Bank Loan Ratings - September 2010 - India Ratings

Corporates
Bank Loan Ratings - September 2010
Long–term Short–term Outlook
A.L.L Services Under 1 Roof (India) Pvt. Ltd. BB+(ind) F4(ind) Stable
Aban Exim Private Limited B(ind) F4(ind) Stable
ABG Shipyard Ltd A(ind) – Stable
ACC Limited AAA(ind) F1+(ind) Stable
Ace Calderys Limited A+(ind) F1+(ind) Stable
Actif Corporation Limited▼ BB+(ind) F4(ind) –
AD Hydro Power Limited BBB(ind) – Negative
Adarsh Developers BB-(ind) – Stable
Adarsh Realty & Hotels Private Limited B+(ind – Stable
Adhunik Alloys and Power Limited BB+(ind) F4(ind) Stable
Adhunik Cement Limited BB–(ind) – Stable
Adhunik Corporation Limited BB(ind) F4(ind) Stable
Adhunik Industries Limited BBB–(ind) F3(ind) Stable
Adhunik Metaliks Limited A–(ind) F1(ind) Negative
Adhunik Power and Natural Resources Limited BB(ind) – Stable
AES Chhattisgarh Energy Private Limited – F3(ind)(SO) –
Air Travel Bureau Limited BBB–(ind) F3(ind) Stable
Alchemist Hospitals Limited BB–(ind) – Stable
Alchemist Limited BBB–(ind) F3(ind) Stable
Alliance Minerals Private Limited B–(ind) F4(ind) Stable
Amaravathi Sri Venkatesa Paper Mills Limited B+(ind) F4(ind) Stable
Ambica Steels Limited BB+(ind) F4(ind) Stable
Amir Chand Jagdish Kumar (Exports) Limited BBB–(ind) F3(ind) Stable
Amorphos Chemicals Private Limited B+(ind) F4(ind) Stable
Andrew Yule & Co. Ltd C(ind) F5(ind) –
Ankur Drugs and Pharma Ltd D(ind) F5(ind) –
Ansal Housing and Construction Limited BB–(ind) – Stable
Antelec Pvt Ltd BBB–(ind) F3(ind) Stable
AR Airways Private Limited BB–(ind) – Stable
Aradhya Steel Private Limited BB(ind) F4(ind) Stable
Aravali Infrapower Limited BBB–(ind) F3(ind) Stable
Asian Colour Coated Ispat Limited BBB–(ind) F3(ind) Stable
Atlanta Limited BBB-(ind) F3(ind) Stable
Aurobindo Pharma Limited AA–(ind) F1+(ind) Stable
Austral Coke and Projects Ltd BBB+(ind) F2+(ind) Negative
Avani Projects & Infrastructure Limited B–(ind)(EXP) – Stable
Axiom Impex International Limited A–(ind) F2+(ind) Stable
B&A Multiwall Packaging Limited BB–(ind) F4(ind) Stable
Bajaj Eco Tech Products Limited BB(ind) F4(ind) Negative
Bajaj Hindusthan Limited A+(ind) F1+(ind) Stable
Bajaj Hindusthan Sugar Industries Limited BBB–(ind) F3(ind) Stable
Balaji Oil Industries Private Limited BB–(ind) F4(ind) Stable
Ballarpur Industries Limited AA–(ind) F1+(ind) Negative
Balasore Alloys Limited B+(ind) F4(ind) Stable
Bannari Amman Apparel Private Ltd BB–(ind) F4(ind) Stable
Batliboi Limited B–(ind) F4(ind) Stable
Batliboi Environmental Engineering Ltd. B+(ind) F4(ind) Stable
Bay Forge Ltd BBB+(ind) F2+(ind) Stable

Long–term Short–term Outlook
Bhadresh Trading Corporation Ltd BBB–(ind) F3(ind) Stable
Bharat Heavy Electricals Limited AAA(ind) F1+(ind) Stable
Bhartiya International Limited A–(ind) F2+(ind) Stable
Bhaskar Sarachi Alloys Ltd B+(ind) F4(ind) Stable
Bhoruka Park Pvt Limited BBB+(ind) – Stable
Bhushan Power and Steel Limited (formerly
Bhushan Limited) A–(ind) F2+(ind) Stable
Bhushan Steel Limited (formerly Bhushan Steel &
Strips Ltd.) A(ind) F1(ind) Stable
Biax Specialty Films Private Limited BB+(ind) F4(ind) Stable
Bilcare Limited▼ – F1(ind) –
BILT Graphic Paper Products Limited AA–(ind) F1+(ind) Stable
Binani Cements Limited A(ind) F1(ind) Stable
