Outstanding Ratings as on March 31, 2013 Name of the Issuer Issuer Rating Long Term Short Term Term Deposits Outlook A.S. Steel Traders (VSP) Private Limited – IND BB-(suspended) – – – Aaditiya Aswin Paper Mills Private Limited – IND BB- IND A4+ – Stable Abellon CleanEnergy Ltd IND BB Stable – – – ABG Shipyard Ltd▼ – IND BBB – – – Abhinandan Interexim Pvt Ltd (Sri Balmukund Group Entity) – IND BB+ IND A4+ – Stable ACC Limited – IND AAA IND A1+ – Stable ACCIL Corporation Limited – IND BBB-(SO) – – – ACCIL Hospitality Limited – IND BBB-(SO) – – – AD Hydro Power Limited – IND BBB – – Stable Adarsh Developers – IND B+ – – Negative Adarsh Realty & Hotels Private Limited – IND B – – Negative Adhunik Alloys and Power Limited – IND BB+(suspended) IND A4+(suspended) – – Adhunik Cement Limited – IND BB-(suspended) IND A4+(suspended) – – Adhunik Corporation Limited – IND BB IND A4+ – Stable Adhunik Industries Limited – IND BB+ IND A4+ – Stable Adhunik Metaliks Limited – IND BBB(suspended) IND A2(suspended) – – Adhunik Power Transmission (formerly Unistar Galvaniser & Fabricators Pvt – IND B+(suspended) IND A4(suspended) – – Ltd) Aditya Vidyut Appliances Limited – IND BB+ IND A4+ – Stable Admark Polycoats Pvt Ltd – IND BB IND A4+ – Stable AES Chhattisgarh Energy Private Limited – – IND A2+(SO) – – Agio Paper & Industries Limited – IND C – – – AGR Steel Strips Private Limited – IND BB IND A4+ – Stable Air India Limited – IND AAA(SO)(exp) - – - Air India Limited – IND AAA(SO) - – - Air India Ltd (formerly National Aviation Company of India Limited) – IND AAA(SO) – – – Air Travel Bureau Limited – IND BBB IND A3+ – Stable Air Works India Engineering Pvt Ltd – IND BBB+ IND A2+ – Stable Air-India Charters Limited – IND AAA(SO) – – – Aishwarya Farms IND D – – Aishwarya Feeds – IND B+ IND A4 – Stable Ajay Trading Company – IND B+(suspended) IND A4(suspended) – - Akash Coke Industries Private Limited – IND C(suspended) IND D(suspended) – – AKC Steel Industries Ltd. – IND BB- – – Stable Alchemist Hospitals Limited – IND B+ – – Stable Alchemist Limited – IND BBB- IND A3 – Negative Alkor Petroo Limited – IND BBB+(SO) – – – All Services Global Pvt Limited (formerly A.L.L Services Under 1 Roof (India) – IND BB+ IND A4+ – Stable AlliancePvt. Ltd.) Minerals Private Limited – IND B IND A4 – Stable Amaravathi Sri Venkatesa Paper Mills Limited – IND D IND D – – Amaravthy Spinning Mills – IND D/ IND C IND C – – Amba Highrise Pvt Ltd – IND B – – Stable Amber Electrotech Ltd. – IND B+ IND A4 – Stable Amber Enterprises (India) Private Limited – IND A- IND A2+ – Stable Ambica Steels Limited – IND BB+ IND A4+ – Positive Ambuja Cement Limited (formerly known as Gujarat Ambuja Cements – IND AAA IND A1+ – Stable Limited) Amir Chand Jagdish Kumar (Exports) Limited – IND BBB- IND A3 – Stable Amon-ra Impex Private Limited – IND B+ IND A4 – Stable Amorphos Chemicals Private Limited – IND B+(suspended) IND A4(suspended) – – Amroon Foods Private Limited (Fair Group Entity) – IND BB- IND A4+ – Stable Ananth Technology Limited - IND BB IND A4+ – Stable Anchor Malls Private Limited – IND B+ – – Stable Andhra Pradesh Fibres Limited – IND BB-(suspended) IND A4+(suspended) – – Andrew Yule & Co. Ltd IND D IND C IND A4 – – Anmol Biscuits Limited – IND A IND A1 – Stable Ansal Housing and Construction Limited – IND BB- IND A4+ – Stable Antelec Pvt Ltd – IND BBB- IND A3 – Stable AR Airways Private Limited – IND BB- – – Stable Aradhya Steel Private Limited – IND BB- IND A4+ – Stable Arc Marine Private Ltd – IND D IND D – - Arena Lifestyle Pvt Ltd – IND BB A4+ – Stable ARG Developers Pvt. Ltd. – IND B(suspended) – – - ARG Housing Pvt. Ltd. – IND B(suspended) – – - Arise India Limited – IND BBB+ IND A2 – Stable Arjun Agro Foods - IND B IND A4 - Stable Aruna Alloy Steels Private Limited – IND BB+ IND A4+ – Stable Aryavrat Trading Private Limited – IND B- – – Stable Ashika Commercial Private Limited – IND B IND A4 – Stable Asian Colour Coated Ispat Limited – IND BBB- IND A3 – Stable Asian Tea & Exports Limited (Asian Tea Group Entity) – IND BB+ IND A4+/ IND A4+(exp) – Stable Asian Tea Company Private Limited(Asian Tea Group Entity) – – IND A4+ – – Asritha Paper Mills Private Ltd – IND B- – – Stable Atlanta Limited – IND BBB-(suspended) IND A3(suspended) – – Aurobindo Pharma Limited – IND AA- IND A1+ – Stable Aurobindo Pharma Limited (Additional Bank Loans) – IND AA- IND A1+ – Stable

India Ratings and Research www.indiaratings.co.in As on 31 March 2013 Avani Vanijya Pvt. Ltd. – – IND A4 – – Avaya Industries Ltd – IND B+ IND A4 – Stable Axiom Cordages Limited (formerly Axiom Impex International Limited) – IND A- IND A1 – Stable Axles India Limited - IND A- IND A2+ - Stable B & A Packaging India Limited (formerly B&A Multiwall Packaging Limited) – IND BB-(suspended) IND A4+(suspended) – - B Sorabji Group – IND B – – Stable B.G. Shirke Construction Technology Pvt Ltd – IND A- IND A2+ – Negative B.G. Shirke Construction Technology Pvt (Additional Bank Loans) – IND A- IND A2+ – - B.N.T. Connections Impex Ltd – IND BB- IND A4+ – Stable B.N.T. Innovations Private Limited – IND BB- IND A4+ – Stable Baby Engineering Private Limited (BEPL) - IND D IND A4 - - Bagh Bahar Appliances Private Limited – IND BB/IND BBB-(SO) IND A3(SO) – Stable Bajaj Eco Tech Products Limited – IND B IND A4 – Stable Balaji Action Buildwell – IND BBB- IND A3 – Stable Balaji Amines Limited – IND A- IND A2+ – Stable Balaji Greentech Products Limited – IND D – – - Balaji Oil Industries Private Limited – IND B+ IND A4 – Stable Balaji Powertronics – IND A IND A1 – Stable Balasore Alloys Limited – IND BB- IND A4+ – Stable BalKrishna Synthetics Ltd – IND BBB- IND A3 – Stable Ballarpur Industries Limited – IND AA- IND A1+ – Negative Ballyfabs International Limited – IND BBB- IND A3 – Stable Balmer Lawrie Company Limited – – IND A1+ – – Bannari Amman Apparel Private Ltd – IND B IND A4 – Stable Bansal Biscuits Private Limited – IND A IND A1 – Stable Bansal Coal Udyog Private Limited – IND B – – Stable Batliboi Environmental Engineering Ltd. – IND B+ IND A4 – Negative Batliboi Limited – IND B- IND A4 – Stable Bay Forge Ltd – IND B+ IND A4 – Stable BC Sen & Co Ltd – IND BBB IND A2 – Stable Beekay Steel Industries Limited – IND BBB- IND A3 – Stable Beri Udyog Private Limited – IND BBB- IND A3 – Stable Bhadresh Trading Corporation Ltd – IND BBB- IND A3 – Stable Bhansali Engineering Polymers Limited – IND BB IND A4+ – Negative Bharat Construction – IND BB IND A4+ – Stable Bharat Cotton Corporation - IND B- IND A4 - stable Bharat Heavy Electricals Limited – IND AAA IND A1+ – Stable Bharat Hydel Projects Private Limited – IND BB IND A4+ – Stable Bhartiya International Limited – IND A− IND A2+ – Stable Bharuch Enviro Infrastructure Pvt Limited – IND BBB- IND A3 – Stable Bhaskar Sarachi Alloys Ltd – IND B IND A4 – Stable Bhatia Wines (Bhatia Group Entity) – IND BBB - – Stable Bhavya Constructions Pvt. Ltd – IND B+/ IND B+(exp) – – Stable Bhoruka Park Pvt Limited – IND BBB+ – – Stable Bhumya Pvt Limited – IND D – – – Bhushan Power and Steel Limited (Formerly as Bhushan Limited) – IND A- IND A2+ – Stable Bilcare Limited ► – IND BBB+ IND A2+ – - BILT Graphic Paper Products Limited – IND AA- IND A1+ – Negative Binani Cements Limited – IND A(suspended) IND A1(suspended) – – Biopac India Corporation Limited – IND B IND A4 – Stable BLA Coke Pvt. Ltd IND A- - Stable Blue Dart Express Ltd – – IND A1+ – – Blues Clothing Company Limited – IND BB+ IND A4+ – Stable Bonai Industrial Company Ltd – IND AA- IND A1+ – Stable Borah Brothers Private Limited – IND BB- – – Stable Bostin Engineers Pvt Limited – IND B+ IND A4 – Stable Brahma Iron & Power Ltd – IND B(suspended) – – – Brahmani River Pellets Limited – IND BB+ – – Negative Bramhacorp Hotels & Resorts Limited – IND B+(suspended) – – – BTT Industries Private Limited – IND BB IND A4+ – Stable Calcutta Springs Limited – IND B-(suspended) IND A4(suspended) – – Calderys India Refractories Limited (formerly Ace Calderys Limited) – IND AA- IND A1+ – Stable Capital Meters Limited – IND B IND A4 – Stable Capital Power Infrastructure Private Limited – IND BB IND A4+ – Stable Capital Power Systems Limited – IND B+ IND A4 – Stable Carraro India Pvt Ltd – IND BBB+ IND A2+ – Stable Caterpillar India Private Limited – IND AAA IND A1+ – Stable CCL Products (India) Limited – IND A- IND A1 – Positive Celestial Biolabs Limited – IND D IND D – – Century Aluminium Manufacturing Co. Limited – IND BB IND A4+ – Stable CG Ispat Private Limited – IND BB+(suspended) IND A4+(suspended) – – Chandukaka Saraf and Sons Pvt. Ltd – IND BBB IND A2 – Stable Charchco Electronics (India) Private Limited - IND B - - Stable Chemical & Mineral Industries Private Limited – IND BB+ IND A4+ – Stable

India Ratings and Research www.indiaratings.co.in As on 31 March 2013 Chemplast Sanmar Limited – IND BBB- IND A3 – Stable Chemrow India Private Limited – IND B+ IND A4 – Stable Chetan Wood Processing Private Limited – IND D – – – Chhatisgarh SEB IND A- IND A- – – Stable Chiripal Industries Limited – IND BBB- IND A3 – Stable Chiripal Polyfilms Pvt. Ltd IND BB+ IND A4+ Stable Choksi Imaging Limited – IND BBB- IND A3 – Negative Chola Spinning Mills Private Limited – IND BBB- IND A3 – Stable Chowdary Spinners Limited – IND B+ IND A4 – Stable Cimmco Limited – IND BBB IND A2 – Stable Cinevistaas Ltd. – IND BB-(suspended) IND A4+(suspended) – – CIPSA TEC India Private Limited (formerly CIPSA-RIC India Pvt Ltd) – IND D(suspended) IND D(suspended) – – Citycom Networks Private Limited – IND B+ – – Stable Claridges Hotel Private Limited – IND B+ – – Stable Claris Lifesciences Limited – IND A- IND A1 – – Classic Knits India Private Limited – IND BB- IND A4+ – Stable Colour Roof India Limited – IND BB+(suspended) IND A4+(suspended) – – Coramandel Infrastructure Private Limited – IND BB+ IND A4+ – Stable Coromandel International Ltd – IND AA+ – – Stable Cosmic Ferro Alloys Ltd – IND BB+(suspended) IND A4+(suspended) – - Cosmo Films Limited – IND A- IND A1 – Stable Cosmos Industries Limited – IND C IND A4 – – Crompton Greaves Limited IND AA+ IND AA+ IND A1+ – Negative Cronimet Alloys India Limited – IND BBB- IND A3 – Stable Crown Corporation Private Limited – IND BB- – – Stable Crystal Cable Industries Limited – IND D/ IND C IND A4 – – Crystal Clothing Company – IND D - – - Ctrl S Datacenters Limited – IND BB- – – Stable Cyberabad Citizen Health Services (P) Ltd ▼ – IND B – – – Dachser India Private Limited (formerly AFL Dachser Pvt Ltd) – IND BBB+ IND A2 – Positive Dadiji Steels Ltd – IND BB – – Stable Dadu Pipes Pvt. Ltd. – IND BB-(suspended) IND A4+(suspended) – - Damodar Valley Corporation – IND AA- – – Negative Damodar Valley Corporation (INR 26 bn Bond programme) – ND AAA(SO)(exp) – – – Damodar Valley Corporation (INR44bn) – IND AAA(SO) – – – Darjeeling Organic Tea Estates Pvt. Ltd. – IND B IND A4 – Stable Dattatreya Textiles Private Limited – IND BBB- IND A3 – Stable DCS Trading and Services Pvt Ltd – IND BB- IND A4+ – Stable DCW Limited – IND A- IND A1 – Stable – – – Deccan Charters Limited IND A-(suspended) IND A2+(suspended) – – Stable Deccan Fine Chemicals (India) Pvt Ltd IND BB IND A4+ Delhi Diamonds Private Limited (MM group Entity) – IND BB- IND A4+ – Stable Delhi MSW Solutions Limited – IND A(SO) IND A1(SO) – – Delhi Transco Limited – IND A+ IND A1 – Stable Delta Construction Systems Limited – IND BB- IND A4+ – Stable Deltronix India Limited – IND BBB IND A2 – Positive – - - Deluxe Cold Storage & Food Processors Limited (Shree Bankey Behari group Entity) IND BBB-(exp) IND A3(exp) – – Stable Deluxe Cold Storage & Food Processors Limited (Shree Bankey Bihari Group Entity) IND BBB- IND A3 Devi Fisheries Limited - IND BBB IND A2 - Stable Dhruvdesh Metasteel Private Limited – IND BB IND A4+ - Stable Dignity Innovations - IND B IND A4 - Stable Diwan Chand Medical Services Limited – IND BBB+(SO) IND A2+(SO) – – DQ Entertainment (International) Limited – IND D IND D – - DRD Trucks India Private Limited – IND BB- IND A4+ – Stable Duet India Hotels (Jaipur) Private Limited – IND B+ – – Stable Dynatron Services Private Limited – IND BB- – – Stable Eastman Exports Global Clothing Private Limited – IND A- IND A2+ – Stable ECI Engineering & Construction Company Limited – IND BBB+ IND A2 – Stable Educomp Solutions Limited – IND A IND A1 – Stable Elder Instruments Pvt. Ltd. – IND B IND A4 – Stable EMC Limited (formerly Electrical Manufacturing Company Limited) – IND A- IND A2+ – Stable Emerald Mineral Exim Limited – IND D (suspended) IND D (suspended) – – Emgee Cables and Communications Ltd. – IND BB+ IND A4+ – Stable – – Stable Emitec Emission Control Technologies India (Pvt) Ltd IND BBB+ IND A2+ Emkay Automobile Industries Limited – IND BBB- IND A3 – Stable Emta Coal Ltd. – IND BBB+ IND A2 – Stable Emta Coal Ltd. – IND BBB(Preference Shares)– – Stable Enercon Windfarms Karnataka Limited – IND AAA(SO) – – Stable English Indian Clays Limited – IND A IND A1 – Stable Enn Tee International Private Limited – IND B+ IND A4 – Stable

