ICRA Limited

Ratings assigned and not accepted (as on 06 May 2024)

1	2	3	4	5	6	7	8	9	10	11	12	13	14
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	Padam Interiors	Construction	Bank Facilities	1387.5	06 May 2024	Unlisted	[ICRA]BBB+(Stable)/[ICRA]A2	No			No
2	Transformers & Rectifiers (India) Limited	Electrical Equipment	Bank Facilities	100	25 Apr 2024	Listed	[ICRA]BBB+ (Stable)/[ICRA]A2	No			No
3	Kandhari Beverages Private Limited	Beverages	Bank Facilities	5920	22 Apr 2024	Unlisted	[ICRA]A+ (Stable)/[ICRA]A1	No			No
4	Ecofy Finance Private Limited	Finance	Bank Facilities	1000	19 Apr 2024	Unlisted	[ICRA]BBB+ (Stable)	No			No
5	Pristine Mega Logistics Park Private Limited	Transport Services	Non-Convertible Debenture	3500	12 Apr 2024	Unlisted	[ICRA] BBB(Stable)	No			No		Proposed-Unlisted
6	The Chanakya University	Other Consumer Services	Bank Facilities	875	05 Apr 2024	Unlisted	[ICRA]B+ (Stable)/[ICRA]A4	No			No
7	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
8	Hangyo Icecreams Private Limited	Food Products	Bank Facilities	530	01 Apr 2024	Unlisted	[ICRA]BB+ (Stable)/[ICRA]A4+	No			No
9	NJ Food Products LLP	Beverages	Bank Facilities	4320	29 Mar 2024	Unlisted	[ICRA]BBB-(Stable)/[ICRA]A3	No			No
10	Gilpin Tours and Travel Management India Private limited	Leisure Services	Bank Facilities	400	28 Mar 2024	Unlisted	[ICRA]BB+ (Stable)	No			No
11	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
12	JR Housing Developers Private Limited	Realty	Bank Facilities	1000	20 Mar 2024	Unlisted	[ICRA]BB- (Stable)	No			No
13	Gandhar Oil Refinery (India) Limited	Chemicals & Petrochemicals	Issuer rating	0	18 Mar 2024	Listed	[ICRA]A (Stable)	No			No
14	SKH Marelli Exhaust Systems Private Limited	Auto Components	Bank Facilities	1243.7	06 Mar 2024	Unlisted	[ICRA]BBB (Stable) / [ICRA]A3+	No			No
15	Shekar Logistics Pvt Ltd	Transport Services	Bank Facilities	350	01 Mar 2024	Unlisted	[ICRA]B(Stable) / [ICRA]A4	No			No
16	Hind Rectifiers Limited	Electrical Equipment	Bank Facilities	300	14 Feb 2024	Unlisted	[ICRA]BBB-(Stable)/ [ICRA]A3	No			No
17	Chennai Fresh Foods	Food Products	Bank Facilities	435	14 Feb 2024	Unlisted	[ICRA]B+ (Stable)	Yes	22 Apr 2024	[ICRA]B+ (Stable)	No
18	Shrem Infra Invest Private Limited	Finance	Non-Convertible Debenture	1700	12 Feb 2024	Listed	[ICRA]AA- (Stable)	No			No
19	GSNR Rice Industries Private Limited	Food Products	Bank Facilities	300	07 Feb 2024	Unlisted	[ICRA]BB (Stable)	No			No
20	Shyamaraju and Company (India) Private Limited	Realty	Bank Facilities	10902.5	29 Jan 2024	Unlisted	[ICRA]BBB- (Stable)	No			No
21	MetTube Copper India Private Limited	Non - Ferrous Metals	Bank Facilities	2125	22 Jan 2024	Unlisted	[ICRA]BB (Stable)/[ICRA]A4	No			No		NA
22	Tuticorin International Container Terminal Private Limited	Transport Infrastructure	Bank Facilities	5174.1	22 Jan 2024	Unlisted	[ICRA] A-(Stable)/[ICRA]A2+	No			No		NA
23	Ballard Pier Private Limited	Transport Infrastructure	Bank Facilities	1950	22 Jan 2024	Unlisted	[ICRA] BBB+ (Stable)	No			No		NA
24	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
