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Organization	Instrument	Ratings Rationale	Rating	Outlook	Review
Oriental Bank of Commerce	Innovative Perpetual Debt Instrument (IPDI), Lower and Upper Tier II Bonds Issues aggregating INR 5 billion	Rationale	BWR AAA	Stable	BWR AAA Stable October 2011
Oriental Bank of Commerce	IPDI Issue of INR 300 Crore, Upper Tier II Issue of INR 200 crore and Lower Tier II Issue of INR 300 crore	Rationale	BWR AAA	Stable	BWR AAA Stable October 2011
Parabolic Drugs Limited	Initial Public Offering	Rationale	BWR IPO Grade 3	Stable
Parsvnath Developers Ltd.	Secured Non-Convertible Debenture Issue of INR 2 billion	Rationale	BWR BBB (SO)	Stable
PCR Investments Ltd.	Proposed Secured Rupee Term Loan Facility of INR 250 Crores with a tenure of 36 months	Rationale (Will be uploaded shortly)	BWR AA-(SO) (Provisional Rating)	Stable
PCR Investments Ltd.	Proposed NCD of INR 100 Crores within the rated borrowing facility of INR 250 Crores & limiting the term loan facility to INR 150 Crores	Rationale (Will be uploaded shortly)	BWR AA-(SO) (Provisional Rating)	Stable
Premier Credit Participation Trust I	Pass Through Certificates	Rationale	BWR AAA (SO)		BWR AAA (SO) May 2012 (Rationale will be uploaded shortly)
Premier Credit Participation Trust II	Pass Through Certificates	Rationale	BWR AAA (SO)		BWR AAA (SO) May 2012 (Rationale will be uploaded shortly)
PTC India Financial Services Limited	Non-Convertible Bonds Issue of INR 100 Crore or INR 1 billion	Rationale	BWR AA	Stable	BWR AA Stable February 2012
	Non-Convertible Bonds Issue of INR 100 crore or INR 1 billion	Rationale	BWR AA	Stable
	Non-Convertible Debenture Issue of INR 200 Crores	Rationale	BWR AA	Stable
	Secured Non-Convertible Debenture Issue of INR 100 Crores	Rationale	BWR AA	Stable
Puravankara Projects Ltd.	Secured Redeemable Non-Convertible Debentures Issue of INR 150 Crore	Rationale	BWR A-(SO)	Stable	BWR A-(SO) Stable February 2012
Puravankara Projects Ltd.	Proposed NCD Issue of INR 150 Crore	Rationale	BWR A-(SO)	Stable
Punjab National Bank	Innovative Perpetual Debt Instrument (IPDI) Issue of INR 700 Crores	Rationale	BWR AAA	Stable	BWR AAA Stable July 2011
Raghuleela Leasing and Real Estates Pvt. Ltd.	Non-Convertible Debenture Issue of INR 500 Crore	Rationale	BWR BBB+	Stable	Rating Withdrawn - Not utilized February 2011
Rajasthan Financial Corporation	Proposed Bond Issue of INR 100 crores with a tenor of 10 years	Rationale	BWR A(SO)/Stable	Stable
Rajasthan Rajya Vidyut Nigam Ltd	Bond Issue of INR 350 Crore	Rationale	BWR A (SO)	Stable	Rating of BWR A (SO) reaffirmed consequent to changes in the structure of Bonds Issue January 2011
Rajasthan Rajya Vidyut Nigam Ltd	Government Guaranteed Proposed Bond Issue of INR 400 Crores	Rationale	BWR A (SO)	Stable
Rajasthan State Road Transport Corporation	Proposed Bond Issue of INR 500 crores with a tenor of 10 years.	Rationale (Will be uploaded shortly)	BWR A(SO)	Stable
Rama Medicares Limited	Initial Public Offering	Rationale	BWR IPO Grade 3