India Ratings and Research www.indiaratings.co.in As on 31 March 2013 Ennore Coke Limited – IND B IND A4 – Stable Enpro Oil Private Limited – IND BBB- IND A3 – Stable Epoch Electronica Limited – IND B+ IND A4 – Stable Equinox Business Parks Pvt. Ltd. (formerly Essar Technology Park BKC Pvt. – IND BBB-(suspended) – – - Ltd) Essar Bulk Terminal Ltd – IND BBB+ IND A2 - Stable Essar Oil Limited – IND BBB+ – – Stable ESVEEGEE Breweries Private Limited – IND D – – – Eswar Rubber Products Pvt Ltd – IND BB- IND A4+ – Stable Eternal Heart Care Centre and Research Institute Private Limited – IND B+ – – Stable Evershine Towers Pvt. Ltd. – IND D IND D – – Excellent Moulders – IND BB- IND A4+ – Stable Exotica International – IND D IND D – – Extramarks Education Private Limited – IND BBB+ IND A2+ – Stable Fabtech Projects & Engineers Ltd – IND BBB IND A2 – Stable Fair Exports India Private Limited (Fair Group Entity) – IND BB- IND A4+ – Stable Feedatives Pharma Private Limited – IND B – – Stable Feegrade & Company Pvt. Ltd – IND AA- IND A1+ – Stable FIL Industries Limited – IND BB+ IND A4+ – Stable Filtra Catalysts & Chemicals Ltd - IND B+ IND A4 - Stable Financial Inclusion Network and Operations Ltd – IND BBB IND A2 – Stable Flex Foods Limited – IND BB IND A4+ – Stable Fouress Engineering India Pvt Ltd – IND BB+ IND A4+ – Stable Fresenius Kabi India Private Limited – IND BBB-/ IND AA-(SO) IND A3/ IND A1+(SO) – Stable Fuso Glass India Private Limited – IND D IND D – - Future Value Retail Limited – IND A- – – Stable G.E.T. Power Private Ltd – IND BBB IND A3+ – Stable Gagan Pulses Private Limited (Shree Bankey Behari group Entity) – IND BBB-(exp) IND A3(exp) - - Gagan Pulses Private Limited (Shree Bankey Bihari Group Entity) – IND BBB- IND A3 – Stable Gajanan Agro Mills Pvt Ltd – IND BB- IND A4+ – Stable Gajanan Industries – IND B+ IND A4 – Stable Gajanan Solvex Limited – IND B+ – – Stable Galaxy Exports Private Limited – IND B – – Stable Gallantt Ispat Limited – IND B IND A4 – Stable Ganga Rasayanie Private Limited – IND BBB+ A2+ – Stable Gangakhed Sugar and Energy Pvt Ltd – IND BB- – – Stable Gansons Limited (Gansons) – IND BB- – – Stable Gateway Distriparks Limited – IND A+ IND A1+ – Positive Gateway Rail Freight Limited – IND A+(SO) IND A1+(SO) – – Gayatri Suitings Limited – IND D IND D – - Gayatrishakti Paper and Boards Ltd – IND BBB IND A3+ – Stable GBM Manufacturing Private Limited – IND B+ IND A4 - Stable Genix Automation Private Limited – IND C – – – Genus Power Infrastructures Limited – IND A- IND A1 – Stable Ginni Filaments Limited – IND B+ IND A4 – Stable Giriraj Enterprises – IND BBB IND A3 – Positive Gland Pharma Ltd – IND A IND A1 – Stable Global Castings Private Limited – IND BB- IND A4+ – Stable Global Entropolis Vizag Pvt Ltd – IND B – – Stable Global Green Company Limited – IND BBB- IND A3 – Stable Global Softech Limited – IND D IND D – – GMS Elegant Builders India Private Limited – IND BB- IND A4+ – Stable Go Go International Private Limited – IND BB+(suspended) IND A4+(suspended) – – Gobind Sugar Mills Limited – IND D/ IND C IND A4 – – Gold Plus Glass Industry Limited – IND D IND D – – Golden Prince (Bhatia Group Entity) – IND BBB - – Stable Goldstar Metal Solutions Pvt. Ltd - IND BB- IND A4+ - stable Golkonda Hospitality Services and Resorts Limited – IND BB- IND A4+ – Stable Gontermann-Peipers (India) Limited – IND D/IND C IND A4 – – Gopsons Papers Limited – IND D IND D – – Govind Rubber Limited – IND D(suspended) – – – Goyal Energy & Steel Pvt. Ltd. – IND BB- – - Stable GR Infrastructure Private Ltd – IND BBB – – Stable Grace Suppliers Private Limited – IND B IND A4 - Stable Grain Milling Limited – IND BBB- IND A3 – Stable Greaves Cotton Limited – IND AA IND A1+ – Stable Grotech Landscape Developers Private Limited – IND BB IND A4+ – Stable GRT Hotels and Resorts Private Limited – IND BBB+ – – Stable GSPC Gas Company Limited► – IND A IND A1 – – GTL Infrastructure Limited▼ – IND C IND A4 – – Gujarat Borosil Limited – IND B+ IND A4 – Negative Gujarat State Fertilisers & Chemicals Limited – IND AA+ IND A1+ – Stable Gulabdas & Co. - - IND A4 – – Gupta Machine Tools Limited (formerly Precision Stampings) – IND BBB+ IND A2+ – Positive GVR Infra Projects Limited – IND BBB+ IND A2 – Stable

India Ratings and Research www.indiaratings.co.in As on 31 March 2013 Hale Electronics India Private Limited – IND B(suspended) IND A4(suspended) – – Hansa Metallics Ltd - IND BB IND A4+ - Stable Hanumant Vanijya Pvt. Ltd. – IND D – – – Hardcastle Restaurants Pvt Ltd – IND BBB IND A2 – Stable Harshit Power & Ispat Pvt Ltd – IND D(suspended)/ IND C(suspended)IND A4(suspended) – – Hathway Cable & Datacom Private Limited – IND A- IND A2+ – Stable HCL Infosystems Limited▼ – IND A+ IND A1+ – - HEG Limited – IND A+ IND A1+ – Stable HELA Systems Private Limited - IND A IND A1 - Stable Hema Engineering Industries Limited – IND BB IND A4+ – Stable Hexa International Pvt. Ltd. – IND BB- – – Stable Hightemp Furnaces Limited – IND BBB- IND A3 – Positive Himachal Power Products – IND BBB- IND A3 – Stable Hind Terminals Private Limited – IND BBB+ IND A2 – Stable Hindustan Coca-Cola Beverages Private Limited – IND AAA IND A1+ – Stable Hindustan Dorr-Oliver Limited▼ – IND BB IND A4+ – - Hindustan Petroleum Corporation Limited – IND AAA – – Stable – – Stable Hindustan Unilever Limited (formerly known as Hindustan Lever Limited) IND AAA – Hi-Tech Gear Limited – IND A IND A1 – Stable Hi-Tech Robotic Systemz Limited – IND BB IND A4+ – Stable Hotel AT International – IND B- – – Stable HPCL - Mittal Energy Limited – IND AA- IND A1+ – Stable HPCL - Mittal Pipeline Limited – IND AA- – – Stable HPCL Biofuels Ltd – IND A IND A1 – Stable HPCL-Mittal Energy Limited – IND AA- IND A1+ – Stable HPL Electric & Power Private Limited – IND BBB+ IND A2 – Positive IA Energy – IND B+ - – Stable IBM India Pvt. Ltd. – IND AAA IND A1+ – Stable IBS Software Services Private – IND BBB- IND A3 – Stable IFB Agro Industries Limited – IND BBB+ IND A2+ – Stable IFB Automotive Private Limited – IND A IND A1 – Stable IFB Industries Limited – IND A IND A1 – Stable IL&FS Clusters Development Initiative Limited – IND A+(SO) IND A1(SO) – – IL&FS Education and Technology Services Limited – IND A+ IND A1 – Stable IL&FS Skills Development Corporation Limited – IND A+(SO) IND A1(SO) – - IL&FS Transportation Networks Limited – IND A - – Stable ILD Millennium Private Limited – IND B+ IND A4 – Stable Ilex Developers and Resorts Limited – IND B+ – – Stable IMECO Limited – IND D IND D – – IMI Mobile Private Limited - IND A- IND A1 - Stable Imperial Auto Industries Limited – IND BBB+ IND A2 – Positive Imperial Readymade Garments Factory India Private Limited – IND B(suspended) IND A4(suspended) – – Impex Ferro Tech Limited – IND C(suspended) IND A4(suspended) – – Ind Expo – – IND A4 – – India Dyeing Mills Pvt. Ltd – IND A- IND A2+ – Stable India Glycols Limited – IND A- IND A2+ – Stable Indian Acrylics Limited – IND BB+ IND A4+ – Stable Indian Express Newspapers (Mumbai) Limited – IND A- – – Stable Indian Farmers Fertiliser Cooperative Limited – IND AA IND A1+ – Stable Indian Oil Corporation – IND AAA – – Stable Indic EMS Electronics Private Limited – IND B IND A4 – Stable Indo – Continental Hotels & Resort Ltd – IND BBB- IND A3 – Stable Indo American Electricals Limited – IND B+ – – Stable Indo Arya Central Transport Limited – IND BBB+ IND A2 – Negative Indo Farm Equipment Ltd. – IND BBB IND A3+ – Negative Indo Power Projects Ltd – IND BB(suspended) IND A4+(suspended) – – Indore Treasure Market City Private Limited – IND B+(suspended) – – – IndoSolar Limited – IND D – – – Indotech Transformers Limited – IND BBB IND A3+ – Negative Indus Fila Limited – IND D IND D – – Indus Projects Private Limited – IND BB IND A4+ – Stable Infinite Computer Solutions (India) Limited – IND AA- A1+ – Stable Intelligent Infrastructure Ltd – IND BB+ – – Negative Intergarden India Private Limited – IND BBB- IND A3 – Stable Inventia Healthcare Private Limited – IND BBB+ IND A2+ – Stable IOT Anwesha Engineering & Construction Ltd – IND A- IND A1 – Stable IOT Engineering Projects Limited – IND A- IND A1 – Stable IOT Infrastructure & Energy Services Ltd – IND AA- IND A1+ – Stable IOT Utkal Energy Services Limited – IND A IND A1 – Stable IRB Infrastructure Developers Ltd – IND A- IND A1 – Stable ISMT Limited – IND A IND A1 – Stable IVRCL Limited (formerly IVRCL Infrastructures & Projects Limited) – IND BBB+ IND A2+ – Stable IVRCL Limited (formerly IVRCL Infrastructures & Projects Limited) [NCD] – IND BBB+ – – –

