Outstanding Ratings as on March 31, 2013 Name of the ... · Avaya Industries Ltd – IND B+ IND A4 – Stable ... Chiripal Polyfilms Pvt. Ltd IND BB+ IND A4+ Stable Choksi Imaging

Outstanding Ratings as on March 31, 2013

Name of the Issuer Issuer Rating Long Term Short Term Term Deposits OutlookA.S. Steel Traders (VSP) Private Limited – IND BB-(suspended) – – –

Aaditiya Aswin Paper Mills Private Limited – IND BB- IND A4+ – Stable

Abellon CleanEnergy Ltd–

IND BB– –

Stable

ABG Shipyard Ltd▼ – IND BBB – – –

Abhinandan Interexim Pvt Ltd (Sri Balmukund Group Entity) – IND BB+ IND A4+ – Stable

ACC Limited – IND AAA IND A1+ – Stable

ACCIL Corporation Limited – IND BBB-(SO) – – –

ACCIL Hospitality Limited – IND BBB-(SO) – – –

AD Hydro Power Limited – IND BBB – – Stable

Adarsh Developers – IND B+ – – Negative

Adarsh Realty & Hotels Private Limited – IND B – – Negative

Adhunik Alloys and Power Limited – IND BB+(suspended) IND A4+(suspended) – –

Adhunik Cement Limited – IND BB-(suspended) IND A4+(suspended) – –

Adhunik Corporation Limited – IND BB IND A4+ – Stable

Adhunik Industries Limited – IND BB+ IND A4+ – Stable

Adhunik Metaliks Limited – IND BBB(suspended) IND A2(suspended) – –

Adhunik Power Transmission (formerly Unistar Galvaniser & Fabricators Pvt

Ltd)– IND B+(suspended) IND A4(suspended) – –

Aditya Vidyut Appliances Limited – IND BB+ IND A4+ – Stable

Admark Polycoats Pvt Ltd – IND BB IND A4+ – Stable

AES Chhattisgarh Energy Private Limited – – IND A2+(SO) – –

Agio Paper & Industries Limited – IND C – – –

AGR Steel Strips Private Limited – IND BB IND A4+ – Stable

Air India Limited – IND AAA(SO)(exp) - – -

Air India Limited – IND AAA(SO) - – -

Air India Ltd (formerly National Aviation Company of India Limited) – IND AAA(SO) – – –

Air Travel Bureau Limited – IND BBB IND A3+ – Stable

Air Works India Engineering Pvt Ltd – IND BBB+ IND A2+ – Stable

Air-India Charters Limited – IND AAA(SO) – – –

Aishwarya Farms IND D – –

Aishwarya Feeds – IND B+ IND A4 – Stable

Ajay Trading Company – IND B+(suspended) IND A4(suspended) – -

Akash Coke Industries Private Limited – IND C(suspended) IND D(suspended) – –

AKC Steel Industries Ltd. – IND BB- – – Stable

Alchemist Hospitals Limited – IND B+ – – Stable

Alchemist Limited – IND BBB- IND A3 – Negative

Alkor Petroo Limited – IND BBB+(SO) – – –

All Services Global Pvt Limited (formerly A.L.L Services Under 1 Roof (India)

Pvt. Ltd.)– IND BB+ IND A4+ – Stable

Alliance Minerals Private Limited – IND B IND A4 – Stable

Amaravathi Sri Venkatesa Paper Mills Limited – IND D IND D – –

Amaravthy Spinning Mills – IND D/ IND C IND C – –

Amba Highrise Pvt Ltd – IND B – – Stable

Amber Electrotech Ltd. – IND B+ IND A4 – Stable

Amber Enterprises (India) Private Limited – IND A- IND A2+ – Stable

Ambica Steels Limited – IND BB+ IND A4+ – Positive

Ambuja Cement Limited (formerly known as Gujarat Ambuja Cements

Limited) – IND AAA IND A1+ – Stable

Amir Chand Jagdish Kumar (Exports) Limited – IND BBB- IND A3 – Stable

Amon-ra Impex Private Limited – IND B+ IND A4 – Stable

Amorphos Chemicals Private Limited – IND B+(suspended) IND A4(suspended) – –

Amroon Foods Private Limited (Fair Group Entity) – IND BB- IND A4+ – Stable

Ananth Technology Limited - IND BB IND A4+ – Stable

Anchor Malls Private Limited – IND B+ – – Stable

Andhra Pradesh Fibres Limited – IND BB-(suspended) IND A4+(suspended) – –

Andrew Yule & Co. Ltd IND D IND C IND A4 – –

Anmol Biscuits Limited – IND A IND A1 – Stable

Ansal Housing and Construction Limited – IND BB- IND A4+ – Stable

Antelec Pvt Ltd – IND BBB- IND A3 – Stable

AR Airways Private Limited – IND BB- – – Stable

Aradhya Steel Private Limited – IND BB- IND A4+ – Stable

Arc Marine Private Ltd – IND D IND D – -

Arena Lifestyle Pvt Ltd – IND BB A4+ – Stable

ARG Developers Pvt. Ltd. – IND B(suspended) – – -

ARG Housing Pvt. Ltd. – IND B(suspended) – – -

Arise India Limited – IND BBB+ IND A2 – Stable

Arjun Agro Foods - IND B IND A4 - Stable

Aruna Alloy Steels Private Limited – IND BB+ IND A4+ – Stable

Aryavrat Trading Private Limited – IND B- – – Stable

Ashika Commercial Private Limited – IND B IND A4 – Stable

Asian Colour Coated Ispat Limited – IND BBB- IND A3 – Stable

Asian Tea & Exports Limited (Asian Tea Group Entity) – IND BB+ IND A4+/ IND A4+(exp) – Stable

Asian Tea Company Private Limited(Asian Tea Group Entity) – – IND A4+ – –

Asritha Paper Mills Private Ltd – IND B- – – Stable

Atlanta Limited – IND BBB-(suspended) IND A3(suspended) – –

Aurobindo Pharma Limited – IND AA- IND A1+ – Stable

Aurobindo Pharma Limited (Additional Bank Loans) – IND AA- IND A1+ – Stable

India Ratings and Research www.indiaratings.co.in As on 31 March 2013

Avani Vanijya Pvt. Ltd. – – IND A4 – –

Avaya Industries Ltd – IND B+ IND A4 – Stable

Axiom Cordages Limited (formerly Axiom Impex International Limited) – IND A- IND A1 – Stable

Axles India Limited - IND A- IND A2+ - Stable

B & A Packaging India Limited (formerly B&A Multiwall Packaging Limited) – IND BB-(suspended) IND A4+(suspended) – -

B Sorabji Group – IND B – – Stable

B.G. Shirke Construction Technology Pvt Ltd – IND A- IND A2+ – Negative

B.G. Shirke Construction Technology Pvt (Additional Bank Loans) – IND A- IND A2+ – -

B.N.T. Connections Impex Ltd – IND BB- IND A4+ – Stable

B.N.T. Innovations Private Limited – IND BB- IND A4+ – Stable

Baby Engineering Private Limited (BEPL) - IND D IND A4 - -

Bagh Bahar Appliances Private Limited – IND BB/IND BBB-(SO) IND A3(SO) – Stable

Bajaj Eco Tech Products Limited – IND B IND A4 – Stable

Balaji Action Buildwell – IND BBB- IND A3 – Stable

Balaji Amines Limited – IND A- IND A2+ – Stable

Balaji Greentech Products Limited – IND D – – -

Balaji Oil Industries Private Limited – IND B+ IND A4 – Stable

Balaji Powertronics – IND A IND A1 – Stable

Balasore Alloys Limited – IND BB- IND A4+ – Stable

BalKrishna Synthetics Ltd – IND BBB- IND A3 – Stable

Ballarpur Industries Limited – IND AA- IND A1+ – Negative

Ballyfabs International Limited – IND BBB- IND A3 – Stable

Balmer Lawrie Company Limited – – IND A1+ – –

Bannari Amman Apparel Private Ltd – IND B IND A4 – Stable

Bansal Biscuits Private Limited – IND A IND A1 – Stable

Bansal Coal Udyog Private Limited – IND B – – Stable

Batliboi Environmental Engineering Ltd. – IND B+ IND A4 – Negative

Batliboi Limited – IND B- IND A4 – Stable

Bay Forge Ltd – IND B+ IND A4 – Stable

BC Sen & Co Ltd – IND BBB IND A2 – Stable

Beekay Steel Industries Limited – IND BBB- IND A3 – Stable

Beri Udyog Private Limited – IND BBB- IND A3 – Stable

Bhadresh Trading Corporation Ltd – IND BBB- IND A3 – Stable

Bhansali Engineering Polymers Limited – IND BB IND A4+ – Negative

Bharat Construction – IND BB IND A4+ – Stable

Bharat Cotton Corporation - IND B- IND A4 - stable

Bharat Heavy Electricals Limited – IND AAA IND A1+ – Stable

Bharat Hydel Projects Private Limited – IND BB IND A4+ – Stable

Bhartiya International Limited – IND A− IND A2+ – Stable

Bharuch Enviro Infrastructure Pvt Limited – IND BBB- IND A3 – Stable

Bhaskar Sarachi Alloys Ltd – IND B IND A4 – Stable

Bhatia Wines (Bhatia Group Entity) – IND BBB - – Stable

Bhavya Constructions Pvt. Ltd – IND B+/ IND B+(exp) – – Stable

Bhoruka Park Pvt Limited – IND BBB+ – – Stable

Bhumya Pvt Limited – IND D – – –

Bhushan Power and Steel Limited (Formerly as Bhushan Limited) – IND A- IND A2+ – Stable

Bilcare Limited ► – IND BBB+ IND A2+ – -

BILT Graphic Paper Products Limited – IND AA- IND A1+ – Negative

Binani Cements Limited – IND A(suspended) IND A1(suspended) – –

Biopac India Corporation Limited – IND B IND A4 – Stable

BLA Coke Pvt. Ltd IND A- - Stable

Blue Dart Express Ltd – – IND A1+ – –

Blues Clothing Company Limited – IND BB+ IND A4+ – Stable

Bonai Industrial Company Ltd – IND AA- IND A1+ – Stable

Borah Brothers Private Limited – IND BB- – – Stable

Bostin Engineers Pvt Limited – IND B+ IND A4 – Stable

Brahma Iron & Power Ltd – IND B(suspended) – – –

Brahmani River Pellets Limited – IND BB+ – – Negative

Bramhacorp Hotels & Resorts Limited – IND B+(suspended) – – –

BTT Industries Private Limited – IND BB IND A4+ – Stable

Calcutta Springs Limited – IND B-(suspended) IND A4(suspended) – –

Calderys India Refractories Limited (formerly Ace Calderys Limited) – IND AA- IND A1+ – Stable

Capital Meters Limited – IND B IND A4 – Stable

Capital Power Infrastructure Private Limited – IND BB IND A4+ – Stable

Capital Power Systems Limited – IND B+ IND A4 – Stable

Carraro India Pvt Ltd – IND BBB+ IND A2+ – Stable

Caterpillar India Private Limited – IND AAA IND A1+ – Stable

CCL Products (India) Limited – IND A- IND A1 – Positive

Celestial Biolabs Limited – IND D IND D – –

Century Aluminium Manufacturing Co. Limited – IND BB IND A4+ – Stable

CG Ispat Private Limited – IND BB+(suspended) IND A4+(suspended) – –

Chandukaka Saraf and Sons Pvt. Ltd – IND BBB IND A2 – Stable

Charchco Electronics (India) Private Limited - IND B - - Stable

Chemical & Mineral Industries Private Limited – IND BB+ IND A4+ – Stable


Chemplast Sanmar Limited – IND BBB- IND A3 – Stable

Chemrow India Private Limited – IND B+ IND A4 – Stable

Chetan Wood Processing Private Limited – IND D – – –

Chhatisgarh SEB IND A- IND A- – – Stable

Chiripal Industries Limited – IND BBB- IND A3 – Stable

Chiripal Polyfilms Pvt. Ltd IND BB+ IND A4+ Stable

Choksi Imaging Limited – IND BBB- IND A3 – Negative

Chola Spinning Mills Private Limited – IND BBB- IND A3 – Stable

Chowdary Spinners Limited – IND B+ IND A4 – Stable

Cimmco Limited – IND BBB IND A2 – Stable

Cinevistaas Ltd. – IND BB-(suspended) IND A4+(suspended) – –

CIPSA TEC India Private Limited (formerly CIPSA-RIC India Pvt Ltd) – IND D(suspended) IND D(suspended) – –

Citycom Networks Private Limited – IND B+ – – Stable

Claridges Hotel Private Limited – IND B+ – – Stable

Claris Lifesciences Limited – IND A- IND A1 – –

Classic Knits India Private Limited – IND BB- IND A4+ – Stable

Colour Roof India Limited – IND BB+(suspended) IND A4+(suspended) – –

Coramandel Infrastructure Private Limited – IND BB+ IND A4+ – Stable

Coromandel International Ltd – IND AA+ – – Stable

Cosmic Ferro Alloys Ltd – IND BB+(suspended) IND A4+(suspended) – -

Cosmo Films Limited – IND A- IND A1 – Stable

Cosmos Industries Limited – IND C IND A4 – –

Crompton Greaves Limited IND AA+ IND AA+ IND A1+ – Negative

Cronimet Alloys India Limited – IND BBB- IND A3 – Stable

Crown Corporation Private Limited – IND BB- – – Stable

Crystal Cable Industries Limited – IND D/ IND C IND A4 – –

Crystal Clothing Company – IND D - – -

Ctrl S Datacenters Limited – IND BB- – – Stable

Cyberabad Citizen Health Services (P) Ltd ▼ – IND B – – –

Dachser India Private Limited (formerly AFL Dachser Pvt Ltd) – IND BBB+ IND A2 – Positive

