Rating Actions

Sr No

Company Sree Rayalaseema Alkalies & Allied 1 Chemicals Ltd

Rating Agency

Rating Action

ICRA

Downgrade

Date

Previous Rating

Current Rating

23/10/2009 LBB

LB+

22/10/2009 Negative

Stable

22/10/2009 Stable 22/10/2009 LBBB

Negative LBBB-

2 NHPC Ltd CRISIL Riddhi Siddhi Gluco 3 Biols Ltd CRISIL 4 Salora International Ltd ICRA

Outlook Revision Outlook Revision Downgrade

5 Rajdeep Buildcon 6 Global Trade Finance 7 Xenitis Infotech

CRISIL CRISIL FITCH

Upgrade Upgrade Downgrade

21/10/2009 BBB-/P3 20/10/2009 AA+ 20/10/2009 BBB

BBB/P3+ AAA BB+

ICRA ICRA

Downgrade Upgrade

19/10/2009 LBBB+ 19/10/2009 LBBB-/A3

LB LBBB/A3+

ICRA

Upgrade

19/10/2009 LA-

LBBB+

Downgrade Downgrade

19/10/2009 LA/A1 19/10/2009 LBB

LA-/A2 LB-

19/10/2009 LBB+

LBBB

16/10/2009 Stable

Negative

16/10/2009 Negative

Stable

16/10/2009 Stable

Positive

15/10/2009 Negative

Stable

15/10/2009 Stable

Negative

8 Bharat Box Factory Ltd 9 GMR Energy Ltd GMR Pochanpalli 10 Expressways Pvt Ltd

11 Karuturi Global Ltd ICRA 12 Shri Govindaraja Mills LtdICRA Vemagiri Power 13 Generation Ltd ICRA

17 3i Infotech

CRISIL

19 Gayatri Projects

CRISIL

Upgrade Outlook Revision Outlook Revision Outlook Revision Outlook Revision Outlook Revision

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

14 Agarwal Metal Works

CRISIL

15 NRB Bearings

CRISIL

16 Transpek-Silox Industry CRISIL

23 Titan Industries Ltd

ICRA

Upgrade

15/10/2009 LAA-

LAA

Downgrade

15/10/2009 LB

LD

Downgrade

14/10/2009 LBBB

LBBB-

Downgrade Upgrade

14/10/2009 LBB+ 14/10/2009 LA+

LBBLAA

ICRA ICRA ICRA

Downgrade Downgrade Downgrade

14/10/2009 LA 12/10/2009 LBB 12/10/2009 LBB

LALB+ LB+

CRISIL

Downgrade

12/10/2009 BBB+/P2

BB-/P4

Diamond Power 32 Infrastructure

CRISIL

Outlook Revision

10/10/2009 Negative

Positive

33 Glasstech Industries

CRISIL

Downgrade

34 Sabre International

CRISIL

Downgrade

35 Soma Enterprise Ltd

ICRA

Upgrade

9/10/2009 LBB-/A4

LBBB-/A3

36 Soma Enterprise Ltd ICRA 37 Surana Corporation Ltd ICRA

Upgrade Downgrade

9/10/2009 LBB-/A4 9/10/2009 LBBB+

LBBB-/A3 LBBB

38 Thomson Press

CRISIL

Downgrade

9/10/2009 AA/Stable

AA-/Stable

39 Novopan Industries

CRISIL

Downgrade

40 PBA Infrastructure

CRISIL

Downgrade

8/10/2009 BBB/P3+ D/P5 BBB-/Stable/ 8/10/2009 P3 D/P5

41 Aparna Enterprise

CRISIL

Downgrade

7/10/2009 /P3+

42 Davariya Brothers

ICRA

7/10/2009 A3

A4+

43 Gimatex Industries

CRISIL

Downgrade Outlook Revision

7/10/2009 Stable

Positive

44 Roop Automotive

CRISIL

Upgrade

7/10/2009 P4

P4+

24 Vah Magna Retail Pvt LtdICRA East Coast Constructions & 25 Industries Ltd ICRA Ind Barath Power 26 Gencom Ltd ICRA 27 Mundra Port and SEZ LtdICRA 28 Tata Metaliks Ltd 29 Hind Agro Indstries Ltd 30 Hind Industries Ltd Universal Power 31 Transformer

