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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 Altfin Asset Solutions Private Limited Finance Series 1 PTCs 85.5 22 Mar 2024 Proposed to be listed 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
2 JR Housing Developers Private Limited Realty Bank Facilities 1000 20 Mar 2024 Unlisted [ICRA]BB- (Stable) Yes 02 May 2024 [ICRA]BB- (Stable) No
3 Gandhar Oil Refinery (India) Limited Chemicals & Petrochemicals Issuer rating 0 18 Mar 2024 Listed [ICRA]A (Stable) No No
4 SKH Marelli Exhaust Systems Private Limited Auto Components Bank Facilities 1243.7 06 Mar 2024 Unlisted [ICRA]BBB (Stable) / [ICRA]A3+ Yes 09 Aug 2024 [ICRA]BBB(Stable)/[ICRA]A3+ No
5 Shekar Logistics Pvt Ltd Transport Services Bank Facilities 350 01 Mar 2024 Unlisted [ICRA]B(Stable) / [ICRA]A4 No No
6 Hind Rectifiers Limited Electrical Equipment Bank Facilities 300 14 Feb 2024 Unlisted [ICRA]BBB-(Stable)/ [ICRA]A3 No No
7 Chennai Fresh Foods Food Products Bank Facilities 435 14 Feb 2024 Unlisted [ICRA]B+ (Stable) Yes 22 Apr 2024 [ICRA]B+ (Stable) No
8 Shrem Infra Invest Private Limited Finance Non-Convertible Debenture 1700 12 Feb 2024 Listed [ICRA]AA- (Stable) No No
9 GSNR Rice Industries Private Limited Food Products Bank Facilities 300 07 Feb 2024 Unlisted [ICRA]BB (Stable) No No
10 Shyamaraju and Company (India) Private Limited Realty Bank Facilities 10902.5 29 Jan 2024 Unlisted [ICRA]BBB- (Stable) No No
11 MetTube Copper India Private Limited Non - Ferrous Metals Bank Facilities 2125 22 Jan 2024 Unlisted [ICRA]BB (Stable)/[ICRA]A4 No No
12 Tuticorin International Container Terminal Private Limited Transport Infrastructure Bank Facilities 5174.1 22 Jan 2024 Unlisted [ICRA] A-(Stable)/[ICRA]A2+ No No
13 Ballard Pier Private Limited Transport Infrastructure Bank Facilities 1950 22 Jan 2024 Unlisted [ICRA] BBB+ (Stable) No No
14 Munjal Kiriu Industries Private Limited Auto Components Bank Facilities 31.67 15 Jan 2024 Unlisted [ICRA]A+(Stable) No No
15 Transmission Corporation of Telangana Limited Power Bank Facilities 500 06 Jan 2024 Unlisted [ICRA] BB+ (Stable) No No
16 Greenergy Wind Corporation Private Limited Power Bank Facilities 200 02 Jan 2024 Unlisted [ICRA]BBB+ (Stable) No No
17 Hindusthan Microfinance Private Limited Finance Bank Facilities 250 30 Dec 2023 Unlisted [ICRA]BB+ (Stable) No No
18 Adani Capital Private Limited Finance Commercial Paper 500 13 Dec 2023 Proposed to be listed [ICRA]A1; Rating watch with positive implications No No
19 Ksolves India Limited IT - Services Issuer Rating 0 13 Dec 2023 Unlisted [ICRA]BB+ (Stable) No No
20 Seros Shipping Private Limited Transport Services Bank Facilities 1000 23 Nov 2023 Unlisted [ICRA] BB+ (Stable) No No
21 Vriksh Advisors Private Limited Finance Series 1 PTCs 91.9 22 Nov 2023 Proposed to be listed Provisional [ICRA]B-(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
22 Tolani Shipping Company Limited Transport Services Bank Facilities 1148 14 Nov 2023 Unlisted [ICRA]BBB+ (Stable) No No
23 Aarnav Fashions Limited Textiles & Apparels Issuer Rating 0 07 Nov 2023 Unlisted [ICRA]BB+ (Stable) No No
24 Manleo Foods Private Limited Agricultural Food & other Products Bank Facilities 950 31 Oct 2023 Unlisted [ICRA]B+ (Stable) No No
25 Usha Martin Ltd Industrial Products Issuer Rating 0 30 Oct 2023 Listed [ICRA]A (Stable) No No
26 Tirupati Sugars Limited Agricultural Food & other Products Bank Facilites 3541.2 21 Oct 2023 Unlisted [ICRA]BB+ (Stable) No No
27 Hotel Sara Leisure Services Bank Facilities 350 16 Oct 2023 Unlisted [ICRA]BB- (Stable) No No
28 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
29 Landsky Engineers Pvt Ltd Industrial Manufacturing Bank Facilities 1250 12 Oct 2023 Unlisted [ICRA] B+(Stable)/ [ICRA]A4 No No
30 Ram Kripal Singh Construction Pvt. Ltd. Construction Bank Facilities 2250 28 Sep 2023 Unlisted [ICRA]BBB+(Stable) / [ICRA]A2 No No
31 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
