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Rating Rationales


Date Organization Description
18 November 2025Gimatex Industries Pvt. Ltd. Issuer did not cooperate; Based on best available information; Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed;
Ananda Dairy Ltd.(Erstwhile Ananda Dairy International Ltd. & before that Ananda Dairy International Pvt. Ltd. & before that Gopaljee Dairy Foods Pvt. Ltd.) Issuer did not cooperate; Based on best available information; Outstanding Ratings are Reaffirmed and Withdrawn;
Delton Cables Ltd Issuer did not cooperate; Based on best available information; Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed;
Global Vectra Helicorp Ltd Issuer did not cooperate; Based on best available information; Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed;
Artsy Homes Real Estate Private Limited Issuer did not cooperate; Based on best available information; Bonds Rating Reaffirmed;
Ghatge Patil Industries Limited Issuer did not cooperate; Based on best available information; Fixed Deposit Rating Reaffirmed;
Dairy India Pvt. Ltd. Issuer did not cooperate; Based on best available information; Outstanding Ratings are Reaffirmed and Withdrawn;
Choudhary Power Projects Pvt. Ltd. Long Term Rating Upgraded to BWR BB +;
Suraj Construction Company Long Term Rating BWR BBB -/Stable Assigned; Short Term Rating BWR A3 Assigned;
Kargil Steel and Power Pvt.Ltd. Long Term Rating BWR BB/Stable Assigned; Short Term Rating BWR A4 + Assigned;
17 November 2025Kute Sons Dairys Ltd. (erstwhile Tirumalaa Daairy Ltd. & Before that Swaraj India Industries Limited) Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
Oswin Wood Panels Pvt. Ltd. Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
New Phaltan Sugar Works Limited Issuer did not cooperate; Based on best available information; Long Term Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed;
Ravitej Projects Pvt. Ltd. Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
SGR EXIM Pvt. Ltd. Issuer did not cooperate; Based on best available information; Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed;
Ghanshyam Gin Mills Industries Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
Ansal Hi-Tech Townships Ltd Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
Quality Engineers & Contractors Issuer did not cooperate; Based on best available information; Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed;
Kute Sons Fresh Dairy Pvt. Ltd. (erstwhile Tirumalaa Fresh Daairy Farm Pvt. Ltd. & Before that Fresh N Natural Dairy Farms Pvt. Ltd.) Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
Patel & Company (Gujarat) Issuer did not cooperate; Based on best available information; Long Term Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed;
Raja Insulations & Refractories Pvt Ltd Issuer did not cooperate; Based on best available information; Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed;
PRIMUS Global Technologies Pvt Ltd Issuer did not cooperate; Based on best available information; Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed;
Milap Tradelink Private Limited Issuer did not cooperate; Based on best available information; Long Term Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed;
Ansal API Infrastructure Ltd Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
Andhra Pradesh Power Development Company Limited Issuer did not cooperate; Based on best available information; Reaffirmed and Withdrawn for Long Term;
Sona Fisheries Issuer did not cooperate; Based on best available information; Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed;
Anantshri Industries Issuer did not cooperate; Based on best available information; Long Term Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed;
Ninerich Infotech 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;
Premnarayan Rameshwar Dayal Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
R P Overseas Issuer did not cooperate; Based on best available information; Long Term Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed;
FutureFone Ltd. Issuer did not cooperate; Based on best available information; Non Convertible Debentures Rating Reaffirmed;
Nuova Shoes Issuer did not cooperate; Based on best available information; Short Term Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed;
Square Corporation Issuer did not cooperate; Based on best available information; Long Term Rating Continues to be in ISSUER NOT COOPERATING* category/Downgraded to BWR B; Short Term Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed;
Fuji Silvertech Concrete Pvt. Ltd. Issuer did not cooperate; Based on best available information; Rating moved to Not Reviewed Advisory;
Arnaa Texfab Pvt. Ltd. Long Term Rating BWR BB/Stable Assigned;
Shreedhar Spinners Pvt. Ltd. Long Term Rating BWR BBB -/Stable Assigned; Short Term Rating BWR A3 Assigned;
14 November 2025Aditya Academy Issuer did not cooperate; Based on best available information; Long Term Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed;
Unicon Shelters Pvt. Ltd. Issuer did not cooperate; Based on best available information; Ratings Reaffirmed;
Prakash Automotives Issuer did not cooperate; Based on best available information; Long Term Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed;
Laqshya Infradevelopers India Pvt. Ltd. Issuer did not cooperate; Based on best available information; Long Term Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed;
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