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Rating Rationales

04 May 2026

Bazaar Konnections: Continues to remain under issuer non-cooperating category

Bazaar Konnections: Continues to remain under issuer non-cooperating category

04 May 2026

Boltmaster (India) Private Limited: Continues to remain under issuer non-cooperating category

Boltmaster (India) Private Limited: Continues to remain under issuer non-cooperating category

04 May 2026

Dashmesh Agro Industries: Continues to remain under issuer non-cooperating category

Dashmesh Agro Industries: Continues to remain under issuer non-cooperating category

04 May 2026

Dashmesh Rice Mills: Continues to remain under issuer non-cooperating category

Dashmesh Rice Mills: Continues to remain under issuer non-cooperating category

04 May 2026

Jaya Lathe Works: Continues to remain under issuer non-cooperating category

Jaya Lathe Works: Continues to remain under issuer non-cooperating category

04 May 2026

JSW Green Energy Eight Limited: [ICRA]A (Stable); assigned

JSW Green Energy Eight Limited: [ICRA]A (Stable); assigned

04 May 2026

KSC Educational Society: Continues to remain under issuer non-cooperating category

KSC Educational Society: Continues to remain under issuer non-cooperating category

04 May 2026

Machino Plastics Becharaji Limited – ‘ISSUER NOT COOPERATING’ due to non-submission of No Default Statement (NDS)

Machino Plastics Becharaji Limited – ‘ISSUER NOT COOPERATING’ due to non-submission of No Default Statement (NDS)

04 May 2026

Maini Group of Educational Society: Continues to remain under issuer non-cooperating category

Maini Group of Educational Society: Continues to remain under issuer non-cooperating category

04 May 2026

Nirmal Traders: Continues to remain under issuer non-cooperating category

Nirmal Traders: Continues to remain under issuer non-cooperating category


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Structured Finance Rating Rationales

04 May 2026

Midland Microfin Limited: Provisional rating assigned to PTCs backed by microfinance loan receivables issued by Bolt 2025

Midland Microfin Limited: Provisional rating assigned to PTCs backed by microfinance loan receivables issued by Bolt 2025

04 May 2026

Spandana Sphoorty Financial Limited: Provisional [ICRA]A(SO) assigned to PTC Series A1 issued by Noblesse Trust 2026, backed by a pool of microfinance loans

Spandana Sphoorty Financial Limited: Provisional [ICRA]A(SO) assigned to PTC Series A1 issued by Noblesse Trust 2026, backed by a pool of microfinance loans

30 Apr 2026

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.): Ratings confirmed as final for PTCs backed by unsecured business loan receivables issued by SBL Lavanya 1225

Aye Finance Limited (erstwhile Aye Finance (P) Ltd.): Ratings confirmed as final for PTCs backed by unsecured business loan receivables issued by SBL Lavanya 1225

30 Apr 2026

IIFL Samasta Finance Limited: Rating withdrawn for PTCs backed by pool of microfinance loan receivables

IIFL Samasta Finance Limited: Rating withdrawn for PTCs backed by pool of microfinance loan receivables

30 Apr 2026

Muthoot Fincorp Limited: Rating confirmed as final for SNs backed by loan against property receivables issued by Momentum 2025

Muthoot Fincorp Limited: Rating confirmed as final for SNs backed by loan against property receivables issued by Momentum 2025

30 Apr 2026

Vedika Credit Capital Ltd: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Indigo 052

Vedika Credit Capital Ltd: Rating confirmed as final for PTCs backed by microfinance loan receivables issued by Indigo 052

29 Apr 2026

Satin Finserv Limited: Rating upgrade for two PTCs issued under secured business loan securitisation transactions

Satin Finserv Limited: Rating upgrade for two PTCs issued under secured business loan securitisation transactions

28 Apr 2026

Berar Finance Limited: Rating upgraded for PTCs issued under two-wheeler loan receivables securitisation transaction

Berar Finance Limited: Rating upgraded for PTCs issued under two-wheeler loan receivables securitisation transaction

27 Apr 2026

Aavas Financiers Limited: Rating confirmed as final for PTCs backed by home loans receivables issued by Prime Home Loan Trust V

Aavas Financiers Limited: Rating confirmed as final for PTCs backed by home loans receivables issued by Prime Home Loan Trust V

27 Apr 2026

Arman Financial Services Limited: Rating upgraded for PTCs issued under a pool of unsecured MSME loan receivables

Arman Financial Services Limited: Rating upgraded for PTCs issued under a pool of unsecured MSME loan receivables


Our Rating Approach & Methodologies

ICRA's Rating process starts when the issuer contacts
our business team to engage our services.

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22 Apr 2026 04:00 PM

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