India Ratings and Research www.indiaratings.co.in As on 31 March 2013 J Kumar Infraprojects Ltd – IND A- IND A1 – Positive J.G. Hosiery Pvt Ltd – IND BBB IND A3+ – Stable J.Thomas & Co. Pvt. Ltd. – IND BBB-(suspended) – – – Jabil Circuits India Private Limited – IND AA+(SO) IND A1+(SO) – Positive Jain Irrigation Systems Ltd – IND BB+ IND A4+ – Stable Jaisingh Wires Private Limited – IND A- IND A1 – Stable Jaquar & Company Private Limited – IND AA- IND A1+ – Stable JBF Industries Limited – IND A IND A1 – Stable Jindal Photo Limited – IND A+ IND A1+ – Stable JK Paper Limited – IND BBB+ IND A2+ – Negative JMD Oils Private Limited – IND BBB- IND A3 – Stable Jodhani Exports – – IND A4 – – Joharilal Agarwala Sales Pvt Ltd (Sri Balmukund Group Entity) – IND BB+ IND A4+ – Stable Jonna Steels – IND B+ IND A4 – Stable JSV Motors and Construction Private Limited – IND B IND A4 – Stable Jubilant Agri and Consumer Products Limited – IND BBB- IND A3 – Stable Jubilant Energy (Kharsang) Private Limited – IND BBB- – – Stable Jubilant Enpro Private Limited - IND BBB- IND A3 – Stable Jubilant Industries Limited – IND BBB- IND A3 – Stable Jubilant Life Sciences Limited (formerly Jubilant Organosys Limited) – IND A+ IND A1+ – Stable Jubilant Motors Private Limited – IND BBB- IND A3 – Stable Jubilant Offshore Drilling Private Limited – IND BBB- – – Stable Jubilant Oil & Gas Private Limited – IND BBB- – – Stable K Bhupal Contractors – IND BB- IND A4+ – Stable K.S. Commodities Private Limited – IND B IND A4 – Stable Kali BMH Systems Private Limited – IND BB- IND A4+ – Stable – – Stable Kalpena Industries Limited IND A- IND A1 Kalyanpur Cement Limited – IND D – – – Kamakshi Steels Private Limited – IND BB- IND A4+ – Stable Kamladityya Construction Private Limited – – IND A3 – – – – Stable Kamlang Saw & Veneer Mills Private Limited IND BB – Kandui Industries Pvt. Ltd (Additional Bank Loans) – IND BB- IND A4+ – - Kandui Industries Pvt. Ltd. – IND BB- IND A4+ – Stable Karan Kothari Jewellers Pvt Ltd – IND B+ IND A4 – Stable KCT Trading Pvt. Ltd – IND BBB IND A2 – Stable Kheria Autocomp Limited – IND B- - – Stable Kiri Industries Limited (formerly Kiri Dyes and Chemicals Limited) – IND D IND D – – KLT Automotive and Tubular Products Limited – IND BB+(suspended) IND A4+(suspended) – - Komarla Hatcheries – IND BB(suspended) IND A4+(suspended) – – Kora Industries – IND B IND A4 – Stable Krishna Knitwear Technologies Limited – IND D IND D – – Kristna Engineering Works – IND BB IND A4+ – Stable Ksheeraabd Constructions Private Limited – IND BB+ IND A4+ – Stable Kundan Rice Mills Limited – IND BB IND A4+ – Positive Kwality Dairy (India) Limited – IND BBB+ IND A2 – Stable L & T Holdings Limited – IND AAA(SO) IND A1+ – Stable Lafarge India Private Limited – IND AA+ - - Stable Lambodhara Textiles Limited – IND BB IND A4+ – Stable Leitwind Shriram Manufacturing Limited (formerly Leitner Shriram – – - Manufacturing Limited) IND D IND D Liberty Oil Mills Limited – IND BBB IND A2 – Stable Lifelong India Limited – IND BBB+ IND A2+ – Stable Lifelong Meditech Limited – IND BBB+(SO) IND A2+(SO) – - – – Negative Lilasons Infrastructure Pvt Ltd IND B- – Lite Bite Foods Private Limited – IND BBB+(SO) – – – Lizer Cylinders Limited – IND B (suspended) IND A4(suspended) – - LMJ International Limited – IND BB+(suspended) IND A4+(suspended) – – Lonsen Kiri Chemical Industries Limited – IND BBB-(suspended) IND A3(suspended) – – M C Spinners Private Limited – IND D IND D – - M P K Steels (I) Private Limited – IND B+ IND A4 – Stable M.K. Patel Exim Pvt. Ltd – IND B+(suspended) IND A4(suspended) – - M.K. Wood India Private Limited – IND BB IND A4+ – Stable – – Stable M.M. Jewellers (MM group Entity) IND BB- IND A4+ M/s Agarwalas (Sri Balmukund Group Entity) – IND BB IND A4+ – Stable M/s Mangilall Rungta – IND A- IND A2+ – Stable M/s Omcon (Reign Forest) Projects – IND BB- IND A4+ – Stable M/s Ramya Steel Syndicate – IND B+ IND A4 – Stable M/s Telu Ram Amar Chand and Company (Shree Bankey Bihari Group Entity) – IND BB+ IND A4+ – Stable Macons Infratech Private Limited – IND B+ IND A4 – Stable Ecologic Chemicals Limited (formerly Macred India Pvt Ltd) – IND BBB- IND A3 – Stable Madras Fertilizers Limited – IND C/ IND D IND A4 – – Magadh Industries Private Limited – IND C – – – Magadh Iron Private Limited – IND B- – – Stable

India Ratings and Research www.indiaratings.co.in As on 31 March 2013 Magneti Marelli Motherson Auto System Limited – IND BBB- IND A3 – Stable Mahajan Fabrics Private Limited – IND B+ IND A4 – Stable Mahalakshmi Infraprojects Ltd – IND BBB IND A2 – Stable Maharashtra Hybrid Seeds Company Limited – IND A IND A1 – Negative Mahavir Ore and Sponge Private Limited (Sri Balmukund Group Entity) – IND BB+ – – Stable Mahindra EPC Services Pvt. Ltd – IND A- IND A2+ – Stable Mahindra Holidays & Resorts India Limited – IND A IND A1 – Stable Mahindra Holidays & Resorts India Limited (INR 750 m Purchaser Payouts) – - – - IND A(SO) Mahindra Holidays and Resorts Limited – IND A IND A1 – Stable Mahindra Holidays and Resorts Limited (INR250m, INR500m, INR800, INR – – – 500 purchaser payouts ) IND A(SO) – Mahindra Sanyo Special Steel Private Limited – IND BBB IND A2 – Stable Mahindra Ugine Steel Company Limited► – IND A A1 – – Mainetti (India) Pvt Ltd – IND BBB IND A3+ – Stable Majestic Exports – IND B IND A4 – Stable Malana Power Co Limited – IND AAA(SO)/ A- – – Stable Malar Solvent Extraction Pvt. Ltd – IND BB- IND A4+ – Stable Mallcom (India) Ltd – IND BB IND A4+ – Stable Malvi Software Solutions Private Limited – IND BB+ IND A4+ – Stable Mangal Pulses Private Limited (Shree Bankey Behari group Entity) – IND BBB-(exp) IND A3(exp) - - Mangal Pulses Private Limited (Shree Bankey Bihari Group Entity) – IND BBB- IND A3 – Stable Mangla Apparels India Private Limited – IND BB – – Stable Mani Exports – IND BB- IND A4+ – Stable Manjeera Hotels and Resorts Limited – IND B-(suspended) IND A4(suspended) – – Manjeera Retail Holdings Private Limited – IND B – – Stable Marsons Limited – IND D IND D – – Martin Burn Constructions Limited – IND B IND A4 – Stable Martin Burn Information Technology Pvt Ltd – IND B+ IND A4 – Stable Master India Brewing Company – IND D – – – Maurya Motors Limited (Himatsingka Group's Entity) – IND BB- IND A4+ – Stable Mawmluh Cherra Cements Limited – IND C – – – Maximum Synthetic Private Limited – IND B+ IND A4 – Stable Medha Servo Drives Pvt. Ltd. – IND A IND A1 – Positive Megasoft Limited – IND BBB IND A3+ – Negative MEP and HVAC project contractor Perfect Infraengineers Ltd – IND BB- IND A4+ – Stable Metco Roof Private Limited – IND BBB IND A2 – Stable Metecno India Private Limited – IND BB-(suspended) IND A4+(suspended) – – Midfield Industries Limited – IND C(suspended) IND A4(suspended) – – Mihijam Vanaspati. Ltd. - IND B+ IND A4 - Negative MIL Industries Limited – IND BB- IND A4+ – Negative Minda Corporation Limited – IND BBB IND A2 – Stable Minda Corporation Limited (Additional Bank Loans) – IND BBB - – - Minda SAI Limited – IND BBB IND A2 – Stable MindTree Limited – IND AA IND A1+ – Stable Mittal Hospitals Limited – IND BB- IND A4+ – Stable Mittapalli Agro Enterprises (Mittapalli Group Entity) – IND B IND A4 – Stable Mittapalli Agro Exports (Mittapalli Group Entity) – IND B IND A4 – Stable Mittapalli Agro Products Pvt Ltd (Mittapalli Group Entity) – IND B IND A4 – Stable MJ Logistics Services Limited – IND BB- – – Positive MK – – IND A4 – – Modi Mundipharma Private Limited – IND BBB+ IND A2+ – Stable Modi Revlon Private Limited – IND BB+ – – Negative Mohan Gems & Jewels Private Limited (MM group Entity) – IND B+ IND A4 – Stable Mortex Coke Industries – IND BB - – Stable Motherson Advanced Tooling Solutions Limited – IND BBB- IND A3 – Negative Motherson Auto Limited – IND BBB- – – Stable Mountain Spinning Mills Limited – IND B+ IND A4 – Negative Mudra Lifestyle Limited – IND D IND D – – Mudra Lifestyle Limited – IND C/ IND D IND D – – Mukunda Dairy Products Private Limited – IND BB+ IND A4+ – Stable Mukunda Dairy Products Private Limited – IND BB+(exp) IND A4+(exp) – Stable Multitude Infrastructures Private Limited – IND B+ – – Stable Mumbai Waste Management Ltd. – IND A IND A1 – Stable MVL Limited – IND D – – - N.S. Engineering Projects Pvt Ltd – IND C(suspended) IND A4(suspended) – – Naga Limited – IND BBB- IND A3 – Stable Nandan Exim Limited – IND BBB- IND A3 - Stable Nandan Petrochem Limited (Additional Bank Loans) – IND BB+ IND A4+ – - Nandan Petrochem Ltd – IND BB+ IND A4+ – Stable Nandini Impex Private Limited – IND D IND D – – National Peroxide Limited – IND A IND A1 – Stable Nav Bharat Buildcon Private Limited – IND B+ IND A4 – Stable Navnitlal Private Limited – IND B – – Negative NDV Enterprise Pvt. Ltd – IND B+ IND A4 – Stable Nectar Lifesciences Limited – IND A- IND A1 – Stable Neelkamal Steels Private Limited – IND B – – Stable Neerajaksha Iron and Steel Private Limited – IND B IND A4 – Stable Neo Metaliks Limited – IND BB IND A4+ – Stable Neosa Electronics Private Limited – IND B - – Stable Neptune Developers Limited – IND B- – – Negative New Tech Steel & Alloys Private Limited – IND D – – – NEXT Retail Limited – IND BB+(suspended) – – - Neyveli Lignite Corporation Ltd – IND AAA – – Stable

India Ratings and Research www.indiaratings.co.in As on 31 March 2013 NHPC Limited – IND AAA IND A1+ – Stable NHPC Limited (Bond Programme) – IND AAA(exp)/IND AAA - – - NIIT Limited – IND AA- IND A1+ – Stable Ninestars Information Technologies Limited – IND BBB- IND A3 – Stable Ninex Developers Limited – IND D – – – Niros Ispat Pvt Ltd – IND B+ IND A4 – Stable Nithya Packaging Private Limited – IND BBB- IND A3 – Stable Nitin Alloys Global Limited – IND BB+(suspended) IND A4+(suspended) – – Nitin Castings Limited – IND BB(suspended) IND A4+(suspended) – – Noida Power Company Limited – IND A IND A1 – Positive Northend Foods Marketing Private Limited – IND BBB- IND A3 – Stable Novel Sugar Limited – IND BB- IND A4+ – Stable NR Agarwal Industries Ltd – IND D IND D – – NRP Projects Private Limited – IND BB+ IND A4+ – Stable NSL Renewable Power Private Limited – IND BBB- – – Stable NTPC Limited – IND AAA IND A1+ – Stable nuFuture Digital (India) Limited – IND BBB- – – Stable Officedge India Private Limited – IND BB IND A4+ – Stable Ogene Systems India Private Limited – IND B+ – – Stable Olive Tex Silk Mills Pvt Ltd – IND D IND D – – Om Anand Exports – – IND A4 – – Om Biomedic – IND D – – – OM Prakash Satish Kumar (Om Prakash Group Entity) – IND B- IND A4 – Stable Om Steel Traders Chennai Private Limited – IND B IND A4 – Stable OPS International (Om Prakash Group Entity) – IND B- IND A4 – Stable Oragadam City Developers Private Limited – IND BBB IND A3+ – Stable Orient Fashion Exports (India) Private Limited – IND BBB- IND A3 – Stable Orissa Order Suppliers Private Limited - IND B+ - - Stable ORIX Auto Infrastructure Services Limited – IND A+ IND A1+ – Stable Oswal Knits India Limited – IND D IND D – - Owens-Corning (India) Private Limited – IND AA IND A1+ – Stable P.N.Writer & Company Pvt Ltd – IND A- – – Stable P.S. Krishnamurthy Steels Private Limited – IND BB+ IND A4+ – Stable Pakiza Retail Ltd – IND BB(suspended) – – - Pandi Devi Oil Private Limited – IND B+ IND A4 – Stable Pantaloon Retail (India) Limited – IND A- IND A1 – Stable Panyam Cement & Mineral Industries Ltd – IND B-(suspended) – – – Patel Integrated Logistics Limited – IND BBB- IND A3 – Stable Pawan Hans Helicopters Limited – IND A – – Stable PDK Shenaz Hotels Private Limited – IND C(suspended) – – – Pearl Polymers Limited – IND BB+ IND A4+ – Stable PEC Limited – IND A- IND A2+ – Stable Peerless Hospitex Hospital and Research Center Limited – IND B- – – Stable Perfect Alloy Components Pvt. Ltd. – IND BBB IND A2 - Stable Permeshwar Creations Pvt. Ltd – IND B+ IND A4 - Stable Petronet LNG Ltd IND AA+ – IND A1+ – Positive Phorotech Surfin (India) Pvt Ltd – IND BB+ IND A4+ – Stable Pibco India Pvt. Ltd. – IND B+ IND A4 – Stable Piccadily Agro Industries Limited – IND BB+ IND A4+ – Stable Piccadily Hotels Private Limited – IND B- – – Stable Pioneer Genco Limited – IND BBB – – Stable Pioneer Steels - IND B+ IND A4 - Stable Plastolene Polymers Private Limited – IND D IND D – – Polycab Wires Industries Private Limited – IND BBB- IND A3 – Stable Polycab Wires Private Limited – IND A IND A1 – Stable Polyhose Rubber India Private Limited – IND BB+(suspended) IND A4+(suspended) – – Pooja Forge Limited – IND BBB+ IND A2+ – Stable Poompuhar Shipping Corporation Limited – IND BBB IND A2 – Stable Power Finance Corporation – IND AAA IND A1+ – Stable Prakasa Spectro Cast Pvt Ltd – IND BB IND A4+ - Stable Prakash Parcel Services Private Limited – IND BB+ – – Stable Pratibha Shipping Company Limited – IND BBB-(suspended) - – - Precision Automation and Robotics India Limited – IND BBB+(suspended) IND A2+(suspended) – – Precision Infomatics (M) Private Limited – IND B+ IND A4 – Stable – IND A1+ – Positive Premium Transmission Ltd (formerly Premium Energy Transmission Limited) IND A+ Primacy Industries Limited – IND BBB IND A3+ – Stable Prime Focus Limited – IND A- IND A2+ – Stable Prime Impex Limited – – IND D(suspended) – – Prime Newline AOP – IND BB IND A4+ – Stable Prime Pulses Pvt. Ltd. – – IND D(suspended) – – Priya Limited – – IND A4+ – – Profit Shoe Company Private Limited - IND BB IND A4+ - Stable PSL Limited – IND BBB(suspended) IND A3+(suspended) – – PTC India Limited – – IND A1+ – – Punch Ratna Fasteners Private Limited – IND BBB- IND A3 – Stable Puravankara Projects Limited – IND BBB – – Stable PV Infra Project Pvt Ltd – IND BB- IND A4+ – Stable PVN Fabrics – IND B+ IND A4 – Stable PVN Fabrics (Additional Bank Loans) – IND B+ IND A4 – - PVN Tex (Additional Bank Loans) – IND B+ IND A4 – - PVN Tex Industries – IND B+ IND A4 – Stable QH Talbros Limited – IND BBB IND A2 – Positive R.K. Infracorp Private Limited – IND BB(suspended) IND A4+(suspended) – –

