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Rating Rationales

01 Aug 2025

Ascend Bizcap Private Limited: [ICRA]BBB- (Stable) assigned

Ascend Bizcap Private Limited: [ICRA]BBB- (Stable) assigned

01 Aug 2025

Bansal Alloys & Metals Private Limited: Ratings reaffirmed

Bansal Alloys & Metals Private Limited: Ratings reaffirmed

01 Aug 2025

Cumbum Expressways Private Limited: Rating assigned

Cumbum Expressways Private Limited: Rating assigned

01 Aug 2025

Finolex J-Power Systems Limited: Ratings reaffirmed; removed from Issuer Not-Cooperating category; rated amount enhanced

Finolex J-Power Systems Limited: Ratings reaffirmed; removed from Issuer Not-Cooperating category; rated amount enhanced

01 Aug 2025

GTN Engineering India Limited: Ratings reaffirmed; rated amount enhanced

GTN Engineering India Limited: Ratings reaffirmed; rated amount enhanced

01 Aug 2025

Kinara Capital Private Limited: Ratings downgraded

Kinara Capital Private Limited: Ratings downgraded

01 Aug 2025

Natco Pharma Limited: Update on material event

Natco Pharma Limited: Update on material event

01 Aug 2025

Premier Alloys & Chemicals Private Limited: Rating downgraded to [ICRA]BBB(Stable); outlook revised to Stable

Premier Alloys & Chemicals Private Limited: Rating downgraded to [ICRA]BBB(Stable); outlook revised to Stable

31 Jul 2025

Aarsh Fincon Limited (erstwhile Akme Fincon Limited): Rating withdrawn

Aarsh Fincon Limited (erstwhile Akme Fincon Limited): Rating withdrawn

31 Jul 2025

Avaada MHGreen Private Limited: Rating upgraded to [ICRA]A (Stable)

Avaada MHGreen Private Limited: Rating upgraded to [ICRA]A (Stable)


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Structured Finance Rating Rationales

01 Aug 2025

Cars24 Financial Services Private Limited: Ratings withdrawn for PTCs issued under a used car loan securitisation transaction

Cars24 Financial Services Private Limited: Ratings withdrawn for PTCs issued under a used car loan securitisation transaction

01 Aug 2025

Lendingkart Finance Limited: Rating withdrawn for PTCs backed by pool of unsecured small business loan receivables

Lendingkart Finance Limited: Rating withdrawn for PTCs backed by pool of unsecured small business loan receivables

01 Aug 2025

NeoGrowth Credit Private Limited: Ratings withdrawn for PTCs issued under two MSME business loan receivables

NeoGrowth Credit Private Limited: Ratings withdrawn for PTCs issued under two MSME business loan receivables

01 Aug 2025

Nido Home Finance Limited: Provisional [ICRA]AAA(SO) assigned to asset-backed securities backed by home loan receivables issued by HL Trust 29

Nido Home Finance Limited: Provisional [ICRA]AAA(SO) assigned to asset-backed securities backed by home loan receivables issued by HL Trust 29

01 Aug 2025

Svasti Microfinance Private Limited: Provisional [ICRA]A-(SO) assigned to PTCs backed by microfinance loan receivables issued by Aludra 07 2025

Svasti Microfinance Private Limited: Provisional [ICRA]A-(SO) assigned to PTCs backed by microfinance loan receivables issued by Aludra 07 2025

01 Aug 2025

Svasti Microfinance Private Limited: Provisional [ICRA]A-(SO) assigned to PTCs backed by microfinance loan receivables issued by LoanX Sorrel Jul 2025

Svasti Microfinance Private Limited: Provisional [ICRA]A-(SO) assigned to PTCs backed by microfinance loan receivables issued by LoanX Sorrel Jul 2025

31 Jul 2025

Aviom India Housing Finance Pvt Ltd: Provisional rating withdrawn

Aviom India Housing Finance Pvt Ltd: Provisional rating withdrawn

31 Jul 2025

Cholamandalam Investment and Finance Company Limited: Provisional [ICRA]AAA(SO) assigned to PTCs backed by vehicle loan receivables issued by PLATINUM TRUST JUN 2025 - TRANCHE I; Provisional [ICRA]A-(SO) assigned to second loss facility

Cholamandalam Investment and Finance Company Limited: Provisional [ICRA]AAA(SO) assigned to PTCs backed by vehicle loan receivables issued by PLATINUM TRUST JUN 2025 - TRANCHE I; Provisional [ICRA]A-(SO) assigned to second loss facility

31 Jul 2025

Muthoot Microfin Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Olympus 07

Muthoot Microfin Limited: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Olympus 07

30 Jul 2025

Akara Capital Advisors Private Limited: Provisional [ICRA]A(SO) assigned to PTCs backed by personal loan receivables issued by SUKHOI - 2025

Akara Capital Advisors Private Limited: Provisional [ICRA]A(SO) assigned to PTCs backed by personal loan receivables issued by SUKHOI - 2025


Our Rating Approach & Methodologies

ICRA's Rating process starts when the issuer contacts
our business team to engage our services.

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30 Jul 2025 04:00 PM

Affordable Housing Finance- Trends and Outlook

--By Mr. Karthik Srinivasan,Mr. A M Karthik,Mr. Sandeep Sharma
PPT
22 Jul 2025 04:00 PM

Indian Construction Sector – Trends and Outlook

--By Mr. Suprio Banerjee,Mr. Rohit Agarwal,Mr. Mrinal Jain
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