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Ratings assigned and not accepted (as on 21 Nov 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 Ecozen Solutions Private Limited Industrial Products Bank Facilities 1500 21 Nov 2024 Unlisted [ICRA]BB- (Stable) No No
2 Zenith Leisure Holidays Limited Leisure Services Bank Facilities 1250 18 Nov 2024 Unlisted [ICRA]BBB- (Stable) / [ICRA]A3 No No
3 MIC Electronics Limited Electrical Equipment Bank Facilities 550 18 Nov 2024 Unlisted [ICRA]B+(Stable) / [ICRA]A4 No No
4 Suyog Telematics Limited Telecom - Services Bank Facilities 300 12 Nov 2024 Unlisted [ICRA]BBB (Stable) No No
5 Neel Metal Products Limited Auto Components Bank Facilities 1793.6 07 Nov 2024 Unlisted [ICRA]A (Positive) / [ICRA]A2+ No No
6 Achole Developers Private Limited Realty Bank Facilities 2000 04 Nov 2024 Unlisted [ICRA]BBB+ (Stable) No No
7 CAE Simulation Training Private Limited Other Consumer Services Bank Facilities 6191.2 29 Oct 2024 Unlisted [ICRA]A2+ No No
8 STP Limited Chemicals & Petrochemicals Bank Facilities 150 29 Oct 2024 Unlisted [ICRA]A+ (Stable) No No
9 ValueLabs LLP IT - Services Bank Facilities 1000 23 Oct 2024 Unlisted [ICRA]BB+(Stable) No No
10 Raj Doshi Exports Pvt Ltd Realty Bank Facilities 1750 10 Oct 2024 Unlisted [ICRA]BBB (Stable) / [ICRA]A3+ No No
11 Naresh Kumar & Company Private Limited Transport Services Bank Facilities 2260 08 Oct 2024 Unlisted [ICRA]BBB- (Stable) / [ICRA]A3 No No
12 Jayabheri Automotives Private Limited Automobiles Bank Facilities 383.1 04 Oct 2024 Unlisted [ICRA]BB- (Stable) / [ICRA]A4 No No
13 S S ALUR CONSTRUCTION COMPANY Construction Bank Facilities 1250 04 Oct 2024 Unlisted [ICRA]BB (Stable)/[ICRA]A4 No No
14 Miracle Coro Plast Private Limited Industrial Products Bank Facilities 870 03 Oct 2024 Unlisted [ICRA]BB+ (Stable) / [ICRA]A4+ No No
15 Gowra Metals & Polymers Private Limited Metals & Minerals Trading Bank Facilities 650 30 Sep 2024 Unlisted [ICRA]BB(Stable) / [ICRA]A4+ No No
16 KJG Consulting Private Limited Diversified Non-Convertible Debenture 20000 30 Sep 2024 Unlisted [ICRA]BB(CE) (Stable) No No
17 Orissa Metaliks Private Limited Ferrous Metals Issuer Rating 0 26 Sep 2024 Unlisted [ICRA]AA- (Stable) No No
18 Birla Furukawa Fibre Optics Private Limited Industrial Products Bank Facilities 3681.1 24 Sep 2024 Unlisted [ICRA]A- (Stable)/[ICRA]A2+ No No
19 Birla Cable Limited Industrial Products Bank Facilities 3760 24 Sep 2024 Unlisted [ICRA]A+ (CE) (Stable)/[ICRA]A1(CE)/ [ICRA]A- (Stable) No No
20 Vindhya Telelinks Limited Industrial Products Bank Facilities 43841.5 24 Sep 2024 Unlisted [ICRA]A+ (Stable)/[ICRA]A1 No No
21 S And T Machinery Private Limited Industrial Manufacturing Bank Facilities 620 16 Sep 2024 Unlisted [ICRA]BB+ (Stable) / [ICRA]A4+ No No
22 Aurore Life Sciences Pvt Ltd Pharmaceuticals & Biotechnology Non-Convertible Debenture 3000 11 Sep 2024 Unlisted [ICRA]BB- (Stable) No No
23 Sri Vijaya Lakshmi Steel Traders Ferrous Metals Bank Facilities 800 03 Sep 2024 Unlisted [ICRA]BB (Stable) No No
24 SRIT India Private Limited IT - Hardware Bank Facilities 500 03 Sep 2024 Unlisted [ICRA]BB+ (Stable) / [ICRA]A4+ No No
25 CEAT Limited Auto Components Non-Convertible Debenture 1000 30 Aug 2024 Listed [ICRA]AA (Stable) No No
