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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 Spray Engineering Devices Limited Industrial Manufacturing Bank Facilities 1450 21 Mar 2025 Unlisted [ICRA]BBB+ (Stable)/[ICRA]A Yes 24 Mar 2025 [ICRA]BBB+ (Stable)/[ICRA]A No
2 Rayzon Solar Private Limited Industrial Manufacturing Bank Facilities 500 17 Mar 2025 Unlisted [ICRA]BBB+(Stable) No No
3 Sunflag Iron and Steel company Limited Ferrous Metals Bank Facilities 1000 13 Mar 2025 Unlisted [ICRA]A+ (Stable) No No
4 Mayiladuthurai Municipality Public Services Issuer rating 0 06 Mar 2025 Unlisted [ICRA]BB(Stable) No No
5 Mariya Constructions Construction Bank Facilities 200 24 Feb 2025 Unlisted [ICRA]B+ (Stable)/[ICRA]A4 No No
6 Panruti Municipality Public Services Issuer Rating 0 21 Feb 2025 Unlisted [ICRA]B+(Stable) No No
7 Navdurga Electroconstruction Pvt. Ltd. Construction Bank Facilities 700 21 Feb 2025 Unlisted [ICRA]BB+(Stable) / [ICRA]A4+ No No
8 Kirtilal Kalidas Jewellers Private Limited Consumer Durables Bank Facilities 800 20 Feb 2025 Unlisted [ICRA]BBB+ (Stable) / [ICRA]A2 Yes 08 Mar 2025 [ICRA]BBB+ (Stable)/ [ICRA]A2 No
9 Malik Auto Zone Private Limited Automobiles Bank Facilities 800 20 Feb 2025 Unlisted [ICRA]BB- (Stable) / [ICRA]A4 No No
10 Curated Living Solutions Private Limited Realty Bank Facilities 435 14 Feb 2025 Unlisted [ICRA] BBB- (Stable) No No
11 Alternative Housing Management Services Private Limited Realty Bank Facilities 135 14 Feb 2025 Unlisted [ICRA] BBB- (Stable) No No
12 Tambaram City Municipal Corporation Public Services Issuer Rating 0 13 Feb 2025 Unlisted [ICRA]BBB+(Stable) No No
13 Asian Solvochem Private Limited Chemicals & Petrochemicals Bank Facilities 50 10 Feb 2025 Unlisted [ICRA]BBB-(Negative ) / [ICRA]A3 No No
14 Crescent Organics Private Limited Chemicals & Petrochemicals Bank Facilities 200 10 Feb 2025 Unlisted [ICRA]BBB-(Negative) No No
15 Kancheepuram City Municipal Corporation Public Services Issuer Rating 0 04 Feb 2025 Unlisted [ICRA]BBB-(Stable) No No
16 BRBA Infratech LLP Construction Bank Facilities 530 03 Feb 2025 Unlisted [ICRA]BB(Stable)/[ICRA]A4 No No
17 Brajdev Ethanol Private Limited Beverages Issuer rating 0 30 Jan 2025 Unlisted [ICRA]B+(Stable) No No
18 Udhagamandalam Municipality Public Services Issuer rating 0 28 Jan 2025 Unlisted [ICRA]BB+ (Stable) No No
19 Udumalpettai Municipality Public Services Issuer rating 0 28 Jan 2025 Unlisted [ICRA]BB- (Stable) No No
20 Comnet Solutions Private Limited IT - Hardware Bank Facilities 1250 24 Jan 2025 Unlisted [ICRA]BBB- (Stable) [ICRA]A3 No No
21 Inalco Metal Private Limited Non - Ferrous Metals Bank Facilities 500 20 Jan 2025 Unlisted [ICRA]BBB-(Stable) No No
22 Shri Ram Finance Corporation Private Limited Finance Commercial Paper 450 09 Jan 2025 Unlisted [ICRA]A2+ No No
23 Gina Engineering Company Pvt Ltd Construction Bank Facilities 700 06 Jan 2025 Unlisted [ICRA]BBB (Stable)/ [ICRA]A3+ No No
24 IL&FS Tamil Nadu Power Company Limite Power Non-Convertible debentures 33866.7 03 Jan 2025 Unlisted [ICRA] BB (Stable) No No
