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Ratings assigned and not accepted (as on 18 Jul 2024)

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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 Kalyani Steels Limited Ferrous Metals Commercial Paper 500 18 Jul 2024 Listed [ICRA]A1+ Yes 18 Jul 2024 [ICRA]A1+ No
2 Fairways Toll and Security Services Private Limited Transport Services Bank Facilities 600 16 Jul 2024 Unlisted [ICRA]BB- (Stable)/[ICRA]A4 No No
3 AMP Energy C&I Five Private Limited Power Bank Facilities 710 15 Jul 2024 Unlisted [ICRA]BBB+ (Positive) No No
4 Kargwal Constructions Private Limited Construction Bank Facilities 700 15 Jul 2024 Unlisted [ICRA]BB-(Stable) No No
5 Kean Construction Private Limited Construction Bank Facilities 750 15 Jul 2024 Unlisted [ICRA]B+(Stable) No No
6 E to E Transportation Infrastructure Private Limited Construction Bank Facilities 1100 10 Jul 2024 Unlisted [ICRA]BB+(Positive)/[ICRA]A4+ No No
7 The Jute Corporation Of India Limited Commercial Services & Supplies Bank Facilities 2500 05 Jul 2024 Unlisted [ICRA]A+ (Stable) Yes 08 Jul 2024 [ICRA]A+ (Stable) No
8 Graphic Era Education Society Other Consumer Services Bank Facilities 2000 26 Jun 2024 Unlisted [ICRA]BBB+(Negative)/ [ICRA]A2 No No
9 Agra Waste Water Management Private Limited Other Utilities Issuer Rating 0 25 Jun 2024 Unlisted [ICRA]BBB+(Stable) Yes 26 Jun 2024 [ICRA]BBB+(Stable) No
10 Parsons Nutritionals Private Limited Food Products Bank Facilities 279.8 21 Jun 2024 Unlisted [ICRA]BBB+ (Positive) No No
11 The Peerless General Finance & Investment Company Limited Finance Bank Facilities 2500 28 May 2024 Unlisted [ICRA]BBB+ (Stable) No No
12 SHANKARANARAYANA CONSTRUCTIONS PRIVATE LIMITED Construction Bank Facilities 5000 27 May 2024 Unlisted [ICRA]A (Stable) / [ICRA]A1 No No
13 Bio-Pharma Laboratories Private Limited Pharmaceuticals & Biotechnology Bank Facilities 200 22 May 2024 Unlisted [ICRA]BB (Stable) / [ICRA]A4+ No No NA
14 Padam Interiors Construction Bank Facilities 1387.5 06 May 2024 Unlisted [ICRA]BBB+(Stable)/[ICRA]A2 Yes 07 May 2024 [ICRA]BBB+(Stable)/[ICRA]A2 No
15 Transformers & Rectifiers (India) Limited Electrical Equipment Bank Facilities 100 25 Apr 2024 Listed [ICRA]BBB+ (Stable)/[ICRA]A2 No No
16 Kandhari Beverages Private Limited Beverages Bank Facilities 5920 22 Apr 2024 Unlisted [ICRA]A+ (Stable)/[ICRA]A1 Yes 10 Jun 2024 [ICRA]A+ (Stable)/ [ICRA]A1 No
17 Ecofy Finance Private Limited Finance Bank Facilities 1000 19 Apr 2024 Unlisted [ICRA]BBB+ (Stable) No No
18 Pristine Mega Logistics Park Private Limited Transport Services Non-Convertible Debenture 3500 12 Apr 2024 Unlisted [ICRA] BBB(Stable) No No Proposed-Unlisted
19 The Chanakya University Other Consumer Services Bank Facilities 875 05 Apr 2024 Unlisted [ICRA]B+ (Stable)/[ICRA]A4 No No
20 Sudhakara Infratech Private Limited Construction Bank Facilities 500 05 Apr 2024 Unlisted [ICRA]BBB+ (Stable)/[ICRA] A2 Yes 11 Apr 2024 [ICRA]BBB+ (Stable)/[ICRA]A2 No
21 Hangyo Icecreams Private Limited Food Products Bank Facilities 530 01 Apr 2024 Unlisted [ICRA]BB+ (Stable)/[ICRA]A4+ No No
22 NJ Food Products LLP Beverages Bank Facilities 4320 29 Mar 2024 Unlisted [ICRA]BBB-(Stable)/[ICRA]A3 No No
23 Gilpin Tours and Travel Management India Private limited Leisure Services Bank Facilities 400 28 Mar 2024 Unlisted [ICRA]BB+ (Stable) No No
24 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
25 JR Housing Developers Private Limited Realty Bank Facilities 1000 20 Mar 2024 Unlisted [ICRA]BB- (Stable) No No
26 Gandhar Oil Refinery (India) Limited Chemicals & Petrochemicals Issuer rating 0 18 Mar 2024 Listed [ICRA]A (Stable) No No
27 SKH Marelli Exhaust Systems Private Limited Auto Components Bank Facilities 1243.7 06 Mar 2024 Unlisted [ICRA]BBB (Stable) / [ICRA]A3+ No No
28 Shekar Logistics Pvt Ltd Transport Services Bank Facilities 350 01 Mar 2024 Unlisted [ICRA]B(Stable) / [ICRA]A4 No No
29 Hind Rectifiers Limited Electrical Equipment Bank Facilities 300 14 Feb 2024 Unlisted [ICRA]BBB-(Stable)/ [ICRA]A3 No No
30 Chennai Fresh Foods Food Products Bank Facilities 435 14 Feb 2024 Unlisted [ICRA]B+ (Stable) Yes 22 Apr 2024 [ICRA]B+ (Stable) No
31 Shrem Infra Invest Private Limited Finance Non-Convertible Debenture 1700 12 Feb 2024 Listed [ICRA]AA- (Stable) No No
32 GSNR Rice Industries Private Limited Food Products Bank Facilities 300 07 Feb 2024 Unlisted [ICRA]BB (Stable) No No
