Rating Rating Previous Current

Sr No Company Agency Action Date Rating Rating

Sree Rayalaseema
Alkalies & Allied
1 Chemicals Ltd ICRA Downgrade 23/10/2009 LBB LB+

Outlook
2 NHPC Ltd CRISIL Revision 22/10/2009 Negative Stable
Riddhi Siddhi Gluco Outlook
3 Biols Ltd CRISIL Revision 22/10/2009 Stable Negative
4 Salora International Ltd ICRA Downgrade 22/10/2009 LBBB LBBB-

5 Rajdeep Buildcon CRISIL Upgrade 21/10/2009 BBB-/P3 BBB/P3+

6 Global Trade Finance CRISIL Upgrade 20/10/2009 AA+ AAA
7 Xenitis Infotech FITCH Downgrade 20/10/2009 BBB BB+

8 Bharat Box Factory Ltd ICRA Downgrade 19/10/2009 LBBB+ LB

9 GMR Energy Ltd ICRA Upgrade 19/10/2009 LBBB-/A3 LBBB/A3+
GMR Pochanpalli
10 Expressways Pvt Ltd ICRA Upgrade 19/10/2009 LA- LBBB+

11 Karuturi Global Ltd ICRA Downgrade 19/10/2009 LA/A1 LA-/A2

12 Shri Govindaraja Mills LtdICRA Downgrade 19/10/2009 LBB LB-
Vemagiri Power
13 Generation Ltd ICRA Upgrade 19/10/2009 LBB+ LBBB
Outlook
14 Agarwal Metal Works CRISIL Revision 16/10/2009 Stable Negative
Outlook
15 NRB Bearings CRISIL Revision 16/10/2009 Negative Stable
Outlook
16 Transpek-Silox Industry CRISIL Revision 16/10/2009 Stable Positive
Outlook
17 3i Infotech CRISIL Revision 15/10/2009 Negative Stable
Outlook
19 Gayatri Projects CRISIL Revision 15/10/2009 Stable Negative

20 KLJ Plasticizers CRISIL Upgrade 15/10/2009 BBB+/P2 BBB+/P2+

21 KLJ Pollyalloys CRISIL Upgrade 15/10/2009 BBB+/P2 BBB+/P2+

22 Muthoot Fincorp CRISIL Upgrade 15/10/2009 A- A

23 Titan Industries Ltd ICRA Upgrade 15/10/2009 LAA- LAA

24 Vah Magna Retail Pvt LtdICRA Downgrade 15/10/2009 LB LD

East Coast
Constructions &
25 Industries Ltd ICRA Downgrade 14/10/2009 LBBB LBBB-
Ind Barath Power
26 Gencom Ltd ICRA Downgrade 14/10/2009 LBB+ LBB-
27 Mundra Port and SEZ LtdICRA Upgrade 14/10/2009 LA+ LAA

28 Tata Metaliks Ltd ICRA Downgrade 14/10/2009 LA LA-

29 Hind Agro Indstries Ltd ICRA Downgrade 12/10/2009 LBB LB+
30 Hind Industries Ltd ICRA Downgrade 12/10/2009 LBB LB+
Universal Power
31 Transformer CRISIL Downgrade 12/10/2009 BBB+/P2 BB-/P4

Diamond Power Outlook

32 Infrastructure CRISIL Revision 10/10/2009 Negative Positive

BB-/Negaati BB+/Stabl
33 Glasstech Industries CRISIL Downgrade 10/10/2009 ve e
B/Negative/
34 Sabre International CRISIL Downgrade 9/10/2009 P4 D/P5

35 Soma Enterprise Ltd ICRA Upgrade 9/10/2009 LBB-/A4 LBBB-/A3

36 Soma Enterprise Ltd ICRA Upgrade 9/10/2009 LBB-/A4 LBBB-/A3

37 Surana Corporation Ltd ICRA Downgrade 9/10/2009 LBBB+ LBBB

38 Thomson Press CRISIL Downgrade 9/10/2009 AA/Stable AA-/Stable

39 Novopan Industries CRISIL Downgrade 8/10/2009 BBB/P3+ D/P5

BBB-/Stable
40 PBA Infrastructure CRISIL Downgrade 8/10/2009 /P3 D/P5

BBB/Negative BBB-/Negati
41 Aparna Enterprise CRISIL Downgrade 7/10/2009 /P3+ ve/P3

42 Davariya Brothers ICRA Downgrade 7/10/2009 A3 A4+

Outlook
43 Gimatex Industries CRISIL Revision 7/10/2009 Stable Positive

44 Roop Automotive CRISIL Upgrade 7/10/2009 P4 P4+

 Outlook
Revision Negative Stable
Shree Ganesh Sponge BB+/Stabl
45 Iron CRISIL Downgrade 7/10/2009 D/P5 e/P4

