Fitch Ratings Bulletin

Indian Ratings Monthly
July 2011
Fitch Affirms India at 'BBB'; Outlook Stable

Contents
Whats New? 10 Credit Ratings 32 LongTerm Credit Ratings 32 ShortTerm Credit Ratings 33 Insurer Strength Financial Rating 35 NonPerforming Assets (NPA) Security Receipt Ratings Scale 36 Structured Finance Loss Severity Ratings 36 IPO Grading Scale 37 Complexity Indicators 37 Contact the Fitch Ratings Asia Pacific Team 39 About Fitch Ratings 40 Global Market Presence 40
Fitch Ratings has affirmed India's LongTerm Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BBB' with Stable Outlook. Fitch has also affirmed India's ShortTerm Foreign Currency IDR at 'F3' and its Country Ceiling at 'BBB'. "India's robust growth prospects and solid external financial position underpin its 'BBB' sovereign status," said Art Woo, Director in Fitch's Asia Sovereign Ratings group. "In addition, India's authorities look to be tackling the challenges of a continuously large fiscal deficit and rising inflation pressure with greater vigour." Since the introduction of the Thirteenth Finance Commission report in early 2010, India's authorities have shown renewed commitment to reducing both its fiscal deficit and debt after allowing the deficit to widen before general elections in 2009 and during the global financial crisis. Although the Union Budget's central government fiscal deficit target of 4.6% of GDP for FY2011/12 may not be met due to the rising cost of subsidies, the potential slippage is unlikely to be significant. Fitch estimates that the broader general government budget deficit (which includes the budgets of both central and state governments) should continue to improve, falling to 8% of GDP in FY2011/12 from 9% in FY2010/11. The new fiscal consolidation strategy is vital if India's authorities want to ensure that the sovereign's public debt dynamics stay on a more sustainable path and are brought into line with other 'BBB'range rated sovereigns. India's general government debttoGDP ratio, which Fitch estimates stood at 66% of GDP in FY2010/11, is well above the median for the 'BBB' category of 35.6%. However, it is important to note that India's sovereign ratings continue to benefit from the largely localcurrency profile of its debt (92% of the stock) and from its stable access to domestic sources of financing, mainly from the banking system. A tighter fiscal stance is also appropriate to contend with persistent inflationary pressures. The headline wholesale price index has remained high since early 2010 and rose by an average of 9.3% yearonyear in the first five months of 2011. In response, the Reserve Bank of India has been, and is likely to continue, tightening monetary policy to cool inflationary pressure. However, higher policy rates have begun to weigh on the economy, particularly fixed investment activity. Fitch projects GDP growth at 7.7% for FY2011/12 compared with an 8.5% increase in FY2010/11. Nevertheless, Fitch believes India's mediumterm economic growth prospects remain strong, as potential GDP growth remains greater than 8%, well above the 'BBB'range median.
FitchAppointsAtul JoshiasMDandCEOof FitchIndia

Fitch Ratings is pleased to announce the appointment of Atul Joshi as Managing Director (MD) and Chief Executive Officer (CEO) of Fitch Ratings, India, with effect from 1 July 2011 >> page 2
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India's 'BBB' rating is also supported by solid external finances, as highlighted by a modest external debt service ratio and a robust external liquidity ratio. Further, the country's foreign exchange reserves are large, standing at USD313.5bn at end May 2011. Fitch also considers that the widening in India's current account deficit, to an estimated 2.6% of GDP in FY2010/11, is not a significant risk in light of India's current stage of economic development. India's sovereign ratings would benefit from structural fiscal reform leading to a faster improvement in the fiscal deficit and general government debt ratios. In addition, an improvement in India's investment climate supporting greater infrastructure investment, and a sharp, sustained decline in inflation would also be supportive developments for India's ratings. Conversely, signs that the banking system, which is nearly threequarters stateowned, may be facing stress or a resurgence in inflation impacting macroeconomic stability or sovereign funding conditions would be negative for the sovereign ratings. Contacts Art Woo, Hong Kong, +852 2263 9925 Andrew Colquhoun, Hong Kong, +852 2263 9938 David Riley, +44 20 3530 1175
Fitch Appoints Atul Joshi as MD and CEO of Fitch India

Fitch Ratings is pleased to announce the appointment of Atul Joshi as Managing Director (MD) and Chief Executive Officer (CEO) of Fitch Ratings, India, with effect from 1 July 2011. Based in Mumbai, Mr. Joshi will report to Brett Hemsley, Head of AsiaPacific at Fitch. As MD & CEO, Mr. Joshi will be responsible for managing the daytoday business operations of India and Sri Lanka. "India is one of the world's fastest growing markets and Fitch will continue to play a leading role in offering credit ratings, research and other services in the country. Fitch has already introduced several rating criteria initiatives in India, and looks forward to enhancing its contribution to the financial services industry,'' said Mr. Joshi. Mr. Joshi is presently Managing Director for Business & Relationship Management (BRM) at Fitch India. He joined the agency as Senior Director in 2008. He has over two decades of experience in the financial services industry. Prior to joining Fitch, Mr. Joshi was with ING Vysya Bank India for nearly four years, where he was responsible for the Financial Institutions Group. He was also Parent Account Manager for India for ING Bank NV. Mr. Joshi started his career at ICICI Bank, where he worked for close to 13 years in both global and domestic treasury functions as well as in project finance. "Over the past three and a half years as Head of BRM India, Mr. Joshi has been instrumental in driving the growth of our business and has built a strong and successful franchise," said Brett Hemsley, Managing Director and Head of Asia Pacific at Fitch. Fitch currently rates over 850 entities in India compared with 229 entities five years ago. It has established a strong presence across the financial institutions, corporates, infrastructure, public finance and structured finance sectors. Starting with one office in Mumbai, the agency has now expanded its analytical and other staff to support its business growth with additional branches in Delhi, Chennai, Bangalore, Hyderabad and Kolkata.
July 2011

Mr. Joshi replaces Amit Tandon, who is leaving the agency after a stint of nearly 10 years to pursue new opportunities outside Fitch. Fitch commenced its operations in India in 2001 with Mr. Tandon, after taking over Duff & Phelps Credit Rating Co. Mr. Tandon has led Fitch through strong revenue growth and has been instrumental in many of the strategic initiatives in India. Fitch wishes Mr. Tandon all the best in his new endeavours.
Fitch: RBI's CDS Guidelines Pave Way for Credit Risk Mitigation
Fitch Ratings says in a comment published that the credit default swaps (CDS) guidelines issued by the Reserve Bank of India (RBI) on 23 May 2011 introduce a much needed credit risk management tool for India's debt investors. Currently, the unavailability of a financial guarantee for debentures severely limits the options available to debt investors. However, further clarification may be expected from RBI, particularly with respect to capital adequacy requirements in CDS transactions. Fitch notes that while 'restructuring' is considered under RBI's CDS guidelines as a credit event, it could be clarified whether a CDS contract needs to mandatorily include 'restructuring' as a credit event to be eligible for maximum capital release. As per Basel II guidelines, if restructuring of the underlying obligation is not covered by the credit derivative, only partial recognition (capped at 60% of the underlying value) may be provided for such an instrument for the purpose of capital adequacy calculation. However, the guidelines state that the protection buyer shall replace his original exposure to the reference entity with that of the protection seller. The comment also focuses on 'documentation risk', which has created implementation and legal issues with respect to CDS transactions in other jurisdictions at their respective introductory stage. The extent to which a CDS contract provides credit risk mitigation would depend, among other things, on timely identification as well as exhaustive and unambiguous documentation of credit events so as to mitigate documentation risk. "To the extent such comprehensive CDS are made available by market makers of superior credit profile, the issuance of debentures by corporates with middle investmentgrade ratings is likely to increase", Says Deep N Mukherjee, Director of Fitch's Structured Finance team in Mumbai. Contacts Deep N Mukherjee, Mumbai, +91 22 4000 1721 Amit More, Mumbai, +91 22 4000 1703
Fitch: Coal Shortage Impedes India's Power Sector Growth

Fitch Ratings says that India's power generation companies could be adversely affected by coal shortages, which are likely to persist over the shorttomedium term. The comment comes after a recent government decision to prioritise coal supplies to generators which sell electricity through power purchase agreements (PPAs) over merchant generators or those that run on 30% imported coal. Hence, staterun power producers including NTPC Limited ('BBB'/Stable) and Damodar Valley Corporation ('AA(ind)'/Negative) are likely to benefit from this decision.
July 2011

"Coal demand has increased significantly with the commissioning of new coalfired generation capacity. Given India's chronic power deficit, this trend is likely to continue. A lowerthanexpected increase in domestic coal production, particularly due to delays in the development of captive coal blocks allocated to the power generators, has added to the demandsupply gap," says Salil Garg, Director in Fitch's energy and utilities team. Fitch notes that coal will remain the dominant fuel for the Indian power sector, given the lowerthanexpected gas production from existing fields and no new major gas discoveries. Additionally, the majority of the future generation capacity additions will be coalfired. Coal accounted for 54% of total power capacity at end April 2011 and 66% of total electricity generated in FY11. Governmentowned Coal India Limited (CIL) dominates the domestic coal supply market with a 80% market share, although some industrial consumers, typically in the power and steel sectors, have access to captive mines. CIL's noncoking coal production has grown by 3.7 % CAGR over FY07FY11, below the rate of coalfired capacity additions (7.2% CAGR over the same period). Its production target for FY12 is 452 million metric tonnes (mmt), only marginally up from 431mmt recorded in FY11, as the development of some new fields has been hindered by environment ministry concerns. Environmental issues have also led to most consumers' captive mine blocks lying idle. As a result, the coal ministry projects a coal supply shortfall of up to 142mmt in FY12. Power Finance Corporation Limited's (PFC, 'BBB'/Stable) governmentbacked initiative to set up ultra mega power projects (UMPP) has been delayed as bidding for two 4 gigawatt plants in Orissa and Chattisgarh has been postponed as captive mines earmarked for the projects fall in areas barred from mining by the environment ministry. Fitch notes that the increasing dependence on imported coal is a challenge for the Indian companies. First, the price of imported coal is higher than the price of domestic coal bought from CIL under fuel supply agreements, although this only affects generators which cannot passon fuel costs through PPAs. Secondly, the weak coal transportation infrastructure between ports and power plants can lead to supply shortages affecting generation output. In FY11, coal shortages were largely responsible for thermal power generation missing its 690 terawatthour (TWh) target by 35TWh. Thirdly, boilers are designed for a particular coal quality range and deviations in quality adversely affect generators' performance and efficiency. For this reason, most Indian power plants cannot use more than 30% imported coal. Lastly, realising the increasing demand from India and China, governments of coal exporting nations such as Indonesia and Australia have been looking at policy actions that might restrict exports or increase the export price. Fitch believes that both the Indian government and the coal industry will need to take action to mitigate the nearterm coal availability and price risks. As part of these efforts, CIL is planning quick liquidation of pithead coal stocks and prioritised allocation of coal. Relaxation of the environmental constraints currently preventing mine development could open up more areas for mining. Fitch believes that in the neartomediumterm, credit metrics of the merchant power and imported coalfired generators might come under pressure due to fuel cost increases and supply constraints. Generators which are able to passthrough fuel cost increases could face increased offtake risk as state power utilities may have limited appetite to buy expensive power. Fitch notes that the increase in the coalfired generation sector's risk profile has led to a reduction in investor interest and higher target investment returns for new power plants.
July 2011

Contacts Salil Garg, New Delhi, +91 11 4356 7244 Vivek Jain, New Delhi, +91 11 4356 7249 Steve Durose, +612 8256 0307
Conferences/Teleconferences/Fitch Friday
Fitch Forum: Asset Backed Securitisations: Rating Methodology and Performance of Commercial Vehicle Loan ABS Pools
Fitch Ratings hosted a Fitch Forum in Mumbai on Asset Backed Securitisations: Rating Methodology and Performance of Commercial Vehicle Loan ABS Pools on June 23, 2011, 4:00pm onwards. Venue: Fitch Ratings, 6th Floor, Apeejay House, 3, Dinshaw Vachha Road, Churchgate, Mumbai 400020 The focus of the event was to present Fitch's perspective on: Background of Structured Finance Ratings and key differences with Corporate Ratings Regulatory Environment A look back Fitch's Rating Approach for ABS transactions Performance of Fitch Rated Commercial Vehicle Loan ABS Pools
This was followed by Q& A session. The event lasted for around 2 hours. The event was very well received with a participation of over 40 people
Rating Actions June 2011 Sovereign

Affirms India at 'BBB'; Outlook Stable
Banks
Rates Goldman Sachs India's IndexLinked Debenture 'AAAemr(ind)' Rates Indian Bank 'BBB'; Outlook Stable Maintains First Blue Home Finance on RWN Revises Vijaya Bank's Outlook to Negative Affirms Nomura Fixed Income at 'F1+(ind)' Affirms ARCIL at 'A+(ind)'; Outlook Stable
Corporates
Rates Avani Vanijya's Bank Loans 'F4(ind)' Rates Harshit Power & Ispat 'RD(ind)'
July 2011

Affirms Adhunik Corp's Bank Loans at 'BB(ind)'/'F4(ind)' Rates Manjeera Hotels' Bank loans 'B(ind)'/'F4(ind)' Migrates Omaxe's Ratings to "NonMonitored" Category Rates NTPC's Proposed USD Notes 'BBB(exp)' Migrates Aban Exim's Ratings to "NonMonitored" Category Assigns Final Ratings to Lambodhara Textiles' Bank Loans; Affirms Others Downgrades Bay Forge to 'BB+(ind)'; Outlook Negative Affirms Jubilant Motors at 'BBB(ind)'; Outlook Stable Affirms Uttam Galva Steels at 'A(ind)'; Outlook Stable Rates Piccadily Agro Industries' Bank Loans 'BBB(ind)'/'F3(ind)' Upgrades Hind Terminals to 'BBB+(ind)'; Outlook Stable Rates India's Navnitlal 'B(ind)'; Outlook Stable Rates Raja Housing's Bank Loan 'B(ind)' Rates Kiri Industries' Proposed NCD 'BBB+(ind)' Affirms Savorit at 'B(ind)'; Outlook Stable Migrates Parsvnath Developers' Ratings to "Non Monitored" Category Rates Celestial Biolabs's Bank Loans 'BB(ind)'/'F4(ind)' Downgrades Vikas Telecom's Bank Loans to 'D(ind)' Downgrades Gobind Sugar Mills to 'B(ind)'; on Rating Watch Negative Affirms India's Idea International at 'B(ind)'; Outlook Stable Assigns Vedanta Resources PLC's Senior Unsecured Notes Issue Final 'BB' Rating Affirms India's Capital Power Systems at 'B+(ind)'; Outlook Stable Affirms India's Capital Meters at 'B(ind)'; Outlook Stable Rates Balaji Amines' Bank Loans 'A(ind)'/'F2+(ind)' Affirms Supreme Build Cap's Bank Loans at 'BB(ind)' Affirms Spectrum Power Generation at 'BB(ind)'; Outlook Stable Rates Aegis 'BB'; Outlook Stable Affirms English Indian Clays at 'A(ind)'; Outlook Stable Upgrades Intelligent Infrastructure's Bank Loans to 'BB+(ind)' Rates Midfield Industries's Bank loans 'C(ind)'/'F5(ind)' Rates Indus Fila's Bank Loans 'D(ind)'/'F5(ind)' Migrates Rama Phosphates' Ratings to "NonMonitored" Category Migrates Wockhardt's Ratings to "NonMonitored" Category Affirms Bhaskar Shrachi's Bank Loans at 'B+(ind)'/'F4(ind)' Downgrades Mudra Lifestyle to 'RD(ind)' Rates Andhra Pradesh Fibres' Bank Loans 'BB(ind)'/'F4(ind)' Withdraws Radico Khaitan's Debt Rating Affirms Talbros Automotive at 'BBB+(ind)'; Outlook Stable Downgrades Minda Capital to 'B+(ind)'; Outlook Stable
July 2011

