICRA] A2
86	Ciro Pharma Private Limited	Pharmaceuticals & Biotechnology	Bank Facilities	1400	16 Jan 2023	Unlisted	[ICRA]BB- (Stable)
87	ECE Industries Limited	Electrical Equipment	Bank Facilities	2150	13 Jan 2023	Unlisted	[ICRA]BBB(Stable)/[ICRA]A2
88	VR Dakshin Private Limited (formerly Sugam Vanijya Holdings Private Limited)	Retailing	Non-Convertible Debentures	7500	13 Jan 2023	Unlisted	[ICRA]BBB (Stable)	Yes	28 Feb 2023	[ICRA]BBB (Stable)	No
89	Bilagi Sugar Mill Limited	Agricultural Food & other Products	Bank Facilities	6500	10 Jan 2023	Unlisted	[ICRA]D/[ICRA]D
90	Mahamaya Finance Private Limited	Finance	Bank Facilities	50	09 Jan 2023	Unlisted	[ICRA]B+ (Stable)
91	Requity Platform LLP	Realty	Bank Facilities	900	09 Jan 2023	Unlisted	[ICRA] BB- (Stable)
92	Vishal Fabrics Limited	Textiles & Apparels	Bank Facilities	3437.6	06 Jan 2023	Listed	[ICRA]BBB+ (Stable)/ [ICRA]A2
93	Kikani Exports Private Limited	Commercial Services & Supplies	Bank Facilities	467.5	02 Jan 2023	Unlisted	[ICRA]BB+(Stable)/ [ICRA]A4+
94	Sri Lakshmi Venkateswara Hygienic Foods Private Limited*	Food Products	Bank Facilities	506.4	29 Dec 2022	Unlisted	[ICRA]BB-(Stable)/[ICRA]A4
95	Independent Resources India Private Limited	Commercial Services & Supplies	Bank Facilities	210	26 Dec 2022	Unlisted	[ICRA]B+ (Stable)
96	Cauvery Iron And Steel (India) Limited	Ferrous Metals	Bank Facilities	400	26 Dec 2022	Unlisted	[ICRA]BB+ (Stable)
97	Indostar Home Finance Private Limited	Finance	SN Series A	988.7	23 Dec 2022	Unlisted	Provisional [ICRA]AAA(SO) Rating in the absence of the pending actions/ documents: No rating would have been assigned as it would not be meaningful						The assigned rating are provisional and would be converted into final upon execution of: 1. Trust deed 2. Assignment agreement 3. Legal opinion 4. Trustee letter 5. Power of Attorney 6. CA certificate 7. Any other documents executed for the transaction including for cash collateral
98	Protium Finance Limited	Finance	Series A1 PTCs	183.4	23 Dec 2022	Unlisted	Provisional [ICRA]AA(SO) Rating in the absence of the pending actions/ documents: No rating would have been assigned as it would not be meaningful						The assigned rating are provisional and would be converted into final upon execution of: 1. Trust deed 2. Assignment agreement 3. Legal opinion 4. Trustee letter 5. Power of Attorney 6. CA certificate 7. Any other documents executed for the transaction including for cash collateral
99	Comnet Solutions Private Limited	IT - Hardware	Bank Facilities	300	22 Dec 2022	Unlisted	[ICRA]BBB-(Stable) /[ICRA]A3	Yes	12 Oct 2023	[ICRA]BBB- (Stable)/[ICRA]A3
100	Switz Foods Private Limited	Food Products	Issuer Rating	0	21 Dec 2022	Unlisted	[ICRA]BBB+ (Stable)

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.