25 Valparai Municipality Public Services Issuer Rating 0 02 Jan 2025 Unlisted [ICRA]BB-(Stable) No No
26 Pollachi Municipality Public Services Issuer Rating 0 02 Jan 2025 Unlisted [ICRA]BB+(Stable) No No
27 Paragon Finance Limited Finance Issuer Rating 0 02 Jan 2025 Unlisted [ICRA]B+ Rating Watch with Developing Implications Yes 02 Jan 2025 [ICRA]B+ Rating Watch with Developing Implications No
28 B2B Genie Private Limited Commercial Services & Supplies Bank Facilities 900 24 Dec 2024 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+ No No
29 Reddson Seaamless Pipes Private Limited Industrial Manufacturing Bank Facilities 1200 19 Dec 2024 Unlisted [ICRA]D No No
30 Chengalpattu Municipality Public Services Issuer Rating 0 17 Dec 2024 Unlisted [ICRA]BB-(Stable) No No
31 Maraimalainagar Municipality Public Services Issuer Rating 0 17 Dec 2024 Unlisted [ICRA]BBB- (Stable) No No
32 Atyati Technologies Private Limited Other Consumer Services Bank Facilities 50 13 Dec 2024 Unlisted [ICRA]BBB (Stable) No No
33 Kundrathur Municipality Public Services Issuer Rating 0 10 Dec 2024 Unlisted [ICRABB (Stable) No No
34 Gobichettipalayam Municipality Public Services Issuer rating 0 10 Dec 2024 Unlisted [ICRA]BB- (Stable) No No
35 Kumbakonam City Municipal Corporation Public Services Issuer Rating 0 10 Dec 2024 Unlisted [ICRA]BB-(Stable) No No
36 Pattukkottai Municipality Public Services Issuer Rating 0 10 Dec 2024 Unlisted [ICRA]B+(Stable) No No
37 Mettupalayam Municipality Public Services Issuer rating 0 10 Dec 2024 Unlisted [ICRA]BB- (Stable) No No
38 K & D design Kraft LLP Textiles & Apparels Bank Facilities 450 05 Dec 2024 Unlisted [ICRA]B+(Stable) / [ICRA]A4 No No
39 Chidambaram Municipality Public Services Issuer rating 0 05 Dec 2024 Unlisted [ICRA]BB+ (Stable) No No
40 Poonamallee Municipality Public Services Issuer rating 0 05 Dec 2024 Unlisted [ICRA]BB (Stable) No No
41 Virudhachalam Municipality Public Services Issuer rating 0 05 Dec 2024 Unlisted [ICRA]B+ (Stable) No No
42 CC Infratech Private Limited Construction Bank Facilities 500 04 Dec 2024 Unlisted [ICRA]BB+ (Stable)/ [ICRA]A4+ No No
43 CC Infratech Private Limited Construction Issuer Rating 0 04 Dec 2024 Unlisted [ICRA]BB+ (Stable) No No
44 Cuddalore City Municipal Corporation Public Services Issuer rating 0 28 Nov 2024 Unlisted [ICRA]B+(Stable) No No
45 Tiruvallur Municipality Public Services Issuer rating 0 28 Nov 2024 Unlisted [ICRA]BB(Stable) No No
46 Dharapuram Municipality Public Services Issuer rating 0 28 Nov 2024 Unlisted [ICRA]BB (Stable No No
47 Avadi City Municipal Corporation Public Services Issuer rating 0 28 Nov 2024 Unlisted [ICRA]BBB-(Stable) No No
48 Ecozen Solutions Private Limited Industrial Products Bank Facilities 1500 21 Nov 2024 Unlisted [ICRA]BB- (Stable) No No
49 Zenith Leisure Holidays Limited Leisure Services Bank Facilities 1250 18 Nov 2024 Unlisted [ICRA]BBB- (Stable) / [ICRA]A3 No No
50 MIC Electronics Limited Electrical Equipment Bank Facilities 550 18 Nov 2024 Unlisted [ICRA]B+(Stable) / [ICRA]A4 No No