Upgrades KLT Automotive to 'BB+(ind)'; Outlook Stable Rates Abellon CleanEnergy 'BB(ind)'; Outlook Stable Affirms Maharashtra Hybrid Seeds Company's Bank Facilities at 'A(ind)'/'F1(ind)' Migrates Din Dayal Purushottam Lal's Ratings to "NonMonitored" Category Affirms MindTree at 'AA(ind)' ; Outlook revised to Negative Migrates Texcomash International's Ratings to "NonMonitored" Category Migrates Om Shiv Estates' Ratings to "NonMonitored" Category Rates Komarla Hatcheries' Bank Loans 'BB(ind)'/'F4(ind)' Rates Samprash Foods 'B(ind)'; Outlook Stable
Global Infrastructure
Rates Jorbat Shillong Expressway's Senior Bank Loans 'BBB+(ind)'; Outlook Stable Withdraws Kutch Railway's Bank Loan Ratings
Securitisation
Assigns Final Rating to MMFSL DA Feb 20111 Assigns Final Ratings to SREI Direct Assignment Dec 10II Upgrades STFCL DA Program Feb 10 3's SLCF; Affirms Others Affirms STFCL DA Program Feb 10 4; Revises Outlook on SLCF to Positive Affirms STFCL DA Program Feb 10 5 No Impact on Securitisations from SREI Equipment's Outlook Change to Negative Assigns Final Ratings to STFCL DA Feb 2011 04 Withdraws STFCL DA Feb 201103's Expected Ratings Affirms MMFSL DA March 2010 1 Migrates IML Loan Trust's Rating to "NonMonitored" Category
July 2011
Rating Actions Summary June 2011

Sector Sovereign Corporates Banks & finance companies Securitisation Global infrastructure Public finance Asset management
Source: Fitch
Affirmations 1 16 3 4
Upgrades 2 1
Downgrades 6
RWN 1
Withdrawn/PIF 1 2 1
Change in outlook 2 1 2
Fitchindia.com Select Research

Latest research Small Operators Trust 2011 Gopsons Papers Limited Summary of Indian National and International Rating Actions April 2011 RBS Financial Services (India) Private Limited Small Operators Trust II 2011 Meghalaya Energy Corporation Limited Choksi Imaging Limited Damodar Valley Corporation SCUF DA Mar 2011 01 Claris Lifesciences Ltd Blue Dart Express Ltd Imperial Readymade Garments Factory India Private Ltd Sundaram Textiles Limited Dattatreya Textiles Pvt Ltd M.K. Wood India Private Limited Ablaze Investrade Private Limited Sadhu Forging Limited Aradhya Steel Private Limited P.S. Krishnamurthy Steels Private Limited Andrew Yule & Company Ltd. Bonai Industrial Company Limited Mangilall Rungta Mawmluh Cherra Cements Limited Feegrade & Company Private Limited Rungta Mines Ltd. Sri Kaliswari Metal Powders Private Limited Mainetti (India) Pvt Ltd G.E.T. Power Pvt Ltd Strands Textiles Mills Pvt. Ltd Indotech Transformers Ltd Syrma Technology Private Limited Karuna Management Services Pvt Ltd Amaravathy Spinning Mills Thangam Steel Limited Variety Prints Private Limited Rungta Sons Pvt Ltd Balasore Alloys Limited Tirumala Balaji Alloys Private Limited Credit Default Swaps to Mitigate the Unavailability of Bank Guarantees in Debentures Subh Laxmi Syntex Ltd Nectar Lifesciences Limited Jabil Circuits India Private Limited Shriram EPC Limited Aanjaneya Lifecare Limited WABCOTVS (INDIA) Limited IOT Engineering & Projects Ltd Crompton Greaves Ltd.
Source: Fitch
Sector Securitisation Corporates General Banks Securitisation Corporates Corporates Corporates Securitisation Corporates Corporates Corporates Corporates Corporates Corporates Corporates Corporates Corporates Corporates Corporates Corporates Corporates Corporates Corporates Corporates Corporates Corporates Corporates Corporates Corporates Corporates Corporates Corporates Corporates Corporates Corporates Corporates Corporates Securitisation Corporates Corporates Corporates Corporates Corporates Corporates Corporates Corporates
Type New issue Credit update Rating action report Credit update New issue Credit update Credit update Credit update New issue Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Comment Credit Credit Credit Credit Credit Credit Credit Credit update update update update update update update update
Date 26 May 2011 27 May 2011 27 May 2011 27 May 2011 31 May 2011 31 May 2011 31 May 2011 31 May 2011 26 May 2011 02 Jun 2011 03 Jun 2011 06 Jun 2011 06 Jun 2011 06 Jun 2011 06 Jun 2011 06 Jun 2011 06 Jun 2011 06 Jun 2011 06 Jun 2011 06 Jun 2011 06 Jun 2011 06 Jun 2011 06 Jun 2011 06 Jun 2011 06 Jun 2011 06 Jun 2011 06 Jun 2011 06 Jun 2011 06 Jun 2011 07 Jun 2011 07 Jun 2011 07 Jun 2011 07 Jun 2011 07 Jun 2011 07 Jun 2011 07 Jun 2011 07 Jun 2011 07 Jun 2011 08 Jun 2011 08 Jun 08 Jun 08 Jun 08 Jun 09 Jun 09 Jun 09 Jun 10 Jun 2011 2011 2011 2011 2011 2011 2011 2011
July 2011
Fitchindia.com Select Research (Cont.)

Latest research Stargaze Entertainment Private Limited Jubilant Motors Private Limited BC Sen & Company Limited Tata Marcopolo Motors Ltd B.N.T Connections Impex Limited Tribhovandas Bhimji Zaveri (Delhi) Pvt Ltd Gupta Machine Tools Limited Mumbai International Airport Private Limited Bajaj Energy Private Ltd SRC Metalicks Private Limited B.N.T Innovations Private Limited Eswar Rubber Products Private Limited DSL Hydrowatt Limited Tata Chemicals Limited STFCL DA Mar 201103 English Indian Clays Limited GE Capital Services India Supreme Petrochem Ltd. Tushar Fabrics Pvt Ltd IRB Jaipur Deoli SK Wheels Pvt Ltd Sah Petroleums Limited Oriental Bank of Commerce Ltd. India Premium Transmission Limited Brahmani River Pellets Limited Corporation Bank Indian Bank
Source: Fitch
Sector Corporates Corporates Corporates Corporates Corporates Corporates Corporates Global Infrastructure Global Infrastructure Corporates Corporates Corporates Global Infrastructure Corporates Securitisation Corporates Banks Corporates Corporates Global Infrastructure Corporates Corporates Banks Sovereign Corporates Corporates Banks Banks
Type Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Presale report Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update Credit update
Date 10 Jun 10 Jun 10 Jun 10 Jun 13 Jun 13 Jun 13 Jun 14 Jun 14 Jun 13 Jun 13 Jun 13 Jun 14 Jun 13 Jun 16 Jun 17 Jun 21 Jun 22 Jun 22 Jun 22 Jun 22 Jun 22 Jun 22 Jun 24 Jun 24 Jun 24 Jun 24 Jun 24 Jun
2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011
July 2011

Whats New?
New Ratings
New rating Date Banks 08 Jun 2011 Corporates 26 May 2011 26 May 2011 26 May 2011 31 May 2011 01 Jun 2011 01 Jun 2011 02 Jun 2011 07 Jun 2011 07 Jun 2011 09 Jun 2011 10 Jun 2011 14 Jun 2011 16 Jun 2011 22 Jun 2011 24 Jun 2011 Issuer name Indian Bank Longterm BBBa Shortterm F3a Outlook/watch Stable
Avani Vanijya Pvt. Ltd. Harshit Power & Ispat Pvt Ltd Manjeera Hotels and Resorts Limited Piccadily Agro Industries Limited Navnitlal Private Limited Raja Housing Limited Celestial Biolabs Limited Balaji Amines Limited Aegis Limited Midfield Industries Limited Indus Fila Limited Andhra Pradesh Fibres Limited Abellon CleanEnergy Ltd. Komarla Hatcheries Samprash Foods Private Limited
RD(ind)/C(ind)/D(ind) B(ind) BBB(ind) B(ind) B(ind) BB(ind) A(ind) BBa C(ind) D(ind) BB(ind) BB(ind) BB(ind) B(ind)
F4(ind) F5(ind) F4(ind) F3(ind) F4(ind) F2+(ind) F5(ind) F5(ind) F4(ind) F4(ind) F4(ind)
Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable
Global Infrastructure 08 Jun 2011 Jorbat Shillong Expressway Limited

a
BBB+(ind)
Stable
Signifies international ratings Source: Fitch
New Issuances
Rating Date Banks 26 May 2011 Issuer name Goldman Sachs (India) Finance Private Limited Amount INR50m Instrument Issue rating Outlook/watch Stable
Unsecured, AAAemr(ind) redeemable, non convertible, index linked debentures
Corporates 27 May 2011 01 June 2011
NTPC Limited Kiri Industries Limited
INR1,000m
06 June 2011 06 June 2011 07 June 2011
Vedanta Resources PLC Vedanta Resources PLC Essar Services Mauritius'
USD750m USD900m
Proposed USD notes Proposed non convertible debenture 6.75% senior notes 8.25% senior notes Proposed five to sevenyear USD senior notes
BBB(exp) BBB+(ind)
BB a BB a BB(exp)
Global Infrastructure 08 June 2011

Source: Fitch
Jorbat Shillong Expressway Limited
INR400m
Subordinated debt BBB(ind)
Stable
July 2011
10
Affirmations
Current rating Date Sovereign 21 Jun 2011 Banks 26 May 2011 10 Jun 2011 10 Jun 2011 Corporates 26 May 2011 27 May 2011 30 May 2011 31 May 2011 01 Jun 2011 02 Jun 2011 06 Jun 2011 06 Jun 2011 07 Jun 2011 07 Jun 2011 08 Jun 2011 13 Jun 2011 15 Jun 2011 16 Jun 2011 16 Jun 2011 21 Jun 2011 Securitisation 08 Jun 2011 08 Jun 2011 08 Jun 2011 08 Jun 2011 08 Jun 2011 08 Jun 2011 17 Jun 2011
a
Issuer name Republic of India (LongTerm Foreign and Local Currency Issuer Default Ratings) Goldman Sachs (India) Finance Private Limited Nomura Fixed Income Securities Private Limited Asset Reconstruction Company (India) Limited
Longterm BBBa
Shortterm F3a
Outlook/watch Stable
AAA(ind) A+(ind)
F1+(ind) F1+(ind)
Stable Stable
Adhunik Corporation Limited Lambodhara Textiles Limited Jubilant Motors Private Limited Uttam Galva Steels Ltd. Savorit Limited Idea International Private Limited Capital Power Systems Limited Capital Meters Limited Supreme Build Cap Limited Spectrum Power Generation Limited English Indian Clays Ltd Bhaskar Shrachi Alloys Limited Talbros Automotive Limited KLT Automotive & Tubular Products Limited Maharashtra Hybrid Seeds Company Limited MindTree Limited
BB(ind) BB(ind) BBB(ind) A(ind) B(ind) B(ind) B+(ind) B(ind) BB(ind) BB(ind) A(ind) B+(ind) BBB+(ind) BB+(ind) A(ind) AA(ind)
F4(ind) F4(ind) F3(ind) F1(ind) F4(ind) F4(ind) F4(ind) F4(ind) F1(ind) F4(ind) F2+(ind) F4 (ind) F1(ind) F1+(ind)
Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Negative
STFCL DA Program Feb 10 3 (purchaser payouts) STFCL DA Program Feb 10 3 (liquidity facility) STFCL DA Program Feb 10 4 (purchaser payouts) STFCL DA Program Feb 10 4 (liquidity facility) STFCL DA Program Feb 10 5 (purchaser payouts) STFCL DA Program Feb 10 5 (Second Loss Credit Facility) MMFSL DA March 2010 1 (purchaser payouts)
AAA(ind)(SO)/ LS1 AAA(ind)(SO) AAA(ind)(SO)/ LS1 AAA(ind)(SO) AAA(ind)(SO)/ LS1 BBB(ind)(SO) AA(ind)(SO)/ LS1
Stable Stable Stable Stable Stable Stable Stable
Signifies international ratings Source: Fitch
Upgrades and Downgrades

New rating Date 27 May 2011 31 May 2011 02 Jun 2011 02 Jun 2011 08 Jun 2011 09 Jun 14 Jun 14 Jun 16 Jun 16 Jun 2011 2011 2011 2011 2011 Issuer Bay Forge Ltd Hind Terminals Pvt Ltd Vikas Telcom Limited Gobind Sugar Mills Limited STFCL DA Program Feb 10 3 (Second Loss Credit Facility) Intelligent Infrastructure Ltd. Mudra Lifestyle Limited Mudra Lifestyle Limited Minda Capital Limited KLT Automotive & Tubular Products Limited Longterm BB+(ind) BBB+(ind) D(ind) B(ind) A(ind)(SO) BB+(ind) RD(ind) D(ind)/C(ind) B+(ind) BB+(ind) Shortterm F4(ind) F2(ind) F4(ind) F5(ind) F4 (ind) Outlook Negative Stable RWN Positive Stable Stable Stable Longterm BBB+(ind) BBB(ind) C(ind) B+(ind) BBB(ind)(SO) BB(ind) BBB(ind) BBB(ind) BB(ind) BB(ind) Previous rating Shortterm F2+(ind) F3(ind) F4(ind) F3(ind) F4 (ind) Outlook Stable Stable Stable Stable Stable Negative Negative Stable Stable
Source: Fitch
July 2011
11
Change in Outlook and Watch

Current rating Date 27 May 2011 02 Jun 2011 08 Jun 2011 08 Jun 2011 10 Jun 2011 10 Jun 2011 21 Jun 2011
Source: Fitch
Previous rating Outlook Negative RWN Positive Positive Negative Negative Negative Longterm BBB+(ind) B+(ind) BBB(ind)(SO) BBB(ind)(SO) AA(ind) AA(ind) AA(ind) Shortterm F2+(ind) F4(ind) F1+(ind) Outlook Stable Stable Stable Stable Stable Stable Stable
Issuer Bay Forge Ltd Gobind Sugar Mills Limited STFCL DA Program Feb 10 3 (Second Loss Credit Facility) STFCL DA Program Feb 10 4 (Second Loss Credit Facility) Vijaya Bank Vijaya Bank (Upper Tier 2) MindTree Limited
Longterm BB+(ind) B(ind) A(ind)(SO)
Shortterm F4(ind) F4(ind)
BBB(ind)(SO) AA(ind) AA(ind) AA(ind) F1+(ind)
PaidinFull
Current rating Date 03 Jun 03 Jun 03 Jun 03 Jun 2011 2011 2011 2011 Issuer Credit Credit Credit Credit Asset Asset Asset Asset Trust Trust Trust Trust Series Series Series Series XLVII XLVII XLVII XLVII (Series (Series (Series (Series A2) A1(IO)) A1(PO)) A3) Longterm Shortterm Outlook Longterm AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) Previous rating Shortterm Outlook Stable Stable Stable Stable
Source: Fitch
Withdrawn
New rating Date 15 Jun 16 Jun 16 Jun 16 Jun 2011 2011 2011 2011 Issuer Radico Khaitan Limited Kutch Railway Company Limited STFCL DA Feb 201103 (purchaser payouts) STFCL DA Feb 201103 (Second Loss Credit Facility) Longterm Shortterm Outlook Previous rating Longterm BBB+(ind) AAA(ind)(SO)(EXP)/LS1 BBB(ind)(SO)(EXP) Shortterm F1(ind) Outlook Positive Stable Stable
Source: Fitch
NonMonitored Category
New rating Date 27 May 2011 27 May 2011 02 June 2011 10 Jun 2011 13 Jun 2011 17 Jun 2011 21 Jun 2011 22 Jun 2011 22 Jun 2011
Source: Fitch
Previous rating Outlook Longterm B(ind) B(ind) B(ind) D(ind) D(ind) B(ind) B(ind) B(ind) Shortterm F4(ind) F4(ind) F5(ind) F4(ind) F5(ind)(SO) F4(ind) Outlook RWP Stable RWP Stable Stable RWN
Issuer Omaxe Limited Aban Exim Private Limited Parsvnath Developers Limited Rama Phosphates Limited Wockhardt Ltd Din Dayal Purushottam Lal IML Loan Trust (Series A1) Texcomash International Limited Om Shiv Estates Private Limited
Longterm B(ind)nm B(ind)nm B(ind)nm D(ind)nm D(ind)nm B(ind)nm B(ind)nm B(ind)nm
Shortterm F4(ind)nm F4(ind)nm F5(ind)nm F4(ind)nm F5(ind)(SO)nm F4(ind)nm
July 2011
12
Ratings June 2011