India Ratings and Research www.indiaratings.co.in As on 31 March 2013 R.S. Vanijya Private Limited – IND D IND D – – R.S.V. Constructions Private Limited – IND BB- IND A4 – Stable Raghu Infra Private Limited – IND BBB-(suspended) IND A3(suspended) – - Ragmet Engineers Pvt Ltd – IND B IND A4 – Stable Railone Projects Private Limited – IND BB- IND A4+ – Stable Rain Cements Ltd – IND A- IND A2+ – Stable Rain CII Carbon (Vizag) Ltd – IND A- IND A2+ – Stable Raj Group – IND BB+ IND A4+ – Stable Raj Infrastructure Development (India) Pvt Ltd. – IND BB+ IND A4+ – Stable Raj Infrastructure Pvt Ltd – IND BB+ IND A4+ – Stable Raj Infrastructure Technologies (India) Pvt Ltd – IND BB+ IND A4+ – Stable Raj Promoters & Civil Engineers Pvt Ltd – IND BB+ IND A4+ – Stable Raj Rayon Industries Limited IND BBB- IND A3 Stable Rajasthan Patrika Private Limited – IND BBB+ IND A2+ – Stable Rajshekhar Constructions Private Limited – IND B+ IND A4 – Stable Rangoli International Private Limited – IND BB+ IND A4+ – Stable Rangsons Electronics Private Limited – IND BBB- IND A3 – Stable Rashi Metals Pvt Limited – IND D – – – Rashtriya Ispat Nigam Limited – IND AA IND A1+ – Stable Ratan Mica Exports Private Limited – IND B+ IND A4 – Stable Ravi Metallics Limited – IND D IND D – - Ravitej Projects Private Ltd – IND BB- IND A4+ – Stable Raychem RPG Limited – IND A+ IND A1+ – Stable Real Image Media Technologies Pvt Ltd. – IND BBB IND A2 Stable Reckon Pharmachem Private Limited – IND BB IND A4+ – Stable Reliance Industries Limited – IND AAA – – Stable – IND A1+ – Stable Reliance Infrastructure Limited (formerly known as Reliance Energy Limited) IND AA Relishah Export – IND B+ IND A4 – Stable Replika Press Private Limited – IND BBB IND A2 – Stable Responsive Industries Limited – IND A- IND A1 – Stable Restore Machines India Private Limited – IND D IND D – – Riba Textiles Limited – IND B IND A4 – Stable Richa Industries Limited – IND BB+ IND A4+ – Stable Rika Global Impex Limited – IND BBB- IND A3 – Stable RITES Ltd – – IND A1+ – – Ritzy International Pvt. Ltd. – IND B+ IND A4 – Stable Roto India Enterprise – IND D IND D – – Routes Travel Limited – IND BBB IND A3+ – Stable Rudra Techno Feeds – IND B(suspended) IND A4(suspended) – – Rungta Mines Limited – IND AA IND A1+ – Stable Rungta Sons Pvt. Ltd – IND AA- IND A1+ – Stable Rupa & Company Limited – IND A IND A1 – Stable Rural Electrification Corporation Limited – IND AAA IND A1+ – Stable Rural Electrification Corporation Limited (Additional Borrowing Programme) – - – - IND AAA S R Enterprise – IND D IND D – – S. M. Apparels Private Limited – IND D – – – Saati Kusumgar India Private Limited – IND B+(suspended) IND A4(suspended) – – Safari Industries (India) Limited – IND B+ IND A4 – Stable Sagar Roofings Private Limited – IND BB+ IND A4+ – Stable Sagar Steels – IND BB- – – Stable Sah Petroleums Limited – IND BBB IND A2 – Stable Sahyogi Distributors Limited – – IND A4(suspended) – – Sai Construction Private Limited – IND B+ – – Negative Sai Sponge (India) Limited – IND BB- IND A4+ – Stable Salcomp Manufacturing India Private Limited – IND BBB+ IND A2+ – Stable Saluja Steel & Power Private Limited – IND C(suspended) IND D(suspended) – – Sam Buildcon Limited – IND BB(suspended) IND A4(suspended) – – Samarth Fablon Pvt. Ltd. – IND BB+ IND A4+ – Stable Samprash Foods Private Limited – IND D IND D – – Samtex Fashions Limited – IND BB(suspended) IND A4+(suspended) – – Sandhar Technologies Limited – IND A- IND A1 – Stable Sanghvi Foods Private Limited – IND BBB- – – Stable Sanjog Steels Private Limited – IND B IND A4 – Stable Sanskar Agro Processors (Pvt) Ltd – IND B+ – – Stable Sara Suole Private Limited - IND BBB-/IND BBB-(exp) IND A3/IND A3(exp) - Stable Saraf Chemicals Ltd – IND BB- IND A4+ – Stable Sargam Retails Private Limited – IND BBB – – Positive Sargodha Oil Mills Private Limited (Shree Bankey Bihari Group Entity) – IND BBB- IND A3 – Stable Sarju Impex Limited – IND B- IND A4 – Negative Satyam Auto Components Limited – IND AA- IND A1+ – Stable Saurav Chemicals Limited – IND BB+ IND A4+ – Stable Savorit Limited – IND B+ IND A4 – Stable Savvy Projects Private Limited – IND BBB- IND A3 - Stable SEAM Industrials Pvt. Ltd. (formerly Sunil Hitech Engineers & Manufacturers – IND A4+ – Stable Pvt Ltd) IND BB+ Seaways Shipping and Logistics Limited – IND BB IND A4+ – Stable Segno Ceramics Private Limited - IND BB- IND A4+ - Stable Semantic Space Technologies Limited – IND A IND A1 – Stable SEW Infrastructure Limited – IND A+ IND A1+ – Stable SEW Infrastructure Limited – IND A – – – Shahi Exports Private Limited – IND A- IND A2+ – Stable Shalimar Industries Limited – IND B IND A4 – Positive

India Ratings and Research www.indiaratings.co.in As on 31 March 2013 Shankar Motors Limited (Himatsingka Group's Entity) – IND BB- IND A4+ – Stable Shanti Sales India Private Limited – IND B- IND A4 – Stable Sharmanji Yarns Private Limited – IND BB+ IND A4+ – Stable Sharp Engineering Services – IND BB-(suspended) – – - Shetron Limited – IND D IND D – – SH-Haryana Wires Limited – IND BB- IND A4+ – Stable Shivalik Industries – IND BBB- IND A3 – Stable Shivam Meltech Private Limited – IND B IND A4 – Stable Shopper’s Stop Limited – – IND A1 – – – IND A3(exp) - - Shree Bankey Behari FoodExports Processors Limited (Shree Private Bankey Limited Behari (Shree group Bankey Entity) Bihari IND BBB-(exp) Group Entity) – IND BBB- IND A3 – Stable Shree Bankey Bihari Exports limited (Shree Bankey Bihari Group Entity) – IND BBB- IND A3 – Stable Shree Krishna Steels – IND BB IND A4+ – Stable Shree Nathjee Roller Mills Limited (Shree Bankey Bihari Group Entity) – IND BBB- IND A3 – Stable Shree Renuka Sugars Limited – IND A+ – – Negative Shree Sant Kripa Appliances Private Limited – IND BBB- IND A3 – Stable Shree Sanyeeji Rolling Mills – IND D – – – Shree Shakambari Ferro Alloys Private Limited – IND BB- - – Stable Shree Shyam Pulp and Board Mills Limited – IND BBB+ IND A2 – Negative Shree Tel-Fab Industries Pvt. Ltd (Sri Balmukund Group Entity) – IND BB+ IND A4+ – Stable Shreem Electric Limited – IND BBB+ IND A2 - Stable Shrenik Marble Private Limited – IND B+ IND A4 – Stable Shri Gajanan Oil and Agro Products Industries Private Limited – IND B+ – – Stable Shri Shri Niwasji Oil Refiners Private Limited – IND B IND A4 – Stable Shriram EPC Ltd – IND BBB+(suspended) IND A2+(suspended) – – Shriram Pistons & Rings Limited – IND AA- IND A1+ – Stable Shrishti Technologies – IND B IND A4 – Stable Shristi Cotspinn Private Limited – IND B+ IND A4 – Stable Shyam Telecom Limited – IND BBB- IND A3 – Negative Sical Distriparks Limited – IND BBB- IND A3 – Stable Siddhivinayak Poultry Breeding Farm and Hatcheries Pvt Ltd – IND B – – Stable Simhadri Power Limited – IND B- – – Positive Singan Projects Ltd – IND D IND D – – Siva Swathi Constructions Private Limited – IND BB+ IND A4+ – Stable SK Wheels Private Ltd – IND BB- IND A4+ – Stable SKC Trading & Building Materials Pvt Ltd - IND BB - - Stable SMS Infrastructure Limited – IND BB IND A4+ – Stable SMS Infrastructure Limited (Additional Bank Loans) – IND BB IND A4+ – – Sogo Computers Private Limited – IND BB- IND A4+ – Stable Sogo Synergy Pvt Ltd – IND B- IND A4 – Stable Sona Okegawa Precision Forging Limited – IND BBB IND A3+ – Stable Sova Power Limited – IND D IND D – – Sowbhagya Ispat India Private Limited – IND BB- INA A4+ – Stable Space Matrix Limited – IND A- IND A1 – Stable Spectra ISP Network Private Limited – IND B+(suspended) – – - Spectrum Power Generation Ltd – IND B(suspended) – – – Spencer's Travel Services Limited – IND B+ IND A4 – Stable SPL Industries Limited – IND BBB-(suspended) IND A3(suspended) – – Spun Micro-Processing Private Limited – IND B+ IND A4 – Stable SR Foils and Tissue Ltd – IND BB+ IND A4+ – Stable SRC Metalicks Pvt Ltd. – IND D(suspended) IND D(suspended) – – Sree Karpagambal Mills Limited – IND BB(suspended) IND A4+(suspended) – – SRF Limited – IND AA IND A1+ – Stable Sri Avantika Contractors (I) Ltd – IND BBB- IND A3 – Positive Sri Balmukund Polyplast Pvt Ltd (Sri Balmukund Group Entity) – IND BB+ IND A4+ – Stable Sri Gayatri Minerals Pvt. Ltd – IND BBB- IND A3 – Stable Sri Gopikrishna Infrastructure Private Limited – IND BB+ IND A4+ – Stable Sri Kaliswari Metal Powders Private Limited – IND BB+(SO) IND A4+(SO) – Stable Sri Langta Baba Steels Pvt. Ltd. – IND BB- – – Stable Sri Power Generation (India) Pvt Ltd – IND BB IND A4+ – Stable Sri Ramnarayan Mills Limited – IND B+ IND A4 – Stable Sri Vaaru Metallurgicals Private Limited – IND BB IND A4+ – Stable Sri Venkateswara Modern Rice Mills – IND B(suspended) – – – Sri Venkateswara Theatre – IND D - - - Sri Vijayalakshmi Cement Traders – IND B IND A4 – Stable Sri Vijayalakshmi Steel Traders – IND B – – Stable Srinivasa Construction Corporation Private Limited – IND BB IND A4+ – Stable Sripathi Paper and Boards Private Limited – IND BBB IND A3+ – Negative SRS Modern Sales Ltd. – IND BB- IND A4+ – Negative Stargaze Entertainment Private Limited – IND BB- – – Negative Stationery Point India Limited – IND BB IND A4+ – Stable Steel Authority of India Limited – IND AAA IND A1+ IND tAAA Stable Steel Impex & Industries – – IND A4 – – Steel Strips Wheels Ltd – IND A- IND A2+ – Negative Sterling Tools Limited – IND A- IND A2+ – Stable Sterlite Industries India Limited – IND AA+/ IND AA(exp)+ – – – Sterlite Industries India Limited (Additional NCD Programme) – IND AA+ - – -

