ICRA Limited

Ratings assigned and not accepted (as on 21 Mar 2025)

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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	Pristine Mega Logistics Park Private Limited	Transport Services	Non-Convertible Debenture	3500	12 Apr 2024	Unlisted	[ICRA] BBB(Stable)	No			No
2	The Chanakya University	Other Consumer Services	Bank Facilities	875	05 Apr 2024	Unlisted	[ICRA]B+ (Stable)/[ICRA]A4	No			No
3	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

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.