BB-/Negaati 10/10/2009 ve BB+/Stable B/Negative/ 9/10/2009 P4 D/P5

BBB/Negative BBB-/Negati ve/P3

Outlook Revision

Negative

Stable BB+/Stable /P4

Shree Ganesh Sponge 45 Iron

CRISIL

Downgrade

7/10/2009 D/P5

46 Torrent Power Ltd

CRISIL

Upgrade

7/10/2009 AA/Stable 7/10/2009

AA-/Stable

47 Transafe Services Ltd

ICRA

Downgrade

7/10/2009 LA/A1

LA-/A2+

48 Adalabs Films Ltd

ICRA

6/10/2009 LAA-/A1+

LA+/A1+

49 Bhartia Associates 50 Enercon Wind Farms

CRISIL FITCH

Downgrade Outlook Revision Downgrade

6/10/2009 Stable 6/10/2009 BB+

Positive BBB

51 Gujarat Eco textile

CRISIL

Downgrade

6/10/2009 D/P5

52 Hindustan Tin Works

ICRA

Upgrade

6/10/2009 LBBB/A2

53 Sheela Foam

CRISIL

Upgrade

54 Shree Nagoda Ispat

CRISIL

Downgrade

6/10/2009 + e/P2 BB+/Negativ B-/Negativ 6/10/2009 e e

55 Shreyans Industries Ansal Properties & 56 Investments

CRISIL

Outlook Revision

6/10/2009 Stable

Positive

FITCH

Downgrade

5/10/2009 D

BB-

57 Brakes India Ltd

CRISIL

Upgrade Outlook Revision

5/10/2009 P1

P1+

5/10/2009 LBBB+/A2+ LBBB/A2

Hydro S&S Industries 58 Ltd

ICRA

59 M&M

CRISIL

Downgrade Outlook Revision

60 Mahindra Finance CRISIL 61 Parsvanath Developers FITCH 62 Sundaram Fastners

CRISIL

A-/Stable/P2

Stable

BB-/Negati ve/P4 LBBB+/A2 + BBB+/Stabl

Positive

5/10/2009 Negative

Stable

Outlook Revision Downgrade

5/10/2009 Negative 5/10/2009 D

Stable BB-

Upgrade

5/10/2009 P1

P1+

5/10/2009

5/10/2009 BBB-/Negativ BB/Negative /P4+

63 Trimex industries Ltd

CRISIL

Downgrade

5/10/2009 e/P3

64 Trimex Sands Ltd

CRISIL

Downgrade

5/10/2009 e/P3

BBB-/Negativ BB/Negative /P4+

Key Reason for Upgrade / Downgrade in Brief

Sector

Annual Revenues

1) Weakened liquidity position 2) Delays in debt servicing

Chemical

Rs 1634.7 mn

1) Increased operational capacity 1) Loss incurred due to fluctuations in the value of Indian Rupee 1) Slowdown In demand 2) Decline in market share 1) Strong Order Book 1) Merger with SBI Factors 1) Increase in debt 2) Decline in EBITDA Margins 1) Deterioration in the liquidity 1) Improvement in risk profile

Power

Rs 34 bn

Food Products Telecom

Rs 5.4 bn

Infrastructure Financial Services IT

Rs 2.71 bn

Paper based Energy

Rs 3.17 bn Rs 6.91 bn

1) On time commencement of operations 2) Absence of market and credit risk 1) Increase in working capital intensity 1) Delays in debt servicing

Infrastructure

1) Commencement of operations 1) Strain on risk profile due to shrinking margins

Power

1) Improved Profitability

Automotive components Rs 3 bn

1) Improvement in busness risk profile

Chemical

Rs 3.17 bn

1) Equity Infusion 1)ressure on financial risk profile due to increase in debt levels

IT

Rs 22.8 bn

Construction

Rs 9.92 bn

1) Low Utilization of fund-based bank lines 2) Deferrement of Realty Projects

Plastics

Rs 11.21 bn

1) Low Utilization of fund-based bank lines 2) Deferrement of Realty Projects 1) Improvement in business risk profile 2) Increase in Assets under Management

PVC Compunds

Rs 11.21 bn

Rs 9384.22 mn

Horticulture Textile

Metal

Financial Services

Rs 2.12 bn

1) Consistent improvement in financial risk profile 1) Liquidity Crunch due to losses in operations

Consumer Goods Retail

1) Increase in the financial risk of the companyConstruction 1) Delays in debt servicing 1) Robust growth in Cargo 2) Strong Financial Performance 1) Substantial Losses 1) Delays in servicing term loans 1) Delays in servicing term loans