Dadiji Steels Ltd – IND BB – – Stable

Dadu Pipes Pvt. Ltd. – IND BB-(suspended) IND A4+(suspended) – -

Damodar Valley Corporation – IND AA- – – Negative

Damodar Valley Corporation (INR 26 bn Bond programme) – ND AAA(SO)(exp) – – –

Damodar Valley Corporation (INR44bn) – IND AAA(SO) – – –

Darjeeling Organic Tea Estates Pvt. Ltd. – IND B IND A4 – Stable

Dattatreya Textiles Private Limited – IND BBB- IND A3 – Stable

DCS Trading and Services Pvt Ltd – IND BB- IND A4+ – Stable

DCW Limited – IND A- IND A1 – Stable

Deccan Charters Limited

–

IND A-(suspended) IND A2+(suspended)

– –

Deccan Fine Chemicals (India) Pvt Ltd

–

IND BB IND A4+

– Stable

Delhi Diamonds Private Limited (MM group Entity) – IND BB- IND A4+ – Stable

Delhi MSW Solutions Limited – IND A(SO) IND A1(SO) – –

Delhi Transco Limited – IND A+ IND A1 – Stable

Delta Construction Systems Limited – IND BB- IND A4+ – Stable

Deltronix India Limited – IND BBB IND A2 – Positive

Deluxe Cold Storage & Food Processors Limited (Shree Bankey Behari group

Entity)

–

IND BBB-(exp) IND A3(exp)

- -

Deluxe Cold Storage & Food Processors Limited (Shree Bankey Bihari Group

Entity)

–

IND BBB- IND A3

– Stable

Devi Fisheries Limited - IND BBB IND A2 - Stable

Dhruvdesh Metasteel Private Limited – IND BB IND A4+ - Stable

Dignity Innovations - IND B IND A4 - Stable

Diwan Chand Medical Services Limited – IND BBB+(SO) IND A2+(SO) – –

DQ Entertainment (International) Limited – IND D IND D – -

DRD Trucks India Private Limited – IND BB- IND A4+ – Stable

Duet India Hotels (Jaipur) Private Limited – IND B+ – – Stable

Dynatron Services Private Limited – IND BB- – – Stable

Eastman Exports Global Clothing Private Limited – IND A- IND A2+ – Stable

ECI Engineering & Construction Company Limited – IND BBB+ IND A2 – Stable

Educomp Solutions Limited – IND A IND A1 – Stable

Elder Instruments Pvt. Ltd. – IND B IND A4 – Stable

EMC Limited (formerly Electrical Manufacturing Company Limited) – IND A- IND A2+ – Stable

Emerald Mineral Exim Limited – IND D (suspended) IND D (suspended) – –

Emgee Cables and Communications Ltd. – IND BB+ IND A4+ – Stable

Emitec Emission Control Technologies India (Pvt) Ltd

–

IND BBB+ IND A2+

– Stable

Emkay Automobile Industries Limited – IND BBB- IND A3 – Stable

Emta Coal Ltd. – IND BBB+ IND A2 – Stable

Emta Coal Ltd. – IND BBB(Preference Shares)– – Stable

Enercon Windfarms Karnataka Limited – IND AAA(SO) – – Stable

English Indian Clays Limited – IND A IND A1 – Stable

Enn Tee International Private Limited – IND B+ IND A4 – Stable


Ennore Coke Limited – IND B IND A4 – Stable

Enpro Oil Private Limited – IND BBB- IND A3 – Stable

Epoch Electronica Limited – IND B+ IND A4 – Stable

Equinox Business Parks Pvt. Ltd. (formerly Essar Technology Park BKC Pvt.

Ltd)

– IND BBB-(suspended) – – -

Essar Bulk Terminal Ltd – IND BBB+ IND A2 - Stable

Essar Oil Limited – IND BBB+ – – Stable

ESVEEGEE Breweries Private Limited – IND D – – –

Eswar Rubber Products Pvt Ltd – IND BB- IND A4+ – Stable

Eternal Heart Care Centre and Research Institute Private Limited – IND B+ – – Stable

Evershine Towers Pvt. Ltd. – IND D IND D – –

Excellent Moulders – IND BB- IND A4+ – Stable

Exotica International – IND D IND D – –

Extramarks Education Private Limited – IND BBB+ IND A2+ – Stable

Fabtech Projects & Engineers Ltd – IND BBB IND A2 – Stable

Fair Exports India Private Limited (Fair Group Entity) – IND BB- IND A4+ – Stable

Feedatives Pharma Private Limited – IND B – – Stable

Feegrade & Company Pvt. Ltd – IND AA- IND A1+ – Stable

FIL Industries Limited – IND BB+ IND A4+ – Stable

Filtra Catalysts & Chemicals Ltd - IND B+ IND A4 - Stable

Financial Inclusion Network and Operations Ltd – IND BBB IND A2 – Stable

Flex Foods Limited – IND BB IND A4+ – Stable

Fouress Engineering India Pvt Ltd – IND BB+ IND A4+ – Stable

Fresenius Kabi India Private Limited – IND BBB-/ IND AA-(SO) IND A3/ IND A1+(SO) – Stable

Fuso Glass India Private Limited – IND D IND D – -

Future Value Retail Limited – IND A- – – Stable

G.E.T. Power Private Ltd – IND BBB IND A3+ – Stable

Gagan Pulses Private Limited (Shree Bankey Behari group Entity) – IND BBB-(exp) IND A3(exp) - -

Gagan Pulses Private Limited (Shree Bankey Bihari Group Entity) – IND BBB- IND A3 – Stable

Gajanan Agro Mills Pvt Ltd – IND BB- IND A4+ – Stable

Gajanan Industries – IND B+ IND A4 – Stable

Gajanan Solvex Limited – IND B+ – – Stable

Galaxy Exports Private Limited – IND B – – Stable

Gallantt Ispat Limited – IND B IND A4 – Stable

Ganga Rasayanie Private Limited – IND BBB+ A2+ – Stable

Gangakhed Sugar and Energy Pvt Ltd – IND BB- – – Stable

Gansons Limited (Gansons) – IND BB- – – Stable

Gateway Distriparks Limited – IND A+ IND A1+ – Positive

Gateway Rail Freight Limited – IND A+(SO) IND A1+(SO) – –

Gayatri Suitings Limited – IND D IND D – -

Gayatrishakti Paper and Boards Ltd – IND BBB IND A3+ – Stable

GBM Manufacturing Private Limited – IND B+ IND A4 - Stable

Genix Automation Private Limited – IND C – – –

Genus Power Infrastructures Limited – IND A- IND A1 – Stable

Ginni Filaments Limited – IND B+ IND A4 – Stable

Giriraj Enterprises – IND BBB IND A3 – Positive

Gland Pharma Ltd – IND A IND A1 – Stable

Global Castings Private Limited – IND BB- IND A4+ – Stable

Global Entropolis Vizag Pvt Ltd – IND B – – Stable

Global Green Company Limited – IND BBB- IND A3 – Stable

Global Softech Limited – IND D IND D – –

GMS Elegant Builders India Private Limited – IND BB- IND A4+ – Stable

Go Go International Private Limited – IND BB+(suspended) IND A4+(suspended) – –

Gobind Sugar Mills Limited – IND D/ IND C IND A4 – –

Gold Plus Glass Industry Limited – IND D IND D – –

Golden Prince (Bhatia Group Entity) – IND BBB - – Stable

Goldstar Metal Solutions Pvt. Ltd - IND BB- IND A4+ - stable

Golkonda Hospitality Services and Resorts Limited – IND BB- IND A4+ – Stable

Gontermann-Peipers (India) Limited – IND D/IND C IND A4 – –

Gopsons Papers Limited – IND D IND D – –

Govind Rubber Limited – IND D(suspended) – – –

Goyal Energy & Steel Pvt. Ltd. – IND BB- – - Stable

GR Infrastructure Private Ltd – IND BBB – – Stable

Grace Suppliers Private Limited – IND B IND A4 - Stable

Grain Milling Limited – IND BBB- IND A3 – Stable

Greaves Cotton Limited – IND AA IND A1+ – Stable

Grotech Landscape Developers Private Limited – IND BB IND A4+ – Stable

GRT Hotels and Resorts Private Limited – IND BBB+ – – Stable

GSPC Gas Company Limited► – IND A IND A1 – –

GTL Infrastructure Limited▼ – IND C IND A4 – –

Gujarat Borosil Limited – IND B+ IND A4 – Negative

Gujarat State Fertilisers & Chemicals Limited – IND AA+ IND A1+ – Stable

Gulabdas & Co. - - IND A4 – –

Gupta Machine Tools Limited (formerly Precision Stampings) – IND BBB+ IND A2+ – Positive

GVR Infra Projects Limited – IND BBB+ IND A2 – Stable


Hale Electronics India Private Limited – IND B(suspended) IND A4(suspended) – –

Hansa Metallics Ltd - IND BB IND A4+ - Stable

Hanumant Vanijya Pvt. Ltd. – IND D – – –

Hardcastle Restaurants Pvt Ltd – IND BBB IND A2 – Stable

Harshit Power & Ispat Pvt Ltd – IND D(suspended)/ IND C(suspended)IND A4(suspended) – –

Hathway Cable & Datacom Private Limited – IND A- IND A2+ – Stable

HCL Infosystems Limited▼ – IND A+ IND A1+ – -

HEG Limited – IND A+ IND A1+ – Stable

HELA Systems Private Limited - IND A IND A1 - Stable

Hema Engineering Industries Limited – IND BB IND A4+ – Stable

Hexa International Pvt. Ltd. – IND BB- – – Stable

Hightemp Furnaces Limited – IND BBB- IND A3 – Positive

Himachal Power Products – IND BBB- IND A3 – Stable

Hind Terminals Private Limited – IND BBB+ IND A2 – Stable

Hindustan Coca-Cola Beverages Private Limited – IND AAA IND A1+ – Stable

Hindustan Dorr-Oliver Limited▼ – IND BB IND A4+ – -

Hindustan Petroleum Corporation Limited – IND AAA – – Stable

Hindustan Unilever Limited (formerly known as Hindustan Lever Limited)

–

IND AAA –

– Stable

Hi-Tech Gear Limited – IND A IND A1 – Stable

Hi-Tech Robotic Systemz Limited – IND BB IND A4+ – Stable

Hotel AT International – IND B- – – Stable

HPCL - Mittal Energy Limited – IND AA- IND A1+ – Stable

HPCL - Mittal Pipeline Limited – IND AA- – – Stable

HPCL Biofuels Ltd – IND A IND A1 – Stable

HPCL-Mittal Energy Limited – IND AA- IND A1+ – Stable

HPL Electric & Power Private Limited – IND BBB+ IND A2 – Positive

IA Energy – IND B+ - – Stable

IBM India Pvt. Ltd. – IND AAA IND A1+ – Stable

IBS Software Services Private – IND BBB- IND A3 – Stable

IFB Agro Industries Limited – IND BBB+ IND A2+ – Stable

IFB Automotive Private Limited – IND A IND A1 – Stable

IFB Industries Limited – IND A IND A1 – Stable

IL&FS Clusters Development Initiative Limited – IND A+(SO) IND A1(SO) – –

IL&FS Education and Technology Services Limited – IND A+ IND A1 – Stable

IL&FS Skills Development Corporation Limited – IND A+(SO) IND A1(SO) – -

IL&FS Transportation Networks Limited – IND A - – Stable

ILD Millennium Private Limited – IND B+ IND A4 – Stable

Ilex Developers and Resorts Limited – IND B+ – – Stable

IMECO Limited – IND D IND D – –

IMI Mobile Private Limited - IND A- IND A1 - Stable

Imperial Auto Industries Limited – IND BBB+ IND A2 – Positive

Imperial Readymade Garments Factory India Private Limited – IND B(suspended) IND A4(suspended) – –

Impex Ferro Tech Limited – IND C(suspended) IND A4(suspended) – –

Ind Expo – – IND A4 – –

India Dyeing Mills Pvt. Ltd – IND A- IND A2+ – Stable

India Glycols Limited – IND A- IND A2+ – Stable

Indian Acrylics Limited – IND BB+ IND A4+ – Stable

Indian Express Newspapers (Mumbai) Limited – IND A- – – Stable

Indian Farmers Fertiliser Cooperative Limited – IND AA IND A1+ – Stable

Indian Oil Corporation – IND AAA – – Stable

Indic EMS Electronics Private Limited – IND B IND A4 – Stable

Indo – Continental Hotels & Resort Ltd – IND BBB- IND A3 – Stable

Indo American Electricals Limited – IND B+ – – Stable

Indo Arya Central Transport Limited – IND BBB+ IND A2 – Negative

Indo Farm Equipment Ltd. – IND BBB IND A3+ – Negative

Indo Power Projects Ltd – IND BB(suspended) IND A4+(suspended) – –

Indore Treasure Market City Private Limited – IND B+(suspended) – – –

IndoSolar Limited – IND D – – –

Indotech Transformers Limited – IND BBB IND A3+ – Negative

Indus Fila Limited – IND D IND D – –

Indus Projects Private Limited – IND BB IND A4+ – Stable

Infinite Computer Solutions (India) Limited – IND AA- A1+ – Stable

Intelligent Infrastructure Ltd – IND BB+ – – Negative

Intergarden India Private Limited – IND BBB- IND A3 – Stable

Inventia Healthcare Private Limited – IND BBB+ IND A2+ – Stable

IOT Anwesha Engineering & Construction Ltd – IND A- IND A1 – Stable

IOT Engineering Projects Limited – IND A- IND A1 – Stable

IOT Infrastructure & Energy Services Ltd – IND AA- IND A1+ – Stable

IOT Utkal Energy Services Limited – IND A IND A1 – Stable

IRB Infrastructure Developers Ltd – IND A- IND A1 – Stable

ISMT Limited – IND A IND A1 – Stable

IVRCL Limited (formerly IVRCL Infrastructures & Projects Limited) – IND BBB+ IND A2+ – Stable

IVRCL Limited (formerly IVRCL Infrastructures & Projects Limited) [NCD] – IND BBB+ – – –


