Unaccepted Ratings





New Format as per SEBI Circular SEBI/HO/MIRSD/DOP2/CIR/P/2018/86 Dated May 30, 2018
S.No. Name of the Issuer Sector Instrument Type Issue Size
(Rs.in Crores)
Date of Rating Listing Status Rating
112 Northern Spirits Limited Trading of Foreign Liquor Issuer Rating NA 17.12.2020 Listed IVR BBB-[IS]/Negative Outlook
111 Veekay Prints Private Limited Dyeing & Printing of Fabrics on Job Work Basis Fund based Limit (Cash Credit)
Fund based Limits (Term Loan)
10.00
5.00
22.10.2020 Unlisted IVR BBB-/Stable Outlook
IVR BBB-/Stable Outlook
110 Vishal Fashions Private Limited Trading of Sarees & Dress Materials Fund based Limit (Cash Credit) 25.00 22.10.2020 Unlisted IVR BBB/Stable Outlook
109 Velsaa Vitrified LLP Manufacturing Bank Loan Rating 36.63 16.12.2020 Unlisted IVR BB+/Stable Outlook
108 Shree Bhageshwari Papers Private Limited Paper Bank Loan Rating 25.00 17.12.2020 Unlisted IVR BBB/Credit Watch with Developing Implications
107 SSNR Power Pvt Ltd Solar Power Generation Long Term Bank Facility 42.00 12.12.2020 Unlisted IVR BB/Stable Outlook
106 Aasra Fincorp Pvt. Ltd Registered NBFC involved in microfinance lending Proposed Long Term Bank Facility 25.00 08.12.2020 Unlisted IVR B+/
Stable Outlook
105 Amba Shakti Ispat Limited Manufacturing of Steel Long Term Bank Facilities

Short Term Bank Facilities
30.00

14.70
19.11.2020 Unlisted IVR BB+/Stable Outlook

IVR A4+
104 Aglon Industries Pvt. Ltd. Textiles Long Term Bank Facilities 15.00 04.12.2020 Unlisted IVR BB+/Stable Outlook
103 Deeta Constructions Private Limited Real Estate Long Term Bank Facility (LRD) 100.00 28.11.2020 Unlisted IVR BB+/Stable Outlook
102 Uttarayan Microfinance Pvt Ltd Microfinance Long Term Bank Facilities 20.00 20.11.2020 Unlisted IVR BBB/ Credit Watch with Developing Implications
101 BMS Projects Construction Long Term Bank Facilities
Short Term Bank Facilities
6.00

19.00
22.10.2020 Unlisted IVR BB+/Positive Outlook
IVR A4+
100 Sreenidhi Infra Private Limited Infrastructure Long Term Fund based Bank Facility
Short Term Non-Fund based Bank Facility
67.00

33.00
22.10.2020 Unlisted IVR BB/Stable Outlook

IVR A4
99 Sarr Freight Corporation Logistics Services BLR (Long Term Fund based Bank Facility)
BLR (Short Term Non-Fund based Bank Facility)
18.00

6.00
19.11.2020 Unlisted IVR BB+/
Positive Outlook
98 Kashvi Power Steel Pvt Ltd Iron ore trading Trading of Iron-ore Issuer Rating 28.09.2020 Unlisted IVR BBB-[Is]/
Stable Outlook
97 Perfect Infracorp Pvt Ltd Construction Long Term Bank Facilities 16.00 14.09.2020 Unlisted IVR BBB/
Stable Outlook
96 ABT Limited Transportation and Auto Dealership Long Term Rating - Proposed Fixed Deposit 70.00 11.09.2020 Unlisted IVR FBB+/
Stable Outlook
95 Arun Vyapar Udyog Private Limited Iron and Steel Fund Based Bank Facilities - Cash Credit
Non-Fund Based Bank Facilities - Letter of Credit
13.00

15.00
16.10.2020 Unlisted IVR BB+/ Stable Outlook

IVR A4+
94 SS Fruits International Private Limited Trading of Fruits Fund based Limit (Cash Credit)
Non-Fund based Limits (Letter of Credit)
18.00

