A CRISIL rating reflects CRISIL's current opinion on the relative likelihood of timely payment of interest and principal on the

rated obligation.

CRISIL:CRADIT RATING INFORMATION SERVIC OF INDIA Ltd.

INCORPORATED IN 1987. COMMENCED IN 1988. SET UP BY: ICICI limited, UTI, LIC, GIC, UNITED INDIA INSURANCE COMPANY & DOMESTIC AND FOREIGN BANKS. CRISIL RATES rupee denominated debt instruments, preference shares, FD, Commercial Papers, Structured obligation etc. CRISIL rates a wide range of entities, including: Industrial companies Banks Non-banking financial companies (NBFCs) Infrastructure entities Microfinance institutions Insurance companies Mutual funds State governments Urban local bodies

Subsidiaries
CRIs Infac (CRISIL Research and Information Services) Crisil.com CRISIL Market Wire (CMW) Global Data Services of India Ltd (GDS) CRISIL Infrastructure Advisory Gas Strategies Group Limited of Gas Information and Solution CRISIL centre for Economic Research. CRISIL Investment and Risk Management services. India Index Services and Products Limited(IISL) Irevna CRISIL CariCRISCRISIL

DEBENTURE RATING SYSTEM

High Investment Grade AAA-highest safety, AA-high safety. Investment Grade A-adequate safety, BBB-moderate .safety

Speculative Grade BB-inadequate safety, B-high risk, C-substantial risk, D-default.

FIXED DEPOSIT RATING SYMBOLS.

FAAA- highest safety. FAA- high safety.

FA- adequate safety.

FB- inadequate safety.

FC- high risk.

FD- default.

RATING FOR SHORT TERM INSTRUMENT.

P- 1. VERY STRONG.

P- 2. STRONG.

P- 3. ADEQUATE.

P- 4. LESS FEVOURABLE.

P- 5. DEFAULT.

CRISILs RATING SYMBOLS FOR STRUCTURED OBLIGATIONS (SO)

High Investment Grade AAA(SO)-highest safety, AA(SO)-high safety. Investment Grade A(SO)-adequate safety, BBB(SO)-moderate .safety Speculative Grade

BB(SO)-inadequate safety, B(SO)-high risk, C(SO)-substantial risk, D(SO)-default.

CRISILs RATING SYMBOLS FOR REAL ESTAE DEVELOPERS PROJECTS.

PA-1. highest ability. PA-2. high ability.

PA-3. adequate ability.

PA-4. adequate ability.

PA-5. inability.

Ability to specify and built to agree to quality levels and transfer clear title within stipulated time period.

CRISIL FOREIGN STRUCTRED OBLIGATIONS (FSO) RATING SYSTEM.

High Investment Grade

AAA(fso)-highest safety, AA(fso)-high safety.

Investment Grade A(fso)-adequate safety, BBB(fso)-moderate .safety Speculative Grade

BB(fso)-inadequate safety, B(fso)-high risk, C(fso)-substantial risk, D(fso)-default.

CRISIL RATING SCALE FOR INSTRUMENT CARRING NONCREDIT RISK

Highest safety-AAAr.

High safety-AAr.

Adequate safety-Ar.

Moderate safety-BBBr.

High risk-BBr.

High risk-Br.

Substantial risk-Cr.

Default-Dr.

CRADIT RATING SCALE FOR FINANCIAL STRENGTH RATING(FSR)

SECURE RATINGS AAA- highest strength. AA- high strength. A- adequate strength. BBB- moderate strength. VULNERABLE RATINGS BB- inadequate strength. B- susceptibility to default. C- vulnerable to default. D- default.

Vulnerable rating indicates insurance companies whose financial capacity to meet policy holder obligation is vulnerable to adverse economic and underwriting condition.

CRISIL BOND FUND RATING SYSEM.

AAAf- very strongprotection. AAf- strong protection.

Af- adequate protection.

BBBf- moderate protection.

BBf- uncertain protection.

Cf- vulnerable to credit default.

Protection against loss from credit default.

CRISIL RATING SYSTEM FOR REAL ESTAE DEVELOPERS.

DA1- EXCELLENT.

DA2- VERY GOOD.

DA3- GOOD.

DA4- UNSATISFECTORY.

DA5- POOR.

CRISIL GRADING SCALE OFR GOVERNANCE AND VALUE CREATION.

LEVEL 1- HIGHEST. LEVEL 2- HIGH.

LEVEL 3- STRONG.

LEVEL 4- MODERATE.

LEVEL 5- ADEQUATE.