J Kumar Infraprojects Ltd – IND A- IND A1 – Positive

J.G. Hosiery Pvt Ltd – IND BBB IND A3+ – Stable

J.Thomas & Co. Pvt. Ltd. – IND BBB-(suspended) – – –

Jabil Circuits India Private Limited – IND AA+(SO) IND A1+(SO) – Positive

Jain Irrigation Systems Ltd – IND BB+ IND A4+ – Stable

Jaisingh Wires Private Limited – IND A- IND A1 – Stable

Jaquar & Company Private Limited – IND AA- IND A1+ – Stable

JBF Industries Limited – IND A IND A1 – Stable

Jindal Photo Limited – IND A+ IND A1+ – Stable

JK Paper Limited – IND BBB+ IND A2+ – Negative

JMD Oils Private Limited – IND BBB- IND A3 – Stable

Jodhani Exports – – IND A4 – –

Joharilal Agarwala Sales Pvt Ltd (Sri Balmukund Group Entity) – IND BB+ IND A4+ – Stable

Jonna Steels – IND B+ IND A4 – Stable

JSV Motors and Construction Private Limited – IND B IND A4 – Stable

Jubilant Agri and Consumer Products Limited – IND BBB- IND A3 – Stable

Jubilant Energy (Kharsang) Private Limited – IND BBB- – – Stable

Jubilant Enpro Private Limited - IND BBB- IND A3 – Stable

Jubilant Industries Limited – IND BBB- IND A3 – Stable

Jubilant Life Sciences Limited (formerly Jubilant Organosys Limited) – IND A+ IND A1+ – Stable

Jubilant Motors Private Limited – IND BBB- IND A3 – Stable

Jubilant Offshore Drilling Private Limited – IND BBB- – – Stable

Jubilant Oil & Gas Private Limited – IND BBB- – – Stable

K Bhupal Contractors – IND BB- IND A4+ – Stable

K.S. Commodities Private Limited – IND B IND A4 – Stable

Kali BMH Systems Private Limited – IND BB- IND A4+ – Stable

Kalpena Industries Limited

–

IND A- IND A1

– Stable

Kalyanpur Cement Limited – IND D – – –

Kamakshi Steels Private Limited – IND BB- IND A4+ – Stable

Kamladityya Construction Private Limited – – IND A3 – –

Kamlang Saw & Veneer Mills Private Limited

–

IND BB –

– Stable

Kandui Industries Pvt. Ltd (Additional Bank Loans) – IND BB- IND A4+ – -

Kandui Industries Pvt. Ltd. – IND BB- IND A4+ – Stable

Karan Kothari Jewellers Pvt Ltd – IND B+ IND A4 – Stable

KCT Trading Pvt. Ltd – IND BBB IND A2 – Stable

Kheria Autocomp Limited – IND B- - – Stable

Kiri Industries Limited (formerly Kiri Dyes and Chemicals Limited) – IND D IND D – –

KLT Automotive and Tubular Products Limited – IND BB+(suspended) IND A4+(suspended) – -

Komarla Hatcheries – IND BB(suspended) IND A4+(suspended) – –

Kora Industries – IND B IND A4 – Stable

Krishna Knitwear Technologies Limited – IND D IND D – –

Kristna Engineering Works – IND BB IND A4+ – Stable

Ksheeraabd Constructions Private Limited – IND BB+ IND A4+ – Stable

Kundan Rice Mills Limited – IND BB IND A4+ – Positive

Kwality Dairy (India) Limited – IND BBB+ IND A2 – Stable

L & T Holdings Limited – IND AAA(SO) IND A1+ – Stable

Lafarge India Private Limited – IND AA+ - - Stable

Lambodhara Textiles Limited – IND BB IND A4+ – Stable

Leitwind Shriram Manufacturing Limited (formerly Leitner Shriram

Manufacturing Limited)

–

IND D IND D

– -

Liberty Oil Mills Limited – IND BBB IND A2 – Stable

Lifelong India Limited – IND BBB+ IND A2+ – Stable

Lifelong Meditech Limited – IND BBB+(SO) IND A2+(SO) – -

Lilasons Infrastructure Pvt Ltd

–

IND B- –

– Negative

Lite Bite Foods Private Limited – IND BBB+(SO) – – –

Lizer Cylinders Limited – IND B (suspended) IND A4(suspended) – -

LMJ International Limited – IND BB+(suspended) IND A4+(suspended) – –

Lonsen Kiri Chemical Industries Limited – IND BBB-(suspended) IND A3(suspended) – –

M C Spinners Private Limited – IND D IND D – -

M P K Steels (I) Private Limited – IND B+ IND A4 – Stable

M.K. Patel Exim Pvt. Ltd – IND B+(suspended) IND A4(suspended) – -

M.K. Wood India Private Limited – IND BB IND A4+ – Stable

M.M. Jewellers (MM group Entity)–

IND BB- IND A4+– Stable

M/s Agarwalas (Sri Balmukund Group Entity) – IND BB IND A4+ – Stable

M/s Mangilall Rungta – IND A- IND A2+ – Stable

M/s Omcon (Reign Forest) Projects – IND BB- IND A4+ – Stable

M/s Ramya Steel Syndicate – IND B+ IND A4 – Stable

M/s Telu Ram Amar Chand and Company (Shree Bankey Bihari Group Entity) – IND BB+ IND A4+ – Stable

Macons Infratech Private Limited – IND B+ IND A4 – Stable

Ecologic Chemicals Limited (formerly Macred India Pvt Ltd) – IND BBB- IND A3 – Stable

Madras Fertilizers Limited – IND C/ IND D IND A4 – –

Magadh Industries Private Limited – IND C – – –

Magadh Iron Private Limited – IND B- – – Stable


Magneti Marelli Motherson Auto System Limited – IND BBB- IND A3 – Stable

Mahajan Fabrics Private Limited – IND B+ IND A4 – Stable

Mahalakshmi Infraprojects Ltd – IND BBB IND A2 – Stable

Maharashtra Hybrid Seeds Company Limited – IND A IND A1 – Negative

Mahavir Ore and Sponge Private Limited (Sri Balmukund Group Entity) – IND BB+ – – Stable

Mahindra EPC Services Pvt. Ltd – IND A- IND A2+ – Stable

Mahindra Holidays & Resorts India Limited – IND A IND A1 – Stable

Mahindra Holidays & Resorts India Limited (INR 750 m Purchaser Payouts) –IND A(SO)

- – -

Mahindra Holidays and Resorts Limited – IND A IND A1 – Stable

Mahindra Holidays and Resorts Limited (INR250m, INR500m, INR800, INR

500 purchaser payouts )

–

IND A(SO) –

– –

Mahindra Sanyo Special Steel Private Limited – IND BBB IND A2 – Stable

Mahindra Ugine Steel Company Limited► – IND A A1 – –

Mainetti (India) Pvt Ltd – IND BBB IND A3+ – Stable

Majestic Exports – IND B IND A4 – Stable

Malana Power Co Limited – IND AAA(SO)/ A- – – Stable

Malar Solvent Extraction Pvt. Ltd – IND BB- IND A4+ – Stable

Mallcom (India) Ltd – IND BB IND A4+ – Stable

Malvi Software Solutions Private Limited – IND BB+ IND A4+ – Stable

Mangal Pulses Private Limited (Shree Bankey Behari group Entity) – IND BBB-(exp) IND A3(exp) - -

Mangal Pulses Private Limited (Shree Bankey Bihari Group Entity) – IND BBB- IND A3 – Stable

Mangla Apparels India Private Limited – IND BB – – Stable

Mani Exports – IND BB- IND A4+ – Stable

Manjeera Hotels and Resorts Limited – IND B-(suspended) IND A4(suspended) – –

Manjeera Retail Holdings Private Limited – IND B – – Stable

Marsons Limited – IND D IND D – –

Martin Burn Constructions Limited – IND B IND A4 – Stable

Martin Burn Information Technology Pvt Ltd – IND B+ IND A4 – Stable

Master India Brewing Company – IND D – – –

Maurya Motors Limited (Himatsingka Group's Entity) – IND BB- IND A4+ – Stable

Mawmluh Cherra Cements Limited – IND C – – –

Maximum Synthetic Private Limited – IND B+ IND A4 – Stable

Medha Servo Drives Pvt. Ltd. – IND A IND A1 – Positive

Megasoft Limited – IND BBB IND A3+ – Negative

MEP and HVAC project contractor Perfect Infraengineers Ltd – IND BB- IND A4+ – Stable

Metco Roof Private Limited – IND BBB IND A2 – Stable

Metecno India Private Limited – IND BB-(suspended) IND A4+(suspended) – –

Midfield Industries Limited – IND C(suspended) IND A4(suspended) – –

Mihijam Vanaspati. Ltd. - IND B+ IND A4 - Negative

MIL Industries Limited – IND BB- IND A4+ – Negative

Minda Corporation Limited – IND BBB IND A2 – Stable

Minda Corporation Limited (Additional Bank Loans) – IND BBB - – -

Minda SAI Limited – IND BBB IND A2 – Stable

MindTree Limited – IND AA IND A1+ – Stable

Mittal Hospitals Limited – IND BB- IND A4+ – Stable

Mittapalli Agro Enterprises (Mittapalli Group Entity) – IND B IND A4 – Stable

Mittapalli Agro Exports (Mittapalli Group Entity) – IND B IND A4 – Stable

Mittapalli Agro Products Pvt Ltd (Mittapalli Group Entity) – IND B IND A4 – Stable

MJ Logistics Services Limited – IND BB- – – Positive

MK – – IND A4 – –

Modi Mundipharma Private Limited – IND BBB+ IND A2+ – Stable

Modi Revlon Private Limited – IND BB+ – – Negative

Mohan Gems & Jewels Private Limited (MM group Entity) – IND B+ IND A4 – Stable

Mortex Coke Industries – IND BB - – Stable

Motherson Advanced Tooling Solutions Limited – IND BBB- IND A3 – Negative

Motherson Auto Limited – IND BBB- – – Stable

Mountain Spinning Mills Limited – IND B+ IND A4 – Negative

Mudra Lifestyle Limited – IND D IND D – –

Mudra Lifestyle Limited – IND C/ IND D IND D – –

Mukunda Dairy Products Private Limited – IND BB+ IND A4+ – Stable

Mukunda Dairy Products Private Limited – IND BB+(exp) IND A4+(exp) – Stable

Multitude Infrastructures Private Limited – IND B+ – – Stable

Mumbai Waste Management Ltd. – IND A IND A1 – Stable

MVL Limited – IND D – – -

N.S. Engineering Projects Pvt Ltd – IND C(suspended) IND A4(suspended) – –

Naga Limited – IND BBB- IND A3 – Stable

Nandan Exim Limited – IND BBB- IND A3 - Stable

Nandan Petrochem Limited (Additional Bank Loans) – IND BB+ IND A4+ – -

Nandan Petrochem Ltd – IND BB+ IND A4+ – Stable

Nandini Impex Private Limited – IND D IND D – –

National Peroxide Limited – IND A IND A1 – Stable

Nav Bharat Buildcon Private Limited – IND B+ IND A4 – Stable

Navnitlal Private Limited – IND B – – Negative

NDV Enterprise Pvt. Ltd – IND B+ IND A4 – Stable

Nectar Lifesciences Limited – IND A- IND A1 – Stable

Neelkamal Steels Private Limited – IND B – – Stable

Neerajaksha Iron and Steel Private Limited – IND B IND A4 – Stable

Neo Metaliks Limited – IND BB IND A4+ – Stable

Neosa Electronics Private Limited – IND B - – Stable

Neptune Developers Limited – IND B- – – Negative

New Tech Steel & Alloys Private Limited – IND D – – –

NEXT Retail Limited – IND BB+(suspended) – – -

Neyveli Lignite Corporation Ltd – IND AAA – – Stable


NHPC Limited – IND AAA IND A1+ – Stable

NHPC Limited (Bond Programme) – IND AAA(exp)/IND AAA - – -

NIIT Limited – IND AA- IND A1+ – Stable

Ninestars Information Technologies Limited – IND BBB- IND A3 – Stable

Ninex Developers Limited – IND D – – –

Niros Ispat Pvt Ltd – IND B+ IND A4 – Stable

Nithya Packaging Private Limited – IND BBB- IND A3 – Stable

Nitin Alloys Global Limited – IND BB+(suspended) IND A4+(suspended) – –

Nitin Castings Limited – IND BB(suspended) IND A4+(suspended) – –

Noida Power Company Limited – IND A IND A1 – Positive

Northend Foods Marketing Private Limited – IND BBB- IND A3 – Stable

Novel Sugar Limited – IND BB- IND A4+ – Stable

NR Agarwal Industries Ltd – IND D IND D – –

NRP Projects Private Limited – IND BB+ IND A4+ – Stable

NSL Renewable Power Private Limited – IND BBB- – – Stable

NTPC Limited – IND AAA IND A1+ – Stable

nuFuture Digital (India) Limited – IND BBB- – – Stable

Officedge India Private Limited – IND BB IND A4+ – Stable

Ogene Systems India Private Limited – IND B+ – – Stable

Olive Tex Silk Mills Pvt Ltd – IND D IND D – –

Om Anand Exports – – IND A4 – –

Om Biomedic – IND D – – –

OM Prakash Satish Kumar (Om Prakash Group Entity) – IND B- IND A4 – Stable

Om Steel Traders Chennai Private Limited – IND B IND A4 – Stable

OPS International (Om Prakash Group Entity) – IND B- IND A4 – Stable

Oragadam City Developers Private Limited – IND BBB IND A3+ – Stable

Orient Fashion Exports (India) Private Limited – IND BBB- IND A3 – Stable

Orissa Order Suppliers Private Limited - IND B+ - - Stable

ORIX Auto Infrastructure Services Limited – IND A+ IND A1+ – Stable

Oswal Knits India Limited – IND D IND D – -

Owens-Corning (India) Private Limited – IND AA IND A1+ – Stable

P.N.Writer & Company Pvt Ltd – IND A- – – Stable

P.S. Krishnamurthy Steels Private Limited – IND BB+ IND A4+ – Stable

Pakiza Retail Ltd – IND BB(suspended) – – -

Pandi Devi Oil Private Limited – IND B+ IND A4 – Stable

Pantaloon Retail (India) Limited – IND A- IND A1 – Stable

Panyam Cement & Mineral Industries Ltd – IND B-(suspended) – – –

Patel Integrated Logistics Limited – IND BBB- IND A3 – Stable

Pawan Hans Helicopters Limited – IND A – – Stable

PDK Shenaz Hotels Private Limited – IND C(suspended) – – –

Pearl Polymers Limited – IND BB+ IND A4+ – Stable

PEC Limited – IND A- IND A2+ – Stable

Peerless Hospitex Hospital and Research Center Limited – IND B- – – Stable

Perfect Alloy Components Pvt. Ltd. – IND BBB IND A2 - Stable

Permeshwar Creations Pvt. Ltd – IND B+ IND A4 - Stable

Petronet LNG Ltd IND AA+ – IND A1+ – Positive

Phorotech Surfin (India) Pvt Ltd – IND BB+ IND A4+ – Stable

Pibco India Pvt. Ltd. – IND B+ IND A4 – Stable

Piccadily Agro Industries Limited – IND BB+ IND A4+ – Stable

Piccadily Hotels Private Limited – IND B- – – Stable

Pioneer Genco Limited – IND BBB – – Stable

Pioneer Steels - IND B+ IND A4 - Stable

Plastolene Polymers Private Limited – IND D IND D – –

Polycab Wires Industries Private Limited – IND BBB- IND A3 – Stable

Polycab Wires Private Limited – IND A IND A1 – Stable

Polyhose Rubber India Private Limited – IND BB+(suspended) IND A4+(suspended) – –

