Skip to main content
0
Login

Ratings assigned and not accepted (as on 22 May 2026)

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?
(Yes/No) 		Whether review/appeal of the disclosed unaccepted rating was granted by ICRA.
(Yes/No) 		Remarks
(wherever applicable)
1 GUJARAT PEANUT AND AGRI PRODUCTS LIMITED Agricultural Food & other Products Bank Facilities 500 22 May 2026 Unlisted [ICRA]BB+(Stable) / [ICRA]A4+ No No
2 Asian Solvochem Private Limited Chemicals & Petrochemicals Bank Facilities 350 20 May 2026 Unlisted [ICRA]BB+(Stable) /[ICRA]A4+ No No
3 Crescent Organics Private Limited Chemicals & Petrochemicals Bank Facilities 750.00 20 May 2026 Unlisted [ICRA]BB+(Stable) /[ICRA]A4+ No No
4 Epack Petrochem Solutions Private Limited Industrial Products Bank Facilities 1418.2 20 May 2026 Unlisted [ICRA]BBB-(Stable)/ [ICRA]BBB-(Stable)/ [ICRA]A3/ [ICRA]A3 No No
5 Greenchef Appliances Limited Consumer Durables Bank Facilities 1059.4 14 May 2026 Unlisted [ICRA]BB+(Stable) /[ICRA]A4+ No No
6 AVADH HELICONIA GREEN Realty Bank Facilities 760.00 11 May 2026 Unlisted [ICRA]BB+(Stable) No No
7 Space World Digital Solutions Private Limited Telecom - Services Bank Facilities 500.00 30 Apr 2026 Unlisted [ICRA]BBB+(Stable) /[ICRA]A2 No No
8 Jupiter International Limited Electrical Equipment Bank Facilities 500.00 30 Apr 2026 Unlisted [ICRA]BBB+(Stable) No No
9 COCREATE GLOBAL TECHNOLOGIES PRIVATE LIMITED Chemicals & Petrochemicals Bank Facilities 1000.00 30 Apr 2026 Unlisted [ICRA]BB+(Positive) /[ICRA]A4+ No No Client have not accepted the rating
10 Transcontinental Natural Resource Private Limited Gas Bank Facilities 950.00 30 Apr 2026 Unlisted [ICRA]BB(Stable) /[ICRA]A4 No No Unaccepted
11 Silvertoan Papers Limited Paper, Forest & Jute Products Bank Facilities 860 24 Apr 2026 Unlisted [ICRA]BBB(Stable)/[ICRA]A3+ No No unaccepted
12 K V Jewellers Consumer Durables Bank Facilities 500.00 23 Apr 2026 Unlisted [ICRA]BB(Stable) No No
13 Royal Touch Fablon Private Limited Industrial Products Bank Facilities 1000 22 Apr 2026 Unlisted [ICRA]BBB-(Stable) /[ICRA]A3 No No
14 KINTECH SYNERGY PRIVATE LIMITED Power Bank Facilities 350.00 10 Apr 2026 Unlisted [ICRA]BBB-(Stable) No No Unaccepted
15 Ghan Marine Products Food Products Bank Facilities 500 09 Apr 2026 Unlisted [ICRA]BB(Stable) No No Unaccepted
16 SHREEJI STEELS Metals & Minerals Trading Bank Facilities 295 09 Apr 2026 Unlisted [ICRA]BB(Stable)/[ICRA]A4 No No Unaccepted
17 NCS Industries Private Limited Transport Services Bank Facilities 600 07 Apr 2026 Unlisted [ICRA]BB+(Stable) No No Unaccepted
18 SVAKARMA FINANCE PRIVATE LIMITED Finance Orinoco BL 2026-Series A1 PTC 155.30 06 Apr 2026 Unlisted Provisional [ICRA]BBB-(SO) No No
19 YOUNG BRAND APPAREL PRIVATE LIMITED Textiles & Apparels Bank Facilities 500 02 Apr 2026 Unlisted [ICRA]A(Stable)/[ICRA]A1 No No Unaccepted
20 NJA Industries Pvt Ltd Electrical Equipment Bank Facilities 700 30 Mar 2026 Unlisted [ICRA]BB(Stable) /[ICRA]A4 Yes 30 Mar 2026 [ICRA]BB(Stable) /[ICRA]A4 No rating accepted
21 PRASU DEVELOPERS LLP Realty Bank Facilities 1500 30 Mar 2026 Unlisted [ICRA]BB+(Stable) No No
22 PNSC Infrastructure Pvt Ltd Construction Issuer Rating 0 26 Mar 2026 Unlisted [ICRA]BB(Stable) No No Unaccepted
