Credit Ratings - Benefits

The benefits of a CRISIL rating are manifold, ranging from reduction in information asymmetry in the market at the macro level to facilitating comparative assessment of investment options, enhancing access to investor funds, and complementing an investor's own credit analysis at the micro level. Every segment of the market has been benefiting from CRISIL's credit ratings. Some of the benefits of CRISIL's credit ratings are as follows: For the Financial System

Reduces information asymmetry in the market by providing quality credit information on debt instruments to all market players Facilitates pricing of debt instruments

For Investors

Facilitates comparative assessment of investment options, as ratings are designed to be comparable across issuers in different businesses Complements investors' own credit analysis Facilitates asset monitoring, as ratings are kept under review until the rated instrument is repaid

For Issuers

Provides independent credit information from a credible third party to the community of potential investors Enhances issuer's access to investor funds Helps issuer differentiate itself in the market

Business School Gradings

CRISIL Business School Grading is India's first independent and rigorous grading service for the education sector. Through this service, CRISIL aims to recognise and nurture quality management education, while helping employers and aspiring management graduates find business schools that best match their needs. Business schools provide India's rapidly growing industry with management professionals: the CRISIL Business School Grading aims to help business schools achieve higher degrees of academic excellence, establish the right profile of institutes and showcase an institute's quality to students, faculty and employers across India.
CRISIL's Initiative for the Education Sector

CRISIL's mission is to become an integral part of India's human skill development agenda. In this context, CRISIL believes that a grading service for education courses and programmes will create greater transparency in the education sector, and enable all stakeholders to make informed decisions. The gradings will enable exchange of best practices, supporting an improvement in the quality of education being delivered. Our initiative will, in time, span the entire education sector: the launch of our grading service for business schools is the first step in this endeavour.

Rating scale for Long-Term Instruments

CRISIL AAA (Highest Safety)

Instruments with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such instruments carry lowest credit risk. Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk. Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk.

CRISIL AA (High Safety)

CRISIL A (Adequate Safety)

CRISIL BBB (Moderate Safety)

Instruments with this rating are considered to have moderate degree of safety regarding timely servicing of financial obligations. Such instruments carry moderate credit risk.

CRISIL BB (Moderate Risk) CRISIL B (High Risk) CRISIL C (Very High Risk) CRISIL D Default

Instruments with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations. Instruments with this rating are considered to have high risk of default regarding timely servicing of financial obligations. Instruments with this rating are considered to have very high risk of default regarding timely servicing of financial obligations. Instruments with this rating are in default or are expected to be in default soon.

Rating Scale for Short-Term Instruments CRISIL A1 Instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk. CRISIL A2 Instruments with this rating are considered to have strong degree of safety regarding timely payment of financial obligations. Such instruments carry low credit risk. CRISIL A3 Instruments with this rating are considered to have moderate degree of safety regarding timely payment of financial obligations. Such instruments carry higher credit risk as compared to instruments rated in the two higher categories. CRISIL A4 Instruments with this rating are considered to have minimal degree of safety regarding timely payment of financial obligations. Such instruments carry very high credit risk and are susceptible to default. CRISIL D Instruments with this rating are in default or expected to be in default on maturity.

Rating scale for Long Term Structured Finance Instruments CRISIL AAA(SO) (Highest Safety) Instruments with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such instruments carry lowest credit risk.

CRISIL AA(SO) (High Safety) CRISIL A(SO) (Adequate Safety)

Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk. Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk.

CRISIL BBB(SO) (Moderate Safety)

Instruments with this rating are considered to have moderate degree of safety regarding timely servicing of financial obligations. Such instruments carry moderate credit risk. Instruments with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations. Instruments with this rating are considered to have high risk of default regarding timely servicing of financial obligations. Instruments with this rating are considered to have very high likelihood of default regarding timely payment of financial obligations. Instruments with this rating are in default or are expected to be in default soon.

CRISIL BB(SO) (Moderate Risk) CRISIL B(SO) (High Risk) CRISIL C(SO) (Very High Risk) CRISIL D(SO) (Default)

Rating Scale for Short Term Structured Finance Instruments CRISIL A1(SO) Instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligation. Such instruments carry the lowest credit risk. CRISIL A2(SO) Instruments with this rating are considered to have strong degree of safety regarding timely payment of financial obligation. Such instruments carry low credit risk. CRISIL A3(SO) Instruments with this rating are considered to have moderate degree of safety regarding timely payment of financial obligation. Such instruments carry higher credit risk as compared to instruments rated in the two higher categories. CRISIL A4(SO) Instruments with this rating are considered to have minimal degree of safety regarding timely payment of financial obligation. Such instruments carry very high credit risk and are susceptible to default. CRISIL D(SO) Instruments with this rating are in default or expected to be in default on maturity.