Issuer rating Corporates A.L.L Services Under 1 Roof (India) Pvt. Ltd. Aban Exim Private Limited Abellon CleanEnergy Ltd. Ablaze Investrade Private Limited ABG Shipyard Ltd ACC Limited Ace Calderys Limited Actif Corporation Limited AD Hydro Power Limited Adarsh Developers Adarsh Realty & Hotels Private Limited Adhunik Alloys and Power Limited Adhunik Cement Limited Adhunik Corporation Limited Adhunik Industries Limited Adhunik Metaliks Limited Adhunik Power and Natural Resources Limited Aditya Birla Nuvo (formerly Indo Gulf Fertilisers Limited) AES Chhattisgarh Energy Private Limited AFL Dachser Pvt Ltd Air Travel Bureau Limited AirIndia Charters Limited Air India Ltd (formerly National Aviation Company of India Limited) Akash Coke Industries Private Limited Alankit Healthcare TPA Limited Alankit Lifecare Limited Alchemist Hospitals Limited Alchemist Limited Alliance Minerals Private Limited Amaravathi Sri Venkatesa Paper Mills Limited Amaravthy Spinning Mills Ambica Steels Limited Ambuja Cement Limited (formerly Gujarat Ambuja Cements Limited) Amir Chand Jagdish Kumar (Exports) Limited Amorphos Chemicals Private Limited Amonra Impex Private Limited Anchor Malls Private Limited Andrew Yule & Co. Ltd AOne Industries Aanjaneya Lifecare Limited Althaf Shoes Private Limited Andhra Pradesh Fibres Limited Ankur Drugs and Pharma Ltd Ansal Housing and Construction Limited Ansal Properties and Infrastructure Limited Antelec Pvt Ltd AR Airways Private Limited Aradhya Steel Private Limited Aravali Infrapower Limited Arch Pharmalabs Limited Aruna Alloy Steels Private Limited Ashok Leyland Ltd Asian Colour Coated Ispat Limited Atlanta Limited Aurobindo Pharma Limited Avani Projects & Infrastructure Limited Avani Vanijya Pvt. Ltd. Axiom Cordages Limited (formerly Axiom Impex International Limited) D Longterm BB+(ind) B(ind)nm BB(ind) BB(ind) A(ind) AAA(ind) A+(ind) BB+(ind) BBB(ind) BB(ind) B+(ind BB+(ind) BB(ind) BB(ind) BBB(ind) BBB(ind) BB(ind)nm BBB+(ind) BBB(ind) AAA(ind)(SO) AAA(ind)(SO) C(ind) BBB(ind) BB(ind) B+(ind) BBB(ind) B(ind) B+(ind) B(ind) BB+(ind) AAA(ind) BBB(ind) B+(ind) B+(ind) B+(ind) C(ind) BB(ind) BBB(ind) BBB+(ind) BB(ind) D(ind) BB(ind) B(ind) BBB(ind) BB(ind) BB(ind) BBB(ind) BB+(ind) AA(ind) BBB(ind) BBB(ind) AA(ind) B(ind) A(ind) Shortterm F4(ind) F4(ind)nm F4(ind) F1+(ind) F1+(ind) F4(ind) F4(ind) F4(ind) F3(ind) F2(ind) F1+(ind) F3(ind)(SO) F2(ind) F3(ind) F5(ind) F3(ind) F4(ind) F3(ind) F4(ind) F4(ind) F4(ind) F4(ind) F1+(ind) F3(ind) F4(ind) F4(ind) F5(ind) F4(ind) F3(ind) F2+(ind) F4(ind) F5(ind) F4(ind) F3(ind) F4(ind) F3(ind) F1(ind) F4(ind) F3(ind) F3(ind) F1+(ind) F4(ind) F2+(ind) Term deposits Outlook Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Positive Stable Stable Stable Stable Stable Stable Stable Stable Stable Positive
Signifies Rating Watch Negative;Signifies Rating Watch Positive;Signifies Rating Watch Evolving # Under notice of withdrawal; SO Structured Obligation; Bank Loan Ratings Source: Fitch
July 2011
13
Ratings June 2011 (Cont.)

Issuer rating Corporates (cont.) B Sorabji Group B&A Multiwall Packaging Limited Bajaj Eco Tech Products Limited Bajaj Hindusthan Limited Balaji Oil Industries Private Limited Balaji Amines Limited Balasore Alloys Limited BalKrishna Synthetics Ltd Ballarpur Industries Limited Balmer Lawrie Company Limited Bannari Amman Apparel Private Ltd Batliboi Environmental Engineering Ltd. Batliboi Limited Bay Forge Ltd BC Sen & Co Best Milk Products Private Limited Bhadresh Trading Corporation Ltd Bhansali Engineering Polymers Limited Bharat Heavy Electricals Limited Bhartiya City Developers Private Limited Bhartiya International Limited Bharuch Enviro Infrastructure Pvt Limited Bhaskar Sarachi Alloys Ltd Bhoruka Park Pvt Limited Bhushan Power and Steel Limited (formerly Bhushan Limited) Bhushan Steel Limited (formerly Bhushan Steel & Strips Ltd.) Biax Specialty Films Private Limited Bilcare Limited BILT Graphic Paper Products Limited Binani Cements Limited Biopac India Corporation Limited Blue Dart Express Ltd B.N.T. Connections Impex Ltd B.N.T. Innovations Private Limited Bonai Industrial Company Ltd Brahmani River Pellets Limited Brahma Iron & Power Ltd Britannia Industries Ltd Budge Budge Refineries Ltd. Capital Distributors Capital Meters Limited Capital Power Infrastructure Private Limited Capital Power Systems Limited Caterpillar India Private Limited CCL Products (India) Limited Celestial Biolabs Limited Century Textiles & Industries Limited CG Ispat Private Limited Cheema Boilers Limited Chemplast Sanmar Limited Chemrow India Private Limited Chetan Wood Processing Private Limited Chhatisgarh SEB Choksi Imaging Limited CI Builders Pvt. Ltd. CI Finlease Ltd. Cinevistaas Ltd. CIPSA TEC India Private Limited (formerly CIPSARIC India Pvt Ltd) Claris Lifesciences Limited Colour Roof India Limited Coromandel International Ltd
Longterm B(ind) BB(ind) B(ind) A(ind) BB(ind) A(ind) BB(ind) BBB(ind) AA(ind) BB(ind) B+(ind) B(ind) BB+(ind) BBB(ind) B(ind) BBB(ind) BBB(ind) AAA(ind) B(ind) A(ind) BBB(ind) B+(ind) BBB+(ind) A(ind) A(ind)nm BB+(ind) A(ind) AA(ind) A(ind) B(ind) B(ind) B(ind) AA(ind) BB+(ind) B(ind) AAA(ind) BB(ind) B+(ind)nm B(ind) BB(ind) B+(ind) AAA(ind) A(ind) BB(ind) AA(ind)nm BB+(ind) BBB(ind) BBB(ind) B+(ind) D(ind) A(ind) BBB(ind) B(ind) BB(ind) BB(ind) D(ind) A(ind) BB+(ind) AA+(ind)
Shortterm F4(ind) F4(ind) F1(ind) F4(ind) F2+(ind) F4(ind) F3(ind) F1+(ind) F1+(ind) F4(ind) F4(ind) F4(ind) F4(ind) F2(ind) F4(ind) F3(ind) F3(ind) F1+(ind) F2+(ind) F3(ind) F4(ind) F2+(ind) F1(ind)nm F4(ind) F1(ind) F1+(ind) F1(ind) F4(ind) F1+(ind) F4(ind) F4(ind) F1+(ind) F4(ind) F4(ind) F4(ind) F4(ind) F1+(ind) F1(ind) F4(ind) F1+(ind)nm F4(ind) F3(ind) F3(ind) F4(ind) F3(ind) F4(ind) F4(ind) F5(ind) F1(ind) F4(ind)
Term deposits Outlook Stable Stable Negative Negative Stable Stable Stable Stable Negative Stable Stable Stable Negative Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Negative Stable Stable Stable Stable Negative Stable Stable Stable Stable Positive Stable Stable Stable Stable Stable Stable Negative Stable Stable Stable Stable Stable Stable Stable Stable Stable
A(ind)nm A(ind)
July 2011
14

Issuer rating Corporates (cont.) Cosmic Ferro Alloys Ltd Cosmo Films Limited Crompton Greaves Limited Cronimet Alloys India Limited Ctrl S Datacenters Limited Cyberabad Citizen Health Services (P) Ltd Damodar Valley Corporation Damodar Engineers Private Limited Dattatreya Textiles Private Limited Dayanand Medical College & Hospital Managing Society DCW Limited Deccan Charters Limited Deccan Fine Chemicals (India) Pvt Ltd Deepak Spinners Limited Delhi Transco Limited Delkor Technik India Private Limited Delta Construction Systems Limited Delton Cables Limited Dhruv Academy Limited Diagold Designs Limited Din Dayal Purushottam Lal Diwan Chand Medical Services Limited Donear Industries Limited DQ Entertainment (International) Limited Duncans Industries Limited Educomp Infrastructure and School Management Limited Educomp Solutions Limited Electrical Manufacturing Company Limited Elkay Telelinks Limited Emerald Mineral Exim Pvt. Ltd. Emta Coal Ltd. Enercon Wind Farms (Hindustan) Pvt Ltd. English Indian Clays Limited Ennore Coke Limited Enpro Oil Private Limited Enn Tee International Private Limited Eswar Rubber Products Pvt Ltd Equinox Business Parks Pvt. Ltd (formerly Essar Technology Park BKC Pvt. Ltd) Escorts Limited Eskay Knit India Limited Essar Oil Limited Essar Steel Ltd Essar Telecom Infrastructure Private Limited Eskay Knit India Limited Essar Oil Limited Essar Steel Ltd Essar Telecom Infrastructure Private Limited Everonn Education Limited (formerly Everonn Systems India Limited) Evershine Towers Pvt. Ltd. Exicom TeleSystems Limited Exim Rajathi India Private Limited Exotica International AA+(ind) Longterm BB+(ind) A(ind) AA+(ind) BBB(ind) BB(ind) B+(ind) AA(ind) D(ind) BBB(ind) A(ind) A(ind) A(ind) BBB(ind) BB(ind)nm A+(ind) BBB(ind) BB(ind) BB+(ind) B+(ind) BB(ind)nm B(ind)nm BBB+(ind)(SO) BBB(ind)nm BBB(ind) D A(ind)(SO) A(ind) BBB+(ind) BBB(ind) B(ind) A(ind) BB+(ind) A(ind) B+(ind) BBB(ind) B+(ind) BB(ind) BBB(ind) BB(ind) BBB+(ind) BBB(ind) BBB+(ind) BBB+(ind) BBB(ind) BBB+(ind) A(ind) B(ind) BB(ind) RD(ind)/D(ind)/C( ind) B(ind) Shortterm F4(ind) F1(ind) F1+(ind) F3(ind) F5(ind) F3(ind) F1(ind) F1(ind) F2+(ind) F3(ind) F4(ind)nm F1(ind) F3(ind) F4(ind) F4(ind) F4(ind)nm F4(ind)nm F2+(ind)(SO) F3(ind)nm F2(ind) F1(ind) F2+(ind) F3(ind) F4(ind) F1(ind) F4(ind) F3(ind) F4(ind) F4(ind) F4(ind) F2(ind) F1(ind) F2+(ind) F2(ind) F1(ind) F2+(ind) F1(ind) F4(ind) F4(ind) F5(ind) F4(ind) Term deposits Outlook Stable Stable Stable Stable Stable Stable Negative Stable Stable Stable Stable Stable Stable Stable Stable Negative Stable Stable Stable Stable Stable Stable Stable Stable Negative Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable
July 2011
15

Corporates (cont.) Fabtech Projects & Engineers Ltd Fateh Chand Charitable Trust Feegrade & Company Pvt. Ltd FIL Industries Limited Fleming Laboratories Ltd. Fresenius Kabi India Private Limited Fresenius Kabi India Private Limited Fouress Engineering India Pvt Ltd. Future Value Retail Limited G.E.T. Power Private Ltd Gajanan Agro Mills Pvt Ltd Gajanan Industries Gallantt Ispat Limited Gangakhed Sugar and Energy Pvt Ltd Gansons Limited Gateway Distriparks Limited Gateway Rail Freight Limited Genus Paper Products Limited Genus Power Infrastructures Limited Ginni Filaments Limited Giriraj Enterprises Gland Pharma Ltd. Global Green Company Limited Global Softech Limited Gobind Sugar Mills Limited Gold Plus Glass Industry Limited Golkonda Hospitality Services and Resorts Limited GontermannPeipers (India) Limited Gopsons Papers Limited Govind Rubber Limited Govinda Impex Limited Goyal Energy & Steel Pvt. Ltd. Greaves Cotton Limited GRIDCO Limited GR Infrastructure Private Ltd GSPC Gas Company Limited Greenearth Resources & Projects Ltd (formerly Austral Coke and Projects Ltd) Gupta Machine Tools Limited (formerly Precision Stampings) GTL Infrastructure Limited Gujarat Borosil Limited Gujarat State Fertilisers & Chemicals Limited Gurudeva Trust Hale Electronics India Private Limited Hanumant Vanijya Pvt. Ltd. Hansa Metallics Ltd Harshit Power & Ispat Pvt Ltd Hathway Cable & Datacom Private Limited Hawa Valves (India) Private Limited Hazel Metals and Minerals Limited HCL Infosystems Limited A(ind) BBB(ind) BB+(ind) AA(ind) BB+(ind) BB(ind) BB+(ind) A(ind)(SO) BBB+(ind) A(ind) BBB(ind) BB(ind) B+(ind) B+(ind) BB(ind) BB(ind) A+(ind) A+(ind)(SO) B(ind) A(ind) B+(ind) BBB(ind) BBB+(ind) BBB(ind) BBB+(ind)(SO) B(ind) B(ind) B+(ind) RD(ind)/D(ind)/C(ind) BB(ind) B(ind) B(ind)nm B+(ind) AA(ind) BBB(ind) BBB(ind) A(ind) BBB+(ind)nm BBB+(ind) BBB(ind) BB(ind) AA(ind) B(ind) B(ind) B(ind) BB(ind) RD(ind)/C(ind)/D(ind) BBB+(ind) BB(ind) BBB(ind)nm AA(ind) F2(ind) F4(ind) F1+(ind) F4(ind) F4(ind) F4(ind) F1(ind)(SO) F2(ind) F3(ind) F4(ind) F4(ind) F4(ind) F4(ind) F1(ind) F1(ind)(SO) F4(ind) F1(ind) F4(ind) F3(ind) F2+(ind) F3(ind) F2(ind)(SO) F4(ind) F4(ind) F4(ind) F5(ind) F4(ind) F4(ind) F4(ind)nm F1+(ind) F3 (ind) F1(ind) F2+(ind)nm F2+(ind) F3(ind) F4(ind) F1+(ind) F4(ind) F4(ind) F5(ind) F2(ind) F4(ind) F3(ind)nm F1+(ind) Stable Stable Stable Stable Stable Stable Stable Stable Stable Negative Stable Stable Negative Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Positive Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable
July 2011
16