Pooja Forge Limited – IND BBB+ IND A2+ – Stable

Poompuhar Shipping Corporation Limited – IND BBB IND A2 – Stable

Power Finance Corporation – IND AAA IND A1+ – Stable

Prakasa Spectro Cast Pvt Ltd – IND BB IND A4+ - Stable

Prakash Parcel Services Private Limited – IND BB+ – – Stable

Pratibha Shipping Company Limited – IND BBB-(suspended) - – -

Precision Automation and Robotics India Limited – IND BBB+(suspended) IND A2+(suspended) – –

Precision Infomatics (M) Private Limited – IND B+ IND A4 – Stable

Premium Transmission Ltd (formerly Premium Energy Transmission Limited)

–

IND A+

IND A1+ – Positive

Primacy Industries Limited – IND BBB IND A3+ – Stable

Prime Focus Limited – IND A- IND A2+ – Stable

Prime Impex Limited – – IND D(suspended) – –

Prime Newline AOP – IND BB IND A4+ – Stable

Prime Pulses Pvt. Ltd. – – IND D(suspended) – –

Priya Limited – – IND A4+ – –

Profit Shoe Company Private Limited - IND BB IND A4+ - Stable

PSL Limited – IND BBB(suspended) IND A3+(suspended) – –

PTC India Limited – – IND A1+ – –

Punch Ratna Fasteners Private Limited – IND BBB- IND A3 – Stable

Puravankara Projects Limited – IND BBB – – Stable

PV Infra Project Pvt Ltd – IND BB- IND A4+ – Stable

PVN Fabrics – IND B+ IND A4 – Stable

PVN Fabrics (Additional Bank Loans) – IND B+ IND A4 – -

PVN Tex (Additional Bank Loans) – IND B+ IND A4 – -

PVN Tex Industries – IND B+ IND A4 – Stable

QH Talbros Limited – IND BBB IND A2 – Positive

R.K. Infracorp Private Limited – IND BB(suspended) IND A4+(suspended) – –


R.S. Vanijya Private Limited – IND D IND D – –

R.S.V. Constructions Private Limited – IND BB- IND A4 – Stable

Raghu Infra Private Limited – IND BBB-(suspended) IND A3(suspended) – -

Ragmet Engineers Pvt Ltd – IND B IND A4 – Stable

Railone Projects Private Limited – IND BB- IND A4+ – Stable

Rain Cements Ltd – IND A- IND A2+ – Stable

Rain CII Carbon (Vizag) Ltd – IND A- IND A2+ – Stable

Raj Group – IND BB+ IND A4+ – Stable

Raj Infrastructure Development (India) Pvt Ltd. – IND BB+ IND A4+ – Stable

Raj Infrastructure Pvt Ltd – IND BB+ IND A4+ – Stable

Raj Infrastructure Technologies (India) Pvt Ltd – IND BB+ IND A4+ – Stable

Raj Promoters & Civil Engineers Pvt Ltd – IND BB+ IND A4+ – Stable

Raj Rayon Industries Limited IND BBB- IND A3 Stable

Rajasthan Patrika Private Limited – IND BBB+ IND A2+ – Stable

Rajshekhar Constructions Private Limited – IND B+ IND A4 – Stable

Rangoli International Private Limited – IND BB+ IND A4+ – Stable

Rangsons Electronics Private Limited – IND BBB- IND A3 – Stable

Rashi Metals Pvt Limited – IND D – – –

Rashtriya Ispat Nigam Limited – IND AA IND A1+ – Stable

Ratan Mica Exports Private Limited – IND B+ IND A4 – Stable

Ravi Metallics Limited – IND D IND D – -

Ravitej Projects Private Ltd – IND BB- IND A4+ – Stable

Raychem RPG Limited – IND A+ IND A1+ – Stable

Real Image Media Technologies Pvt Ltd. – IND BBB IND A2 Stable

Reckon Pharmachem Private Limited – IND BB IND A4+ – Stable

Reliance Industries Limited – IND AAA – – Stable

Reliance Infrastructure Limited (formerly known as Reliance Energy Limited)

–

IND AA

IND A1+ – Stable

Relishah Export – IND B+ IND A4 – Stable

Replika Press Private Limited – IND BBB IND A2 – Stable

Responsive Industries Limited – IND A- IND A1 – Stable

Restore Machines India Private Limited – IND D IND D – –

Riba Textiles Limited – IND B IND A4 – Stable

Richa Industries Limited – IND BB+ IND A4+ – Stable

Rika Global Impex Limited – IND BBB- IND A3 – Stable

RITES Ltd – – IND A1+ – –

Ritzy International Pvt. Ltd. – IND B+ IND A4 – Stable

Roto India Enterprise – IND D IND D – –

Routes Travel Limited – IND BBB IND A3+ – Stable

Rudra Techno Feeds – IND B(suspended) IND A4(suspended) – –

Rungta Mines Limited – IND AA IND A1+ – Stable

Rungta Sons Pvt. Ltd – IND AA- IND A1+ – Stable

Rupa & Company Limited – IND A IND A1 – Stable

Rural Electrification Corporation Limited – IND AAA IND A1+ – Stable

Rural Electrification Corporation Limited (Additional Borrowing Programme) –IND AAA

- – -

S R Enterprise – IND D IND D – –

S. M. Apparels Private Limited – IND D – – –

Saati Kusumgar India Private Limited – IND B+(suspended) IND A4(suspended) – –

Safari Industries (India) Limited – IND B+ IND A4 – Stable

Sagar Roofings Private Limited – IND BB+ IND A4+ – Stable

Sagar Steels – IND BB- – – Stable

Sah Petroleums Limited – IND BBB IND A2 – Stable

Sahyogi Distributors Limited – – IND A4(suspended) – –

Sai Construction Private Limited – IND B+ – – Negative

Sai Sponge (India) Limited – IND BB- IND A4+ – Stable

Salcomp Manufacturing India Private Limited – IND BBB+ IND A2+ – Stable

Saluja Steel & Power Private Limited – IND C(suspended) IND D(suspended) – –

Sam Buildcon Limited – IND BB(suspended) IND A4(suspended) – –

Samarth Fablon Pvt. Ltd. – IND BB+ IND A4+ – Stable

Samprash Foods Private Limited – IND D IND D – –

Samtex Fashions Limited – IND BB(suspended) IND A4+(suspended) – –

Sandhar Technologies Limited – IND A- IND A1 – Stable

Sanghvi Foods Private Limited – IND BBB- – – Stable

Sanjog Steels Private Limited – IND B IND A4 – Stable

Sanskar Agro Processors (Pvt) Ltd – IND B+ – – Stable

Sara Suole Private Limited - IND BBB-/IND BBB-(exp) IND A3/IND A3(exp) - Stable

Saraf Chemicals Ltd – IND BB- IND A4+ – Stable

Sargam Retails Private Limited – IND BBB – – Positive

Sargodha Oil Mills Private Limited (Shree Bankey Bihari Group Entity) – IND BBB- IND A3 – Stable

Sarju Impex Limited – IND B- IND A4 – Negative

Satyam Auto Components Limited – IND AA- IND A1+ – Stable

Saurav Chemicals Limited – IND BB+ IND A4+ – Stable

Savorit Limited – IND B+ IND A4 – Stable

Savvy Projects Private Limited – IND BBB- IND A3 - Stable

SEAM Industrials Pvt. Ltd. (formerly Sunil Hitech Engineers & Manufacturers

Pvt Ltd)

–

IND BB+

IND A4+ – Stable

Seaways Shipping and Logistics Limited – IND BB IND A4+ – Stable

Segno Ceramics Private Limited - IND BB- IND A4+ - Stable

Semantic Space Technologies Limited – IND A IND A1 – Stable

SEW Infrastructure Limited – IND A+ IND A1+ – Stable

SEW Infrastructure Limited – IND A – – –

Shahi Exports Private Limited – IND A- IND A2+ – Stable

Shalimar Industries Limited – IND B IND A4 – Positive


Shankar Motors Limited (Himatsingka Group's Entity) – IND BB- IND A4+ – Stable

Shanti Sales India Private Limited – IND B- IND A4 – Stable

Sharmanji Yarns Private Limited – IND BB+ IND A4+ – Stable

Sharp Engineering Services – IND BB-(suspended) – – -

Shetron Limited – IND D IND D – –

SH-Haryana Wires Limited – IND BB- IND A4+ – Stable

Shivalik Industries – IND BBB- IND A3 – Stable

Shivam Meltech Private Limited – IND B IND A4 – Stable

Shopper’s Stop Limited – – IND A1 – –

Shree Bankey Behari Exports Limited (Shree Bankey Behari group Entity) – IND BBB-(exp) IND A3(exp) - -Shree Bankey Behari Food Processors Private Limited (Shree Bankey Bihari

Group Entity) – IND BBB- IND A3 – Stable

Shree Bankey Bihari Exports limited (Shree Bankey Bihari Group Entity) – IND BBB- IND A3 – Stable

Shree Krishna Steels – IND BB IND A4+ – Stable

Shree Nathjee Roller Mills Limited (Shree Bankey Bihari Group Entity) – IND BBB- IND A3 – Stable

Shree Renuka Sugars Limited – IND A+ – – Negative

Shree Sant Kripa Appliances Private Limited – IND BBB- IND A3 – Stable

Shree Sanyeeji Rolling Mills – IND D – – –

Shree Shakambari Ferro Alloys Private Limited – IND BB- - – Stable

Shree Shyam Pulp and Board Mills Limited – IND BBB+ IND A2 – Negative

Shree Tel-Fab Industries Pvt. Ltd (Sri Balmukund Group Entity) – IND BB+ IND A4+ – Stable

Shreem Electric Limited – IND BBB+ IND A2 - Stable

Shrenik Marble Private Limited – IND B+ IND A4 – Stable

Shri Gajanan Oil and Agro Products Industries Private Limited – IND B+ – – Stable

Shri Shri Niwasji Oil Refiners Private Limited – IND B IND A4 – Stable

Shriram EPC Ltd – IND BBB+(suspended) IND A2+(suspended) – –

Shriram Pistons & Rings Limited – IND AA- IND A1+ – Stable

Shrishti Technologies – IND B IND A4 – Stable

Shristi Cotspinn Private Limited – IND B+ IND A4 – Stable

Shyam Telecom Limited – IND BBB- IND A3 – Negative

Sical Distriparks Limited – IND BBB- IND A3 – Stable

Siddhivinayak Poultry Breeding Farm and Hatcheries Pvt Ltd – IND B – – Stable

Simhadri Power Limited – IND B- – – Positive

Singan Projects Ltd – IND D IND D – –

Siva Swathi Constructions Private Limited – IND BB+ IND A4+ – Stable

SK Wheels Private Ltd – IND BB- IND A4+ – Stable

SKC Trading & Building Materials Pvt Ltd - IND BB - - Stable

SMS Infrastructure Limited – IND BB IND A4+ – Stable

SMS Infrastructure Limited (Additional Bank Loans) – IND BB IND A4+ – –

Sogo Computers Private Limited – IND BB- IND A4+ – Stable

Sogo Synergy Pvt Ltd – IND B- IND A4 – Stable

Sona Okegawa Precision Forging Limited – IND BBB IND A3+ – Stable

Sova Power Limited – IND D IND D – –

Sowbhagya Ispat India Private Limited – IND BB- INA A4+ – Stable

Space Matrix Limited – IND A- IND A1 – Stable

Spectra ISP Network Private Limited – IND B+(suspended) – – -

Spectrum Power Generation Ltd – IND B(suspended) – – –

Spencer's Travel Services Limited – IND B+ IND A4 – Stable

SPL Industries Limited – IND BBB-(suspended) IND A3(suspended) – –

Spun Micro-Processing Private Limited – IND B+ IND A4 – Stable

SR Foils and Tissue Ltd – IND BB+ IND A4+ – Stable

SRC Metalicks Pvt Ltd. – IND D(suspended) IND D(suspended) – –

Sree Karpagambal Mills Limited – IND BB(suspended) IND A4+(suspended) – –

SRF Limited – IND AA IND A1+ – Stable

Sri Avantika Contractors (I) Ltd – IND BBB- IND A3 – Positive

Sri Balmukund Polyplast Pvt Ltd (Sri Balmukund Group Entity) – IND BB+ IND A4+ – Stable