India Ratings and Research www.indiaratings.co.in As on 31 March 2013 Sterlite Industries India Limited (Additional NCD Programme) – IND AA+(exp) - – - Stork Ferro and Mineral Industries Pvt. Ltd – IND D IND D – – Strands Textile Mills Pvt. Ltd. – IND B- – – Stable Strides Arcolab Limited▲ – IND BBB+ – – - Stru Fabs – IND C IND A4 – – Suashish Diamonds Limited – IND BBB IND A2 – Stable Subhlaxmi Syntex Ltd - IND BB- IND A4+ – Stable Sukhsagar Infotech Pvt. Ltd – IND D IND D – – Sundaram Textiles Limited – IND BBB- IND A3 – Stable Sungro Seeds Limited - IND BB IND A4+ – Stable Sunil Hi-Tech Engineers Limited – IND BBB+ IND A2+ – Stable Sunny Trexim Pvt. Ltd. – – IND A4 – – Supersonic Turners Private Limited – IND D(suspended) – – – Suprajit Engineering Limited – IND A+ IND A1 – Stable Supreme Infrastructure India Ltd – IND BBB IND A3 – Stable Supreme Petrochem Limited – IND A IND A1 – Stable Surina Impex Pvt. Ltd. – IND B+ IND A4 – Stable Surya Processors Private Limited – IND BB- IND A4+ – Positive SVS Mookambika Constructions Private Limited – IND BB IND A4+ – Stable Syrma Technology Private Limited – IND BB+(suspended) IND A4+(suspended) – – T K International Limited – IND B+ IND A4 – Stable Talbros Automotive Components Ltd – IND BBB+ IND A2+ – Negative Talwandi Sabo Power Ltd – IND AA+(SO) – – – Tamilnadu Waste Management Limited – IND A(SO) IND A1(SO) – – Tara Aerospace Private Limited – IND A IND A1 – Stable Target Associates Private Limited – IND B-(suspended) IND A4(suspended) – – Tata Advanced Systems Limited – IND A IND A1 – Stable Tata Chemicals Limited – IND AA IND A1+ – Stable Tata Marcopolo Motors Ltd – IND A IND A1 – Stable Tata Power Trading Company Limited – IND A- IND A2+ – Stable Tata Projects Limited – IND AA- IND A1+ – Stable Tata Steel Limited (Additional Bank Loans) – IND AA IND A1+ – - Tata Steel Ltd – IND AA IND A1+ – Negative Tata Teleservices Limited – IND AAA(SO) – – Stable Tayal Energy Ltd – IND D IND D – – Tecumseh Products India Private Limited – IND B IND A4 – Stable Tera Software Limited – IND BBB IND A3+ – Stable Thangam Steel Limited – IND BB+ IND A4+ – Stable The Himalaya Drug Company – IND A- IND A1 – Stable The Tuticorin Spinning Mills Limited – IND B+ IND A4 – Negative Tijiya Steel Pvt Limited – IND C IND A4 – – Tirumala Balaji Alloys Pvt. Ltd – IND BBB- IND A3 – Stable Tirupati Agencies Pvt. Ltd. – IND B- IND A4 – Stable Tirupati Sugars Limited – IND B – – Stable Topman Exports Limited – IND BB- IND A4+ – Stable TPRS Enterprises Private Limited – IND BB+ IND A4+ – Stable Trading Engineers (International) Limited – IND BBB- IND A3 – Stable Transworld Furtichem Private Limited – IND BB(suspended) IND A4+(suspended) – – Tribeni Constructions Limited – IND BB+ IND A4+ – Stable Tribhovandas Bhimji Zaveri (Delhi) Pvt. Ltd – IND BB+ IND A4+ – Stable Tristar Retail Ltd – IND BB- IND A4+ – Stable Tristar Tradelinks Pvt Ltd (Subsidiary of Tristar Retail Ltd) – IND BB- IND A4+ – Stable Triveni Engicons Private Limited – IND BB+ IND A4+ – Stable TSS Projects and Industries Pvt Ltd – IND BB- IND A4+ – Stable Tulip Telecom Ltd – IND D – – – Tulsi Castings and Machining Limited – IND BBB- IND A3 – Stable Tushar Fabrics Pvt Ltd – IND B+ IND A4 – Stable TVS Srichakra Limited – IND A- IND A2+ – Stable Ubico Networks Private Limited – IND BB-(suspended) – – – UEM India Private Limited – IND BBB IND A3+ – Stable UFLEX Limited – IND BBB IND A2 – Positive Ultimate Flexipack Limited – IND BBB IND A3+ – Stable Ultra Drugs Pvt Ltd – IND D – – – Uniphos International Limited – IND BB IND A4+ – Stable Unitech Machines Limited – IND A- IND A2+ – Negative Usha Martin Limited – IND A+ IND A1+ – Negative Uttam Galva Steels Limited – IND A IND A1 – Negative Uttam Industrial Engineering Limited – IND B+ IND A4 – Stable Uttam Sucrotech International Private Limited – IND BBB-(suspended) IND A3(suspended) – – – IND D – – Uttam Sugar Mills Limited IND D Uttarakhand Jal Vidyut Nigam Limited – IND BBB+ - – Stable Vakil Housing Development Corporation Private Limited – IND B-(suspended) IND A4(suspended) – – Vardhman Precision Profiles & Tubes Pvt. Ltd. – IND BB IND A4+ – Negative

India Ratings and Research www.indiaratings.co.in As on 31 March 2013 Variety Prints Pvt Ltd – IND D – – – Varron Aluminium Pvt Ltd – IND BB- - – Stable Varron Industries Ltd – IND BB+ IND A4+ – Stable Vasudha Pharma Chem Limited – IND BBB+ IND A2+ – Positive – IND A2+ – – Vedanta Aluminium Ltd▲ IND A- Vedanta Aluminium Ltd▲ – IND AA(SO) – – – Vega Entertainment Private Limited – IND BB - – Stable Vicky Realtors – IND BB+ – – Stable Vijai Bhavani Power Tech Pvt Ltd – IND BB- IND A4+ – Stable Vijay Deep Silk Mills Pvt Ltd – IND BB- IND A4+ – Stable Vikas Telecom Limited – IND D(suspended) – – – Vikhroli Corporate Park Private Limited – IND BBB+ – – Stable Vikrant Forge Limited – IND BB-(suspended) IND A4+(suspended) – – Vinayak Hatcheries – IND B- IND A4 – Stable Vinir Engineering – IND BBB- IND A3 – Stable Visakha Trades – IND B+ IND A4 – Negative Visen Industries Limited – IND BBB+ IND A2+ – Stable Vishnu Chemicals Limited – IND D – – – VPR Mining Infrastructure Private Limited – IND BBB- IND A3 – Stable Vraj Packaging Private Limited – IND BB+ IND A4+ – Stable VSP Udyog Private Limited – IND BB+ IND A4+ – Stable WABCO India Limited (formerly WABCO-TVS (India) Limited – IND AA+ IND A1+ – Stable Wavetronic Solutions Private Limite – IND BBB- - – Stable Wearit Global Ltd. – IND B- IND A4 – Stable Welcome Distilleries Pvt Limited – IND BB – – Stable Welspun Global Brands Limited – IND A- IND A2+ – Stable West Bengal State Electricity Transmission Company Limited – IND A/IND A(exp) IND A1 – Stable Win Medicare Private Limited – IND BBB IND A2 – Stable Winner Nippon Electronics Ltd. – IND B+ IND A4 – Stable Winsome International Limited – IND BB+ IND A4+ – Stable Worldwide Tradelinks – IND B IND A4 – Stable XPRO India Limited – IND BBB IND A2 – Stable Yashasvi Yarns Limited – IND BB- IND A4+ – Stable Yashoda Super Specialty Hospital – IND BBB+ – – Stable YKM Entertainment & Hotels Pvt Ltd – IND B – – Stable YM Drugs & Chemicals (P) Ltd – IND D – – – Zee Knits & Weavers Private Limited – IND BB- IND A4+ – Stable ZF Electronics TVS (India) Private Limited – IND BBB- IND A3 – Stable Zion Steel Limited – IND B(suspended) – – –

Issuer Term GIG Rating Term Term Deposits – IND A(suspended)/ IND – – – BBB+(suspended)/ IND A.J. Tolls Private Limited BBB(suspended) Andhra Pradesh Expressway Limited – IND AAA(SO)(exp) INDA1+(SO)(exp) – Stable Bajaj Energy Private Ltd – IND BBB/IND BBB(exp) – – Negative Bijapur Hungund Tollway Private Limited – IND BBB- – – Stable Chenani Nashri Tunnelway Limited – IND BBB+ – – Stable Chennai Water Desalination Ltd – IND BBB- – – Negative Coastal Oil and Gas Infrastructure Private Ltd – IND C – – - Corporate Power Ltd (senior project bank loans) – IND BBB- – – – Corporate Power Ltd (senior project bank loans) – IND BBB- – – – Corporate Power Ltd (subordinate project bank loans) – IND BB+ – – – Ennore Tank Terminal – IND BBB+ – – Stable GVNS Tollways – IND BBB – – Stable GVRMP Dharwad Ramanagar Tollways Private Ltd – IND BBB+ – – Stable GVRMP Waghdhari Ribbanpally Tollway Private Limited – IND BB+ – – Negative HKR Roadways Limited – IND BB+ – – Negative IDAA Infrastructure Private Limited – IND BBB+ – – Stable Ideal Energy Projects Limited – IND BB- – – Negative iEnergy Wind Farms (Theni) Pvt. Ltd – IND B- – – Stable Indore Dewas Tollways Limited – IND BBB- – – Negative Inland Power Limited – IND BB - – Stable IRB Ahmedabad Vadodara Super Express Tollway Private Limited – IND BBB- - – Stable IRB Jaipur Deoli Tollway Private Limited – IND BBB- – – Stable IRB Kolhapur Integrated Road Development Company Private Ltd – IND A-(SO) – – Stable IRB Pathankot Amritsar Toll Road Private Limited – IND BBB- – – Stable IRB Surat-Dahisar Tollway Private Limited – IND BBB – – Negative IRB Talegaon Amravati Tollway Private Limited – IND BBB- – – Stable Ircon Soma Tollways Private Limited▲ IND BBB- – – – IVRCL Indore Gujarat Tollways Limited – IND BBB – – Stable Jalandhar Amritsar Tollways Limited▼ – IND B- – – - Jhajjar Power Ltd – IND BBB – – Stable Jharkhand Road Project Implementation Company Ltd-Chaibasa-Kandra- – – – Stable Chowka IND BBB- Jindal India Thermal Power Ltd (Long Term Project Bank loans – Phase I, II & - III)▼ IND BB+

India Ratings and Research www.indiaratings.co.in As on 31 March 2013 Jindal India Thermal Power Ltd (Senior ECB Phase I & II)▼ – IND BB+ – – - Jindal India Thermal Power Ltd (Subordinated Debt Phase I, II & III)▼ IND BB - Jorbat Shillong Expressway Limited – IND BBB+ – – Stable Karaikal Port Private Limited – IND C IND A4 – - Kumarapalayam Tollways Ltd – IND B- – – Negative L&T Samakhiali Gandhidham Tollway Private Limited – IND BBB – – Negative LVS Power Ltd – IND BBB – – Stable Maithon Power Limited – IND A – – Stable Maithon Power Limited – IND A-(exp) – – Stable Meenakshi Energy Private Limited – IND D – – – MEP Infrastructure Private Limited – IND BBB-(suspended) – – – Mhaiskar Infrastructure Private Limited – IND AA- – – Stable Monnet Power Company Ltd – IND BBB- – – Stable Mumbai International Airport Private Limited (INR 2.6 bn Non-Fund Based – – – Stable Working Capital) IND BBB+ Mumbai International Airport Private Limited (INR 420 mn Fund Based – – – Stable Working Capital) IND BBB+ Mumbai International Airport Private Limited (INR 6.2 bn Non-Fund Based – – – Stable Working Capital) IND BBB+ Mumbai International Airport Private Limited (INR21.44bn New Loan) – IND BBB+ – – Stable Mumbai International Airport Private Limited (INR42.31bn Existing Loan) – IND BBB+ – – Postivie – - – Stable Mumbai International Airport Private Ltd (26.48bn long term bank loan) IND A-(SO) N.A.M. Expressway Limited – IND BBB- – – Stable NCC Power Projects Ltd – IND BBB- – – Stable North Karnataka Expressways Ltd – IND AAA(SO) – – Stable Oriental Pathways (Nagpur) Private Limited – IND BB+ – – Stable Patna Bakhtiyarpur Tollway Limited – IND BB+ - – Stable Raichur Power Corporation Limited – IND BBB- - – Stable Rayalaseema Expressway Private Limited – IND BB - – Stable Redan Infrastructure Private Limited – IND B+ – – Stable Salem Tollways Limited – IND B- – – Negative Sathyam Power Private Limited – IND D – – – SEW Bellary Highways Limited – IND BBB+ – – Stable SEW-Navayuga Barwani Tollways Private Ltd (Senior Bank Loans) – IND BBB- – – Positive SEW-Navayuga Barwani Tollways Private Ltd (Subordinated Bank Loans) – IND BB+ – – Positive Supreme Ahmednagar Karmala Tembhurni Tollways Private Limited – IND BBB- – – Stable Supreme Infraproject Private Limited – IND BB+ – – Stable Supreme Kopargaon Ahmednagar Tollways Pvt. Ltd – IND BB+ - – Stable Supreme Panvel Indapur Tollways Private Limited – IND BBB- – – Stable Supreme Suyog Funicular Ropeways Private Ltd - IND BB+ - - Stable SV Power Ltd. – IND D – – – Transstroy Krishnagiri-Tindivanam Highways Pvt Ltd – IND BBB- – – Stable Transstroy Tirupati Tiruthani Chennai Tollways Private Limited – IND BB+ – – Positive Transtech Green Power Pvt Ltd – IND D – – – – – – Stable Trichy Tollway Private Limited IND BBB- Unity IVRCL JV – IND BBB- – – Stable

India National Ratings - Selected Coverage February 2013 Issuer Long Short Term Outlook Financial Institutions Rating Term Term Deposits ACE Finlease Private Limited – IND BB - – Stable Allahabad Bank – IND AA – – Stable Andhra Bank – IND AA IND A1+ tAA+ Stable Andhra Bank – IND AA+ (Lower Tier 2) – – Negative AXIS Bank – IND AAA – – Stable AXIS Bank – IND AA+ (Tier 1 & Upper Tier– 2) – Stable Banc of America Securities (India) Private Limited – – IND A1+ – – Bank of Baroda – IND AAA IND A1+ tAAA Stable Bank of Tokyo-Mitsubishi UFJ – IND A1+ – – Barclays Bank PLC India Branch – – IND A1+ – – BSS Microfinance Private Limited – IND BBB-(suspended) – – – Canara Bank IND AAA – – Stable Catholic Syrian Bank (The) – IND BBB – – Stable Cholamandalam Investment and Finance Company Limited – IND AA- – – Stable Citibank NA – India Branch – IND A1+ – – City Union Bank Limited – IND A – – Stable Daimler Financial Services India Private Limited – IND AAA IND A1+ – Stable Dena Bank – IND AA- IND A1+ – Stable Dena Bank – IND AA- (Lower Tier 2) – – Stable Dena Bank – IND A- (Tier 1& Upper Tier 2)– – Positive Dhanlaxmi Bank Limited, The▼ – IND BBB- – – – DSP Merrill Lynch Capital Limited – IND AAA IND A1+ – Stable DSP Merrill Lynch Capital Limited – IND AAA(emr) – – – Enam Finance Private Limited - - IND A1+ - - Export Import Bank of India (EXIM) – IND AAA – – Stable Federal Bank Limited – IND AA- – – Stable Fullerton India Credit Company Limited (Formerly First India Credit) – IND AA+ IND A1+ – Stable GE Capital Services India – IND AAA IND A1+ – Stable Goldman Sachs (India) Finance Pvt. Ltd. – IND AAA IND A1+ – Stable