51 Suyog Telematics Limited Telecom - Services Bank Facilities 300 12 Nov 2024 Unlisted [ICRA]BBB (Stable) No No
52 Neel Metal Products Limited Auto Components Bank Facilities 1793.6 07 Nov 2024 Unlisted [ICRA]A (Positive) / [ICRA]A2+ Yes 13 Dec 2024 [ICRA]A (Positive) / [ICRA]A2+ No
53 Achole Developers Private Limited Realty Bank Facilities 2000 04 Nov 2024 Unlisted [ICRA]BBB+ (Stable) No No
54 CAE Simulation Training Private Limited Other Consumer Services Bank Facilities 6191.2 29 Oct 2024 Unlisted [ICRA]A2+ No No
55 STP Limited Chemicals & Petrochemicals Bank Facilities 150 29 Oct 2024 Unlisted [ICRA]A+ (Stable) No No
56 ValueLabs LLP IT - Services Bank Facilities 1000 23 Oct 2024 Unlisted [ICRA]BB+(Stable) No No
57 Raj Doshi Exports Pvt Ltd Realty Bank Facilities 1750 10 Oct 2024 Unlisted [ICRA]BBB (Stable) / [ICRA]A3+ No No
58 Naresh Kumar & Company Private Limited Transport Services Bank Facilities 2260 08 Oct 2024 Unlisted [ICRA]BBB- (Stable) / [ICRA]A3 No No
59 Jayabheri Automotives Private Limited Automobiles Bank Facilities 383.1 04 Oct 2024 Unlisted [ICRA]BB- (Stable) / [ICRA]A4 No No
60 S S ALUR CONSTRUCTION COMPANY Construction Bank Facilities 1250 04 Oct 2024 Unlisted [ICRA]BB (Stable)/[ICRA]A4 No No
61 Miracle Coro Plast Private Limited Industrial Products Bank Facilities 870 03 Oct 2024 Unlisted [ICRA]BB+ (Stable) / [ICRA]A4+ No No
62 Gowra Metals & Polymers Private Limited Metals & Minerals Trading Bank Facilities 650 30 Sep 2024 Unlisted [ICRA]BB(Stable) / [ICRA]A4+ No No
63 KJG Consulting Private Limited Diversified Non-Convertible Debenture 20000 30 Sep 2024 Unlisted [ICRA]BB(CE) (Stable) No No
64 Orissa Metaliks Private Limited Ferrous Metals Issuer Rating 0 26 Sep 2024 Unlisted [ICRA]AA- (Stable) No No
65 Birla Furukawa Fibre Optics Private Limited Industrial Products Bank Facilities 3681.1 24 Sep 2024 Unlisted [ICRA]A- (Stable)/[ICRA]A2+ No No
66 Birla Cable Limited Industrial Products Bank Facilities 3760 24 Sep 2024 Unlisted [ICRA]A+ (CE) (Stable)/[ICRA]A1(CE)/ [ICRA]A- (Stable) No No
67 Vindhya Telelinks Limited Industrial Products Bank Facilities 43841.5 24 Sep 2024 Unlisted [ICRA]A+ (Stable)/[ICRA]A1 No No
68 S And T Machinery Private Limited Industrial Manufacturing Bank Facilities 620 16 Sep 2024 Unlisted [ICRA]BB+ (Stable) / [ICRA]A4+ No No
69 Aurore Life Sciences Pvt Ltd Pharmaceuticals & Biotechnology Non-Convertible Debenture 3000 11 Sep 2024 Unlisted [ICRA]BB- (Stable) No No
70 Sri Vijaya Lakshmi Steel Traders Ferrous Metals Bank Facilities 800 03 Sep 2024 Unlisted [ICRA]BB (Stable) No No
71 SRIT India Private Limited IT - Hardware Bank Facilities 500 03 Sep 2024 Unlisted [ICRA]BB+ (Stable) / [ICRA]A4+ No No
72 CEAT Limited Auto Components Non-Convertible Debenture 1000 30 Aug 2024 Listed [ICRA]AA (Stable) No No
73 Kaluwala Construction Pvt Ltd Construction Bank Facilities 800 29 Aug 2024 Unlisted [ICRA]BBB+(Stable) / [ICRA]A2 No No
74 Orissa Metaliks Private Limited Ferrous Metals Issuer Rating 0 23 Aug 2024 Unlisted [ICRA]A+ (Stable) No Yes Yes
75 TIL Limited Agricultural, Commercial & Construction Vehicles Bank Facilities 1250 22 Aug 2024 Listed [ICRA]BB+(Stable) / [ICRA]A4+ No No