B Sorabji Group B(ind) – Stable
BC Sen & Co BBB–(ind) F3(ind) Stable
Biopac India Corporation Limited B(ind) F4(ind) Stable
Bonai Industrial Company Ltd AA–(ind) F1+(ind) Stable
Brahmani River Pellets Limited BB+(ind) – Negative
Capital Distributors B+(ind) – Stable
Capital Meters Limited B(ind) F4(ind) Stable
Capital Power Infrastructure Private Limited BB(ind) F4(ind) Positive
Capital Power Systems Limited B+(ind) F4(ind) Stable
Caterpillar India Private Limited AAA(ind) F1+(ind) Stable
Century Textiles & Industries Limited AA–(ind) F1+(ind) Negative
CG Ispat Private Limited BB+(ind) F4(ind) Stable
Chemplast Sanmar Limited BBB–(ind) F3(ind) Negative
Chemrow India Private Limited B+(ind) F4(ind) Stable
Chetan Wood Processing Private Limited D(ind) – –
Choksi Imaging Limited BBB–(ind) F3(ind) Stable
CIPSA–RIC India Pvt Ltd BB–(ind) F4(ind) Stable
Claris Lifesciences Limited A–(ind) F2+(ind) Stable
Colour Roof India Limited BB+(ind) F4(ind) Stable
Coromandel International Ltd AA(ind) – Stable
Cosmic Ferro Alloys Ltd BB+(ind) F4(ind) Stable
Cosmo Films Limited A–(ind) F1(ind) Stable
Crompton Greaves Limited AA+(ind) F1+(ind) Stable
Damodar Valley Corporation AA(ind) – Stable
Dayanand Medical College & Hospital Managing
Society A–(ind) F1(ind) Stable
Deccan Fine Chemicals (India) Pvt Ltd BBB–(ind) F3(ind) Stable
Deepak Spinners Limited BB–(ind) F4(ind) Stable
Delkor Technik India Private Limited BBB(ind) F3(ind) Stable
Delta Construction Systems Limited BB(ind) F4(ind) Stable
Delton Cables Limited BB+(ind) F4(ind) Stable
Dhruv Academy Limited B+(ind) – Stable
Diagold Designs Limited BB–(ind F4(ind) Negative
Din Dayal Purushottam Lal B–(ind F4(ind) Stable
Donear Industries Limited BBB–(ind) F3(ind) Negative
DQ Entertainment (International) Limited BBB(ind) F2(ind) Stable
Elkay Telelinks Limited BBB–(ind) F3(ind) Stable
Emerald Mineral Exim Pvt. Ltd. B(ind) F4(ind) Stable
Enercon Wind Farms (Hindustan) Pvt Ltd. BB+(ind) – Negative

Long–term Short–term Outlook
English Indian Clays Limited A(ind) F1(ind) Stable
Ennore Coke Limited BBB(ind) F3(ind) Stable
Enpro Oil Private Limited BBB–(ind) F3(ind) Stable
Escorts Limited BB(ind) F4(ind) Stable
Eskay Knit India Limited▼ BBB+(ind) F2(ind) –
Essar Oil Limited BBB–(ind) – Stable
Essar Steel Ltd – F1(ind) Stable
Essar Telecom Infrastructure Private Limited▲ BBB+(ind) F2+(ind) –
Everonn Education Limited (formerly Everonn
Systems India Limited) A–(ind) F1(ind) Stable
Evershine Towers Pvt. Ltd. B–(ind) F4(ind) Stable
Exicom Tele–Systems Limited BB(ind) F4(ind) Stable
Exotica International B–(ind) F4(ind) Stable
Fabtech Projects & Engineers Ltd BBB(ind) F2(ind) Stable
Fateh Chand Charitable Trust BB+(ind) F4(ind) Stable
Feegrade & Company Pvt. Ltd AA–(ind) F1+(ind) Stable
FIL Industries Limited BB+(ind) F4(ind) Stable
Fresenius Kabi India Private Limited BB+(ind) F4(ind) Stable
Fresenius Kabi India Private Limited A(ind)(SO) F1(ind)(SO) Stable
Fouress Engineering India Pvt Ltd. BBB+(ind) F2(ind) Stable
G.E.T. Power Private Ltd BBB(ind) F3(ind) Stable
Gajanan Agro Mills Pvt Ltd BB–(ind) F4(ind) Stable
Gajanan Industries B+(ind) F4(ind) Stable
Gallantt Ispat Limited B+(ind) F4(ind) Negative
Gangakhed Sugar and Energy Pvt Ltd B+(ind) – Stable