Rating Scale For Fixed Deposits FAAA ("F Triple A") Highest Safety FAA ("F Double A") High Safety FA Adequate Safety This rating indicates that the degree of safety regarding timely payment of interest and principal is very strong. This rating indicates that the degree of safety regarding timely payment of interest and principal is strong. However, the relative degree of safety is not as high as for fixed deposits with 'FAAA' ratings. This rating indicates that the degree of safety regarding timely payment of interest and principal is satisfactory. Changes in circumstances can affect such issues more

than those in the higher rated categories. FB Inadequate Safety This rating indicates inadequate safety of timely payment of interest and principal. Such issues are less susceptible to default than fixed deposits rated below this category, but the uncertainties that the issuer faces could lead to inadequate capacity to make timely interest and principal payments. FC High Risk This rating indicates that the degree of safety regarding timely payment of interest and principal is doubtful. Such issues have factors present that make them vulnerable to default; adverse business or economic conditions would lead to lack of ability or willingness to pay interest or principal. FD Default NM Not Meaningful This rating indicates that the fixed deposits are either in default or are expected to be in default upon maturity. Instruments rated 'NM' have factors present in them, which render the outstanding rating meaningless. These include reorganisation or liquidation of the issuer, and the obligation being under dispute in a court of law or before a statutory authority.

Corporate Credit Rating Scale: CCR AAA ("CCR Triple A") CCR AA ("CCR Double A") CCR A A 'CCR AAA' rating indicates Highest degree of strength with regard to honoring debt obligations. A 'CCR AA' rating indicates High degree of strength with regard to honoring debt obligations. A 'CCR A' rating indicates Adequate degree of strength with regard to honoring debt obligations. A 'CCR BBB' rating indicates Moderate degree of strength with regard to honoring debt obligations. A 'CCR BB' rating indicates Inadequate degree of strength with regard to honoring debt obligations. A 'CCR B' rating indicates High Risk and greater susceptibility with regard to honoring debt obligations. A 'CCR C' rating indicates Substantial Risk with regard to honoring debt obligations. A 'CCR D' rating indicates that the entity is in Default of some or all of its debt obligations. A 'CCR SD' rating indicates that the entity has Selectively Defaulted on a specific CCR SD issue or class of debt obligations, but will continue to meet its payment obligations on other issues or classes of debt obligations.

CCR BBB

CCR BB

CCR B

CCR C

CCR D

FAQ of credit rating agency

1. What is a credit rating? A credit rating represents the rating agency's opinion on the likelihood of a rated debt obligation being repaid

in full and on time. A simple alphanumeric symbol is normally used to convey a credit rating. Top 2. How does a credit rating agency differ from a credit bureau? A credit rating agency provides an opinion relating to future debt repayments by borrowers. A credit bureau provides information on past debt repayments by borrowers. Top 3. Is a credit rating a recommendation to invest in a debt instrument? A credit rating is not a recommendation to buy, hold, or sell a debt instrument. A credit rating is one of the inputs used by investors to make an investment decision. Top 4. What is the difference between credit rating and equity research? Credit ratings are assigned to debt instruments, while equity research relates to equity shares. A credit rating is focused on the risk of non-payment, the primary variable in debt instruments. Equity research is focused on growth possibilities, for that is what drives equity valuations. Top 5. How does a credit rating differ from an audit? A credit rating agency relies on a variety of information sources, including published annual reports. An audit process is designed to detect fraud or misrepresentation of information, whereas the credit rating process is not. Top 6. How does a rating agency operate when issuers' disclosure levels are low? During a credit rating exercise, issuers provide rating agencies with confidential information and insights into business strategy that are not normally available in the public domain. As a policy, CRISIL does not assign credit ratings without issuer interaction, except when a previously rated instrument is outstanding or when a specific investor asks for a private exercise. In cases where CRISIL believes that the information is inadequate to assign a rating, it may not do so. Also, for rated clients, if subsequent information is not adequate, CRISIL may suspend the rating and inform the investors. Top 7. Does a credit rating assure repayment? A credit rating is not an assurance of repayment of the rated instrument. Rather, it is an opinion on the relative degree of risk associated with such repayment. This opinion represents a probabilistic estimate of the likelihood of default. Top 8. Who pays for a credit rating? Most credit rating agencies across the world use a revenue model where the issuer pays for the credit rating. Alternative revenue models (such as the one based on investor fees) pose numerous challenges in terms of ease and practicality of implementation that have not yet been overcome. Top 9. If the issuer pays for the rating, how does a credit rating agency maintain its independence? Although the issuer pays for the rating, the investor uses it. Like any other product or service, the 'value' of the rating depends entirely on the perceptions of the investor. Investor perceptions are based on the credibility of the past ratings assigned by each rating agency. (Please also refer to section - How CRISIL manages Conflict) Top 10. Who regulates a rating agency? The capital market regulator regulates rating agencies in most regions. In India, the capital markets regulator, the Securities and Exchange Board of India (SEBI), regulates the rating agencies in the country. Top 11. Is competition desirable in the credit rating industry? Competition in the credit rating industry is desirable to meet the 'better service at a cheaper price' objective on an ongoing basis. However, it is essential to guard against some undesirable effects of competition, such as