23 Ethics Prosperity Private Limited Transport Services Issuer Rating 0 16 Mar 2026 Unlisted [ICRA]BB+(Stable) No No
24 Antara Jewellery Private Limited Consumer Durables Bank Facilities 450 11 Mar 2026 Unlisted [ICRA]BBB+(Stable) /[ICRA]A2 Yes 12 Mar 2026 [ICRA]BBB+(Stable) /[ICRA]A2 No The ratings is accepted
25 Warrior Garments Textiles & Apparels Bank Facilities 250 09 Mar 2026 Unlisted [ICRA]BB-(Stable) No No
26 ITI Housing Finance Ltd Finance Bank Facilities 500.00 07 Mar 2026 Unlisted [ICRA]A2 No No
27 Leap Agri Logistics (Alwar) Private Limited Other Consumer Services Bank Facilities 600.00 06 Mar 2026 NA [ICRA]AA-(Stable) No No unaccepted
28 Ankura Medical and Research Centre Pvt Ltd Healthcare Services Bank Facilities 1000 03 Mar 2026 Unlisted [ICRA]BB+ (Stable)/ [ICRA]A4+ No No
29 Ankur Biochem Private Limited Beverages Bank Facilities 500.00 02 Mar 2026 Unlisted [ICRA]BBB+(Stable) No No
30 Datta Power Infra Private Limited Power Bank Facilities 500.00 27 Feb 2026 Unlisted [ICRA]BB+(Stable) No No Client has not accepted the rating
31 Siddhi Forge Private Limited Auto Components Issuer Rating 0 25 Feb 2026 Unlisted [ICRA]BB+(Stable) No No Client not accepted rating
32 Swathi Build Tech Pvt Ltd Other Construction Materials Bank Facilities 1400 25 Feb 2026 Unlisted [ICRA]BB(Stable) /[ICRA]A4 No No
33 Indian Terrain Fashions Limited Textiles & Apparels Bank Facilities 956.3 24 Feb 2026 Listed [ICRA]BB+(Stable) [ICRA]A4+ No No Client has not accepted the rating
34 Vishwarupa Infratech Private Limited Construction Bank Facilities 1000 23 Feb 2026 Unlisted [ICRA]BB(Stable)/[ICRA]A4 No No
35 HAMTEK TECHNOLOGIES INDIA PRIVATE LIMITED Construction Bank Facilities 1600 23 Feb 2026 Unlisted [ICRA]BB+(Stable)/ [ICRA]A4+ No No Unaccepted
36 J R Tantia Charitable Trust Other Consumer Services Bank Facilities 250 19 Feb 2026 Unlisted [ICRA]BBB+(Stable) /[ICRA]A2 No No
37 Chemmanur Credits And Investments Limited Finance NCD 1000 19 Feb 2026 Proposed to be listed [ICRA]BB+(Stable) No No
38 OPG Power Generation Private Limited Power Non Convertible Debentures 2000 18 Feb 2026 Unlisted [ICRA]A(Stable) No No
39 AB Jewels Private Limited Consumer Durables Bank Facilities 2400 10 Feb 2026 Unlisted [ICRA]BBB-(Stable) /[ICRA]A3 Yes 10 Feb 2026 [ICRA]BBB-(Stable) /[ICRA]A3 No
40 SMS Constructions Construction Issuer Rating 0 10 Feb 2026 Unlisted [ICRA]BB- (Stable) Yes 18 Feb 2026 [ICRA] BB- (Stable No
41 Viyuha Infrabuild Construction Bank Facilities 80 10 Feb 2026 Unlisted [ICRA]B+(Stable) /[ICRA]A4 No No
42 GARG FINE FOODS Agricultural Food & other Products Bank Facilities 990 10 Feb 2026 Unlisted [ICRA]B+(Stable) /[ICRA]A4 No No
43 RMS construction Private Limited Construction Bank Facilities 550 09 Feb 2026 Unlisted [ICRA]D /[ICRA]D No No
44 HI - TECH ELECTRICALS Construction Issuer Rating 0 09 Feb 2026 Unlisted [ICRA]B+(Stable) No No
45 Powerica Limited Industrial Manufacturing Bank Facilities 2500 27 Jan 2026 Unlisted [ICRA]AA(Stable) Yes 30 Jan 2026 [ICRA]AA(Stable) No
46 Sunteck Realty Limited Realty Commercial Paper 500 19 Jan 2026 Proposed to be listed [ICRA]A1+ No No
47 Spandana Sphoorty Financial Limited Finance Scarlet 12 2025-PTC SERIES A1a 823.2 13 Jan 2026 Unlisted Provisional [ICRA]AA(SO) No No
