Fitch Ratings Bulletin[1]

www.fitchratings.com www.fitchindia.com

Indian Ratings Monthly


Fitch Ratings has affirmed India's Long‐Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BBB‐' with Stable Outlook. Fitch has also affirmed India's Short‐Term 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 debt‐to‐GDP 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 local‐currency 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% year‐on‐year 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 medium‐term economic growth prospects remain strong, as potential GDP growth remains greater than 8%, well above the 'BBB'‐range median.

July 2011

Fitch Affirms India at 'BBB‐'; Outlook Stable

Contents

What’s New? 10 Credit Ratings 32 Long‐Term Credit Ratings 32 Short‐Term Credit Ratings 33 Insurer Strength Financial Rating 35 Non‐Performing 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 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 >> page 2

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July 2011 2

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 three‐quarters state‐owned, 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 Asia‐Pacific at Fitch. As MD & CEO, Mr. Joshi will be responsible for managing the day‐to‐day 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 3

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 investment‐grade 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 short‐to‐medium 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, state‐run power producers including NTPC Limited ('BBB‐'/Stable) and Damodar Valley Corporation ('AA(ind)'/Negative) are likely to benefit from this decision.




July 2011 4

"Coal demand has increased significantly with the commissioning of new coal‐fired generation capacity. Given India's chronic power deficit, this trend is likely to continue. A lower‐than‐expected 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 demand‐supply 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 lower‐than‐expected gas production from existing fields and no new major gas discoveries. Additionally, the majority of the future generation capacity additions will be coal‐fired. Coal accounted for 54% of total power capacity at end‐ April 2011 and 66% of total electricity generated in FY11.

Government‐owned 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 non‐coking coal production has grown by 3.7 % CAGR over FY07‐FY11, below the rate of coal‐fired 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) government‐backed 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 pass‐on 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 terawatt‐hour (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 near‐term coal availability and price risks. As part of these efforts, CIL is planning quick liquidation of pit‐head 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 near‐to‐medium‐term, credit metrics of the merchant power and imported coal‐fired generators might come under pressure due to fuel cost increases and supply constraints. Generators which are able to pass‐through fuel cost increases could face increased off‐take risk as state power utilities may have limited appetite to buy expensive power. Fitch notes that the increase in the coal‐fired generation sector's risk profile has led to a reduction in investor interest and higher target investment returns for new power plants.




July 2011 5

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 Index‐Linked 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 6

• 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 "Non‐Monitored" Category

• Rates NTPC's Proposed USD Notes 'BBB‐(exp)'

• Migrates Aban Exim's Ratings to "Non‐Monitored" 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 "Non‐Monitored" Category

• Migrates Wockhardt's Ratings to "Non‐Monitored" 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 7

• 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 "Non‐Monitored" Category

• Affirms MindTree at 'AA(ind)' ; Outlook revised to Negative

• Migrates Texcomash International's Ratings to "Non‐Monitored" Category

• Migrates Om Shiv Estates' Ratings to "Non‐Monitored" 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 2011‐1

• Assigns Final Ratings to SREI ‐ Direct Assignment Dec 10‐II

• 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 2011‐03's Expected Ratings

• Affirms MMFSL DA March 2010 ‐ 1

• Migrates IML Loan Trust's Rating to "Non‐Monitored" Category




July 2011 8

Rating Actions Summary – June 2011 Sector Affirmations Upgrades Downgrades RWN Withdrawn/PIF Change in outlook Sovereign 1 ‐ ‐ ‐ ‐ ‐ Corporates 16 2 6 1 1 2 Banks & finance companies 3 ‐ ‐ ‐ ‐ 1 Securitisation 4 1 ‐ ‐ 2 2 Global infrastructure ‐ ‐ ‐ ‐ 1 ‐ Public finance ‐ ‐ ‐ ‐ ‐ ‐ Asset management ‐ ‐ ‐ ‐ ‐ ‐

Source: Fitch

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

Securitisation Comment 08 Jun 2011

Subh Laxmi Syntex Ltd Corporates Credit update 08 Jun 2011 Nectar Lifesciences Limited Corporates Credit update 08 Jun 2011 Jabil Circuits India Private Limited Corporates Credit update 08 Jun 2011 Shriram EPC Limited Corporates Credit update 08 Jun 2011 Aanjaneya Lifecare Limited Corporates Credit update 09 Jun 2011 WABCO‐TVS (INDIA) Limited Corporates Credit update 09 Jun 2011 IOT Engineering & Projects Ltd Corporates Credit update 09 Jun 2011 Crompton Greaves Ltd. Corporates Credit update 10 Jun 2011

Source: Fitch




July 2011 9

Fitchindia.com – Select Research (Cont.) Latest research Sector Type Date Stargaze Entertainment Private Limited Corporates Credit update 10 Jun 2011 Jubilant Motors Private Limited Corporates Credit update 10 Jun 2011 BC Sen & Company Limited Corporates Credit update 10 Jun 2011 Tata Marcopolo Motors Ltd Corporates Credit update 10 Jun 2011 B.N.T Connections Impex Limited Corporates Credit update 13 Jun 2011 Tribhovandas Bhimji Zaveri (Delhi) Pvt Ltd Corporates Credit update 13 Jun 2011 Gupta Machine Tools Limited Corporates Credit update 13 Jun 2011 Mumbai International Airport Private Limited Global Infrastructure Credit update 14 Jun 2011 Bajaj Energy Private Ltd Global Infrastructure Credit update 14 Jun 2011 SRC Metalicks Private Limited Corporates Credit update 13 Jun 2011 B.N.T Innovations Private Limited Corporates Credit update 13 Jun 2011 Eswar Rubber Products Private Limited Corporates Credit update 13 Jun 2011 DSL Hydrowatt Limited Global Infrastructure Credit update 14 Jun 2011 Tata Chemicals Limited Corporates Credit update 13 Jun 2011 STFCL DA Mar 2011‐03 Securitisation Presale report 16 Jun 2011 English Indian Clays Limited Corporates Credit update 17 Jun 2011 GE Capital Services India Banks Credit update 21 Jun 2011 Supreme Petrochem Ltd. Corporates Credit update 22 Jun 2011 Tushar Fabrics Pvt Ltd Corporates Credit update 22 Jun 2011 IRB Jaipur Deoli Global Infrastructure Credit update 22 Jun 2011 SK Wheels Pvt Ltd Corporates Credit update 22 Jun 2011 Sah Petroleums Limited Corporates Credit update 22 Jun 2011 Oriental Bank of Commerce Ltd. Banks Credit update 22 Jun 2011 India Sovereign Credit update 24 Jun 2011 Premium Transmission Limited Corporates Credit update 24 Jun 2011 Brahmani River Pellets Limited Corporates Credit update 24 Jun 2011 Corporation Bank Banks Credit update 24 Jun 2011 Indian Bank Banks Credit update 24 Jun 2011

Source: Fitch




July 2011 10

What’s New?

New Ratings New rating

Date Issuer name Long–term Short–term Outlook/watch Banks 08 Jun 2011 Indian Bank BBB‐ a F3 a Stable

Corporates 26 May 2011 Avani Vanijya Pvt. Ltd. ‐ F4(ind) ‐ 26 May 2011 Harshit Power & Ispat Pvt Ltd RD(ind)/C(ind)/D(ind) F5(ind) ‐ 26 May 2011 Manjeera Hotels and Resorts Limited B‐(ind) F4(ind) Stable 31 May 2011 Piccadily Agro Industries Limited BBB‐(ind) F3(ind) Stable 01 Jun 2011 Navnitlal Private Limited B(ind) ‐ Stable 01 Jun 2011 Raja Housing Limited B(ind) ‐ Stable 02 Jun 2011 Celestial Biolabs Limited BB(ind) F4(ind) Stable 07 Jun 2011 Balaji Amines Limited A‐(ind) F2+(ind) Stable 07 Jun 2011 Aegis Limited BB‐ a ‐ Stable 09 Jun 2011 Midfield Industries Limited C(ind) F5(ind) ‐ 10 Jun 2011 Indus Fila Limited D(ind) F5(ind) ‐ 14 Jun 2011 Andhra Pradesh Fibres Limited BB‐(ind) F4(ind) Stable 16 Jun 2011 Abellon CleanEnergy Ltd. BB(ind) ‐ Stable 22 Jun 2011 Komarla Hatcheries BB(ind) F4(ind) Stable 24 Jun 2011 Samprash Foods Private Limited B(ind) F4(ind) Stable

Global Infrastructure 08 Jun 2011 Jorbat Shillong Expressway Limited BBB+(ind) ‐ Stable a Signifies international ratings Source: Fitch

New Issuances Rating

Date Issuer name Amount Instrument Issue rating Outlook/watch Banks 26 May 2011 Goldman Sachs (India) Finance Private

Limited INR50m Unsecured,

redeemable, non‐ convertible, index‐ linked debentures

AAAemr(ind) Stable

Corporates 27 May 2011 NTPC Limited ‐ Proposed USD

notes BBB‐(exp) ‐

01 June 2011 Kiri Industries Limited INR1,000m Proposed non‐ convertible debenture

BBB+(ind) ‐

06 June 2011 Vedanta Resources PLC USD750m 6.75% senior notes BB a ‐ 06 June 2011 Vedanta Resources PLC USD900m 8.25% senior notes BB a ‐ 07 June 2011 Essar Services Mauritius' ‐ Proposed five to

seven‐year USD senior notes

BB‐(exp) ‐

Global Infrastructure 08 June 2011 Jorbat Shillong Expressway Limited INR400m Subordinated debt BBB(ind) Stable

Source: Fitch




July 2011 11

Affirmations Current rating

Date Issuer name Long–term Short–term Outlook/watch Sovereign 21 Jun 2011 Republic of India (Long‐Term Foreign and Local Currency

Issuer Default Ratings) BBB‐ a F3 a Stable

Banks 26 May 2011 Goldman Sachs (India) Finance Private Limited AAA(ind) F1+(ind) Stable 10 Jun 2011 Nomura Fixed Income Securities Private Limited ‐ F1+(ind) ‐ 10 Jun 2011 Asset Reconstruction Company (India) Limited A+(ind) ‐ Stable

Corporates 26 May 2011 Adhunik Corporation Limited BB(ind) F4(ind) Stable 27 May 2011 Lambodhara Textiles Limited BB(ind) F4(ind) Stable 30 May 2011 Jubilant Motors Private Limited BBB‐(ind) F3(ind) Stable 31 May 2011 Uttam Galva Steels Ltd. A(ind) F1(ind) Stable 01 Jun 2011 Savorit Limited B‐(ind) F4(ind) Stable 02 Jun 2011 Idea International Private Limited B‐(ind) F4(ind) Stable 06 Jun 2011 Capital Power Systems Limited B+(ind) F4(ind) Stable 06 Jun 2011 Capital Meters Limited B(ind) F4(ind) Stable 07 Jun 2011 Supreme Build Cap Limited BB(ind) ‐ Stable 07 Jun 2011 Spectrum Power Generation Limited BB‐(ind) ‐ Stable 08 Jun 2011 English Indian Clays Ltd A(ind) F1(ind) Stable 13 Jun 2011 Bhaskar Shrachi Alloys Limited B+(ind) F4(ind) Stable 15 Jun 2011 Talbros Automotive Limited BBB+(ind) F2+(ind) Stable 16 Jun 2011 KLT Automotive & Tubular Products Limited BB+(ind) F4 (ind) Stable 16 Jun 2011 Maharashtra Hybrid Seeds Company Limited A(ind) F1(ind) Stable 21 Jun 2011 MindTree Limited AA(ind) F1+(ind) Negative

Securitisation 08 Jun 2011 STFCL DA Program ‐ Feb 10 – 3 (purchaser payouts) AAA(ind)(SO)/ LS1 ‐ Stable 08 Jun 2011 STFCL DA Program ‐ Feb 10 – 3 (liquidity facility) AAA(ind)(SO) ‐ Stable 08 Jun 2011 STFCL DA Program ‐ Feb 10 – 4 (purchaser payouts) AAA(ind)(SO)/ LS1 ‐ Stable 08 Jun 2011 STFCL DA Program ‐ Feb 10 – 4 (liquidity facility) AAA(ind)(SO) ‐ Stable 08 Jun 2011 STFCL DA Program ‐ Feb 10 – 5 (purchaser payouts) AAA(ind)(SO)/ LS1 ‐ Stable 08 Jun 2011 STFCL DA Program ‐ Feb 10 – 5 (Second Loss Credit Facility) BBB(ind)(SO) ‐ Stable 17 Jun 2011 MMFSL DA March 2010 – 1 (purchaser payouts) AA(ind)(SO)/ LS1 ‐ Stable

a Signifies international ratings Source: Fitch

Upgrades and Downgrades New rating Previous rating

Date Issuer Long–term Short–term Outlook Long–term Short–term Outlook 27 May 2011 Bay Forge Ltd BB+(ind) F4(ind) Negative BBB+(ind) F2+(ind) Stable 31 May 2011 Hind Terminals Pvt Ltd BBB+(ind) F2(ind) Stable BBB(ind) F3(ind) Stable 02 Jun 2011 Vikas Telcom Limited D(ind) ‐ ‐ C(ind) ‐ ‐ 02 Jun 2011 Gobind Sugar Mills Limited B‐(ind) F4(ind) RWN B+(ind) F4(ind) Stable 08 Jun 2011 STFCL DA Program ‐ Feb 10 – 3 (Second Loss

Credit Facility) A‐(ind)(SO) ‐ Positive BBB(ind)(SO) ‐ Stable

09 Jun 2011 Intelligent Infrastructure Ltd. BB+(ind) ‐ Stable BB‐(ind) ‐ Stable 14 Jun 2011 Mudra Lifestyle Limited RD(ind) ‐ ‐ BBB(ind) ‐ Negative 14 Jun 2011 Mudra Lifestyle Limited D(ind)/C(ind) F5(ind) ‐ BBB(ind) F3(ind) Negative 16 Jun 2011 Minda Capital Limited B+(ind) ‐ Stable BB(ind) ‐ Stable 16 Jun 2011 KLT Automotive & Tubular Products Limited BB+(ind) F4 (ind) Stable BB(ind) F4 (ind) Stable

Source: Fitch




July 2011 12

Change in Outlook and Watch Current rating Previous rating

Date Issuer Long–term Short–term Outlook Long–term Short–term Outlook 27 May 2011 Bay Forge Ltd BB+(ind) F4(ind) Negative BBB+(ind) F2+(ind) Stable 02 Jun 2011 Gobind Sugar Mills Limited B‐(ind) F4(ind) RWN B+(ind) F4(ind) Stable 08 Jun 2011 STFCL DA Program ‐ Feb 10 – 3 (Second Loss

Credit Facility) A‐(ind)(SO) ‐ Positive BBB(ind)(SO) ‐ Stable

08 Jun 2011 STFCL DA Program ‐ Feb 10 – 4 (Second Loss Credit Facility)

BBB(ind)(SO) ‐ Positive BBB(ind)(SO) ‐ Stable

10 Jun 2011 Vijaya Bank AA(ind) ‐ Negative AA(ind) ‐ Stable 10 Jun 2011 Vijaya Bank (Upper Tier 2) AA‐(ind) ‐ Negative AA‐(ind) ‐ Stable 21 Jun 2011 MindTree Limited AA(ind) F1+(ind) Negative AA(ind) F1+(ind) Stable