Issuer rating Corporates (cont.) HEG Limited Hightemp Furnaces Limited Hind Terminals Private Limited Hindustan CocaCola Beverages Private Limited Hindustan DorrOliver Limited Hindustan Petroleum Corporation Limited Hindustan Unilever Limited (formerly Hindustan Lever Limited) HiTech Gears Limited HPCL Mittal Energy Limited HPCL Mittal Pipeline Limited HPL Electric & Power Private Limited Hydroair Tectonics (PCD) Ltd IBM India Pvt. Ltd. Ice Mobile Network Systems Private Limited Idea International Private Limited Imperial Auto Industries Limited Imperial Readymade Garments Private Limited Impex Ferro Tech Limited India Glycols Limited Indian Express Newspapers (Mumbai) Limited Indian Farmers Fertiliser Cooperative Limited Indian Oil Corporation Indian Renewable Energy Development Agency Limited (IREDA) Indo Continental Hotels & Resort Ltd Indo Arya Central Transport Limited Indo Farm Equipment Ltd. Indo Power Projects Ltd Indus Fila Limited IOT Engineering Projects Limited IVRCL Limited IndoSolar Limited Indore Treasure Market City Private Limited Indotech Transformers Ltd Indic EMS Electronics Private Limited Infomedia 18 Limited Intelligent Infrastructure Ltd Intergarden India Private Limited IOT Anwesha Engineering & Construction Ltd IOT Infrastructure & Energy Services Ltd IOT Utkal Energy Services Limited IRB Infrastructure Developers Ltd ISMT Limited ITD Cementation India Limited IL&FS Education and Technology Services Limited IVRCL Assets & Holdings Ltd (formerly IVR Prime Urban Developers Ltd) IVRCL Infrastructures & Projects Limited Jain Irrigation Systems Ltd Jaiprakash HydroPower Limited J.G. Hosiery Pvt Ltd J Kumar Infraprojects Ltd J.Thomas & Co. Pvt. Ltd. Jaisingh Wires Private Limited JBF Industries Limited Jesons Industries Limited Jindal Drilling & Industries Limited Jindal Photo Limited Jindal Pipe Limited JK Paper Limited JMD Oils Private Limited JNS Instruments Limited
Longterm AA(ind) BBB(ind) BBB+(ind) AAA(ind) A(ind) AAA(ind) AAA(ind) A(ind) A+(ind) A+(ind) BBB+(ind) BBB(ind) AAA(ind) BB(ind) B(ind) BBB+(ind) B(ind) C(ind) BBB+(ind) A(ind) AA(ind) AAA(ind) AA(ind) BBB(ind) BBB+(ind) BBB(ind) BB(ind) D(ind) A(ind) A+(ind) BBB(ind) B+(ind) A(ind) B(ind) BBB(ind) BB+(ind) BBB(ind) A(ind) AA(ind) A(ind) A(ind) A(ind) A+(ind) A+(ind)(SO) A+(ind) A(ind) A(ind)nm BBB(ind) A(ind) BBB(ind) A(ind) A(ind) BB(ind) A(ind) AA(ind) BBB+(ind) A(ind) BBB(ind) BBB(ind)
Shortterm F1+(ind) F3(ind) F2(ind) F1+(ind) F1(ind) F1(ind) F2(ind) F2(ind) F1+(ind) F4(ind) F4(ind) F2(ind) F4(ind) F5(ind) F2(ind) F1+(ind) F3(ind) F2(ind) F3(ind) F4(ind) F5(ind) F1(ind) F1+(ind) F1(ind) F4(ind) F3(ind) F3(ind) F1(ind) F1+(ind) F1(ind) F1(ind) F1(ind) F2+(ind) F1(ind) F1+(ind) F1(ind) F3(ind) F1(ind) F1(ind) F1(ind) F4(ind) F2+(ind) F1+(ind) F2+(ind) F1(ind) F3(ind) F2(ind)
Term deposits
Outlook Stable Stable Stable Stable Stable Stable Stable Stable Positive Positive Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Negative Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Negative Stable Stable Stable Stable
AAA(ind)
July 2011
17

Issuer rating Corporates (cont.) Jubilant Energy (Kharsang) Private Limited Jubilant Enpro Private Limited Jubilant First Trust Healthcare Limited Jubilant FoodWorks Limited (formerly Dominos Pizza India Limited) Jubilant Motors Private Limited Jubilant Offshore Drilling Private Limited Jubilant Organosys Limited Jubilee Hills Landmark Projects Ltd JVL Agro Industries Ltd Jyoti Buildtech Pvt. Ltd. K S Oils Limited KAIL Limited (formerly Kitchen Appliances India Limited) Kalpena Industries Limited Kalyanpur Cement Limited Kamladityya Construction Private Limited Kanha Cables Private Limited Karan Kothari Jewellers Pvt Ltd Karuna Management Services Pvt Ltd KCT Trading Pvt. Ltd Khanna & Co. Steel Ltd Kiran Infra Engineers Limited Kiri Dyes and Chemicals Limited Kiri Industries Limited KLT Automotive and Tubular Products Limited Komarla Hatcheries Kopran Limited Krishna Knitwear Technologies Limited Kutty Flush Doors & Furniture Co Pvt Ltd Lambodhara Textiles Limited Laxmi Enterprises Leitner Shriram Manufacturing Limited LG Balakrishnan & Bros Limited Liberty Oil Mills Limited Lifelong India Limited Lilasons Infrastructure Pvt Ltd LMJ International Limited Lonsen Kiri Chemical Industries Limited M.K. Patel Exim Pvt. Ltd M.K. Wood India Private Limited M/s Mangilall Rungta Madras Fertilizers Limited Magneti Marelli Motherson Auto System Limited Magnum Global Steels Private Limited Maharashtra Hybrid Seeds Company Limited Mahesh Agro Private Limited Mahindra Holidays and Resorts Limited Mahindra Ugine Steel Company Limited Mainetti (India) Pvt Ltd Malana Power Company Limited Manjeera Hotels and Resorts Limited Marsons Limited Mawmluh Cherra Cements Limited Mayur Electrical Industries Private Limited Megasoft Limited Meghalaya Energy Corporation Limited formerly Meghalaya State Electricity Board) (INR500m) Meghalaya Energy Corporation Limited (formerly Meghalaya State Electricity Board)(INR1,200m) Meridian Apparels Limited Metecno India Private Limited Metro Dairy Limited
Longterm BBB(ind) BBB(ind) BBB(ind) A(ind) BBB(ind) BBB(ind) A+(ind) B(ind)nm BBB(ind) BBB(ind) A(ind) BBB(ind) A(ind) C(ind) BB(ind)nm B+(ind) BB(ind) BBB(ind) BB(ind) BB+(ind)nm BBB+(ind) BBB+(ind) BB+(ind) BB(ind) D BBB+(ind) B(ind)nm BB(ind) BB(ind)nm BBB(ind) A(ind) BBB(ind) BBB(ind) B(ind) BB+(ind) BBB (ind) B+(ind) BB(ind) A(ind) D(ind) BBB(ind) BB+(ind) A(ind) B(ind)nm A(ind) BBB+(ind) BBB(ind) A(ind) B(ind) BB(ind) C(ind) B+(ind) BBB+(ind) BBB+(ind)(SO) BBB+(ind)(SO) BB(ind)nm BB(ind) BBB(ind)nm
Shortterm F3(ind) F2+(ind) F3(ind) F1+(ind) F3(ind) F3(ind) F1(ind) F2(ind) F1(ind) F3(ind) F4(ind)nm F4(ind) F4(ind) F2(ind) F4(ind) F4(ind)nm F2+(ind) F4(ind) F4(ind) F2(ind) F4(ind)nm F4 (ind) F4(ind)nm F3(ind) F3(ind) F2(ind) F4(ind) F3(ind) F4(ind) F4(ind) F2+(ind) F5(ind) F3(ind) F4(ind) F1(ind) F4(ind)nm F1(ind) F2(ind) F3(ind) F1(ind) F4(ind) F4(ind) F4(ind) F2(ind) F4(ind)nm F4(ind) F3(ind)nm
Term deposits
Outlook Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Positive Stable Stable Stable Stable Negative Stable Stable Stable Positive Stable Stable Stable Stable Stable Stable Stable Stable Stable Positive Stable Stable Stable Stable Stable Stable Stable Stable Stable
A(ind)
July 2011
18

Issuer rating Corporates (cont.) Midfield Industries Limited Mihijam Vanaspati. Ltd. MIL Industries Limited Minda Capital Limited Minda Corporation Limited MindTree Limited Mittal Hospitals Limited MJ Logistics Services Limited Mokalbari Kanoi Tea Estate Pvt Ltd Moods Hospitality Private Limited Motherson Advanced Tooling Solutions Limited Motherson Auto Limited Mountain Spinning Mills Limited Mudra Lifestyle Limited Multicolor Steel (India) Pvt. Ltd. Multitude Infrastructures Private Limited Mumbai Waste Management Ltd. Naga Limited Nandini Impex Private Limited National Peroxide Limited Navin Gems Navnitlal Private Limited Navyug Enterprises Pvt. Ltd. Nectar Lifesciences Limited Neelesh Industrial Agency Pvt Ltd Neepaz V Forge (India) Limited Neptune Developers Limited Neptune Developers NEXT Retail India Neyveli Lignite Corporation Ltd NHPC Limited Nickunj EDM Wires & Consumables Private Limited Nickunj Eximp Enterprises Private Limited NIIT Limited Ninestars Information Technologies Limited Nithya Packaging Private Limited Noida Power Company Limited NR Agarwal Industries Ltd NTPC Limited Officedge India Private Limited Om Shiv Estates Private Limited Omaxe Limited Orient Fashion Exports (India) Private Limited Oswal Knit India Limited Overseas Infrastructure Alliance (India) Private Limited P.N. Writer & Company Pvt Ltd P.S. Krishnamurthy Steels Private Limited Pakiza Retail Ltd Pantaloon Retail (India) Limited Panyam Cement & Mineral Industries Ltd Parikh Fabrics Pvt Ltd. Parsvnath Developers Limited Patel Integrated Logistics Limited Pawa International Private Limited PDK Shenaz Hotels Private Limited Pearl Polymers Limited PEC Limited Petronet LNG Ltd PG Glass Pvt. Ltd Phillips Carbon Black Limited
Longterm C(ind) B(ind) BB(ind) B+(ind) BBB(ind) AA(ind) BB(ind) B+(ind) B+(ind) B(ind) BBB(ind) BBB(ind) BB(ind) RD(ind)/D(ind)/C(ind) BB+(ind) B+(ind) A(ind) BBB(ind) B+(ind) A(ind) D(ind) B(ind) B(ind) A(ind) B+(ind) B(ind) BB(ind) B(ind) BB+(ind) AAA(ind) AAA(ind) B+(ind) B+(ind) AA(ind) BBB(ind) BBB(ind) A(ind) BBB(ind) AAA(ind) BB(ind) B(ind)nm B(ind)nm BBB(ind) BB(ind) BBB(ind) A(ind) BB+(ind) BB(ind) A(ind) B(ind)/B(ind) (EXP) D(ind) B(ind)nm BBB(ind) B(ind) C(ind) BB+(ind) A(ind) D (ind) A(ind)
Shortterm F5(ind) F4(ind) F4(ind) F2(ind) F1+(ind) F4(ind) F4(ind) F3(ind) F4(ind) F5(ind) F4(ind) F2+(ind) F3 (ind) F4(ind) F1(ind) F5(ind) F4(ind) F1(ind) F4(ind) F4(ind) F1+(ind) F4(ind) F4(ind) F1+(ind) F3(ind) F2(ind) F2+(ind) F2(ind) F1+(ind) F4(ind) F3(ind) F4(ind) F3(ind) F4(ind) F1(ind) F4(ind) (EXP) F4ind)nm F3(ind) F4(ind) F4(ind) F2+(ind) F1+(ind) F1(ind)
Term deposits Outlook Negative Stable Stable Stable Negative Stable Stable Stable Stable Stable Stable Stable Negative Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Negative Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Negative
AA(ind)
July 2011
19

Issuer rating Corporates (cont.) Phorotech Surfin (India) Pvt Ltd Piccadily Agro Industries Limited PKS Limited Plastolene Polymers Private Limited Polycab Cables Private Limited Polycab Wires Industries Private Limited Polycab Wires Private Limited Polyhose Rubber India Private Limited Pooja Forge Limited Poompuhar Shipping Corporation Limited Power Finance Corporation Limited Power Spinning Mills Pragati Glass Pvt. Ltd. Prakash Ply Centre Pvt. Ltd. Prakash Ply Exim Pvt. Ltd. Pratibha Shipping Company Limited Precision Automation and Robotics India Limited Premium Transmission Ltd (formerly Premium Energy Transmission Limited) Prime Impex Limited Prime Pulses Pvt. Ltd. Priya Limited PSL Limited PTC India Limited Puravankara Projects Limited PVN Fabrics PVN Tex Industries QH Talbros Limited R.K. Infracorp Private Limited R.S. Vanijya Private Limited Rabirun Vinimay Pvt. Ltd. Railone Projects Private Limited Rain Cements Ltd Rain CII Carbon (Vizag) Ltd Raj Rayon Limited Raja Housing Limited Rajasthan Patrika Private Limited Rama Phosphates Ltd. Rangoli International Private Limited Rashmi Cement Ltd Rashmi Metaliks Ltd Rashtriya ispat Nigam Limited Raychem RPG Limited Real Image Media Technologies Pvt Ltd. Reckon Pharmachem Private Limited Reliance Industries Limited Reliance Infrastructure Limited (formerly Reliance Energy Limited) Reproscan Tech Park Responsive Industries Limited Riba Textiles Limited Richa Industries Limited Ronit Nirman Private Limited Roto India Enterprise Routes Travel Limited Rungta Mines Limited Rungta Sons Pvt. Ltd Rupa & Company Limited Rupa Infotech & Infrastructure Pvt Ltd AAA(ind) Longterm BB+(ind) BBB(ind) A(ind) BBB(ind) A+(ind) BB+(ind) BBB(ind) BBB(ind) B+(ind) D(ind) B+(ind) B+(ind) BBB(ind) A(ind) A+(ind) A(ind) BBB(ind) B+(ind) B+(ind) BBB(ind) BB(ind) B(ind) BB(ind) B+(ind) A(ind) A(ind) BB+(ind) B(ind) BBB+(ind) D(ind)nm BB+(ind) BB+(ind)nm BB+(ind) AA(ind) A+(ind) BBB(ind) BB(ind) AAA(ind) AA(ind) BB+(ind)nm A(ind) D(ind) BBB(ind)nm B(ind)nm F4(ind) BBB(ind) AA(ind) AA(ind) A(ind) B+(ind) Shortterm F3(ind) F5(ind) F4(ind) F2+(ind) F2(ind) F1(ind) F4(ind) F2(ind) F2(ind) F1+(ind) F4(ind) F4(ind) F4(ind) F2(ind) F1(ind) F1(ind) F5(ind) F5(ind) F4(ind) F2+(ind) F1+(ind) F4(ind) F4(ind) F2(ind) F4(ind) F4(ind) F4(ind) F2+(ind) F2+(ind) F4(ind) F2+(ind) F4(ind) F4(ind)nm F4(ind) F1+(ind) F1+(ind) F2(ind) F4(ind) F1+(ind) F2+(ind) F5(ind) F3(ind)nm F3(ind) F1+(ind) F1+(ind) F1(ind) Term deposits Outlook Stable Stable Stable Stable Stable Stable Stable Positive Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Negative Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Positive Stable Stable Stable Stable Stable
July 2011
20