Sri Gayatri Minerals Pvt. Ltd – IND BBB- IND A3 – Stable

Sri Gopikrishna Infrastructure Private Limited – IND BB+ IND A4+ – Stable

Sri Kaliswari Metal Powders Private Limited – IND BB+(SO) IND A4+(SO) – Stable

Sri Langta Baba Steels Pvt. Ltd. – IND BB- – – Stable

Sri Power Generation (India) Pvt Ltd – IND BB IND A4+ – Stable

Sri Ramnarayan Mills Limited – IND B+ IND A4 – Stable

Sri Vaaru Metallurgicals Private Limited – IND BB IND A4+ – Stable

Sri Venkateswara Modern Rice Mills – IND B(suspended) – – –

Sri Venkateswara Theatre – IND D - - -

Sri Vijayalakshmi Cement Traders – IND B IND A4 – Stable

Sri Vijayalakshmi Steel Traders – IND B – – Stable

Srinivasa Construction Corporation Private Limited – IND BB IND A4+ – Stable

Sripathi Paper and Boards Private Limited – IND BBB IND A3+ – Negative

SRS Modern Sales Ltd. – IND BB- IND A4+ – Negative

Stargaze Entertainment Private Limited – IND BB- – – Negative

Stationery Point India Limited – IND BB IND A4+ – Stable

Steel Authority of India Limited – IND AAA IND A1+ IND tAAA Stable

Steel Impex & Industries – – IND A4 – –

Steel Strips Wheels Ltd – IND A- IND A2+ – Negative

Sterling Tools Limited – IND A- IND A2+ – Stable

Sterlite Industries India Limited – IND AA+/ IND AA(exp)+ – – –

Sterlite Industries India Limited (Additional NCD Programme) – IND AA+ - – -


Sterlite Industries India Limited (Additional NCD Programme) – IND AA+(exp) - – -

Stork Ferro and Mineral Industries Pvt. Ltd – IND D IND D – –

Strands Textile Mills Pvt. Ltd. – IND B- – – Stable

Strides Arcolab Limited▲ – IND BBB+ – – -

Stru Fabs – IND C IND A4 – –

Suashish Diamonds Limited – IND BBB IND A2 – Stable

Subhlaxmi Syntex Ltd - IND BB- IND A4+ – Stable

Sukhsagar Infotech Pvt. Ltd – IND D IND D – –

Sundaram Textiles Limited – IND BBB- IND A3 – Stable

Sungro Seeds Limited - IND BB IND A4+ – Stable

Sunil Hi-Tech Engineers Limited – IND BBB+ IND A2+ – Stable

Sunny Trexim Pvt. Ltd. – – IND A4 – –

Supersonic Turners Private Limited – IND D(suspended) – – –

Suprajit Engineering Limited – IND A+ IND A1 – Stable

Supreme Infrastructure India Ltd – IND BBB IND A3 – Stable

Supreme Petrochem Limited – IND A IND A1 – Stable

Surina Impex Pvt. Ltd. – IND B+ IND A4 – Stable

Surya Processors Private Limited – IND BB- IND A4+ – Positive

SVS Mookambika Constructions Private Limited – IND BB IND A4+ – Stable

Syrma Technology Private Limited – IND BB+(suspended) IND A4+(suspended) – –

T K International Limited – IND B+ IND A4 – Stable

Talbros Automotive Components Ltd – IND BBB+ IND A2+ – Negative

Talwandi Sabo Power Ltd – IND AA+(SO) – – –

Tamilnadu Waste Management Limited – IND A(SO) IND A1(SO) – –

Tara Aerospace Private Limited – IND A IND A1 – Stable

Target Associates Private Limited – IND B-(suspended) IND A4(suspended) – –

Tata Advanced Systems Limited – IND A IND A1 – Stable

Tata Chemicals Limited – IND AA IND A1+ – Stable

Tata Marcopolo Motors Ltd – IND A IND A1 – Stable

Tata Power Trading Company Limited – IND A- IND A2+ – Stable

Tata Projects Limited – IND AA- IND A1+ – Stable

Tata Steel Limited (Additional Bank Loans) – IND AA IND A1+ – -

Tata Steel Ltd – IND AA IND A1+ – Negative

Tata Teleservices Limited – IND AAA(SO) – – Stable

Tayal Energy Ltd – IND D IND D – –

Tecumseh Products India Private Limited – IND B IND A4 – Stable

Tera Software Limited – IND BBB IND A3+ – Stable

Thangam Steel Limited – IND BB+ IND A4+ – Stable

The Himalaya Drug Company – IND A- IND A1 – Stable

The Tuticorin Spinning Mills Limited – IND B+ IND A4 – Negative

Tijiya Steel Pvt Limited – IND C IND A4 – –

Tirumala Balaji Alloys Pvt. Ltd – IND BBB- IND A3 – Stable

Tirupati Agencies Pvt. Ltd. – IND B- IND A4 – Stable

Tirupati Sugars Limited – IND B – – Stable

Topman Exports Limited – IND BB- IND A4+ – Stable

TPRS Enterprises Private Limited – IND BB+ IND A4+ – Stable

Trading Engineers (International) Limited – IND BBB- IND A3 – Stable

Transworld Furtichem Private Limited – IND BB(suspended) IND A4+(suspended) – –

Tribeni Constructions Limited – IND BB+ IND A4+ – Stable

Tribhovandas Bhimji Zaveri (Delhi) Pvt. Ltd – IND BB+ IND A4+ – Stable

Tristar Retail Ltd – IND BB- IND A4+ – Stable

Tristar Tradelinks Pvt Ltd (Subsidiary of Tristar Retail Ltd) – IND BB- IND A4+ – Stable

Triveni Engicons Private Limited – IND BB+ IND A4+ – Stable

TSS Projects and Industries Pvt Ltd – IND BB- IND A4+ – Stable

Tulip Telecom Ltd – IND D – – –

Tulsi Castings and Machining Limited – IND BBB- IND A3 – Stable

Tushar Fabrics Pvt Ltd – IND B+ IND A4 – Stable

TVS Srichakra Limited – IND A- IND A2+ – Stable

Ubico Networks Private Limited – IND BB-(suspended) – – –

UEM India Private Limited – IND BBB IND A3+ – Stable

UFLEX Limited – IND BBB IND A2 – Positive

Ultimate Flexipack Limited – IND BBB IND A3+ – Stable

Ultra Drugs Pvt Ltd – IND D – – –

Uniphos International Limited – IND BB IND A4+ – Stable

Unitech Machines Limited – IND A- IND A2+ – Negative

Usha Martin Limited – IND A+ IND A1+ – Negative

Uttam Galva Steels Limited – IND A IND A1 – Negative

Uttam Industrial Engineering Limited – IND B+ IND A4 – Stable

Uttam Sucrotech International Private Limited – IND BBB-(suspended) IND A3(suspended) – –

Uttam Sugar Mills Limited

–

IND D

IND D – –

Uttarakhand Jal Vidyut Nigam Limited – IND BBB+ - – Stable

Vakil Housing Development Corporation Private Limited – IND B-(suspended) IND A4(suspended) – –

Vardhman Precision Profiles & Tubes Pvt. Ltd. – IND BB IND A4+ – Negative


Variety Prints Pvt Ltd – IND D – – –

Varron Aluminium Pvt Ltd – IND BB- - – Stable

Varron Industries Ltd – IND BB+ IND A4+ – Stable

Vasudha Pharma Chem Limited – IND BBB+ IND A2+ – Positive

Vedanta Aluminium Ltd▲

–

IND A-

IND A2+ – –

Vedanta Aluminium Ltd▲ – IND AA(SO) – – –

Vega Entertainment Private Limited – IND BB - – Stable

Vicky Realtors – IND BB+ – – Stable

Vijai Bhavani Power Tech Pvt Ltd – IND BB- IND A4+ – Stable

Vijay Deep Silk Mills Pvt Ltd – IND BB- IND A4+ – Stable

Vikas Telecom Limited – IND D(suspended) – – –

Vikhroli Corporate Park Private Limited – IND BBB+ – – Stable

Vikrant Forge Limited – IND BB-(suspended) IND A4+(suspended) – –

Vinayak Hatcheries – IND B- IND A4 – Stable

Vinir Engineering – IND BBB- IND A3 – Stable

Visakha Trades – IND B+ IND A4 – Negative

Visen Industries Limited – IND BBB+ IND A2+ – Stable

Vishnu Chemicals Limited – IND D – – –

VPR Mining Infrastructure Private Limited – IND BBB- IND A3 – Stable

Vraj Packaging Private Limited – IND BB+ IND A4+ – Stable

VSP Udyog Private Limited – IND BB+ IND A4+ – Stable

WABCO India Limited (formerly WABCO-TVS (India) Limited – IND AA+ IND A1+ – Stable

Wavetronic Solutions Private Limite – IND BBB- - – Stable

Wearit Global Ltd. – IND B- IND A4 – Stable

Welcome Distilleries Pvt Limited – IND BB – – Stable

Welspun Global Brands Limited – IND A- IND A2+ – Stable

West Bengal State Electricity Transmission Company Limited – IND A/IND A(exp) IND A1 – Stable

Win Medicare Private Limited – IND BBB IND A2 – Stable

Winner Nippon Electronics Ltd. – IND B+ IND A4 – Stable

Winsome International Limited – IND BB+ IND A4+ – Stable

Worldwide Tradelinks – IND B IND A4 – Stable

XPRO India Limited – IND BBB IND A2 – Stable

Yashasvi Yarns Limited – IND BB- IND A4+ – Stable

Yashoda Super Specialty Hospital – IND BBB+ – – Stable

YKM Entertainment & Hotels Pvt Ltd – IND B – – Stable

YM Drugs & Chemicals (P) Ltd – IND D – – –

Zee Knits & Weavers Private Limited – IND BB- IND A4+ – Stable

ZF Electronics TVS (India) Private Limited – IND BBB- IND A3 – Stable

Zion Steel Limited – IND B(suspended) – – –

Issuer Term

GIG Rating Term Term Deposits

A.J. Tolls Private Limited

– IND A(suspended)/ IND

BBB+(suspended)/ IND

BBB(suspended)

– – –

Andhra Pradesh Expressway Limited – IND AAA(SO)(exp) INDA1+(SO)(exp) – Stable

Bajaj Energy Private Ltd – IND BBB/IND BBB(exp) – – Negative

Bijapur Hungund Tollway Private Limited – IND BBB- – – Stable

Chenani Nashri Tunnelway Limited – IND BBB+ – – Stable

Chennai Water Desalination Ltd – IND BBB- – – Negative

Coastal Oil and Gas Infrastructure Private Ltd – IND C – – -

Corporate Power Ltd (senior project bank loans) – IND BBB- – – –

Corporate Power Ltd (senior project bank loans) – IND BBB- – – –

Corporate Power Ltd (subordinate project bank loans) – IND BB+ – – –

Ennore Tank Terminal – IND BBB+ – – Stable

GVNS Tollways – IND BBB – – Stable

GVRMP Dharwad Ramanagar Tollways Private Ltd – IND BBB+ – – Stable

GVRMP Waghdhari Ribbanpally Tollway Private Limited – IND BB+ – – Negative

HKR Roadways Limited – IND BB+ – – Negative

IDAA Infrastructure Private Limited – IND BBB+ – – Stable

Ideal Energy Projects Limited – IND BB- – – Negative

iEnergy Wind Farms (Theni) Pvt. Ltd – IND B- – – Stable

Indore Dewas Tollways Limited – IND BBB- – – Negative

Inland Power Limited – IND BB - – Stable

IRB Ahmedabad Vadodara Super Express Tollway Private Limited – IND BBB- - – Stable

IRB Jaipur Deoli Tollway Private Limited – IND BBB- – – Stable

IRB Kolhapur Integrated Road Development Company Private Ltd – IND A-(SO) – – Stable

IRB Pathankot Amritsar Toll Road Private Limited – IND BBB- – – Stable

IRB Surat-Dahisar Tollway Private Limited – IND BBB – – Negative

IRB Talegaon Amravati Tollway Private Limited – IND BBB- – – Stable

Ircon Soma Tollways Private Limited▲ IND BBB- – – –

IVRCL Indore Gujarat Tollways Limited – IND BBB – – Stable

Jalandhar Amritsar Tollways Limited▼ – IND B- – – -

Jhajjar Power Ltd – IND BBB – – Stable

Jharkhand Road Project Implementation Company Ltd-Chaibasa-Kandra-

Chowka

–

IND BBB-

– – Stable

Jindal India Thermal Power Ltd (Long Term Project Bank loans – Phase I, II &

III)▼ IND BB+

-


Jindal India Thermal Power Ltd (Senior ECB Phase I & II)▼ – IND BB+ – – -

Jindal India Thermal Power Ltd (Subordinated Debt Phase I, II & III)▼ IND BB -

Jorbat Shillong Expressway Limited – IND BBB+ – – Stable

Karaikal Port Private Limited – IND C IND A4 – -

Kumarapalayam Tollways Ltd – IND B- – – Negative

L&T Samakhiali Gandhidham Tollway Private Limited – IND BBB – – Negative

LVS Power Ltd – IND BBB – – Stable

Maithon Power Limited – IND A – – Stable

Maithon Power Limited – IND A-(exp) – – Stable

Meenakshi Energy Private Limited – IND D – – –

MEP Infrastructure Private Limited – IND BBB-(suspended) – – –

Mhaiskar Infrastructure Private Limited – IND AA- – – Stable

Monnet Power Company Ltd – IND BBB- – – Stable

Mumbai International Airport Private Limited (INR 2.6 bn Non-Fund Based

Working Capital)

–

IND BBB+

– – Stable

Mumbai International Airport Private Limited (INR 420 mn Fund Based

Working Capital)