26 Kaluwala Construction Pvt Ltd Construction Bank Facilities 800 29 Aug 2024 Unlisted [ICRA]BBB+(Stable) / [ICRA]A2 No No
27 Orissa Metaliks Private Limited Ferrous Metals Issuer Rating 0 23 Aug 2024 Unlisted [ICRA]A+ (Stable) No Yes Yes
28 TIL Limited Agricultural, Commercial & Construction Vehicles Bank Facilities 1250 22 Aug 2024 Listed [ICRA]BB+(Stable) / [ICRA]A4+ No No
29 Shiva Buildtech Private Limited Construction Issuer Rating 0 20 Aug 2024 Unlisted [ICRA]BB (Stable) No No
30 Leapfrog Engineering Services Limited Construction Bank Facilities 218.2 19 Aug 2024 Unlisted [ICRA]D / [ICRA]D No No
31 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
32 Web Werks India Private Limited Realty Bank Facilities 2000 07 Aug 2024 Unlisted [ICRA]BBB+ (Stable) No No
33 Singla Forging Private Limited Auto Components Issuer Rating 0 06 Aug 2024 Unlisted [ICRA]BB+(Stable) No No
34 Saibaba Polymer Technologies Private Limited Industrial Products Bank Facilities 2000 02 Aug 2024 Unlisted [ICRA]B (Stable)/ [ICRA]A4 No No
35 Unimoni Financial Services Limited Finance Bank Facilities 1000 24 Jul 2024 Unlisted [ICRA]BB+(Stable)/[ICRA]A4+ No No
36 Lava International Limited Consumer Durables Bank Facilities 500 23 Jul 2024 Unlisted [ICRA]BB (Stable)/ [ICRA]A4 No No
37 Kalyani Steels Limited Ferrous Metals Commercial Paper 500 18 Jul 2024 Listed [ICRA]A1+ Yes 18 Jul 2024 [ICRA]A1+ No
38 Fairways Toll and Security Services Private Limited Transport Services Bank Facilities 600 16 Jul 2024 Unlisted [ICRA]BB- (Stable)/[ICRA]A4 No No
39 AMP Energy C&I Five Private Limited Power Bank Facilities 710 15 Jul 2024 Unlisted [ICRA]BBB+ (Positive) No No
40 Kargwal Constructions Private Limited Construction Bank Facilities 700 15 Jul 2024 Unlisted [ICRA]BB-(Stable) No No
41 Kean Construction Private Limited Construction Bank Facilities 750 15 Jul 2024 Unlisted [ICRA]B+(Stable) No No
42 E to E Transportation Infrastructure Private Limited Construction Bank Facilities 1100 10 Jul 2024 Unlisted [ICRA]BB+(Positive)/[ICRA]A4+ No No
43 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
44 Graphic Era Education Society Other Consumer Services Bank Facilities 2000 26 Jun 2024 Unlisted [ICRA]BBB+(Negative)/ [ICRA]A2 No No
45 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
46 Parsons Nutritionals Private Limited Food Products Bank Facilities 279.8 21 Jun 2024 Unlisted [ICRA]BBB+ (Positive) No No
47 The Peerless General Finance & Investment Company Limited Finance Bank Facilities 2500 28 May 2024 Unlisted [ICRA]BBB+ (Stable) No No
48 SHANKARANARAYANA CONSTRUCTIONS PRIVATE LIMITED Construction Bank Facilities 5000 27 May 2024 Unlisted [ICRA]A (Stable) / [ICRA]A1 No No
49 Bio-Pharma Laboratories Private Limited Pharmaceuticals & Biotechnology Bank Facilities 200 22 May 2024 Unlisted [ICRA]BB (Stable) / [ICRA]A4+ No No
50 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
51 Transformers & Rectifiers (India) Limited Electrical Equipment Bank Facilities 100 25 Apr 2024 Listed [ICRA]BBB+ (Stable)/[ICRA]A2 No No
52 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
53 Ecofy Finance Private Limited Finance Bank Facilities 1000 19 Apr 2024 Unlisted [ICRA]BBB+ (Stable) No No
54 Pristine Mega Logistics Park Private Limited Transport Services Non-Convertible Debenture 3500 12 Apr 2024 Unlisted [ICRA] BBB(Stable) No No