Source: Fitch

Paid–in–Full Current rating Previous rating

Date Issuer Long–term Short–term Outlook Long–term Short–term Outlook 03 Jun 2011 Credit Asset Trust Series XLVII (Series A2) ‐ ‐ ‐ AAA(ind)(SO) ‐ Stable 03 Jun 2011 Credit Asset Trust Series XLVII (Series A1(IO)) ‐ ‐ ‐ AAA(ind)(SO) ‐ Stable 03 Jun 2011 Credit Asset Trust Series XLVII (Series A1(PO)) ‐ ‐ ‐ AAA(ind)(SO) ‐ Stable 03 Jun 2011 Credit Asset Trust Series XLVII (Series A3) ‐ ‐ ‐ AAA(ind)(SO) ‐ Stable

Source: Fitch

Withdrawn New rating Previous rating

Date Issuer Long–term Short–term Outlook Long–term Short–term Outlook 15 Jun 2011 Radico Khaitan Limited ‐ ‐ ‐ ‐ F1(ind) ‐ 16 Jun 2011 Kutch Railway Company Limited ‐ ‐ ‐ BBB+(ind) ‐ Positive 16 Jun 2011 STFCL DA Feb 2011‐03 (purchaser payouts) ‐ ‐ ‐ AAA(ind)(SO)(EXP)/LS–1 ‐ Stable 16 Jun 2011 STFCL DA Feb 2011‐03 (Second Loss Credit Facility) ‐ ‐ ‐ BBB(ind)(SO)(EXP) ‐ Stable

Source: Fitch

“Non‐Monitored” Category New rating Previous rating

Date Issuer Long–term Short–term Outlook Long–term Short–term Outlook 27 May 2011 Omaxe Limited B‐(ind)nm ‐ ‐ B‐(ind) ‐ RWP 27 May 2011 Aban Exim Private Limited B(ind)nm F4(ind)nm ‐ B(ind) F4(ind) Stable 02 June 2011 Parsvnath Developers Limited B‐(ind)nm F4(ind)nm ‐ B‐(ind) F4(ind) RWP 10 Jun 2011 Rama Phosphates Limited D(ind)nm ‐ ‐ D(ind) ‐ ‐ 13 Jun 2011 Wockhardt Ltd D(ind)nm F5(ind)nm ‐ D(ind) F5(ind) ‐ 17 Jun 2011 Din Dayal Purushottam Lal B‐(ind)nm F4(ind)nm ‐ B‐(ind) F4(ind) Stable 21 Jun 2011 IML Loan Trust (Series A1) ‐ F5(ind)(SO)nm ‐ ‐ F5(ind)(SO) ‐ 22 Jun 2011 Texcomash International Limited B(ind)nm F4(ind)nm ‐ B(ind) F4(ind) Stable 22 Jun 2011 Om Shiv Estates Private Limited B(ind)nm ‐ ‐ B(ind) ‐ RWN

Source: Fitch




July 2011 13

Ratings June 2011 Issuer rating Long–term Short–term Term deposits Outlook

Corporates A.L.L Services Under 1 Roof (India) Pvt. Ltd.þ – BB+(ind) F4(ind) – Stable Aban Exim Private Limitedþ – B(ind)nm F4(ind)nm – – Abellon CleanEnergy Ltd. þ ‐ BB(ind) ‐ ‐ Stable Ablaze Investrade Private Limitedþ ‐ BB‐(ind) F4(ind) ‐ Stable ABG Shipyard Ltdþ – A(ind) – – Stable ACC Limitedþ – AAA(ind) F1+(ind) – Stable Ace Calderys Limitedþ – A+(ind) F1+(ind) – Stable Actif Corporation Limited▼þ – BB+(ind) F4(ind) – – AD Hydro Power Limitedþ – BBB(ind) – – Stable Adarsh Developersþ – BB−(ind) – – Stable Adarsh Realty & Hotels Private Limitedþ – B+(ind – – Stable Adhunik Alloys and Power Limitedþ – BB+(ind) F4(ind) – Stable Adhunik Cement Limitedþ – BB−(ind) – – Stable Adhunik Corporation Limitedþ – BB(ind) F4(ind) – Stable Adhunik Industries Limitedþ – BBB−(ind) F3(ind) – Stable Adhunik Metaliks Limitedþ – BBB(ind) F2(ind) – Stable Adhunik Power and Natural Resources Limitedþ – BB(ind)nm – – – Aditya Birla Nuvo (formerly Indo Gulf Fertilisers Limited) – – F1+(ind) – – AES Chhattisgarh Energy Private Limitedþ – – F3(ind)(SO) – – AFL Dachser Pvt Ltdþ – BBB+(ind) F2(ind) – Stable Air Travel Bureau Limitedþ – BBB−(ind) F3(ind) – Stable Air–India Charters Limited – AAA(ind)(SO) – – – Air India Ltd (formerly National Aviation Company of India Limited) – AAA(ind)(SO) – – – Akash Coke Industries Private Limitedþ ‐ C(ind) F5(ind) ‐ ‐ Alankit Healthcare TPA Limitedþ – BBB−(ind) F3(ind) – Stable Alankit Lifecare Limitedþ – BB−(ind) F4(ind) – Stable Alchemist Hospitals Limitedþ – B+(ind) – – Stable Alchemist Limitedþ – BBB−(ind) F3(ind) – Stable Alliance Minerals Private Limitedþ – B−(ind) F4(ind) – Stable Amaravathi Sri Venkatesa Paper Mills Limitedþ – B+(ind) F4(ind) – Stable Amaravthy Spinning Millsþ – B(ind) F4(ind) – Stable Ambica Steels Limitedþ – BB+(ind) F4(ind) – Stable Ambuja Cement Limited (formerly Gujarat Ambuja Cements Limited) – AAA(ind) F1+(ind) – Stable Amir Chand Jagdish Kumar (Exports) Limitedþ – BBB−(ind) F3(ind) – Stable Amorphos Chemicals Private Limitedþ – B+(ind) F4(ind) – Stable Amon‐ra Impex Private Limitedþ ‐ B+(ind) F4(ind) ‐ Stable Anchor Malls Private Limitedþ – B+(ind) – – Stable Andrew Yule & Co. Ltdþ D C(ind) F5(ind) – – A‐One Industriesþ – BB(ind) F4(ind) – Stable Aanjaneya Lifecare Limitedþ – BBB−(ind) F3(ind) – Stable Althaf Shoes Private Limitedþ – BBB+(ind) F2+(ind) – Stable Andhra Pradesh Fibres Limitedþ ‐ BB‐(ind) F4(ind) ‐ Stable Ankur Drugs and Pharma Ltdþ – D(ind) F5(ind) – – Ansal Housing and Construction Limitedþ – BB−(ind) – – Stable Ansal Properties and Infrastructure Limited▲ – B−(ind) F4(ind) – – Antelec Pvt Ltdþ – BBB−(ind) F3(ind) – Positive AR Airways Private Limitedþ – BB−(ind) – – Stable Aradhya Steel Private Limitedþ – BB(ind) F4(ind) – Stable Aravali Infrapower Limitedþ – BBB(ind) F3(ind) – Stable Arch Pharmalabs Limited – – F1(ind) – – Aruna Alloy Steels Private Limitedþ – BB+(ind) F4(ind) – Stable Ashok Leyland Ltd – AA−(ind) – – Stable Asian Colour Coated Ispat Limitedþ – BBB−(ind) F3(ind) – Stable Atlanta Limitedþ – BBB−(ind) F3(ind) – Stable Aurobindo Pharma Limitedþ – AA−(ind) F1+(ind) – Stable Avani Projects & Infrastructure Limitedþ – B(ind) – – Stable Avani Vanijya Pvt. Ltd. þ ‐ ‐ F4(ind) ‐ ‐ Axiom Cordages Limited (formerly Axiom Impex International Limited)þ

– A−(ind) F2+(ind) – Positive

▼ Signifies Rating Watch Negative; ▲ Signifies Rating Watch Positive; ► Signifies Rating Watch Evolving # Under notice of withdrawal; SO – Structured Obligation; þ Bank Loan Ratings Source: Fitch




July 2011 14

Ratings June 2011 (Cont.) Issuer rating Long–term Short–term Term deposits Outlook

Corporates (cont.) B Sorabji Groupþ – B(ind) – – Stable B&A Multiwall Packaging Limitedþ – BB−(ind) F4(ind) – Stable Bajaj Eco Tech Products Limitedþ – B(ind) F4(ind) – Negative Bajaj Hindusthan Limitedþ ‐ A(ind) F1(ind) – Negative Balaji Oil Industries Private Limitedþ – BB(ind) F4(ind) – Stable Balaji Amines Limitedþ ‐ A‐(ind) F2+(ind) ‐ Stable Balasore Alloys Limitedþ – BB−(ind) F4(ind) – Stable BalKrishna Synthetics Ltdþ – BBB−(ind) F3(ind) – Stable Ballarpur Industries Limitedþ – AA−(ind) F1+(ind) – Negative Balmer Lawrie Company Limited – – F1+(ind) – – Bannari Amman Apparel Private Ltdþ – BB−(ind) F4(ind) – Stable Batliboi Environmental Engineering Ltd.þ – B+(ind) F4(ind) – Stable Batliboi Limitedþ – B−(ind) F4(ind) – Stable Bay Forge Ltdþ – BB+(ind) F4(ind) – Negative BC Sen & Coþ – BBB(ind) F2(ind) – Stable Best Milk Products Private Limitedþ ‐ B(ind) F4(ind) ‐ Stable Bhadresh Trading Corporation Ltdþ – BBB−(ind) F3(ind) – Stable Bhansali Engineering Polymers Limitedþ – BBB−(ind) F3(ind) – Stable Bharat Heavy Electricals Limitedþ – AAA(ind) F1+(ind) – Stable Bhartiya City Developers Private Limitedþ ‐ B‐(ind) ‐ ‐ Stable Bhartiya International Limitedþ – A−(ind) F2+(ind) – Stable Bharuch Enviro Infrastructure Pvt Limitedþ – BBB−(ind) F3(ind) – Stable Bhaskar Sarachi Alloys Ltdþ – B+(ind) F4(ind) – Stable Bhoruka Park Pvt Limitedþ – BBB+(ind) – – Stable Bhushan Power and Steel Limited (formerly Bhushan Limited)þ – A−(ind) F2+(ind) – Stable Bhushan Steel Limited (formerly Bhushan Steel & Strips Ltd.)þ A(ind)nm A(ind)nm F1(ind)nm – – Biax Specialty Films Private Limitedþ – BB+(ind) F4(ind) – Stable Bilcare Limitedþ – A(ind) F1(ind) – Stable BILT Graphic Paper Products Limitedþ – AA−(ind) F1+(ind) – Stable Binani Cements Limitedþ – A(ind) F1(ind) – Negative Biopac India Corporation Limitedþ – B(ind) F4(ind) – Stable Blue Dart Express Ltd – – F1+(ind) – – B.N.T. Connections Impex Ltdþ – B−(ind) F4(ind) – Stable B.N.T. Innovations Private Limitedþ – B−(ind) F4(ind) – Stable Bonai Industrial Company Ltdþ – AA−(ind) F1+(ind) – Stable Brahmani River Pellets Limitedþ – BB+(ind) – – Negative Brahma Iron & Power Ltdþ ‐ B(ind) ‐ ‐ Stable Britannia Industries Ltd – AAA(ind) – – Stable Budge Budge Refineries Ltd.þ – BB−(ind) F4(ind) – Stable Capital Distributorsþ – B+(ind)nm – – – Capital Meters Limitedþ – B(ind) F4(ind) – Stable Capital Power Infrastructure Private Limitedþ – BB(ind) F4(ind) – Positive Capital Power Systems Limitedþ – B+(ind) F4(ind) – Stable Caterpillar India Private Limitedþ – AAA(ind) F1+(ind) – Stable CCL Products (India) Limitedþ ‐ A‐(ind) F1(ind) ‐ Stable Celestial Biolabs Limitedþ ‐ BB(ind) F4(ind) ‐ Stable Century Textiles & Industries Limitedþ – AA−(ind)nm F1+(ind)nm – – CG Ispat Private Limitedþ – BB+(ind) F4(ind) – Stable Cheema Boilers Limitedþ – BBB(ind) F3(ind) – Stable Chemplast Sanmar Limitedþ – BBB−(ind) F3(ind) – Negative Chemrow India Private Limitedþ – B+(ind) F4(ind) – Stable Chetan Wood Processing Private Limitedþ – D(ind) – – – Chhatisgarh SEB A−(ind) A−(ind) – – Stable Choksi Imaging Limitedþ – BBB−(ind) F3(ind) – Stable CI Builders Pvt. Ltd. þ ‐ B(ind) F4(ind) ‐ Stable CI Finlease Ltd. þ ‐ BB−(ind) ‐ ‐ Stable Cinevistaas Ltd.þ – BB−(ind) F4(ind) – Stable CIPSA TEC India Private Limited (formerly CIPSA‐RIC India Pvt Ltd)þ – D(ind) F5(ind) – ‐ Claris Lifesciences Limitedþ – A−(ind) F1(ind) – Stable Colour Roof India Limitedþ – BB+(ind) F4(ind) – Stable Coromandel International Ltdþ – AA+(ind) – – Stable ▼ Signifies Rating Watch Negative; ▲ Signifies Rating Watch Positive; ► Signifies Rating Watch Evolving # Under notice of withdrawal; SO – Structured Obligation; þ Bank Loan Ratings Source: Fitch