5.50
06.11.2020

06.11.2020
Unlisted

Unlisted
IVR BB+/ Positive Outlook
IVR A4+
93 Pan Agri Export Export of Agri Commodities Long Term Fund Based Facility - Cash Credit 15.00 21.09.2020 Unlisted IVR BBB/ Stable Outlook
92 Jaydeep Cotton Fibres Private Limited Textile Long Term Fund Based Facility - Cash Credit 15.00 21.09.2020 Unlisted IVR BBB/ Stable Outlook
91 Windcare India Pvt Ltd Renewable Energy Bank Loan Rating 13.01 31.10.2020 Unlisted IVR BB/ Stable Outlook
90 Mittal Pigments Private Limited Metal Long Term Bank Facilities
Short Term Bank Facilities
30.00

18.00
23.10.2020 Unlisted IVR BB/ Stable Outlook

IVR A4
89 Haveli Restaurants & Resorts Limited Service Long Term Bank Facility 103.00 23.10.2020 Unlisted IVR BBB-/
Credit Watch with Negative Implications
88 BLS International Ltd Visa Services Long Term Fund Based
Short Term-Non Fund Based
10.00
40.00
28.09.2020 Listed IVR A-/Stable Outlook
IVR A2+
87 Silver Finance Solutions Private Limited BFSI Proposed Fund Based Long Term Facility 10.00 12.09.2020 Unlisted IVR BB- / Stable
(IVR Double B Minus with Stable Outlook)
86 Balmukund Concast Private Limited Manufacturing of TMT Bar Bank Facilities- Long Term- Cash Credit 10.00 09.10.2020 Unlisted IVR BBB/Stable
(IVR Triple B with Stable Outlook)
85 H.M.R. Steels Private Limited Iron and Steel BLR 40.00 19.10.2020 Unlisted IVR BB/ Stable Outlook
[IVR Double B with Stable Outlook]
84 Shamili Hydel Power Project Private Limited Power Generation Bank Facilities- Long Term 15.00 16.10.2020 Unlisted IVR BB+/ Stable
Outlook
83 Pulkit Projects Private Limited EPC - Civil Construction Non Fund Based Short Term Facility - Bank Guarantee

Fund Based Long Term Facility - Overdraft
16.80

9.50
01.10.2020 Unlisted IVR A4 (IVR A Four)

