Securities and Exchange Board of India registered credit rating agency

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Ratings Policy

Ratings Process

Ratings Criteria

	Large Corporate
	Finance Sector
	Infrastructure Sector
	Commercial Paper
	SME
	State Governments
	Corporate Governance
	Pooled Funds
	Insurance Criteria

Rating Committees

	External Rating Committee
	Internal Rating Committee
	Rating Criteria Committee

Rating Scale

Rating List

	List A - G
	List H - N
	List O - Z

Disclosures

	April to September 2010
	October 2010 to March 2011
	April 2010 to March 2011
	April 2011 to September 2011
	Ratings Review

Organization	Instrument	Ratings Rationale	Rating	Outlook	Review
ABK Consultants Pvt. Ltd.	Secured Non-Convertible Debt Instruments Issue up to INR 600 Crore	Rationale	BWR A-(SO)	Stable	BWR A-(SO) Stable February 2011
Ackruti City Limited	Proposed Secured NCD Issue of INR 75 Crores	Rationale	BWR BBB-	Stable
Ackruti City Limited	Secured NCD Issue of INR 100 Crores with 2 years tenure	Rationale	BWR BBB-	Stable
Akarsh Residence Pvt. Ltd.	Non Convertible Debenture Issue of INR 100 crore or 1 billion	Rationale	BWR BB	Stable	BWR BB Stable February 2011
Amazan Capital Limited	Proposed Secured Structured NCD Issue of INR 25 crores	Rationale	BWR A-(SO)	Stable
Andhra Bank	Upper Tier II Bonds Issue of INR 1000 Crore	Rationale	BWR AA+	Stable	BWR AA+ Stable January 2011
	Tier I Perpetual Bonds Issue of INR 265 Crore		BWR AA+	Stable	Rating Withdrawn - not utilized
	Tier I Perpetual Bonds Issue of INR 2 billion		BWR AA+	Stable	BWR AA+ Stable Dec 2010
	Lower Tier II Bonds Issue of INR 500 crore or INR 5 billion.	Rationale	BWR AAA	Stable	BWR AAA Stable Dec 2010
Andhra Pradesh State Financial Corporation	Fixed Deposits Programme of 180 Crore	Rationale	BWR FA+	Stable	BWR FA+ April 2011
Aqua Logistics Limited	Initial Public Offering	Rationale	BWR IPO Grade 3 (Average Fundamental)	Stable
Arun Excello Homes Pvt. Ltd.	Secured Non-Convertible Debentures Issue of INR 50 Crores with tenor of three years	Rationale	BWR BBB(SO)	Stable
Asian Colour Coated Ispat Limited	Issuer Rating	Rationale	BWR BBB+	Stable
Aster Silicates Limited	Initial Public Offering	Rationale	BWR IPO Grade 2
Ayurshaili Arogya Chikitsa Pvt. Ltd.	Secured NCD Issue of INR 53 Crore with a tenor of 10 years	Rationale	BWR C
Bank of Baroda	Upper Tier II Capital Bonds issue of INR 10 billion	Rationale	BWR AAA	Stable	BWR AAA Stable June 2011
Bank of India	Innovative Perpetual Debt Instrument (IPDI) issue of INR 4 billion	Rationale	BWR AAA	Stable	BWR AAA Stable February 2011 Rationale will be uploaded shortly
	Issuer Rating	Rationale	BWR AAA	Stable
	Innovative Perpetual Debt Instrument (IPDI) issue of INR 3.25 billion	Rationale	BWR AAA	Stable
Brassco Estate Pvt. Ltd.	Secured Non Convertible Debenture(NCD) Issue of INR 440 crore	Rationale	BWR AA (SO) Rating on Watch (with Negative Implications)		BWR AA- (SO) Rating on Watch with negative implications June 2011
Birla Pacific Medspa Limited	Initial Public Offering	Rationale	BWR IPO Grade 2
Canara Bank	Innovative Perpetual Debt Instrument issue of INR 4.00 billion	Rationale	BWR AAA	Stable	BWR AAA Stable October 2011
	Innovative Perpetual Debt Instrument Issue of INR 1.5 billion	Rationale	BWR AAA	Stable
	Innovative Perpetual Debt Instrument issue of INR 3.00 billion	Rationale	BWR AAA	Stable
	Innovative Perpetual Debt Instrument issue of INR 8.00 billion	Rationale	BWR AAA	Stable
	Upper Tier II Issue of INR 1000 Crore	Rationale	BWR AAA	Stable
Century Real Estate Holdings Pvt. Ltd.	Proposed Secured NCD Issue of INR 200 Crores	Rationale	BWR BBB (SO)	Stable
Corporation Bank	Certificate of Deposits Issue of INR 20 billion	Rationale	BWR P1+		CDs repaid on maturity - Rating withdrawn
	Upper Tier II Bonds of INR 1000 Crore	Rationale	BWR AAA	Stable	BWR AAA Stable July 2011