46 Torrent Power Ltd CRISIL Upgrade 7/10/2009 AA/Stable AA-/Stable

7/10/2009

47 Transafe Services Ltd ICRA Downgrade 7/10/2009 LA/A1 LA-/A2+

48 Adalabs Films Ltd ICRA Downgrade 6/10/2009 LAA-/A1+ LA+/A1+

Outlook
49 Bhartia Associates CRISIL Revision 6/10/2009 Stable Positive
50 Enercon Wind Farms FITCH Downgrade 6/10/2009 BB+ BBB

BB-/Negati
51 Gujarat Eco textile CRISIL Downgrade 6/10/2009 D/P5 ve/P4
LBBB+/A2
52 Hindustan Tin Works ICRA Upgrade 6/10/2009 LBBB/A2 +
A-/Stable/P2 BBB+/Stabl
53 Sheela Foam CRISIL Upgrade 6/10/2009 + e/P2
BB+/Negativ B-/Negativ
54 Shree Nagoda Ispat CRISIL Downgrade 6/10/2009 e e

Outlook
55 Shreyans Industries CRISIL Revision 6/10/2009 Stable Positive
Ansal Properties &
56 Investments FITCH Downgrade 5/10/2009 D BB-

57 Brakes India Ltd CRISIL Upgrade 5/10/2009 P1 P1+

Outlook
Revision Stable Positive

Hydro S&S Industries

58 Ltd ICRA Downgrade 5/10/2009 LBBB+/A2+ LBBB/A2
Outlook
59 M&M CRISIL Revision 5/10/2009 Negative Stable

Outlook
60 Mahindra Finance CRISIL Revision 5/10/2009 Negative Stable
61 Parsvanath Developers FITCH Downgrade 5/10/2009 D BB-

62 Sundaram Fastners CRISIL Upgrade 5/10/2009 P1 P1+

 5/10/2009

5/10/2009

BBB-/Negativ BB/Negativ
63 Trimex industries Ltd CRISIL Downgrade 5/10/2009 e/P3 e/P4+

BBB-/Negativ BB/Negativ
64 Trimex Sands Ltd CRISIL Downgrade 5/10/2009 e/P3 e/P4+
Key Reason for Upgrade / Downgrade in Annual
Brief Sector Revenues

1) Weakened liquidity position Chemical Rs 1634.7 mn

2) Delays in debt servicing

1) Increased operational capacity Power Rs 34 bn

1) Loss incurred due to fluctuations in the
value of Indian Rupee Food Products Rs 5.4 bn
1) Slowdown In demand Telecom
2) Decline in market share
1) Strong Order Book Infrastructure Rs 2.71 bn
1) Merger with SBI Factors Financial Services
1) Increase in debt IT Rs 9384.22 mn
2) Decline in EBITDA Margins
1) Deterioration in the liquidity Paper based Rs 3.17 bn
1) Improvement in risk profile Energy Rs 6.91 bn

1) On time commencement of operations Infrastructure

2) Absence of market and credit risk
1) Increase in working capital intensity Horticulture
1) Delays in debt servicing Textile

1) Commencement of operations Power

1) Strain on risk profile due to shrinking
margins Metal Rs 2.12 bn

1) Improved Profitability Automotive componeRs 3 bn

1) Improvement in busness risk profile Chemical Rs 3.17 bn

1) Equity Infusion IT Rs 22.8 bn

1)ressure on financial risk profile due to
increase in debt levels Construction Rs 9.92 bn

1) Low Utilization of fund-based bank lines Plastics Rs 11.21 bn

2) Deferrement of Realty Projects

1) Low Utilization of fund-based bank lines PVC Compunds Rs 11.21 bn

2) Deferrement of Realty Projects
1) Improvement in business risk profile Financial Services
2) Increase in Assets under Management
1) Consistent improvement in financial risk
profile Consumer Goods
1) Liquidity Crunch due to losses in
operations Retail

1) Increase in the financial risk of the compan Construction

1) Delays in debt servicing Power

1) Robust growth in Cargo Logistics
2) Strong Financial Performance
1) Substantial Losses Iron Rs 1.92 bn
1) Delays in servicing term loans Meat Products Rs 6.33 bn
1) Delays in servicing term loans Meat Products Rs 7.51 bn

1) Delay In Realisation of receivables Power Rs 1.25 bn

2) Inventory Pile Up

1) Equity Infusion Infrastructure Rs 6.9 bn

1) Deterioration in financial profile due to
lower accruals, declining margins and Real Estate &
inventory build up Construction Rs.28 Cr