RDB Rasayans Limited	Initial Public Offering	Rationale	BWR IPO Grade 2
Redkite Capital Ltd.	Proposed secured redeemable Non Convertible Debentures (NCD) of Rs. 50 crores with a tenor of 5 years	Rationale	BWR BB-	Stable
REI Agro Ltd	Secured Non Convertible Debenture (NCD) Issue of INR 100 Crore	Rationale	BWR A	Stable	Rating Withdrawn - not utilized 20th May 2011
Reliance Capital Ltd.	Proposed unsecured Subordinated Tier II Redeemable NCD of Rs.1000 Crore with tenor of upto 12 years	Rationale	BWR AAA	Stable
Reliance Capital Ltd.	Proposed Secured Redeemable Non-Convertible Debentures (NCD) of INR 100 Crores with tenor of upto 12 years	Rationale	BWR AAA	Stable
Reliance Home Finance Pvt. Ltd.	Proposed Secured Redeemable Long-term Non Convertible Debenture (NCD) Issue of INR 500 crore & Subordinated Tier II unsecured NCD Issue of INR 150crore	Rationale	BWR AA+	Stable
Reliance Home Finance Pvt. Ltd.	Proposed Secured Redeemable Long-term Non Convertible Debenture (NCD) Issue of INR 500 crore & Subordinated Tier II unsecured NCD Issue of INR 150crore	Rationale will be uploaded shortly	BWR AA+	Stable
Reliance Life Insurance Company	EWRM and Financial Strength Rating	Rationale	BWR AAA ^efs	Stable
Religare Enterprises Limited	Proposed Structured Secured NCD Issue of INR 500 Crores with tenor upto August 09, 2019	Rationale	BWR AAA(SO)	Stable
Rohan Builders and Developers Pvt. Ltd.	Secured Redeemable Non-Convertible Debentures Issue of INR 50 Crore	Rationale	BWR BBB+ (SO)	Stable	BWR BBB+ (SO) Stable March 2012
Rohan Builders and Developers Pvt. Ltd.	Secured Redeemable Non-Convertible Debentures Issue of INR 80 Crores	Rationale	BWR BBB (SO)	Stable	BWR BBB (SO) Stable March 2012
Sistema Shyam Teleservices Ltd	Long-Term Unsecured NCD Issue of INR 1400 crore with a tenor of 36 months	Rationale	BWR BBB+	Stable	Rating Withdrawn - Not utilized January 2011
Skylark Buildcon Private Limited	Proposed, secured, Non Convertible Debenture (NCD) Issues aggregating INR 550 Crore	Rationale	BWR BBB-	Stable	Rating Withdrawn – No Funds raised December 2011
SREI Equipment Finance Pvt. Ltd.	Proposed Unsecured Subordinated (Tier II) issuance of upto Rs 100 Cr	Rationale	BWR AA	Stable
SREI Equipment Finance Pvt. Ltd.	Long term unsecured subordinated (Tier II) Debt Issuance of upto Rs 250 Crores	Rationale (will be uploaded shortly)	BWR AA	Stable
SREI Infrastructure Finance Ltd.	Proposed Long-term Debt Issuance of upto Rs 250 Cr	Rationale	BWR AA	Stable
	Proposed NCD Issue of INR 250 Cr and Proposed Subordinated Tier II NCD Issue of INR 250 Cr	Rationale	BWR AA	Stable
	Proposed Unsecured Subordinated Debenture (Tier II) Issue of INR 250 Crores and NCD Issue of INR 500 Crores	Rationale	BWR AA	Stable
Sumatex Limited	Initial Public Offering	Rationale	BWR IPO Grade 2
Tamil Nadu Electricity Board	Bond Issue with a tenor of 10 years.	Rationale	BWR A(SO)	Stable	Withdrawn. Assigned to TANGEDCO consequent to trifurcation of TNEB. December 2010
Tamil Nadu Generation and Distribution Corporation Ltd	Proposed Bond Issue of INR 1500 Crore	Rationale	BWR A(SO)	Stable