lax ratings or sub-optimal quality of research and analysis. Top 12. How do investors benefit from a credit rating? Credit ratings help investors facilitate comparative assessment of investment options, complement the investors' own credit analysis, and allow asset monitoring. Top 13. What do the various credit rating symbols mean? CRISIL uses simple alphanumeric symbols to convey credit ratings. CRISIL assigns credit ratings to debt obligations on three basic scales: the long-term scale, the short-term scale, and the fixed deposit scale. To illustrate, CRISIL's long-term credit rating scale and the description associated with each category on the rating scale is given below: Symbol (Rating category). AAA AA A BBB BB B C D Description (with regard to the likelihood of meeting the debt obligations on time) Highest Safety High Safety Adequate Safety Moderate Safety Inadequate Safety High Risk Substantial Risk Default

Top 14. Does the minus sign in a rating symbol have negative connotations relating to the issuer's performance or its debt-servicing capability? Plus and minus symbols are used to indicate finer distinctions within a rating category. The minus symbol associated with ratings has no negative connotations whatsoever. Top 15. What are Structured Obligation (so) ratings? Are they different from other credit ratings? Structured Obligation (so) ratings are ratings that are based on a 'credit enhancement' mechanism and/or a structured payment mechanism. A suffix in the form of '(so)' indicates the presence of non-credit risk in the form of risks associated with the instrument structure. Top 16. What is the validity period of a credit rating? Credit ratings are assigned either to specific instruments or to the general debt obligations of issuers. CRISIL assigns credit ratings to debt obligations. A rating is valid until the rated debt obligation is fully paid. Top 17. How are credit rating changes communicated? Once a credit rating is assigned and published, CRISIL keeps the credit rating under surveillance until the instrument is fully repaid. The surveillance process may result in credit rating changes from time to time. All changes in CRISIL's credit ratings are communicated publicly through CRISIL's website (www.crisil.com) and media releases. Top 18. Why do credit ratings change? Credit ratings are assigned based on certain expectations and assumptions about variables that impact the issuer's performance. However, these variables can change, causing the rated entities' performance to

deviate materially from expectations. This is reflected in their changed credit ratings. Top 19. If a credit rating is downgraded, does it mean that a default is imminent? Not necessarily. In most cases, a downgrade does not mean that a default is anticipated. All it indicates is that the risk associated with the debt obligation is relatively higher than what it was before the downgrade. Top 20. Does the size of the rated debt obligation affect its credit rating? No. What matters is the size of the total debt in the company, and not the amount that is sought to be rated.