1) Delay in repayment of loans Textile Exports Rs.250 Cr

Infrastructure:
Irrigation projects,
1) Easing Liquidity pressure Roads etc Rs.2012 Cr
2) Measures to improve liquidity
1) Eased Liquidity Pressure Infrastructure
1) Fall in profitability margins Jewellery
2) Strained Liquidity position
1) Deterioration in capital structure due to
net worth erosion Printing Rs.333 Cr
2) Declining operating margins
1) Loan defaults and failure to disclose the
same Furniture Rs.79.5 Cr

1) Delay in repayment of loans Furniture Rs.350 Cr

1) Stretched liquidity due to high Capex Marbles & Tiles Mfg Rs.204 Cr
2) Poor financial profile resulting in low
flexibility
1) Deterioration in financial profile due to
high leverage, stretched liquidity and large Diamond exports
receivables (Jems & Jewellery) Rs.151 Cr
1) Lower than expected profitability due to
lower realizations Textile Rs.201 Cr
1) Pick up in demand resulting healthy future
growth Auto Components Rs.61 Cr
1) Delay in repayment of loans Sponge Iron
1) Improvement in business risk profile due
to commissioning of sugar plant Power Rs.4320 Cr
2) Improved operating efficiencies
Container leasing &
1) High leverage and tight WC position Logistics
1) Deterioration in financial profile due to
high leverage, stretched liquidity and large Media & Film
receivables Production Rs.660 Cr
1) Improved order book resulting in healthy Infrastructure
future revenue growth Construction Rs.150 Cr
1) Financial loan restructuring Construction Rs.700 Cr

1) Delay in repayment of loans Textile Start Up SPV

1) Good revenue growth, adequate accruals
and better gearing ratio Tin Can Mfg NA
1) Low gearing, improved debt protection & Consumer Durable -
strong financial profile House keeping Rs.653 Cr
Rs.113 cr for
1) Stretched liquidity due to high Capex Steel 2007-08
2) Poor financial profile resulting in low
flexibility
1) Improved order book resulting in healthy
future revenue growth Paper Rs.269 Cr

1) Financial loan restructuring Construction Rs.680 Cr

1) Better than expected revenues and
profitability Auto Components Rs.1585 Cr

2) Pick up in demand
3) Future improvement in gearing and debt
protection ratios due to prudent
management
1) Poor Financial profile, negative
profitability, stretched capital structure & Polypropelene Mfg
Liquidity pressure for Auto sector Rs.118 Cr

1) Pick up in demand due to Xylo Auto Rs.12649 Cr

2) Better than expected Cash Accruals
Rs.33 CR for
1) Change in Parent Rating Outlook NBFC June 09 Qtr
1) Financial loan restructuring Construction Rs.700 Cr
1) Healthy growth in domestic revenue
profile Auto Components Rs.1797 Cr
2) Domestic growth to mitigate export
sluggishness and poor foreign subsidiaries
performance
3) Improved profitability & debt protections
ratios due to low input cost and improves
efficiency

1) Deterioration in Trimex Group's financial

risk profile Mining & Minerals
2) Higher Garing ratio
3) Delay in commencement of beach sand
project
4) Rescheduling of term loan payments

1) Deterioration in Trimex Group's financial

risk profile Mining & Minerals Rs.315 Cr
2) Higher Garing ratio
3) Delay in commencement of beach sand
project
4) Rescheduling of term loan payments
Listed
Y
BB-/P4

BBB+/P2
+

BBB+/P2
+

AAA

BBB/P3+

LBBB-/A3

LAA

LAA

LBBB+

LBBB
 Key
Reason
for
Upgrade /
Downgra Annual
Rating Rating Previous Current de in Revenue
Sr No Company Agency Action Date Rating Rating Brief Sector s

1)
Deteriorati
on in
capital
structure
due to net
Thomson Downgrad AA-/Stabl worth
19 Press CRISIL e 9/10/2009 AA/Stable e erosion Printing Rs.333 Cr
2)
Declining
Thomson operating
Press 9/10/2009 margins

1) Loan
defaults
and
failure to
Novopan Downgrad disclose Rs.79.5
17 Industries CRISIL e 8/10/2009 BBB/P3+ D/P5 the same Furniture Cr
1) Delay
PBA in
Infrastruct Downgrad BBB-/Sta repaymen
18 ure CRISIL e 8/10/2009 ble/P3 D/P5 t of loans Furniture Rs.350 Cr

1)
Stretched
liquidity
due to
Aparna Downgrad BBB/Negati BBB-/Nega high Marbles &
13 Enterprise CRISIL e 7/10/2009 ve/P3+ tive/P3 Capex Tiles Mfg Rs.204 Cr

