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? (Yes/No)	Whether review/appeal of the disclosed unaccepted rating was granted by ICRA. (Yes/No)	Remarks (wherever applicable)
1	Sonali Overseas Private Limited	Chemicals & Petrochemicals	Bank Facilities	1150	23 Mar 2023	Unlisted	[ICRA]BB+ (Stable)/ [ICRA]A4+	No			No
2	Evergreen Seamless Pipes & Tubes Private Limited	Commercial Services & Supplies	Bank Facilities	710	15 Mar 2023	Unlisted	[ICRA]BB+ (Stable)/[ICRA]A4+	No			No
3	IIFL Securities Limited	Capital Markets	Market- linked Debenture	10000	06 Mar 2023	Unlisted	PP-MLD[ICRA]AA- (Stable)	No			No
4	Greenam Energy Private Limited	Power	Bank Facilities	950	28 Feb 2023	Unlisted	[ICRA]BB-(Stable)	No			No
5	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
6	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
7	J B Ecotex Limited	Textiles & Apparels	Bank Facilities	250	23 Feb 2023	Unlisted	[ICRA]BBB(Stable)/ [ICRA]A3+	No			No
8	Sitac Kabini Renewables Private Limited	Power	Bank Facilities	900	22 Feb 2023	Unlisted	[ICRA]A (Stable)	Yes	22 Feb 2023	[ICRA]A (Stable)	No
9	Petro Carbon And Chemicals Private Limited	Chemicals & Petrochemicals	Issuer rating	0	17 Feb 2023	Unlisted	[ICRA]BBB-(Stable)	No			No
10	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
11	Enpro Industries Pvt. Ltd.	Industrial Manufacturing	Bank Facilities	750	27 Jan 2023	Unlisted	[ICRA]BBB+(Stable)/[ICRA]A2
12	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
13	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
14	Spillikin Private Limited	Realty	Bank Facilities	527.9	25 Jan 2023	Unlisted	[ICRA] BB (Stable)
15	Jaisingh Alloys Private Limited	Non - Ferrous Metals	Bank Facilities	200	24 Jan 2023	Unlisted	[ICRA]BB-(Stable)/[ICRA]A4
16	Haresh Petrochem Private Limited	Chemicals & Petrochemicals	Issuer Rating	0	20 Jan 2023	Unlisted	[ICRA] BB+ (Stable)
17	Transmission Corporation of Telangana Ltd.	Power	Bank Facilities	500	19 Jan 2023	Unlisted	[ICRA]BB+ (Stable)
18	MS Agarwal Foundries Private Limited	Ferrous Metals	Issuer Rating	0	17 Jan 2023	Unlisted	[ICRA]BBB-(Stable)
19	Keystone Infra Private Limited	Construction	Bank Facilities	250	16 Jan 2023	Unlisted	[ICRA]BBB+ (Stable)/[ICRA] A2
20	Ciro Pharma Private Limited	Pharmaceuticals & Biotechnology	Bank Facilities	1400	16 Jan 2023	Unlisted	[ICRA]BB- (Stable)
21	ECE Industries Limited	Electrical Equipment	Bank Facilities	2150	13 Jan 2023	Unlisted	[ICRA]BBB(Stable)/[ICRA]A2
22	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
23	Bilagi Sugar Mill Limited	Agricultural Food & other Products	Bank Facilities	6500	10 Jan 2023	Unlisted	[ICRA]D/[ICRA]D
24	Mahamaya Finance Private Limited	Finance	Bank Facilities	50	09 Jan 2023	Unlisted	[ICRA]B+ (Stable)
25	Requity Platform LLP	Realty	Bank Facilities	900	09 Jan 2023	Unlisted	[ICRA] BB- (Stable)
26	Vishal Fabrics Limited	Textiles & Apparels	Bank Facilities	3437.6	06 Jan 2023	Listed	[ICRA]BBB+ (Stable)/ [ICRA]A2
27	Kikani Exports Private Limited	Commercial Services & Supplies	Bank Facilities	467.5	02 Jan 2023	Unlisted	[ICRA]BB+(Stable)/ [ICRA]A4+