July 2011 15


Corporates (cont.) Cosmic Ferro Alloys Ltdþ – BB+(ind) F4(ind) – Stable Cosmo Films Limitedþ – A−(ind) F1(ind) – Stable Crompton Greaves Limitedþ AA+(ind) AA+(ind) F1+(ind) – Stable Cronimet Alloys India Limitedþ ‐ BBB‐(ind) F3(ind) ‐ Stable Ctrl S Datacenters Limitedþ – BB−(ind) – – Stable Cyberabad Citizen Health Services (P) Ltdþ ‐ B+(ind) ‐ ‐ Stable Damodar Valley Corporationþ – AA‐(ind) – – Negative Damodar Engineers Private Limitedþ ‐ D(ind) F5(ind) ‐ ‐ Dattatreya Textiles Private Limitedþ ‐ BBB−(ind) F3(ind) ‐ Stable Dayanand Medical College & Hospital Managing Societyþ – A−(ind) F1(ind) – Stable DCW Limitedþ ‐ A‐(ind) F1(ind) ‐ Stable Deccan Charters Limitedþ – A−(ind) F2+(ind) – Stable Deccan Fine Chemicals (India) Pvt Ltdþ – BBB−(ind) F3(ind) – Stable Deepak Spinners Limitedþ – BB−(ind)nm F4(ind)nm – – Delhi Transco Limited – A+(ind) F1(ind) – Stable Delkor Technik India Private Limitedþ – BBB(ind) F3(ind) – Stable Delta Construction Systems Limitedþ – BB(ind) F4(ind) – Stable Delton Cables Limitedþ – BB+(ind) F4(ind) – Negative Dhruv Academy Limitedþ – B+(ind) – – Stable Diagold Designs Limitedþ – BB−(ind)nm F4(ind)nm – – Din Dayal Purushottam Lalþ – B−(ind)nm F4(ind)nm – ‐ Diwan Chand Medical Services Limitedþ ‐ BBB+(ind)(SO) F2+(ind)(SO) ‐ ‐ Donear Industries Limitedþ – BBB−(ind)nm F3(ind)nm – – DQ Entertainment (International) Limitedþ – BBB(ind) F2(ind) – Stable Duncans Industries Limited – D – – – Educomp Infrastructure and School Management Limited – A(ind)(SO) – – Stable Educomp Solutions Limited – A(ind) F1(ind) – Stable Electrical Manufacturing Company Limitedþ ‐ BBB+(ind) F2+(ind) ‐ Stable Elkay Telelinks Limitedþ – BBB−(ind) F3(ind) – Stable Emerald Mineral Exim Pvt. Ltd.þ – B(ind) F4(ind) – Stable Emta Coal Ltd. – A‐(ind) – – Stable Enercon Wind Farms (Hindustan) Pvt Ltd.þ – BB+(ind) – – Negative English Indian Clays Limitedþ – A(ind) F1(ind) – Stable Ennore Coke Limitedþ – B+(ind) F4(ind) – Stable Enpro Oil Private Limitedþ – BBB‐(ind) F3(ind) – Stable Enn Tee International Private Limitedþ – B+(ind) F4(ind) – Stable Eswar Rubber Products Pvt Ltdþ ‐ BB‐(ind) F4(ind) ‐ Stable Equinox Business Parks Pvt. Ltd (formerly Essar Technology Park BKC Pvt. Ltd)

– BBB‐(ind) – – Stable

Escorts Limitedþ – BB(ind) F4(ind) – Stable Eskay Knit India Limited▼þ – BBB+(ind) F2(ind) – – Essar Oil Limitedþ BBB‐(ind) – – Stable Essar Steel Ltdþ – – F1(ind) – Stable Essar Telecom Infrastructure Private Limited▲þ – BBB+(ind) F2+(ind) – – Eskay Knit India Limited▼þ – BBB+(ind) F2(ind) – – Essar Oil Limitedþ BBB‐(ind) – – Stable Essar Steel Ltdþ – – F1(ind) – Stable Essar Telecom Infrastructure Private Limited▲þ – BBB+(ind) F2+(ind) – – Everonn Education Limited (formerly Everonn Systems India Limited)þ

– A‐(ind) F1(ind) – Stable

Evershine Towers Pvt. Ltd.þ – B‐(ind) F4(ind) – Stable Exicom Tele–Systems Limitedþ – BB(ind) F4(ind) – Stable Exim Rajathi India Private Limitedþ ‐ RD(ind)/D(ind)/C(

ind) F5(ind) ‐ Stable

Exotica Internationalþ – B‐(ind) F4(ind) – Stable ▼ Signifies Rating Watch Negative; ▲ Signifies Rating Watch Positive; ► Signifies Rating Watch Evolving # Under notice of withdrawal; SO – Structured Obligation; þ Bank Loan Ratings Source: Fitch




July 2011 16

Ratings June 2011 (Cont.)

Corporates (cont.) Fabtech Projects & Engineers Ltdþ – BBB(ind) F2(ind) – Stable Fateh Chand Charitable Trustþ – BB+(ind) F4(ind) – Stable Feegrade & Company Pvt. Ltdþ – AA‐(ind) F1+(ind) – Stable FIL Industries Limitedþ – BB+(ind) F4(ind) – Stable Fleming Laboratories Ltd. þ ‐ BB‐(ind) F4(ind) ‐ Stable Fresenius Kabi India Private Limitedþ – BB+(ind) F4(ind) – Stable Fresenius Kabi India Private Limitedþ – A(ind)(SO) F1(ind)(SO) – Stable Fouress Engineering India Pvt Ltd.þ – BBB+(ind) F2(ind) – Stable Future Value Retail Limited – A‐(ind) – – Stable G.E.T. Power Private Ltdþ – BBB(ind) F3(ind) – Negative Gajanan Agro Mills Pvt Ltdþ – BB‐(ind) F4(ind) – Stable Gajanan Industriesþ – B+(ind) F4(ind) – Stable Gallantt Ispat Limitedþ – B+(ind) F4(ind) – Negative Gangakhed Sugar and Energy Pvt Ltdþ – BB‐(ind) – – Stable Gansons Limitedþ – BB‐(ind) F4(ind) – Stable Gateway Distriparks Limitedþ – A+(ind) F1(ind) – Stable Gateway Rail Freight Limitedþ A+(ind)(SO) F1(ind)(SO) – – Genus Paper Products Limitedþ – B(ind) F4(ind) – Stable Genus Power Infrastructures Limitedþ A‐(ind) A‐(ind) F1(ind) – Stable Ginni Filaments Limitedþ – B+(ind) F4(ind) – Stable Giriraj Enterprisesþ ‐ BBB(ind) F3(ind) ‐ Stable Gland Pharma Ltd.þ – BBB+(ind) F2+(ind) – Stable Global Green Company Limitedþ BBB(ind) F3(ind) – Stable Global Softech Limited▼þ – BBB+(ind)(SO) F2(ind)(SO) – – Gobind Sugar Mills Limited▼þ – B‐(ind) F4(ind) – – Gold Plus Glass Industry Limited▲þ – B(ind) F4(ind) – – Golkonda Hospitality Services and Resorts Limitedþ – B+(ind) F4(ind) – Stable Gontermann–Peipers (India) Limitedþ – RD(ind)/D(ind)/C(ind) F5(ind) – ‐ Gopsons Papers Limitedþ – BB(ind) F4(ind) – Stable Govind Rubber Limitedþ – B(ind) F4(ind) – Stable Govinda Impex Limitedþ – B(ind)nm F4(ind)nm – ‐ Goyal Energy & Steel Pvt. Ltd. – B+(ind) – – Stable Greaves Cotton Limitedþ – AA‐(ind) F1+(ind) – Positive GRIDCO Limitedþ – BBB‐(ind) F3 (ind) – Stable GR Infrastructure Private Ltdþ – BBB(ind) – – Stable GSPC Gas Company Limitedþ – A‐(ind) F1(ind) – Stable Greenearth Resources & Projects Ltd (formerly Austral Coke and Projects Ltd)þ

– BBB+(ind)nm F2+(ind)nm – –

Gupta Machine Tools Limited (formerly Precision Stampings)þ – BBB+(ind) F2+(ind) – Stable GTL Infrastructure Limited►þ – BBB‐(ind) F3(ind) – – Gujarat Borosil Limitedþ – BB(ind) F4(ind) – Stable Gujarat State Fertilisers & Chemicals Limitedþ – AA(ind) F1+(ind) – Stable Gurudeva Trustþ – B(ind) – – Stable Hale Electronics India Private Limitedþ ‐ B(ind) F4(ind) ‐ Stable Hanumant Vanijya Pvt. Ltd.þ – B(ind) – – Stable Hansa Metallics Ltdþ – BB(ind) F4(ind) – Stable Harshit Power & Ispat Pvt Ltdþ ‐ RD(ind)/C(ind)/D(ind) F5(ind) – ‐ Hathway Cable & Datacom Private Limitedþ – BBB+(ind) F2(ind) – Stable Hawa Valves (India) Private Limited – BB(ind) F4(ind) – Stable Hazel Metals and Minerals Limitedþ – BBB‐(ind)nm F3(ind)nm – – HCL Infosystems Limitedþ – AA‐(ind) F1+(ind) – Stable ▼ Signifies Rating Watch Negative; ▲ Signifies Rating Watch Positive; ► Signifies Rating Watch Evolving # Under notice of withdrawal; SO – Structured Obligation; þ Bank Loan Ratings Source: Fitch




July 2011 17


Corporates (cont.) HEG Limitedþ – AA‐(ind) F1+(ind) – Stable Hightemp Furnaces Limitedþ – BBB‐(ind) F3(ind) – Stable Hind Terminals Private Limitedþ – BBB+(ind) F2(ind) – Stable Hindustan Coca‐Cola Beverages Private Limitedþ – AAA(ind) F1+(ind) – Stable Hindustan Dorr‐Oliver Limitedþ – A(ind) F1(ind) – Stable Hindustan Petroleum Corporation Limited – AAA(ind) – – Stable Hindustan Unilever Limited (formerly Hindustan Lever Limited) – AAA(ind) – – Stable Hi–Tech Gears Limitedþ – A(ind) F1(ind) – Stable HPCL – Mittal Energy Limitedþ – A+(ind) – – Positive HPCL – Mittal Pipeline Limitedþ – A+(ind) – – Positive HPL Electric & Power Private Limitedþ – BBB+(ind) F2(ind) – Stable Hydroair Tectonics (PCD) Ltdþ – BBB(ind) F2(ind) – Stable IBM India Pvt. Ltd.þ – AAA(ind) F1+(ind) – Stable Ice Mobile Network Systems Private Limitedþ ‐ BB‐(ind) F4(ind) ‐ Stable Idea International Private Limitedþ – B‐(ind) F4(ind) – Stable Imperial Auto Industries Limitedþ – BBB+(ind) F2(ind) – Stable Imperial Readymade Garments Private Limitedþ ‐ B(ind) F4(ind) ‐ Stable Impex Ferro Tech Limitedþ ‐ C(ind) F5(ind) ‐ ‐ India Glycols Limitedþ – BBB+(ind) F2(ind) – Stable Indian Express Newspapers (Mumbai) Limitedþ – A‐(ind) – – Stable Indian Farmers Fertiliser Cooperative Limitedþ – AA(ind) F1+(ind) – Stable Indian Oil Corporation AAA(ind) AAA(ind) – – Stable Indian Renewable Energy Development Agency Limited (IREDA) – AA‐(ind) – – Stable Indo – Continental Hotels & Resort Ltdþ – BBB(ind) F3(ind) – Stable Indo Arya Central Transport Limitedþ – BBB+(ind) F2(ind) – Stable Indo Farm Equipment Ltd.þ – BBB(ind) F3(ind) – Stable Indo Power Projects Ltdþ – BB(ind) F4(ind) – Stable Indus Fila Limitedþ ‐ D(ind) F5(ind) ‐ ‐ IOT Engineering Projects Limitedþ ‐ A‐(ind) F1(ind) ‐ Stable IVRCL Limitedþ ‐ A+(ind) F1+(ind) ‐ Stable IndoSolar Limitedþ – BBB(ind) – – Stable Indore Treasure Market City Private Limitedþ – B+(ind) – – Stable Indotech Transformers Ltdþ – A‐(ind) F1(ind) – Stable Indic EMS Electronics Private Limitedþ – B(ind) F4(ind) – Stable Infomedia 18 Limited►þ – BBB‐(ind) F3(ind) – – Intelligent Infrastructure Ltdþ – BB+(ind) – – Stable Intergarden India Private Limitedþ – BBB(ind) F3(ind) – Stable IOT Anwesha Engineering & Construction Ltdþ – A‐(ind) F1(ind) – Stable IOT Infrastructure & Energy Services Ltdþ – AA‐(ind) F1+(ind) – Stable IOT Utkal Energy Services Limitedþ ‐ A(ind) F1(ind) ‐ Stable IRB Infrastructure Developers Ltdþ – A‐(ind) F1(ind) – Stable ISMT Limitedþ – A(ind) F1(ind) – Negative ITD Cementation India Limitedþ – – F2+(ind) – – IL&FS Education and Technology Services Limitedþ – A+(ind) F1(ind) – Stable IVRCL Assets & Holdings Ltd (formerly IVR Prime Urban Developers Ltd) – A+(ind)(SO) – – – IVRCL Infrastructures & Projects Limitedþ – A+(ind) F1+(ind) – Stable Jain Irrigation Systems Ltdþ – A(ind) F1(ind) – Stable Jaiprakash Hydro–Power Limitedþ – A(ind)nm ‐ – – J.G. Hosiery Pvt Ltdþ ‐ BBB(ind) F3(ind) ‐ Stable J Kumar Infraprojects Ltdþ – A‐(ind) F1(ind) – Stable J.Thomas & Co. Pvt. Ltd.þ – BBB‐(ind) – – Stable Jaisingh Wires Private Limitedþ – A(ind) F1(ind) – Stable JBF Industries Limitedþ – A(ind) F1(ind) – Stable Jesons Industries Limitedþ – BB‐(ind) F4(ind) – Stable Jindal Drilling & Industries Limitedþ – A‐(ind) F2+(ind) – Stable Jindal Photo Limitedþ – AA‐(ind) F1+(ind) – Negative Jindal Pipe Limitedþ – BBB+(ind) F2+(ind) – Stable JK Paper Limitedþ – A‐(ind) F1(ind) – Stable JMD Oils Private Limitedþ – BBB‐(ind) F3(ind) – Stable JNS Instruments Limitedþ – BBB(ind) F2(ind) – Stable ▼ Signifies Rating Watch Negative; ▲ Signifies Rating Watch Positive; ► Signifies Rating Watch Evolving # Under notice of withdrawal; SO – Structured Obligation; þ Bank Loan Ratings Source: Fitch




July 2011 18


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

‐ BBB+(ind)(SO) ‐ ‐ Stable

Meghalaya Energy Corporation Limited (formerly Meghalaya State Electricity Board)(INR1,200m)

– BBB+(ind)(SO) – – Stable

Meridian Apparels Limitedþ – BB‐(ind)nm F4(ind)nm – – Metecno India Private Limitedþ – BB‐(ind) F4(ind) – Stable Metro Dairy Limitedþ – BBB‐(ind)nm F3(ind)nm – – ▼ Signifies Rating Watch Negative; ▲ Signifies Rating Watch Positive; ► Signifies Rating Watch Evolving # Under notice of withdrawal; SO – Structured Obligation; þ Bank Loan Ratings Source: Fitch