IVR BB Stable Outlook
82 Lakhtarwala Jewellers Private Limited Gems and Jewellery BLR 23.00 25.09.2020 Unlisted IVR BB+ /Stable Outlook
[IVR Double B Plus with
Stable Outlook]
81 Saibaba Flameproof Switchgears Private Limited Engineering and allied activities Long Term Fund Based Facility (ODBD and CC)
Short Term Non Fund Based Facility (BG)
Proposed Short Term Non Fund Based Facility
4.00
36.50
4.75
08.10.2020 Unlisted IVR BB+/ Positive outlook
IVR A4+
IVR A4+
80 Gill & Company Private Limited Trader & exporter of Indian raw cotton & other agro commodities Packing Credit (Sublimit of Cash Credit of INR10.00 Crore) 50 07.10.2020 Unlisted IVRBB+/Stable; A4+
79 Facor Alloys Limited Manufacturing of Ferro-Chrome Proposed Long Term Bank Facility 20 01.10.2020 Unlisted IVR BB+/ Stable Outlook
78 Entremonde Polycoaters Limited Textile Issuer Rating NA 30.09.2020 Unlisted IVR BB+/ Stable Outlook
77 Sahyog Homes Limited Real Estate Fund Based Bank Facilities – Term Loans
Non Fund Based Bank Facilities - LC Sight/Usance
375.00
25.00
28.09.2020 Unlisted IVR BB+/ Stable
IVR A4+
76 Grafax Textiles Private Limited Manufacturing of ready-made garments Long Term- Bank Facility
Proposed Long Term Bank Facility
5.85
5
23.09.2020 Unlisted IVR BB-/ Stable
IVR BB-/ Stable
75 Supreme Batteries Pvt. Ltd Batteries Bank Facilities-Long Term
Bank Facilities – Short term
49.20
10.50
16.09.2020 Unlisted IVR BB-/Stable
IVR A4
74 Vahini Irrigation Private Limited Pipe Manufacturing Long Term Fund Based
Short Term-Non Fund Based
23.00
7.00
14.09.2020 Unlisted IVR BBB-/Positive Outlook
IVR A3
73 Agson Global Private Limited Processing and distribution of almonds, manufacturing of menthol, management of logistics park. Issuer Rating - 07.09.2020 Unlisted IVR BBB [Is]/Credit Watch with Negative Implications
72 Paridhi Finvest Private Limted NBFC Bank Facilities-Long Term 25.00 12.09.2020 Unlisted IVR BB/ Stable Outlook
71 Splenora Textures LLP Textile Bank Loan Rating 18.59 08.09.2020 Unlisted IVR BB/ Stable Outlook
70 Jaraikela Lumberman India Pvt Ltd Manufacturing Long Term Bank Facilities – Cash Credit
Short Term Bank Facilities – Bank Guarantee
Short Term Bank Facilities – Letter of Credit
5.00
1.50
7.00
01.09.2020 Unlisted IVR BB+ /Stable
IVR A4+
IVR A4+
69 SS Construction Company Civil Construction Long Term Fund Based
Short Term-Non Fund Based
2.00
13.00
30.06.2020 Unlisted IVR B+/Stable
IVR A4
68 Standard Retail Private Limited Steel Trading NIssuer Rating NA 20.08.2020 Unlisted IVR BB+ [Is] / Negative Outlook
67 M/s. Siwansi Concrete Products Manufacturing of concrete interlocking tiles, pavers, concrete benches, RCC pillar post, concrete drain cover Long Term Bank Facilities 5.36 18.08.2020 Unlisted IVR B+/Stable
66 Fortune Metaliks Limited Steel Manufacturing Bank Loan Rating
Long Term/Short Term Bank Facilities – Proposed
34.00 08.08.2020 Unlisted IVR BB+/ Negative Outlook
65 M/s. RC Enterprises Contractor of Electricity work for Govt. Departments i.e. JVVNL, AVVNAL & Nagar Nigam of Jaipur Long Term Bank Facilities
Long Term/Short Term Bank Facilities – Proposed
10.18

39.82
08.08.2020 Unlisted IVR BB/Stable Outlook

IVR BB/Stable Outlook & IVR A4
64 Safety Controls & Devices Private Limited Erection of power substation and installation of safety equipment Long term/Short term bank facilities: Bank Guarantee 50.00 22.07.2020 Unlisted IVR BB+; Stable/ IVR A4+
63 Pashupati Excrusion Pvt Ltd Manufacturing Long Term Fund Based Facility: Term Loan
Long Term Fund Based Facility : Cash Credit
Short Term Non Fund Based : Bank Guarantee
11.11

4.50

0.52
03.08.2020 Unlisted IVR BBB-/Stable
IVR BBB-/Stable
IVR A3
62 Pashupati Laminators Pvt Ltd Manufacturing Long Term Fund Based Facility :Term Loan
Long Term Fund Based Facility :Cash Credit
Short Term Non Fund Based : ILG
Short Term Non Fund Based – ILC
4.43

19.70

0.90

0.43
03.08.2020 Unlisted IVR BBB-/Stable
IVR BBB-/Stable
IVR A3
IVR A3
61 Pashupati Polytex Pvt Ltd Manufacturing Long Term Fund Based Facility : Term Loan
Long Term Fund Based Facility: Cash Credit
Short Term Non Fund Based :BG
(Proposed) Short Term Non Fund Based – BG
33.32

24.50

12.50

5.00
03.08.2020 Unlisted IVR BBB-/Stable
IVR BBB-/Stable
IVR A3
IVR A3
60 Al Badriya Wood Industries Timber Processing & Trading Long Term Bank Facilities: OCC/ODBD
Short Term Bank Facilities: FLC/ILC
Long/ Short Term Bank Facilities: Proposed
2.40

