Rating Rationales






Date Organization Description
24 July 2024JapshiChem Pharmaceuticals Issuer did not cooperate; Based on best available information; Ratings Reaffirmed;
Nalanda Builders & Developers India Ltd. Issuer did not cooperate; Based on best available information; Ratings Reaffirmed;
Pushpa Sales Pvt. Ltd. Issuer did not cooperate; Based on best available information; Ratings Reaffirmed;
Lalani Suitings Pvt. Ltd. Issuer did not cooperate; Based on best available information; Long Term Rating Reaffirmed;
Hindustan Fibres Ltd. Issuer did not cooperate; Based on best available information; Ratings Reaffirmed;
Shivpriya Cables Pvt Ltd Issuer did not cooperate; Based on best available information; Ratings Reaffirmed;
Khed Sinnar Expressway Ltd. Issuer did not cooperate; Based on best available information; Long Term Rating Reaffirmed;
Sand Dune Constructions Pvt. Ltd Issuer did not cooperate; Based on best available information; Long Term Rating Downgraded to BWR D;
IL&FS Maritime Infrastructure Company Limited Issuer did not cooperate; Based on best available information; Long Term Rating Reaffirmed;
Hanuman Rice and General Mills Issuer did not cooperate; Based on best available information; Long Term Rating Downgraded to BWR C; Short Term Rating Reaffirmed;
Birmi International Pvt Ltd Issuer did not cooperate; Based on best available information; Long Term Rating Downgraded to BWR B -; Short Term Rating Reaffirmed;
Gogoal Hydro Pvt Ltd Issuer did not cooperate; Based on best available information; Long Term Rating Downgraded to BWR B -; Short Term Rating Reaffirmed;
Gupta Transformers Products Issuer did not cooperate; Based on best available information; Ratings Reaffirmed;
Kunal Cotton Industries Issuer did not cooperate; Based on best available information; Long Term Rating Reaffirmed;
Paras Agri Business Pvt Ltd Issuer did not cooperate; Based on best available information; Long Term Rating Downgraded to BWR B;
Lemon Electronics Ltd Issuer did not cooperate; Based on best available information; Ratings Reaffirmed;
Active Tools Pvt Ltd Issuer did not cooperate; Based on best available information; Ratings Reaffirmed;
Nagson & Co Issuer did not cooperate; Based on best available information; Long Term Rating Downgraded to BWR C;
Vinayak International Issuer did not cooperate; Based on best available information; Outstanding Ratings Downgraded;
Premier Engg & Equipment Mfg. Co. Issuer did not cooperate; Based on best available information; Long Term Rating Downgraded to BWR B -; Short Term Rating Reaffirmed;
Muzaffarnagar STP Pvt. Ltd. Issuer did not cooperate; Based on best available information; Long Term Rating Downgraded to BWR B +;
Malkit Agro Tech Pvt. Ltd. Issuer did not cooperate; Based on best available information; Long Term Rating Downgraded to BWR B;
23 July 2024Inmacs Microsystems Pvt. Ltd. Issuer did not cooperate; Based on best available information; Long Term Rating Reaffirmed;
KLC Overseas Issuer did not cooperate; Based on best available information; Long Term Rating Reaffirmed;
R N Metals Issuer did not cooperate; Based on best available information; Ratings Reaffirmed;
Tara Exports Ltd. Issuer did not cooperate; Based on best available information; Long Term Rating Reaffirmed;
Kandhaian Poultry Farm Issuer did not cooperate; Based on best available information; Ratings Reaffirmed;
Leena Powertech Engineers Pvt. Ltd. Issuer did not cooperate; Based on best available information; Outstanding Ratings are Reaffirmed and Withdrawn;
Bemco Sleepers Pvt. Ltd. Issuer did not cooperate; Based on best available information; Long Term Rating Downgraded to BWR C; Short Term Rating Reaffirmed;
H. P. Builders Pvt. Ltd. Issuer did not cooperate; Based on best available information; Ratings Reaffirmed;
Khare & Tarkunde Infrastructure Pvt. Ltd. Issuer did not cooperate; Based on best available information; Ratings Reaffirmed;
Chinar Steel Segment Center Issuer did not cooperate; Based on best available information; Long Term Rating Downgraded to BWR B -;
Shiva Shakti Grains India Pvt. Ltd. Issuer did not cooperate; Based on best available information; Long Term Rating Reaffirmed;
Orbit Ayas Pvt. Ltd Issuer did not cooperate; Based on best available information; Ratings Reaffirmed;
Vee Kay Foods Issuer did not cooperate; Based on best available information; Long Term Rating Reaffirmed;
Narmada Agro Cottex Pvt. Ltd Issuer did not cooperate; Based on best available information; Long Term Rating Reaffirmed;
Umang Realtech Pvt Ltd Issuer did not cooperate; Based on best available information; Ratings Reaffirmed;
GKR Infratech Pvt. Ltd Issuer did not cooperate; Based on best available information; Ratings Reaffirmed;
Lark Projects Pvt Ltd Issuer did not cooperate; Based on best available information; Long Term Rating Reaffirmed;
Deeksha Woolen Mills Issuer did not cooperate; Based on best available information; Long Term Rating Reaffirmed;
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