India Ratings and Research www.indiaratings.co.in As on 31 March 2013 Goldman Sachs (India) Finance Pvt. Ltd. – IND AAAemr – – – Goldman Sachs India Capital Markets Pvt. Ltd. – – IND A1+ – – HDFC Bank Limited – IND AAA IND A1+ – Stable HDFC Bank Limited – IND AAA(Lower Tier 2) – – Stable Housing and Urban Development Corporation Limited (HUDCO) IND AA+ IND AA+ IND A1+ – Stable Housing and Urban Development Corporation Limited IND AA+ IND AAA(SO) IND A1+ tAAA(SO) Stable IDBI Bank Ltd – IND AA+ IND A1+ tAAA Stable IDBI Bank Ltd – IND AA-(Upper Tier 2) – – Stable IDBI Bank Ltd IND AA+(Lower Tier 2) – – Stable IL&FS Financial Services Ltd. – IND AAA (lower tier 2) IND A1+ – Stable India Infrastructure Finance Company Limited (INR100bn - Series I 2008–09) IND AAA(SO) – – – India Infrastructure Finance Company Limited (INR2bn - Series I 2007–08) – IND AAA(SO) – – – India Infrastructure Finance Company Limited (INR4bn- Series I and II 2008–09)– IND AAA(SO) – – – Indian Bank – IND AA+ IND A1+ – Stable IndusInd Bank Limited – IND AA- IND A1+ – Stable IndusInd Bank Limited – IND A (upper tier 2) – – Stable Infrastructure Development Finance Company Limited – IND AAA – – Stable Infrastructure Leasing & Financial Services Ltd. – IND AAA IND A1+ – Stable ING Vysya Bank Limited – IND AA- – – Stable Investsmart Financial Services Ltd – IND AAA IND A1+ – Stable Jammu and Kashmir Bank – IND AA – – Stable Kotak Mahindra Bank Limited – IND AA (Upper Tier 2) – – Stable Kotak Mahindra Bank Limited – IND AA+ IND A1+ – Stable Lakshmi Vilas Bank – IND BBB+ IND A2+ – Negative Macquarie Finance (India) Private Limited – IND AAA IND A1+ – Stable Macquarie Finance (India) Private Limited – IND AAA(emr) IND A1+(emr) – Stable Mahindra & Mahindra Financial Services Limited – IND AA+ – – Stable Morgan Stanley India Capital Private Limited – IND AAA IND A1+ – Stable Morgan Stanley India Company Pvt. Ltd – – IND A1+ – – National Housing Bank – IND AAA IND A1+ – Stable National Trust Housing Finance Limited – IND BBB- – – Positive Nomura Capital (India) Private Limited – IND AAA IND A1+ – Stable Nomura Capital (India) Private Limited – IND AAA(emr) – – Stable Nomura Fixed Income Securities Private Limited – – IND A1+ – – OAIS Auto Finance Services Ltd – IND A+ IND A1+ – Stable Punjab National Bank – IND AAA IND A1+ – Stable RBS Financial Services (India) Private Limited – IND AAA IND A1+ – Stable Religare Enterprises Limited - IND AA- - - Negative Religare Finvest Limited – IND AA- – – Negative Shriram City Union Finance Limited – IND AA- IND A1+ tAA- Positive Shriram Transport Finance Co. Ltd. – IND AA IND A1+ tAA- Stable South Indian Bank Limited – IND A+ – – Stable State Bank of India – IND AAA – – Stable Sundaram Finance Limited – IND AA+ IND A1+ – Stable Swadhaar FinServe Pvt. Ltd – IND BB- – – Stable The Hongkong and Shanghai Banking Corporation Ltd – IND A1+ – – UCO Bank – IND AA – – Stable UCO Bank – IND A- (Tier 1 & Upper Tier 2)– – Negative Union Bank of India – IND AA+ – – Stable Union Bank of India – IND AA (Tier 1 & Upper Tier– 2) – Stable Vijaya Bank – IND AA- – – Stable Vijaya Bank – IND A- (UpperTier 2) – – Stable Volkswagen Finance Private Limited – IND AAA IND A1+ – Stable

India National Ratings - Selected Coverage February 2013 Issuer Long Short Term Outlook Public Finance Rating Term Term Deposits

Agartala Municipal Council IND BB- – – – Stable Amrita Sai Educational Improvement Trust – IND BB – – – Andhra Pradesh State Finance Corporation – IND BBB+ – – Stable Andhra Pradesh State Financial Corporation (Series VI-2013) - IND A(SO)(exp) - - - Andhra Pradesh State Financial Corporation (APSFC) INR1,000m Series III- – IND A(SO) – – Stable 2008 Andhra Pradesh State Financial Corporation (APSFC) INR1,210m Series IV- – IND A(SO) – – Stable 2009 Andhra Pradesh State Financial Corporation (APSFC) INR1,500m Series II- – IND A(SO) – – Stable 2008 Andhra Pradesh State Financial Corporation (APSFC) INR2000m Series V - – IND A(SO) – – – 2012 Bhopal Municipal Corporation IND BBB- – – – Stable GRIDCO Limited - IND A-(SO)(exp) - - - Guwahati Municipal Corporation IND BB – – – Stable Hyderabad Educational Institutions Private Limited - IND D - - IND B-(suspended) – – – – Imphal Municipal Council Jaipur Municipal Corporation IND BBB+ – – – Stable Kalinga Institute of Industrial Technology – IND BBB- – – Stable Karnataka Cooperative Milk Producers Federation - IND A/IND A(exp) - - - Karnataka State Financial Corporation (INR1bn, 2009) – IND AA-(SO) – – Stable Karnataka State Financial Corporation (INR3bn 2006) – IND AA-(SO) – – Stable Karnataka State Industrial Investment & Development Corporation (INR3bn) – IND AA-(SO) – – Stable Kohima Municipal Council IND B – – – –

India Ratings and Research www.indiaratings.co.in As on 31 March 2013 Krishna Bhagya Jala Nigam Limited – IND AA-(SO) – – – Kulgaon Badlapur Municipal Council IND BB+ – – Stable Kunj Behari Lal Charitable Trust – IND BB IND A4+ – – Maharashtra Jeevan Pradhikaran – (INR 2.011bnSeries XI) – IND A(SO) – – Stable Maharashtra Jeevan Pradhikaran – (INR5.842Series XII) – IND A(SO) – – Stable Maharashtra Patbandhare Vittiya Company Limited - Series III (INR5bn) – IND A(SO) – – Stable Maharashtra Patbandhare Vittiya Company Limited (MPVC) - Series IV – IND A(SO) – – Stable I(NR505m) Maharashtra Patbandhare Vittiya Company Limited (MPVC)-Series II – IND A(SO) – – Stable (INR314.4m) Manav Vikas Evam Seva Sansthan – IND D – – – Meghalaya Energy Corporation Limited (formerly Meghalaya State Electricity – – – Stable Board)(INR1,200m) IND BBB+(SO) Meghalaya Energy Corporation Limited formerly Meghalaya State Electricity – – – Stable Board) (INR500m) IND BBB+(SO) Municipal Board of Shillong IND B+ – – – Stable Nagpur Municipal Corporation – (INR217m) – IND AA(SO) – – Stable Narayana Educational Society – IND A- – – – National Capital Region Planning Board – IND AAA – – Stable National Capital Region Planning Board — (INR2bn) – IND AAA – – Stable National Highways Authority of India – IND AAA – – Stable National Highways Authority of India — (INR11.5363bn) – IND AAA – – – National Highways Authority of India — (INR21.6011bn) – IND AAA – – – National Highways Authority of India — (INR25bn) – IND AAA – – – National Highways Authority of India — (INR30bn) – IND AAA – – – National Highways Authority of India — (Tax Free INR100bn) – IND AAA – – – National Seeds Corporation Limited – IND AA – – – New Delhi Municipal Council IND AA – – – Stable Pimpri Chinchwad Municipal Corporation IND AA- – – – Positive Punjab State Cooperative Milk Producers Federation Limited – IND BBB IND A2 – Stable Raipur Development Authority - IND BBB+ - - Stable Rathnavel Subramaniam Educational Trust – IND BBB- – – Stable Sreenidhi University – IND D – – – St.Mary’s Educational Society - IND B- - - - Subedar Raj Devi Educational Trust – IND D – – – Tamil Nadu Generation and Distribution Corporation - INR4bn TNEB Series 2, – IND A(SO) – – – 2008-09 bonds Tamil Nadu Generation and Distribution Corporation Limited – IND A(SO) (exp) - – - Tamil Nadu Road Development Company Ltd (TNRDC) – IND A+(SO)(suspended) – – – Tamil Nadu Transmission Corporation - INR3.19bn TNEB Series 4, 2009-10 – IND A-(SO) – – – bonds – IND A(SO) – – – Tamil Nadu Transmission Corporation - INR2bn TNEB Series 1, 2008-09 Tamil Nadu Transmission Corporation - INR2bn TNEB Series 3, 2009-10 – IND A(SO) – – – bonds – IND A-(SO) – – – Tamil Nadu Transmission Corporation - INR4.81bn TNEB Series 2, 2009-10 The Mysore Paper Mills Ltd (INR 350mn bond issue) – IND AA-(SO) – – Stable The Mysore Paper Mills Ltd (INR 500mn bond issue) – IND AA-(SO)(exp) – – Stable – IND B(suspended) IND A4(suspended) – – The Umrao Institute of Medical Science & Research Water and Sanitation Pooled Fund (INR 510m Proposed Bonds - Master – IND AA(SO)(exp) - – - Finance Indenture) – IND AA(SO)(exp) – – – Water and Sanitation Pooled Fund (INR1,020m proposed senior debt MFI) – IND AA(SO) – – Stable Water and Sanitation Pooled Fund (INR831.9m(INR450m PFDF PFDF enhanced enhanced Issue Issue II II2007) 2009) – IND AA(SO) – – – Water and Sanitation Pooled Fund(INR304.1m Issue I 2002) – IND AA(SO) – – Stable West Bengal Infrastructure Development Finance Corporation Ltd (WBIDFC) – IND A-(SO) – – Stable (Series 2004-05) West Bengal Infrastructure Development Finance Corporation Ltd (WBIDFC) – IND A-(SO) – – Stable (Series 2005-06) West Bengal Infrastructure Development Finance Corporation Ltd (WBIDFC) – IND A-(SO) – – Stable (Series 2007-08)

Structured Finance

Residential Mortgage-Backed Security (RMBS) Citibank Royal Trust June 2004 – IND AAA(SO) – – Stable HDFC DA December 2010 – I (Purchaser Payouts) – IND AAA(SO) – – Stable HDFC DA December 2010 – I (Second Loss Credit Facility) – IND BBB(SO) – – Stable HDFC DA December 2010 – II (Purchaser Payouts) – IND AAA(SO) – – Stable HDFC DA December 2010 – II (Second Loss Credit Facility) – IND BBB(SO) – – Stable HDFC DA December 2010 – III (Purchaser Payouts) – IND AAA(SO) – – Stable HDFC DA December 2010 – III (Second Loss Credit Facility) – IND BBB(SO) – – Stable HDFC DA July 2011-I (Purchaser Payouts) – IND AAA(SO) – – Stable HDFC DA July 2011-I (Second Loss Credit Facility) – IND BBB+(SO) – – Stable HDFC DA July 2011-II (Purchaser Payouts) – IND AAA(SO) – – Stable HDFC DA July 2011-II (Second Loss Credit Facility) – IND BBB(SO) – – Stable HDFC DA July 2011-III (Purchaser Payouts) – IND AAA(SO) – – Stable HDFC DA July 2011-III (Second Loss Credit Facility) – IND BBB(SO) – – Stable HDFC DA June10 -I (Purchaser Payouts) – IND AAA(SO) – – Stable HDFC DA June10 -I (Second Loss Credit Facility) – IND A+(SO) – – Stable HDFC DA June10 -II (Purchaser Payouts) – IND AAA(SO) – – Stable HDFC DA June10 -II (Second Loss Credit Facility) – IND A+(SO) – – Stable HDFC DA June10 -III (Purchaser Payouts) – IND AAA(SO) – – Stable

India Ratings and Research www.indiaratings.co.in As on 31 March 2013 HDFC DA June10 -III (Second Loss Credit Facility) – IND A(SO) – – Stable HDFC DA Non-PSL Nov 09 – IND AAA(SO) – – Stable HDFC DA Non-PSL Nov 09 (Second Loss Credit Facility) – IND AA-(SO) – – Stable HDFC DA PSL Nov 09 – IND AAA(SO) – – Stable HDFC DA PSL Nov 09 (Second Loss Credit Facility) – IND A+(SO) – – Stable HDFC: MBS 2006 Series II Trust (Class A1) – IND AAA(SO) – – Stable HDFC: MBS 2006 Series II Trust (Class A2) – IND AAA(SO) – – Stable HDFC: MBS 2006 Series III Trust (Class A1) – IND AAA(SO) – – Stable HDFC: MBS 2006 Series III Trust (Class A2) – IND AAA(SO) – – Stable – – – Stable HDFC's Direct Assignment Residential Mortgages-March 09 (INR9637.7m) IND AAA(SO) HDFC's Direct Assignment Residential Mortgages-March 09 (INR9690m) – IND AAA(SO) – – Stable Indian RMBS Trust Series VIII (Series A) – IND AAA(SO) – – Stable Nivas Trust II ( Series A) – IND AAA(SO) – – Stable Royal Trust July 2004 – IND AAA(SO) – – Stable Royal Trust May 2004 (Series A2) – IND AAA(SO) – – Stable