33 Shyamaraju and Company (India) Private Limited Realty Bank Facilities 10902.5 29 Jan 2024 Unlisted [ICRA]BBB- (Stable) No No
34 MetTube Copper India Private Limited Non - Ferrous Metals Bank Facilities 2125 22 Jan 2024 Unlisted [ICRA]BB (Stable)/[ICRA]A4 No No NA
35 Tuticorin International Container Terminal Private Limited Transport Infrastructure Bank Facilities 5174.1 22 Jan 2024 Unlisted [ICRA] A-(Stable)/[ICRA]A2+ No No NA
36 Ballard Pier Private Limited Transport Infrastructure Bank Facilities 1950 22 Jan 2024 Unlisted [ICRA] BBB+ (Stable) No No NA
37 Munjal Kiriu Industries Private Limited Auto Components Bank Facilities 31.67 15 Jan 2024 Unlisted [ICRA]A+(Stable) No No Rating assigned at [ICRA]A+ (Stable) by RC, however not accepted by client
38 Transmission Corporation of Telangana Limited Power Bank Facilities 500 06 Jan 2024 Unlisted [ICRA] BB+ (Stable) No No
39 Greenergy Wind Corporation Private Limited Power Bank Facilities 200 02 Jan 2024 Unlisted [ICRA]BBB+ (Stable) No No
40 Hindusthan Microfinance Private Limited Finance Bank Facilities 250 30 Dec 2023 Unlisted [ICRA]BB+ (Stable) No No Company has not accepted the rating.
41 Adani Capital Private Limited Finance Commercial Paper 500 13 Dec 2023 Proposed to be listed [ICRA]A1; Rating watch with positive implications No No
42 Ksolves India Limited IT - Services Issuer Rating 0 13 Dec 2023 Unlisted [ICRA]BB+ (Stable) No No
43 Seros Shipping Private Limited Transport Services Bank Facilities 1000 23 Nov 2023 Unlisted [ICRA] BB+ (Stable) No No
44 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
45 Tolani Shipping Company Limited Transport Services Bank Facilities 1148 14 Nov 2023 Unlisted [ICRA]BBB+ (Stable) No No
46 Aarnav Fashions Limited Textiles & Apparels Issuer Rating 0 07 Nov 2023 Unlisted [ICRA]BB+ (Stable) No No Ratings communicated to entity on October 30, 2023. No response received from the entity within the timelines communicated.
47 Manleo Foods Private Limited Agricultural Food & other Products Bank Facilities 950 31 Oct 2023 Unlisted [ICRA]B+ (Stable) No No We communicated the ratings to the client on October 20, 2023. We did not receive any mail from the client.
48 Usha Martin Ltd Industrial Products Issuer Rating 0 30 Oct 2023 Listed [ICRA]A (Stable) No No
49 Tirupati Sugars Limited Agricultural Food & other Products Bank Facilites 3541.2 21 Oct 2023 Unlisted [ICRA]BB+ (Stable) No No
50 Hotel Sara Leisure Services Bank Facilities 350 16 Oct 2023 Unlisted [ICRA]BB- (Stable) No No
51 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
52 Landsky Engineers Pvt Ltd Industrial Manufacturing Bank Facilities 1250 12 Oct 2023 Unlisted [ICRA] B+(Stable)/ [ICRA]A4 No No
53 Ram Kripal Singh Construction Pvt. Ltd. Construction Bank Facilities 2250 28 Sep 2023 Unlisted [ICRA]BBB+(Stable) / [ICRA]A2 No No
54 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
55 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
56 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
57 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
58 Jain Housing and Constructions Limited Realty Bank facilities 1100 08 Sep 2023 Proposed to be listed [ICRA]BB+ (Stable) No No
59 Gufic Biosciences Limited Pharmaceuticals & Biotechnology Bank Facilities 500 30 Aug 2023 Unlisted [ICRA]BBB+(Stable)/ [ICRA]A2 No No
60 Terna Sugars Private Limited Commercial Services & Supplies Bank Facilities 500 25 Aug 2023 Unlisted [ICRA]B (Stable) No No
61 Sharada Erectors Private Limited Realty Bank Facilities 1908 11 Aug 2023 Unlisted [ICRA]B+ (Stable) No Yes Yes Rating was not accepted after review on 8-Jan-2024
62 Quint Digital Media Limited Media Fixed deposit 400 11 Aug 2023 Listed [ICRA]BB+ (Stable) No No
63 Quint Digital Media Limited Media Commercial Paper 400 11 Aug 2023 Listed [ICRA]A4+ No No
64 BSL Limited Textiles & Apparels Bank Facilities 250 10 Aug 2023 Listed [ICRA]BBB-(Stable) No No
65 VDB Projects Private Limited Construction Bank Facilities 1540 29 Jul 2023 Unlisted [ICRA]BB (Stable) No No
66 Titagarh Rail Systems Limited (formerly Titagarh Wagons Limited) Industrial Manufacturing Issuer Rating 0 28 Jul 2023 Listed [ICRA]A+(Stable) No No
67 E to E Transportation Infrastructure Private Limited Construction Bank Facilities 200 20 Jul 2023 Unlisted [ICRA]BB+ (Stable)/[ICRA]A4+ 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.