Power Logistics Iron Meat Products Meat Products

Rs 1.92 bn Rs 6.33 bn Rs 7.51 bn

1) Delay In Realisation of receivables 2) Inventory Pile Up

Power

Rs 1.25 bn

1) Equity Infusion

Infrastructure

Rs 6.9 bn

1) Deterioration in financial profile due to lower accruals, declining margins and inventory build up

Real Estate & Construction

Rs.28 Cr

1) Delay in repayment of loans

Textile Exports

Rs.250 Cr

Infrastructure: Irrigation projects, Roads etc

Rs.2012 Cr

1) Easing Liquidity pressure 2) Measures to improve liquidity 1) Eased Liquidity Pressure 1) Fall in profitability margins 2) Strained Liquidity position 1) Deterioration in capital structure due to net worth erosion 2) Declining operating margins 1) Loan defaults and failure to disclose the same

Infrastructure Jewellery

Printing

Rs.333 Cr

Furniture

Rs.79.5 Cr

1) Delay in repayment of loans

Furniture

Rs.350 Cr

1) Stretched liquidity due to high Capex 2) Poor financial profile resulting in low flexibility

Marbles & Tiles Mfg Rs.204 Cr

1) Deterioration in financial profile due to high leverage, stretched liquidity and large receivables 1) Lower than expected profitability due to lower realizations 1) Pick up in demand resulting healthy future growth

Diamond exports (Jems & Jewellery)

Rs.151 Cr

Textile

Rs.201 Cr

Auto Components

Rs.61 Cr

1) Delay in repayment of loans 1) Improvement in business risk profile due to commissioning of sugar plant 2) Improved operating efficiencies

Sponge Iron Power

1) High leverage and tight WC position

Container leasing & Logistics

1) Deterioration in financial profile due to high leverage, stretched liquidity and large receivables 1) Improved order book resulting in healthy future revenue growth 1) Financial loan restructuring

Media & Film Production Infrastructure Construction Construction

1) Delay in repayment of loans 1) Good revenue growth, adequate accruals and better gearing ratio 1) Low gearing, improved debt protection & strong financial profile 1) Stretched liquidity due to high Capex 2) Poor financial profile resulting in low flexibility 1) Improved order book resulting in healthy future revenue growth

Textile

Rs.4320 Cr

Rs.660 Cr Rs.150 Cr Rs.700 Cr

Start Up SPV

Tin Can Mfg NA Consumer Durable House keeping Rs.653 Cr Rs.113 cr for Steel 2007-08

Paper

Rs.269 Cr

Construction

Rs.680 Cr

Auto Components

Rs.1585 Cr

Polypropelene Mfg for Auto sector

Rs.118 Cr

1) Pick up in demand due to Xylo 2) Better than expected Cash Accruals

Auto

Rs.12649 Cr

1) Change in Parent Rating Outlook 1) Financial loan restructuring 1) Healthy growth in domestic revenue profile

NBFC Construction

Rs.33 CR for June 09 Qtr Rs.700 Cr

Auto Components

Rs.1797 Cr

1) Financial loan restructuring 1) Better than expected revenues and profitability 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 & Liquidity pressure

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 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 2) Higher Garing ratio 3) Delay in commencement of beach sand project 4) Rescheduling of term loan payments

Mining & Minerals

Mining & Minerals

Rs.315 Cr

Listed

Y

BB-/P4

A

BBB+/P2+

BBB+/P2+

AAA BBB/P3+ LBBB-/A3 LAA

LAA LBBB+

LBBB

Sr No

Rating Company Agency

Thomson 19 Press CRISIL

Thomson Press

Key Reason for Upgrade / Downgra de in Brief Sector

Annual Revenues

1) Deteriorati on in capital structure due to net Downgrad worth e 9/10/2009 AA/Stable AA-/Stable erosion Printing

Rs.333 Cr

Rating Action

Date

Previous Current Rating Rating

2) Declining operating margins

9/10/2009

Novopan 17 Industries CRISIL

Downgrad e 8/10/2009 BBB/P3+ D/P5

1) Loan defaults and failure to disclose the same Furniture

PBA Infrastruct 18 ure CRISIL

Downgrad BBB-/Stab e 8/10/2009 le/P3 D/P5

1) Delay in repayment of loans Furniture

Aparna 13 Enterprise CRISIL

Aparna Enterprise

Downgrad BBB/Negati e 7/10/2009 ve/P3+

7/10/2009

Rs.79.5 Cr

Rs.350 Cr

1) Stretched liquidity due to Marbles & BBB-/Negat high Capex Tiles Mfg Rs.204 Cr ive/P3 2) Poor financial profile resulting in low flexibility