	Perpetual Tier I Bonds of INR 300 Crore	Rationale	BWR AAA	Stable	BWR AAA Stable July 2011
	Certificate of Deposits Issue of INR 20 billion	Rationale	BWR P1+		CDs repaid on maturity - Rating withdrawn
Development Credit Bank	Lower Tier II (subordinate) Bonds Issue of INR 1 billion	Rationale	BWR A-	Stable	BWR A- Stable August 2011 (Rating reaffirmed for Bonds Issue of INR 65Crs out of INR 100 Crs)
Dewan Housing Finance Corporation Limited	Non Convertible Debenture Issue of INR 1000 crore & Fixed Deposits up to INR 200 crore	Rationale	BWR AAA BWR FAAA	Stable	BWR AAA (NCD Issue - Rs. 1000 Crore) Stable December 2011
	Mobilization of Fixed Deposits of Rs. 500 crore (enhancement in the limit from Rs. 200 crore)	Rationale	BWR FAAA	Stable
	Fixed Deposits of Rs. 1000 crore (enhancement in the limit from Rs. 500 crore)	Rationale	BWR FAAA	Stable	BWR FAAA Stable December 2011
	Subordinated Debt of INR 250 Crore	Rationale	BWR AAA	Stable	BWR AAA Stable December 2011
	Subordinated Debt of INR 250 Crore	Rationale	BWR AAA	Stable	BWR AAA Stable December 2011
	IPDI Issue of INR 300 crore	Rationale	BWR AA+	Stable	BWR AA+ Stable December 2011
	Proposed Subordinated Debt Issue of INR 400 crore	Rationale	BWR AAA	Stable
Divyasree Infrastructure Projects Pvt. Ltd.	Secured Redeemable NCD Issue of INR125 Crore with tenor of 5 years	Rationale	BWR BBB-(SO)	Stable
DPSC Ltd.	Secured Non Convertible Debenture Issue of INR 300 Crore	Rationale	BWR A+	Stable
Era Housing & Developer Ltd.	Structured, Secured, Redeembale Non Convertible Debenture Issue of INR 100 Crores Press Release - Amendments, 17 Sept. 2010	Rationale	BWR AA-(SO)	Stable	BWR AA-(SO) Stable December 2011
Fatpipe Networks India Limited	Initial Public Offering	Rationale	BWR IPO Grade 2 (Below Average Fundamentals)
First Leasing Company of India Ltd.	Proposed Unsecured Subordinate Non-Convertible Debenture Issue of INR 75 crores	Rationale	BWR AA	Stable
Future Capital Holdings Limited	NCD Issues of INR 300 crore (including Green Shoe option of INR150 crore) and INR 250 crore with a tenor of 5 years	Rationale	BWR A+	Stable	BWR A+ Stable December 2011
Future Capital Holdings Limited	Subordinated Debt Issue of INR 200 Crore	Rationale	BWR A+	Stable	BWR A+ Stable December 2011
Gayatri Projects Ltd	Secured Redeemable Non-Convertible Debentures Issue of INR 100 Crore with a tenor of 5 years	Rationale	BWR A	Stable	BWR A November 2011
Geetanjali Trading & Investments Pvt. Ltd.	Proposed secured NCD Issues of INR 100 crore each with tenures of 13 and 15 months	Rationale	BWR AAA(SO)	Stable
	Proposed structured secured Non Convertible Debenture (NCD) Issue of INR100 crore with tenure of 13 months	Rationale	BWR AAA(SO)	Stable
	Proposed structured secured Loan Issue of INR 300 Crores with tenure of 36 months	Rationale	BWR AAA(SO)	Stable
	Proposed NCD Issue of INR 100 Crores with a tenor of 42 months	Rationale	BWR AAA(SO)	Stable
	Proposed structured secured Loan Issue of INR 300 Crores	Rationale (will be uploaded shortly)	BWR AAA(SO)	Stable
Gemini Industries & Imaging Pvt. Ltd.	Secured Non-Convertible Debenture Issue up of INR 50 Crore	Rationale	BWR AA	Stable
Glenmark Pharmaceuticals Ltd	Corporate Governance Quality	Rationale	BWR CG3
Golden Jubilee Hotels Limited	Long/Short term Rating of Secured Redeemable Non-Convertible Debentures of INR 3.5 Billion	Rationale	Long Term: BWR A+ Short Term: BWR P1		Rating was not utilized - Withdrawn
Gravita India Limited	Initial Public Offering	Rationale	BWR IPO Grade 3
GVK Airport Developers Pvt. Ltd.	Secured Bonds Issue of INR 690 crore or INR 6.9 billion	Rationale	BWR AA-(SO)		Rating Withdrawn - Repaid
GVK Airport Developers Pvt. Ltd.	Secured Non-Convertible Debentures Issue of INR 750 Crore with a tenor up to 366 days	Rationale	BWR AA-(SO)	Stable	Rating Extended upto 14 Feb, 2012

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