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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 Servitium Micro Finance Pvt. Ltd.-- BLR Rating - Long Term 80028 Apr 2026Unlisted BWR BB +NANANANANA
2 Jai Hind Sugar Pvt. Ltd.Agriculture & Agro-Based Products BLR Rating - Long Term 187527 Apr 2026Unlisted BWR BB +NANANANANA
3 Jain Sons IndiaTraders BLR Rating - Long Term / Short Term 58027 Apr 2026Unlisted BWR BB + / BWR A4 +NANANANANA
4 Ventura Alloy and Steels Private Limited-- BLR Rating - Long Term 100027 Mar 2026Unlisted BWR BB +NANANANANA
5 Silgo Retail Ltd-- BLR Rating - Long Term 50023 Mar 2026Listed BWR BB +NANANANANA
6 Shri Sairam Plastics & Irrigation-- BLR Rating - Long Term / Short Term 231.520 Mar 2026Unlisted BWR BB + / BWR A4 +NANANANANA
7 Techflex Solutions Pvt. Ltd.-- Credit Rating - Issuer Rating 011 Mar 2026Unlisted BWR BB -NANANANANA
8 Celestial Horizon LLP -- BLR Rating - Long Term 1303 Mar 2026Unlisted BWR BB -NANANANANA
9 Sri Siddharth Infratech & Services (I) Private Limited-- BLR Rating - Long Term / Short Term 10002 Mar 2026Unlisted BWR BB + / BWR A4 +NANANANANA
10 Brite Autowheels Pvt. Ltd.-- BLR Rating - Long Term / Short Term 648.627 Feb 2026Unlisted BWR BB / BWR A4NANANANANA
11 Navalai Crusher-- BLR Rating - Long Term 314.611 Feb 2026Unlisted BWR B +NANANANANA
12 Navalai Infra-- BLR Rating - Long Term 44211 Feb 2026Unlisted BWR BBNANANANANA
13 CORRTECH INTERNATIONAL LIMITED-- BLR Rating - Long Term / Short Term 385006 Feb 2026Unlisted BWR BBB - / BWR A3NANANANANA
14 Reso Liva Buildcon LLP-- BLR Rating - Long Term 110005 Feb 2026Unlisted BWR BBNANANANANA
15 Trimurti Stampings Pvt. Ltd.-- BLR Rating - Long Term / Short Term 474.602 Feb 2026Unlisted BWR BB / BWR A4NANANANANA
16 Ace Coffee Estates (KA) Private Limited-- BLR Rating - Long Term 599.722 Jan 2026Unlisted BWR BB +NANANANANA
17 Vasu Enterprises-- BLR Rating - Long Term / Short Term 75014 Jan 2026Unlisted BWR BB + / BWR A4 +NANANANANA
18 Paras Steel Corporation-- BLR Rating - Long Term / Short Term 483.208 Jan 2026Unlisted BWR BB - / BWR A4NANANANANA
19 Vijaykumar & Co.-- BLR Rating - Long Term / Short Term 753.808 Jan 2026Unlisted BWR BB - / BWR A4NANANANANA
20 Gauri Buildcon Pvt. Ltd.-- BLR Rating - Long Term / Short Term 40018 Dec 2025Unlisted 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)