Issuer rating Corporates (cont.) Rural Electrification Corporation Limited Idea Cellular Limited(formerly Spice Communications Ltd) S R Enterprise Saati Kusumgar India Private Limited Sadhu Forging Limited Safari Industries (India) Limited Sah Petroleums Limited Sahyogi Distributors Limited Sai Sponge (India) Limited Saluja Steel & Power Private Limited Samprash Foods Private Limited Samtex Fashions Limited Sandhar Technologies Limited Saraf Chemical Company Limited Sargam Retails Private Limited Sarju Impex Limited Satyam Auto Components Limited Saurav Chemicals Limited Savorit Limited SEAM Industrials Pvt. Ltd. (formerly Sunil Hitech Engineers & Manufacturers Pvt Ltd) SES Technologies Limited SEW Infrastructure Limited Sharad Constructions Private Ltd Sharmanji Yarns Private Limited Shetron Limited Shilpi Cable Technologies Limited Shivam Meltech Private Limited Shoppers Stop Limited Shree Renuka Sugars Limited Shree Shyam Pulp and Board Mills Limited Shri Bajrang Metallics & Power Ltd. Shri Bajrang Power & Ispat Ltd. Shri Mahavir Ferro Alloys Private Limited Shri Pariyur Amman Kraft Papers Private Limited Shriram EPC Ltd Shriram Pistons & Rings Limited Shyam Telecom Limited Singan Projects Ltd Sistema Shyam Teleservices Limited Siva Swathi Constructions Private Limited SK Wheels Private Ltd Sona Okegawa Precision Forging Limited Spectrum Power Generation Ltd Spencers Travel Services Limited SPL Industries Limited Spun MicroProcessing Private Limited SRC Metalicks Pvt Ltd. Sree Astalaxmi Spinning Mills Pvt Ltd Sree Dhanya Construction Company SRF Limited Sri Avantika Contractors (I) Ltd Sri Balaji Logs Products Private Limited Sri Gayatri Minerals Pvt. Ltd Sri kaliswari Metal Powders Private Limited Sri Salasar Balaji Agro Tech Pvt Ltd Sri Venkatram Spinners Private Limited Sripathi Paper and Boards Private Limited AAA(ind) Longterm AAA(ind) BBB(ind) B(ind) B+(ind) BBB(ind) BB(ind) BBB+(ind) BB(ind) C(ind) B(ind) BB(ind) A(ind) B+(ind) A(ind) B(ind) AA(ind) BB(ind) B(ind) BB+(ind) BBB(ind)nm AA(ind) BB(ind) BB(ind) BB(ind B(ind) B(ind) A+(ind) BBB+(ind) BBB+(ind) BBB+(ind) BB(ind)nm B(ind)nm BBB+(ind) AA(ind) BBB(ind) BB(ind) A(ind)(SO) BBB(ind) BB(ind) BB(ind) B(ind) (preference shares) BB(ind) BBB(ind)nm B(ind) D(ind) BB(ind) B+(ind)nm AA(ind) BBB(ind) BB(ind) BBB(ind) BB+(ind)(SO) B+(ind) D(ind) BBB(ind) Shortterm F1+(ind) F4(ind) F4(ind) F3(ind) F4(ind) F2+(ind) F4(ind) F4(ind) F5(ind) F4(ind) F4(ind) F1(ind) F4(ind) F4(ind) F1+(ind) F4(ind) F4(ind) F4(ind) F3(ind)nm F1+(ind) F4(ind) F4(ind) F4(ind) F4(ind) F4(ind) F1+(ind) F1(ind) F2(ind) F2+(ind) F2+(ind) F4(ind)nm F2+(ind) F1+(ind) F3(ind) F4(ind) F3(ind) F4(ind) F4(ind) F4(ind) F3(ind)nm F4(ind) F5(ind) F4(ind) F4(ind)nm F1+(ind) F3(ind) F4(ind) F3(ind) F4(ind)(SO) F4(ind) F5(ind) F3(ind) Term deposits Outlook Stable Stable Stable Stable Negative Stable Stable Stable Stable Stable Positive Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Positive Stable Stable Stable Stable Stable Stable
Signifies Rating Watch Negative; Signifies Rating Watch Positive; Signifies Rating Watch Evolving # Under notice of withdrawal; SO Structured Obligation; Bank Loan Ratings Source: Fitch
July 2011
21

Issuer rating Corporates (cont.) SRS Modern Ltd. SSA International Limited Stargaze Entertainment Private Limited Steel Authority of India Limited Steel Strips Wheels Ltd Sterling Tools Limited STL Global Limited Stork Ferro and Mineral Industries Pvt. Ltd Strands Textile Mills Pvt. Ltd. Strides Arcolab Limited Suashish Diamonds Limited Subhlaxmi Syntex Ltd Sukhsagar Infotech Pvt. Ltd Sundaram Textiles Limited Sunil HiTech Engineers Limited Sunny Trexim Pvt. Ltd. Supermint Exports Pvt. Ltd. Supreme Build Cap Limited Supreme Petrochem Limited Supreme Petrochem Limited Suraj Constructions Suresh Angadi Education Foundation Surina Impex Pvt. Ltd. Surya Processors Private Limited Surya Vinayak Industries Limited Sutlej Textiles & Industries Limited Syrma Technology Private Limited T & T Motors Limited Talbros Automotive Components Ltd Talwandi Sabo Power Ltd Target Associates Private Limited Tata Chemicals Limited Tata Marcopolo Motors Ltd Tata Power Trading Company Limited Tata Projects Limited Tata Steel Limited Tebma Shipyards Limited Techno Electronics Limited Technofab Engineering Limited Tecumseh Products India Private Limited Television Eighteen India Limited Tera Software Limited Texcomash International Limited Thangam Steel Limited The Himalaya Drug Company The Lake Palace Hotels & Motels Pvt. Ltd The Mysore Paper Mills Ltd (INR350m bond issue) The Mysore Paper Mills Ltd (INR500m bond issue) The Tuticorin Spinning Mills Limited The Umrao Institute of Medical Science & Research Tirumala Balaji Alloys Pvt. Ltd Tirupati Plastomatics Private Limited Trading Engineers (International) Limited Transworld Furtichem Private Limited Tribhovandas Bhimji Zaveri (Delhi) Pvt. Ltd Trimex Minerals Private Limited Triveni Engicons Private Limited Tulip Telecom Ltd AAA(ind) Longterm BB(ind) BB(ind) BB(ind) AAA(ind) A(ind) BBB+(ind) C(ind)nm B(ind) B(ind) BBB(ind) BBB(ind) BB(ind) B(ind) BBB(ind) BBB+(ind) B+(ind) BB(ind) A(ind) A(ind)(EXP) D(ind)nm B+(ind) B(ind) BB(ind) BBB(ind) BBB(ind) BB+(ind) BB(ind) BBB+(ind) AA+(ind)(SO) B(ind) AA(ind) A(ind) BBB+(ind) AA(ind) AA(ind) BB(ind) A(ind)(SO) BBB(ind) B(ind) BBB(ind) BBB(ind) B(ind)nm BB+(ind) A(ind) BB(ind) AA(ind)(SO) AA(ind)(SO)(Exp) BB(ind) B(ind) BB+(ind) BB+(ind)nm BBB+(ind) BB(ind) BB+(ind) B(ind) BB+(ind) Shortterm F4(ind) F4(ind) F1+(ind) F2+(ind) F2+(ind) F5(ind)nm F4(ind) F2(ind) F4(ind) F4(ind) F3(ind) F2+(ind) F4(ind) F4(ind) F1(ind) F1(ind)(EXP) F4(ind) F4(ind) F3(ind) F3(ind) F4(ind) F4(ind) F2+(ind) F4(ind) F1+(ind) F1(ind) F2+(ind) F1+(ind) F1+(ind) F4(ind) F1(ind)(SO) F2(ind) F4(ind) F2(ind) F3(ind) F4(ind)nm F4(ind) F1(ind) F4(ind) F4(ind) F4(ind) F4(ind)nm F2+(ind) F4(ind) F4(ind) F4(ind) F4(ind) F1+(ind) Term deposits Outlook tAAA(ind) Stable Stable Negative Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Positive Stable Stable Negative Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Negative Stable
July 2011
22

Issuer rating Longterm Corporates (cont.) Tushar Fabrics Pvt Ltd TVS Srichakra Limited UEM India Private Limited UFLEX Limited Ultimate Flexipack Limited Ubico Networks Private Limited Uniphos Agro Industries Limited Unistar Galvaniser & Fabricators Pvt Ltd Unitech Limited Unitech Machines Limited Usha Martin Limited Uttam Galva Steels Limited Uttam Industrial Engineering Limited Uttam Sucrotech International Private Limited Uttam Sugar Mills Limited Vakil Housing Development Corporation Private Limited Value Industries Limited Variegate Projects Private Limited Variety Prints Pvt Ltd Varun Beverages Limited Varun Shipping Limited Vedanta Aluminium Ltd VHB Lifesciences Ltd VHB Medisciences Ltd Videocon Industries Limited Vikas Telecom Limited Vikash Metal and Power Limited Vikhroli Corporate Park Private Limited Vikrant Forge Limited Vinayaka Missions University Viom Networks Limited (formerly Quippo Telecom Infrastructure Limited) Visakha Trades Vraj Packaging Private Limited WABCOTVS (India) Limited Wanbury Limited Wartsila India Limited Wearit Global Ltd. Welspun Global Brands Limited Winner Nippon Electronics Ltd. Wockhardt Limited Xenitis Infotech Limited Xerox India Limited XPRO India Limited Zion Steel Limited Banks & Finance Companies Allahabad Bank Andhra Bank Andhra Bank Asset Reconstruction (Company) India Limited Axis Bank Axis Bank Banc of America Securities (India) Private Limited Bank of Baroda Bank of TokyoMitsubishi UFJ Barclays Bank PLC India Branch BSS Microfinance Private Limited B+(ind) A(ind) BBB(ind) BBB(ind) BBB(ind) BB(ind) BB(ind) B+(ind) B(ind)nm A(ind) A+(ind) A(ind) B+(ind) BBB(ind) B(ind) B(ind) BBB+(ind) BB+(ind) B(ind) A(ind)nm BBB+(ind) AA(ind)(SO) BBB(ind)nm D(ind)nm A(ind) D(ind) C(ind) BBB(ind) BB(ind) BBB+(ind) BBB(ind)nm B+(ind) BB+(ind) AA+(ind) D(ind) AA(ind) B(ind) A(ind) B(ind) D(ind)nm D(ind) A(ind) BBB(ind) B(ind) Shortterm F2+(ind) F3(ind) F2(ind) F3(ind) F4(ind) F4(ind) F4(ind)nm F1(ind) F1+(ind F1(ind) F4(ind) F3(ind) F4(ind) F4(ind) F2+(ind) F4(ind) F4(ind) F2+(ind)nm F2(ind) F3(ind)nm F5(ind)nm F1(ind) F5(ind F4(ind) F2(ind) F3(ind)nm F4(ind) F4(ind) F1+(ind) F5(ind) F1+(ind) F4(ind) F2+(ind) F4(ind) F5(ind)nm F5(ind) F1(ind) F3(ind) Term deposits Outlook Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Negative Negative Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable
AA(ind) AA+(ind) F1+(ind) AA+(ind) (lower tier 2) A+(ind) AAA(ind) AA+(ind) (tier 1 & upper tier 2) F1+(ind) AAA(ind) F1+(ind) F1+(ind) F1+(ind) BBB(ind)
tAAA(ind) tAAA(ind)
Positive Stable Stable Stable Stable Stable Stable Stable
July 2011
23

Issuer rating Longterm Banks & Finance Companies (cont.) Berar Finance Limited Deutsche Postbank Home Finance Limited (formerly BHW Home Finance Limited) Canara Bank Catholic Syrian Bank (The) Cholamandalam Investment and Finance Company Limited (formerly Cholamandalam DBS Finance) Citibank NA India Branch City Union Bank Limited Dena Bank Dena Bank Dena Bank Development Credit Bank Limited Dhanlaxmi Bank DSP Merrill Lynch Capital Limited DSP Merrill Lynch Capital Limited Export Import Bank of India (EXIM) Federal Bank Limited Fullerton India Credit Company Limited (formerly First India Credit) Goldman Sachs (India) Finance Pvt. Ltd. Goldman Sachs (India) Finance Pvt. Ltd. Goldman Sachs India Capital Markets Pvt. Ltd. Grama Vidiyal Microfinance Limited GE Capital Services India HDFC Bank Limited Housing and Urban Development Corporation Limited (HUDCO) India Infoline Limited India Infrastructure Finance Company Limited (Series I 200708) India Infrastructure Finance Company Limited (Series I and II 200809) Indian Bank IndusInd Bank Limited IndusInd Bank Limited Investsmart Financial Services Ltd. IDBI Bank Ltd IDBI Bank Ltd IDBI Bank Ltd Infrastructure Development Finance Company Limited Infrastructure Leasing & Financial Services Ltd. IL&FS Financial Services Ltd. ING Vysya Bank Limited Jammu and Kashmir Bank Karur Vysya Bank Limited Kotak Mahindra Bank Limited Kotak Mahindra Bank Limited Lakshmi Vilas Bank Macquarie Finance (India) Private Limited Macquarie Finance (India) Private Limited Mahindra & Mahindra Financial Services Limited Morgan Stanley India Company Pvt. Ltd. Morgan Stanley India Capital Private Ltd Morgan Stanley India Capital Private Ltd (INR42m & INR25m) Morgan Stanley India Capital Private Ltd National Housing Bank National Trust Housing Finance Limited Nomura Capital (India) Private Limited Nomura Capital (India) Private Limited AA+(ind) BB+(ind) AA+(ind) AAA(ind) BBB(ind) AA(ind) A(ind) AA(ind) A(ind) (tier 1& upper tier 2) AA(ind) (lower tier 2) BBB(ind) BBB(ind) AAA(ind) AAA(ind)(emr) (EXP) AAA(ind) AA(ind) AA+(ind) AAAemr(ind) AAA(ind) AAA(ind) AA+(ind) AAA(ind)(SO) AAA (EXP)(ind)(SO) AA+(ind) AA(ind) A(ind) (upper tier 2) AAA(ind) AA+(ind) AA(ind) (upper tier 2) AA+(ind) (lower tier 2) AAA(ind) AAA(ind) AA(ind) AA(ind) A+(ind) AA+(ind) AA(ind) (upper tier 2) BBB+ (ind) AAA(ind) AAA(ind) (EXP) (emr) AA(ind) AAA(ind) AAA(ind)(emr) AAA(ind) (EXP) (emr) AAA(ind) BBB(ind) AAA(ind) AAA(ind) (EXP) (emr) Shortterm F1+(ind) F1+(ind) F1+(ind) F1+(ind) F1+(ind) F1+(ind)(SO) F1+(ind) F1+(ind) F2+(ind) F1+(ind) F1+(ind) F1+(ind) F1+(ind) F1+(ind) F1+(ind) F1+(ind) F1+(ind) F1+(ind) F1+(ind) F1+(ind) F2+ (ind) F1+(ind) F1+(ind) F1+(ind) F1+(ind) Term deposits Outlook tAAA(ind) tAAA(ind) tAAA(ind) Stable Stable Stable Stable Positive Stable Stable Stable Stable Positive Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Positive Stable Stable Stable Stable Stable Stable Stable
July 2011
24

Issuer rating Longterm Banks & Finance Companies (cont.) Nomura Fixed Income Securities Private Limited Punjab National Bank RBS Financial Services (India) Private Limited Reliance Capital Limited Religare Finvest Limited Shriram City Union Finance Limited Shriram Transport Finance Co. Ltd. South Indian Bank Limited SREI Equipment Finance Pvt Ltd SREI Infrastructure Finance Limited State Bank of India Sundaram Finance Limited The Hongkong and Shanghai Banking Corporation Ltd (India Branch) UCO Bank UCO Bank Union Bank of India Union Bank of India Vijaya Bank Vijaya Bank AAA(ind) AAA(ind) AA(ind) AA(ind) AA(ind) A+(ind) AA(ind) AA(ind) AAA(ind) AA+(ind) AA(ind) A(ind) (tier 1 & upper tier 2) AA+(ind) AA(ind) (tier 1 & upper tier 2) AA(ind) AA(ind) (upper tier 2) Shortterm F1+(ind) F1+(ind) F1+(ind) F1+(ind) F1+(ind) F1+(ind) F1+(ind) F1+(ind) F1+(ind) F1+(ind) Term deposits Outlook tAA(ind) tAA(ind) Stable Stable Stable Stable Stable Stable Negative Negative Stable Stable Stable Stable Stable Stable Negative Negative
Structured Enercon Windfarms Karnataka Limited First Leasing Company of India Limited ITI Limited I Series Bond ITI Limited J Series Bond ITI Limited J1 Series Bond IVRCL Assets & Holdings Ltd (formerly IVR Prime Urban Developers Ltd) Jabil Circuits India Private Limited L & T Holdings Limited Malana Power Co Limited Neelachal Ispat Nigam Limited Idea Cellular Limited(formerly Spice Communications Ltd) Idea Cellular Limited (formerly Spice Communications Ltd) Tata Teleservices Limited Public Finance Agartala Municipal Council Ajmer Municipal Corporation Andhra Pradesh State Finance Corporation Andhra Pradesh State Financial Corporation (APSFC) 2009 Andhra Pradesh State Financial Corporation (APSFC) 2008 Andhra Pradesh State Financial Corporation (APSFC) Andhra Pradesh State Financial Corporation (APSFC) Bhopal Municipal Corporation Food Corporation of India (INR3bn) Guwahati Municipal Corporation Imphal Municipal Council Indian Railway Finance Corporation Indore Municipal Corporation Jabalpur Municipal Corporation Jaipur Municipal Corporation
AAA(ind)(SO) AAA(ind)(SO) D(ind)(SO) D(ind)(SO) D(ind)(SO) A+(ind)(SO) AA+(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AA(ind)(SO) (EXP)nm A(ind)(SO) A+(ind)(SO) AAA(ind)(SO)
F1+(ind) F1+(ind)(SO) F1+(ind)
tAA+(ind)
Stable Negative Stable Stable Stable Stable Stable
F1(ind)(SO) F1+(ind)(SO)
INR1,210m Series IV INR1,000m Series III
BB(ind) BBB(ind)
BBB+(ind) A(ind)(SO) A(ind)(SO) A(ind)(SO) A(ind)(SO)
F1+(ind) F1+(ind)
Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable
INR1,500m Series II2008 INR500m Series I2007 BBB(ind) BB(ind) B(ind) AAA(ind) BBB(ind) BB+(ind) BBB+(ind)
July 2011
25

