Rating Rationales






Date Organization Description
04 March 2024Fouress Engineering (India) Pvt. Ltd. (erstwhile Fouress Engineering (India) Ltd) Issuer did not cooperate; Based on best available information; Outstanding Ratings Downgraded;
Goldstone Cements Ltd. Issuer did not cooperate; Based on best available information; Ratings Reaffirmed;
Ishman International Issuer did not cooperate; Based on best available information; Short Term Rating Downgraded to BWR A4;
Kesavahanuma Cotton and Oil Mill Pvt. Ltd. Issuer did not cooperate; Based on best available information; Long Term Rating Reaffirmed;
Ambience Towers Pvt. Ltd. Issuer did not cooperate; Based on best available information; Reaffirmed and Withdrawn for Long Term;
Sun Ark Aluminium Industries Pvt. Ltd. Issuer did not cooperate; Based on best available information; Ratings Reaffirmed;
Swaraj Syntex Pvt. Ltd. Issuer did not cooperate; Based on best available information; Long Term Rating Reaffirmed;
Vraj Cotspin Pvt. Ltd. Issuer did not cooperate; Based on best available information; Ratings Reaffirmed;
Oxford Golf and Resorts Pvt. Ltd. Issuer did not cooperate; Based on best available information; Long Term Rating Downgraded to BWR B;
R Chem Organics (Bangalore) Pvt. Ltd. Issuer did not cooperate; Based on best available information; Long Term Rating Downgraded to BWR B +; Short Term Rating Reaffirmed;
Nile Logistics Pvt Ltd Issuer did not cooperate; Based on best available information; Long Term Rating Downgraded to BWR B -; Short Term Rating Reaffirmed;
Rex Global Ltd. Issuer did not cooperate; Based on best available information; Ratings Reaffirmed;
Gyan Mandir Foundation Issuer did not cooperate; Based on best available information; Long Term Rating Downgraded to BWR B;
Indigo Information Systems Pvt. Ltd Issuer did not cooperate; Based on best available information; Ratings Reaffirmed;
Parmanand Adwani Issuer did not cooperate; Based on best available information; Long Term Rating Downgraded to BWR B -; Short Term Rating Reaffirmed;
PSK Textiles India Private Limited Issuer did not cooperate; Based on best available information; Long Term Rating Downgraded to BWR C; Short Term Rating Reaffirmed;
KM Toll Road Private Limited Issuer did not cooperate; Based on best available information; Ratings Reaffirmed;
Arrow Constructions Ltd Issuer did not cooperate; Based on best available information; Ratings Reaffirmed;
Shree Durga Cashews Issuer did not cooperate; Based on best available information; Long Term Rating Reaffirmed;
Sharu Steels Pvt. Ltd. Issuer did not cooperate; Based on best available information; Long Term Rating Downgraded to BWR B -; Short Term Rating Reaffirmed;
Sri Vekkaliamman Educational Charitable Trust Issuer did not cooperate; Based on best available information; Long Term Rating Reaffirmed;
Latto Tiles LLP Issuer did not cooperate; Based on best available information; Long Term Rating Downgraded to BWR C; Short Term Rating Reaffirmed;
Sai Bandhan Infinium Pvt. Ltd.(Formerly known as Sai Inductomelt Pvt. Ltd.) Outstanding Ratings Withdrawn;
Aristo Steel Pvt. Ltd. Issuer did not cooperate; Based on best available information; Long Term Rating Downgraded to BWR C;
Jai Giriraj Rice and Agro Mills Pvt. Ltd. Issuer did not cooperate; Based on best available information; Outstanding Ratings Downgraded;
Powertech Engineers Issuer did not cooperate; Based on best available information; Downgraded and Withdrawn for Long Term; Reaffirmed and Withdrawn for Short Term;
Skanda Infra Projects India Pvt. Ltd. Issuer did not cooperate; Based on best available information; Long Term Rating Downgraded to BWR B -;
Dvara Kshetriya Gramin Financial Services Pvt. Ltd. Non Convertible Debentures Rating Reaffirmed;
BPL Telecom Pvt. Ltd. Issuer did not cooperate; Based on best available information; Long Term Rating Reaffirmed;
Automark Industries (India) Pvt. Ltd. Issuer did not cooperate; Based on best available information; Long Term Rating Downgraded to BWR B +; Short Term Rating Reaffirmed;
Khalatkar Construction Infra Pvt. Ltd. Outstanding Ratings Withdrawn;
01 March 2024Indrajit Power Pvt. Ltd. Issuer did not cooperate; Based on best available information; Outstanding Ratings Downgraded;
Poonawalla Fincorp Limited (esrtwhile Magma Fincorp Limited) Ratings Reaffirmed; Reaffirmed and Withdrawn for Innovative Perpetual Debt Instrument;
Azad Ispat India Pvt. Ltd. Issuer did not cooperate; Based on best available information; Ratings Reaffirmed;
Magnum Spinning Mills India Pvt. Ltd. Issuer did not cooperate; Based on best available information; Long Term Rating Downgraded to BWR B -; Short Term Rating Reaffirmed;
Suich Industries Pvt. Ltd. Issuer did not cooperate; Based on best available information; Ratings Reaffirmed;
Pridhvi Asset Reconstruction and Securitisation Company Ltd. Issuer did not cooperate; Based on best available information; Long Term Rating Downgraded to BWR BBB;
UPI Polymers Pvt. Ltd. Issuer did not cooperate; Based on best available information; Ratings Reaffirmed;
Rami Reddy Agro Industry Issuer did not cooperate; Based on best available information; Long Term Rating Downgraded to BWR B +; Short Term Rating Reaffirmed;
Vazeer Tobacco Company Issuer did not cooperate; Based on best available information; Long Term Rating Reaffirmed;
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