25	Transmission Corporation of Telangana Limited	Power	Bank Facilities	500	06 Jan 2024	Unlisted	[ICRA] BB+ (Stable)	No			No
26	Greenergy Wind Corporation Private Limited	Power	Bank Facilities	200	02 Jan 2024	Unlisted	[ICRA]BBB+ (Stable)	No			No
27	Hindusthan Microfinance Private Limited	Finance	Bank Facilities	250	30 Dec 2023	Unlisted	[ICRA]BB+ (Stable)	No			No		Company has not accepted the rating.
28	Adani Capital Private Limited	Finance	Commercial Paper	500	13 Dec 2023	Proposed to be listed	[ICRA]A1; Rating watch with positive implications	No			No
29	Ksolves India Limited	IT - Services	Issuer Rating	0	13 Dec 2023	Unlisted	[ICRA]BB+ (Stable)	No			No
30	Seros Shipping Private Limited	Transport Services	Bank Facilities	1000	23 Nov 2023	Unlisted	[ICRA] BB+ (Stable)	No			No
31	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
32	Tolani Shipping Company Limited	Transport Services	Bank Facilities	1148	14 Nov 2023	Unlisted	[ICRA]BBB+ (Stable)	No			No
33	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.
34	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.
35	Usha Martin Ltd	Industrial Products	Issuer Rating	0	30 Oct 2023	Listed	[ICRA]A (Stable)	No			No
36	Tirupati Sugars Limited	Agricultural Food & other Products	Bank Facilites	3541.2	21 Oct 2023	Unlisted	[ICRA]BB+ (Stable)	No			No
37	Hotel Sara	Leisure Services	Bank Facilities	350	16 Oct 2023	Unlisted	[ICRA]BB- (Stable)	No			No
38	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
39	Landsky Engineers Pvt Ltd	Industrial Manufacturing	Bank Facilities	1250	12 Oct 2023	Unlisted	[ICRA] B+(Stable)/ [ICRA]A4	No			No
40	Ram Kripal Singh Construction Pvt. Ltd.	Construction	Bank Facilities	2250	28 Sep 2023	Unlisted	[ICRA]BBB+(Stable) / [ICRA]A2	No			No
41	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
42	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
43	VS Lignite Power Private Limited	Power	Bank Facilities	2550	09 Sep 2023	Unlisted	Provisional [ICRA]BBB- (Stable)	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
44	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
45	Jain Housing and Constructions Limited	Realty	Bank facilities	1100	08 Sep 2023	Proposed to be listed	[ICRA]BB+ (Stable)	No			No
46	Gufic Biosciences Limited	Pharmaceuticals & Biotechnology	Bank Facilities	500	30 Aug 2023	Unlisted	[ICRA]BBB+(Stable)/ [ICRA]A2	No			No
47	Terna Sugars Private Limited	Commercial Services & Supplies	Bank Facilities	500	25 Aug 2023	Unlisted	[ICRA]B (Stable)	No			No
48	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
49	Quint Digital Media Limited	Media	Fixed deposit	400	11 Aug 2023	Listed	[ICRA]BB+ (Stable)	No			No
50	Quint Digital Media Limited	Media	Commercial Paper	400	11 Aug 2023	Listed	[ICRA]A4+	No			No
51	BSL Limited	Textiles & Apparels	Bank Facilities	250	10 Aug 2023	Listed	[ICRA]BBB-(Stable)	No			No
52	VDB Projects Private Limited	Construction	Bank Facilities	1540	29 Jul 2023	Unlisted	[ICRA]BB (Stable)	No			No
53	Titagarh Rail Systems Limited (formerly Titagarh Wagons Limited)	Industrial Manufacturing	Issuer Rating	0	28 Jul 2023	Listed	[ICRA]A+(Stable)	No			No
