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 KALPSAGAR PRIVATE LIMITED-- BLR Rating - Long Term 105024 Aug 2026Unlisted BWR BBNANANANANA
2 Bharat Agro Impex Pvt. Ltd.-- BLR Rating - Long Term 85.520 Aug 2026Unlisted BWR BBB -NANANANANA
3 MMC Projects (India) Pvt. Ltd.Infrastructure BLR Rating - Long Term / Short Term 374.717 Aug 2026Unlisted BWR BB / BWR A4NANANANANA
4 Shree Contractor-- BLR Rating - Long Term 77017 Aug 2026Unlisted BWR BB +NANANANANA
5 Astmangal Chains Pvt. Ltd.-- BLR Rating - Long Term / Short Term 60006 Aug 2026Unlisted BWR BB + / BWR A4NANANANANA
6 SRINAGAR BANIHAL EXPRESSWAY LIMITED-- BLR Rating - Long Term 80001 Aug 2026Unlisted BWR BB +NANANANANA
7 Sayaji Industries Limited-- BLR Rating - Long Term / Short Term / Fixed Deposit 3945.228 Jul 2026Listed BWR BBB - / BWR A3 / BWR BBB -NANANANANA
Sayaji Industries Limited-- Credit Rating - Long Term / Short Term / Fixed Deposit 239.828 Jul 2026Listed BWR BBB - / BWR A3 / BWR BBB -NANANANANA
9 Atria Wind Power (Chitradurga) Pvt. Ltd.-- BLR Rating - Long Term 1254.127 Jul 2026Unlisted BWR BB +NANANANANA
10 Atria Wind Power Pvt. Ltd.-- BLR Rating - Long Term 1134.627 Jul 2026Unlisted BWR BB +NANANANANA
11 Sun Art Exporters-- BLR Rating - Long Term / Short Term 56024 Jul 2026Unlisted BWR BB / BWR A4NANANANANA
12 Alankit Ltd.-- BLR Rating - Long Term / Short Term 297.414 Jul 2026Listed BWR BBB - / BWR A3NANANANANA
13 Paras Steel Corporation-- BLR Rating - Long Term / Short Term 481.307 Jul 2026Unlisted BWR BB - / BWR A4NANANANANA
14 Vijaykumar & Co.-- BLR Rating - Long Term / Short Term 751.707 Jul 2026Unlisted BWR BB - / BWR A4NANANANANA
15 Himanshi Hotels and Resorts-- BLR Rating - Long Term 90022 Jun 2026Unlisted BWR B +NANANANANA
16 Infinite Tirupati Glass Pvt. Ltd.-- BLR Rating - Long Term / Short Term 86511 Jun 2026Unlisted BWR BB / BWR A4NANANANANA
17 Unnatti Finserv Pvt. Ltd.(erstwhile Unnati Microfin Private Limited)Financial Services BLR Rating - Long Term 10015 May 2026Unlisted BWR BB +NANANANANA
18 Rama Steel Tubes Ltd.Metal & Metal Products BLR Rating - Long Term / Short Term 111908 May 2026Listed BWR BB + / BWR A4 +NANANANANA
19 Ashirwad Sponge Iron Pvt. Ltd.-- BLR Rating - Long Term 25001 May 2026Unlisted BWR BB +NANANANANA
20 Shiv Shankar Sponge Iron Pvt. Ltd.-- BLR Rating - Long Term / Short Term 25501 May 2026Unlisted BWR BB + / BWR A4 +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)