Company Name

Industry

Instrument

Rating

Outlook

3M India Limited

Industrial Conglomerates Construction & Engineering

Non Convertible Debenture Term Loan Facilities

CRISIL AAA

Stable

3S Infrastructure

CRISIL B

Stable

3i Infotech Limited

IT Services

Term Loan Facilities Cash Credit Limit Short-Term Loan Commercial Paper

CRISIL D CRISIL D CRISIL D CRISIL D # Stable Stable Stable

916 Epari Jeweller Private Limited A B Chem (India)

Textiles- Apparel & Cash Credit Limit Luxury Goods Distributors Cash Credit Limit Term Loan Facilities Proposed Long-Term Bank Facility Letter of Credit Limit Proposed Short Term Bank Facility

CRISIL BB CRISIL BB CRISIL BB CRISIL A4+ CRISIL A4+ CRISIL BBCRISIL BBCRISIL A4+ CRISIL A4+ CRISIL B+ CRISIL B+ CRISIL B+

A B Composites Pvt Ltd

Building Products

Cash Credit Limit Proposed Long-Term Bank Facility Bank Guarantee limit Short-Term Loan

Stable Stable

A B Cotspin India Limited

Textiles- Apparel & Term Loan Facilities Luxury Goods Cash Credit Limit Proposed Long-Term Bank Facility Cash Credit Limit

Stable Stable Stable

A C Steels

Metals & Mining

CRISIL B+ CRISIL BBCRISIL A4+

Stable Stable

A D Electro Steel Co Pvt Ltd

Metals & Mining

Cash Credit Limit Export Packing Credit limits

Bank Guarantee limit A D Industries Private Limited Distributors Cash Credit Limit Proposed Cash Credit Limit A E Infra Projects Private Limited Construction & Engineering Over Draft Proposed Long-Term Bank Facility Letter Of Guarantee A G Derco Belting (India) Private Limited Machinery Cash Credit Limit Term Loan Facilities Letter of Credit Limit Bank Guarantee limit A G Fats Limited Food Products Cash Credit Limit Term Loan Facilities A Infrastructure Ltd. Machinery Cash Credit Limit Term Loan Facilities Stand by Line of Credit Over Draft Working Capital Demand Loan Letter of Credit Limit Bank Guarantee limit A K Das Associates Limited Electrical Equipment A K Engineers Construction & Engineering Paper & Forest Products Cash Credit Limit Bank Guarantee limit Cash Credit Limit Bank Guarantee limit Letter of Credit (LC) Long Term Bank Loan Proposed Long-Term Bank Facility Cash Credit Limit Bank Guarantee limit Letter of Credit Limit A M Breweries Private Limited A M Marketing Ltd A Mahadevan and Co Beverages Food Products Construction & Engineering Metals & Mining Term Loan Facilities Cash Credit Limit Cash Credit Limit Bank Guarantee limit Cash Credit Limit

CRISIL A4+ CRISIL BBCRISIL BBCRISIL B+ CRISIL B+ CRISIL A4 CRISIL B+ CRISIL B+ CRISIL A4 CRISIL A4 CRISIL BB CRISIL BB CRISIL BBCRISIL BBCRISIL BBCRISIL BBCRISIL BBCRISIL A4+ CRISIL A4+ CRISIL BBCRISIL A4+ CRISIL B CRISIL A4 CRISIL BBCRISIL BBCRISIL BBCRISIL BBCRISIL A4+ CRISIL A4+ CRISIL B# CRISIL BBBCRISIL A3 CRISIL B Stable Stable Stable Stable Stable Stable Stable Stable Negative Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable Stable

A K Lumbers Limited

A One Steels India Private

Limited

Foreign Currency Term Loan Term Loan Facilities Letter of Credit Limit

CRISIL B CRISIL B CRISIL A4 CRISIL BBCRISIL BBBCRISIL BB CRISIL BB CRISIL A4+ CRISIL BBCRISIL BBCRISIL A4+ CRISIL A4+ CRISIL B+ CRISIL B+ CRISIL BB CRISIL BB CRISIL A4+ CRISIL A4+ CRISIL BBB CRISIL BBB

Stable Stable

A P Enterprises Private Limited Distributors A P Organics Private Limited A P Paper Mills Ltd Food Products Paper & Forest Products

Cash Credit Limit Cash Credit Limit Term Loan Facilities Cash Credit Limit Letter of Credit Limit

Stable Stable Stable Stable

A P Steel Re-Rolling Mill Limited

Metals & Mining

Cash Credit Limit Term Loan Facilities Letter of Credit Limit Bank Guarantee limit

Stable Stable

A R Loomtex India Private Limited A R Polymers Pvt Ltd

Engineering & Capital Goods Construction Materials

Term Loan Facilities Cash Credit Limit Rupee Term Loans Cash Credit Limit Bank Guarantee limit Letter of Credit Limit

