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 Apollo Fashion International Ltd.-- BLR Rating - Long Term / Short Term 60028 Oct 2026Unlisted BWR BB + / BWR A4 +NANANANANA
2 Diasave Pvt. Ltd.-- BLR Rating - Long Term 125026 Oct 2026Unlisted BWR BBNANANANANA
3 SREERAGH GENERAL FINANCE LTD-- BLR Rating - Long Term / Non Convertible Debentures 114.422 Oct 2026Unlisted BWR BB / BWR BBNANANANANA
SREERAGH GENERAL FINANCE LTD-- Credit Rating - Long Term / Non Convertible Debentures 172.922 Oct 2026Unlisted BWR BB / BWR BBNANANANANA
5 NAVANEETHA RETAIL PRIVATE LIMITED-- BLR Rating - Long Term 564.416 Sep 2026Unlisted BWR B +NANANANANA
6 Haveli Marble Pvt. Ltd.-- BLR Rating - Long Term 714.811 Sep 2026Unlisted BWR BBB -NANANANANA
7 SPECTRAA TECHNOLOGY SOLUTIONS LIMITED-- BLR Rating - Long Term / Short Term 330.207 Sep 2026Unlisted BWR BBB - / BWR A3NANANANANA
8 Mathna Foods Pvt. Ltd.-- BLR Rating - Long Term 276.902 Sep 2026Unlisted BWR BBNANANANANA
9 KALPSAGAR PRIVATE LIMITED-- BLR Rating - Long Term 105024 Aug 2026Unlisted BWR BBNANANANANA
10 Bharat Agro Impex Pvt. Ltd.-- BLR Rating - Long Term 85.520 Aug 2026Unlisted BWR BBB -NANANANANA
11 DS Enterprise-- BLR Rating - Long Term / Short Term 14017 Aug 2026Unlisted BWR BB / BWR A4NANANANANA
12 MMC Projects (India) Pvt. Ltd.Infrastructure BLR Rating - Long Term / Short Term 374.717 Aug 2026Unlisted BWR BB / BWR A4NANANANANA
13 Shree Contractor-- BLR Rating - Long Term 77017 Aug 2026Unlisted BWR BB +NANANANANA
14 Astmangal Chains Pvt. Ltd.-- BLR Rating - Long Term / Short Term 60006 Aug 2026Unlisted BWR BB + / BWR A4NANANANANA
15 SRINAGAR BANIHAL EXPRESSWAY LIMITED-- BLR Rating - Long Term 80001 Aug 2026Unlisted BWR BB +NANANANANA
16 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
18 Atria Wind Power (Chitradurga) Pvt. Ltd.-- BLR Rating - Long Term 1254.127 Jul 2026Unlisted BWR BB +NANANANANA
19 Atria Wind Power Pvt. Ltd.-- BLR Rating - Long Term 1134.627 Jul 2026Unlisted BWR BB +NANANANANA
20 Sun Art Exporters-- BLR Rating - Long Term / Short Term 56024 Jul 2026Unlisted BWR BB / BWR A4NANANANANA

* 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)