32 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
33 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
34 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
35 Jain Housing and Constructions Limited Realty Bank facilities 1100 08 Sep 2023 Proposed to be listed [ICRA]BB+ (Stable) No No
36 Gufic Biosciences Limited Pharmaceuticals & Biotechnology Bank Facilities 500 30 Aug 2023 Unlisted [ICRA]BBB+(Stable)/ [ICRA]A2 No No
37 Terna Sugars Private Limited Commercial Services & Supplies Bank Facilities 500 25 Aug 2023 Unlisted [ICRA]B (Stable) No No
38 Sharada Erectors Private Limited Realty Bank Facilities 1908 11 Aug 2023 Unlisted [ICRA]B+ (Stable) No Yes Yes
39 Quint Digital Media Limited Media Fixed deposit 400 11 Aug 2023 Listed [ICRA]BB+ (Stable) No No
40 Quint Digital Media Limited Media Commercial Paper 400 11 Aug 2023 Listed [ICRA]A4+ No No
41 BSL Limited Textiles & Apparels Bank Facilities 250 10 Aug 2023 Listed [ICRA]BBB-(Stable) No No
42 VDB Projects Private Limited Construction Bank Facilities 1540 29 Jul 2023 Unlisted [ICRA]BB (Stable) No No
43 Titagarh Rail Systems Limited (formerly Titagarh Wagons Limited) Industrial Manufacturing Issuer Rating 0 28 Jul 2023 Listed [ICRA]A+(Stable) No No
44 E to E Transportation Infrastructure Private Limited Construction Bank Facilities 200 20 Jul 2023 Unlisted [ICRA]BB+ (Stable)/[ICRA]A4+ No No
45 Shreeyam Power and Steel Industries Limited Ferrous Metals Bank Facilities 1000 17 Jul 2023 Unlisted [ICRA]BB+ (Stable) No No
46 HK Cement Industries Private Limited Cement & Cement Products Bank Facilities 1350 12 Jul 2023 Unlisted [ICRA] D No No
47 National Realty Private Limited Realty Bank Facilities 4000 11 Jul 2023 Unlisted [ICRA]BB+ (Stable) No No
48 Shri Ganesh Agro Foods Agricultural Food & other Products Bank Facilities 750 10 Jul 2023 Unlisted [ICRA]BB (Stable) No No
49 Candeur Constructions Private Limited Realty Bank Facilities 6000 10 Jul 2023 Unlisted [ICRA] BB- (Stable) Yes 28 Aug 2023 [ICRA]BB- (Stable) No
50 Ambica Constructions and Contractors Construction Bank Facilities 1000 06 Jul 2023 Unlisted [ICRA]B (Stable) / [ICRA] A4 No No
51 Viney Corporation Private Limited Automobiles Non-Convertible Debentures 250 03 Jul 2023 Proposed to be listed [ICRA]BBB- (Stable) No No
52 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
53 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
54 SRIAS Developers LLP Realty Bank Facilities 375 26 Jun 2023 Unlisted [ICRA] BB (Stable) No No
55 Ratnapuri Constructions Private Limited Realty Non-Convertible Debentures 1250 23 Jun 2023 Proposed to be listed [ICRA]D No No
56 Carbon Resources Private Limited Chemicals & Petrochemicals Bank Facilities 500 19 Jun 2023 Unlisted [ICRA]A1+ No No
57 Senapathy Whiteley Pvt Ltd Electrical Equipment Bank Facilities 250 19 Jun 2023 Unlisted [ICRA]BB-(Stable)/ [ICRA]A4 No No
58 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
59 Devdashrath Infratech Private Limited Other Construction Materials Bank Facilities 780 15 Jun 2023 Unlisted [ICRA]BB-(Stable) / [ICRA]A4 No No
60 Raghava Projects Realty Bank Facilities 2250 09 Jun 2023 Unlisted [ICRA]BB (Stable) No No
61 DRT-Anthea Aroma Chemicals Private Limited Chemicals & Petrochemicals Bank facilities 1130 05 Jun 2023 Unlisted [ICRA]BBB (Stable) / [ICRA]A2 No No
62 Ram Kumar Contractor Private Limited Construction Bank Facilities 700 31 May 2023 Unlisted [ICRA]BBB+ (Stable)/[ICRA]A2 No No
63 Shalimar Malls Private Limited Realty Bank Facilities 1550 26 May 2023 Unlisted [ICRA]BB+ (Stable)/[ICRA]A4+ No No
64 Hindustan Oil Exploration Company Limited Oil Bank Facilities 5000 23 May 2023 Listed [ICRA]A-(Stable)/[ICRA]A2+ No No
65 C5 Engineering Private Limited Construction Bank Facilities 1250 22 May 2023 Unlisted [ICRA] BB-(Stable)/ [ICRA] A4 No No
66 Symbio Generrics India Private Limited Pharmaceuticals & Biotechnology Bank Facilities 520 18 May 2023 Unlisted [ICRA]BBB (Stable)/[ICRA]A3+ No No