Stable Stable Stable Stable

A R Sulphonates Private Limited

Chemicals

Non-Fund based limits Proposed Long-Term Bank Facility Fund & Non Fund Based Limits

Stable Stable

CRISIL BBB CRISIL B+ CRISIL B+ CRISIL BBBCRISIL BBBCRISIL A3 CRISIL A3 CRISIL A3 CRISIL BB#

Stable Stable Stable Stable Stable

A S Chattha Exim Private Limited A S R Multimetals Private Limited

Distributors

Cash Credit Limit Letter of Credit (LC)

Metals & Mining

Cash Credit Limit Term Loan Facilities Bank Guarantee limit Proposed Short Term Bank Facility Letter of Credit Limit

A S Steel Traders A Shama Rao Foundation

Distributors Diversified Consumer Services

Cash Credit Limit Rupee Term Loans

Stable

A V Rambabu Infra Private Limited

Construction & Engineering

Secured Overdraft Facility Bank Guarantee limit

CRISIL BB

Stable

CRISIL A4+

A V Thomas Leather & Allied Products Private Limited

Textiles- Apparel & Letter of Credit (LC) Luxury Goods Stand by Line of Credit Bank Guarantee Export Packing Credit Bill Discounting

CRISIL BBB CRISIL BBB CRISIL BBB CRISIL BBB CRISIL BBB CRISIL B+

Stable Stable Stable Stable Stable Stable

A to Z Builders AND Developers A-Bond Strands Private Limited

Real Estate Development Electrical Equipment

Term Loan Facilities

Long Term Bank Loan Cash Credit Limit Bank Guarantee limit Clean Supply Bill Purchase Letter of Credit Limit

# # # # # Stable

A-I Enterprises Private Limited Textiles- Apparel & Long Term Bank Loan CRISIL BBBLuxury Goods Letter of Credit and Bank CRISIL A3 Guarantee Foreign Bill Purchase Limit A-One Industries Construction & Engineering Cash Credit Limit Letter of Credit and Bank Guarantee A. A. Estate Pvt. Ltd. Real Estate Development Metals & Mining Cash Credit Limit CRISIL A3 CRISIL BBBCRISIL A3 CRISIL BB+

Stable

Stable

A. C. Strips (P) Ltd.

Cash Credit Limit Proposed Cash Credit Limit

CRISIL BBCRISIL BBCRISIL B+ CRISIL B+ CRISIL BBCRISIL A4+ CRISIL B-

Stable Stable Stable Stable Stable

A. Duraisamy Modern Rice Mill Food Products

Long Term Bank Loan Cash Credit Limit

A. G.Timber Private Limited

Paper & Forest Products Chemicals

Cash Credit Limit Letter of Credit Limit Proposed Long-Term Bank Facility Cash Credit Limit Long Term Bank Loan Bill Purchase Bank Guarantee limit Letter of Credit Limit Bill Discounting Facility

A. L. A. Chemicals Private Limited

Stable

CRISIL BCRISIL BCRISIL A4 CRISIL A4 CRISIL A4 CRISIL A4 #

Stable Stable

A. L. Overseas

Food Products

Cash Credit Limit

A. P. I. Constructions

Construction & Engineering Air Freight & Logistics

Cash Credit Limit Bank Guarantee limit Long Term Bank Loan Proposed Term Loan Subordinated Debt Non Convertible Debenture Proposed Long-Term Bank Facility Subordinated Debt Bond Line of Credit (LT) Long Term Bank Loan Bank Guarantee limit Short Term Debt Structured Debt Obligation Pass Through Certificate Structured Debt Obligation Structured Debt Obligation Structured Debt Obligation Structured Debt Obligation

CRISIL BBCRISIL A4+ CRISIL D CRISIL D CRISIL A CRISIL A

Stable

A. S. Carriers Private Limited

A. U. Financiers (India) Limited Non Banking Financial Company

Stable Stable

CRISIL A CRISIL A CRISIL A CRISIL A CRISIL A1 CRISIL A1 CRISIL A(SO) CRISIL AA(SO) CRISIL AA(SO) CRISIL AA+(SO) CRISIL AA(SO) CRISIL AAA(SO)

Stable Stable Stable Stable

A. U. Housing Finance Private Limited

Housing Finance Company

Term Loan Facilities Cash Credit Limit Proposed Long-Term Bank Facility

CRISIL BBB+ Stable CRISIL BBB+ Stable CRISIL BBB+ Stable CRISIL A CRISIL A CRISIL A1 CRISIL A1 CRISIL BBCRISIL A4+ CRISIL D CRISIL D CRISIL B Stable Stable Stable Stable

