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Rating Rationales


Date Organization Description
11 February 2026Arora Aromatics Pvt. Ltd. Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
Special Cables Pvt. Ltd. Ratings Reaffirmed; Long Term Rating BWR BBB/Positive Assigned; Long Term Rating BWR BBB/Positive Assigned; Short Term Rating BWR A3 + Assigned; Short Term Rating BWR A3 + Assigned;
Perfectpac Ltd. Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
Rukmani Power and Steel Limited Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
Sidharth Papers Pvt. Ltd. (erstwhile Sidharth Papers Ltd.) Outstanding Ratings Upgraded; Long Term Rating BWR BBB + Assigned;
Hi-Tech Construction Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
Shree Tatyasaheb Kore Warana Sahakari Navashakti Nirman Sanstha Ltd Long Term Rating BWR BB +/Stable Assigned;
Grishi Mango Products & Exports Tamilnadu Pvt Ltd Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
Kohinoor India Pvt. Ltd Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
Grace International Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
Marshal Infradevelopers India Pvt Ltd Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
Savitri Telecom Services Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
Jansons Industries Ltd Outstanding Ratings Withdrawn;
Kirtiman Cements & Packaging Industries Ltd Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
Akal Information System Ltd Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
Sai Sanskrithi Educational Society Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
Sir Shadi Lal Enterprises Ltd Issuer did not cooperate; Based on best available information; Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed;
ICC Projects Pvt. Ltd. Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
Elegant Sales And Marketing Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
BP Agro Chemicals Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
S K Gold and Diamonds Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
RIKA GLOBAL IMPEX LIMITED Long Term Rating BWR BBB/Stable Assigned; Short Term Rating BWR A3 Assigned;
10 February 2026Texcel Engineers Pvt. Ltd. Long Term Rating BWR BBB -/Stable Assigned; Short Term Rating BWR A3 Assigned; Outstanding Ratings Withdrawn;
Tankeshwari Metal Powder Products Pvt Ltd Long Term Rating Reaffirmed; Short Term Rating BWR A4 + Assigned;
Eakansh Motors Pvt. Ltd. Long Term Rating BWR BBB/Stable Assigned; Short Term Rating BWR A3 Assigned;
Supreme Agro Foods Pvt. Ltd. Long Term Rating BWR BBB +/Stable Assigned;
SHRIKESHARIYA AGRO FOODS PRIVATE LIMITED Long Term Rating BWR BB +/Stable Assigned;
09 February 2026Little Heart Children Hospital Pvt. Ltd. Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
Gold Star Realtors Ltd Issuer did not cooperate; Based on best available information; Long Term Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed;
Skava Electric Pvt. Ltd. (erstwhile Skava Electric Limited) Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
Mak Aqua Farm Pvt. Ltd. Issuer did not cooperate; Based on best available information; Long Term Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed;
Akrati Technimont Limited Issuer did not cooperate; Based on best available information; Long Term Rating Continues to be in ISSUER NOT COOPERATING* category/Downgraded to BWR C; Short Term Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed;
P. Siva Prasad Rating moved to Not Reviewed Advisory;
Siddheshwari Paper Udyog Private Limited (erstwhile Siddheshwari Paper Udyog Ltd) Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
Akashganga Infraventures India Ltd. (erstwhile RV Akash Ganga Infrastructure Limited) Issuer did not cooperate; Based on best available information; Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed;
Auroma Coke Ltd. Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
Majestic Exports Issuer did not cooperate; Based on best available information; Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed;
VaishVik Foods Pvt. Ltd. Issuer did not cooperate; Based on best available information; Long Term Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed;
Laxmi Cotton Industries Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
NG Fertilizers and Chemicals Pvt. Ltd. Rating moved to Not Reviewed Advisory;
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