July 2011 19


Corporates (cont.) Midfield Industries Limitedþ ‐ C(ind) F5(ind) ‐ ‐ Mihijam Vanaspati. Ltd.þ – B(ind) F4(ind) – Negative MIL Industries Limitedþ – BB‐(ind) F4(ind) – Stable Minda Capital Limitedþ – B+(ind) – – Stable Minda Corporation Limitedþ – BBB(ind) F2(ind) – Stable MindTree Limitedþ – AA(ind) F1+(ind) – Negative Mittal Hospitals Limitedþ – BB(ind) F4(ind) – Stable MJ Logistics Services Limitedþ – B+(ind) – – Stable Mokalbari Kanoi Tea Estate Pvt Ltdþ – B+(ind) F4(ind) – Stable Moods Hospitality Private Limitedþ – B(ind) – – Stable Motherson Advanced Tooling Solutions Limitedþ – BBB‐(ind) F3(ind) – Stable Motherson Auto Limitedþ – BBB‐(ind) – – Stable Mountain Spinning Mills Limitedþ – BB‐(ind) F4(ind) – Stable Mudra Lifestyle Limitedþ – RD(ind)/D(ind)/C(ind) F5(ind) – Negative Multicolor Steel (India) Pvt. Ltd. þ ‐ BB+(ind) F4(ind) ‐ Stable Multitude Infrastructures Private Limitedþ ‐ B+(ind) ‐ ‐ Stable Mumbai Waste Management Ltd. – A‐(ind) F2+(ind) – Stable Naga Limitedþ – BBB‐(ind) F3 (ind) – Stable Nandini Impex Private Limitedþ ‐ B+(ind) F4(ind) ‐ Stable National Peroxide Limitedþ – A(ind) F1(ind) – Stable Navin Gemsþ – D(ind) F5(ind) – – Navnitlal Private Limitedþ ‐ B(ind) ‐ ‐ Stable Navyug Enterprises Pvt. Ltd.þ – B‐(ind) F4(ind) – Stable Nectar Lifesciences Limitedþ – A‐(ind) F1(ind) – Stable Neelesh Industrial Agency Pvt Ltdþ – B+(ind) F4(ind) – Stable Neepaz V Forge (India) Limitedþ – B(ind) F4(ind) – Stable Neptune Developers Limited – BB‐(ind) – – Stable Neptune Developersþ – B(ind) – – Stable NEXT Retail Indiaþ – BB+(ind) – – Stable Neyveli Lignite Corporation Ltd – AAA(ind) – – Stable NHPC Limitedþ – AAA(ind) F1+(ind) – Stable Nickunj EDM Wires & Consumables Private Limitedþ – B+(ind) F4(ind) – Stable Nickunj Eximp Enterprises Private Limitedþ – B+(ind) F4(ind) – Stable NIIT Limitedþ – AA‐(ind) F1+(ind) – Stable Ninestars Information Technologies Limitedþ ‐ BBB‐(ind) F3(ind) ‐ Stable Nithya Packaging Private Limitedþ – BBB(ind) F2(ind) – Stable Noida Power Company Limitedþ – A‐(ind) F2+(ind) – Stable NR Agarwal Industries Ltdþ – BBB(ind) F2(ind) – Negative NTPC Limited ‐ AAA(ind) F1+(ind) ‐ Stable Officedge India Private Limitedþ – BB(ind) F4(ind) – Stable Om Shiv Estates Private Limitedþ – B(ind)nm – – – Omaxe Limited – B‐(ind)nm – – – Orient Fashion Exports (India) Private Limitedþ – BBB‐(ind) F3(ind) – Stable Oswal Knit India Limitedþ ‐ BB‐(ind) F4(ind) ‐ Stable Overseas Infrastructure Alliance (India) Private Limitedþ – BBB‐(ind) F3(ind) – Stable P.N. Writer & Company Pvt Ltdþ ‐ A‐(ind) ‐ ‐ Stable P.S. Krishnamurthy Steels Private Limitedþ – BB+(ind) F4(ind) – Stable Pakiza Retail Ltdþ – BB(ind) – – Stable Pantaloon Retail (India) Limitedþ – A‐(ind) F1(ind) – Stable Panyam Cement & Mineral Industries Ltdþ B‐(ind)/B‐(ind) (EXP) F4(ind) (EXP) – Stable Parikh Fabrics Pvt Ltd.þ – D(ind) – – – Parsvnath Developers Limitedþ – B‐(ind)nm F4ind)nm – – Patel Integrated Logistics Limitedþ – BBB‐(ind) F3(ind) – Stable Pawa International Private Limitedþ – B‐(ind) F4(ind) – Stable PDK Shenaz Hotels Private Limitedþ ‐ C(ind) ‐ ‐ ‐ Pearl Polymers Limitedþ – BB+(ind) F4(ind) – Stable PEC Limitedþ – A‐(ind) F2+(ind) – Stable Petronet LNG Ltd AA(ind) – F1+(ind) – Stable PG Glass Pvt. Ltdþ ‐ D (ind) ‐ ‐ ‐ Phillips Carbon Black Limitedþ – A(ind) F1(ind) – Negative ▼ Signifies Rating Watch Negative; ▲ Signifies Rating Watch Positive; ► Signifies Rating Watch Evolving # Under notice of withdrawal; SO – Structured Obligation; þ Bank Loan Ratings Source: Fitch




July 2011 20


Corporates (cont.) Phorotech Surfin (India) Pvt Ltdþ – BB+(ind) – – Stable Piccadily Agro Industries Limitedþ ‐ BBB‐(ind) F3(ind) ‐ Stable PKS Limitedþ – – F5(ind) – – Plastolene Polymers Private Limitedþ – – F4(ind) – Stable Polycab Cables Private Limitedþ – A‐(ind) F2+(ind) – Stable Polycab Wires Industries Private Limitedþ – BBB(ind) F2(ind) – Stable Polycab Wires Private Limitedþ – A+(ind) F1(ind) – Stable Polyhose Rubber India Private Limitedþ – BB+(ind) F4(ind) – Stable Pooja Forge Limitedþ – BBB(ind) F2(ind) – Positive Poompuhar Shipping Corporation Limitedþ ‐ BBB(ind) F2(ind) ‐ Stable Power Finance Corporation Limited AAA(ind) – F1+(ind) – Stable Power Spinning Millsþ – B+(ind) F4(ind) – Stable Pragati Glass Pvt. Ltd. þ ‐ D(ind) ‐ ‐ ‐ Prakash Ply Centre Pvt. Ltd. þ ‐ B+(ind) F4(ind) ‐ Stable Prakash Ply Exim Pvt. Ltd. þ ‐ B+(ind) F4(ind) ‐ Stable Pratibha Shipping Company Limitedþ – BBB(ind) F2(ind) – Stable Precision Automation and Robotics India Limitedþ – A‐(ind) F1(ind) – Stable Premium Transmission Ltd (formerly Premium Energy Transmission Limited)þ

– A+(ind) F1(ind) – Stable

Prime Impex Limitedþ – – F5(ind) – – Prime Pulses Pvt. Ltd.þ – – F5(ind) – – Priya Limitedþ – – F4(ind) – – PSL Limitedþ – A‐(ind) F2+(ind) – Stable PTC India Limitedþ – – F1+(ind) – – Puravankara Projects Limited – BBB(ind) – – Stable PVN Fabricsþ – B+(ind) F4(ind) – Stable PVN Tex Industriesþ – B+(ind) F4(ind) – Stable QH Talbros Limitedþ – BBB(ind) F2(ind) – Stable R.K. Infracorp Private Limitedþ – BB(ind) F4(ind) – Stable R.S. Vanijya Private Limitedþ – B‐(ind) F4(ind) – Stable Rabirun Vinimay Pvt. Ltd.þ – BB‐(ind) – – Stable Railone Projects Private Limitedþ – B+(ind) F4(ind) – Stable Rain Cements Ltdþ ‐ A‐(ind) F2+(ind) ‐ Negative Rain CII Carbon (Vizag) Ltd▼þ ‐ A‐(ind) F2+(ind) ‐ ‐ Raj Rayon Limitedþ – BB+(ind) F4(ind) – Stable Raja Housing Limitedþ ‐ B(ind) ‐ ‐ Stable Rajasthan Patrika Private Limitedþ – BBB+(ind) F2+(ind) – Stable Rama Phosphates Ltd. – D(ind)nm – – – Rangoli International Private Limitedþ – BB+(ind) F4(ind) – Stable Rashmi Cement Ltdþ ‐ BB+(ind)nm F4(ind)nm – – Rashmi Metaliks Ltdþ – BB+(ind) F4(ind) – Stable Rashtriya ispat Nigam Limitedþ – AA(ind) F1+(ind) – Stable Raychem RPG Limitedþ – A+(ind) F1+(ind) – Stable Real Image Media Technologies Pvt Ltd.þ – BBB(ind) F2(ind) – Stable Reckon Pharmachem Private Limitedþ – BB(ind) F4(ind) – Stable Reliance Industries Limited – AAA(ind) – – Stable Reliance Infrastructure Limited (formerly Reliance Energy Limited)þ – AA(ind) F1+(ind) – Stable Reproscan Tech Parkþ – BB+(ind)nm – – ‐ Responsive Industries Limitedþ – A‐(ind) F2+(ind) – Positive Riba Textiles Limitedþ ‐ D(ind) F5(ind) ‐ ‐ Richa Industries Limitedþ – BBB(ind)nm F3(ind)nm – ‐ Ronit Nirman Private Limitedþ – B(ind)nm – – – Roto India Enterpriseþ – F4(ind) – – – Routes Travel Limitedþ – BBB‐(ind) F3(ind) – Stable Rungta Mines Limitedþ – AA(ind) F1+(ind) – Stable Rungta Sons Pvt. Ltdþ – AA‐(ind) F1+(ind) – Stable Rupa & Company Limitedþ ‐ A‐(ind) F1(ind) ‐ Stable Rupa Infotech & Infrastructure Pvt Ltdþ – B+(ind) – – Stable ▼ Signifies Rating Watch Negative; ▲ Signifies Rating Watch Positive; ► Signifies Rating Watch Evolving # Under notice of withdrawal; SO – Structured Obligation; þ Bank Loan Ratings Source: Fitch




July 2011 21


Corporates (cont.) Rural Electrification Corporation Limited AAA(ind) AAA(ind) F1+(ind) – Stable Idea Cellular Limited(formerly Spice Communications Ltd) – BBB(ind) – – Stable S R Enterpriseþ – B‐(ind) F4(ind) – Stable Saati Kusumgar India Private Limitedþ ‐ B+(ind) F4(ind) ‐ Stable Sadhu Forging Limitedþ – BBB(ind) F3(ind) – Negative Safari Industries (India) Limitedþ – BB‐(ind) F4(ind) – Stable Sah Petroleums Limitedþ – BBB+(ind) F2+(ind) – Stable Sahyogi Distributors Limitedþ – – F4(ind) – – Sai Sponge (India) Limitedþ – BB‐(ind) F4(ind) – Stable Saluja Steel & Power Private Limitedþ ‐ C(ind) F5(ind) ‐ ‐ Samprash Foods Private Limitedþ ‐ B(ind) F4(ind) ‐ Stable Samtex Fashions Limitedþ – BB(ind) F4(ind) – Stable Sandhar Technologies Limitedþ – A‐(ind) F1(ind) – Positive Saraf Chemical Company Limitedþ – B+(ind) F4(ind) – Stable Sargam Retails Private Limited▼þ – A‐(ind) – – ‐ Sarju Impex Limitedþ – B(ind) F4(ind) – Stable Satyam Auto Components Limitedþ – AA‐(ind) F1+(ind) – Stable Saurav Chemicals Limitedþ ‐ BB(ind) F4(ind) ‐ Stable Savorit Limitedþ – B‐(ind) F4(ind) – Stable SEAM Industrials Pvt. Ltd. (formerly Sunil Hitech Engineers & Manufacturers Pvt Ltd)þ

– BB+(ind) F4(ind) – Stable

SES Technologies Limitedþ – BBB‐(ind)nm F3(ind)nm – ‐ SEW Infrastructure Limitedþ – AA‐(ind) F1+(ind) – Stable Sharad Constructions Private Ltdþ – BB(ind) F4(ind) – Stable Sharmanji Yarns Private Limitedþ – BB(ind) F4(ind) – Stable Shetron Limitedþ – BB(ind F4(ind) – Stable Shilpi Cable Technologies Limitedþ – B(ind) F4(ind) – Stable Shivam Meltech Private Limited – B‐(ind) F4(ind) – Stable Shoppers Stop Limitedþ – – F1+(ind) – – Shree Renuka Sugars Limited▼ – A+(ind) F1(ind) – – Shree Shyam Pulp and Board Mills Limitedþ – BBB+(ind) F2(ind) – Stable Shri Bajrang Metallics & Power Ltd.þ – BBB+(ind) F2+(ind) – Stable Shri Bajrang Power & Ispat Ltd.þ – BBB+(ind) F2+(ind) – Stable Shri Mahavir Ferro Alloys Private Limitedþ – BB‐(ind)nm F4(ind)nm – – Shri Pariyur Amman Kraft Papers Private Limitedþ – B‐(ind)nm – – – Shriram EPC Ltdþ – BBB+(ind) F2+(ind) – Stable Shriram Pistons & Rings Limitedþ – AA‐(ind) F1+(ind) – Stable Shyam Telecom Limitedþ – BBB‐(ind) F3(ind) – Stable Singan Projects Ltdþ – BB(ind) F4(ind) – Stable Sistema Shyam Teleservices Limitedþ – A‐(ind)(SO) – – – Siva Swathi Constructions Private Limitedþ – BBB‐(ind) F3(ind) – Stable SK Wheels Private Ltdþ – BB‐(ind) F4(ind) – Stable Sona Okegawa Precision Forging Limitedþ – BB(ind) F4(ind) – Stable Spectrum Power Generation Ltd – B(ind) (preference

shares) – – Stable

Spencer’s Travel Services Limitedþ – BB‐(ind) F4(ind) – Stable SPL Industries Limitedþ – BBB‐(ind)nm F3(ind)nm – – Spun Micro–Processing Private Limitedþ – B(ind) F4(ind) – Stable SRC Metalicks Pvt Ltd. þ – D(ind) F5(ind) – – Sree Astalaxmi Spinning Mills Pvt Ltdþ – BB‐(ind) F4(ind) – Stable Sree Dhanya Construction Companyþ – B+(ind)nm F4(ind)nm – – SRF Limitedþ – AA‐(ind) F1+(ind) – Positive Sri Avantika Contractors (I) Ltdþ ‐ BBB‐(ind) F3(ind) ‐ Stable Sri Balaji Logs Products Private Limitedþ – BB‐(ind) F4(ind) – Stable Sri Gayatri Minerals Pvt. Ltdþ – BBB‐(ind) F3(ind) – Stable Sri kaliswari Metal Powders Private Limitedþ ‐ BB+(ind)(SO) F4(ind)(SO) ‐ Stable Sri Salasar Balaji Agro Tech Pvt Ltdþ – B+(ind) F4(ind) – Stable Sri Venkatram Spinners Private Limitedþ – D(ind) F5(ind) – – Sripathi Paper and Boards Private Limitedþ – BBB(ind) F3(ind) – Stable ▼ Signifies Rating Watch Negative; ▲ Signifies Rating Watch Positive; ► Signifies Rating Watch Evolving # Under notice of withdrawal; SO – Structured Obligation; þ Bank Loan Ratings Source: Fitch