Issuer rating Longterm Public Finance (cont.) Kalyan Dombivili Municipal Corporation Karnataka State Financial Corporation (INR3bn 2006) Karnataka State Financial Corporation (INR1bn 2009) Karnataka State Industrial Investment & Development Corporation (INR3bn) Kohima Municipal Council Kulgaon Badlapur Municipal Council Maharashtra Jeevan Pradhikaran (INR2.011bn Series XI) Maharashtra Jeevan Pradhikaran (INR5.842 Series XII) Maharashtra Patbandhare Vittiya Company Limited Series III (INR5bn) Maharashtra Patbandhare Vittiya Company Limited (MPVC) Series IV (INR505m) Maharashtra Patbandhare Vittiya Company Limited (MPVC) Series II (INR314.4m) Mira Bhayander Municipal Corporation Municipal Corporation of Greater Mumbai Municipal Corporation of Delhi Nagpur Municipal Corporation (INR217m) National Capital Region Planning Board (INR2bn) National Highways Authority of India (INR80bn) National Highways Authority of India (INR16.3bn FY09) National Highways Authority of India (INR11.5363bn FY10) National Highways Authority of India (INR20.0bn FY11) National Highways Authority of India (Proposed INR19bn FY12) National Highways Authority of India (Proposed INR100bn FY12) National Seeds Corporation Limited Navi Mumbai Municipal Corporation New Delhi Municipal Council Orissa State Civil Supplies Corporation Limited Pimpri Chinchwad Municipal Corporation Pune Municipal Corporation Punjab State Cooperative Milk Producers Federation Limited Municipal Board of Shillong Tamil Nadu Electricity Board (INR6bn) Tamil Nadu Electricity Board (INR10bn) Tamil Nadu Road Development Company Ltd (TNRDC) Thane Municipal Corporation Ujjain Municipal Corporation Water and Sanitation Pooled Fund (INR831.9m PFDF enhanced Issue II 2009) Water and Sanitation Pooled Fund (INR450m PFDF enhanced Issue II 2007) Water and Sanitation Pooled Fund (INR304.1m Issue I 2002) West Bengal Infrastructure Development Finance Corporation Ltd (WBIDFC) (Series 200405) West Bengal Infrastructure Development Finance Corporation Ltd (WBIDFC) (Series 200506) West Bengal Infrastructure Development Finance Corporation Ltd (WBIDFC) (Series 200708) Global Infrastructure A.J. Tolls Private Limited Bajaj Energy Private Ltd Bijapur Hungund Tollway Private Limited Chennai Water Desalination Ltd Coastal Gujarat Power Ltd Corporate Power Ltd A(ind) BB+(ind) BB+(ind) A(ind) AA(ind) AA(ind) AA(ind) AA(ind) AA(ind) AA(ind) B+(ind) AA(ind) BB(ind) AA(ind)(SO) AA(ind)(SO) AA(ind)(SO) A(ind)(SO) A(ind)(SO) A(ind)(SO) A(ind)(SO) A(ind)(SO) AA(ind)(SO) AAA(ind)(SO) AAA(ind) AAA(ind) AAA(ind) AAA(ind) AAA(ind) AAA(ind) AA(ind) BBB(ind)nm BBB(ind) A(ind)(SO) A(ind)(SO) (EXP) A+(ind)(SO) AA(ind)(SO) (EXP) AA(ind)(SO) AA(ind)(SO) A(ind)(SO) A(ind)(SO) A(ind)(SO) Shortterm Term deposits Outlook F2(ind) Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Positive Stable Stable Stable Stable Stable Positive
Stable Stable Stable Stable
A(ind) BBB(ind) BBB(ind) BBB+(ind) BBB(ind)nm BBB(ind) (EXP) (senior project bank loans)
Stable Stable Stable Stable
July 2011
26

Issuer rating Longterm Global Infrastructure (cont.) Corporate Power Ltd BB+(ind) (EXP) (subordinate project bank loans) B(ind) BB+(ind) BBB+(ind) BBB+(ind) BB+(ind) BBB(ind) A(ind)(SO) BBB(ind) BBB(ind) BBB(ind) BB+(ind) BB+(ind) (senior projects bank loans) BB(ind) (subordinated projects bank loans) BBB+(ind)/BBB(ind) BBB(ind) BBB+(ind) BBB(ind) D A(ind) A(ind) (EXP) BB+(ind) BBB(ind)/ BB(ind) AA(ind) BBB+(ind) BBB+(ind) BBB+(ind) BBB+(ind) BBB+(ind) AAA(ind)(SO) BB+(ind) BB(ind) BBB(ind) BB+(ind) BB+(ind) Shortterm Term deposits Outlook
DSL Hydrowatt Ltd. GVNS Tollways GVRRMN Hubli Lakshmeshwar Road Project Private Ltd IDAA Infrastructure Private Limited Ideal Energy Projects Limited IRB Jaipur Deoli Tollway Private Limited IRB Kolhapur Integrated Road Development Company Private Ltd IRB SuratDahisar Tollway Private Limited IrconSoma Tollways Pvt Ltd IVRCL Indore Gujarat Tollways Limited Jalandhar Amritsar Tollways Limited Jindal India Thermal Power Ltd Jindal India Thermal Power Ltd
Stable Stable Stable Positive Stable Stable Stable Stable Positive Stable Stable Stable
Jorbat Shillong Expressway Limited Kumarapalayam Tollways Ltd Kutch Railway Company Ltd L&T Samakhiali Gandhidham Tollway Private Limited Madurai Municipal Waste Processing Company Private Ltd Maithon Power Limited Maithon Power Limited Meenakshi Energy Private Limited MEP Toll Road Private Limited Mhaiskar Infrast ructure Private Limited Mumbai International Airport Private Limited (INR2.6bn nonfund based working capital) Mumbai International Airport Private Limited (INR42.31bn existing loan) Mumbai International Airport Private Limited (INR21.44bn new loan) Mumbai International Airport Private Limited (INR420m fund based working capital) Mumbai International Airport Private Limited (INR6.2bn nonfund based working capital) North Karnataka Expressways Ltd Salem Tollways Limited Sathyam Power Private Limited SEWNavayuga Barwani Tollways Private Ltd (senior bank loans) SEWNavayuga Barwani Tollways Private Ltd (subordinated bank loans) Transtech Green Power Pvt Ltd Asset Management Benchmark Liquid BeES Fund IDFC Savings Advantage Fund IDFC Ultra Short Term Fund JP Morgan India Capital Protection Oriented Fund LICMF Income Plus Fund LICMF Liquid Fund SBI Capital Protection Oriented FundSeries III Fund UTI Floating Rate Fund (short term plan) UTI Liquid Fund (cash plan) UTI Money Market Mutual Fund
Stable Negative Positive Stable Stable Stable Stable Stable Positive Positive Positive Positive Stable Stable Negative Stable Stable Stable Stable
AAAmmf(ind) AAA(ind) AAA(ind) AAA(ind)(SO) AA+(ind) AAAmmf(ind) AAA(ind)(SO)(EXP) AAA(ind) AAAmmf(ind) AAAmmf(ind)
V1(ind) V1(ind) V1(ind) V1(ind)
July 2011
27
Securitisation Ratings June 2011

Issuer rating Longterm Residential MortgageBacked Security (RMBS) HDFC DA June 10 I (purchaser payouts) AAA(ind)(SO) HDFC DA June 10 I (second loss credit facility) BBB(ind)(SO) HDFC DA June 10 II (purchaser payouts) AAA(ind)(SO) HDFC DA June 10 II (second loss credit facility) BBB(ind)(SO) HDFC DA June 10 III (purchaser payouts) AAA(ind)(SO) HDFC DA June 10 III (second loss credit facility) BBB(ind)(SO) HDFC DA December 2010 I (purchaser payouts) AAA(ind)(SO) HDFC DA December 2010 I (second loss credit facility) BBB(ind)(SO) HDFC DA December 2010 II (purchaser payouts) AAA(ind)(SO) HDFC DA December 2010 II (second loss credit facility) BBB(ind)(SO) HDFC DA December 2010 III (purchaser payouts) AAA(ind)(SO) HDFC DA December 2010 III (second loss credit facility) BBB(ind)(SO) HDFC DA NonPSL Nov 09 AAA(ind)(SO) HDFC DA NonPSL Nov 09 (second loss credit facility) BBB(ind)(SO) HDFC DA PSL Nov 09 AAA(ind)(SO) HDFC DA PSL Nov 09 (second loss credit facility) BBB(ind)(SO) HDFC: MBS 2006 Series I Trust (Class A) AAA(ind)(SO) HDFC: MBS 2006 Series II Trust (Class A1) AAA(ind)(SO) HDFC: MBS 2006 Series II Trust (Class A2) AAA(ind)(SO) HDFC: MBS 2006 Series III Trust (Class A1) AAA(ind)(SO) HDFC: MBS 2006 Series III Trust (Class A2) AAA(ind)(SO) HDFCs Direct Assignment Residential MortgagesMarch 09 (INR9,637.7m) AAA(ind)(SO) HDFCs Direct Assignment Residential MortgagesMarch 09 (INR9,690m) AAA(ind)(SO) Indian RMBS 2003 Trust Series I (Series A) AAA(ind)(SO) Indian RMBS Trust Series VIII (Series A) AAA(ind)(SO) Nivas Trust II (Series A) AAA(ind)(SO) Royal Trust July 2004 AAA(ind)(SO) Royal Trust June 2004 AAA(ind)(SO) Royal Trust May 2004 (Series A1) AAA(ind)(SO) Royal Trust May 2004 (Series A2) AAA(ind)(SO) AssetBacked Security (ABS) DA ProgramOct 09 1 DA ProgramOct 09 1 (second loss credit facility) DA ProgramSep 09 1 DA ProgramSep 09 1 (second loss credit facility) DA ProgramSep 09 2 DA ProgramSep 09 3 DA ProgramDec 09 1 DA ProgramDec 09 1 (second loss credit facility) ICICI Mar 10SRTO Transaction ILSS 2 Trust 2009 (Series A) Indian Infrastructure Equipment Receivable Trust July 2009 (Class A4) Indian Infrastructure Equipment Receivable Trust July 2009 (Class A5) Indian Infrastructure Equipment Receivables Trust July 2010 (Series A1) Indian Infrastructure Equipment Receivables Trust July 2010 (second loss credit facility) Indian Retail ABS Trust 91 (liquidity facility) Indian Retail ABS Trust 91 (Second Loss Credit Facility) Indian Retail ABS Trust 91 (Series A4) Indian Retail ABS Trust 91 (Series A5) India Structured Asset TrustSeries XII (Series A4) India Structured Asset TrustSeries XII (Series A5) India Structured Asset TrustSeries XII (Series A6) India Structured Asset TrustSeries XII (Series A7) India Structured Asset TrustSeries XII (Series A8) India Structured Asset TrustSeries XII (Series A9) India Structured Asset TrustSeries XII (Series A10)
Source: Fitch
Shortterm
Loss severity LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS5 LS1 LS5 LS1 LS1 LS1 LS1 LS1 LS1 LS1
Outlook Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable
AAA(ind)(SO) BBB(ind)(SO) AAA(ind)(SO) BBB(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) BBB+(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) BBB(ind)(SO) AAA(ind)(SO) A(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO)
LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1
Stable Stable Stable Positive Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Negative Stable Stable
July 2011
28
Securitisation Ratings June 2011 (Cont.)