Gateway Distriparks Limited A+(ind) F1(ind) Stable
Gateway Rail Freight Limited A+(ind)(SO) F1(ind)(SO) –
Genus Paper Products Limited B(ind) F4(ind) Stable
Genus Power Infrastructures Limited A–(ind) F1(ind) Stable
Ginni Filaments Limited B+(ind) F4(ind) Stable
Gland Pharma Ltd. BBB+(ind) F2+(ind) Stable
Global Green Company Limited BBB(ind) F3(ind) Stable
Global Softech Limited▼ BBB+(ind)(SO) F2(ind)(SO) –
Gobind Sugar Mills Limited B+(ind) F4(ind) Stable
Gold Plus Glass Industry Limited BB(ind) F4(ind) Stable
Golkonda Hospitality Services and Resorts
Limited B+(ind) F4(ind) Stable
Gontermann–Peipers (India) Limited BBB+(ind) F2+(ind) Stable
Gopsons Papers Limited BB(ind) F4(ind) Stable
Govind Rubber Limited B(ind) F4(ind) Stable
Govinda Impex Limited B(ind) F4(ind) Stable
Greaves Cotton Limited AA–(ind) F1+(ind) Positive
GRIDCO Limited BBB–(ind) F3 (ind) Stable
GSPC Gas Company Limited A–(ind) F1(ind) Stable
Indic EMS Electronics Private Limited B(ind) F4(ind) Stable
GTL Infrastructure Limited► BBB–(ind) F3(ind) –
Gujarat Borosil Limited BB(ind) F4(ind) Stable
Gujarat State Fertilisers & Chemicals Limited AA(ind) F1+(ind) Stable
Gurudeva Trust B(ind) – Stable
Hanumant Vanijya Pvt. Ltd. B(ind) – Stable
Hansa Metallics Ltd BB(ind) F4(ind) Stable
Hathway Cable & Datacom Private Limited BBB+(ind) F2(ind) Stable

Long–term Short–term Outlook
Hazel Metals and Minerals Limited BBB–(ind) F3(ind) Stable
HCL Infosystems Limited AA–(ind) F1+(ind) Stable
HEG Limited AA–(ind) F1+(ind) Stable
Hightemp Furnaces Limited BBB–(ind) F3(ind) Stable
Hind Terminals Private Limited BBB(ind) F3(ind) Stable
Hindustan Coca–Cola Beverages Private Limited AAA(ind) F1+(ind) Stable
Hindustan Dorr–Oliver Limited A(ind) F1(ind) Stable
Hi–Tech Gear Limited A–(ind) F1(ind) Stable
HPCL – Mittal Energy Limited A+(ind) – Positive
HPCL – Mittal Pipeline Limited A+(ind) – Positive
HPL Electric & Power Private Limited BBB+(ind) F2(ind) Stable
Hydroair Tectonics (PCD) Ltd BBB(ind) F2(ind) Stable
IBM India Pvt. Ltd. AAA(ind) F1+(ind) Stable
Idea International Private Limited B–(ind) F4(ind) Stable
India Glycols Limited BBB+(ind) F2(ind) Stable
Indian Express Newspapers (Mumbai) Limited A–(ind) – Stable
Indian Farmers Fertiliser Cooperative Limited AA(ind) F1+(ind) Negative
Indo Arya Central Transport Limited BBB+(ind) F2(ind) Stable
Indo – Continental Hotels & Resort Ltd BBB(ind) F3(ind) Stable
Indo Power Projects Ltd BB(ind) F4(ind) Stable
Indotech Transformers Ltd A-(ind) F1(ind) Stable
Infomedia 18 Limited► BBB–(ind) F3(ind) –
Intelligent Infrastructure Ltd BB–(ind) – Stable
Intergarden India Private Limited BBB(ind) F3(ind) Stable
IOT Infrastructure & Energy Services Ltd AA–(ind) F1+(ind) Stable
IRB Infrastructure Developers Ltd A–(ind) F1(ind) Stable
ISMT Limited A(ind) F1(ind) Negative
ITD Cementation India Limited – F2+(ind) –
IVRCL Infrastructures & Projects Limited A+(ind) F1+(ind) Stable
Jain Irrigation Systems Ltd A(ind) F1(ind) Stable
Jaiprakash Hydro–Power Limited▼ A(ind) F1(ind) –
J Kumar Infraprojects Ltd A–(ind) F1(ind) Stable
J.Thomas & Co. Pvt. Ltd. BBB–(ind) – Stable
Jaisingh Wires Private Limited A(ind) F1(ind) Stable
JBF Industries Limited A(ind) F1(ind) Stable
Jesons Industries Limited B+(ind) F4(ind) Stable