	Proposed Bond Issue of INR 1400 Crore	Rationale	BWR A(SO)	Stable
	Bond Issue up to INR 1419 Crores (Enhanced from INR 1400 Crores)	Rationale	BWR A(SO)	Stable
Tata Bluescope Limited	Proposed secured NCD Issues of INR 2.5bn with tenure of 5 & 9 years	Rationale	BWR AA (SO)	Stable	BWR AA (SO) Stable October 2011
Tata Chemicals Limited	Unsecured Non Convertible Debenture Issue of INR 250 Crores	Rationale	BWR AAA	Stable	BWR AAA Stable July 2011
Tata Communications Limited	Long Term Debt Issue of INR 150 Crore	Rationale	BWR AAA	Stable	BWR AAA Stable October 2010
Tata Steel Limited	Proposed Unsecured Subordinated Perpetual Securities Issue of INR 1500 Crores	Rationale	BWR AA	Stable	BWR AA Stable April 2012
	Proposed Unsecured Subordinated Perpetual Securities Issue of INR 1000 crores	Rationale	BWR AA	Stable	BWR AA Stable April 2012
	Proposed Unsecured NCD Issue of INR 3000 Crores	Rationale	BWR AA+	Stable
Tata Teleservices Ltd.	Proposed Unsecured Non Convertible Debenture Issue of INR 500 Crores	Rationale	BWR A+	Stable	BWR A+ Stable August 2011
Tera Software Limited	Proposed Non-convertible Debenture issue of INR 50 Crores with a tenure of 4 years	Rationale	BWR BBB+	Positive
Trent Limited	Proposed Unsecured Non Convertible Debenture (NCD) Issue	Rationale	BWR AA-	Stable	BWR AA- Stable July 2011
Thangamayil Jewellery Limited	Initial Public Offering	Rationale	BWR IPO Grade 3	Stable
The Great Eastern Shipping Co. Limited	Non Convertible Debenture Issue of INR 250 Crore	Rationale	BWR AAA	Stable	BWR AAA Stable December 2011 (rationale will be uploaded shortly)
	Non Convertible Debenture Issue of INR 200 Crore	Rationale	BWR AAA	Stable	BWR AAA Stable December 2011 (rationale will be uploaded shortly)
	Non Convertible Debenture (NCD) Issue of INR 500 Crore	Rationale	BWR AAA	Stable	BWR AAA Stable December 2011 (rationale will be uploaded shortly)
	Non Convertible Debenture (NCD) Issue of INR 500 Crore with tenor upto 15 years	Rationale	BWR AAA	Stable	BWR AAA Stable December 2011 (rationale will be uploaded shortly)
Three C Projects Pvt. Ltd.	Non Convertible Debentures (NCD) Issue of INR 84 Crore	Rationale	BWR BB (SO)	Stable	BWR BB (SO) Stable April 2012
Three C Projects Pvt. Ltd.	Secured Non-Convertible Debentures Issue of INR 100 Crore with a tenor of 36 months	Rationale	BWR BB (SO)	Stable
Total Environment Living Spaces Pvt. Ltd.	Non Convertible Debentures (NCD) Issue of INR 84 Crore	Rationale	BWR BB- (SO)	Stable	BWR BB- (SO) Stable February 2012
Tourism Finance Corporation of India Limited	Unsecured Bond Issue of INR 50 Crore	Rationale	BWR AA-	Stable	BWR AA- Stable February 2012
	Proposed Unsecured Bond Issue of INR 200 Crores	Rationale	BWR AA-	Stable	BWR AA- Stable February 2012
	Proposed Unsecured Bond Issue of INR 100 crores	Rationale	BWR AA-	Stable
Tulip Telecom Limited	Long Term Debt Issue of INR 100 Crore	Rationale	BWR AA-	Stable	Rating Withdrawn - Not utilized March 2011
Tulip Telecom Limited	NCD of INR 125 Crore with tenor of 5 to 7 years	Rationale	BWR AA-	Stable
