Most recent Corporate
Northwind Manufacturing Private Limited
Rating assigned reflecting a stable order book, moderate leverage and adequate liquidity across the forecast period.
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Credit opinions, published in full
Every rating action Credstone issues is published with its effective date, the methodology it was decided under, and the rationale as a downloadable document.
Credstone Ratings Private Limited is registered with the Securities and Exchange Board of India as a Credit Rating Agency under registration number IN/CRA/010/2026, granted on 26 May 2026.
Key rating actions
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Rating sectors
Ratings are classified across five sectors. Each one opens the published actions in it.
Corporate
Manufacturing, trading, services and real estate.
1 rating action
Financial Sector
NBFCs, housing finance, microfinance and capital market intermediaries.
1 rating action
Structured Finance
Securitisation transactions and pass-through certificates.
Infrastructure
Power, roads, telecom, transport, urban infrastructure and mining.
3 rating actions
Other Ratings
Public finance, InvITs, REITs, mutual funds and insurance.
Research and insight
Sector commentary from the Credstone research desk.
Manufacturing working capital and the order book
Order book conversion remains the single largest driver of working capital intensity in mid-corporate manufacturing.
NBFC funding profiles after the latest rate cycle
Funding mix has shifted toward longer tenor borrowings across the larger asset finance companies.
Infrastructure credit: annuity assets carry the cycle
Operational annuity road assets continue to show steadier debt service coverage than toll assets through the current cycle.
How a Credstone rating is arrived at
The analytical basis of every rating is published, not summarised.
The published library
The methodologies, criteria and policies ratings are decided under, each published in full once board approved.
Newsroom
Press releases, announcements and coverage.
- Half-yearly internal audit compliance disclosure published
- Credstone joins the panel on infrastructure credit at an industry forum
- Rating committee composition disclosure published
- Analysts discuss credit trends in mid-corporate manufacturing
- Credstone publishes its rating methodologies and criteria
- Credstone Ratings receives SEBI registration as a credit rating agency
Regulatory disclosures
Published in full, dated, and kept available.
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