Jindal Drilling & Industries Limited A–(ind) F2+(ind) Stable
Jindal Photo Limited AA–(ind) F1+(ind) Negative
Jindal Pipe Limited BBB+(ind) F2+(ind) Stable
JK Paper Limited A–(ind) F1(ind) Stable
JMD Oils Private Limited BBB–(ind) F3(ind) Stable
JNS Instruments Limited BBB(ind) F2(ind) Stable
Jubilant Enpro Private Limited BBB–(ind) F3(ind) Stable
Jubilant First Trust Healthcare Limited BBB–(ind) – Stable
Jubilant FoodWorks Limited (formerly Domino’s
Pizza India Limited) A–(ind) F2+(ind) Stable
Jubilant Motors Private Limited BBB–(ind) F3(ind) Stable
Jubilant Organosys Limited A+(ind) F1+(ind) Stable
JVL Agro Industries Ltd BBB–(ind) F3(ind) Stable
Jyoti Buildtech Pvt. Ltd. BBB–(ind) F3(ind) Stable
K S Oils Limited A–(ind) F1(ind) Stable

Long–term Short–term Outlook
Kalpena Industries Limited A–(ind) F1(ind) Stable
Kanha Cables Private Limited BB(ind) F4(ind) Stable
Karuna Management Services Pvt Ltd BB–(ind) F4(ind) Stable
KCT Trading Pvt. Ltd BBB(ind) F2(ind) Stable
Kiran Infra Engineers Limited BB+(ind) F4(ind) Stable
Kiri Dyes and Chemicals Limited BBB(ind) F3(ind) Stable
Kitchen Appliances India Limited BBB(ind) F2(ind) Negative
KLT Automotive and Tubular Products Limited BB(ind) F4(ind) Stable
Krishna Knitwear Technologies Limited▼ BBB+(ind) F2(ind) –
Kutty Flush Doors & Furniture Co Pvt Ltd B–(ind) F4(ind) Stable
Lambodhara Textiles Limited BB(ind) F4 (ind) Stable
Laxmi Enterprises BB–(ind) F4(ind) Stable
Leitner Shriram Manufacturing Limited BBB(ind) F3(ind) Stable
Liberty Oil Mills Limited BBB–(ind) F3(ind) Stable
Lifelong India Limited BBB(ind) F2(ind) Stable
Lite Bite Foods Private Limited BBB(ind)(SO) F3(ind)(SO) –
LMJ International Limited BB+(ind) F4(ind) Stable
M/s Mangilall Rungta A–(ind) F2+(ind) Stable
M.K. Patel Exim Pvt. Ltd B+(ind) F4(ind) Stable
Madras Fertilizers Limited D(ind) F5(ind) Stable
Magneti Marelli Motherson Auto System Limited BBB–(ind) F3(ind) Stable
Maharashtra Hybrid Seeds Company Limited A(ind) F1(ind) Stable
Mahesh Agro Private Limited B–(ind) F4(ind) Stable
Mahindra Holidays and Resorts Limited A(ind) F1(ind) Positive
Mahindra Ugine Steel Company Limited BBB+(ind) F2(ind) Positive
Mainetti (India) Pvt Ltd BBB(ind) F3(ind) Stable
Malana Power Company Limited A–(ind) F1(ind) Negative
Mawmluh Cherra Cements Limited D – –
Mayur Electrical Industries Private Limited B+(ind) F4(ind) Stable
Meridian Apparels Limited BB–(ind) F4(ind) Stable
Metecno India Private Limited BB–(ind) F4(ind) Stable
Metro Dairy Limited BBB–(ind) F3(ind) Stable
Mihijam Vanaspati. Ltd. B+(ind) F4(ind) Stable
MIL Industries Limited BB–(ind) F4(ind) Stable
Minda Capital Limited BB(ind) – Stable
Minda Corporation Limited BBB(ind) F2(ind) Stable
MindTree Limited AA(ind) F1+(ind) Stable
Mittal Hospitals Limited BB–(ind) F4(ind) Stable
MJ Logistics Services Limited B+(ind) – Stable
Mokalbari Kanoi Tea Estate Pvt Ltd B+(ind) F4(ind) Stable
Moods Hospitality Private Limited B(ind) – Stable
Motherson Advanced Tooling Solutions Limited BBB–(ind) F3(ind) Stable
Motherson Auto Limited BBB–(ind) – Stable
Mountain Spinning Mills Limited BB–(ind) F4(ind) Stable
Mudra Lifestyle Limited BBB(ind) F3(ind) Negative
Gupta Machine Tools Limited (formerly Precision
Stampings) BBB+(ind) F2+(ind) Stable