–

IND BBB+

– – Stable

Mumbai International Airport Private Limited (INR 6.2 bn Non-Fund Based

Working Capital)

–

IND BBB+

– – Stable

Mumbai International Airport Private Limited (INR21.44bn New Loan) – IND BBB+ – – Stable

Mumbai International Airport Private Limited (INR42.31bn Existing Loan) – IND BBB+ – – Postivie

Mumbai International Airport Private Ltd (26.48bn long term bank loan)

–

IND A-(SO)

- – Stable

N.A.M. Expressway Limited – IND BBB- – – Stable

NCC Power Projects Ltd – IND BBB- – – Stable

North Karnataka Expressways Ltd – IND AAA(SO) – – Stable

Oriental Pathways (Nagpur) Private Limited – IND BB+ – – Stable

Patna Bakhtiyarpur Tollway Limited – IND BB+ - – Stable

Raichur Power Corporation Limited – IND BBB- - – Stable

Rayalaseema Expressway Private Limited – IND BB - – Stable

Redan Infrastructure Private Limited – IND B+ – – Stable

Salem Tollways Limited – IND B- – – Negative

Sathyam Power Private Limited – IND D – – –

SEW Bellary Highways Limited – IND BBB+ – – Stable

SEW-Navayuga Barwani Tollways Private Ltd (Senior Bank Loans) – IND BBB- – – Positive

SEW-Navayuga Barwani Tollways Private Ltd (Subordinated Bank Loans) – IND BB+ – – Positive

Supreme Ahmednagar Karmala Tembhurni Tollways Private Limited – IND BBB- – – Stable

Supreme Infraproject Private Limited – IND BB+ – – Stable

Supreme Kopargaon Ahmednagar Tollways Pvt. Ltd – IND BB+ - – Stable

Supreme Panvel Indapur Tollways Private Limited – IND BBB- – – Stable

Supreme Suyog Funicular Ropeways Private Ltd - IND BB+ - - Stable

SV Power Ltd. – IND D – – –

Transstroy Krishnagiri-Tindivanam Highways Pvt Ltd – IND BBB- – – Stable

Transstroy Tirupati Tiruthani Chennai Tollways Private Limited – IND BB+ – – Positive

Transtech Green Power Pvt Ltd – IND D – – –

Trichy Tollway Private Limited

–

IND BBB-

– – Stable

Unity IVRCL JV – IND BBB- – – Stable

India National Ratings - Selected CoverageFebruary 2013

Issuer Long Short Term Outlook

Financial Institutions Rating Term Term Deposits

ACE Finlease Private Limited – IND BB - – Stable

Allahabad Bank – IND AA – – Stable

Andhra Bank – IND AA IND A1+ tAA+ Stable

Andhra Bank – IND AA+ (Lower Tier 2) – – Negative

AXIS Bank – IND AAA – – Stable

AXIS Bank – IND AA+ (Tier 1 & Upper Tier 2)– – Stable

Banc of America Securities (India) Private Limited – – IND A1+ – –

Bank of Baroda – IND AAA IND A1+ tAAA Stable

Bank of Tokyo-Mitsubishi UFJ – IND A1+ – –

Barclays Bank PLC India Branch – – IND A1+ – –

BSS Microfinance Private Limited – IND BBB-(suspended) – – –

Canara Bank IND AAA – – Stable

Catholic Syrian Bank (The) – IND BBB – – Stable

Cholamandalam Investment and Finance Company Limited – IND AA- – – Stable

Citibank NA – India Branch – IND A1+ – –

City Union Bank Limited – IND A – – Stable

Daimler Financial Services India Private Limited – IND AAA IND A1+ – Stable

Dena Bank – IND AA- IND A1+ – Stable

Dena Bank – IND AA- (Lower Tier 2) – – Stable

Dena Bank – IND A- (Tier 1& Upper Tier 2)– – Positive

Dhanlaxmi Bank Limited, The▼ – IND BBB- – – –

DSP Merrill Lynch Capital Limited – IND AAA IND A1+ – Stable

DSP Merrill Lynch Capital Limited – IND AAA(emr) – – –

Enam Finance Private Limited - - IND A1+ - -

Export Import Bank of India (EXIM) – IND AAA – – Stable

Federal Bank Limited – IND AA- – – Stable

Fullerton India Credit Company Limited (Formerly First India Credit) – IND AA+ IND A1+ – Stable

GE Capital Services India – IND AAA IND A1+ – Stable

Goldman Sachs (India) Finance Pvt. Ltd. – IND AAA IND A1+ – Stable


Goldman Sachs (India) Finance Pvt. Ltd. – IND AAAemr – – –

Goldman Sachs India Capital Markets Pvt. Ltd. – – IND A1+ – –

HDFC Bank Limited – IND AAA IND A1+ – Stable

HDFC Bank Limited – IND AAA(Lower Tier 2) – – Stable

Housing and Urban Development Corporation Limited (HUDCO) IND AA+ IND AA+ IND A1+ – Stable

Housing and Urban Development Corporation Limited IND AA+ IND AAA(SO) IND A1+ tAAA(SO) Stable

IDBI Bank Ltd – IND AA+ IND A1+ tAAA Stable

IDBI Bank Ltd – IND AA-(Upper Tier 2) – – Stable

IDBI Bank Ltd IND AA+(Lower Tier 2) – – Stable

IL&FS Financial Services Ltd. – IND AAA (lower tier 2) IND A1+ – Stable

India Infrastructure Finance Company Limited (INR100bn - Series I 2008–09) IND AAA(SO) – – –

India Infrastructure Finance Company Limited (INR2bn - Series I 2007–08) – IND AAA(SO) – – –

India Infrastructure Finance Company Limited (INR4bn- Series I and II 2008–09)– IND AAA(SO) – – –

Indian Bank – IND AA+ IND A1+ – Stable

IndusInd Bank Limited – IND AA- IND A1+ – Stable

IndusInd Bank Limited – IND A (upper tier 2) – – Stable

Infrastructure Development Finance Company Limited – IND AAA – – Stable

Infrastructure Leasing & Financial Services Ltd. – IND AAA IND A1+ – Stable

ING Vysya Bank Limited – IND AA- – – Stable

Investsmart Financial Services Ltd – IND AAA IND A1+ – Stable

Jammu and Kashmir Bank – IND AA – – Stable

Kotak Mahindra Bank Limited – IND AA (Upper Tier 2) – – Stable

Kotak Mahindra Bank Limited – IND AA+ IND A1+ – Stable

Lakshmi Vilas Bank – IND BBB+ IND A2+ – Negative

Macquarie Finance (India) Private Limited – IND AAA IND A1+ – Stable

Macquarie Finance (India) Private Limited – IND AAA(emr) IND A1+(emr) – Stable

Mahindra & Mahindra Financial Services Limited – IND AA+ – – Stable

Morgan Stanley India Capital Private Limited – IND AAA IND A1+ – Stable

Morgan Stanley India Company Pvt. Ltd – – IND A1+ – –

National Housing Bank – IND AAA IND A1+ – Stable

National Trust Housing Finance Limited – IND BBB- – – Positive

Nomura Capital (India) Private Limited – IND AAA IND A1+ – Stable

Nomura Capital (India) Private Limited – IND AAA(emr) – – Stable

Nomura Fixed Income Securities Private Limited – – IND A1+ – –

OAIS Auto Finance Services Ltd – IND A+ IND A1+ – Stable

Punjab National Bank – IND AAA IND A1+ – Stable

RBS Financial Services (India) Private Limited – IND AAA IND A1+ – Stable

Religare Enterprises Limited - IND AA- - - Negative

Religare Finvest Limited – IND AA- – – Negative

Shriram City Union Finance Limited – IND AA- IND A1+ tAA- Positive

Shriram Transport Finance Co. Ltd. – IND AA IND A1+ tAA- Stable

South Indian Bank Limited – IND A+ – – Stable

State Bank of India – IND AAA – – Stable

Sundaram Finance Limited – IND AA+ IND A1+ – Stable

Swadhaar FinServe Pvt. Ltd – IND BB- – – Stable

The Hongkong and Shanghai Banking Corporation Ltd – IND A1+ – –

UCO Bank – IND AA – – Stable

UCO Bank – IND A- (Tier 1 & Upper Tier 2)– – Negative

Union Bank of India – IND AA+ – – Stable

Union Bank of India – IND AA (Tier 1 & Upper Tier 2)– – Stable

Vijaya Bank – IND AA- – – Stable

Vijaya Bank – IND A- (UpperTier 2) – – Stable

Volkswagen Finance Private Limited – IND AAA IND A1+ – Stable

India National Ratings - Selected CoverageFebruary 2013

Issuer Long Short Term Outlook

Public Finance Rating Term Term Deposits

Agartala Municipal Council IND BB- – – – Stable

Amrita Sai Educational Improvement Trust – IND BB – – –

Andhra Pradesh State Finance Corporation – IND BBB+ – – Stable

Andhra Pradesh State Financial Corporation (Series VI-2013) - IND A(SO)(exp) - - -

Andhra Pradesh State Financial Corporation (APSFC) INR1,000m Series III-

2008

– IND A(SO) – – Stable

Andhra Pradesh State Financial Corporation (APSFC) INR1,210m Series IV-

2009


Andhra Pradesh State Financial Corporation (APSFC) INR1,500m Series II-

2008


Andhra Pradesh State Financial Corporation (APSFC) INR2000m Series V -

2012

– IND A(SO) – – –

Bhopal Municipal Corporation IND BBB- – – – Stable

GRIDCO Limited - IND A-(SO)(exp) - - -

Guwahati Municipal Corporation IND BB – – – Stable

Hyderabad Educational Institutions Private Limited - IND D - -

Imphal Municipal Council IND B-(suspended) – – – –

Jaipur Municipal Corporation IND BBB+ – – – Stable

Kalinga Institute of Industrial Technology – IND BBB- – – Stable

Karnataka Cooperative Milk Producers Federation - IND A/IND A(exp) - - -

Karnataka State Financial Corporation (INR1bn, 2009) – IND AA-(SO) – – Stable

Karnataka State Financial Corporation (INR3bn 2006) – IND AA-(SO) – – Stable

Karnataka State Industrial Investment & Development Corporation (INR3bn) – IND AA-(SO) – – Stable

Kohima Municipal Council IND B – – – –


Krishna Bhagya Jala Nigam Limited – IND AA-(SO) – – –

Kulgaon Badlapur Municipal Council IND BB+ – – Stable

Kunj Behari Lal Charitable Trust – IND BB IND A4+ – –

Maharashtra Jeevan Pradhikaran – (INR 2.011bnSeries XI) – IND A(SO) – – Stable

Maharashtra Jeevan Pradhikaran – (INR5.842Series XII) – IND A(SO) – – Stable

Maharashtra Patbandhare Vittiya Company Limited - Series III (INR5bn) – IND A(SO) – – Stable

Maharashtra Patbandhare Vittiya Company Limited (MPVC) - Series IV

I(NR505m)


Maharashtra Patbandhare Vittiya Company Limited (MPVC)-Series II

(INR314.4m)


Manav Vikas Evam Seva Sansthan – IND D – – –

Meghalaya Energy Corporation Limited (formerly Meghalaya State Electricity

Board)(INR1,200m)

–

IND BBB+(SO)

– – Stable

Meghalaya Energy Corporation Limited formerly Meghalaya State Electricity

Board) (INR500m)

–

IND BBB+(SO)

– – Stable

Municipal Board of Shillong IND B+ – – – Stable

Nagpur Municipal Corporation – (INR217m) – IND AA(SO) – – Stable

Narayana Educational Society – IND A- – – –

National Capital Region Planning Board – IND AAA – – Stable

National Capital Region Planning Board — (INR2bn) – IND AAA – – Stable

National Highways Authority of India – IND AAA – – Stable

National Highways Authority of India — (INR11.5363bn) – IND AAA – – –

National Highways Authority of India — (INR21.6011bn) – IND AAA – – –

National Highways Authority of India — (INR25bn) – IND AAA – – –

National Highways Authority of India — (INR30bn) – IND AAA – – –

National Highways Authority of India — (Tax Free INR100bn) – IND AAA – – –

National Seeds Corporation Limited – IND AA – – –

New Delhi Municipal Council IND AA – – – Stable

Pimpri Chinchwad Municipal Corporation IND AA- – – – Positive

Punjab State Cooperative Milk Producers Federation Limited – IND BBB IND A2 – Stable

Raipur Development Authority - IND BBB+ - - Stable

Rathnavel Subramaniam Educational Trust – IND BBB- – – Stable

Sreenidhi University – IND D – – –

St.Mary’s Educational Society - IND B- - - -

Subedar Raj Devi Educational Trust – IND D – – –

Tamil Nadu Generation and Distribution Corporation - INR4bn TNEB Series 2,

2008-09 bonds

– IND A(SO) – – –

Tamil Nadu Generation and Distribution Corporation Limited – IND A(SO) (exp) - – -

Tamil Nadu Road Development Company Ltd (TNRDC) – IND A+(SO)(suspended) – – –

Tamil Nadu Transmission Corporation - INR3.19bn TNEB Series 4, 2009-10

bonds

– IND A-(SO) – – –

Tamil Nadu Transmission Corporation - INR2bn TNEB Series 1, 2008-09

– IND A(SO) – – –

Tamil Nadu Transmission Corporation - INR2bn TNEB Series 3, 2009-10

bonds– IND A(SO) – – –

Tamil Nadu Transmission Corporation - INR4.81bn TNEB Series 2, 2009-10

– IND A-(SO) – – –

The Mysore Paper Mills Ltd (INR 350mn bond issue) – IND AA-(SO) – – Stable

The Mysore Paper Mills Ltd (INR 500mn bond issue) – IND AA-(SO)(exp) – – Stable

The Umrao Institute of Medical Science & Research

– IND B(suspended) IND A4(suspended) – –

Water and Sanitation Pooled Fund (INR 510m Proposed Bonds - Master

Finance Indenture)