UCO Bank	Upper Tier II Bonds Issue of INR 175 Crore	Rationale	BWR AA	Positive	Rating Withdrawn - Bonds not issued November 2010
Ultra Space Developers Pvt. Ltd.	Secured Non-Convertible Debenture Issue up of INR 175 Crores	Rationale	BWR BB	Stable	BWR BB Stable March 2012 (rationale will be uploaded shortly)
Union Bank of India	Lower Tier II Capital Bonds Issue of INR 600 Crore	Rationale	BWR AAA	Stable	Rating Withdrawn – Not Utilized November 2010
	Perpetual Bonds issue of INR 1.40 billion	Rationale	BWR AAA	Stable	BWR AAA Stable June 2011
	Innovative Perpetual Debt Instrument (IPDI) issue of INR 2 billion	Rationale	BWR AAA	Stable
	Upper Tier II Bonds Issue of INR 5 billion	Rationale	BWR AAA	Stable
United Bank of India	Certificate of Deposits Issue of INR 100 billion or Rs 10,000 Crore	Rationale	BWR P1+		Rating Withdrawn – CDs Repaid November 2010
United Phosphorous Ltd	Proposed Unsecured Non Convertible Debenture Issue aggregating INR 300 crore or INR 3 billion	Rationale	BWR AA+	Stable	BWR AA+ Stable May 2011 (Rational will be uploaded shortly)
	Unsecured Non Convertible Debenture (NCD) Issues aggregating INR 300Crore: (1) INR 75 crore with tenor of 8 years; (2) INR 75 crore with tenor of 9 years; (3) INR 75 crore with tenor of 11 years; (4) INR 75 crore with tenor of 12 years	Rationale	BWR AA+	Stable	BWR AA+ Stable May 2011 (Rational will be uploaded shortly)
	Proposed Unsecured NCD Issue	Rationale	BWR AA+	Stable
	Proposed NCD Issue of INR 300 Crores	Rationale	BWR AA+	Stable
Ushodaya Enterprises Pvt. Ltd.	Secured Non-Convertible Debt Instruments (NCD) Issue of INR 6 billion	Rationale	BWR AA-	Stable	Rating Withdrawn – Not Utilized January 2011
Vijaya Bank	Issuer Rating	Rationale	BWR AA-	Stable	BWR AA- October 2011
Vizhinjam International Seaport Limited	Proposed Government of Kerala Guaranteed NCD Issue of INR 250 crores with a tenure of 10 years	Rationale	BWR A-(SO)	Stable
Water & Sanitation Pooled Fund	Proposed Taxable Pooled Bond Issue of INR 102 Crore	Rationale	BWR AA(SO)	Stable	BWR AA(SO) Stable April 2012
West Bengal Infrastructure Development Finance Corporation Ltd.	Long Term NCD Issue of INR 500 Crore with Green Shoe option of INR 500 Crore	Rationale	BWR A- (SO)	Stable	BWR A-(SO) Stable April 2011
Yantti Buildcon Pvt. Ltd.	Secured Non-Convertible Debenture Issue of INR 75 crore	Rationale	BWR BBB-	Stable	Rating Withdrawn - Not utilized 23rd May 2011
Yes Bank Limited	Hybrid Tier I bonds Issue of INR 85 crore and Upper/Lower Tier II bonds Issue of INR 450 crore	Rationale	BWR AA+	Stable	BWR AA+ Stable July 2011 (Hybrid Tier I Bonds - 90 Cr Upper/Lower Tier II Bonds - 260 Cr, Lower Tier II Bonds - 300 Cr, Upper Tier II Bonds - 450 Cr, IPDI Issue 230 Cr)
	Hybrid Tier I Bonds Issue enhanced to INR 90 crore and Upper/Lower Tier II bonds issue enhanced to INR 500 crore	Rationale	BWR AA+	Stable
	Lower Tier II Bonds Issue enhanced to INR 300 crore	Rationale	BWR AA+	Stable
	Upper Tier II bonds of INR 450 crore	Rationale	BWR AA+	Stable
	IPDI Issue for INR 230 crore	Rationale	BWR AA+	Stable

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