Naga Limited BBB–(ind) F3 (ind) Stable
National Peroxide Limited A(ind) F1(ind) Stable
Navin Gems D(ind) F5(ind) –
Navyug Enterprises Pvt. Ltd. B–(ind) F4(ind) Stable

Long–term Short–term Outlook
Nectar Lifesciences Limited BBB+(ind) F2+(ind) Stable
Neelesh Industrial Agency Pvt Ltd B+(ind) F4(ind) Stable
Neepaz V Forge (India) Limited B(ind) F4(ind) Stable
Neptune Developers B(ind) – Stable
NEXT Retail India BB+(ind) – Stable
NHPC Limited AAA(ind) F1+(ind) Stable
Nickunj EDM Wires & Consumables Private
Limited B+(ind) F4(ind) Stable
Nickunj Eximp Enterprises Private Limited B+(ind) F4(ind) Stable
NIIT Limited AA–(ind) F1+(ind) Stable
Nithya Packaging Private Limited BBB(ind) F2(ind) Stable
Noida Power Company Limited A–(ind) F2+(ind) Stable
NR Agarwal Industries Ltd BBB(ind) F2(ind) Negative
Officedge India Private Limited BB(ind) F4(ind) Stable
Om Shiv Estates Private Limited▼ B(ind) – –
Orient Fashion Exports (India) Private Limited BB+(ind) F4(ind) Stable
Overseas Infrastructure Alliance (India) Private
Limited BBB–(ind) F3(ind) Stable
Pakiza Retail Ltd BB(ind) – Stable
Pantaloon Retail (India) Limited A–(ind) F1(ind) Stable
Parikh Fabrics Pvt Ltd. D(ind) – –
Parsvnath Developers Limited▲ B–(ind) F4ind) –
Patel Integrated Logistics Limited BB+(ind) F4(ind) Stable
Pawa International Private Limited B–(ind) F4(ind) Stable
Pearl Polymers Limited BB+(ind) F4(ind) Stable
PEC Limited A–(ind) F2+(ind) Stable
Phillips Carbon Black Limited A(ind) F1(ind) Negative
Phorotech Surfin (India) Pvt Ltd BB+(ind) – Stable
PKS Limited – F5(ind) –
Plastolene Polymers Private Limited – F4(ind) Stable
Polycab Cables Private Limited A–(ind) F2+(ind) Stable
Polycab Wires Industries Private Limited BBB(ind) F2(ind) Stable
Polycab Wires Private Limited A+(ind) F1(ind) Stable
Polyhose Rubber India Private Limited BB+(ind) F4(ind) Stable
Pooja Forge Limited BBB(ind) F2(ind) Stable
Power Spinning Mills B+(ind) F4(ind) Stable
Pratibha Shipping Company Limited BBB(ind) F2(ind) Stable
Precision Automation and Robotics India Limited A–(ind) F1(ind) Stable
Premium Energy Transmission Limited A+(ind) F1(ind) Stable
Prime Impex Limited – F3(ind) –
P.S. Krishnamurthy Steels Private Limited BB+(ind) F4(ind) Stable
Prime Pulses Pvt. Ltd. – F3(ind) –
Priya Limited – F4(ind) –
PSL Limited A–(ind) F2+(ind) Stable
PSR Green Power Projects Private Limited A–(ind)(SO) – Stable
PTC India Limited – F1+(ind) –
QH Talbros Limited BBB(ind) F2(ind) Stable
Quippo Telecom Infrastructure Limited► BBB(ind) F3(ind) –
R.S. Vanijya Private Limited B–(ind) F4(ind) Stable
Rabirun Vinimay Pvt. Ltd. BB–(ind) – Stable
Radico Khaitan Limited – F1(ind) –
Railone Projects Private Limited B+(ind) F4(ind) Stable

Long–term Short–term Outlook
Rain CII Carbon (India) Ltd A–(ind) F2+(ind) Stable
Rain Commodities Ltd A–(ind) F1(ind) Stable
Raj Rayon Limited BB–(ind) F4(ind) Positve
Rajasthan Patrika Private Limited BBB+(ind) F2+(ind) Stable
Rashmi Cement Ltd BB+(ind) F4(ind) Stable
Rashmi Metaliks Ltd BB+(ind) F4(ind) Stable
Rashtriya ispat Nigam Limited AA(ind) F1+(ind) Stable
Raychem RPG Limited A+(ind) F1+(ind) Stable
Reckon Pharmachem Private Limited BB(ind) F4(ind) Stable
Reliance Infrastructure Limited (formerly Reliance