July 2011 22


Corporates (cont.) SRS Modern Ltd.þ – BB‐(ind) F4(ind) – Stable SSA International Limitedþ – BB(ind) F4(ind) – Stable Stargaze Entertainment Private Limitedþ – BB‐(ind) – – Negative Steel Authority of India Limited AAA(ind) AAA(ind) F1+(ind) tAAA(ind) Stable Steel Strips Wheels Ltdþ – A‐(ind) F2+(ind) – Stable Sterling Tools Limitedþ – BBB+(ind) F2+(ind) – Stable STL Global Limitedþ – C(ind)nm F5(ind)nm – – Stork Ferro and Mineral Industries Pvt. Ltdþ – B‐(ind) F4(ind) – Stable Strands Textile Mills Pvt. Ltd.þ – B‐(ind) – – Stable Strides Arcolab Limited – BBB‐(ind) – – Stable Suashish Diamonds Limitedþ – BBB(ind) F2(ind) – Stable Subhlaxmi Syntex Ltdþ – BB‐(ind) F4(ind) – Stable Sukhsagar Infotech Pvt. Ltdþ – B‐(ind) F4(ind) – Stable Sundaram Textiles Limitedþ ‐ BBB‐(ind) F3(ind) ‐ Stable Sunil Hi–Tech Engineers Limitedþ – BBB+(ind) F2+(ind) – Stable Sunny Trexim Pvt. Ltd.þ ‐ ‐ F4(ind) ‐ ‐ Supermint Exports Pvt. Ltd. þ ‐ B+(ind) F4(ind) ‐ Stable Supreme Build Cap Limitedþ – BB(ind) – – Stable Supreme Petrochem Limitedþ – A‐(ind) F1(ind) – Stable Supreme Petrochem Limitedþ ‐ A(ind)(EXP) F1(ind)(EXP) ‐ Stable Suraj Constructionsþ – D(ind)nm – – – Suresh Angadi Education Foundationþ – B+(ind) – – Stable Surina Impex Pvt. Ltd.þ – B(ind) F4(ind) – Stable Surya Processors Private Limitedþ – BB‐(ind) F4(ind) – Stable Surya Vinayak Industries Limitedþ – BBB(ind) F3(ind) – Stable Sutlej Textiles & Industries Limitedþ – BBB‐(ind) F3(ind) – Stable Syrma Technology Private Limitedþ – BB+(ind) F4(ind) – Stable T & T Motors Limited – BB(ind) F4(ind) – Stable Talbros Automotive Components Ltdþ – BBB+(ind) F2+(ind) – Stable Talwandi Sabo Power Ltd AA+(ind)(SO) – – – Target Associates Private Limitedþ ‐ B‐(ind) F4(ind) ‐ Stable Tata Chemicals Limitedþ – AA(ind) F1+(ind) – Stable Tata Marcopolo Motors Ltdþ ‐ A(ind) F1(ind) ‐ Stable Tata Power Trading Company Limitedþ BBB+(ind) F2+(ind) – Positive Tata Projects Limitedþ – AA‐(ind) F1+(ind) – Stable Tata Steel Limitedþ – AA(ind) F1+(ind) – Stable Tebma Shipyards Limitedþ – BB(ind) F4(ind) – Negative Techno Electronics Limitedþ – A‐(ind)(SO) F1(ind)(SO) – Stable Technofab Engineering Limitedþ – BBB(ind) F2(ind) – Stable Tecumseh Products India Private Limitedþ – B‐(ind) F4(ind) – Stable Television Eighteen India Limited►þ – BBB(ind) F2(ind) – – Tera Software Limitedþ ‐ BBB(ind) F3(ind) ‐ Stable Texcomash International Limited – B(ind)nm F4(ind)nm – ‐ Thangam Steel Limitedþ – BB+(ind) F4(ind) – Stable The Himalaya Drug Companyþ – A‐(ind) F1(ind) – Stable The Lake Palace Hotels & Motels Pvt. Ltdþ – BB(ind) – – Stable The Mysore Paper Mills Ltd (INR350m bond issue) – AA‐(ind)(SO) – – Stable The Mysore Paper Mills Ltd (INR500m bond issue) – AA‐(ind)(SO)(Exp) – – Stable The Tuticorin Spinning Mills Limitedþ – BB‐(ind) F4(ind) – Stable The Umrao Institute of Medical Science & Researchþ – B(ind) F4(ind) – Stable Tirumala Balaji Alloys Pvt. Ltdþ – BB+(ind) F4(ind) – Stable Tirupati Plastomatics Private Limitedþ – BB+(ind)nm F4(ind)nm – – Trading Engineers (International) Limitedþ – BBB+(ind) F2+(ind) – Stable Transworld Furtichem Private Limitedþ – BB(ind) F4(ind) – Stable Tribhovandas Bhimji Zaveri (Delhi) Pvt. Ltdþ ‐ BB+(ind) F4(ind) ‐ Stable Trimex Minerals Private Limitedþ – B‐(ind) F4(ind) – Negative Triveni Engicons Private Limitedþ – BB+(ind) F4(ind) – Stable Tulip Telecom Ltd – – F1+(ind) – – ▼ Signifies Rating Watch Negative; ▲ Signifies Rating Watch Positive; ► Signifies Rating Watch Evolving # Under notice of withdrawal; SO – Structured Obligation; þ Bank Loan Ratings Source: Fitch




July 2011 23


Corporates (cont.) Tushar Fabrics Pvt Ltdþ ‐ B+(ind) ‐ ‐ Stable TVS Srichakra Limitedþ – A‐(ind) F2+(ind) – Stable UEM India Private Limitedþ – BBB(ind) F3(ind) – Stable UFLEX Limitedþ – BBB(ind) F2(ind) – Stable Ultimate Flexipack Limitedþ – BBB‐(ind) F3(ind) – Stable Ubico Networks Private Limitedþ ‐ BB‐(ind) ‐ ‐ Stable Uniphos Agro Industries Limitedþ – BB(ind) F4(ind) – Stable Unistar Galvaniser & Fabricators Pvt Ltdþ – B+(ind) F4(ind) – Stable Unitech Limitedþ – B‐(ind)nm F4(ind)nm – – Unitech Machines Limitedþ – A‐(ind) F1(ind) – Stable Usha Martin Limitedþ – A+(ind) F1+(ind – Stable Uttam Galva Steels Limitedþ – A(ind) F1(ind) – Stable Uttam Industrial Engineering Limitedþ – B+(ind) F4(ind) – Stable Uttam Sucrotech International Private Limitedþ – BBB‐(ind) F3(ind) – Stable Uttam Sugar Mills Limitedþ – B(ind) F4(ind) – Stable Vakil Housing Development Corporation Private Limitedþ – B‐(ind) F4(ind) – Stable Value Industries Limitedþ – BBB+(ind) F2+(ind) – Stable Variegate Projects Private Limitedþ – BB+(ind) F4(ind) – Stable Variety Prints Pvt Ltdþ – B(ind) F4(ind) – Stable Varun Beverages Limitedþ – A‐(ind)nm F2+(ind)nm – – Varun Shipping Limitedþ – BBB+(ind) F2(ind) – Negative Vedanta Aluminium Ltdþ ‐ AA(ind)(SO) ‐ ‐ ‐ VHB Lifesciences Ltdþ – BBB‐(ind)nm F3(ind)nm – ‐ VHB Medisciences Ltdþ – D(ind)nm F5(ind)nm – ‐ Videocon Industries Limitedþ – A‐(ind) F1(ind) – Negative Vikas Telecom Limitedþ – D(ind) – – ‐ Vikash Metal and Power Limitedþ – C(ind) F5(ind – – Vikhroli Corporate Park Private Limitedþ ‐ BBB(ind) ‐ ‐ Stable Vikrant Forge Limitedþ ‐ BB‐(ind) F4(ind) ‐ Stable Vinayaka Missions Universityþ – BBB+(ind) F2(ind) – Stable Viom Networks Limited (formerly Quippo Telecom Infrastructure Limited)►þ

– BBB(ind)nm F3(ind)nm – –

Visakha Tradesþ ‐ B+(ind) F4(ind) ‐ Stable Vraj Packaging Private Limitedþ – BB+(ind) F4(ind) – Stable WABCO‐TVS (India) Limitedþ – AA+(ind) F1+(ind) – Stable Wanbury Limitedþ – D(ind) F5(ind) – – Wartsila India Limitedþ – AA‐(ind) F1+(ind) – Stable Wearit Global Ltd.þ – B‐(ind) F4(ind) – Stable Welspun Global Brands Limitedþ – A‐(ind) F2+(ind) – Stable Winner Nippon Electronics Ltd.þ – B(ind) F4(ind) – Stable Wockhardt Limitedþ – D(ind)nm F5(ind)nm – – Xenitis Infotech Limitedþ – D(ind) F5(ind) – – Xerox India Limitedþ – A(ind) F1(ind) – Stable XPRO India Limitedþ – BBB‐(ind) F3(ind) – Stable Zion Steel Limitedþ – B(ind) – – Stable

Banks & Finance Companies Allahabad Bank – AA(ind) – – Positive Andhra Bank – AA+(ind) F1+(ind) tAAA(ind) Stable Andhra Bank – AA+(ind) (lower tier 2) – – Stable Asset Reconstruction (Company) India Limitedþ – A+(ind) – – Stable Axis Bank – AAA(ind) – – Stable Axis Bank – AA+(ind) (tier 1 &

upper tier 2) – – Stable

Banc of America Securities (India) Private Limited – – F1+(ind) – – Bank of Baroda – AAA(ind) F1+(ind) tAAA(ind) Stable Bank of Tokyo–Mitsubishi UFJ – – F1+(ind) – – Barclays Bank PLC India Branch – – F1+(ind) – – BSS Microfinance Private Limitedþ – BBB‐(ind) – – Stable ▼ Signifies Rating Watch Negative; ▲ Signifies Rating Watch Positive; ► Signifies Rating Watch Evolving # Under notice of withdrawal; SO – Structured Obligation; þ Bank Loan Ratings Source: Fitch




July 2011 24


Banks & Finance Companies (cont.) Berar Finance Limitedþ – BB+(ind) – – Stable Deutsche Postbank Home Finance Limited (formerly BHW Home Finance Limited) ▼þ

– AA+(ind) F1+(ind) – –

Canara Bank – AAA(ind) – – Stable Catholic Syrian Bank (The) – BBB(ind) – – Stable Cholamandalam Investment and Finance Company Limited (formerly Cholamandalam DBS Finance)

– AA‐(ind) – – Stable

Citibank NA – India Branch – – F1+(ind) – – City Union Bank Limited – A(ind) – – Positive Dena Bank – AA‐(ind) F1+(ind) – Stable Dena Bank – A‐(ind) (tier 1& upper

tier 2) – – Stable

Dena Bank – AA‐(ind) (lower tier 2) – – Stable Development Credit Bank Limited – BBB(ind) – – Stable Dhanlaxmi Bank – BBB(ind) – – Positive DSP Merrill Lynch Capital Limited – AAA(ind) F1+(ind) – Stable DSP Merrill Lynch Capital Limited – AAA(ind)(emr) (EXP) – – Stable Export Import Bank of India (EXIM)þ – AAA(ind) – – Stable Federal Bank Limited – AA‐(ind) – – Stable Fullerton India Credit Company Limited (formerly First India Credit) – AA+(ind) F1+(ind) – Stable Goldman Sachs (India) Finance Pvt. Ltd. – – F1+(ind)(SO) – – Goldman Sachs (India) Finance Pvt. Ltd. – AAAemr(ind) F1+(ind) – Stable Goldman Sachs India Capital Markets Pvt. Ltd. ‐ ‐ F1+(ind) ‐ ‐ Grama Vidiyal Microfinance Limited – – F2+(ind) – – GE Capital Services India – AAA(ind) F1+(ind) – Stable HDFC Bank Limited – AAA(ind) F1+(ind) tAAA(ind) Stable Housing and Urban Development Corporation Limited (HUDCO) AA+(ind) AA+(ind) F1+(ind) – Stable India Infoline Limited – – F1+(ind) – – India Infrastructure Finance Company Limited (Series I 2007–08) – AAA(ind)(SO) – – – India Infrastructure Finance Company Limited (Series I and II 2008–09) – AAA (EXP)(ind)(SO) – – – Indian Bank – AA+(ind) F1+(ind) – Stable IndusInd Bank Limited – AA‐(ind) F1+(ind) – Stable IndusInd Bank Limited – A(ind) (upper tier 2) – – Stable Investsmart Financial Services Ltd. – AAA(ind) F1+(ind) – Stable IDBI Bank Ltd – AA+(ind) F1+(ind) tAAA(ind) Stable IDBI Bank Ltd – AA‐(ind) (upper tier 2) – – Stable IDBI Bank Ltd – AA+(ind) (lower tier 2) – – Stable Infrastructure Development Finance Company Limited – AAA(ind) – – Stable Infrastructure Leasing & Financial Services Ltd. – AAA(ind) F1+(ind) – Stable IL&FS Financial Services Ltd. – – F1+(ind) – – ING Vysya Bank Limited – AA‐(ind) – – Stable Jammu and Kashmir Bank – AA(ind) – – Stable Karur Vysya Bank Limited – A+(ind) – – Stable Kotak Mahindra Bank Limited – AA+(ind) F1+(ind) – Stable Kotak Mahindra Bank Limited – AA(ind) (upper tier 2) – – Stable Lakshmi Vilas Bank – BBB+ (ind) F2+ (ind) – Stable Macquarie Finance (India) Private Limited – AAA(ind) – – Stable Macquarie Finance (India) Private Limited – AAA(ind) (EXP) (emr) – – Stable Mahindra & Mahindra Financial Services Limited – AA(ind) – – Positive Morgan Stanley India Company Pvt. Ltd. – – F1+(ind) – – Morgan Stanley India Capital Private Ltd – AAA(ind) F1+(ind) – Stable Morgan Stanley India Capital Private Ltd (INR42m & INR25m) – AAA(ind)(emr) – – Stable Morgan Stanley India Capital Private Ltd – AAA(ind) (EXP) (emr) – – Stable National Housing Bankþ – AAA(ind) F1+(ind) tAAA(ind) Stable National Trust Housing Finance Limitedþ – BBB‐(ind) – – Stable Nomura Capital (India) Private Limited – AAA(ind) F1+(ind) – Stable Nomura Capital (India) Private Limited AAA(ind) (EXP) (emr) – – Stable ▼ Signifies Rating Watch Negative; ▲ Signifies Rating Watch Positive; ► Signifies Rating Watch Evolving # Under notice of withdrawal; SO – Structured Obligation; þ Bank Loan Ratings Source: Fitch




July 2011 25


Banks & Finance Companies (cont.) Nomura Fixed Income Securities Private Limited – – F1+(ind) – – Punjab National Bank – AAA(ind) F1+(ind) – Stable RBS Financial Services (India) Private Limited ‐ AAA(ind) F1+(ind) ‐ Stable Reliance Capital Limited – – F1+(ind) – – Religare Finvest Limited – AA‐(ind) – – Stable Shriram City Union Finance Limitedþ – AA‐(ind) F1+(ind) tAA‐(ind) Stable Shriram Transport Finance Co. Ltd.þ – AA(ind) F1+(ind) tAA(ind) Stable South Indian Bank Limited – A+(ind) – – Stable SREI Equipment Finance Pvt Ltd – AA(ind) F1+(ind) – Negative SREI Infrastructure Finance Limited – AA‐(ind) F1+(ind) ‐ Negative State Bank of India – AAA(ind) – – Stable Sundaram Finance Limitedþ – AA+(ind) F1+(ind) – Stable The Hongkong and Shanghai Banking Corporation Ltd (India Branch) – – F1+(ind) – – UCO Bank – AA(ind) – – Stable UCO Bank – A(ind) (tier 1 &

upper tier 2) – – Stable

Union Bank of India – AA+(ind) – – Stable Union Bank of India – AA(ind) (tier 1

& upper tier 2) – – Stable

Vijaya Bank – AA(ind) – – Negative Vijaya Bank – AA‐(ind) (upper

tier 2) – – Negative

Structured Enercon Windfarms Karnataka Limited – AAA(ind)(SO) – – Stable First Leasing Company of India Limited – AAA(ind)(SO) F1+(ind) tAA+(ind) Negative ITI Limited – “I” Series Bond – D(ind)(SO) – – – ITI Limited – “J” Series Bond▼ – D(ind)(SO) – – – ITI Limited – “J–1” Series Bond – D(ind)(SO) – – – IVRCL Assets & Holdings Ltd (formerly IVR Prime Urban Developers Ltd) – A+(ind)(SO) – – – Jabil Circuits India Private Limitedþ – AA+(ind)(SO) F1+(ind)(SO) – – L & T Holdings Limited – AAA(ind)(SO) F1+(ind) – Stable Malana Power Co Limited – AAA(ind)(SO) – – Stable Neelachal Ispat Nigam Limited – AA‐(ind)(SO)