2) Poor
financial
profile
resulting
Aparna in low
Enterprise 7/10/2009 flexibility
 1) Lower
than
expected
profitabilit
y due to
lower
Gimatex Outlook realization
15 Industries CRISIL Revision 7/10/2009 Stable Positive s Textile Rs.201 Cr

1) Pick up
in
demand
resulting
Roop healthy Auto
Automotiv future Compone
14 e CRISIL Upgrade 7/10/2009 P4 P4+ growth nts Rs.61 Cr
Roop
Automotiv Outlook
e Revision 7/10/2009 Negative Stable
Shree 1) Delay
Ganesh in
Sponge Downgrad BB+/Stabl repaymen Sponge
12 Iron CRISIL e 7/10/2009 D/P5 e/P4 t of loans Iron

1)
Improvem
ent in
business
risk profile
due to
commissi
oning of
Torrent AA-/Stabl sugar Rs.4320
16 Power Ltd CRISIL Upgrade 7/10/2009 AA/Stable e plant Power Cr

1)
Improved
order
book
resulting
in healthy Infrastruct
Bhartia future ure
Associate Outlook revenue Constructi
8 s CRISIL Revision 6/10/2009 Stable Positive growth on Rs.150 Cr
1) Delay
Gujarat in
Eco Downgrad BB-/Nega repaymen Start Up
11 textile CRISIL e 6/10/2009 D/P5 tive/P4 t of loans Textile SPV
 1) Low
gearing,
improved
debt
protection Consumer
& strong Durable -
Sheela A-/Stable/ BBB+/Stab financial House
10 Foam CRISIL Upgrade 6/10/2009 P2+ le/P2 profile keeping Rs.653 Cr

1)
Stretched
liquidity
Shree due to Rs.113 cr
Nagoda Downgrad BB+/Nega B-/Negati high for 2007-
7 Ispat CRISIL e 6/10/2009 tive ve Capex Steel 08

2) Poor
financial
profile
Shree resulting
Nagoda in low
Ispat 6/10/2009 flexibility

1)
Improved
order
book
resulting
in healthy
future
Shreyans Outlook revenue
9 Industries CRISIL Revision 6/10/2009 Stable Positive growth Paper Rs.269 Cr

1) Better
than
expected
revenues
and Auto
Brakes profitabilit Compone Rs.1585
6 India Ltd CRISIL Upgrade 5/10/2009 P1 P1+ y nts Cr
2) Pick up
Brakes Outlook in
India Ltd Revision 5/10/2009 Stable Positive demand

3) Future
improvem
ent in
gearing
and debt
protection
ratios due
to prudent
Brakes managem
India Ltd 5/10/2009 ent
 1) Pick up
in
demand
Outlook due to Rs.12649
4 M&M CRISIL Revision 5/10/2009 Negative Stable Xylo Auto Cr
2) Better
than
expected
Cash
M&M 5/10/2009 Accruals
1)
Change in
Parent Rs.33 CR
Mahindra Outlook Rating for June
5 Finance CRISIL Revision 5/10/2009 Negative Stable Outlook NBFC 09 Qtr

1) Healthy
growth in
Sundara domestic Auto
m revenue Compone Rs.1797
3 Fastners CRISIL Upgrade 5/10/2009 P1 P1+ profile nts Cr

2)
Domestic
growth to
mitigate
export
sluggishn
ess and
poor
foreign
subsidiari
Sundara es
m performan
Fastners 5/10/2009 ce

3)
Improved
profitabilit
y & debt
protection
s ratios
due to low
input cost
Sundara and
m improves
Fastners 5/10/2009 efficiency
 1)
Deteriorati
on in
Trimex
Trimex Group's
industries Downgrad BBB-/Nega BB/Negativ financial Mining &
2 Ltd CRISIL e 5/10/2009 tive/P3 e/P4+ risk profile Minerals
Trimex 2) Higher
industries Garing
Ltd 5/10/2009 ratio

3) Delay
in
commenc
ement of
Trimex beach
industries sand
Ltd 5/10/2009 project
4)
Reschedu
Trimex ling of
industries term loan
Ltd 5/10/2009 payments

1)
Deteriorati
on in
Trimex
Group's
Trimex Downgrad BBB-/Nega BB/Negativ financial Mining &
1 Sands Ltd CRISIL e 5/10/2009 tive/P3 e/P4+ risk profile Minerals Rs.315 Cr
2) Higher
Trimex Garing
Sands Ltd 5/10/2009 ratio

3) Delay
in
commenc
ement of
beach
Trimex sand
Sands Ltd 5/10/2009 project
4)
Reschedu
ling of
Trimex term loan
Sands Ltd 5/10/2009 payments

Trimex
Sands Ltd
2)
Improved
operating
efficiencie
s