Issuer rating AssetBacked Security (ABS) (cont.) India Structured Asset TrustSeries XII (Series A11) India Structured Asset TrustSeries XII (Series A12) India Structured Asset TrustSeries XII (Series A13) India Structured Asset TrustSeries XII (Series A14) India Structured Asset TrustSeries XII (Series A15) India Structured Asset TrustSeries XII (Series A16) India Structured Asset TrustSeries XII (Series A17) India Structured Asset TrustSeries XII (Series A18) India Structured Asset TrustSeries XII (Series A19) India Structured Asset TrustSeries XII (Series A20) India Structured Asset TrustSeries XII (Series A21) India Structured Asset TrustSeries XII (Series A22) India Structured Asset TrustSeries XII (Series A23) India Structured Asset TrustSeries XII (Series A24) India Structured Asset TrustSeries XII (Series A25) MMFSL DA Sep 2009 1 MMFSL DA Dec 2009 2 MMFSL DA Dec 2010 1 MMFSL DA March 2010 1 MMFSL DA June 2010 1 MMFSL DA Sep 20101 MMFSL DA Feb 20111 Novo IV Trust Locomotive (Series F) Novo IV Trust Locomotive (Series G) Novo IV Trust Locomotive (Series H) Novo IV Trust Locomotive (Series I) Novo IV Trust Locomotive (Series J) Novo V Trust (Series A) Novo IX TrustChassis (Series A) Novo IX TrustChassis (Series A) (second loss credit facility) Novo X Trust Locomotive (Series B) Novo X Trust Locomotive (Series C) Novo X Trust Locomotive (Series D) Novo X Trust Locomotive (Series E) Novo X Trust Locomotive (Series F) Novo X Trust Locomotive (Series G) Novo X Trust Locomotive (Series H) Novo X Trust Locomotive (Series I) Novo X Trust Locomotive (Series J) Novo X Trust Locomotive (Series K) Novo X Trust Locomotive (Series L) Novo X Trust Locomotive (Series M) Novo X Trust Locomotive (Series N) Novo X Trust Locomotive (Series O) Novo X Trust Locomotive (Series P) Novo X Trust Locomotive (Series Q) Novo X Trust Locomotive (Series R) Novo X Trust Locomotive (Series S) Novo X Trust Locomotive (Series T) Novo X Trust Locomotive (Series U) Novo X Trust Locomotive (Series V) Novo X Trust Locomotive (Series W) SCUF DA Program Sept 2010 01 (purchaser payouts) SCUF DA Program Sept 2010 02 (purchaser payouts) SCUF DA Program Sept 2010 03 (purchaser payouts) SCUF DA Mar 2011 01 (purchaser payouts) Small Operators Trust 2010 (Series A2) Small Operators Trust 2010 (Series A3) Small Operators Trust 2010 (second loss credit facility) Small Operators Trust 2011 (Series A1)
Source: Fitch
Longterm AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AA(ind)(SO) AA(ind)(SO) AA(ind)(SO) AA(ind)(SO) AA(ind)(SO) AA(ind)(SO) AA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) BBB(ind)(SO) AAA(ind)(SO)(EXP) AAA(ind)(SO)(EXP) AAA(ind)(SO)(EXP) AAA(ind)(SO)(EXP) AAA(ind)(SO)(EXP) AAA(ind)(SO)(EXP) AAA(ind)(SO)(EXP) AAA(ind)(SO)(EXP) AAA(ind)(SO)(EXP) AAA(ind)(SO)(EXP) AAA(ind)(SO)(EXP) AAA(ind)(SO)(EXP) AAA(ind)(SO)(EXP) AAA(ind)(SO)(EXP) AAA(ind)(SO)(EXP) AAA(ind)(SO)(EXP) AAA(ind)(SO)(EXP) AAA(ind)(SO)(EXP) AAA(ind)(SO)(EXP) AAA(ind)(SO)(EXP) AAA(ind)(SO)(EXP) A+(ind)(SO) A+(ind)(SO) A+(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) BBB(ind)(SO) AAA(ind)(SO)
Shortterm F1+(ind)(SO)(EXP)
Loss severity Outlook LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable
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Issuer rating AssetBacked Security (ABS) (cont.) Small Operators Trust 2011 (Series A2) Small Operators Trust 2011 (second loss credit facility) Small Operators Trust II 2011 (Series A1) Small Operators Trust II 2011(Second loss credit facility) SREI Direct Assignment Sep 09 SREI Direct Assignment March 10 II (purchaser payouts) SREI Direct Assignment March 10 II (second loss credit facility) SREI Direct Assignment Dec 10 II (purchaser payouts) SREI Direct Assignment Dec 10 II (second loss credit facility) SREI Direct Assignment Dec 10 I SREI Direct Assignment Mar11 IV (purchaser payouts) SRTO Priority Sector Pool Trust 2008 (Series A) DA Program09051 STFCL DA Program March 09 1 STFCL DA Program March 09 2 STFCL DA Program March 09 3 STFCL DA ProgramDec 09 2 (liquidity facility) STFCL DA ProgramDec 09 2 (purchaser payouts) STFCL DA ProgramDec 09 2 (second loss credit facility) STFCL DA ProgramJan 10 1 (purchaser payouts) STFCL DA Program Jan 10 1 (second loss credit facility) STFCL DA ProgramFeb 10 1 (liquidity facility) STFCL DA ProgramFeb 10 1 (purchaser payouts) STFCL DA Program Feb 10 1 (second loss credit facility) STFCL DA ProgramFeb 10 2 (liquidity facility) STFCL DA ProgramFeb 10 2 (purchaser payouts) STFCL DA Program Feb 10 2 (second loss credit facility) STFCL DA ProgramFeb 10 3 (liquidity facility) STFCL DA ProgramFeb 10 3 (purchaser payouts) STFCL DA Program Feb 10 3 (second loss credit facility) STFCL DA ProgramFeb 10 4 (purchaser payouts) STFCL DA Program Feb 10 4 (second loss credit facility) STFCL DA ProgramFeb 10 5 (purchaser payouts) STFCL DA Program Feb 10 5 (second loss credit facility) STFCL DA Feb 201102 (purchaser payouts) STFCL DA Feb 201102 (second loss credit facility) STFCL DA Feb 2011 04 (liquidity facility) STFCL DA Feb 2011 04 (purchaser payouts) STFCL DA Feb 2011 04 (second loss credit facility) STFCL DA Mar 201101 (Purchaser Payouts) STFCL DA Mar 201101 (Second Loss Credit Facility) STFCL DA Mar 201102 (Purchaser Payouts) STFCL DA Mar 201102 (Second Loss Credit Facility) STFCL DA Mar 201103 (purchaser payouts) STFCL DA Mar 201103 (second loss credit facility) STFCL DA Mar 201104 (purchaser payouts) STFCL DA Mar 201104 (second loss credit facility) STFCL Loan Receivables Program 2007 STFCLs Assignment of Loan Receivables Programme 2007~ (second loss credit facility) STFCLs Direct Assignment July 2008 STFCLs Direct Assignment of CV Loans to HDFC March 08 (second loss credit facility) STFCLs Mixed CV Dec 08 Assignment STFCLs New CV Dec 08 Assignment STFCLs New CV Feb 09 Assignment
Source: Fitch
Longterm AAA(ind)(SO) BBB(ind)(SO) AAA(ind)(SO) BBB(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) BBB(ind)(SO) AAA(ind)(SO) BBB(ind)(SO) AAA(ind)(SO) AA(ind)(SO)(EXP) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) BBB(ind)(SO) AAA(ind)(SO) AA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) A(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) A(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) A(ind)(SO) AAA(ind)(SO) BBB(ind)(SO) AAA(ind)(SO) BBB(ind)(SO) AAA(ind)(SO)(EXP) BBB(ind)(SO)(EXP) AA(ind)(SO) AA(ind)(SO) BBB+(ind)(SO) AAA(ind)(SO)(EXP) BBB(ind)(SO)(EXP) AAA(ind)(SO)(EXP) BBB(ind)(SO)(EXP) AAA(ind)(SO)(EXP) BBB(ind)(SO)(EXP) AAA(ind)(SO)(EXP) BBB(ind)(SO)(EXP) AAA(ind)(SO) AA(ind)(SO) AAA(ind)(SO) AA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO)
Shortterm
Loss severity LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS1 LS 1 LS 1 LS 1 LS 1 LS 1 LS1 LS1 LS1 LS1
Outlook Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Positive Stable Positive Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable
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Issuer rating AssetBacked Security (ABS) (cont.) STFCLs New CV Jan 09 Assignment STFCLs New CV Jan 09 Assignment (second loss credit facility) STFCLs New CV March 09 Assignment STFCLs New CV March 09 (second loss credit facility) STFCLs New CV Sep 06 Assignment STFCLs Tractor September 2008 STFCLs Used CV September 2008 Single Loan Sell Down (SLSD) IML Loan Trust (Series A1)
Source: Fitch
Longterm AAA(ind)(SO) AA(ind)(SO) AAA(ind)(SO) AA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO) AAA(ind)(SO)
Shortterm
Loss severity LS1 LS1 LS1 LS1
Outlook Stable Stable Stable Stable Stable Stable Stable
F5(ind)(SO)nm
International Ratings June 2011

Foreign currency Aegis Limited Asian Development Bank (ADB) Axis Bank Ltd. Bank of Baroda Bharti Airtel Limited (formerly: Bharti TeleVentures Limited) BOB NZ (New Zealand) Canara Bank Essar Projects Ltd Export Import Bank of India (EXIM) GAIL (India) Limited Housing and Urban Development Corporation Limited (HUDCO) ICICI Bank Limited IDBI Bank Ltd Indian Bank Indian Oil Corporation Indian Railway Finance Corporation Jaguar Land Rover PLC NTPC Limited NHPC Limited Novo V Trust Chassis Novo IX Trust Chassis Oriental Bank of Commerce Power Finance Corporation Limited Punjab National Bank Rain CII Carbon (Vizag) Ltd Reliance Industries Limited (RIL) Republic of India Rural Electrification Corporation Limited Small Operator Trust 2010 (Series A1, A2, A3) Small Operators Trust 2011 (Series A1, A2) Small Operators Trust II 2011 SRTO Pool 2008 B Trust (Series A) State Bank of India (SBI) Steel Authority of India Limited Tata Chemicals Ltd. Tata Motors Ltd Tata Steel Limited Tata Steel UK Holdings Limited (formerly Tata Steel U.K. Limited) Union Bank of India Vedanta Resources PLC Longterm BB AAA BBB BBB BBB BBB BBB B BBB BBB BBB BBB BBB BBB BBB BBB BB BBB BBB BB+ BBB BBB B BBB BBB BBB BBB BBB BB+ BB BB+ B+ BBB BB+ Shortterm F3 F3 F3 F3 F3 F3 F3 F3 F3 F3 F3 Outlook Stable Stable Stable Stable Negative Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Local currency Longterm BBB BBB BBB BBBsf/LS1 BBB/LS1 BBB BBB BBB BBB/LS1 BBBsf/LS1 BBBsf/LS1 BBB/LS1 Outlook Stable Stable Stable Stable Stable Positive Stable Stable Stable Stable Stable Stable
Signifies Rating Watch Negative;Signifies Rating Watch Positive;Signifies Rating Watch Evolving # Under notice of withdrawal; SO Structured Obligation Source: Fitch
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CreditRatings
The suffix (ind) refers to National Ratings assigned by Fitch India. Fitchs National ratings provide a relative measure of creditworthiness for rated entities in countries with sub or lowinvestment grade international sovereign ratings. The best risk within a country is rated AAA and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as AAA (ind) for National ratings in India. Specific letter grades are not therefore internationally comparable. An additional suffix of (SO) refers to structured obligations.
LongTermCreditRatings
LongTerm Credit Ratings
Investment grade AAA(ind) AAA national ratings denote the highest rating assigned in its national rating scale. This rating is assigned to the best credit risk relative to all other issuers or issues in the country. B(ind) B national ratings denote a significantly weak credit risk relative to other issuers or issues in the country. Financial commitments are currently being met but a limited margin of safety remains and capacity for continued timely payments is contingent upon a sustained, favourable business and economic environment. AA(ind) C(ind) AA national ratings denote a very strong credit risk This rating denotes an extremely weak credit risk relative to other issuers or issues in the country. The relative to other issuers or issues in the country. credit risk inherent in these financial commitments Capacity for meeting financial commitments is differs only slightly from the countrys highest rated solely reliant upon sustained, favourable business issuers or issues. or economic developments. A(ind) D(ind) A national ratings denote a strong credit risk This rating is assigned to entities or financial relative to other issuers or issues in the country. commitments which are currently in default. However, changes in circumstances or economic conditions may affect the capacity for timely repayment of these financial commitments to a greater degree than for financial commitments denoted by a higher rated category. BBB(ind) BBB national ratings denote an adequate credit risk relative to other issuers or issues in the country. However, changes in circumstances or economic conditions are more likely to affect the capacity for timely repayment of these financial commitments than for financial commitments denoted by a higher rated category.
Within a band of rating symbols from AA(ind) to B(ind), the modifiers + or may be appended to a rating to denote relative status within the rating category Source: Fitch
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ShortTermCreditRatings
ShortTerm Credit Ratings
F1(ind) Indicates the strongest capacity for timely payment of financial commitments relative to other issuers or issues in the country. Under the national rating scale, this rating is assigned to the best credit risk relative to all others in the country. F2(ind) Indicates the satisfactory capacity for timely payment of financial commitments relative to other issuers or issues in the country. However, the margin of safety is not as great as in the case of the higher ratings. F3(ind) Indicates an adequate capacity for timely payment of financial commitments relative to other issuers or issues in the country. However, such capacity is more susceptible to nearterm adverse changes than for financial commitments in higher rated categories.
Source: Fitch
F4(ind) Indicates a highly uncertain capacity for timely payment of financial commitments relative to other issuers or issues in the country. Capacity or meeting financial commitments is solely reliant upon a sustained, favourable business and economic environment. F5(ind) Indicates actual or imminent payment default. Only shortterm ratings of F1(ind) and F2(ind) will carry the modifier +.
Rating Outlooks
A rating outlook indicates the direction a rating is likely to move over time. Outlooks may be positive, negative or stable. A positive or negative Rating Outlook does not imply a rating change is inevitable. Similarly, companies whose outlooks are stable could be upgraded and downgraded before an outlook moves to positive or negative if circumstances warrant such an action. Occasionally, Fitch may be unable to identify the fundamental trend. In these cases, the Rating Outlook may be described as evolving.
Rating Watch
Ratings are placed on rating watch to notify investors that there is a reasonable probability of a rating change and the likely direction of such change. These are designated as Positive, indicating a potential upgrade, Negative for a potential downgrade, or Evolving if ratings may be raised lowered or maintained.
Notes to Ratings
The suffix (ind) refers to national ratings assigned by Fitch India. Fitchs national ratings provide a relative measure of creditworthiness for rated entities in countries with sub or lowinvestment grade international sovereign ratings. The best risk within a country is rated AAA and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as AAA (ind) for National ratings in India. Specific letter grades are not therefore internationally comparable. Withdrawn: A rating is withdrawn when Fitch deems the amount of information available to be inadequate for rating purposes, or when an obligation matures, is called, or refinanced.
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Term Deposit Credit Ratings
Investment grade tAAA(ind) Indicates the strongest capacity for timely payment of financial commitments relative to other issuers or issues in the country. Speculative grade tB(ind) Indicates an uncertain capacity for timely payment of financial commitments relative to other issuers or issues in the same country. Such capacity is highly susceptible to nearterm adverse changes in financial and economic conditions. tC(ind) Indicates a highly uncertain capacity for timely payment of financial commitments relative to other issuers or issues in the country. Capacity or meeting financial commitments is solely reliant upon a sustained, favourable business and economic environment. tD(ind) Indicates actual or imminent payment default.
tAA(ind) Denote a strong credit risk relative to other issuers or issues in the country. The credit risk inherent in these financial commitments differs only slightly from the countrys highest rated issuers or issues. tA(ind) Indicates an adequate capacity for timely payment of financial commitments relative to other issuers or issues in the country. However, such capacity is more susceptible to nearterm adverse changes than for financial commitments in higher rated categories.
Within a band of rating symbols from tAA(ind) to tB(ind), the modifiers + or may be appended to a rating to denote relative status within the rating category Source: Fitch
Bond Fund/Volatility Ratings

V1+(ind) Lowest market risk (stable value) funds rated V1+(ind) are considered to have the lowest market risk. The rating is assigned only to money market funds that should not experience loss of principal value to shareholders or participants even in severely adverse interest rate environments. V5(ind)/V6(ind)/V7(ind) Moderate to high market risk funds rated V5(ind), V6(ind), and V7(ind) are considered to have moderate to high market risk. Total returns experience significant variability across a broad range of interest rate scenarios. These funds typically exhibit significant exposure to interest rates and changing market conditions, as well as may face additional risks from mortgage prepayments, derivatives, leverage, illiquid markets, and/or foreign currencies. V1(ind)/V2(ind) V8(ind)/V9(ind)/V10(ind) Low market risk funds rated V1(ind) and Speculative market risk funds rated V8(ind), V2(ind) are considered to have low market risk. V9(ind), and V10(ind) are considered to have Total returns exhibit relative stability, speculative market risk. Total returns may performing consistently across a broad range of experience extreme variability across a broad range interest rate scenarios. These funds offer low risk of interest rate scenarios. These funds typically exposure to interest rates and changing market exhibit substantial exposure to interest rates and conditions. changing market conditions, as well as mortgage prepayments, derivatives, leverage, illiquid markets, and/or foreign currencies. V3(ind)/V4(ind) Moderate market risk funds rated V3(ind) and V4(ind) are considered to have moderate market risk. Total returns perform consistently over intermediate to longterm holding periods but will exhibit some variability over shorter periods due to greater exposure to interest rates and changing market conditions.
Source: Fitch
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InsurerStrengthFinancialRating
The Insurer Financial Strength Rating (IFS Rating) provides an assessment of the financial strength of an insurance organization and its capacity to meet senior obligations to policyholders and contract holders on a timely basis.
Insurer Strength Financial Rating

AAA(ind) Relative to other insurers in the same national market, insurers in this category have the highest capacity to meet policyholder obligations and provide policyholder benefits. Compared with other insurers in the same national market, these insurers have the lowest susceptibility to the effect of adverse business and economic factors. AA(ind) Relative to other insurers in the same national market, insurers in this category have a very high capacity to meet policyholder obligations and provide policyholder benefits. Compared with other insurers in the same national market, these insurers have a very low susceptibility to the effect of adverse business and economic factors. A(ind) Relative to other insurers in the same national market, insurers in this category have a high capacity to meet policyholder obligations and provide policyholder benefits. Compared with other insurers in the same national market, these insurers have a low susceptibility to the effect of adverse business and economic factors. BBB(ind) Relative to other insurers in the same national market, insurers in this category have an acceptable capacity to meet policyholder obligations and provide policyholder benefits. Compared with other insurers in the same national market, these insurers have some susceptibility to the effect of adverse business and economic factors. BB(ind) Relative to other insurers in the same national market, insurers in this category have a speculative capacity to meet policyholder obligations and provide policyholder benefits. Compared with other insurers in the same national market, these insurers have a moderate susceptibility to the effect of adverse business and economic factors. B(ind) Relative to other insurers in the same national market, insurers in this category have a vulnerable capacity to meet policyholder obligations and provide policyholder benefits. Compared with other insurers in the same national market, these insurers have significant susceptibility to the effect of adverse business and economic factors. C(ind) Relative to other insurers in the same national market, insurers in this category have a highly vulnerable capacity to meet policyholder obligations and provide policyholder benefits. The insurer may be under the supervision of an insurance regulator and already may not be making all payments in a timely fashion. D(ind) These ratings are assigned to insurers that have either failed to make payments on their obligations in a timely manner, are deemed to be insolvent, or have been subjected to some form of regulatory intervention.
Within a band of rating symbols from AA(ind) to B(ind), the modifiers + or may be appended to a rating to denote relative status within the rating category The ISO Country Code is placed as a suffix in parentheses immediately following the rating to indicate the identity of the national market within which the rating applies. For illustrative purposes (ind) has been used above Source: Fitch
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NonPerformingAssets(NPA)SecurityReceiptRatings Scale
NPA Security Receipt Ratings (NR) are issued on a scale of NR1(ind) (highest) to NR6(ind) (lowest) to denote the present value of expected collections from the collateral underlying the Security Receipt (SR) as a percentage of the face value of the Security Receipt. The ratings reflect assumptions about relative recovery expectations on underlying collateral, based on information made available to Fitch.
NonPerforming Assets (NPA) Security Receipt Ratings Scale