Energy Limited) AA(ind) F1+(ind) Stable
Reproscan Tech Park BB+(ind) – Stable
Responsive Industries Limited A–(ind) F2+(ind) Stable
Richa Industries Limited BBB(ind) F3(ind) Stable
Ronit Nirman Private Limited B(ind) – Stable
Roto India Enterprise F4(ind) – –
Routes Travel Limited BBB–(ind) F3(ind) Stable
Rungta Mines Limited AA(ind) F1+(ind) Stable
Rungta Sons Pvt. Ltd AA–(ind) F1+(ind) Stable
Sadhu Forging Limited BBB(ind) F3(ind) Stable
Safari Industries (India) Limited BB–(ind) F4(ind) Stable
Sah Petroleums Limited A–(ind) F1(ind) Stable
Sahyogi Distributors Limited – F4(ind) –
Sai Sponge (India) Limited BB–(ind) F4(ind) Stable
Samtex Fashions Limited BB(ind) F4(ind) Stable
Sandhar Technologies Limited A–(ind) F1(ind) Stable
Saraf Chemical Company Limited B+(ind) F4(ind) Stable
Sarju Impex Limited B(ind) F4(ind) Stable
Sargam Retails Private Limited A–(ind) – Stable
Satyam Auto Components Limited AA–(ind) F1+(ind) Stable
Savorit Limited B–(ind) F4(ind) Stable
SEAM Industrials Pvt. Ltd. (formerly Sunil Hitech
Engineers & Manufacturers Pvt Ltd) BB+(ind) F4(ind) Stable
SES Technologies Limited BBB–(ind) F3(ind) Stable
SEW Infrastructure Limited AA–(ind) F1+(ind) Stable
Sharad Constructions Private Ltd BB(ind) F4(ind) Stable
Sharmanji Yarns Private Limited BB(ind) F4(ind) Stable
Shilpi Cable Technologies Limited B(ind) F4(ind) Stable
Shoppers Stop Limited – F1(ind) –
Shree Shyam Pulp and Board Mills Limited BBB(ind) F2(ind) Positive
Shri Bajrang Metallics & Power Ltd. BBB+(ind) F2+(ind) Stable
Shri Bajrang Power & Ispat Ltd. BBB+(ind) F2+(ind) Stable
S R Enterprise B–(ind) F4(ind) Stable
Shri Mahavir Ferro Alloys Private Limited BB–(ind) F4(ind) Stable
Shri Pariyur Amman Kraft Papers Private Limited B–(ind) – Stable
Shriram EPC Ltd A–(ind) F1(ind) Stable
Shriram Pistons & Rings Limited AA–(ind) F1+(ind) Stable
Shyam Telecom Limited BBB–(ind) F3(ind) Negative
Singan Projects Ltd BB(ind) F4(ind) Stable
Sistema Shyam Teleservices Limited A–(ind)(SO) – –
Siva Swathi Constructions Private Limited BBB–(ind) F3(ind) Stable
Sona Okegawa Precision Forging Limited BB–(ind) F4(ind) Stable

Long–term Short–term Outlook
Spencer's Travel Services Limited BB–(ind) F4(ind) Stable
Spice Communications Ltd BBB(ind) F2(ind) Stable
SPL Industries Limited▼ BBB–(ind) F3(ind) –
Spun Micro–Processing Private Limited B(ind) F4(ind) Stable
Sree Astalaxmi Spinning Mills Pvt Ltd BB–(ind) F4(ind) Stable
Sree Dhanya Construction Company B+(ind) F4(ind) Stable
SRF Limited AA–(ind) F1+(ind) Positive
Sri Balaji Logs Products Private Limited BB–(ind) F4(ind) Stable
Sri Gayatri Minerals Pvt. Ltd BB+(ind) F4(ind) Stable
Sri Salasar Balaji Agro Tech Pvt Ltd B+(ind) F4(ind) Stable
Sri Venkatram Spinners Private Limited D(ind) F5(ind) –
SSA International Limited BB(ind) F4(ind) Stable
Stargaze Entertainment Private Limited BB–(ind) – Stable
Steel Strips Wheels Ltd A–(ind) F2+(ind) Stable
Sterling Tools Limited BBB+(ind) F2+(ind) Stable
STL Global Limited C(ind) F5(ind) –
Stork Ferro and Mineral Industries Pvt. Ltd B–(ind) F4(ind) Stable
Suashish Diamonds Limited BBB(ind) F2(ind) Negative
Subhlaxmi Syntex Ltd BB–(ind) F4(ind) Stable
Sukhsagar Infotech Pvt. Ltd B–(ind) F4(ind) Stable
Sunil Hi–Tech Engineers Limited BBB+(ind) F2+(ind) Stable