76 Shiva Buildtech Private Limited Construction Issuer Rating 0 20 Aug 2024 Unlisted [ICRA]BB (Stable) No No
77 Leapfrog Engineering Services Limited Construction Bank Facilities 218.2 19 Aug 2024 Unlisted [ICRA]D / [ICRA]D No No
78 Valuenable Private Limited Finance Class A PTCs 200 13 Aug 2024 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 No No 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.Any other documents executed for the transaction
79 Web Werks India Private Limited Realty Bank Facilities 2000 07 Aug 2024 Unlisted [ICRA]BBB+ (Stable) No No
80 Singla Forging Private Limited Auto Components Issuer Rating 0 06 Aug 2024 Unlisted [ICRA]BB+(Stable) No No
81 Saibaba Polymer Technologies Private Limited Industrial Products Bank Facilities 2000 02 Aug 2024 Unlisted [ICRA]B (Stable)/ [ICRA]A4 No No
82 Unimoni Financial Services Limited Finance Bank Facilities 1000 24 Jul 2024 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+ No No
83 Lava International Limited Consumer Durables Bank Facilities 500 23 Jul 2024 Unlisted [ICRA]BB (Stable)/ [ICRA]A4 No No
84 Kalyani Steels Limited Ferrous Metals Commercial Paper 500 18 Jul 2024 Listed [ICRA]A1+ Yes 18 Jul 2024 [ICRA]A1+ No
85 Fairways Toll and Security Services Private Limited Transport Services Bank Facilities 600 16 Jul 2024 Unlisted [ICRA]BB- (Stable)/[ICRA]A4 No No
86 AMP Energy C&I Five Private Limited Power Bank Facilities 710 15 Jul 2024 Unlisted [ICRA]BBB+ (Positive) No No
87 Kargwal Constructions Private Limited Construction Bank Facilities 700 15 Jul 2024 Unlisted [ICRA]BB-(Stable) No No
88 Kean Construction Private Limited Construction Bank Facilities 750 15 Jul 2024 Unlisted [ICRA]B+(Stable) No No
89 E to E Transportation Infrastructure Private Limited Construction Bank Facilities 1100 10 Jul 2024 Unlisted [ICRA]BB+(Positive)/[ICRA]A4+ No No
90 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
91 Graphic Era Education Society Other Consumer Services Bank Facilities 2000 26 Jun 2024 Unlisted [ICRA]BBB+(Negative)/ [ICRA]A2 No No
92 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
93 Parsons Nutritionals Private Limited Food Products Bank Facilities 279.8 21 Jun 2024 Unlisted [ICRA]BBB+ (Positive) No No
94 The Peerless General Finance & Investment Company Limited Finance Bank Facilities 2500 28 May 2024 Unlisted [ICRA]BBB+ (Stable) No No
95 SHANKARANARAYANA CONSTRUCTIONS PRIVATE LIMITED Construction Bank Facilities 5000 27 May 2024 Unlisted [ICRA]A (Stable) / [ICRA]A1 No No
96 Bio-Pharma Laboratories Private Limited Pharmaceuticals & Biotechnology Bank Facilities 200 22 May 2024 Unlisted [ICRA]BB (Stable) / [ICRA]A4+ No No
97 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
98 Transformers & Rectifiers (India) Limited Electrical Equipment Bank Facilities 100 25 Apr 2024 Listed [ICRA]BBB+ (Stable)/[ICRA]A2 No No
99 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
100 Ecofy Finance Private Limited Finance Bank Facilities 1000 19 Apr 2024 Unlisted [ICRA]BBB+ (Stable) 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.