6.00

3.60
27.07.2020 Unlisted IVR B+/ Stable
IVR A4
IVR B+/ Stable and IVR A4
59 Akme Fintrade (India) Limited NBFC Non-Convertible Debentures 50.00 24.07.2020 Unlisted IVR BBB / Stable
58 HCV Projects India Private Limited Infrastructure of telecom industry and other work contract services Long Term Bank Facilities : Fund Based
Long Term Bank Facilities : Fund Based Proposed
Short Term Bank Facilities : Non Fund Based
4.33
3.97
1.35
15.07.2020 Unlisted IVR BB-/Stable
IVR BB-/Stable
IVR A4
57 Vibhor Steel Tubes Pvt Ltd Manufacturing Long Term Bank Facilities – Cash Credit
Short Term Bank Facilities – Bank Guarantee
38.00
12.00
09.07.2020 Unlisted IVR BBB- /Stable
IVR A3
56 TC Terrytex Limited Textile Sector - Manufacturer of Terry Towels and Dyed Yarn Long Term Bank Facilities – Fund Based
Short Term Bank Facilities – Non Fund Based
60.75
14.29
29.05.2020 Unlisted IVR BBB-/Positive
IVR A3
55 Bismi Hypermart Private Limited Organized Retail BLR 23.86 25.06.2020 Unlisted IVR BB+ /Stable
54 Bismi Connect Private Limited Organized Retail BLR 18.75 25.06.2020 Unlisted IVR BB+ /Stable
53 Rungta Rayon Tex Private Limited Textile Fund based Limit (CC)
Fund based Proposed Limit (CC)
Non-Fund based Limits (Bank Guarantee)
36.38

1.62

2.00
19.06.2020 Unlisted IVR BB+/ Stable

IVR BB+/ Stable

IVR A4+
52 SCC Builders Pvt Ltd Real Estate Long Term Bank Facilities 150.00 12.06.2020 Unlisted IVR BB+/Stable
51 AMD Industries Limited Crown caps and PET Preforms Bank Facilities-Long Term
Bank Facilities – Short term
24.00
1.00
05.06.2020 Listed IVR BBB-/Positive
IVR A3
50 Dairy power limited Manufacturing of dairy products Bank Facilities-Long Term-cash credit
Bank Facilities – Long term-Term loan
10.00

25.00
05.06.2020 Unlisted IVR BB/Stable

IVR BB/Stable
49 OPG Power Generation Pvt Ltd Infrastructure Proposed Non-Convertible Debentures 75.00 05.06.2020 Unlisted IVR AA- /Stable
48 Syntex Trading and Agency Pvt Ltd Lease Rental Operating Business Proposed NCD 150.00 29.05.2020 Unlisted Provisional IVR A-
47 Mangala Marine Exim India Pvt Ltd Manufacturing Fund Based - Term Loan
(Proposed) Fund Based – WCDL
Fund Based – FBP/EBD NLC
Non Fund Based – Bank Guarantee
3.80
1.70

12.00

2.50
20.05.2020 Unlisted IVR BBB- Stable Outlook / IVR A3
46 Mangala Sea Foods Manufacturing Fund Based – FBP/EBD NLC
(Proposed) Fund Based – WCDL
Non Fund Based – Bank Guarantee
(Proposed) Non Fund Based – Bank Guarantee
10.00

1.00

5.00

2.00
20.05.2020 Unlisted IVR BBB- Stable Outlook / IVR A3
45 Ananda Vikatan Publishers Private Limited Printing & Publishing Bank Facilities-Long Term
Bank Facilities – Short term
16.00