Sunny Trexim Pvt. Ltd. – F4(ind) –
Supreme Build Cap Limited BB(ind) – Stable
Supreme Petrochem Limited A–(ind) F1(ind) Stable
Suraj Constructions D(ind) – –
Suresh Angadi Education Foundation B(ind) – Stable
Surina Impex Pvt. Ltd. B(ind) F4(ind) Stable
Surya Processors Private Limited BB-(ind) F4(ind) Stable
Surya Vinayak Industries Limited BBB–(ind) F3(ind) Stable
Sutlej Textiles & Industries Limited BBB–(ind) F3(ind) Stable
Talbros Automotive Components Ltd BBB+(ind) F2+(ind) Stable
Tata Chemicals Limited AA(ind) F1+(ind) Negative
Tata Power Trading Company Limited BBB+(ind) F2+(ind) Positive
Tata Projects Limited AA–(ind) F1+(ind) Stable
Tata Steel Limited AA(ind) F1+(ind) Negative
Tebma Shipyards Limited BB(ind) F4(ind) Negative
Techno Electronics Limited A–(ind)(SO) F1(ind)(SO) Stable
Technofab Engineering Limited BBB(ind) F2(ind) Stable
Tecumseh Products India Private Limited B–(ind) F4(ind) Stable
Television Eighteen India Limited► BBB(ind) F2(ind) –
Texcomash International Limited B(ind) F4(ind) Stable
Thangam Steel Limited BB+(ind) F4(ind) Stable
The Himalaya Drug Company A–(ind) F1(ind) Stable
The Lake Palace Hotels & Motels Pvt. Ltd BB(ind) – Stable
Trading Engineers (International) Limited BBB+(ind) F2+(ind) Stable
T & T Motors Limited BBB–(ind) F3(ind) Stable
The Tuticorin Spinning Mills Limited BB–(ind) F4(ind) Stable
Thesys Technologies Private Limited BBB–(ind) F3(ind) Stable
Tirumala Balaji Alloys Pvt. Ltd BB+(ind) F4(ind) Stable
Tirupati Plastomatics Private Limited BB+(ind) F4(ind) Stable
Trimex Minerals Private Limited B–(ind) F4(ind) Negative

Long–term Short–term Outlook
TVS Srichakra Limited A–(ind) F2+(ind) Stable
UEM India Private Limited BBB(ind) F3(ind) Stable
UFLEX Limited BBB(ind) F2(ind) Stable
Ultimate Flexipack Limited BBB–(ind) F3(ind) Stable
Uniphos Agro Industries Limited BB(ind) F4(ind) Stable
Unistar Galvaniser & Fabricators Pvt Ltd B+(ind) F4(ind) Stable
Unitech Limited▲ B–(ind) F4(ind) –
Unitech Machines Limited A–(ind) F1(ind) Stable
Usha Martin Limited A+(ind) F1+(ind Stable
Usha Martin Limited A+(ind)(exp) F1+(ind)(exp) Stable
Uttam Galva Steels Limited A(ind) F1(ind) Stable
Uttam Industrial Engineering Limited B+(ind) F4(ind) Stable
Uttam Sucrotech International Private Limited BBB–(ind) F3(ind) Stable
Uttam Sugar Mills Limited B(ind) F4(ind) Stable
Vakil Housing Development Corporation Private
Limited B–(ind) F4(ind) Stable
Value Industries Limited BBB+(ind) F2+(ind) Negative
Variegate Projects Private Limited BBB–(ind) F3(ind) Stable
Variety Prints Pvt Ltd B(ind) F4(ind) Stable
Varun Beverages Limited A–(ind) F2+(ind) Stable
Varun Shipping Limited BBB+(ind) F2(ind) Negative
VHB Lifesciences Ltd BBB–(ind) F3(ind) Stable
VHB Medisciences Ltd BB+(ind) F4(ind) Stable
Videocon Industries Limited A–(ind) F1(ind) Negative
Vikas Telecom Limited C(ind) – Stable
Vikash Metal and Power Limited C(ind) F5(ind –
Vinayaka Missions University BBB+(ind) F2(ind) Stable
Vraj Packaging Private Limited BB+(ind) F4(ind) Stable
Wanbury Limited BB+(ind) F4(ind) Stable
Wartsila India Limited AA–(ind) F1+(ind) Stable
Wearit Global Ltd. B-(ind) F4(ind) Stable
Welspun Global Brands Limited A–(ind) F2+(ind) Stable
Winner Nippon Electronics Ltd. B(ind) F4(ind) Stable