LEVEL 6- INADEQUATE.

LEVEL 7- POOR.

LEVEL 8- LOWEST.

CRISIL GRADING SCALE FOR HEALTHCARE INSTITUTIONS.

REFETECTS QUALITY OF DELIVERED PATIENT CARE AND STANDERDS OF HEALTHCARE INDUSTRY.

GRADE A-VERY GOOD QUALITY.

GRADE B- GOOD QUALITY.

GRADE C- AVERAGE QUALITY.

GRADE D- POOR QUALITY.

CRISIL RATING SYMBOLS FOR CREDIT ASSESSMENTS.

VERY DTRONG CAPACITY. 1.

STRONG CAPACITY.
2,3,4. ADEQUATE CAPACITY. 5,6,7. INADEQUATE CAPACITY. 8,9,10. POOR CAPACITY. 11,12,13.

CRISIL RATING FOR COLLECTIVE INVESTMENT SCHEME.

GRADE I- HIGH CERTAINITY.

GRADE II- ADEQUATE CERTAINITY.

GRADE III- MODERATE CERTAINITY.

GRADE IV- INADEQUATE CERTAINITY.

GRADE V- HIGH UNCERTAINITY.

GRADE I, II, III : INVESTMENT GRADES. GRADE IV, V : NON-INVESTMENT GRADES

Investment Information and Credit Rating Agency of India (ICRA)

Investment Information and Credit Rating Agency of India (ICRA)

ICRA was set up by IFCI (industrial finance corporation of India) on 16th January 1991 and commenced its commercial activities from 31st August by leading financial/investment institutions, commercial banks and financial services and Credit Rating Agency.
ICRA Limited is an Association of Moody's Investors Service and an independent and professional company. It is a public limited company with an authorized share capital of Rs.10 crores, Rs. 5 crores is paid up.

ICRAs major shareholders IFCI (26%), and the balance by UTI, LIC, GIC, PNB, Central Bank of India, Bank of Baroda, UCO Bank and banks (SBI) ICRA launch two services in 1992 a) Credit Assessment b) General Assessment Today, ICRA is a full-service credit rating agency with its shares listed on the Bombay Stock Exchange and the National Stock Exchange

OBJECTIVES OF ICRA
To access the credit instrument and award it a grade consonant to the risk associated with such instrument.

To assist investors in making well informed investment decision

To enable banks, investment bankers and brokers in placing debt with investors by providing them with a marketing tool To assist issuers in raising funds from a wider investors base

To provide regulators with a market driven system to encourage the healthy growth of the capital markets in a disciplined manner without costing an additional burden on the Government for this purpose.

STRATEGIES OF ICRA
Create awareness of the rating concept and benefits among issuers, investors, regulators, and financial institutions. Win the credibility, confidence and trust of the constituents by demonstrating that its methodology is transparent and its ratings are independent and consistent. Aggressively focus on business development would result in a significant increase in the volume of rating assignments.

Rating symbols
Long term Debentures, Bonds and Preference shares-Rating Symbols LAAA : Highest Safety LAA: High Safety LA: Adequate Safety LBBB: Moderate Safety LBB :Inadequate Safety LB: Risk prone LC: Substantial Risk LD: Default, Extremely speculative

Medium term including Fixed deposits Rating Symbols MAAA: Highest Safety MAA: High Safety MA : Adequate Safety MB : Inadequate Safety MC : Risk prone MD : Default
Short-term including CPs A-1: Highest Safety A-2: High Safety A-3: Adequate Safety A-4: Risk prone A-5: Default

 Rating of Debt funds

MfAAA: Highest Quality mfAA : High Quality mfA : Adequate Quality mfBBB : Moderate Quality mfBB :inadequate Quality mfB : poor Quality Equity grade starting from ER1 : Excellent Earning to ER6 : Poor Earnings

Subsidiaries of ICRA
GROUP ICRA
Credit Rating/Grading Management Consulting Software Solutions and Services Information Services/KPO

ICRA Limited (ICRA)

ICRA Management Consulting Services Limited (IMaCS)

ICRA Techno Analytics Limited (ICTEAS) ICRA Sapphire Inc.(ICSAP)

ICRA Online Limited (ICRON)

ICRA Indonesia (ICRAIndo)

ICRA Lanka Limited (ICRALanka)

Pragati Development Consulting Services Limited (PDCSL) IMaCS Virtus Global Partners, Inc. (IVGP)