Asset-Backed Security (ABS) Aeon Trust 2012 (second loss credit facility ) – IND AA(SO) – – Stable Aeon Trust 2012 (Series A) – IND AAA(SO) – – Stable Aeon Trust 2013 (Series A1) ( PTCs) – IND AAA(SO) – - Stable Aeon Trust 2013 (Series A2) ( PTCs) – IND AAA(SO) – - Stable Aeon Trust II 2012 (Second Loss Facility) – IND A(SO) – – Stable Aeon Trust II 2012 (Series A) – IND AAA(SO) – – Stable CV Loan Trust 2012 (second loss credit facility) – IND A+(SO) – – Stable CV Loan Trust 2012 (Series A) – IND AAA(SO) – – Stable DA Program-Dec 09-1 (Second Loss Credit Facility) – IND AA+(SO) – – Stable DA Program-Dec09-1 – IND AAA(SO) – – Stable DA Program-Oct09-1 – IND AAA(SO) – – Stable DA Program-Oct09-1 (Second Loss Credit Facility) – IND AAA(SO) – – Stable Fullerton DA CV Dec 2011(purchaser payouts) – IND AAA(SO) – – Stable Fullerton DA CV Dec 2011(Second Loss Credit Facility) – IND A+(SO) – – Stable ILSS 1 Trust 2012 (Series B) – IND AAA(SO) – – Stable India Structured Asset Trust-Series XII (Series A10) – IND AAA(SO) – – Stable India Structured Asset Trust-Series XII (Series A11) – IND AAA(SO) – – Stable India Structured Asset Trust-Series XII (Series A12) – IND AAA(SO) – – Stable India Structured Asset Trust-Series XII (Series A13) – IND AAA(SO) – – Stable India Structured Asset Trust-Series XII (Series A14) – IND AAA(SO) – – Stable India Structured Asset Trust-Series XII (Series A15) – IND AAA(SO) – – Stable India Structured Asset Trust-Series XII (Series A16) – IND AAA(SO) – – Stable India Structured Asset Trust-Series XII (Series A17) – IND AAA(SO) – – Stable India Structured Asset Trust-Series XII (Series A18) – IND AAA(SO) – – Stable India Structured Asset Trust-Series XII (Series A19) – IND AAA(SO) – – Stable India Structured Asset Trust-Series XII (Series A20) – IND AAA(SO) – – Stable India Structured Asset Trust-Series XII (Series A21) – IND AAA(SO) – – Stable India Structured Asset Trust-Series XII (Series A22) – IND AAA(SO) – – Stable India Structured Asset Trust-Series XII (Series A23) – IND AAA(SO) – – Stable India Structured Asset Trust-Series XII (Series A24) – IND AAA(SO) – – Stable India Structured Asset Trust-Series XII (Series A25) – IND AAA(SO) – – Stable India Structured Asset Trust-Series XII (Series A7) – IND AAA(SO) – – Stable India Structured Asset Trust-Series XII (Series A8) – IND AAA(SO) – – Stable India Structured Asset Trust-Series XII (Series A9) – IND AAA(SO) – – Stable India Vehicle Trust - March 2012 (purchaser payouts) – IND BBB(SO) – – Stable India Vehicle Trust - March 2012 (Series A) – IND AAA(SO) – – Stable Indian Receivable Trust February 2013 A (Second Loss Credit Facility) – IND A(SO)(exp) – – Stable Indian Receivable Trust February 2013 A (Series A) (PTCs) – IND AAA(SO)(exp) – – Stable Indian Receivable Trust January 2013 A (Second Loss Credit Facility) – IND A(SO)(exp) – Stable Indian Receivable Trust January 2013 A (Series A) (PTCs) – IND AAA(SO)(exp) – Stable Indian Receivable Trust January 2013 B (Series A1) (PTCs) – IND AAA(SO)(exp) – Stable Indian Receivable Trust January 2013 B (Series A2) (PTCs) – IND AAA(SO)(exp) – Stable Indian Receivable Trust January 2013 B (Series A3) (PTCs) – IND AAA(SO)(exp) – Stable Indian Receivable Trust January 2013 B (Second Loss Credit Facility) – IND A(SO)(exp) – Stable IRST 2011 Series - I (Series A10) – IND AAA(SO) – – Stable IRST 2011 Series - I (Series A2) – IND AAA(SO) – – Stable IRST 2011 Series - I (Series A3) – IND AAA(SO) – – Stable IRST 2011 Series - I (Series A6) – IND AAA(SO) – – Stable IRST 2011 Series - I (Series A7) – IND AAA(SO) – – Stable IRST 2011 Series - I (Series A9) – IND AAA(SO) – – Stable Jupiter Trust A Jan 13 (Second Loss Credit Facility) – IND BBB(SO)(exp) – – Stable Jupiter Trust A Jan 13 (Series A) (PTCs) – IND AA+(SO)(exp) – – Stable MMFSL DA Dec 2009 - 1 – IND AA+(SO) – – Stable MMFSL DA Dec 2009 - 2 – IND AA+(SO) – – Stable MMFSL DA Dec 2010 - 1 – IND AA+(SO) – – Stable MMFSL DA Dec 2011 (Purchasers Payout) – IND AA+(SO) – – Stable MMFSL DA Feb 2011-1 – IND AA+(SO)(ind – – Stable MMFSL DA June 2010 - 1 – IND AA+(SO) – – Stable MMFSL DA March 2010 – 1 – IND AA+(SO) – – Stable MMFSL DA March 2012 (purchaser payouts) – IND AA+(SO) – – Stable MMFSL DA Nov 2011 (Purchasers Payout) – IND AA+(SO) – – Stable MMFSL DA Sept 2009 – 1 – IND AA+(SO) – – Stable

India Ratings and Research www.indiaratings.co.in As on 31 March 2013 MMFSL DA Sept 2010-1 – IND AA+(SO) – – Stable Novo IV Trust – Locomotive (Series I) – IND AAA(SO) – – Stable Novo IV Trust – Locomotive (Series J) – IND AAA(SO) – – Stable Novo IX Trust-Chassis (Liquidity Facility) – IND AAA(SO) – – Stable Novo IX Trust-Chassis (Second Loss Credit Facility) – IND AAA(SO) – – Stable Novo IX Trust-Chassis (Series A) – IND AAA(SO) – – Stable Novo X Trust- Locomotive (Series E) – IND AAA(SO) – – Stable Novo X Trust- Locomotive (Series F) – IND AAA(SO) – – Stable Novo X Trust- Locomotive (Series G) – IND AAA(SO) – – Stable Novo X Trust- Locomotive (Series I) – IND AAA(SO) – – Stable Novo X Trust- Locomotive (Series J) – IND AAA(SO) – – Stable Novo X Trust- Locomotive (Series K) – IND AAA(SO) – – Stable Novo X Trust- Locomotive (Series L) – IND AAA(SO) – – Stable Novo X Trust- Locomotive (Series M) – IND AAA(SO) – – Stable Novo X Trust- Locomotive (Series N) – IND AAA(SO) – – Stable Novo X Trust- Locomotive (Series O) – IND AAA(SO) – – Stable Novo X Trust- Locomotive (Series P) – IND AAA(SO) – – Stable Novo X Trust- Locomotive (Series Q) – IND AAA(SO) – – Stable Novo X Trust- Locomotive (Series R) – IND AAA(SO) – – Stable Novo X Trust- Locomotive (Series S) – IND AAA(SO) – – Stable Novo X Trust- Locomotive (Series T) – IND AAA(SO) – – Stable Novo X Trust- Locomotive (Series U) – IND AAA(SO) – – Stable Novo X Trust- Locomotive (Series V) – IND AAA(SO) – – Stable Novo X Trust- Locomotive (Series W) – IND AAA(SO) – – Stable Novo XI Trust – Chassis (second loss credit facility) – IND BBB(SO) – – Stable Novo XI Trust – Chassis (Series A) – IND AAA(SO) – – Stable Platinum Trust 2012 (second loss credit facility) – IND A(SO) – – Stable Platinum Trust 2012 (Series A) – IND AAA(SO) – – Stable Platinum Trust 2013 (Series A1) (PTCs) – IND AAA(SO) – – Stable Platinum Trust 2013 (Series A2) (PTCs) – IND AAA(SO) – – Stable Platinum Trust 2013 (Series A3) (PTCs) – IND AAA(SO) – – Stable Platinum Trust Feb 2013 Tranche 2 (Series A) (PTCs) – IND AAA(SO) – – Stable Platinum Trust March 2013 (Series A) (PTCs) – IND AAA(SO)(exp) – Stable Privilege Trust Series I (Series A) (PTCs) – IND AAA(SO) – – Stable Privilege Trust Series – 2 (Series A) (PTCs) – IND AAA(SO)(exp) – – Stable Privilege Trust Series 4 (Second Loss Credit Facility) – IND BBB(SO)(exp) – Stable Privilege Trust Series 4 (Series A1) (PTCs) – IND AAA(SO)(exp) – Stable Privilege Trust Series 4 (Series A2) (PTCs) – IND AAA(SO)(exp) – Stable Privilege Trust Series 5 (Second Loss Credit Facility) – IND A(SO)(exp) – Stable Privilege Trust Series 5 (Series A1) (PTCs) – IND AAA(SO)(exp) – Stable Privilege Trust Series 5 (Series A2) (PTCs) – IND AAA(SO)(exp) – Stable Sansar CV Trust Mar 2013 IV (Series A1) (PTCs) – IND BBB(SO)(exp) – Stable Sansar CV Trust Mar 2013 IV (Series A2) (PTCs) – IND BBB(SO)(exp) – Stable Sansar Trust March 2013- I (Second Loss Credit Facility) – IND A(SO)(exp) – Stable Sansar Trust March 2013- I (Series A1) (PTCs) – IND AAA(SO)(exp) – Stable Sansar Trust March 2013- I (Series A2) (PTCs) – IND AAA(SO)(exp) – Stable Sansar Trust March 2013 III (Second Loss Credit Facility) – IND A(SO)(exp) – Stable Sansar Trust March 2013 III (Series A) (PTCs) – IND AAA(SO)(exp) – Stable SBI Capital Protection Oriented Fund (Series III) – IND AAA(SO) – - SCUF - DA Program Sept 2010 – 01 (purchaser payouts) – IND AAA(SO) – – Stable SCUF DA Mar 2011- 01 (purchaser payouts) – IND AAA(SO) – – Stable SCUF DA Mar 2012-01 (purchaser payouts) – IND AAA(SO) – – Stable SCUF DA Mar 2012-02 (purchaser payouts) – IND AAA(SO) – – Stable SCUF DA Mar 2012-03 (purchaser payouts) – IND AAA(SO) – – Stable SCUF DA Sep 2011- 01 (Purchaser Payouts) – IND AAA(SO) – – Stable SCUF DA Sep 2011- 02 (purchaser payouts) – IND AAA(SO) – – Stable SCUF DA Sep 2011- 02 (Purchaser Payouts) – IND AAA(SO) – – Stable SCUF EF Trust Dec’12 Series - I (Series A) (PTCs) – IND AAA(SO) – – Stable SCUF-UCO DA Dec 2011 (purchaser payouts) – IND AAA(SO) – – Stable SEFPL DA March 12 – III (purchaser payouts) – IND AAA(SO) – – Stable SEFPL DA Sep 11 - III (Purchaser Payouts) – IND AAA(SO) – – Stable SEFPL Direct Assignment Sep 11 - IV (Purchaser Payouts) – IND AAA(SO) – – Stable SEFPL Direct Assignment Sep' 11 - VI (Purchaser Payouts) – IND AAA(SO) – – Stable Small Business Trust 2012 (Second Loss Credit Facility) – IND AA(SO) – – Stable Small Business Trust 2012 (Series A) – IND AAA(SO) – – Stable Small Business Trust 2013 (Series A1) (PTCs) – IND AAA(SO)(exp) – – Stable Small Business Trust 2013 (Series A2) (PTCs) – IND AAA(SO)(exp) – – Stable Small Business Trust 2013 (Series A3) (PTCs) – IND AAA(SO)(exp) – – Stable Small Business Trust II 2012 (Second Loss Credit Facility) – IND AA(SO) – – Stable Small Business Trust II 2012 (Series A) – IND AAA(SO) – – Stable Small Operators Trust 2011 (Second Loss Credit Facility) – IND BBB(SO) – – Stable Small Operators Trust 2011 (Series A1) – IND AAA(SO) – – Stable Small Operators Trust 2011 (Series A2) – IND AAA(SO) – – – Small Operators Trust 2012 (Second loss credit facility) – IND BBB(SO) – – Stable Small Operators Trust 2012 (Series A1) – IND AAA(SO) – – Stable Small Operators Trust 2012 (Series A2) – IND AAA(SO) – – Stable Small Operators Trust 2013 (Second Loss Credit Facility) – IND A+(SO) – – Stable Small Operators Trust 2013 (Series A1) (PTCs) – IND AAA(SO) – – Stable