(EXP)nm – – –

Idea Cellular Limited(formerly Spice Communications Ltd)þ – A‐(ind)(SO) F1(ind)(SO) – Stable Idea Cellular Limited (formerly Spice Communications Ltd)þ – A+(ind)(SO) F1+(ind)(SO) – Stable Tata Teleservices Limited – AAA(ind)(SO) – – Stable

Public Finance Agartala Municipal Council BB‐(ind) – – – Stable Ajmer Municipal Corporation BBB‐(ind) – – – Stable Andhra Pradesh State Finance Corporationþ ‐ BBB+(ind) – – Stable Andhra Pradesh State Financial Corporation (APSFC) INR1,210m Series IV– 2009

– A(ind)(SO) – – Stable

Andhra Pradesh State Financial Corporation (APSFC) INR1,000m Series III– 2008


Andhra Pradesh State Financial Corporation (APSFC) INR1,500m Series II–2008 – A(ind)(SO) – – Stable Andhra Pradesh State Financial Corporation (APSFC) INR500m Series I–2007 – A(ind)(SO) – – Stable Bhopal Municipal Corporation BBB‐(ind) – – – Stable Food Corporation of India (INR3bn) – – F1+(ind) – – Guwahati Municipal Corporation BB(ind) – – – Stable Imphal Municipal Council B‐(ind) – – – Stable Indian Railway Finance Corporation AAA(ind) – F1+(ind) – Stable Indore Municipal Corporation BBB(ind) – – – Stable Jabalpur Municipal Corporation BB+(ind) – – – Stable Jaipur Municipal Corporation BBB+(ind) – – – Stable ▼ Signifies Rating Watch Negative; ▲ Signifies Rating Watch Positive; ► Signifies Rating Watch Evolving # Under notice of withdrawal; SO – Structured Obligation; þ Bank Loan Ratings Source: Fitch




July 2011 26


Public Finance (cont.) Kalyan Dombivili Municipal Corporation A(ind) – – – Stable Karnataka State Financial Corporation (INR3bn 2006) – AA‐(ind)(SO) – – Stable Karnataka State Financial Corporation (INR1bn 2009) – AA‐(ind)(SO) – – Stable Karnataka State Industrial Investment & Development Corporation (INR3bn) – AA‐(ind)(SO) – – Stable Kohima Municipal Council BB+(ind) – – – Stable Kulgaon Badlapur Municipal Council BB+(ind) – – – Stable Maharashtra Jeevan Pradhikaran – (INR2.011bn Series XI) – A‐(ind)(SO) – – Stable Maharashtra Jeevan Pradhikaran – (INR5.842 Series XII) – A(ind)(SO) – – Stable Maharashtra Patbandhare Vittiya Company Limited – Series III (INR5bn) – A(ind)(SO) – – Stable Maharashtra Patbandhare Vittiya Company Limited (MPVC) – Series IV (INR505m)

– A‐(ind)(SO) – – Stable

Maharashtra Patbandhare Vittiya Company Limited (MPVC) –Series II (INR314.4m)


Mira Bhayander Municipal Corporation A‐(ind) – – – Stable Municipal Corporation of Greater Mumbai AA(ind) – – – Stable Municipal Corporation of Delhi AA‐(ind) – – – Stable Nagpur Municipal Corporation – (INR217m) – AA(ind)(SO) – – Stable National Capital Region Planning Board — (INR2bn) – AAA(ind)(SO) – – Stable National Highways Authority of India – (INR80bn) – AAA(ind) – – Stable National Highways Authority of India – (INR16.3bn FY09) – AAA(ind) – – Stable National Highways Authority of India – (INR11.5363bn FY10) – AAA(ind) – – Stable National Highways Authority of India – (INR20.0bn FY11) – AAA(ind) – – Stable National Highways Authority of India – (Proposed INR19bn FY12) ‐ AAA(ind) – – Stable National Highways Authority of India – (Proposed INR100bn FY12) ‐ AAA(ind) – – Stable National Seeds Corporation Limitedþ – AA‐(ind) – – Stable Navi Mumbai Municipal Corporation AA(ind) – – – Stable New Delhi Municipal Council AA(ind) – – – Stable Orissa State Civil Supplies Corporation Limitedþ – BBB(ind)nm – – – Pimpri Chinchwad Municipal Corporation AA‐(ind) – – – Positive Pune Municipal Corporation AA‐(ind) – – – Stable Punjab State Cooperative Milk Producers Federation Limitedþ – BBB(ind) F2(ind) – Stable Municipal Board of Shillong B+(ind) – – – Stable Tamil Nadu Electricity Board (INR6bn) ► – A(ind)(SO) – – – Tamil Nadu Electricity Board (INR10bn) ► – A(ind)(SO) (EXP) – – – Tamil Nadu Road Development Company Ltd (TNRDC) – A+(ind)(SO) – – Stable Thane Municipal Corporation AA‐(ind) – – – Stable Ujjain Municipal Corporation BB(ind) – – – Positive Water and Sanitation Pooled Fund (INR831.9m PFDF enhanced Issue II 2009) – AA(ind)(SO)

(EXP) – – –

Water and Sanitation Pooled Fund (INR450m PFDF enhanced Issue II 2007) – AA(ind)(SO) – – Water and Sanitation Pooled Fund (INR304.1m Issue I 2002) – AA(ind)(SO) – – Stable West Bengal Infrastructure Development Finance Corporation Ltd (WBIDFC) (Series 2004–05)


West Bengal Infrastructure Development Finance Corporation Ltd (WBIDFC) (Series 2005–06)


West Bengal Infrastructure Development Finance Corporation Ltd (WBIDFC) (Series 2007–08)


Global Infrastructure A.J. Tolls Private Limitedþ – A(ind) – – Stable Bajaj Energy Private Ltd – BBB(ind) – – Stable Bijapur Hungund Tollway Private Limitedþ – BBB(ind) – – Stable Chennai Water Desalination Ltdþ – BBB+(ind) – – Stable Coastal Gujarat Power Ltdþ – BBB(ind)nm – – ‐ Corporate Power Ltdþ – BBB‐(ind) (EXP)

(senior project bank loans)

– – –

▼ Signifies Rating Watch Negative; ▲ Signifies Rating Watch Positive; ► Signifies Rating Watch Evolving # Under notice of withdrawal; SO – Structured Obligation; þ Bank Loan Ratings Source: Fitch




July 2011 27


Global Infrastructure (cont.) Corporate Power Ltdþ – BB+(ind) (EXP)

(subordinate project bank loans)

– – –

DSL Hydrowatt Ltd.þ – B‐(ind) – – Stable GVNS Tollwaysþ – BB+(ind) – – Stable GVR‐RMN Hubli Lakshmeshwar Road Project Private Ltdþ – BBB+(ind) – – Stable IDAA Infrastructure Private Limitedþ – BBB+(ind) – – Positive Ideal Energy Projects Limitedþ – BB+(ind) – – Stable IRB Jaipur Deoli Tollway Private Limitedþ ‐ BBB‐(ind) ‐ ‐ Stable IRB Kolhapur Integrated Road Development Company Private Ltdþ – A‐(ind)(SO) – – Stable IRB Surat–Dahisar Tollway Private Limitedþ BBB(ind) – – Stable Ircon–Soma Tollways Pvt Ltdþ – BBB‐(ind) – – Positive IVRCL Indore Gujarat Tollways Limitedþ – BBB(ind) – – Stable Jalandhar Amritsar Tollways Limited▼þ – BB+(ind) – – – Jindal India Thermal Power Ltdþ – BB+(ind) (senior

projects bank loans) – – Stable

Jindal India Thermal Power Ltdþ – BB‐(ind) (subordinated projects bank loans)

– – Stable

Jorbat Shillong Expressway Limitedþ ‐ BBB+(ind)/BBB(ind) ‐ ‐ Stable Kumarapalayam Tollways Ltd – BBB‐(ind) – – Negative Kutch Railway Company Ltdþ – BBB+(ind) – – Positive L&T Samakhiali Gandhidham Tollway Private Limitedþ – BBB(ind) – – Stable Madurai Municipal Waste Processing Company Private Ltdþ – D – – – Maithon Power Limitedþ – A‐(ind) – – Stable Maithon Power Limitedþ – A‐(ind) (EXP) – – Stable Meenakshi Energy Private Limited▼þ – BB+(ind) – – – MEP Toll Road Private Limitedþ ‐ BBB‐(ind)/ BB(ind) ‐ ‐ Stable Mhaiskar Infrast ructure Private Limitedþ – AA‐(ind) – – Stable Mumbai International Airport Private Limited (INR2.6bn non–fund based working capital)þ

– BBB+(ind) – – Positive

Mumbai International Airport Private Limited (INR42.31bn existing loan)þ


Mumbai International Airport Private Limited (INR21.44bn new loan)þ


Mumbai International Airport Private Limited (INR420m fund based working capital)þ


Mumbai International Airport Private Limited (INR6.2bn non–fund based working capital)þ

– BBB+(ind) – – Stable

North Karnataka Expressways Ltdþ – AAA(ind)(SO) – – Stable Salem Tollways Limitedþ – BB+(ind) – – Negative Sathyam Power Private Limitedþ – BB‐(ind) – – Stable SEW–Navayuga Barwani Tollways Private Ltd (senior bank loans)þ – BBB‐(ind) – – Stable SEW–Navayuga Barwani Tollways Private Ltd (subordinated bank loans)þ – BB+(ind) – – Stable Transtech Green Power Pvt Ltdþ – BB+(ind) – – Stable

Asset Management Benchmark Liquid BeES Fund – AAAmmf(ind) – – – IDFC Savings Advantage Fund – AAA(ind) V1(ind) – – IDFC Ultra ‐ Short Term Fund – AAA(ind) V1(ind) – – JP Morgan India Capital Protection Oriented Fund – AAA(ind)(SO) – – – LICMF Income Plus Fund – AA+(ind) V1(ind) – – LICMF Liquid Fund – AAAmmf(ind) – – – SBI Capital Protection Oriented Fund‐Series III Fund ‐ AAA(ind)(SO)(EXP) ‐ ‐ ‐ UTI Floating Rate Fund (short term plan) – AAA(ind) V1(ind) – – UTI Liquid Fund (cash plan) – AAAmmf(ind) – – – UTI Money Market Mutual Fund – AAAmmf(ind) – – – ▼ Signifies Rating Watch Negative; ▲ Signifies Rating Watch Positive; ► Signifies Rating Watch Evolving # Under notice of withdrawal; SO – Structured Obligation; þ Bank Loan Ratings Source: Fitch




July 2011 28

Securitisation Ratings June 2011 Issuer rating Long–term Short–term Loss severity Outlook

Residential Mortgage–Backed Security (RMBS) HDFC DA June 10 –I (purchaser payouts) – AAA(ind)(SO) – LS–1 Stable HDFC DA June 10 –I (second loss credit facility) – BBB(ind)(SO) – – Stable HDFC DA June 10 –II (purchaser payouts) – AAA(ind)(SO) – LS–1 Stable HDFC DA June 10 –II (second loss credit facility) – BBB(ind)(SO) – – Stable HDFC DA June 10 –III (purchaser payouts) – AAA(ind)(SO) – LS–1 Stable HDFC DA June 10 –III (second loss credit facility) – BBB(ind)(SO) – – Stable HDFC DA December 2010 – I (purchaser payouts) – AAA(ind)(SO) – LS–1 Stable HDFC DA December 2010 – I (second loss credit facility) – BBB(ind)(SO) – – Stable HDFC DA December 2010 – II (purchaser payouts) – AAA(ind)(SO) – LS–1 Stable HDFC DA December 2010 – II (second loss credit facility) – BBB(ind)(SO) – – Stable HDFC DA December 2010 – III (purchaser payouts) – AAA(ind)(SO) – LS–1 Stable HDFC DA December 2010 – III (second loss credit facility) – BBB(ind)(SO) – – Stable HDFC DA Non–PSL Nov 09 – AAA(ind)(SO) – LS–1 Stable HDFC DA Non–PSL Nov 09 (second loss credit facility) – BBB(ind)(SO) – – Stable HDFC DA PSL Nov 09 – AAA(ind)(SO) – LS–1 Stable HDFC DA PSL Nov 09 (second loss credit facility) – BBB(ind)(SO) – – Stable HDFC: MBS 2006 Series I Trust (Class A) – AAA(ind)(SO) – LS–1 Stable HDFC: MBS 2006 Series II Trust (Class A1) – AAA(ind)(SO) – LS–1 Stable HDFC: MBS 2006 Series II Trust (Class A2) – AAA(ind)(SO) – LS–5 Stable HDFC: MBS 2006 Series III Trust (Class A1) – AAA(ind)(SO) – LS–1 Stable HDFC: MBS 2006 Series III Trust (Class A2) – AAA(ind)(SO) – LS–5 Stable HDFCs Direct Assignment Residential Mortgages–March 09 (INR9,637.7m) – AAA(ind)(SO) – – Stable HDFCs Direct Assignment Residential Mortgages–March 09 (INR9,690m) – AAA(ind)(SO) – – Stable Indian RMBS 2003 Trust Series I (Series A) – AAA(ind)(SO) – LS–1 Stable Indian RMBS Trust Series VIII (Series A) – AAA(ind)(SO) – LS–1 Stable Nivas Trust II (Series A) – AAA(ind)(SO) – LS–1 Stable Royal Trust July 2004 – AAA(ind)(SO) – LS–1 Stable Royal Trust June 2004 – AAA(ind)(SO) – LS–1 Stable Royal Trust May 2004 (Series A1) – AAA(ind)(SO) – LS–1 Stable Royal Trust May 2004 (Series A2) – AAA(ind)(SO) – LS–1 Stable

