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Non-accepted  Ratings

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z [0-9]
S.No. Name of the IssuerSectorSecurity TypeIssue Size ( Rupees in Millions)Date of Non-acceptanceListing Status (Listed/ proposed to be listed)Rating AssignedWhether the rating was accepted by the issuer, subse quent to the non- accepted ratings disclo sure? (Yes/ No)Date of sub sequent accepta nce of final rating assignedFinal rating accepted by the issuerWhether the issuer requested for a review/appeal subsequent to disclosure of unaccepted rating?Whether review/appeal of the disclosed unaccepted rating was granted by CRA.
1 Himanshi Hotels and Resorts-- BLR Rating - Long Term 90022 Jun 2026Unlisted BWR B +NANANANANA
2 Infinite Tirupati Glass Pvt. Ltd.-- BLR Rating - Long Term / Short Term 86511 Jun 2026Unlisted BWR BB / BWR A4NANANANANA
3 Unnatti Finserv Pvt. Ltd.(erstwhile Unnati Microfin Private Limited)Financial Services BLR Rating - Long Term 10015 May 2026Unlisted BWR BB +NANANANANA
4 Rama Steel Tubes Ltd.Metal & Metal Products BLR Rating - Long Term / Short Term 111908 May 2026Listed BWR BB + / BWR A4 +NANANANANA
5 Ashirwad Sponge Iron Pvt. Ltd.-- BLR Rating - Long Term 25001 May 2026Unlisted BWR BB +NANANANANA
6 Shiv Shankar Sponge Iron Pvt. Ltd.-- BLR Rating - Long Term / Short Term 25501 May 2026Unlisted BWR BB + / BWR A4 +NANANANANA
7 Deep Aviation Pvt. Ltd.-- BLR Rating - Long Term / Short Term 1999.530 Apr 2026Unlisted BWR BB + / BWR A4 +NANANANANA
8 SD INFRA PRIVATE LIMITED-- BLR Rating - Long Term / Short Term 122030 Apr 2026Unlisted BWR BB + / BWR A4NANANANANA
9 Servitium Micro Finance Pvt. Ltd.-- BLR Rating - Long Term 80028 Apr 2026Unlisted BWR BB +NANANANANA
10 Jai Hind Sugar Pvt. Ltd.Agriculture & Agro-Based Products BLR Rating - Long Term 187527 Apr 2026Unlisted BWR BB +NANANANANA
11 Jain Sons IndiaTraders BLR Rating - Long Term / Short Term 58027 Apr 2026Unlisted BWR BB + / BWR A4 +NANANANANA
12 Nakoda Steelmet Engineering Private Limited-- BLR Rating - Long Term 552.906 Apr 2026Unlisted BWR BB +NANANANANA
13 Ventura Alloy and Steels Private Limited-- BLR Rating - Long Term 100027 Mar 2026Unlisted BWR BB +NANANANANA
14 Silgo Retail Ltd-- BLR Rating - Long Term 50023 Mar 2026Listed BWR BB +NANANANANA
15 Shri Sairam Plastics & Irrigation-- BLR Rating - Long Term / Short Term 231.520 Mar 2026Unlisted BWR BB + / BWR A4 +NANANANANA
16 Techflex Solutions Pvt. Ltd.-- Credit Rating - Issuer Rating 011 Mar 2026Unlisted BWR BB -NANANANANA
17 Celestial Horizon LLP -- BLR Rating - Long Term 1303 Mar 2026Unlisted BWR BB -NANANANANA
18 Sri Siddharth Infratech & Services (I) Private Limited-- BLR Rating - Long Term / Short Term 10002 Mar 2026Unlisted BWR BB + / BWR A4 +NANANANANA
19 Brite Autowheels Pvt. Ltd.-- BLR Rating - Long Term / Short Term 648.627 Feb 2026Unlisted BWR BB / BWR A4NANANANANA
20 Navalai Crusher-- BLR Rating - Long Term 314.611 Feb 2026Unlisted BWR B +NANANANANA

* denotes that ratings have been subsequently accepted.

** denotes that provisional ratings has been alloted to this company.

Steps for assigning provisional ratings

  • The Provisional CE Rating is subject to the fulfilment and review of all pending actions/documentation pertaining to the facility rated by BWR, specifically the execution of corporate guarantee deeds by Indiabulls Real Estate Limited towards the proposed NCD issue amounting to Rs.350 Cr to be issued by Indiabulls Infraestate Limited, receipt of the executed Debenture Trust Deed and / or financing documents with contours of structure in line with the draft term sheet shared with BWR.
  • The final rating may differ from the provisional rating in case the completed actions / documentation is not in line with BWR’s expectations at the time of assigning provisional ratings.
  • The final rating assigned shall be consistent with the available documents or completed steps, as applicable.

Ratings that would have been assigned in the absence of pending steps and documentations:- BWR A- (Credit Watch With Developing Implications)