NR1(ind) Very high Present value of the expected collections from the underlying collateral estimated at greater than 150% of the SR face value. NR2(ind) High Present value of the expected collections from the underlying collateral estimated at 100% 150% of the SR face value. NR3(ind) Good Present value of the expected collections from the underlying collateral estimated at 75% 100% of the SR face value.
Source: Fitch
NR4(ind) Medium Present value of the expected collections from the underlying collateral estimated at 50% 75% of the SR face value. NR5(ind) Poor Present value of the expected collections from the underlying collateral estimated at 25% 50% of the SR face value. NR6(ind) Lowest Present value of the expected collections from the underlying collateral estimated at less than 25% of the SR face value.
StructuredFinanceLossSeverityRatings
Loss Severity (LS) Ratings provide an assessment of the relative loss severity of an individual tranche within a structured finance transaction, in the event that the tranche experiences a default. LS Ratings will only be assigned to structured finance securities that are not deemed to be distressed, where default is a real possibility. As a result, they will be assigned to structured finance tranches in the B rating category and above. Structured finance tranches with a debt rating below that level will typically be assigned Recovery Ratings.
Structured Finance Loss Severity Ratings

LS1 The tranche has low risk of severe loss severity given default, as evidenced by a tranche loss multiple (TLM)a in the range of 10.1x or greater. LS2 The tranche has mediumtolow risk of severe loss severity given default, as evidenced by a TLM in the range of 4.1 to 10x. LS3 The tranche has a medium risk of severe loss severity given default, as evidenced by a TLM in the range of 1.1 to 4x. a The TLM is calculated as the size of the tranche divided by the base case loss expectation for the collateral pool.
a
LS4 The tranche has a medium to high risk of severe loss severity given default, as evidenced by a TLM in the range of 0.51 to 1x. LS5 The tranche has a high risk of severe loss severity given default, as evidenced by a TLM of less than 0.5x.
The TLM is calculated as the size of the tranche divided by the base case loss expectation for the collateral pool Source: Fitch
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Money Market Fund Rating Scale
AAAmmf(ind) Denote the highest rating assigned by the agency in its National MMF rating scale for that country. This rating is assigned to funds with an extremely strong capacity to achieve the investment objectives of preserving principal and providing shareholder liquidity through limiting credit, market, and liquidity risk, relative to all other shortterm investments in the same country. AAmmf(ind) This rating is assigned to funds with a very strong capacity to achieve the investment objectives of preserving principal and providing shareholder liquidity through limiting credit, market, and liquidity risk, relative to all other shortterm investments in the same country. Ammf(ind) This rating is assigned to funds with a strong capacity to achieve the investment objectives of preserving principal and providing shareholder liquidity through limiting credit, market, and liquidity risk, relative to all other shortterm investments in the same country.
Source: Fitch
BBBmmf(ind) This rating is assigned to funds with an adequate capacity to achieve the investment objectives of preserving principal and providing shareholder liquidity through limiting credit, market, and liquidity risk, relative to all other shortterm investments in the same country. Capital preservation and shareholder liquidity may be at greater risk due to adverse market conditions, heightened redemptions and/or credit risk. BBmmf(ind) This rating is assigned to funds whose capacity to achieve principal protection is uncertain. Shareholder liquidity is impaired due to the wholesale imposition of redemption restrictions.
Bmmf(ind) This rating is assigned to funds which have failed to preserve capital. Some loss of invested principal is likely, but recovery is expected to be high.
IPOGradingScale
The IPO grade scale as arrived at by SEBI is a 5 point scale with Grade 1 denoting poor fundamentals and Grade 5 indicating strong fundamentals. The grade assigned to any individual issue represents a relative assessment of the fundamentals of that issue in relation to the universe of other listed equity securities in India.
IPO Grading Scale

Grading category Fitch IPO grade 5 (ind) Fitch IPO grade 4(ind) Fitch IPO grade 3 (ind) Fitch IPO grade 2 (ind) Fitch IPO grade 1 (ind)
Source: Fitch
Definitions Strong fundamentals Above average fundamentals Average fundamentals Below average fundamentals Poor fundamentals
ComplexityIndicators
Introduction
The Indian Ministry of Finance in its Union Budget of 20082009 highlighted the need to develop a market based system of classifying market instruments based on their complexity levels. Following this announcement, Fitch Ratings has introduced Complexity Indicators for Indian Market Instruments. Fitch believes that the introduction of Complexity Indicators will increase the overall level of risk awareness of market participants, particularly by providing the investor community with an opinion on the relative complexity of a market instrument.
Complexity Indicator Scale

Fitchs complexity indicators are an opinion on the relative complexity of a broad category of instruments expressed on an ordinal scale of Low Complexity, Moderate Complexity and High Complexity using the definitions below:
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Low Complexity: An instrument where the relationship between the inherent risk factors and intrinsic return characteristics is straightforward. Moderate Complexity: An instrument where the relationship between the inherent risk factors and intrinsic return characteristics is less straightforward given the presence of certain contingency features. High Complexity: An instrument where the relationship between the numerous interdependent risk factors and intrinsic return characteristics is highly involved requiring forward looking analysis and projections.
Complexity Indicators for Indian Market Instruments

Fitchs complexity indicators cover a broad category of Indian corporate, bank, financial, insurance, municipal and other public finance instruments as well as structured finance securities. Fitchs complexity indicators will be updated as and when new credit instrument categories are introduced.
Disclaimer: Fitchs Complexity Indicators are base d on t h e in fo rmat ion and documents provided to us. Complexity Indicators are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security or any issuer. Complexity Indicators do not comment on the adequacy of market price, the suitability of any investment, loan or security for a particular investor (including without limitation, any accounting and/or regulatory treatment), or the taxexempt nature or taxability of payments made in respect of any investment, loan or security. Fitch is not your advisor, nor is Fitch providing to you or any other party any financial advice, or any legal, auditing, accounting, appraisal, valu ation or actuarial services. A Complexity Indicator should not be viewed as a replacement for such advice or services.
Complexity Indicators
Instrument Corporates Commercial paper Fixed deposits Non convertible debentures Preferred shares Bank loans (short & longterm facilities) Guarantees Standby letters of credit Banks & Financial Institutions Senior longterm bonds Certificates of deposit Commercial paper for NBFCs Deposits Lower tier 2 subordinate bonds Upper tier 2 subordinate bonds Redeemable cumulative/non cumulative preferred shares (tier 2) Perpetual cumulative preferred shares (tier 2) Innovative perpetual tier 1 bonds Perpetual non cumulative preferred shares (tier 1) Equity linked notes Structured Finance Single loan sell down pass through certificates Partial guarantee bonds Asset backed securities Residential mortgage backed securities Non performing asset security receipts Complexity Low Low Low Low Low Moderate Moderate Low Low Low Low Moderate High High High High High High Moderate High High High High Rationale Straightforward riskreturn characteristics Straightforward riskreturn characteristics Straightforward riskreturn characteristics Straightforward riskreturn characteristics Straightforward riskreturn characteristics Nature and scope of guarantee can vary Nature and scope of standby letter can vary Straightforward riskreturn characteristics Straightforward riskreturn characteristics Straightforward riskreturn characteristics Straightforward riskreturn characteristics No coupon deferral is permitted Coupon deferral is permitted Coupon deferral is permitted Perpetual maturity with a call after 10 years Deeply subordinated ranking Balance sheet capital classification Contingent variable coupon feature Repackaging of a corporate loan option features can vary Nature and scope of guarantee can vary Portfolio level collateral and cash flow analysis Portfolio level collateral and cash flow analysis Portfolio level collateral and cash flow analysis
Public Finance, Infrastructure & Project Finance Municipal bonds Low Project finance loans Moderate Credit enhanced state owned Moderate corporations or municipal bonds Derivatives All derivative instruments High
Source: Fitch
Straightforward riskreturn characteristics SPV structure backed by a single asset Structured payments with government guarantees Value of the derivative instrument is based on the value of an underlying asset
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ContacttheFitchRatingsAsiaPacificTeam
The Business & Relationship Management Group, AsiaPacific is responsible for the agency business development, fee negotiation, issuer, bankers and investor relationship management, information and communication with market participants and media. If you have any questions or would like to discuss a particular rating situation, please feel free to contact one of the following:
Business Development Group, AsiaPacific

Group Head Corporate Finance North Asia South East Asia India Australia Japan Structured Finance Australia Japan India Asia Vivek Goyal +65 6796 7203 vivek.goyal@fitchratings.com
Wayne Li Ng Sing Chan Atul Joshi Ben Fleming Masaharu Hayashi
+852 2263 9915 +65 6796 7210 +91 22 4000 1725 +61 2 8256 0300 +81 3 3288 2667
wayne.li@fitchratings.com singchan.ng@fitchratings.com atul.joshi@fitchratings.com ben.fleming@fitchratings.com masaharu.hayashi@fitchratings.com
Vickie Brumwell Masaharu Hayashi Pooja Jain Henry Hung
+61 2 8256 0305 +81 3 3288 2667 +91 22 4000 1729 +65 6796 7226
vickie.brumwell@fitchratings.com masaharu.hayashi@fitchratings.com pooja.jain@fitchratings.com henry.hung@fitchratings.com
Investor Development AsiaPacific Wayne Li Insurance Development Insurance Henry Hung
+852 2263 9915
wayne.li@fitchratings.com
+65 6796 7226
henry.hung@fitchratings.com
Media Relations and Corporate Communications AsiaPacific Leslie Tan +65 6796 7234
Source: Fitch
leslie.tan@fitchratings.com
Head of Fitch Ratings, AsiaPacific

Brett Hemsley
Source: Fitch
+81 3 3288 2656
brett.hemsley@fitchratings.com
Rating Group Heads, AsiaPacific

Sovereigns Financial Institutions Corporates Insurance Structured Finance
Source: Fitch
Andrew Colquhoun Mark Young Andrew Steel Jeffrey Liew Ben McCarthy
+852 2263 9938 +44 20 3530 1053 +65 6796 7231 +852 2263 9939 +61 2 8256 0388
andrew.colquhoun@fitchratings.com mark.young@fitchratings.com andrew.steel@fitchratings.com jeffrey.liew@fitchratings.com ben.mccarthy@fitchratings.com
Key Country Contacts

Australia China Hong Kong Indonesia India Japan South Korea Singapore Taiwan Thailand
Source: Fitch
Ben McCarthy Kwong Li Jonathan Cornish Baradita Katoppo Atul Joshi Brett Hemsley Jay Kim Vivek Goyal Daniel Ho Vincent Milton
+61 2 8256 0388 +8610 8567 9898 ext 199 +852 2263 9901 +62 21 526 7826 +91 22 4000 1725 +81 3 3288 2656 +82 2 784 6884 +65 6796 7203 +886 2 8175 7618 +66 2 655 4755
ben.mccarthy@fitchratings.com kwong.li@fitchratings.com jonathan.cornish@fitchratings.com baradita.katoppo@fitchratings.com atul.joshi@fitchratings.com brett.hemsley@fitchratings.com jay.kim@fitchratings.com vivek.goyal@fitchratings.com daniel.ho@fitchratings.com vincent.milton@fitchratings.com
July 2011
39

AboutFitchRatings
Fitch Ratings is a global rating agency committed to providing value beyond the rating through independent and prospective credit opinions, research and data. Offering a world of knowledge and experience behind every opinion, the agency transforms information to deliver meaning and utility to investors, issuers and other market participants. Fitch Ratings global expertise draws on local market knowledge and spans across the fixedincome universe. The additional context, perspective and insights we provide help investors make important credit judgments with confidence. Fitch Ratings is headquartered in New York and London, and is a part of The Fitch Group. In addition to Fitch Ratings, the Fitch Group includes Fitch Solutions, a provider of data, analytics and related services including Fitch Training, which offers highquality analytical training for financial professionals. The Fitch Group also includes Algorithmics, a world leading provider of enterprise risk management solutions. The Fitch Group is a majorityowned subsidiary of Fimalac, S.A., headquartered in Paris, France. For additional information, please visit www.fitchratings.com; www.fitchsolutions.com; www.algorithmics.com; www.fitchtraining.com; and www.fimalac.com.
GlobalMarketPresence
Fitch Ratings currently maintains coverage of over 6,000 financial institutions, including over 3,500 banks and 1,400 insurance companies. Finance & leasing companies, brokerdealers, asset managers, managed funds, and covered bonds make up the remainder of Fitch Ratings financial institution coverage universe. Additionally, the agency currently rates more than 2,000 corporate issuers, 100 sovereigns, 200 subsovereigns, 300 global infrastructure ratings, and 46,000 U.S. municipal transactions. Fitch Ratings maintains surveillance on over 6,500 U.S., 400 Latin American, 1,300 European and 800 Asian structured finance transactions. Fitch has six offices in India located at Mumbai, Delhi, Chennai, Bangalore, Hyderabad and Kolkata. Fitch is recognised by the Reserve Bank of India, Securities Exchange Board of India (SEBI) and National Housing Bank.
Fitch Offices
Mumbai 6th Floor, Apeejay House 3 Dinshaw Vachha Road Churchgate Mumbai 400 020 India T +91 22 4000 1700 F +91 22 4000 1701 New Delhi 601 Prakashdeep Building 7 Tolstoy Marg New Delhi 110001 T +91 11 4356 7230 F +91 11 4356 7231 Kolkata 4th Floor, Room No. 401 OM Towers 32 Chowringhee Road Kolkata 700 071 India T +91 33 4006 5887 F +91 33 4003 1734
Chennai 4th Floor, D South, TIDEL Park No.4, Rajiv Gandhi Salai Taramani, Chennai 600 113 T +91 44 4340 1700 F +91 44 4340 1701 Bangalore S206, Manipal Centre 47 Dickenson Road Bangalore 560 042 India T +91 80 42066 191/192 F +91 80 42 066 194 Hyderabad 63669, 1st floor Ozone Complex Punjagutta Main Road Hyderabad 500 082 India T +91 40 4025 8885 F +91 40 4017 8614
Source: Fitch
July 2011
40

Fitch India
Managing Director Atul Joshi atul.joshi@fitchratings.com Capital Markets Group Pooja Jain pooja.jain@fitchratings.com Rajshekar Kalluri Rajshekar.kalluri@fitchratings.com Banks Ananda Bhoumik ananda.bhoumik@fitchratings.com Corporates Rakesh Valecha rakesh.valecha@fitchratings.com Structured Finance Sandeep Singh sandeep.singh@fitchratings.com Public Finance Dr. Devendra Pant devendra.pant@fitchratings.com Chennai M. R. Srinivas Srinivas.MR@fitchratings.com Bangalore Suryanarayana Mangina suryanarayana.mangina@fitchratings.com Hyderabad Suryanarayana Mangina suryanarayana.mangina@fitchratings.com Delhi Tarun Bansal tarun.bansal@fitchratings.com Anamika Karati anamika.karati@fitchratings.com Kolkata Krishnendu Sarkar krishnendu.sarkar@fitchindia.com
Global Infrastructure S. Nandakumar nandakumar@fitchratings.com

Source: Fitch
July 2011
41
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE.
Copyright 2011 by Fitch, Inc., Fitch Ratings Ltd. and its subsidiaries. One State Street Plaza, NY, NY 10004.Telephone: 18007534824, (212) 9080500. Fax: (212) 4804435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings, Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitchs factual investigation and the scope of the thirdparty verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of preexisting thirdparty verifications such as audit reports, agreedupon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent thirdparty verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitchs ratings should understand that neither an enhanced factual investigation nor any thirdparty verification can ensure that all of the information Fitch relies on in connection with a rating will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings are inherently forwardlooking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings can be affected by future events or conditions that were not anticipated at the time a rating was issued or affirmed. The information in this report is provided as is without any representation or warranty of any kind. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion is based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at anytime for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of Great Britain, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers.
July 2011
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