Wockhardt Limited D(ind) F5(ind) –
Xenitis Infotech Limited BB+(ind) F4(ind) Stable
Jabil Circuits India Private Limited AA(ind)(SO) F1+(ind)(SO) Positive
Spice Communications Ltd A–(ind)(SO) F1(ind)(SO) Stable
Spice Communications Ltd A+(ind)(SO) F1+(ind)(SO) Stable
Xerox India Limited A(ind) F1(ind) Stable
XPRO India Limited BBB–(ind) F3(ind) Stable
Zion Steel Limited B+(ind) – Stable
Banks & Finance Companies
Deutsche Postbank Home Finance Limited
(formerly BHW Home Finance Limited) AA+(ind) F1+(ind) Stable
Export Import Bank of India (EXIM) AAA(ind) – Stable
National Housing Bank AAA(ind) F1+(ind) Stable
National Trust Housing Finance Limited BBB–(ind) – Stable
Shriram City Union Finance Limited A+(ind) F1(ind) Stable
Shriram Transport Finance Co. Ltd. AA(ind) F1+(ind) Stable
Sundaram Finance Limited AA+(ind) F1+(ind) Stable

Long–term Short–term Outlook
Public Finance
National Seeds Corporation Limited AA–(ind) – Stable
Orissa State Civil Supplies Corporation Limited BBB(ind) – Stable
Punjab State Cooperative Milk Producers
Federation Limited BBB(ind) F2(ind) Stable
Global Infrastructure
A.J. Tolls Private Limited A(ind) – Stable
Chennai Water Desalination Ltd BBB+(ind) – Stable
Coastal Gujarat Power Ltd BBB(ind) – Stable
Corporate Power Ltd
BBB–
(ind)(EXP)
(senior project
bank loans) – –
Corporate Power Ltd
BB+(ind)(EXP)
(subordinate
project bank
loans) – –
IDAA Infrastructure Private Limited BBB+(ind) – Positive
Ideal Energy Projects Limited BB+(ind) – Stable
IRB Kolhapur Integrated Road Development
Company Private Ltd A–(ind)(SO) – Stable
IRB Surat–Dahisar Tollway Private Limited BBB(ind) – Stable
Ircon–Soma Tollways Pvt Ltd BB–(ind) – Stable
IVRCL Indore Gujarat Tollways Limited BBB(ind) – Stable
Jalandhar Amritsar Tollways Limited▼ BBB–(ind) – –
Jindal India Thermal Power Ltd
BB+(ind)
(senior
projects bank
loans) – Stable
Jindal India Thermal Power Ltd
BB–(ind)
(subordinated
projects bank
loans) – Stable
Kumarapalayam Tollways Ltd▼ BBB(ind) – –
Kutch Railway Company Ltd BBB+(ind) – Positive
L&T Samakhiali Gandhidham Tollway Private
Limited BBB(ind)(EXP) – Stable
Madurai Municipal Waste Processing Company
Private Ltd D – –
Maithon Power Limited BBB+(ind) – Stable
Meenakshi Energy Private Limited BB+(ind) – Stable
Mhaiskar Infrastructure Private Limited AA–(ind) – Stable
Mumbai International Airport Private Limited
(INR2.6bn Non–Fund Based Working Capital) BBB(ind) – Stable
Mumbai International Airport Private Limited
(INR42.31bn Existing Loan) BBB(ind) – Stable
Mumbai International Airport Private Limited
(INR420m Fund Based Working Capital) BBB(ind) – Stable
Mumbai International Airport Private Limited
(INR6.2bn Non–Fund Based Working Capital) BBB(ind) – Stable
Mumbai International Airport Private Limited
(INR21.44bn New Loan) BBB(ind) – Stable
Salem Tollways Limited▼ BBB(ind) – –
Sathyam Power Private Limited BB–(ind) – Stable

Long–term Short–term Outlook
SEW–Navayuga Barwani Tollways Private Ltd
(Senior Bank Loans) BBB–(ind) – Stable
SEW–Navayuga Barwani Tollways Private Ltd
(Subordinated Bank Loans) BB+(ind) – Stable
Transtech Green Power Pvt Ltd BB+(ind) – Stable
▼ Signifies Rating Watch Negative; ▲ Signifies Rating Watch Positive; ► Signifies Rating
Watch Evolving
Source: Fitch