India Ratings and Research www.indiaratings.co.in As on 31 March 2013 Small Operators Trust 2013 (Series A2) (PTCs) – IND AAA(SO) – – Stable Small Operators Trust 2013 (Series A3) (PTCs) – IND AAA(SO) – – Stable Small Operators Trust II 2013 (Second Loss Credit Facility) – IND A+(SO)(exp) – – Stable Small Operators Trust II 2013 (Series A1) (PTCs) – IND AAA(SO)(exp) – – Stable Small Operators Trust II 2013 (Series A2) (PTCs) – IND AAA(SO)(exp) – – Stable Small Operators Trust II 2013 (Series A3) (PTCs) – IND AAA(SO)(exp) – – Stable SREI - Direct Assignment - Dec 10-I – IND AAA(SO) – – Stable SREI - Direct Assignment - December 11 - I (Purchaser Payouts) – IND AAA(SO) – – Stable SREI - Direct Assignment - December 11 - I (Second Loss Credit Facility) – IND BBB(SO) – – Stable SREI - Direct Assignment - February 12 – I (purchaser payouts) – IND AAA(SO) – – Stable SREI - Direct Assignment Dec - 10 – II (Purchaser Payouts) – IND AAA(SO) – – Stable SREI DA August 2011 (Purchaser Payouts) – IND AAA(SO) – – Stable SREI DA August 2011 (Second Loss Credit Facility) – IND AAA(SO) – – Stable SREI Direct Assignment - Mar'11 IV (Purchaser Payouts) – IND AAA(SO) – – Stable SRTO Trust 2012 (second loss credit facility) – IND BBB(SO) – – Stable SRTO Trust 2012 (Series A) – IND AAA(SO) – – Stable STFCL - DA Program - Dec 09 – 1 (Purchaser Payouts) – IND AAA(SO) – - Stable STFCL - DA Program - Dec 09 – 1 (Second Loss Credit Facility) – IND AA+(SO) – - Stable STFCL CV Trust 2012 (second loss credit facility) – IND BBB(SO) – – Stable STFCL CV Trust 2012 (Series A) – IND AAA(SO) – – Stable STFCL CV Trust Dec 12 - I (Second Loss Credit Facility) – IND A(SO) – Stable STFCL CV Trust Dec 12 - I (Series A1) (PTCs) – IND AAA(SO) – Stable STFCL CV Trust Dec 12 - I (Series A2) (PTCs) – IND AAA(SO) – Stable STFCL CV Trust Feb 2013 (Second loss Credit Facility) – IND A(SO)(exp) – – Stable STFCL CV Trust Feb 2013 (Series A) (PTCs) – IND AAA(SO)(exp) – – Stable STFCL CV Trust Nov 12 - II (Second Loss Credit Facility) – IND A(SO) – Stable

STFCL CV Trust Nov 12 - II (Series A1) ( PTCs) – IND AAA(SO) – Stable STFCL CV Trust Nov 12 - II (Series A2) ( PTCs) – IND AAA(SO) – Stable STFCL DA December 2011-01(Purchaser Payouts) – IND AAA(SO) – – Stable

STFCL DA December 2011-01(Second Loss Credit Facility ) – IND BBB(SO) – – Stable STFCL DA December 2011-03 (Purchaser Payouts) – IND AAA(SO) – – Stable STFCL DA December 2011-03 (Second Loss Credit Facility ) – IND BBB(SO) – – Stable STFCL DA Feb 2011- 04 (liquidity facility) – IND AA(SO) – – Stable STFCL DA Feb 2011- 04 (Purchaser Payouts) – IND AA(SO) – – Stable STFCL DA Feb 2011- 04 (Second Loss Credit Facility) – IND A+(SO) – – Stable STFCL DA Feb 2011-02 (purchaser payouts) – IND AAA (SO) – – Stable STFCL DA Feb 2011-02 (Second Loss Credit Facility) – IND A+(SO) – – Stable STFCL DA January 2012-01 (purchaser payouts) – IND AAA(SO) – – Stable STFCL DA January 2012-01 (second loss credit facility) – IND BBB(SO) – – Stable STFCL DA June 2011-01 (liquidity facility) – IND AAA(SO) – – Stable STFCL DA June 2011-01 (Purchaser Payouts) – IND AA(SO) – – Stable STFCL DA June 2011-01 (Second Loss Credit Facility) – IND AA-(SO) – – Stable STFCL DA Mar 2011-01 (Purchaser Payouts) – IND AAA(SO) – – Stable STFCL DA Mar 2011-01 (Second Loss Credit Facility) – IND A(SO) – – Stable STFCL DA Mar 2011-02 (Purchaser Payouts) – IND AAA(SO) – – Stable STFCL DA Mar 2011-02 (Second Loss Credit Facility) – IND A+(SO) – – Stable STFCL DA Mar 2011-03 (Purchaser Payouts) – IND AAA(SO) – – Stable STFCL DA Mar 2011-03 (Second Loss Credit Facility) – IND A+(SO) – – Stable STFCL DA Mar 2011-04 (Purchaser Payouts) – IND AAA(SO) – – Stable STFCL DA Mar 2011-04 (Second Loss Credit Facility) – IND A+(SO) – – Stable STFCL DA March 2012 – 01 (purchaser payouts) – IND AAA(SO) – – Stable STFCL DA March 2012 – 01 (second loss credit facility) – IND BBB(SO) – – Stable STFCL DA March 2012 – 02 (purchaser payouts) – IND AAA(SO) – – Stable STFCL DA March 2012 – 02 (second loss credit facility) – IND BBB(SO) – – Stable STFCL DA March 2012 – 03 (purchaser payouts) – IND AAA(SO) – – Stable STFCL DA March 2012 – 03 (purchaser payouts) – IND BBB(SO) – – Stable STFCL DA Operator Trust Dec 2011 (Second Loss Credit Facility ) – IND A-(SO) – – Stable STFCL DA Operator Trust Dec 2011 (Series A) – IND AAA(SO) – – Stable STFCL DA Program - Feb 10 – 4 (Purchaser Payouts) – IND AAA(SO) – – Stable STFCL DA Program - Feb 10 – 4 (Second Loss Credit Facility) – IND A(SO) – – Stable STFCL DA Program - Feb 10 – 5 (Purchaser Payouts) – IND AAA(SO) – – Stable STFCL DA Program - Feb 10 – 5 (Second Loss Credit Facility) – IND A+(SO) – – Stable STFCL -DA Program - Sept 09 - 1 – IND AAA(SO) – – Stable STFCL -DA Program - Sept 09 - 1( Second Loss Credit Facility) – IND AAA(SO) – – Stable STFCL -DA Program - Sept 09 - 2 – IND AAA(SO) – – Stable STFCL -DA Program - Sept 09 - 2( Second Loss Credit Facility) – IND AAA(SO) – – Stable STFCL -DA Program - Sept 09 - 3( Second Loss Credit Facility) – IND AAA(SO) – – Stable STFCL -DA Program - Sept 09 -3 – IND AAA(SO) – – Stable STFCL DA Program- Feb 10 - 1 (Second Loss Credit Facility) – IND A+(SO) – – Stable STFCL DA Program- Feb 10 - 2 (Second Loss Credit Facility) – IND A+(SO) – – Stable STFCL DA Program- Feb 10 - 3 (Second Loss Credit Facility) – IND AA+(SO) – – Stable STFCL DA Program-Dec09-2 (liquidity facility) – IND AAA(SO) – – Stable STFCL DA Program-Dec09-2 (lPurchasers Payout) – IND AAA(SO) – – Stable STFCL DA Program-Dec09-2 (Second Loss Credit Facility) – IND AAA(SO) – – Stable STFCL DA Program-Feb 10 - 1 (liquidity facility) – IND AAA(SO) – – Stable STFCL DA Program-Feb 10 - 1 (Purchaser Payouts) – IND AAA(SO) – – Stable STFCL DA Program-Feb 10 - 2 (liquidity facility) – IND AAA(SO) – – Stable STFCL DA Program-Feb 10 - 2 (Purchaser Payouts) – IND AAA(SO) – – Stable STFCL DA Program-Feb 10 - 3 (liquidity facility) – IND AAA(SO) – – Stable STFCL DA Program-Feb 10 -3 (Purchaser Payouts) – IND AAA(SO) – – Stable STFCL DA Sep 2011 - 01(Purchaser Payouts) – IND AAA(SO) – – Stable STFCL DA Sep 2011 - 01(Second Loss Credit Facility ) – IND A(SO) – – Stable STFCLs New CV - Dec 08 Assignment – IND AAA(SO) – – Stable

India Ratings and Research www.indiaratings.co.in As on 31 March 2013 Asset Management Goldman Sachs Liquid Exchange Traded Scheme (Previously Benchmark – – – – Liquid BeES Fund) IND A1+mfs IDFC Ultra - Short Term Fund – IND AAAmfs IND V1 – RWN JP Morgan India Capital Protection Oriented Fund – IND AAA(SO) – – – LIC Nomura MF Income Plus Fund (previously LIC MF Income Plus Fund) – IND AAAmfs IND V1 – – LICMF Liquid Fund – IND A1+mfs – – – SBI Capital Protection Oriented Fund-Series III Fund – IND AAA(SO)(exp) – – – UTI Floating Rate Fund (Short Term Plan) – IND AAAmfs IND V1 – – UTI Liquid Fund (Cash Plan) – IND A1+mfs – – – UTI Money Market Mutual Fund – IND A1+mfs – – – India National Ratings - Selected Coverage (cont'd) February 2013 Legend *Bold type denotes a new rating (SO) – Structured Obligation t - Term Deposit Credit Rating # - – Under notice of withdrawal ▼ Signifies Rating Watch Negaitive * - In discussion with company ▲ Signifies Rating Watch Positive ^ - No amount outstanding against existing rating ► Signifies Rating Watch Evolving

India Ratings and Research www.indiaratings.co.in As on 31 March 2013 India National Ratings - Selected Coverage (cont'd) February 2013

Contact List

India Ratings - Analysts Telephone # Aashish Bhusnurmath AB Delhi [email protected] 91 22 4356 7252 Abhinav Goel AG Delhi [email protected] 91 11 4356 7230 Amey Joshi AJ Mumbai [email protected] 91 22 4000 1794 Amit More AM Mumbai [email protected] 91 22 4000 1703 Ananda Bhoumik AB Mumbai [email protected] 91 22 4000 1720 Arvind Rana AR Mumbai [email protected] 91 22 4000 1719 Ashish Upadhyay AU Delhi [email protected] 91 11 4165 7230 Ashoo Mishra AM Mumbai [email protected] 91 22 4000 1700 Ashwini Picardo AP Mumbai [email protected] 91 22 4000 1787 Avinash Lodha AL Chennai [email protected] 91 44 4340 1722 Carrol D'Silva CD Mumbai [email protected] 91 22 4000 1731 Chandan Sharma CS Delhi [email protected] 91 11 4356 7230 Cyrus Dadabhoy CD Mumbai [email protected] 91 22 4000 1700 Chintan Lakhani CL Mumbai [email protected] 91 22 4000 1790 Deep Mukherjee DM Mumbai [email protected] 91 22 4000 1721 Devendra Pant DP Delhi [email protected] 91 11 4356 7230 Ehsan Syed ES Mumbai [email protected] 91 22 4000 1700 G. Siva Subramanian GS Chennai [email protected] 91 44 4340 1700 Janhavi Prabhu JP Mumbai [email protected] 91 22 4000 1754 Jatin Nanaware JN Mumbai [email protected] 91 22 4000 1761 Mukul Pathak MP Delhi [email protected] 91 11 4356 7241 N. Raju NR Chennai [email protected] 91 44 4340 1703 Neha Agarwal NA Delhi [email protected] 91 11 4356 7247 Niraj Rathi NR Chennai [email protected] 91 44 4340 1700 Pavan Kumar PK Chennai [email protected] 91 44 4340 1724 Pavan Soni PS Kolkata [email protected] 91 33 4006 5887 Pawan Kumar PK Chennai [email protected] 91 44 4340 1724 Pragya Bansal PB Delhi [email protected] 91 11 41657230 Prakash Agarwal PA Mumbai [email protected] 91 22 4000 1700 Prakash Choraria PC Kolkata [email protected] 91 33 40065887 Purav Shah PS Mumbai [email protected] 91 22 4000 1700 R. Venkataraman RV Chennai [email protected] 91 44 24313339 Rakesh Valecha RV Mumbai [email protected] 91 22 4000 1740 Ramakrishna Reniguntla RR Chennai [email protected] 91 44 4340 1700 Ridhima Singhal RS Delhi [email protected] 91 11 4356 7246 Rohit Sadaka RS Kolkata [email protected] 91 33 2282 8375 Rupesh Kumar Singh RS Mumbai [email protected] 91 22 4000 1791 S.Nandakumar SN Chennai [email protected] 91 44 2431 3338 Sahil Aggarwal SA Delhi [email protected] 91 11 4356 7230 Salil Garg SG Delhi [email protected] 91 11 41657230 Sandeep Singh SS Mumbai [email protected] 91 22 4000 1735 Sankalp Baid SB Mumbai [email protected] 91 22 4000 1700 Sethuraman Ramachandran SR Chennai [email protected] 91 44 4340 1700 Shyam Sundar SS Chennai [email protected] 91 44 4340 1710 Sreenivasa Prasanna SP Chennai [email protected] 91 44 4340 1709 Sriram Parthasarthy SP Mumbai [email protected] 91 44 4340 1700 Sudarshan Shreenivas SS Mumbai [email protected] 91 22 4000 1783 Tanu Sharma TS Delhi [email protected] 91 11 4165 7230 Tarun Kumar TK Mumbai [email protected] 91 11 4000 1713 Vinay Betala VB Kolkata [email protected] 91 44 4340 1700 Vishal Bhawsinghka VB Kolkata [email protected] 91 33 4006 5884

India Ratings & Research Private Limited Country Head Atul Joshi Mumbai [email protected] 91 22 4000 1750

Business & Relationship Management Group, Asia-Pacific Group Head Tarun Bansal Delhi [email protected] 91 11 4165 7230 Director & Head of East India Krishnendu Sarkar Kolkata [email protected] 91 33 2282 8375 Director & Head of West India Rajshekhar Kalluri Mumbai [email protected] 91 22 4000 1784 Director & Head of Andhra Pradesh & Karnataka Suryanarayana ManginaHyderabad [email protected] 91 40 4025 8885 Director & Head of North India Akash Sharma Delhi [email protected] 91 11 4165 7230 Associate Director Anamika Karati Delhi [email protected] 91 11 4165 7230 Associate Director Aishwarya Vinay KumarMumbai [email protected] 91 22 4000 1788 Associate Director Santosh DhamapurkarMumbai [email protected] 91 22 4000 1718 Associate Director Srinivas MR Chennai [email protected] 91 44 4340 1716 Associate Director Prasanth Chegu Bangalore [email protected] 91 80 42066191 Senior Associate Arnab Chanda Kolkata [email protected] 91 33 4003 1734 Senior Associate Murali TR Chennai [email protected] 91 44 4340 1717 Senior Associate Saurabh Dad Mumbai [email protected] 91 22 4000 1777 Senior Associate Pinku Prittom Dutta Mumbai [email protected] 91 22 4000 1739 Associate Namrata Tiwari Delhi [email protected] 91 11 4356 7235

India Ratings and Research www.indiaratings.co.in As on 31 March 2013