67 Ocean Pearl Hotels Private Limited Leisure Services Bank Facilities 720 11 May 2023 Unlisted [ICRA]C+/[ICRA]A4 No No
68 Mfar Kudavillingili Pvt. Ltd. Leisure Services Bank Facilities 65 10 May 2023 Unlisted [ICRA]D No No Amount in USD Million
69 Runwal Developers Pvt. Ltd. Realty Bank Facilities 250 08 May 2023 Unlisted [ICRA]BBB+ (Stable) No No
70 Runwal Developers Pvt. Ltd. Realty Commercial Paper 250 08 May 2023 Unlisted [ICRA]A2 No No
71 LC Capital India Private Limited Capital Markets Bank Facilities 250 05 May 2023 Unlisted [ICRA]BB-(Stable)/[ICRA]A4 No No
72 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
73 Maxim Tubes Company Private Limited Ferrous Metals Bank Facilities 1918.4 01 May 2023 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+ No No
74 Rupa Renaissance Limited Realty Bank Facilities 4070 27 Apr 2023 Unlisted [ICRA]BB+ (Stable) No No
75 Prince Gold and Diamonds India Private Limited Consumer Durables Bank Facilities 2350 27 Apr 2023 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+ No No
76 Devdashrath Infratech Private Limited Other Construction Materials Bank Facilities 780 21 Apr 2023 Unlisted [ICRA]B+(Stable)/ [ICRA] A4 No Yes Yes
77 Dinesh Engineers Limited Construction Bank Facilities 1800 21 Apr 2023 Unlisted [ICRA]BB+(Stable)/[ICRA] A4+ No No
78 Gujarat Mineral Development Corporation Limited Consumable Fuels Bank Facilities 10000 19 Apr 2023 Listed [ICRA]A+ (Stable) No No
79 The KTM Jewellery Limited Consumer Durables Bank Facilities 2600 19 Apr 2023 Unlisted [ICRA]BBB-(Stable)/[ICRA]A3 No No
80 KKV Agro Powers Limited Consumer Durables Bank Facilities 195 19 Apr 2023 Unlisted [ICRA]BB+(Stable) No No
81 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
82 Brics Power Generation Private Limited Power Bank Facilities 350 12 Apr 2023 Unlisted [ICRA]BB- (Stable) No No
83 Ripley Pride Limited Transport Services Bank Facilities 580 10 Apr 2023 Unlisted [ICRA]BB+(Stable) No No
84 Sri Vijaya Lakshmi Raw & Boiled Rice Mill Agricultural Food & other Products Bank Facilities 350 04 Apr 2023 Unlisted [ICRA]B+ (Stable) No No
85 Deepak Nitrite Limited Chemicals & Petrochemicals Bank Facilities 3400 31 Mar 2023 Unlisted [ICRA]AA(Positive)/[ICRA]A1+ No No
86 GRT Jewellers (India) Private Limited Consumer Durables Bank Facilities 1250 30 Mar 2023 Unlisted [ICRA]AA(Stable)/[ICRA]A1+ No No
87 Vision Plus Security Control Private Limited IT - Services Bank Facilities 140 30 Mar 2023 Unlisted [ICRA]BB (Stable) No No
88 Choice Diamond Consumer Durables Bank Facilities 550 29 Mar 2023 Unlisted [ICRA]BB+ (Stable)/ [ICRA]A4+ No No
89 Anitha Texcot India Private Limited Textiles & Apparels Bank Facilities 350 29 Mar 2023 Unlisted [ICRA]BB+(Stable)/ [ICRA]A4+ No No
90 Indogulf Cropsciences Limited Chemicals & Petrochemicals Bank Facilities 250 28 Mar 2023 Unlisted [ICRA]BBB+ (Stable) Yes 16 May 2023 [ICRA]BBB+ (Stable) No
91 GRIDCO Limited Power Issuer Rating 0 28 Mar 2023 Unlisted [ICRA]BBB- (Stable) No No
92 Sonali Overseas Private Limited Chemicals & Petrochemicals Bank Facilities 1150 23 Mar 2023 Unlisted [ICRA]BB+ (Stable)/ [ICRA]A4+ No No
93 Evergreen Seamless Pipes & Tubes Private Limited Commercial Services & Supplies Bank Facilities 710 15 Mar 2023 Unlisted [ICRA]BB+ (Stable)/[ICRA]A4+ No No
94 IIFL Securities Limited Capital Markets Market- linked Debenture 10000 06 Mar 2023 Unlisted PP-MLD[ICRA]AA- (Stable) No No
95 Greenam Energy Private Limited Power Bank Facilities 950 28 Feb 2023 Unlisted [ICRA]BB-(Stable) No No
96 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
97 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
98 J B Ecotex Limited Textiles & Apparels Bank Facilities 250 23 Feb 2023 Unlisted [ICRA]BBB(Stable)/ [ICRA]A3+ No No
99 Sitac Kabini Renewables Private Limited Power Bank Facilities 900 22 Feb 2023 Unlisted [ICRA]A (Stable) Yes 22 Feb 2023 [ICRA]A (Stable) No
100 Petro Carbon And Chemicals Private Limited Chemicals & Petrochemicals Issuer rating 0 17 Feb 2023 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.