9.00
30.04.2020 Unlisted IVR BB+/Stable

IVR A4+
44 Shree Basant Exim Private Limited Trading Long Term Fund Based 20.00 27.04.2020 Unlisted IVR BB+/Stable
43 Primeco Realty Private Limited Real Estate Bank Facility- Proposed LRD 20.00 23.04.2020 Unlisted IVR BBB-/ Stable
42 Megha Fruits Processing Private Limited Manufacturing and Marketing of Carbonated Soft Drinks, Packaged Drinking Water, Soda, Fruit Juices and Variety of Packaged Food- Snacks Long Term Bank Facilities – Cash Credit 47.00 13.04.2020 Unlisted IVR BBB/ Stable
41 Chemitech Engineers Private Limited Trading of Industrial Chemicals and Manufacturing of Adhesives Long Term Bank Facilities – Fund Based 20.00 14.05.2020 Unlisted IVR BB+/Positive
40 Aakaash Manufacturing Company Private Limited Manufacturing of RMC & Aggregates Cash Credit
Term Loans
Bank Guarantee
11.00
8.06
13.50
04.04.2020 Unlisted IVR BB+/A4+
39 Fastlink Connections Private Limited Distributor of Samsung Mobile and SYSKA Products Cash Credit
Proposed Bank
7.00
3.00
01.04.2020 Unlisted IVR BB+
38 Sagar Nutriments Private Limited Manufacturing Bank Facility- Long Term 13.72 1.04.2020 Unlisted IVR BBB-/Stable
37 M3M India Private Limited Real Estate Proposed NCD
Proposed NCD
100.00
250.00
31.03.2020 Unlisted IVR BBB/Stable
IVR BBB/Stable
36 Manaksia Aluminum Company Limited Manufacturing of secondary aluminum rolled products like Pre-Coated Coil & Sheet along with Colour Coated Coil Short Term Bank Facilities 15.00 28.3.2020 Listed IVR A2
35 Palriwal Industries Pvt Ltd Manufacturing of aluminium conductor and aluminium wire rods and coal tar distillation Long Term Bank Facilities 15.00 28.3.2020 Unlisted IVR BBB-/Stable
34 Sanghi Brothers (Indore) Pvt Ltd Automobile Dealership Long Term Bank Facilities 20.00 28.3.2020 Unlisted IVR BB+/Stable
33 MI Industries India Private Limited Manufacturing Bank Facility- Long Term
Bank Facility -Short Term
18.00
1.77
24.03.2020 Unlisted IVR BBB-/Stable
IVR A3
32 MI Industries India Private Limited Manufacturing Bank Facility- Long Term
Bank Facility -Short Term
18.00
1.77
24.03.2020 Unlisted IVR BBB-/Stable
IVR A3
31 Rasik Products Private Limited Manufacturing of gift paper and stamping foil Bank Facilities –Long Term
Bank Facilities -Short Term
23.00
7.00
23.03.2020 Unlisted IVR BB/Stable
IVR A4
30 S R Jungle Resort Management of Hotels Term Loan
Working capital(OD)
18.71
3.00
19.03.2020 Unlisted IVR BB-
IVR BB-
29 True Value Build Space LLP Real Estate Bank Facilities - Long Term 25.00 09.03.2020 Unlisted IVR BBB-/Stable
28 Kushal Bharat Equipments & Infrastructure Pvt Ltd Real Estate and Shopping Mall Bank Facilities-Long Term 15.93 06.03.2020 Unlisted IVR BB/Stable
27 ABharat Hi-Tech (Cements) Pvt Ltd Cement Bank Facilities-Long Term 15.24 06.03.2020 Unlisted IVR BB+/Positive
26 StoneHenge Infra & Logistics Pvt Ltd Construction Long Term Bank Facilities
Short Term Bank Facilities
5.5
5.00
05.03.2020 Unlisted IVR BB/Stable
IVR A4+
25 Surat Wovensacks Industries LLP Manufacturing Fund Based Long Term – Cash Credit
Fund Based Long Term – Term Loan
5.00
4.75
22.02.2020 Unlisted IVR B+/Stable
IVR B+/Stable
24 Shapoorji Pallonji Infrastructure Capital Company Pvt Ltd Infrastructure CBank Facilities - Fund & Non-Fund Based 2500.00 19.02.2020 Unlisted IVR A- / Stable & IVR A2+
23 IQ City Foundation Education and hospitality Long Term Bank Facilities 197.93 18.02.2020 Unlisted IVR BB+/Stable
22 Kuna Impex Private Limited Industrial Automation and Electrical Products Cash Credit