55 The Chanakya University Other Consumer Services Bank Facilities 875 05 Apr 2024 Unlisted [ICRA]B+ (Stable)/[ICRA]A4 No No
56 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
57 Hangyo Icecreams Private Limited Food Products Bank Facilities 530 01 Apr 2024 Unlisted [ICRA]BB+ (Stable)/[ICRA]A4+ No No
58 NJ Food Products LLP Beverages Bank Facilities 4320 29 Mar 2024 Unlisted [ICRA]BBB-(Stable)/[ICRA]A3 No No
59 Gilpin Tours and Travel Management India Private limited Leisure Services Bank Facilities 400 28 Mar 2024 Unlisted [ICRA]BB+ (Stable) No No
60 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
61 JR Housing Developers Private Limited Realty Bank Facilities 1000 20 Mar 2024 Unlisted [ICRA]BB- (Stable) Yes 02 May 2024 [ICRA]BB- (Stable) No
62 Gandhar Oil Refinery (India) Limited Chemicals & Petrochemicals Issuer rating 0 18 Mar 2024 Listed [ICRA]A (Stable) No No
63 SKH Marelli Exhaust Systems Private Limited Auto Components Bank Facilities 1243.7 06 Mar 2024 Unlisted [ICRA]BBB (Stable) / [ICRA]A3+ Yes 09 Aug 2024 [ICRA]BBB(Stable)/[ICRA]A3+ No
64 Shekar Logistics Pvt Ltd Transport Services Bank Facilities 350 01 Mar 2024 Unlisted [ICRA]B(Stable) / [ICRA]A4 No No
65 Hind Rectifiers Limited Electrical Equipment Bank Facilities 300 14 Feb 2024 Unlisted [ICRA]BBB-(Stable)/ [ICRA]A3 No No
66 Chennai Fresh Foods Food Products Bank Facilities 435 14 Feb 2024 Unlisted [ICRA]B+ (Stable) Yes 22 Apr 2024 [ICRA]B+ (Stable) No
67 Shrem Infra Invest Private Limited Finance Non-Convertible Debenture 1700 12 Feb 2024 Listed [ICRA]AA- (Stable) No No
68 GSNR Rice Industries Private Limited Food Products Bank Facilities 300 07 Feb 2024 Unlisted [ICRA]BB (Stable) No No
69 Shyamaraju and Company (India) Private Limited Realty Bank Facilities 10902.5 29 Jan 2024 Unlisted [ICRA]BBB- (Stable) No No
70 MetTube Copper India Private Limited Non - Ferrous Metals Bank Facilities 2125 22 Jan 2024 Unlisted [ICRA]BB (Stable)/[ICRA]A4 No No
71 Tuticorin International Container Terminal Private Limited Transport Infrastructure Bank Facilities 5174.1 22 Jan 2024 Unlisted [ICRA] A-(Stable)/[ICRA]A2+ No No
72 Ballard Pier Private Limited Transport Infrastructure Bank Facilities 1950 22 Jan 2024 Unlisted [ICRA] BBB+ (Stable) No No
73 Munjal Kiriu Industries Private Limited Auto Components Bank Facilities 31.67 15 Jan 2024 Unlisted [ICRA]A+(Stable) No No
74 Transmission Corporation of Telangana Limited Power Bank Facilities 500 06 Jan 2024 Unlisted [ICRA] BB+ (Stable) No No
75 Greenergy Wind Corporation Private Limited Power Bank Facilities 200 02 Jan 2024 Unlisted [ICRA]BBB+ (Stable) No No
76 Hindusthan Microfinance Private Limited Finance Bank Facilities 250 30 Dec 2023 Unlisted [ICRA]BB+ (Stable) No No
77 Adani Capital Private Limited Finance Commercial Paper 500 13 Dec 2023 Proposed to be listed [ICRA]A1; Rating watch with positive implications No No
78 Ksolves India Limited IT - Services Issuer Rating 0 13 Dec 2023 Unlisted [ICRA]BB+ (Stable) No No
79 Seros Shipping Private Limited Transport Services Bank Facilities 1000 23 Nov 2023 Unlisted [ICRA] BB+ (Stable) No No
80 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

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.