28	Sri Lakshmi Venkateswara Hygienic Foods Private Limited*	Food Products	Bank Facilities	506.4	29 Dec 2022	Unlisted	[ICRA]BB-(Stable)/[ICRA]A4
29	Independent Resources India Private Limited	Commercial Services & Supplies	Bank Facilities	210	26 Dec 2022	Unlisted	[ICRA]B+ (Stable)
30	Cauvery Iron And Steel (India) Limited	Ferrous Metals	Bank Facilities	400	26 Dec 2022	Unlisted	[ICRA]BB+ (Stable)
31	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
32	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
33	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
34	Switz Foods Private Limited	Food Products	Issuer Rating	0	21 Dec 2022	Unlisted	[ICRA]BBB+ (Stable)
35	VRKP Ispat Private Limited	Ferrous Metals	Bank Facilities	2100	21 Dec 2022	Unlisted	[ICRA]B+(Stable) / [ICRA]A4
36	Ashoka Sthapatya Private Limited	Construction	Bank Facilities	450	15 Dec 2022	Unlisted	[ICRA]BB (Stable)
37	GSR Nirmaan	Food Products	Bank Facilities	350	08 Dec 2022	Unlisted	[ICRA]B(Stable) /[ICRA]A4
38	NDX P2P Private Limited	Not Mapped	Series B PTC	1484.3	01 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	Yes	22 Dec 2022	Provisional [ICRA]AA- (SO) Rating in the absence of thePending actions/ documents: No rating would have beenassigned as it would not bemeaningful	No		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. Consent from the Consortium of Lenders (Investors) 8. Any other documents executed for the transaction including for cash collateral
39	Suam Overseas Private Limited	Textiles & Apparels	Bank Facilities	300	30 Nov 2022	Unlisted	[ICRA]BBB (Stable)/[ICRA]A3+
40	Lyrus Life Sciences Private Limited	Pharmaceuticals & Biotechnology	Bank Facilities	600	28 Nov 2022	Unlisted	[ICRA]B+ (Stable)
41	PMK Distillations Pvt Ltd.	Beverages	Bank Facilities	115	25 Nov 2022	Unlisted	[ICRA]BB (Stable)
42	Merit Technologies India Limited	Construction	Bank Facilities	37.5	25 Nov 2022	Unlisted	[ICRA]A4+
43	Vindhya e-Infomedia Private Limited	Commercial Services & Supplies	Bank Facilities	90	24 Nov 2022	Unlisted	[ICRA]B+(Stable)/ [ICRA]A4
44	Venkata Praneeth Developers Private Limited	Realty	Bank Facilities	1200	22 Nov 2022	Unlisted	[ICRA] BB (Stable)
45	Maithan Alloys Limited	Ferrous Metals	Issuer Rating	0	21 Nov 2022	Unlisted	[ICRA]AA (Stable)
46	ART Housing Finance (India) Limited (Formerly known as ART Affordable Housing Finance (India) Limited	Finance	Bank Facilities	500	18 Nov 2022	Unlisted	[ICRA]BB+ (Stable)
47	L S Automotive India Private Limited*	Auto Components	Bank Facilities	4000	17 Nov 2022	Unlisted	[ICRA]BB+ (Stable)/[ICRA]A4+
48	Ujin Pharmachem	Transport Services	Bank Facilities	475	14 Nov 2022	Unlisted	[ICRA]BB+(Stable)/[ICRA]A4
49	Rajalakshmi Educational Trust	Other Consumer Services	Issuer Rating	0	09 Nov 2022	Unlisted	[ICRA]BB(Stable)
50	Girdhari Lal Constructions Pvt. Ltd.	Construction	Issuer Rating	0	04 Nov 2022	Unlisted	[ICRA]BBB (Positive)
51	COCOBLU RETAIL LIMITED	Retailing	Bank Facilities	2500	21 Oct 2022	Unlisted	[ICRA]BB+(Positive)/[ICRA]A4+
52	Shubham EPC Private Limited	Construction	Bank Facilities	1250	19 Oct 2022	Unlisted	[ICRA]BBB-(Stable)/[ICRA]A3
53	Devi Engineering and Constructions Private Limited	Construction	Issuer Rating	0	14 Oct 2022	Unlisted	[ICRA]BB- (Stable)