Asset–Backed Security (ABS) DA Program–Oct 09 – 1 – AAA(ind)(SO) – LS–1 Stable DA Program–Oct 09 – 1 (second loss credit facility) – BBB(ind)(SO) – – Stable DA Program–Sep 09 – 1 – AAA(ind)(SO) – LS–1 Stable DA Program–Sep 09 – 1 (second loss credit facility) – BBB(ind)(SO) – – Positive DA Program–Sep 09 – 2 – AAA(ind)(SO) – LS–1 Stable DA Program–Sep 09 – 3 – AAA(ind)(SO) – LS–1 Stable DA Program–Dec 09 – 1 – AAA(ind)(SO) – LS–1 Stable DA Program–Dec 09 – 1 (second loss credit facility) – BBB+(ind)(SO) – LS–1 Stable ICICI Mar 10–SRTO Transaction – AAA(ind)(SO) – LS–1 Stable ILSS 2 Trust 2009 (Series A) – AAA(ind)(SO) – LS–1 Stable Indian Infrastructure Equipment Receivable Trust July 2009 (Class A4) – AAA(ind)(SO) – LS–1 Stable Indian Infrastructure Equipment Receivable Trust July 2009 (Class A5) – AAA(ind)(SO) – LS–1 Stable Indian Infrastructure Equipment Receivables Trust July 2010 (Series A1) – AAA(ind)(SO) – LS–1 Stable Indian Infrastructure Equipment Receivables Trust July 2010 (second loss credit facility)

– BBB(ind)(SO) – – Stable

Indian Retail ABS Trust 91 (liquidity facility) – AAA(ind)(SO) – – Stable Indian Retail ABS Trust 91 (Second Loss Credit Facility) – A(ind)(SO) – – Negative Indian Retail ABS Trust 91 (Series A4) – AAA(ind)(SO) – – Stable Indian Retail ABS Trust 91 (Series A5) – AAA(ind)(SO) – LS–1 Stable India Structured Asset Trust–Series XII (Series A4) – AAA(ind)(SO) – – – India Structured Asset Trust–Series XII (Series A5) – AAA(ind)(SO) – – – India Structured Asset Trust–Series XII (Series A6) – AAA(ind)(SO) – – – India Structured Asset Trust–Series XII (Series A7) – AAA(ind)(SO) – – – India Structured Asset Trust–Series XII (Series A8) – AAA(ind)(SO) – – – India Structured Asset Trust–Series XII (Series A9) – AAA(ind)(SO) – – – India Structured Asset Trust–Series XII (Series A10) – AAA(ind)(SO) – – –

Source: Fitch




July 2011 29

Securitisation Ratings June 2011 (Cont.) Issuer rating Long–term Short–term Loss severity Outlook

Asset–Backed Security (ABS) (cont.) India Structured Asset Trust–Series XII (Series A11) – AAA(ind)(SO) – – – India Structured Asset Trust–Series XII (Series A12) – AAA(ind)(SO) – – – India Structured Asset Trust–Series XII (Series A13) – AAA(ind)(SO) – – – India Structured Asset Trust–Series XII (Series A14) – AAA(ind)(SO) – – – India Structured Asset Trust–Series XII (Series A15) – AAA(ind)(SO) – – – India Structured Asset Trust–Series XII (Series A16) – AAA(ind)(SO) – – – India Structured Asset Trust–Series XII (Series A17) – AAA(ind)(SO) – – – India Structured Asset Trust–Series XII (Series A18) – AAA(ind)(SO) – – – India Structured Asset Trust–Series XII (Series A19) – AAA(ind)(SO) – – – India Structured Asset Trust–Series XII (Series A20) – AAA(ind)(SO) – – – India Structured Asset Trust–Series XII (Series A21) – AAA(ind)(SO) – – – India Structured Asset Trust–Series XII (Series A22) – AAA(ind)(SO) – – – India Structured Asset Trust–Series XII (Series A23) – AAA(ind)(SO) – – – India Structured Asset Trust–Series XII (Series A24) – AAA(ind)(SO) – – – India Structured Asset Trust–Series XII (Series A25) – AAA(ind)(SO) – – – MMFSL DA Sep 2009 – 1 – AA(ind)(SO) – LS–1 Stable MMFSL DA Dec 2009 – 2 – AA(ind)(SO) – LS–1 Stable MMFSL DA Dec 2010 – 1 – AA(ind)(SO) – LS–1 Stable MMFSL DA March 2010 – 1 – AA(ind)(SO) – LS–1 Stable MMFSL DA June 2010 – 1 – AA(ind)(SO) – LS–1 Stable MMFSL DA Sep 2010‐1 – AA(ind)(SO) – LS–1 Stable MMFSL DA Feb 2011‐1 ‐ AA(ind)(SO) – LS–1 Stable Novo IV Trust – Locomotive (Series F) – AAA(ind)(SO) – – Stable Novo IV Trust – Locomotive (Series G) – AAA(ind)(SO) – – Stable Novo IV Trust – Locomotive (Series H) – AAA(ind)(SO) – – Stable Novo IV Trust – Locomotive (Series I) – AAA(ind)(SO) – – Stable Novo IV Trust – Locomotive (Series J) – AAA(ind)(SO) – – Stable Novo V Trust (Series A) – AAA(ind)(SO) – LS–1 Stable Novo IX Trust–Chassis (Series A) – AAA(ind)(SO) – LS–1 Stable Novo IX Trust–Chassis (Series A) (second loss credit facility) – BBB(ind)(SO) – – Stable Novo X Trust‐ Locomotive (Series B) ‐ ‐ F1+(ind)(SO)(EXP) ‐ ‐ Novo X Trust‐ Locomotive (Series C) ‐ AAA(ind)(SO)(EXP) ‐ ‐ Stable Novo X Trust‐ Locomotive (Series D) ‐ AAA(ind)(SO)(EXP) ‐ ‐ Stable Novo X Trust‐ Locomotive (Series E) ‐ AAA(ind)(SO)(EXP) ‐ ‐ Stable Novo X Trust‐ Locomotive (Series F) ‐ AAA(ind)(SO)(EXP) ‐ ‐ Stable Novo X Trust‐ Locomotive (Series G) ‐ AAA(ind)(SO)(EXP) ‐ ‐ Stable Novo X Trust‐ Locomotive (Series H) ‐ AAA(ind)(SO)(EXP) ‐ ‐ Stable Novo X Trust‐ Locomotive (Series I) ‐ AAA(ind)(SO)(EXP) ‐ ‐ Stable Novo X Trust‐ Locomotive (Series J) ‐ AAA(ind)(SO)(EXP) ‐ ‐ Stable Novo X Trust‐ Locomotive (Series K) ‐ AAA(ind)(SO)(EXP) ‐ ‐ Stable Novo X Trust‐ Locomotive (Series L) ‐ AAA(ind)(SO)(EXP) ‐ ‐ Stable Novo X Trust‐ Locomotive (Series M) ‐ AAA(ind)(SO)(EXP) ‐ ‐ Stable Novo X Trust‐ Locomotive (Series N) ‐ AAA(ind)(SO)(EXP) ‐ ‐ Stable Novo X Trust‐ Locomotive (Series O) ‐ AAA(ind)(SO)(EXP) ‐ ‐ Stable Novo X Trust‐ Locomotive (Series P) ‐ AAA(ind)(SO)(EXP) ‐ ‐ Stable Novo X Trust‐ Locomotive (Series Q) ‐ AAA(ind)(SO)(EXP) ‐ ‐ Stable Novo X Trust‐ Locomotive (Series R) ‐ AAA(ind)(SO)(EXP) ‐ ‐ Stable Novo X Trust‐ Locomotive (Series S) ‐ AAA(ind)(SO)(EXP) ‐ ‐ Stable Novo X Trust‐ Locomotive (Series T) ‐ AAA(ind)(SO)(EXP) ‐ ‐ Stable Novo X Trust‐ Locomotive (Series U) ‐ AAA(ind)(SO)(EXP) ‐ ‐ Stable Novo X Trust‐ Locomotive (Series V) ‐ AAA(ind)(SO)(EXP) ‐ ‐ Stable Novo X Trust‐ Locomotive (Series W) ‐ AAA(ind)(SO)(EXP) ‐ ‐ Stable SCUF ‐ DA Program Sept 2010 – 01 (purchaser payouts) – A+(ind)(SO) – LS–1 Stable SCUF ‐ DA Program Sept 2010 – 02 (purchaser payouts) – A+(ind)(SO) – LS–1 Stable SCUF ‐ DA Program Sept 2010 – 03 (purchaser payouts) – A+(ind)(SO) – LS–1 Stable SCUF DA Mar 2011‐ 01 (purchaser payouts) ‐ AAA(ind)(SO) – LS–1 Stable Small Operators Trust 2010 (Series A2) – AAA(ind)(SO) – LS–1 Stable Small Operators Trust 2010 (Series A3) – AAA(ind)(SO) – LS–1 Stable Small Operators Trust 2010 (second loss credit facility) – BBB(ind)(SO) – – Stable Small Operators Trust 2011 (Series A1) – AAA(ind)(SO) – LS–1 Stable

Source: FitchISIEmergingMarketsPDF us-eyintranet from 125.21.171.18 on 2011-07-19 08:43:11 EDT. DownloadPDF.



July 2011 30


Asset–Backed Security (ABS) (cont.) Small Operators Trust 2011 (Series A2) – AAA(ind)(SO) – – – Small Operators Trust 2011 (second loss credit facility) – BBB(ind)(SO) – – Stable Small Operators Trust II 2011 (Series A1) – AAA(ind)(SO) – LS–1 Stable Small Operators Trust II 2011(Second loss credit facility) – BBB(ind)(SO) – – Stable SREI – Direct Assignment Sep 09 – AAA(ind)(SO) – LS–1 Stable SREI – Direct Assignment – March 10 – II (purchaser payouts) – AAA(ind)(SO) – LS–1 Stable SREI – Direct Assignment – March 10 – II (second loss credit facility) – BBB(ind)(SO) – – Stable SREI ‐ Direct Assignment Dec 10 – II (purchaser payouts) – AAA(ind)(SO) – LS–1 Stable SREI ‐ Direct Assignment Dec 10 – II (second loss credit facility) – BBB(ind)(SO) – – Stable SREI ‐ Direct Assignment ‐ Dec 10 – I – AAA(ind)(SO) – LS–1 Stable SREI Direct Assignment ‐ Mar’11 IV (purchaser payouts) – AA(ind)(SO)(EXP) – LS–1 Stable SRTO Priority Sector Pool Trust 2008 (Series A) – AAA(ind)(SO) – LS–1 Stable DA Program–0905–1 – AAA(ind)(SO) – LS–1 Stable STFCL – DA Program – March 09 – 1 – AAA(ind)(SO) – LS–1 Stable STFCL – DA Program – March 09 – 2 – AAA(ind)(SO) – LS–1 Stable STFCL – DA Program – March 09 – 3 – AAA(ind)(SO) – LS–1 Stable STFCL DA Program–Dec 09 – 2 (liquidity facility) – AAA(ind)(SO) – – Stable STFCL DA Program–Dec 09 – 2 (purchaser payouts) – AAA(ind)(SO) – LS–1 Stable STFCL DA Program–Dec 09 – 2 (second loss credit facility) – BBB(ind)(SO) – – Stable STFCL DA Program–Jan 10 – 1 (purchaser payouts) – AAA(ind)(SO) – LS–1 Stable STFCL DA Program– Jan 10 – 1 (second loss credit facility) – AA(ind)(SO) – – Stable STFCL DA Program–Feb 10 – 1 (liquidity facility) – AAA(ind)(SO) – – Stable STFCL DA Program–Feb 10 – 1 (purchaser payouts) – AAA(ind)(SO) – LS–1 Stable STFCL DA Program– Feb 10 – 1 (second loss credit facility) – A‐(ind)(SO) – – Stable STFCL DA Program–Feb 10 – 2 (liquidity facility) – AAA(ind)(SO) – – Stable STFCL DA Program–Feb 10 – 2 (purchaser payouts) – AAA(ind)(SO) – LS–1 Stable STFCL DA Program– Feb 10 – 2 (second loss credit facility) – A(ind)(SO) – – Stable STFCL DA Program–Feb 10 – 3 (liquidity facility) – AAA(ind)(SO) – – Stable STFCL DA Program–Feb 10 – 3 (purchaser payouts) – AAA(ind)(SO) – LS–1 Stable STFCL DA Program– Feb 10 – 3 (second loss credit facility) – A‐(ind)(SO) – – Positive STFCL DA Program–Feb 10 – 4 (purchaser payouts) – AAA(ind)(SO) – LS–1 Stable STFCL DA Program– Feb 10 – 4 (second loss credit facility) – BBB(ind)(SO) – – Positive STFCL DA Program–Feb 10 – 5 (purchaser payouts) – AAA(ind)(SO) – LS–1 Stable STFCL DA Program– Feb 10 – 5 (second loss credit facility) – BBB(ind)(SO) – – Stable STFCL DA Feb 2011‐02 (purchaser payouts) – AAA(ind)(SO)(EXP) – LS–1 Stable STFCL DA Feb 2011‐02 (second loss credit facility) – BBB(ind)(SO)(EXP) – – Stable STFCL DA Feb 2011‐ 04 (liquidity facility) – AA(ind)(SO) – – Stable STFCL DA Feb 2011‐ 04 (purchaser payouts) – AA(ind)(SO) – LS ‐1 Stable STFCL DA Feb 2011‐ 04 (second loss credit facility) – BBB+(ind)(SO) – – – STFCL DA Mar 2011‐01 (Purchaser Payouts) – AAA(ind)(SO)(EXP) – LS ‐1 Stable STFCL DA Mar 2011‐01 (Second Loss Credit Facility) – BBB(ind)(SO)(EXP) – – – STFCL DA Mar 2011‐02 (Purchaser Payouts) – AAA(ind)(SO)(EXP) – LS ‐1 Stable STFCL DA Mar 2011‐02 (Second Loss Credit Facility) – BBB(ind)(SO)(EXP) – – – STFCL DA Mar 2011‐03 (purchaser payouts) – AAA(ind)(SO)(EXP) – LS ‐1 Stable STFCL DA Mar 2011‐03 (second loss credit facility) – BBB(ind)(SO)(EXP) – – – STFCL DA Mar 2011‐04 (purchaser payouts) – AAA(ind)(SO)(EXP) – LS ‐1 Stable STFCL DA Mar 2011‐04 (second loss credit facility) – BBB(ind)(SO)(EXP) – – – STFCL Loan Receivables Program 2007 – AAA(ind)(SO) – LS‐1 Stable STFCLs Assignment of Loan Receivables Programme 2007~ (second loss credit facility)

– AA(ind)(SO) – – Stable

STFCLs Direct Assignment July 2008 – AAA(ind)(SO) LS–1 Stable STFCLs Direct Assignment of CV Loans to HDFC– March 08 (second loss credit facility)

– AA(ind)(SO) – – Stable

STFCLs Mixed CV – Dec 08 Assignment – AAA(ind)(SO) – – Stable STFCLs New CV – Dec 08 Assignment – AAA(ind)(SO) – LS–1 Stable STFCLs New CV – Feb 09 Assignment – AAA(ind)(SO) – LS–1 Stable

Source: Fitch




July 2011 31


Asset–Backed Security (ABS) (cont.) STFCLs New CV – Jan 09 Assignment – AAA(ind)(SO) – LS–1 Stable STFCLs New CV – Jan 09 Assignment (second loss credit facility) – AA(ind)(SO) – – Stable STFCLs New CV – March 09 Assignment – AAA(ind)(SO) – LS–1 Stable STFCLs New CV – March 09 (second loss credit facility) – AA(ind)(SO) – – Stable STFCLs New CV – Sep 06 Assignment – AAA(ind)(SO) – – Stable STFCLs Tractor September 2008 – AAA(ind)(SO) LS–1 Stable STFCLs Used CV September 2008 – AAA(ind)(SO) LS–1 Stable