Inland Letter of Credit
6.75

4.50
12.02.2020 Unlisted IVR BB-/A4
21 Fortune Integrated Assets Finance Limited NBFC/FI Short Term Bank Facilities - WCDL 250.00 17.02.2020 Unlisted IVR A2+
20 Nandan Ground Support Equipment Private Limited Manufacturing Bank Facilities - Fund based Limit (CC) – Long Term
Bank Facilities - Non-Fund based Limits (Letter of Guarantee) – Short Term
Bank Facilities - Term Loan
Bank Facilities - Proposed Term Loan
10.00

4.00

0.90

1.10
16.01.2020 Unlisted IVR B+/ Stable

IVR A4

IVR B+/ Stable

IVR B+/ Stable
19 Mother Agri Export Supplier of Groundnut Bank Facilities-Long Term (Fund Based) 9.00 27.01.2020 Unlisted IVR BB-/Stable
18 Super Iron Foundry Pvt Ltd Manufacturing of Manhole covers Bank Facilities-Long Term (Fund Based) 20.00 27.01.2020 Unlisted IVR BBB-/Stable
17 Shaktigarh Textile Industries Limited Agri Bank Facilities - Long Term 18.75 27.01.2020 Unlisted IVR BB+/Stable
16 Leap India Pvt. Ltd Logistics & Supply (Rental) Bank Facilities - Term Loan 63.00 27.01.2020 Unlisted IVR BB+/Stable
15 Amrit Malwa Capital Limited NBFC Bank Facilities- Long Term
Fixed Deposits - Long Term
20.00

20.00
28.01.2020 Unlisted IVR BBB-/Stable

IVR FBBB-/ Stable
14 Supersmelt Industries Pvt Ltd Iron and Steel Bank Facilities-Long Term (Proposed fund based) 26.00 09.01.2020 Unlisted IVR BB+/Positive
13 Premco Rail Engineers Limited Infrastructure Bank Facilities Long Term
Bank Facilities Short Term
3.90
26.74
06.01.2020 Unlisted IVR BBB-/Positive
IVR A3
12 V. Thangaval and Sons Pvt Ltd Manufacturing Fund Based Long Term
Non Fund Based – Long Term/ Short Term
38.99
2.63
06.01.2020 Unlisted IBR BBB-/ Stable Outlook
IBR BBB-/ Stable Outlook & IVR A3
11 Jai Narain Fabtech Private limited Manufacturing Bank Facility- Long Term
Bank Facility -Short Term
37.70
2.09
31.12.2019 Unlisted IVR BB+ / Stable outlook
IVR A4+
10 Kompass Infrastructures Private Limited Infrastructure Bank Facilities-Long Term
Bank Facilities – Short term
6.00

24.00
30.12.2020 Unlisted IVR BB/Positive Outlook

IVR A4
9 Vandana Rolling Mills Limited Iron and Steel Bank Facilities-Long Term
Bank Facilities – Short term
8.50

1.50
30.12.2019 Unlisted IVR BB+/Positive
IVR A4+
8 M/s Maharaja Coke and Iron & Steel Bank Facilities-Long Term
Bank Facilities – Short term
22.00

8.00
18.12.2019 Unlisted IVR BB+/Positive
IVR A4+
7 S V Creditline Limited NBFC Bank Loan Facility 100.00 06.12.2019 Unlisted IVR BBB- /Stable
6 Virutcham Microfinance Limited Micro-finance Institution Long Term Fund Based Limits 10.00 18.11.2019 Unlisted IVR BB+/Stable outlook
5 H And H Precision Private Limited Engineering Fund Based Limits
Non- Fund Based Limits
5.13
22.50
28.09.2019 Unlisted IVR BB+/Positive Outlook
4 Stolt Rail Logistic Systems Limited Logistic Cash Credit and Term Loans 12.00 12.08.2019 Unlisted IVR BB/Stable outlook
3 Khyber Agro Farms Private Limited Dairy Bank Facilities –Long Term 3.60 15.07.2019 Unlisted IVR BB+/Stable outlook
2 M/s C.B.S. Publishers and Distributors Private Limited Publishing and Distribution of books Bank Facilities –Long Term 30.00 15.07.2019 Unlisted IVR BB+/Stable outlook
1 Argus Cosmetics Limited Cosmetic Fund based (cash credit) 9.00 05.07.2019 Unlisted IVR B+/Stable outlook