54	Clix Capital Services Private Limited	Finance	Series A PTC	626.4	10 Oct 2022	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 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
55	AMP Energy Green Five Private Limited	Power	Bank Facilities	4000	10 Oct 2022	Unlisted	[ICRA]BBB- (Stable)
56	United Telelinks Bangalore Limited	Electrical Equipment	Bank Facilities	2000	10 Oct 2022	Unlisted	[ICRA]BB+(Stable)/ [ICRA]A4+	No			Yes	Yes	Rating was not accepted after review on 26-Jun- 2023
57	GCKC Projects and Works Private Limited	Construction	Bank Facilities	350	06 Oct 2022	Unlisted	[ICRA]BBB (Stable)/ [ICRA]A3+
58	Kaynes Technology India Limited	Electrical Equipment	Bank Facilities	250	04 Oct 2022	Unlisted	[ICRA]BB+ (Stable)
59	Axora Resources Limited	Non - Ferrous Metals	Bank Facilities	900	04 Oct 2022	Unlisted	[ICRA]BB+(Stable)/[ICRA] A4+
60	Tharun Texspin Mills Private Limited	Textiles & Apparels	Bank Facilities	350	03 Oct 2022	Unlisted	[ICRA]B+(Stable)/ [ICRA]A4
61	CtrlS (India) Private Limited	IT - Services	Bank Facilities	800	30 Sep 2022	Unlisted	[ICRA]A-(Stable)
62	Navachetana Microfin Services Pvt. Ltd.	Finance	Issuer Rating	0	30 Sep 2022	Unlisted	[ICRA]BBB- (Stable)
63	Technosys Security Systems Private Limited	IT - Hardware	Bank Facilities	1550	27 Sep 2022	Unlisted	[ICRA]BB+ (Stable)/[ICRA]A4+
64	Dhash PV Technologies Private Limited	Other Consumer Services	Issuer Rating	0	26 Sep 2022	Unlisted	[ICRA]BB (Stable)
65	Purti Vanaspati Private Limited	Food Products	Bank Facilities	300	22 Sep 2022	Unlisted	[ICRA]BB+ (Stable)/ [ICRA]A4+
66	Talf solar India Private Limited*	Power	Bank Facilities	100	22 Sep 2022	Unlisted	[ICRA]BB+(Stable)
67	Gimatex Industries Private Limited	Textiles & Apparels	Bank Facilities	4600	19 Sep 2022	Unlisted	[ICRA]BBB+(Stable)/[ICRA]A2
68	Mahakaushal Sugar and Power Industries Limited	Agricultural Food & other Products	Bank Facilities	1000	16 Sep 2022	Unlisted	[ICRA]BB (Stable)
69	CtrlS Datacenters Limited	IT - Services	Bank Facilities	9000	16 Sep 2022	Unlisted	[ICRA]AA-(Stable)/[ICRA] A1+
70	Vishal Construction	Realty	Bank Facilities	1750	14 Sep 2022	Unlisted	[ICRA]BB+(Stable)
71	G A Infra Private Limited	Construction	Issuer Rating	0	12 Sep 2022	Unlisted	[ICRA]BBB+ (Positive)
72	SM Corporation Ltd.	Metals & Minerals Trading	Bank Facilities	800	12 Sep 2022	Unlisted	[ICRA]BB (Stable)/ [ICRA]A4
73	RetailEZ Private Limited	Textiles & Apparels	Issuer Rating	0	09 Sep 2022	Unlisted	[ICRA]BB+ (Stable)
74	Rajendra Singh Bhamboo Infra Private Limited*	Construction	Bank Facilities	250	07 Sep 2022	Unlisted	[ICRA]BBB+ (Stable)/ [ICRA]A2
75	Jandu Construction India Private Limited	Construction	Bank Facilities	100	05 Sep 2022	Unlisted	[ICRA]BBB (Positive)/[ICRA]A3+
76	Windals Precision Private Limited	Auto Components	Bank Facilities	1902.8	05 Sep 2022	Unlisted	[ICRA]BBB- (Stable)/[ICRA]A3
77	Dugar Finance and Investments Limited	Finance	Bank Facilities	450	01 Sep 2022	Unlisted	[ICRA]BB+ (Stable)
78	P N Gadgil Jewellers Private Limited	Consumer Durables	Bank Facilities	500	29 Aug 2022	Unlisted	[ICRA]BBB+ (Stable)