54	E to E Transportation Infrastructure Private Limited	Construction	Bank Facilities	200	20 Jul 2023	Unlisted	[ICRA]BB+ (Stable)/[ICRA]A4+	No			No
55	Shreeyam Power and Steel Industries Limited	Ferrous Metals	Bank Facilities	1000	17 Jul 2023	Unlisted	[ICRA]BB+ (Stable)	No			No
56	HK Cement Industries Private Limited	Cement & Cement Products	Bank Facilities	1350	12 Jul 2023	Unlisted	[ICRA] D	No			No
57	National Realty Private Limited	Realty	Bank Facilities	4000	11 Jul 2023	Unlisted	[ICRA]BB+ (Stable)	No			No
58	Shri Ganesh Agro Foods	Agricultural Food & other Products	Bank Facilities	750	10 Jul 2023	Unlisted	[ICRA]BB (Stable)	No			No
59	Candeur Constructions Private Limited	Realty	Bank Facilities	6000	10 Jul 2023	Unlisted	[ICRA] BB- (Stable)	Yes	28 Aug 2023	[ICRA]BB- (Stable)	No
60	Ambica Constructions and Contractors	Construction	Bank Facilities	1000	06 Jul 2023	Unlisted	[ICRA]B (Stable) / [ICRA] A4	No			No
61	Viney Corporation Private Limited	Automobiles	Non-Convertible Debentures	250	03 Jul 2023	Proposed to be listed	[ICRA]BBB- (Stable)	No			No
62	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 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	No			No
63	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
64	SRIAS Developers LLP	Realty	Bank Facilities	375	26 Jun 2023	Unlisted	[ICRA] BB (Stable)	No			No
65	Ratnapuri Constructions Private Limited	Realty	Non-Convertible Debentures	1250	23 Jun 2023	Proposed to be listed	[ICRA]D	No			No
66	Carbon Resources Private Limited	Chemicals & Petrochemicals	Bank Facilities	500	19 Jun 2023	Unlisted	[ICRA]A1+	No			No
67	Senapathy Whiteley Pvt Ltd	Electrical Equipment	Bank Facilities	250	19 Jun 2023	Unlisted	[ICRA]BB-(Stable)/ [ICRA]A4	No			No
68	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
69	Devdashrath Infratech Private Limited	Other Construction Materials	Bank Facilities	780	15 Jun 2023	Unlisted	[ICRA]BB-(Stable) / [ICRA]A4	No			No
70	Raghava Projects	Realty	Bank Facilities	2250	09 Jun 2023	Unlisted	[ICRA]BB (Stable)	No			No
71	DRT-Anthea Aroma Chemicals Private Limited	Chemicals & Petrochemicals	Bank facilities	1130	05 Jun 2023	Unlisted	[ICRA]BBB (Stable) / [ICRA]A2	No			No
72	Ram Kumar Contractor Private Limited	Construction	Bank Facilities	700	31 May 2023	Unlisted	[ICRA]BBB+ (Stable)/[ICRA]A2	No			No
73	Shalimar Malls Private Limited	Realty	Bank Facilities	1550	26 May 2023	Unlisted	[ICRA]BB+ (Stable)/[ICRA]A4+	No			No
74	Hindustan Oil Exploration Company Limited	Oil	Bank Facilities	5000	23 May 2023	Listed	[ICRA]A-(Stable)/[ICRA]A2+	No			No
75	C5 Engineering Private Limited	Construction	Bank Facilities	1250	22 May 2023	Unlisted	[ICRA] BB-(Stable)/ [ICRA] A4	No			No
76	Symbio Generrics India Private Limited	Pharmaceuticals & Biotechnology	Bank Facilities	520	18 May 2023	Unlisted	[ICRA]BBB (Stable)/[ICRA]A3+	No			No
77	Ocean Pearl Hotels Private Limited	Leisure Services	Bank Facilities	720	11 May 2023	Unlisted	[ICRA]C+/[ICRA]A4	No			No
78	Mfar Kudavillingili Pvt. Ltd.	Leisure Services	Bank Facilities	65	10 May 2023	Unlisted	[ICRA]D	No			No		Amount in USD Million

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.

Organisation

Research Reports