A.A. Autotech Private Limited

Auto Components

Term Loan Facilities Cash Credit Limit Bank Guarantee limit Letter of Credit Limit

A.A.Nutts

Food Products

Cash Credit Limit Packing Credits

A.C.P. Educational Trust

Diversified Consumer Services

Long Term Bank Loan Proposed Term Loan Cash Credit Limit

A.G. Rice Mills

Food Products

A.K. Builders

Construction & Engineering Construction & Engineering

Cash Credit Limit Bank Guarantee limit Cash Credit Limit Rupee Term Loans Bank Guarantee limit

CRISIL D CRISIL D CRISIL D CRISIL D CRISIL D #

A.K.Properties Private Limited

A.K.S.H. Educational and Research Society

Diversified Consumer Services

Term Loan Facilities

A.M. International A.N.E. Industries Private Limited A.P.Refinery Private Limited

Food Products

Cash Credit Limit

CRISIL BCRISIL C CRISIL A4 CRISIL BB+ CRISIL BB+ CRISIL B+

Stable

Oil Gas & Cash Credit Limit Consumable Fuels Bank Guarantee limit Food Products Term Loan Facilities Cash Credit Limit

Stable Stable Stable

A.R. Castings Pvt Ltd

Metals & Mining

Proposed Long-Term Bank Facility Cash Credit Limit

CRISIL B+ CRISIL BB+ CRISIL BB+ CRISIL BB+ CRISIL BBCRISIL B+ CRISIL A4 CRISIL BBCRISIL BBCRISIL BBB CRISIL B CRISIL B CRISIL A4 CRISIL D

Stable Stable Stable Stable Stable Stable

A.R. Gold Private Limited

Textiles- Apparel & Cash Credit Limit Luxury Goods Proposed Long-Term Bank Facility Long Term Bank Loan

A.R.Cashews A.R.R Srinivasan & Company

Distributors Distributors

Cash Credit Limit Cash Credit Limit Cheque Purchase

A.R.R. Srinivasan & Sons

Specialty Retail

Long Term Bank Loan Cash Credit Limit

Stable Stable Stable Stable Stable

A.R.Stanchem Pvt. Ltd. A.Ramanathan AND Co.

Chemicals Construction & Engineering

Cash Credit Limit Cash Credit Limit Proposed Long-Term Bank Facility Bank Guarantee limit

A.S. Jute Product Private Limited A.S. Steel Traders (Vsp) Private Limited A.S. Wood Impex Private Limited

Textiles- Apparel & Term Loan Facilities Luxury Goods Distributors Cash Credit Limit Letter of Credit Limit Paper & Forest Products Cash Credit Limit Proposed Short Term Bank Facility Letter of Credit Limit

CRISIL BB CRISIL A4+ CRISIL BBCRISIL A4+ CRISIL A4+ #

Stable

Stable

A.S.Export

Textiles- Apparel & Post Shipment Credit

Luxury Goods A.S.K.Brothers Limited Hotels Restaurants Long Term Bank Loan & Leisure Letter of Credit Limit Distributors Cash Credit Limit Proposed Long-Term Bank Facility Letter of Credit Limit A.V. Thomas & Co. Ltd. Food Products Cash Credit Limit Bank Guarantee limit Letter of Credit Limit A.V. Valves Limited Machinery Cash Credit Limit Term Loan Facilities Foreign Bill Purchase Limit Bank Guarantee limit Packing Credits A.V.M.Sales Corporation Distributors Over Draft Import Letter of Credit Limit Bank Guarantee limit A.V.R.N.Hotels Private Limited Hotels Restaurants Proposed Term Loan & Leisure AA Fashion Wear Private Limited Textiles- Apparel & Long Term Bank Loan Luxury Goods Export Packing Credit limits Distributors Letter of Credit (LC) Proposed Short Term Bank Facility Letter of Credit Limit ABA Builders Limited Real Estate Development Real Estate Development ABAD Builders Pvt.Ltd. Real Estate Development Professional Services Rupee Term Loans CRISIL B+ CRISIL A4 CRISIL BBCRISIL A4+ CRISIL A4+ CRISIL B Stable Stable Stable CRISIL BB CRISIL A4+ CRISIL BBBCRISIL BBBCRISIL A3 CRISIL A CRISIL A1 CRISIL A1 CRISIL D CRISIL D CRISIL D CRISIL D CRISIL D CRISIL BBBCRISIL A3 CRISIL A3 CRISIL B Stable Stable Stable Stable Stable Stable