Single Loan Sell Down (SLSD) IML Loan Trust (Series A1) – – F5(ind)(SO)nm – –

Source: Fitch

International Ratings – June 2011 Foreign currency Local currency

Long–term Short–term Outlook Long–term Outlook Aegis Limited BB‐ ‐ Stable ‐ ‐ Asian Development Bank (ADB) AAA – Stable – – Axis Bank Ltd. BBB‐ F3 Stable Bank of Baroda BBB‐ F3 Stable – – Bharti Airtel Limited (formerly: Bharti Tele–Ventures Limited) BBB‐ – Negative – – BOB NZ (New Zealand) BBB‐ – Stable – – Canara Bank BBB‐ F3 Stable – – Essar Projects Ltd B – Stable – – Export Import Bank of India (EXIM) BBB‐ F3 Stable – – GAIL (India) Limited BBB‐ ‐ Stable ‐ ‐ Housing and Urban Development Corporation Limited (HUDCO) BBB‐ F3 Stable – – ICICI Bank Limited BBB‐ F3 Stable – – IDBI Bank Ltd BBB‐ F3 Stable – – Indian Bank BBB‐ F3 Stable – – Indian Oil Corporation BBB‐ – Stable – – Indian Railway Finance Corporation BBB‐ – Stable BBB‐ Stable Jaguar Land Rover PLC BB‐ ‐ Stable ‐ ‐ NTPC Limited BBB‐ – Stable BBB‐ Stable NHPC Limited BBB‐ – Stable BBB‐ Stable Novo V Trust – Chassis – – – BBB‐sf/LS–1 Stable Novo IX Trust – Chassis – – – BBB‐/LS–1 Stable Oriental Bank of Commerce BB+ – Stable – – Power Finance Corporation Limited BBB‐ – Stable – – Punjab National Bank BBB‐ F3 Stable – – Rain CII Carbon (Vizag) Ltd ▼ B ‐ ‐ ‐ ‐ Reliance Industries Limited (RIL) BBB‐ – Stable BBB Positive Republic of India BBB‐ F3 Stable BBB‐ Stable Rural Electrification Corporation Limited BBB‐ – Stable BBB‐ Stable Small Operator Trust 2010 (Series A1, A2, A3) – – – BBB‐/LS–1 Stable Small Operators Trust 2011 (Series A1, A2) – – – BBB‐sf/LS‐1 Stable Small Operators Trust II 2011 ‐ ‐ ‐ BBB‐sf/LS‐1 Stable SRTO Pool 2008 B Trust (Series A) – – – BBB‐/LS–1 Stable State Bank of India (SBI) BBB‐ F3 Stable – – Steel Authority of India Limited BBB‐ – Stable – – Tata Chemicals Ltd. BB+ – Stable – – Tata Motors Ltd BB ‐ Stable ‐ ‐ Tata Steel Limited BB+ – Stable – – Tata Steel UK Holdings Limited (formerly Tata Steel U.K. Limited) B+ – Stable – – Union Bank of India BBB‐ – Stable – – Vedanta Resources PLC▼ BB+ – 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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Credit Ratings

The suffix ‘(ind)’ refers to National Ratings assigned by Fitch India. Fitch’s National ratings provide a relative measure of creditworthiness for rated entities in countries with sub‐ or low‐investment 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.

LongTerm Credit Ratings

Long‐Term Credit Ratings Investment grade AAA(ind) B(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’ 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 relative to other issuers or issues in the country. The credit risk inherent in these financial commitments differs only slightly from the country’s highest rated issuers or issues.

This rating denotes an extremely weak credit risk relative to other issuers or issues in the country. Capacity for meeting financial commitments is solely reliant upon sustained, favourable business or economic developments.

A(ind) D(ind) ‘A’ national ratings denote a strong credit risk relative to other issuers or issues in the country. 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.

This rating is assigned to entities or financial commitments which are currently in default.

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




July 2011 33

ShortTerm Credit Ratings

Short‐Term Credit Ratings F1(ind) F4(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.

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.

F2(ind) F5(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.

Indicates actual or imminent payment default. Only short‐term ratings of ‘F1(ind)’ and ‘F2(ind)’ will carry the modifier “+”.

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 near‐term adverse changes than for financial commitments in higher rated categories.

Source: Fitch

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. Fitch’s national ratings provide a relative measure of creditworthiness for rated entities in countries with sub‐ or low‐investment 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.




July 2011 34

Term Deposit Credit Ratings Investment grade Speculative grade tAAA(ind) tB(ind) Indicates the strongest capacity for timely payment of financial commitments relative to other issuers or issues in the country.

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 near‐term adverse changes in financial and economic conditions.

tAA(ind) tC(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 country’s highest rated issuers or issues.

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.

tA(ind) tD(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 near‐term adverse changes than for financial commitments in higher rated categories.

Indicates actual or imminent payment default.

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) V5(ind)/V6(ind)/V7(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.

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 ‘V2(ind)’ are considered to have low market risk. Total returns exhibit relative stability, performing consistently across a broad range of interest rate scenarios. These funds offer low risk exposure to interest rates and changing market conditions.

Speculative market risk funds rated ‘V8(ind)’, ‘V9(ind)’, and ‘V10(ind)’ are considered to have speculative market risk. Total returns may experience extreme variability across a broad range of interest rate scenarios. These funds typically exhibit substantial exposure to interest rates and 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 long‐term 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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Insurer Strength Financial Rating

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) BB(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.

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.

AA(ind) B(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.

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.

A(ind) C(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.

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.

BBB(ind) D(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.

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




July 2011 36

NonPerforming Assets (NPA) Security Receipt Ratings 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.

Non‐Performing Assets (NPA) Security Receipt Ratings Scale NR1(ind) NR4(ind) Very high – Present value of the expected collections from the underlying collateral estimated at greater than 150% of the SR face value.

Medium – Present value of the expected collections from the underlying collateral estimated at 50% ‐ ‐ 75% of the SR face value.

NR2(ind) NR5(ind) High – Present value of the expected collections from the underlying collateral estimated at 100% ‐ 150% of the SR face value.

Poor – Present value of the expected collections from the underlying collateral estimated at 25% ‐ ‐ 50% of the SR face value.

NR3(ind) NR6(ind) Good – Present value of the expected collections from the underlying collateral estimated at 75% ‐ 100% of the SR face value.

Lowest – Present value of the expected collections from the underlying collateral estimated at less than 25% of the SR face value.

Source: Fitch

Structured Finance Loss Severity Ratings

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 LS‐1 LS‐4 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.

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.

LS‐2 LS‐5 The tranche has medium‐to‐low risk of severe loss severity given default, as evidenced by a TLM in the range of 4.1 to 10x.

The tranche has a high risk of severe loss severity given default, as evidenced by a TLM of less than 0.5x.

LS‐3 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 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) BBBmmf(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 short–term investments in the same country.

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 short–term 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.

AAmmf(ind) BBmmf(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 short–term investments in the same country.

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.

Ammf(ind) Bmmf(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 short–term investments in the same country.

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.

Source: Fitch

IPO Grading Scale

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 Definitions Fitch IPO grade 5 (ind) Strong fundamentals Fitch IPO grade 4(ind) Above average fundamentals Fitch IPO grade 3 (ind) Average fundamentals Fitch IPO grade 2 (ind) Below average fundamentals Fitch IPO grade 1 (ind) Poor fundamentals

Source: Fitch

Complexity Indicators

Introduction The Indian Ministry of Finance in its Union Budget of 2008‐2009 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 Fitch’s 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:ISIEmergingMarketsPDF us-eyintranet from 125.21.171.18 on 2011-07-19 08:43:11 EDT. DownloadPDF.



July 2011 38

• 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 Fitch’s complexity indicators cover a broad category of Indian corporate, bank, financial, insurance, municipal and other public finance instruments as well as structured finance securities. Fitch’s complexity indicators will be updated as and when new credit instrument categories are introduced.

Complexity Indicators Instrument Complexity Rationale Corporates Commercial paper Low Straightforward risk‐return characteristics Fixed deposits Low Straightforward risk‐return characteristics Non convertible debentures Low Straightforward risk‐return characteristics Preferred shares Low Straightforward risk‐return characteristics Bank loans (short‐ & long‐term facilities) Low Straightforward risk‐return characteristics Guarantees Moderate Nature and scope of guarantee can vary Standby letters of credit Moderate Nature and scope of standby letter can vary Banks & Financial Institutions Senior long‐term bonds Low Straightforward risk‐return characteristics Certificates of deposit Low Straightforward risk‐return characteristics Commercial paper for NBFCs Low Straightforward risk‐return characteristics Deposits Low Straightforward risk‐return characteristics Lower tier 2 subordinate bonds Moderate No coupon deferral is permitted Upper tier 2 subordinate bonds High Coupon deferral is permitted Redeemable cumulative/non cumulative preferred shares (tier 2)

High Coupon deferral is permitted

Perpetual cumulative preferred shares (tier 2)

High Perpetual maturity with a call after 10 years

Innovative perpetual tier 1 bonds High Deeply subordinated ranking Perpetual non cumulative preferred shares (tier 1)

High Balance sheet capital classification

Equity linked notes High Contingent variable coupon feature Structured Finance Single loan sell down pass through certificates

Moderate Repackaging of a corporate loan option features can vary

Partial guarantee bonds High Nature and scope of guarantee can vary Asset backed securities High Portfolio level collateral and cash flow

analysis Residential mortgage backed securities High Portfolio level collateral and cash flow

analysis Non performing asset security receipts High Portfolio level collateral and cash flow

analysis Public Finance, Infrastructure & Project Finance Municipal bonds Low Straightforward risk‐return characteristics Project finance loans Moderate SPV structure backed by a single asset Credit enhanced state owned corporations or municipal bonds

Moderate Structured payments with government guarantees

Derivatives All derivative instruments High Value of the derivative instrument is based

on the value of an underlying asset

Source: Fitch

Disclaimer: Fitch’s Complexity Indicators are based on the informat 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 tax‐exempt 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, valuation or actuarial services. A Complexity Indicator should not be viewed as a replacement for s u c h a d v i c e o r s e r v i c e s .




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Contact the Fitch Ratings AsiaPacific Team

The Business & Relationship Management Group, Asia‐Pacific 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, Asia‐Pacific

Group Head Vivek Goyal +65 6796 7203 [email protected]

Corporate Finance North Asia Wayne Li +852 2263 9915 [email protected] South East Asia Ng Sing Chan +65 6796 7210 [email protected] India Atul Joshi +91 22 4000 1725 [email protected] Australia Ben Fleming +61 2 8256 0300 [email protected] Japan Masaharu Hayashi +81 3 3288 2667 [email protected]

Structured Finance Australia Vickie Brumwell +61 2 8256 0305 [email protected] Japan Masaharu Hayashi +81 3 3288 2667 [email protected] India Pooja Jain +91 22 4000 1729 [email protected] Asia Henry Hung +65 6796 7226 [email protected]

Investor Development Asia‐Pacific Wayne Li +852 2263 9915 [email protected]

Insurance Development Insurance Henry Hung +65 6796 7226 [email protected]

Media Relations and Corporate Communications Asia‐Pacific Leslie Tan +65 6796 7234 [email protected]

Source: Fitch

Head of Fitch Ratings, Asia‐Pacific

Brett Hemsley +81 3 3288 2656 [email protected]

Source: Fitch

Rating Group Heads, Asia‐Pacific Sovereigns Andrew Colquhoun +852 2263 9938 [email protected] Financial Institutions Mark Young +44 20 3530 1053 [email protected] Corporates Andrew Steel +65 6796 7231 [email protected] Insurance Jeffrey Liew +852 2263 9939 [email protected] Structured Finance Ben McCarthy +61 2 8256 0388 [email protected]

Source: Fitch

Key Country Contacts Australia Ben McCarthy +61 2 8256 0388 [email protected] China Kwong Li +8610 8567 9898 ext 199 [email protected] Hong Kong Jonathan Cornish +852 2263 9901 [email protected] Indonesia Baradita Katoppo +62 21 526 7826 [email protected] India Atul Joshi +91 22 4000 1725 [email protected] Japan Brett Hemsley +81 3 3288 2656 [email protected] South Korea Jay Kim +82 2 784 6884 [email protected] Singapore Vivek Goyal +65 6796 7203 [email protected] Taiwan Daniel Ho +886 2 8175 7618 [email protected] Thailand Vincent Milton +66 2 655 4755 [email protected]

Source: Fitch



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About Fitch Ratings

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 fixed‐income 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 high‐quality 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 majority‐owned 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.

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Fitch Ratings currently maintains coverage of over 6,000 financial institutions, including over 3,500 banks and 1,400 insurance companies. Finance & leasing companies, broker‐dealers, 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 sub−sovereigns, 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 Chennai 6th Floor, Apeejay House 3 Dinshaw Vachha Road Churchgate Mumbai 400 020 India T +91 22 4000 1700 F +91 22 4000 1701

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

New Delhi Bangalore 601 Prakashdeep Building 7 Tolstoy Marg New Delhi 110001 T +91 11 4356 7230 F +91 11 4356 7231

S206, Manipal Centre 47 Dickenson Road Bangalore 560 042 India T +91 80 42066 191/192 F +91 80 42 066 194

Kolkata Hyderabad 4th Floor, Room No. 401 OM Towers 32 Chowringhee Road Kolkata 700 071 India T +91 33 4006 5887 F +91 33 4003 1734

6‐3‐669, 1st floor Ozone Complex Punjagutta Main Road Hyderabad 500 082 India T +91 40 4025 8885 F +91 40 4017 8614

Source: FitchISIEmergingMarketsPDF us-eyintranet from 125.21.171.18 on 2011-07-19 08:43:11 EDT. DownloadPDF.


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July 2011 41

Fitch India Managing Director Capital Markets Group Atul Joshi [email protected]

Pooja Jain [email protected]

Rajshekar Kalluri [email protected]

Banks Chennai Ananda Bhoumik [email protected]

M. R. Srinivas [email protected]

Corporates Bangalore Rakesh Valecha [email protected]

Suryanarayana Mangina [email protected]

Structured Finance Hyderabad Sandeep Singh [email protected]

Suryanarayana Mangina [email protected]

Public Finance Delhi Dr. Devendra Pant [email protected]

Tarun Bansal [email protected]

Anamika Karati [email protected]

Global Infrastructure Kolkata S. Nandakumar [email protected]

Krishnendu Sarkar [email protected]

Source: Fitch







mailto:%[email protected]







July 2011 42

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Copyright © 2011 by Fitch, Inc., Fitch Ratings Ltd. and its subsidiaries. One State Street Plaza, NY, NY 10004.Telephone: 1‐800‐753‐4824, (212) 908‐0500. Fax: (212) 480‐4435. 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 Fitch’s factual investigation and the scope of the third‐party 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 pre‐existing third‐party verifications such as audit reports, agreed‐upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third‐party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch’s ratings should understand that neither an enhanced factual investigation nor any third‐party 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 forward‐looking 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.

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Documents

Fitch Ratings Bulletin[1]