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CompanyDateSector

1ICRADowngrade23/10/2009LBBLB+1) Weakened liquidity positionChemical2) Delays in debt servicing2NHPC LtdCRISIL22/10/2009NegativeStablePower 3CRISIL22/10/2009StableNegative4ICRADowngrade22/10/2009LBBB LBBB-1) Slowdown In demandTelecom2) Decline in market share5Rajdeep BuildconCRISILUpgrade21/10/2009BBB-/P3BBB/P3+1) Strong Order BookInfrastructure6CRISILUpgrade20/10/2009AA+AAA1) Merger with SBI Factors7Xenitis InfotechFITCHDowngrade20/10/2009BBBBB+1) Increase in debtIT2) Decline in EBITDA Margins8ICRADowngrade19/10/2009LBBB+LB1) Deterioration in the liquidityPaper based9GMR Energy LtdICRAUpgrade19/10/2009LBBB-/A31) Improvement in risk profileEnergy10ICRAUpgrade19/10/2009LA-LBBB+Infrastructure11Karuturi Global LtdICRA Downgrade19/10/2009LA/A1LA-/A2Horticulture12ICRADowngrade19/10/2009LBBLB-1) Delays in debt servicingTextile13ICRAUpgrade19/10/2009LBB+LBBBPower 14CRISIL16/10/2009StableNegativeMetal15NRB BearingsCRISIL16/10/2009NegativeStable1) Improved Profitability16CRISIL16/10/2009StablePositiveChemical

Sr NoRatingAgencyRatingActionPreviousRatingCurrentRatingKey Reason for Upgrade /Downgrade in Brief

Sree RayalaseemaAlkalies & AlliedChemicals LtdOutlookRevision1) Increased operationalcapacityRiddhi SiddhiGluco Biols LtdOutlookRevision1) Loss incurred due tofluctuations in the value of Indian RupeeFoodProductsSaloraInternational LtdGlobal TradeFinanceFinancialServicesBharat BoxFactory LtdLBBB/A3+GMR PochanpalliExpressways PvtLtd1) On time commencement of operations2) Absence of market andcredit risk1) Increase in working capitalintensityShri GovindarajaMills LtdVemagiri Power Generation Ltd1) Commencement of operationsAgarwal MetalWorksOutlookRevision1) Strain on risk profile due toshrinking marginsOutlookRevisionAutomotivecomponentsTranspek-SiloxIndustryOutlookRevision1) Improvement in busnessrisk profile

173i InfotechCRISIL15/10/2009NegativeStable1) Equity InfusionIT19Gayatri ProjectsCRISIL15/10/2009StableNegativeConstruction20KLJ PlasticizersCRISILUpgrade15/10/2009BBB+/P2Plastics21KLJ PollyalloysCRISILUpgrade15/10/2009BBB+/P222Muthoot FincorpCRISILUpgrade15/10/2009A-A23Titan Industries LtdICRAUpgrade15/10/2009LAA-LAA24ICRADowngrade15/10/2009LBLDRetail25ICRADowngrade14/10/2009LBBB LBBB-Construction26ICRADowngrade14/10/2009LBB+LBB-1) Delays in debt servicingPower 27ICRAUpgrade14/10/2009LA+LAA1) Robust growth in CargoLogistics28Tata Metaliks LtdICRADowngrade14/10/2009LALA-1) Substantial LossesIron29ICRADowngrade12/10/2009LBBLB+30Hind Industries LtdICRADowngrade12/10/2009LBBLB+31CRISILDowngrade12/10/2009BBB+/P2BB-/P4Power 2) Inventory Pile Up32CRISIL10/10/2009NegativePositive1) Equity InfusionInfrastructure33CRISILDowngrade10/10/200934Sabre InternationalCRISILDowngrade9/10/2009D/P51) Delay in repayment of loans35ICRAUpgrade9/10/2009LBB-/A4LBBB-/A31) Easing Liquidity pressureOutlookRevisionOutlookRevision1)ressure on financial riskprofile due to increase in debtlevelsBBB+/P2+1) Low Utilization of fund-based bank lines2) Deferrement of RealtyProjectsBBB+/P2+1) Low Utilization of fund-based bank linesPVCCompunds2) Deferrement of RealtyProjects1) Improvement in businessrisk profileFinancialServices2) Increase in Assets under Management1) Consistent improvement infinancial risk profileConsumer GoodsVah Magna RetailPvt Ltd1) Liquidity Crunch due tolosses in operationsEast CoastConstructions &Industries Ltd1) Increase in the financial riskof the companyInd Barath Power Gencom LtdMundra Port andSEZ Ltd2) Strong FinancialPerformanceHind Agro IndstriesLtd1) Delays in servicing termloansMeatProducts1) Delays in servicing termloansMeatProductsUniversal Power Transformer 1) Delay In Realisation of receivablesDiamond Power InfrastructureOutlookRevisionGlasstechIndustriesBB-/NegaativeBB+/Stable1) Deterioration in financialprofile due to lower accruals,declining margins andinventory build upReal Estate &ConstructionB/Negative/P4TextileExportsSoma EnterpriseLtdInfrastructure:Irrigationprojects,Roads etc

36ICRAUpgrade9/10/2009LBB-/A4LBBB-/A31) Eased Liquidity PressureInfrastructure37ICRADowngrade9/10/2009LBBB+LBBB1) Fall in profitability marginsJewellery2) Strained Liquidity position38Thomson PressCRISILDowngrade9/10/2009AA/StablePrinting2) Declining operating margins39CRISILDowngrade8/10/2009BBB/P3+D/P5Furniture40PBA InfrastructureCRISILDowngrade8/10/2009D/P51) Delay in repayment of loansFurniture41Aparna EnterpriseCRISILDowngrade7/10/200942Davariya BrothersICRADowngrade7/10/2009A3A4+43Gimatex IndustriesCRISIL7/10/2009StablePositiveTextile44Roop AutomotiveCRISILUpgrade7/10/2009P4P4+NegativeStable45CRISILDowngrade7/10/2009D/P51) Delay in repayment of loansSponge Iron46Torrent Power LtdCRISILUpgrade7/10/2009AA/StablePower 7/10/200947ICRADowngrade7/10/2009LA/A1LA-/A2+48Adalabs Films LtdICRADowngrade6/10/2009LAA-/A1+LA+/A1+2) Measures to improveliquiditySoma EnterpriseLtdSuranaCorporation LtdAA-/Stable1) Deterioration in capitalstructure due to net wortherosionNovopanIndustries1) Loan defaults and failure todisclose the sameBBB-/Stable/P3

BBB/Negative/P3+BBB-/Negative/P3

1) Stretched liquidity due tohigh CapexMarbles &Tiles Mfg2) Poor financial profileresulting in low flexibility1) Deterioration in financialprofile due to high leverage,stretched liquidity and largereceivablesDiamondexports (Jems& Jewellery)OutlookRevision1) Lower than expectedprofitability due to lower realizations1) Pick up in demand resultinghealthy future growthAutoComponentsOutlookRevisionShree GaneshSponge IronBB+/Stable/P4AA-/Stable1) Improvement in businessrisk profile due tocommissioning of sugar plant2) Improved operatingefficienciesTransafe ServicesLtd1) High leverage and tight WCpositionContainer leasing &Logistics1) Deterioration in financialprofile due to high leverage,stretched liquidity and largereceivablesMedia & FilmProduction

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