A.T. Trade Overseas Private Limited

AB&Co Global Private Limited

ABAD Builders

Real Estate Developers Project Real Estate Developers Project Cash Credit Limit

DA3+

DA3+ Stable

ABB Global Industries & Services Limited

CRISIL AA+

Letter of Credit and Bank CRISIL A1+ Guarantee Over Draft CRISIL AAA Stable

ABB Limited

Electrical Equipment

Letter of Credit and Bank CRISIL A1+

Guarantee Commercial Paper ABC Bearings Limited Auto Components Cash Credit Limit Long Term Bank Loan Letter of Credit and Bank Guarantee ABC Engineering Works Energy Equipment & Services Cash Credit Limit Line of Credit (LT) Bank Guarantee limit Letter of Credit Limit ABC Fruits Food Products Term Loan Facilities Buyers Credit Cash Credit Limit Proposed Working Capital Facility ABCI Infrastructures Private Limited Construction & Engineering Cash Credit Limit Term Loan Facilities Bank Guarantee limit ABG Timber Products Private Limited ABIL Dairy LLP Paper & Forest Products Food Products Cash Credit Limit Letter of Credit Limit Term Loan Facilities Cash Credit Limit ABM International Limited Distributors Proposed Short Term Bank Facility Bill Discounting Facility Letter of Credit Limit ABM Knowledgeware Limited IT Services Cash Credit Limit Bank Guarantee limit ABS Marine Services Pvt.Ltd. Marine Long Term Bank Loan Proposed Long-Term Bank Facility Bank Guarantee limit ACB (India) Limited Oil Gas & Proposed Long-Term CRISIL A4+ CRISIL A4+ CRISIL BBB+ Stable CRISIL A2+ CRISIL BBB CRISIL BBB CRISIL A2 CRISIL A+ Stable Stable Stable CRISIL A1+ CRISIL A CRISIL A CRISIL A1 # # # # CRISIL C CRISIL C CRISIL C CRISIL C CRISIL BB CRISIL BB CRISIL A4+ CRISIL B+ CRISIL A4 CRISIL B CRISIL B CRISIL A4+ Stable Stable Stable Stable Stable Stable Stable

Consumable Fuels Bank Facility Foreign Currency Term Loan Cash Credit Limit CRISIL A+ CRISIL A+ Stable Stable Stable

Working Capital Demand CRISIL A+ Loan

Corporate Loan Non Convertible Debenture Term Loan Facilities Bank Guarantee Bank Guarantee limit Commercial Paper Sales Bill Discounting ACC Limited Construction Materials Cash Credit Limit Non Convertible Debenture Letter of Credit Limit Bank Guarantee limit ACG Hospitality Private Limited ACME Tele Power Limited Hotels Restaurants Term Loan Facilities & Leisure Wireless Non Convertible

CRISIL A+ CRISIL A+ CRISIL A+ CRISIL A+ CRISIL A1 CRISIL A1 CRISIL A1 CRISIL AAA CRISIL AAA CRISIL A1+ CRISIL A1+ CRISIL D

Stable Stable Stable Stable

Stable Stable

Telecommunication Debenture Services Cash Credit Limit Commercial Paper Letter of Credit and Bank Guarantee ACPL Products Pvt Ltd Textiles- Apparel & Export Packing Credit Luxury Goods Proposed Short Term Bank Facility Bill Discounting Facility ACT Educational & Charitable Trust Diversified Consumer Services ADC India Communications Ltd Diversified Bank Guarantee limit Long Term Bank Loan

# # # # # # #

CRISIL A2 CRISIL A2 CRISIL A2+

Telecommunication Proposed Non Fund Services based limits Food Products Export Packing Credit limits Standby Line Of Credit

ADF Foods Limited

CRISIL A2+ CRISIL BBStable

ADL Orbit Cable (India)

Electrical Equipment Metals & Mining

Cash Credit Limit

ADP Global Industries Private Limited

Cash Credit Limit Term Loan Facilities Letter of Credit Limit

CRISIL BCRISIL BCRISIL A4

Stable Stable