Gimatex 15 Industries CRISIL

Roop Automotiv 14 e CRISIL Roop Automotiv e Shree Ganesh Sponge 12 Iron

CRISIL

Torrent 16 Power Ltd CRISIL

Bhartia Associate 8s CRISIL

Gujarat 11 Eco textile CRISIL

Outlook Revision

7/10/2009 Stable

Positive

1) Lower than expected profitability due to lower realization s Textile

1) Pick up in demand resulting healthy Auto future Compone growth nts Rs.61 Cr

Upgrade

7/10/2009 P4

P4+

Outlook Revision

7/10/2009 Negative

Stable

Downgrad e 7/10/2009 D/P5

Upgrade

Outlook Revision

1) Delay in BB+/Stabl repayment Sponge e/P4 of loans Iron

1) Improvem ent in business risk profile due to commissio ning of sugar 7/10/2009 AA/Stable AA-/Stable plant Power

6/10/2009 Stable

Downgrad e 6/10/2009 D/P5

Rs.201 Cr

Positive

Rs.4320 Cr

1) Improved order book resulting in healthy Infrastruct future ure revenue Constructi growth on Rs.150 Cr

1) Delay in BB-/Negat repayment ive/P4 of loans Textile

Start Up SPV

Sheela 10 Foam

Shree Nagoda 7 Ispat

Upgrade

CRISIL

1) Stretched liquidity due to Downgrad BB+/Nega B-/Negativ high e 6/10/2009 tive e Capex Steel

Shreyans 9 Industries CRISIL

Brakes India Ltd

Brakes India Ltd

Consumer Durable House keeping Rs.653 Cr

CRISIL

Shree Nagoda Ispat

Brakes 6 India Ltd

A-/Stable/P

CRISIL

Outlook Revision

6/10/2009 2+

1) Low gearing, improved debt protection & strong BBB+/Stabl financial profile e/P2

6/10/2009

2) Poor financial profile resulting in low flexibility

6/10/2009 Stable

Positive

1) Improved order book resulting in healthy future revenue growth Paper

Rs.113 cr for 200708

Rs.269 Cr

Upgrade

5/10/2009 P1

P1+

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

Outlook Revision

5/10/2009 Stable

Positive

2) Pick up in demand

5/10/2009

3) Future improvem ent in gearing and debt protection ratios due to prudent managem ent

4 M&M

CRISIL

Outlook Revision

M&M

Mahindra 5 Finance CRISIL

Sundaram 3 Fastners CRISIL

Sundaram Fastners

Sundaram Fastners

Outlook Revision

Upgrade

5/10/2009 Negative

Stable

1) Pick up in demand due to Xylo Auto

Rs.12649 Cr

5/10/2009

2) Better than expected Cash Accruals

5/10/2009 Negative

Stable

1) Change in Parent Rating Outlook NBFC

P1+

1) Healthy growth in domestic Auto revenue Compone Rs.1797 profile nts Cr

5/10/2009 P1

5/10/2009

2) Domestic growth to mitigate export sluggishne ss and poor foreign subsidiarie s performan ce

5/10/2009

3) Improved profitability & debt protection s ratios due to low input cost and improves efficiency

Rs.33 CR for June 09 Qtr

Trimex industries 2 Ltd CRISIL Trimex industries Ltd

Trimex industries Ltd

Trimex industries Ltd

Trimex 1 Sands Ltd CRISIL Trimex Sands Ltd

Trimex Sands Ltd

Trimex Sands Ltd Trimex Sands Ltd

Downgrad BBB-/Negat BB/Negativ e 5/10/2009 ive/P3 e/P4+

1) Deteriorati on in Trimex Group's financial Mining & risk profile Minerals

5/10/2009

2) Higher Garing ratio

5/10/2009

3) Delay in commenc ement of beach sand project

5/10/2009

4) Reschedul ing of term loan payments

Downgrad BBB-/Negat BB/Negativ e 5/10/2009 ive/P3 e/P4+

1) Deteriorati on in Trimex Group's financial Mining & risk profile Minerals

5/10/2009

2) Higher Garing ratio

5/10/2009

3) Delay in commenc ement of beach sand project

5/10/2009

4) Reschedul ing of term loan payments

Rs.315 Cr

2) Improved operating efficiencie s