– IND AA(SO)(exp) - – -

Water and Sanitation Pooled Fund (INR1,020m proposed senior debt MFI)

– IND AA(SO)(exp) – – –

Water and Sanitation Pooled Fund (INR450m PFDF enhanced Issue II 2007)

– IND AA(SO) – – Stable

Water and Sanitation Pooled Fund (INR831.9m PFDF enhanced Issue II

2009) – IND AA(SO) – – –

Water and Sanitation Pooled Fund(INR304.1m Issue I 2002) – IND AA(SO) – – Stable

West Bengal Infrastructure Development Finance Corporation Ltd (WBIDFC)

(Series 2004-05)

– IND A-(SO) – – Stable


(Series 2005-06)



(Series 2007-08)


Structured Finance

Residential Mortgage-Backed Security (RMBS)

Citibank Royal Trust June 2004 – IND AAA(SO) – – Stable

HDFC DA December 2010 – I (Purchaser Payouts) – IND AAA(SO) – – Stable

HDFC DA December 2010 – I (Second Loss Credit Facility) – IND BBB(SO) – – Stable

HDFC DA December 2010 – II (Purchaser Payouts) – IND AAA(SO) – – Stable

HDFC DA December 2010 – II (Second Loss Credit Facility) – IND BBB(SO) – – Stable

HDFC DA December 2010 – III (Purchaser Payouts) – IND AAA(SO) – – Stable

HDFC DA December 2010 – III (Second Loss Credit Facility) – IND BBB(SO) – – Stable

HDFC DA July 2011-I (Purchaser Payouts) – IND AAA(SO) – – Stable

HDFC DA July 2011-I (Second Loss Credit Facility) – IND BBB+(SO) – – Stable

HDFC DA July 2011-II (Purchaser Payouts) – IND AAA(SO) – – Stable

HDFC DA July 2011-II (Second Loss Credit Facility) – IND BBB(SO) – – Stable

HDFC DA July 2011-III (Purchaser Payouts) – IND AAA(SO) – – Stable

HDFC DA July 2011-III (Second Loss Credit Facility) – IND BBB(SO) – – Stable

HDFC DA June10 -I (Purchaser Payouts) – IND AAA(SO) – – Stable

HDFC DA June10 -I (Second Loss Credit Facility) – IND A+(SO) – – Stable

HDFC DA June10 -II (Purchaser Payouts) – IND AAA(SO) – – Stable

HDFC DA June10 -II (Second Loss Credit Facility) – IND A+(SO) – – Stable

HDFC DA June10 -III (Purchaser Payouts) – IND AAA(SO) – – Stable


HDFC DA June10 -III (Second Loss Credit Facility) – IND A(SO) – – Stable

HDFC DA Non-PSL Nov 09 – IND AAA(SO) – – Stable

HDFC DA Non-PSL Nov 09 (Second Loss Credit Facility) – IND AA-(SO) – – Stable

HDFC DA PSL Nov 09 – IND AAA(SO) – – Stable

HDFC DA PSL Nov 09 (Second Loss Credit Facility) – IND A+(SO) – – Stable

HDFC: MBS 2006 Series II Trust (Class A1) – IND AAA(SO) – – Stable

HDFC: MBS 2006 Series II Trust (Class A2) – IND AAA(SO) – – Stable

HDFC: MBS 2006 Series III Trust (Class A1) – IND AAA(SO) – – Stable

HDFC: MBS 2006 Series III Trust (Class A2) – IND AAA(SO) – – Stable

HDFC's Direct Assignment Residential Mortgages-March 09 (INR9637.7m)

–

IND AAA(SO)

– – Stable

HDFC's Direct Assignment Residential Mortgages-March 09 (INR9690m) – IND AAA(SO) – – Stable

Indian RMBS Trust Series VIII (Series A) – IND AAA(SO) – – Stable

Nivas Trust II ( Series A) – IND AAA(SO) – – Stable

Royal Trust July 2004 – IND AAA(SO) – – Stable

Royal Trust May 2004 (Series A2) – IND AAA(SO) – – Stable

Asset-Backed Security (ABS)

Aeon Trust 2012 (second loss credit facility ) – IND AA(SO) – – Stable

Aeon Trust 2012 (Series A) – IND AAA(SO) – – Stable

Aeon Trust 2013 (Series A1) ( PTCs) – IND AAA(SO) – - Stable

Aeon Trust 2013 (Series A2) ( PTCs) – IND AAA(SO) – - Stable

Aeon Trust II 2012 (Second Loss Facility) – IND A(SO) – – Stable

Aeon Trust II 2012 (Series A) – IND AAA(SO) – – Stable

CV Loan Trust 2012 (second loss credit facility) – IND A+(SO) – – Stable

CV Loan Trust 2012 (Series A) – IND AAA(SO) – – Stable

DA Program-Dec 09-1 (Second Loss Credit Facility) – IND AA+(SO) – – Stable

DA Program-Dec09-1 – IND AAA(SO) – – Stable

DA Program-Oct09-1 – IND AAA(SO) – – Stable

DA Program-Oct09-1 (Second Loss Credit Facility) – IND AAA(SO) – – Stable

Fullerton DA CV Dec 2011(purchaser payouts) – IND AAA(SO) – – Stable

Fullerton DA CV Dec 2011(Second Loss Credit Facility) – IND A+(SO) – – Stable

ILSS 1 Trust 2012 (Series B) – IND AAA(SO) – – Stable

India Structured Asset Trust-Series XII (Series A10) – IND AAA(SO) – – Stable



















India Vehicle Trust - March 2012 (purchaser payouts) – IND BBB(SO) – – Stable

India Vehicle Trust - March 2012 (Series A) – IND AAA(SO) – – Stable

Indian Receivable Trust February 2013 A (Second Loss Credit Facility) – IND A(SO)(exp) – – Stable

Indian Receivable Trust February 2013 A (Series A) (PTCs) – IND AAA(SO)(exp) – – Stable

Indian Receivable Trust January 2013 A (Second Loss Credit Facility) – IND A(SO)(exp) – Stable

Indian Receivable Trust January 2013 A (Series A) (PTCs) – IND AAA(SO)(exp) – Stable

Indian Receivable Trust January 2013 B (Series A1) (PTCs) – IND AAA(SO)(exp) – Stable



Indian Receivable Trust January 2013 B (Second Loss Credit Facility) – IND A(SO)(exp) – Stable

IRST 2011 Series - I (Series A10) – IND AAA(SO) – – Stable






Jupiter Trust A Jan 13 (Second Loss Credit Facility) – IND BBB(SO)(exp) – – Stable

Jupiter Trust A Jan 13 (Series A) (PTCs) – IND AA+(SO)(exp) – – Stable

MMFSL DA Dec 2009 - 1 – IND AA+(SO) – – Stable



MMFSL DA Dec 2011 (Purchasers Payout) – IND AA+(SO) – – Stable

MMFSL DA Feb 2011-1 – IND AA+(SO)(ind – – Stable

MMFSL DA June 2010 - 1 – IND AA+(SO) – – Stable

MMFSL DA March 2010 – 1 – IND AA+(SO) – – Stable

MMFSL DA March 2012 (purchaser payouts) – IND AA+(SO) – – Stable

MMFSL DA Nov 2011 (Purchasers Payout) – IND AA+(SO) – – Stable

MMFSL DA Sept 2009 – 1 – IND AA+(SO) – – Stable


MMFSL DA Sept 2010-1 – IND AA+(SO) – – Stable

Novo IV Trust – Locomotive (Series I) – IND AAA(SO) – – Stable

Novo IV Trust – Locomotive (Series J) – IND AAA(SO) – – Stable

Novo IX Trust-Chassis (Liquidity Facility) – IND AAA(SO) – – Stable

Novo IX Trust-Chassis (Second Loss Credit Facility) – IND AAA(SO) – – Stable

Novo IX Trust-Chassis (Series A) – IND AAA(SO) – – Stable

Novo X Trust- Locomotive (Series E) – IND AAA(SO) – – Stable

Novo X Trust- Locomotive (Series F) – IND AAA(SO) – – Stable

Novo X Trust- Locomotive (Series G) – IND AAA(SO) – – Stable

Novo X Trust- Locomotive (Series I) – IND AAA(SO) – – Stable

Novo X Trust- Locomotive (Series J) – IND AAA(SO) – – Stable

Novo X Trust- Locomotive (Series K) – IND AAA(SO) – – Stable

Novo X Trust- Locomotive (Series L) – IND AAA(SO) – – Stable

Novo X Trust- Locomotive (Series M) – IND AAA(SO) – – Stable

Novo X Trust- Locomotive (Series N) – IND AAA(SO) – – Stable

Novo X Trust- Locomotive (Series O) – IND AAA(SO) – – Stable

Novo X Trust- Locomotive (Series P) – IND AAA(SO) – – Stable

Novo X Trust- Locomotive (Series Q) – IND AAA(SO) – – Stable

Novo X Trust- Locomotive (Series R) – IND AAA(SO) – – Stable

Novo X Trust- Locomotive (Series S) – IND AAA(SO) – – Stable

Novo X Trust- Locomotive (Series T) – IND AAA(SO) – – Stable

Novo X Trust- Locomotive (Series U) – IND AAA(SO) – – Stable

Novo X Trust- Locomotive (Series V) – IND AAA(SO) – – Stable

Novo X Trust- Locomotive (Series W) – IND AAA(SO) – – Stable

Novo XI Trust – Chassis (second loss credit facility) – IND BBB(SO) – – Stable

Novo XI Trust – Chassis (Series A) – IND AAA(SO) – – Stable

Platinum Trust 2012 (second loss credit facility) – IND A(SO) – – Stable

Platinum Trust 2012 (Series A) – IND AAA(SO) – – Stable

Platinum Trust 2013 (Series A1) (PTCs) – IND AAA(SO) – – Stable



Platinum Trust Feb 2013 Tranche 2 (Series A) (PTCs) – IND AAA(SO) – – Stable

Platinum Trust March 2013 (Series A) (PTCs) – IND AAA(SO)(exp) – Stable

Privilege Trust Series I (Series A) (PTCs) – IND AAA(SO) – – Stable

Privilege Trust Series – 2 (Series A) (PTCs) – IND AAA(SO)(exp) – – Stable

Privilege Trust Series 4 (Second Loss Credit Facility) – IND BBB(SO)(exp) – Stable

Privilege Trust Series 4 (Series A1) (PTCs) – IND AAA(SO)(exp) – Stable


Privilege Trust Series 5 (Second Loss Credit Facility) – IND A(SO)(exp) – Stable



Sansar CV Trust Mar 2013 IV (Series A1) (PTCs) – IND BBB(SO)(exp) – Stable

Sansar CV Trust Mar 2013 IV (Series A2) (PTCs) – IND BBB(SO)(exp) – Stable

Sansar Trust March 2013- I (Second Loss Credit Facility) – IND A(SO)(exp) – Stable

Sansar Trust March 2013- I (Series A1) (PTCs) – IND AAA(SO)(exp) – Stable

Sansar Trust March 2013- I (Series A2) (PTCs) – IND AAA(SO)(exp) – Stable

Sansar Trust March 2013 III (Second Loss Credit Facility) – IND A(SO)(exp) – Stable

Sansar Trust March 2013 III (Series A) (PTCs) – IND AAA(SO)(exp) – Stable

SBI Capital Protection Oriented Fund (Series III) – IND AAA(SO) – -

SCUF - DA Program Sept 2010 – 01 (purchaser payouts) – IND AAA(SO) – – Stable

SCUF DA Mar 2011- 01 (purchaser payouts) – IND AAA(SO) – – Stable

SCUF DA Mar 2012-01 (purchaser payouts) – IND AAA(SO) – – Stable



SCUF DA Sep 2011- 01 (Purchaser Payouts) – IND AAA(SO) – – Stable

SCUF DA Sep 2011- 02 (purchaser payouts) – IND AAA(SO) – – Stable

SCUF DA Sep 2011- 02 (Purchaser Payouts) – IND AAA(SO) – – Stable

SCUF EF Trust Dec’12 Series - I (Series A) (PTCs) – IND AAA(SO) – – Stable

SCUF-UCO DA Dec 2011 (purchaser payouts) – IND AAA(SO) – – Stable

SEFPL DA March 12 – III (purchaser payouts) – IND AAA(SO) – – Stable

SEFPL DA Sep 11 - III (Purchaser Payouts) – IND AAA(SO) – – Stable

SEFPL Direct Assignment Sep 11 - IV (Purchaser Payouts) – IND AAA(SO) – – Stable

SEFPL Direct Assignment Sep' 11 - VI (Purchaser Payouts) – IND AAA(SO) – – Stable

Small Business Trust 2012 (Second Loss Credit Facility) – IND AA(SO) – – Stable

Small Business Trust 2012 (Series A) – IND AAA(SO) – – Stable

Small Business Trust 2013 (Series A1) (PTCs) – IND AAA(SO)(exp) – – Stable



Small Business Trust II 2012 (Second Loss Credit Facility) – IND AA(SO) – – Stable

Small Business Trust II 2012 (Series A) – IND AAA(SO) – – Stable

Small Operators Trust 2011 (Second Loss Credit Facility) – IND BBB(SO) – – Stable

Small Operators Trust 2011 (Series A1) – IND AAA(SO) – – Stable

Small Operators Trust 2011 (Series A2) – IND AAA(SO) – – –

Small Operators Trust 2012 (Second loss credit facility) – IND BBB(SO) – – Stable



Small Operators Trust 2013 (Second Loss Credit Facility) – IND A+(SO) – – Stable

Small Operators Trust 2013 (Series A1) (PTCs) – IND AAA(SO) – – Stable




Small Operators Trust II 2013 (Second Loss Credit Facility) – IND A+(SO)(exp) – – Stable