Together, ICRA and its subsidiaries, along with their subsidiaries, form the ICRA Group of Companies, that is, Group ICRA. ICRA Indonesia (ICRAIndo), a subsidiary of ICRA Limited (ICRA), obtained its operating licence from Bapepam-LK, the Capital Market and Financial Institution Supervisory Board, in 2010.
ICRAIndo offers a wide range of Rating services, including Credit Rating of rupiah-denominated debt instruments issued by manufacturing companies, banks, finance companies and financial institutions; Issuer Rating of corporate entities, banks & financial institutions, service companies, infrastructure sector companies

 ICRALanka offers a wide range of Rating services in the Sri Lankan market, putting into use parent ICRAs accumulated experience in the areas of Credit Rating, Grading, and Investment Information. Its Rating focus is on entities mainly in the financial sector, besides long-, medium-, and short-term debt instruments issued by borrowers from various sectors of the economy.

EXPERTISE AND COVERAGE

Over the years, ICRA has built up in-depth expertise in diverse sectors of the Indian economy besides the economy itself. The key areas of specialization include, among others, the following: Economic research Corporate sector: including automobiles, pharmaceuticals, cement and building materials, textiles, hotels, metals and mining Public finance sector: including State Governments, and municipal and urban local bodies Financial sector: including banks, insurance companies, and financial services companies Infrastructure and utilities: including power, oil and gas, and transportation

THE RATING METHODOLOGY

ICRA considers all relevant factors that have a bearing on the future cash generation and debt servicing ability of the issuer. These factors include: industry characteristics regulations competitive position of the issuer operational efficiency management quality commitment to new projects and other associate companies funding policies of the issuer. Marketing strategies

A detailed analysis of past financial statements is made to assess performance under "real world" business dynamics.

Estimates of future earnings over the next 3-5 years under various sensitivity scenarios are drawn up and evaluated against the claims and obligations that require servicing.
Primarily, it is the relative comfort on the level and quality of the issuer's cash flows to service obligations that determines its rating.

Credit analysis and research limited

Establishment and history

Credit Analysis & Research Limited (CARE) was established in April 1993. It has been set up by IDBI in collaboration with some Banks and financial institutions. CARE is backed by a number of top Indian financial institutions. It is regarded as a top credit rating agency of India. CARE has executed 3175 rating deals till the 31st of March 2008. The Securities and Exchange Board of India has registered CARE as per the Securities & Exchange Board of India (Credit Rating Agencies) Regulations,1999.

Supporting institutes
The ratings of Credit Analysis & Research Limited (Care) are acknowledged by the following entities: Government of India Securities and Exchange Board of India Reserve Bank of India

Major shareholders

Main services
Advisory services : 1) Preparing credit reports: These credit reports are availed for different corporate houses. The credit reports worked out by CARE are instrumental in making decisions pertaining to collaborations, joint ventures, mergers, acquisitions. 2) Conducting studies in different sectors

Ratings of various entities

Corporate banks Financial institutions (FIs) Public sector undertakings (PSUs) Non-banking finance companies (NBFCs) SMEs State government bodies Municipal corporations Micro-finance institutions

Rating services
Structured obligations Commercial paper Debentures Fixed deposits

Bonds

Additional Rating/Grading Services

Corporate Governance Rating Rating of Parallel Markets Fund Credit Quality Ratings Rating of Collective Investment Scheme Insurance Rating Construction Grading IPO Grading

Rating committee
CARE has independent rating committee comprising reputed professionals with varied experience in industry, banking and FIs.

Rating symbols (Long and medium term instruments)

SYMBOLS CARE AAA CARE AA CARE A CARE BBB CARE BB CARE B CARE C CARE D RATING DEFINITION HIGHEST DEGREE OF SAFETY HIGH DEGREE OF SAFETY ADEQUATE DEGREE OF SAFETY MODERATE DEGREE OF SAFETY MODERATE RISK OF DEFAULT HIGH RISK OF DEFAULT VERY HIGH RISK OF DEFAULT IN DEFAULT OR EXPECTED TO BE IN DEFAULT SOON

Short term instruments

SYMBOLS RATING DEFINITION

CARE A1 CARE A2 CARE A3 CARE A4 CARE D

VERY STRONG DEGREE OF SAFETY STRONG DEGREE OF SAFETY MODERATE DEGREE OF SAFETY MINIMAL DEGREE OF SAFETY IN DEFAULT OR EXPECTED TO BE IN DEFAULT SOON

Limitations
These ratings do not recommend to invest. They do not take into account many aspect which influence investment decision. Rating essentially is an opinion on the relative quality of credit risk.