48 Spandana Sphoorty Financial Limited Finance Scarlet 12 2025-PTC SERIES A1b 823.2 13 Jan 2026 Unlisted Provisional [ICRA]A(SO) No No
49 Century Infra Limited Transport Infrastructure Bank Facilities 1000 12 Jan 2026 Unlisted [ICRA]BBB+(Stable) No No
50 Century Ports Limited Transport Infrastructure Bank Facilities 1100 12 Jan 2026 Unlisted [ICRA]BBB-(Stable) No No
51 JK Maini Global Aerospace Limited Aerospace & Defense Bank Facilities 5000 07 Jan 2026 Unlisted [ICRA]A(Stable) /[ICRA]A1 No No
52 JK Maini Precision Technology Limited Auto Components Bank Facilities 9500 07 Jan 2026 Unlisted [ICRA]A+(Stable) /[ICRA]A1 No No
53 MINERALIA IMPEX PRIVATE LIMITED Diversified Bank Facilities 100 05 Jan 2026 Unlisted [ICRA]BB-(Stable) /[ICRA]A4 No No
54 Innomotics India Private Limited Electrical Equipment Bank Facilities 3000 29 Dec 2025 Unlisted [ICRA]BBB(Stable) /[ICRA]A3+ Yes 07 Jan 2026 [ICRA]BBB(Stable) /[ICRA]A3+ No
55 ACKO General Insurance Limited Insurance Subordinated Debt 1000 15 Dec 2025 Proposed to be listed [ICRA]A- (Stabl) No No
56 Arisinfra Solutions Limited Commercial Services & Supplies Bank Facilities 1500 15 Dec 2025 Listed [ICRA]BB+(Stable) /[ICRA]A4+ No No
57 Shirdi Sai Electricals Limited Industrial Manufacturing Bank Facilities 7500 11 Dec 2025 Unlisted [ICRA]BB+(Stable) /[ICRA]A4+ No No
58 MITSUBISHI ELECTRIC INDIA PVT. LTD. Consumer Durables Issuer Rating 0 08 Dec 2025 Unlisted [ICRA]AA+(Stable) No No
59 Assago Industries Private Limited Beverages Bank Facilities 2700 17 Nov 2025 Unlisted [ICRA]BB+(Stable) Yes 20 Mar 2026 [ICRA]BB+(Stable) No
60 KG Flexx Private Limited Industrial Products Bank Facilities 315 12 Nov 2025 Unlisted [ICRA]BB+(Positive)/[ICRA]A4+ No No
61 Gargya Autocity Private Limited Automobiles Bank Facilities 140.5 11 Nov 2025 Unlisted [ICRA]BB (Stable) Yes 19 Nov 2025 [ICRA]BB(Stable) No
62 Bluebird Solar Private Limited Industrial Products Issuer Rating 0 11 Nov 2025 Unlisted [ICRA]BB (Stable) No No
63 Nido Home Finance Limited Finance HL Trust 30-Series A1 ABS 236.9 06 Nov 2025 Unlisted Provisional [ICRA]AAA(SO) No No
64 Shakti Nutritions Private Limited Agricultural Food & other Products Bank Facilities 2410 06 Nov 2025 Unlisted [ICRA]BBB-(Stable)/[ICRA]A3 No No
65 Shakti Apifoods Private Limited Agricultural Food & other Products Bank Facilities 1600 06 Nov 2025 Unlisted [ICRA]BBB-(Stable) No No
66 Purva Metal Sections Pvt Ltd Industrial Products Bank Facilities 800 30 Oct 2025 Unlisted [ICRA]BB+(Stable) No No
67 Shiva Ferric Pvt Ltd Metals & Minerals Trading Bank Facilities 800 30 Oct 2025 Unlisted [ICRA]BB+(Stable) No No
68 Findi India Limited Other Consumer Services Bank Facilities 500 30 Oct 2025 Unlisted [ICRA]BBB-(Stable) /[ICRA]A3 No No
69 STERLING GREEN POWER SOLUTIONS PRIVATE LIMITED Electrical Equipment Bank Facilities 750 30 Oct 2025 Unlisted [ICRA]BBB(Stable)/[ICRA]A3+ No No
70 Headsup B2B Private Limited Commercial Services & Supplies Issuer Rating 0 27 Oct 2025 Unlisted [ICRA]BB-(Stable) No No
71 Sri Ramraghav Mills Textiles & Apparels Bank Facilities 250 23 Oct 2025 Unlisted [ICRA]BB+(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.