Small Operators Trust II 2013 (Series A1) (PTCs) – IND AAA(SO)(exp) – – Stable



SREI - Direct Assignment - Dec 10-I – IND AAA(SO) – – Stable

SREI - Direct Assignment - December 11 - I (Purchaser Payouts) – IND AAA(SO) – – Stable

SREI - Direct Assignment - December 11 - I (Second Loss Credit Facility) – IND BBB(SO) – – Stable

SREI - Direct Assignment - February 12 – I (purchaser payouts) – IND AAA(SO) – – Stable

SREI - Direct Assignment Dec - 10 – II (Purchaser Payouts) – IND AAA(SO) – – Stable

SREI DA August 2011 (Purchaser Payouts) – IND AAA(SO) – – Stable

SREI DA August 2011 (Second Loss Credit Facility) – IND AAA(SO) – – Stable

SREI Direct Assignment - Mar'11 IV (Purchaser Payouts) – IND AAA(SO) – – Stable

SRTO Trust 2012 (second loss credit facility) – IND BBB(SO) – – Stable

SRTO Trust 2012 (Series A) – IND AAA(SO) – – Stable

STFCL - DA Program - Dec 09 – 1 (Purchaser Payouts) – IND AAA(SO) – - Stable

STFCL - DA Program - Dec 09 – 1 (Second Loss Credit Facility) – IND AA+(SO) – - Stable

STFCL CV Trust 2012 (second loss credit facility) – IND BBB(SO) – – Stable

STFCL CV Trust 2012 (Series A) – IND AAA(SO) – – Stable

STFCL CV Trust Dec 12 - I (Second Loss Credit Facility) – IND A(SO) – Stable

STFCL CV Trust Dec 12 - I (Series A1) (PTCs) – IND AAA(SO) – Stable

STFCL CV Trust Dec 12 - I (Series A2) (PTCs) – IND AAA(SO) – Stable

STFCL CV Trust Feb 2013 (Second loss Credit Facility) – IND A(SO)(exp) – – Stable

STFCL CV Trust Feb 2013 (Series A) (PTCs) – IND AAA(SO)(exp) – – Stable

STFCL CV Trust Nov 12 - II (Second Loss Credit Facility) – IND A(SO) – Stable

STFCL CV Trust Nov 12 - II (Series A1) ( PTCs) – IND AAA(SO) – Stable

STFCL CV Trust Nov 12 - II (Series A2) ( PTCs) – IND AAA(SO) – Stable

STFCL DA December 2011-01(Purchaser Payouts) – IND AAA(SO) – – Stable

STFCL DA December 2011-01(Second Loss Credit Facility ) – IND BBB(SO) – – Stable

STFCL DA December 2011-03 (Purchaser Payouts) – IND AAA(SO) – – Stable

STFCL DA December 2011-03 (Second Loss Credit Facility ) – IND BBB(SO) – – Stable

STFCL DA Feb 2011- 04 (liquidity facility) – IND AA(SO) – – Stable

STFCL DA Feb 2011- 04 (Purchaser Payouts) – IND AA(SO) – – Stable

STFCL DA Feb 2011- 04 (Second Loss Credit Facility) – IND A+(SO) – – Stable

STFCL DA Feb 2011-02 (purchaser payouts) – IND AAA (SO) – – Stable

STFCL DA Feb 2011-02 (Second Loss Credit Facility) – IND A+(SO) – – Stable

STFCL DA January 2012-01 (purchaser payouts) – IND AAA(SO) – – Stable

STFCL DA January 2012-01 (second loss credit facility) – IND BBB(SO) – – Stable

STFCL DA June 2011-01 (liquidity facility) – IND AAA(SO) – – Stable

STFCL DA June 2011-01 (Purchaser Payouts) – IND AA(SO) – – Stable

STFCL DA June 2011-01 (Second Loss Credit Facility) – IND AA-(SO) – – Stable

STFCL DA Mar 2011-01 (Purchaser Payouts) – IND AAA(SO) – – Stable

STFCL DA Mar 2011-01 (Second Loss Credit Facility) – IND A(SO) – – StableSTFCL DA Mar 2011-02 (Purchaser Payouts) – IND AAA(SO) – – Stable

STFCL DA Mar 2011-02 (Second Loss Credit Facility) – IND A+(SO) – – Stable





STFCL DA March 2012 – 01 (purchaser payouts) – IND AAA(SO) – – Stable

STFCL DA March 2012 – 01 (second loss credit facility) – IND BBB(SO) – – Stable


STFCL DA March 2012 – 02 (second loss credit facility) – IND BBB(SO) – – Stable


STFCL DA March 2012 – 03 (purchaser payouts) – IND BBB(SO) – – Stable

STFCL DA Operator Trust Dec 2011 (Second Loss Credit Facility ) – IND A-(SO) – – Stable

STFCL DA Operator Trust Dec 2011 (Series A) – IND AAA(SO) – – Stable

STFCL DA Program - Feb 10 – 4 (Purchaser Payouts) – IND AAA(SO) – – Stable

STFCL DA Program - Feb 10 – 4 (Second Loss Credit Facility) – IND A(SO) – – Stable

STFCL DA Program - Feb 10 – 5 (Purchaser Payouts) – IND AAA(SO) – – Stable

STFCL DA Program - Feb 10 – 5 (Second Loss Credit Facility) – IND A+(SO) – – Stable

STFCL -DA Program - Sept 09 - 1 – IND AAA(SO) – – Stable

STFCL -DA Program - Sept 09 - 1( Second Loss Credit Facility) – IND AAA(SO) – – Stable

STFCL -DA Program - Sept 09 - 2 – IND AAA(SO) – – Stable



STFCL -DA Program - Sept 09 -3 – IND AAA(SO) – – Stable

STFCL DA Program- Feb 10 - 1 (Second Loss Credit Facility) – IND A+(SO) – – Stable

STFCL DA Program- Feb 10 - 2 (Second Loss Credit Facility) – IND A+(SO) – – Stable

STFCL DA Program- Feb 10 - 3 (Second Loss Credit Facility) – IND AA+(SO) – – Stable

STFCL DA Program-Dec09-2 (liquidity facility) – IND AAA(SO) – – Stable

STFCL DA Program-Dec09-2 (lPurchasers Payout) – IND AAA(SO) – – Stable

STFCL DA Program-Dec09-2 (Second Loss Credit Facility) – IND AAA(SO) – – Stable

STFCL DA Program-Feb 10 - 1 (liquidity facility) – IND AAA(SO) – – Stable

STFCL DA Program-Feb 10 - 1 (Purchaser Payouts) – IND AAA(SO) – – Stable


STFCL DA Program-Feb 10 - 2 (Purchaser Payouts) – IND AAA(SO) – – Stable


STFCL DA Program-Feb 10 -3 (Purchaser Payouts) – IND AAA(SO) – – Stable

STFCL DA Sep 2011 - 01(Purchaser Payouts) – IND AAA(SO) – – Stable

STFCL DA Sep 2011 - 01(Second Loss Credit Facility ) – IND A(SO) – – Stable

STFCLs New CV - Dec 08 Assignment – IND AAA(SO) – – Stable


Asset Management Goldman Sachs Liquid Exchange Traded Scheme (Previously Benchmark

Liquid BeES Fund)

–

IND A1+mfs

– – –

IDFC Ultra - Short Term Fund – IND AAAmfs IND V1 – RWN

JP Morgan India Capital Protection Oriented Fund – IND AAA(SO) – – –

LIC Nomura MF Income Plus Fund (previously LIC MF Income Plus Fund) – IND AAAmfs IND V1 – –

LICMF Liquid Fund – IND A1+mfs – – –

SBI Capital Protection Oriented Fund-Series III Fund – IND AAA(SO)(exp) – – –

UTI Floating Rate Fund (Short Term Plan) – IND AAAmfs IND V1 – –

UTI Liquid Fund (Cash Plan) – IND A1+mfs – – –

UTI Money Market Mutual Fund – IND A1+mfs – – –

India National Ratings - Selected Coverage (cont'd)February 2013

Legend*Bold type denotes a new rating

(SO) – Structured Obligation t - Term Deposit Credit Rating

# - – Under notice of withdrawal ▼ Signifies Rating Watch Negaitive

* - In discussion with company ▲ Signifies Rating Watch Positive

- No amount outstanding against existing rating ► Signifies Rating Watch Evolving


India National Ratings - Selected Coverage (cont'd)February 2013

Contact List

India Ratings - Analysts Telephone #

Aashish Bhusnurmath AB Delhi [email protected] 91 22 4356 7252

Abhinav Goel AG Delhi [email protected] 91 11 4356 7230

Amey Joshi AJ Mumbai [email protected] 91 22 4000 1794

Amit More AM Mumbai [email protected] 91 22 4000 1703

Ananda Bhoumik AB Mumbai [email protected] 91 22 4000 1720

Arvind Rana AR Mumbai [email protected] 91 22 4000 1719

Ashish Upadhyay AU Delhi [email protected] 91 11 4165 7230

Ashoo Mishra AM Mumbai [email protected] 91 22 4000 1700

Ashwini Picardo AP Mumbai [email protected] 91 22 4000 1787

Avinash Lodha AL Chennai [email protected] 91 44 4340 1722

Carrol D'Silva CD Mumbai [email protected] 91 22 4000 1731

Chandan Sharma CS Delhi [email protected] 91 11 4356 7230

Cyrus Dadabhoy CD Mumbai [email protected] 91 22 4000 1700

Chintan Lakhani CL Mumbai [email protected] 91 22 4000 1790

Deep Mukherjee DM Mumbai [email protected] 91 22 4000 1721

Devendra Pant DP Delhi [email protected] 91 11 4356 7230

Ehsan Syed ES Mumbai [email protected] 91 22 4000 1700

G. Siva Subramanian GS Chennai [email protected] 91 44 4340 1700

Janhavi Prabhu JP Mumbai [email protected] 91 22 4000 1754

Jatin Nanaware JN Mumbai [email protected] 91 22 4000 1761

Mukul Pathak MP Delhi [email protected] 91 11 4356 7241

N. Raju NR Chennai [email protected] 91 44 4340 1703

Neha Agarwal NA Delhi [email protected] 91 11 4356 7247

Niraj Rathi NR Chennai [email protected] 91 44 4340 1700

Pavan Kumar PK Chennai [email protected] 91 44 4340 1724

Pavan Soni PS Kolkata [email protected] 91 33 4006 5887

Pawan Kumar PK Chennai [email protected] 91 44 4340 1724

Pragya Bansal PB Delhi [email protected] 91 11 41657230

Prakash Agarwal PA Mumbai [email protected] 91 22 4000 1700

Prakash Choraria PC Kolkata [email protected] 91 33 40065887

Purav Shah PS Mumbai [email protected] 91 22 4000 1700

R. Venkataraman RV Chennai [email protected] 91 44 24313339

Rakesh Valecha RV Mumbai [email protected] 91 22 4000 1740

Ramakrishna Reniguntla RR Chennai [email protected] 91 44 4340 1700

Ridhima Singhal RS Delhi [email protected] 91 11 4356 7246

Rohit Sadaka RS Kolkata [email protected] 91 33 2282 8375

Rupesh Kumar Singh RS Mumbai [email protected] 91 22 4000 1791

S.Nandakumar SN Chennai [email protected] 91 44 2431 3338

Sahil Aggarwal SA Delhi [email protected] 91 11 4356 7230

Salil Garg SG Delhi [email protected] 91 11 41657230

Sandeep Singh SS Mumbai [email protected] 91 22 4000 1735

Sankalp Baid SB Mumbai [email protected] 91 22 4000 1700

Sethuraman Ramachandran SR Chennai [email protected] 91 44 4340 1700

Shyam Sundar SS Chennai [email protected] 91 44 4340 1710

Sreenivasa Prasanna SP Chennai [email protected] 91 44 4340 1709

Sriram Parthasarthy SP Mumbai [email protected] 91 44 4340 1700

Sudarshan Shreenivas SS Mumbai [email protected] 91 22 4000 1783

Tanu Sharma TS Delhi [email protected] 91 11 4165 7230

Tarun Kumar TK Mumbai [email protected] 91 11 4000 1713

Vinay Betala VB Kolkata [email protected] 91 44 4340 1700

Vishal Bhawsinghka VB Kolkata [email protected] 91 33 4006 5884

India Ratings & Research Private Limited

Country Head Atul Joshi Mumbai [email protected] 91 22 4000 1750

Business & Relationship Management Group, Asia-Pacific

Group Head Tarun Bansal Delhi [email protected] 91 11 4165 7230

Director & Head of East India Krishnendu Sarkar Kolkata [email protected] 91 33 2282 8375

Director & Head of West India Rajshekhar Kalluri Mumbai [email protected] 91 22 4000 1784

Director & Head of Andhra Pradesh & Karnataka Suryanarayana ManginaHyderabad [email protected] 91 40 4025 8885

Director & Head of North India Akash Sharma Delhi [email protected] 91 11 4165 7230

Associate Director Anamika Karati Delhi [email protected] 91 11 4165 7230

Associate Director Aishwarya Vinay KumarMumbai [email protected] 91 22 4000 1788

Associate Director Santosh DhamapurkarMumbai [email protected] 91 22 4000 1718

Associate Director Srinivas MR Chennai [email protected] 91 44 4340 1716

Associate Director Prasanth Chegu Bangalore [email protected] 91 80 42066191

Senior Associate Arnab Chanda Kolkata [email protected] 91 33 4003 1734

Senior Associate Murali TR Chennai [email protected] 91 44 4340 1717

Senior Associate Saurabh Dad Mumbai [email protected] 91 22 4000 1777

Senior Associate Pinku Prittom Dutta Mumbai [email protected] 91 22 4000 1739

Associate Namrata Tiwari Delhi [email protected] 91 11 4356 7235


Outstanding Ratings as on March 31, 2013 Name of the ... · Avaya Industries Ltd – IND B+ IND A4 – Stable ... Chiripal Polyfilms Pvt. Ltd IND BB+ IND A4+ Stable Choksi Imaging

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