79	Bateli Tea Company Ltd.	Agricultural Food & other Products	Bank Facilities	0	25 Aug 2022	Listed	[ICRA]A3
80	Alliance Projects	Realty	Bank Facilities	240	18 Aug 2022	Unlisted	[ICRA]BBB-(Stable)
81	Sanskriti Society for Education Research and Development	Other Consumer Services	Bank Facilities	250	18 Aug 2022	Unlisted	[ICRA]BB+(Stable)/[ICRA]A4+
82	Arun Shanti Education Trust	Other Consumer Services	Bank Facilities	2500	10 Aug 2022	Unlisted	[ICRA]BB+(Stable)/[ICRA]A4+
83	CAE Simulation Training Private Limited*	Other Consumer Services	Bank Facilities	300	05 Aug 2022	Unlisted	[ICRA]A (Stable)
84	Mathura Fibres and Cotton Industries	Textiles & Apparels	Bank Facilities	276.5	28 Jul 2022	Unlisted	[ICRA]B+ (Stable)
85	Premier People Logistic Solutions Private Limited	Transport Services	Issuer Rating	0	28 Jul 2022	Unlisted	[ICRA]BB (Stable)
86	Bebo International	Agricultural Food & other Products	Bank Facilities	400	28 Jul 2022	Unlisted	[ICRA]BB (Stable)\[ICRA]A4
87	Oasys Cybernetics Private Limited	IT - Services	Bank Facilities	250	21 Jul 2022	Unlisted	[ICRA]BBB(Stable)/[ICRA]A3+
88	Sparsh Foods India Private Limited	Agricultural Food & other Products	Bank Facilities	250	20 Jul 2022	Unlisted	[ICRA]BB- (Stable)
89	Mecgale Pneumatics Private Limited	Industrial Manufacturing	Issuer Rating	0	15 Jul 2022	Unlisted	[ICRA]BBB+ (Stable)
90	M J Biopharm Private Limited*	Pharmaceuticals & Biotechnology	Bank Facilities	1500	08 Jul 2022	Listed	[ICRA]BB+ (Stable)/ [ICRA]A4+
91	Aludecor Lamination Pvt. Ltd.	Other Construction Materials	Bank Facilities	100	07 Jul 2022	Unlisted	[ICRA]BBB (Stable)/[ICRA]A3+
92	H.N. Agrichain Private Limited	Agricultural Food & other Products	Bank Facilities	380	05 Jul 2022	Unlisted	[ICRA]B(Stable) /[ICRA]A4
93	Edelweiss Housing Finance Limited	Finance	Series A1 ABS	746.9	04 Jul 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 is provisional and would be converted into a final rating upon the execution of: 1.Trust deed 2.Assignment agreement 3.Legal opinion 4.Trustee letter 5.Chartered Accountant’s Know Your Customer (KYC) certificate 6.Any other documents executed for the transaction
94	Natural Capsules Limited	Pharmaceuticals & Biotechnology	Bank Facilities	33.1	04 Jul 2022	Listed	[ICRA]BBB (Stable)/ [ICRA]A3+						Enhanced limit ratings not accepted.
95	Himalayan Packaging Industries Private Limited	Industrial Products	Bank Facilities	190	29 Jun 2022	Unlisted	[ICRA]BB (Stable)/A4
96	Bengal Faith Health Care Private Limited	Healthcare Services	Bank Facilities	500	29 Jun 2022	Unlisted	[ICRA] D
97	M/s. Fab Tech Engineers	Industrial Manufacturing	Bank Facilities	70	27 Jun 2022	Unlisted	[ICRA]BB- (Stable)/[ICRA]A4
98	Shree Chanakya Education Society	Other Consumer Services	Bank Facilities	400	14 Jun 2022	Unlisted	[ICRA]BB+ (Stable)
99	T.C. Terrytex Limited	Textiles & Apparels	Bank Facilities	120	23 May 2022	Unlisted	[ICRA] BBB-(Stable)/[ICRA]A3
100	Shree Pushkar Chemicals & Fertilisers Limited	Chemicals & Petrochemicals	Bank Facilities	310	23 May 2022	Listed	[ICRA]A+(Positive)/[ICRA]A1

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.