: Movement of each credit rating from investment grade to non-investment grade and vice versa

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1 : Movement of each credit rating from investment grade to non-investment grade and vice versa Note :Pursuant to SEBI Circular No Circular CIR/MIRSD/4/2011 dated June 15, 2011, ICRA has adopted new rating symbols. Some of the ratings which were assigned prior to aforesaid SEBI Circular, on old rating scale, have also been mapped to new rating symbols. (A) Structured Instruments April 2011 September 2011 Rating Movement from Investment Grade and Non-invetsment Grade between Apr 2011-Sep 2011 From Investment Grade to Non-investment Grade Sl. No Name of the issuer Instrument to Revision Rating Post revision Nil From Non-Investment Grade to Investment Grade Sl. No Name of the issuer Instrument to Revision Rating Post revision 1 RHO Pioneer IFMR Capital 2011 PTC Series A2 [ICRA]A4+(SO)! [ICRA]A2+(SO)!

2 (B) Non-Structured Instruments April 2011 September 2011 Rating Movement from Investment Grade to Non-investment Grade between Apr 2011-Sep Acme Telecom Assets Limited LA-(stable) [ICRA]BB+(stable) 2 Axis Ad-Print-Media (India) Limited LBBB- [ICRA]BB+(stable) 2 Axis Ad-Print-Media (India) Limited A3 [ICRA]A4+ 3 Belgaum Wind Farms Private Limited LBBB- [ICRA]BB(stable) 4 Bhrigus Software India Private Limited LBBB [ICRA]D 5 Birla Ericsson Optical Limited LBBB- [ICRA]BB+(stable) 5 Birla Ericsson Optical Limited A3 [ICRA]A4+ 6 BRG Energy Limited LBBB [ICRA]D 6 BRG Energy Limited A3+ [ICRA]D 7 Cosmas Pharmacls Limited LBBB- [ICRA]BB+(stable) 7 Cosmas Pharmacls Limited A3 [ICRA]A4+ 8 Dembla Valves Limited LBBB- [ICRA]C 8 Dembla Valves Limited A3 A5 9 Flawless Diamond India Ltd LBBB- [ICRA]B+ 9 Flawless Diamond India Ltd A3 [ICRA]A4 10 Geodesic Techniques Private Limited LBBB- [ICRA]BB(stable) 10 Geodesic Techniques Private Limited A3 [ICRA]A4 11 Indore Composite Private Limited LBBB- [ICRA]BB-(stable) 11 Indore Composite Private Limited A3 [ICRA]A4 12 Indu Navayuga Infra Projects Pvt. Ltd. LBBB-(positive) [ICRA]C+ 13 Indu Projects Limited LBBB [ICRA]B+ 13 Indu Projects Limited A3+ [ICRA]A4 14 Kamla Shanti Landmarc Properties Private Limited LBBB-(stable) [ICRA]C+ 15 Maharishi Ayurveda Products Private Limited A3 [ICRA]A4 16 Manjeet Cotton Private Limited LBBB- [ICRA]BB+(stable) 16 Manjeet Cotton Private Limited A3 [ICRA]A4+ 17 MRO-TEK Limited LBBB- [ICRA]BB+(stable) 17 MRO-TEK Limited A3 [ICRA]A4+ 18 Rawmin Mining and Industries Private Limited A3 [ICRA]A4+ 19 RRC International Freight Services Limited LBBB-(stable) [ICRA]BB+(stable) 19 RRC International Freight Services Limited A3 [ICRA]A4+

3 Rating Movement from Investment Grade to Non-investment Grade between Apr 2011-Sep Seven Island Shipping Limited LBBB [ICRA]C 21 Sical Iron Ore Terminals Limited [ICRA]BB+(negative) 21 Sical Iron Ore Terminals Limited [ICRA]A4+ 22 Srinivasa Edifice Private Limited LBBB- [ICRA]BB+(stable) 22 Srinivasa Edifice Private Limited A3 [ICRA]A4+ 23 State Trading Corporation of India Limited LBBB-(negative) [ICRA]BB(stable) 23 State Trading Corporation of India Limited A3 [ICRA]A4 24 Sterling Biotech Limited LBBB+ [ICRA]C 24 Sterling Biotech Limited A3+ [ICRA]A4 25 Synergy Shakti Renewable Energy Limited LBBB- [ICRA]D 26 Taj Frozen Foods India Limited LBBB- [ICRA]BB+(stable) 26 Taj Frozen Foods India Limited A3 [ICRA]A4+ 27 Tamil Nadu Electricity Board LBBB-& [ICRA]BB+& 28 Technico Industries Limited LBBB-(stable) [ICRA]B+ 28 Technico Industries Limited A3 [ICRA]A4 29 Unique Biotech Limited LBBB- [ICRA]D 29 Unique Biotech Limited A3 [ICRA]D 30 Vinayak Steels Limited LBBB- [ICRA]BB+(stable) 30 Vinayak Steels Limited A3 [ICRA]A4+ Rating Movement from Speculative Grade to Investment Grade between Apr 2011-Sep Adani Agri Fresh Limited LBB+ [ICRA]BBB(stable) 1 Adani Agri Fresh Limited A4+ [ICRA]A3+ 2 Arush Industries LBB+ [ICRA]BBB-(stable) 2 Arush Industries A4+ [ICRA]A3 3 AVR Swarnamahal Jewelry Private Limited LBB+ [ICRA]BBB-(stable)

4 Rating Movement from Speculative Grade to Investment Grade between Apr 2011-Sep Barflex Polyfilms Pvt. Ltd. LBB+(positive) [ICRA]BBB-(stable) 4 Barflex Polyfilms Pvt. Ltd. A4+ [ICRA]A3 5 Bola Surendra Kamath & Sons LBB+ [ICRA]BBB-(stable) 5 Bola Surendra Kamath & Sons A4+ [ICRA]A3 6 Cheslind Textiles Limited LBB+ [ICRA]BBB-(stable) 6 Cheslind Textiles Limited A4+ [ICRA]A3 7 Fujikawa Power LBB+ [ICRA]BBB-(stable) 7 Fujikawa Power A4+ [ICRA]A3 8 Geon International LBB+ [ICRA]BBB-(stable) 8 Geon International A4+ [ICRA]A3 9 Harrisons Malayalam Limited LBB+ [ICRA]BBB-(stable) 9 Harrisons Malayalam Limited A4+ [ICRA]A3 10 Indu Projects Limited LB+ [ICRA]BBB-(stable) 10 Indu Projects Limited A4 [ICRA]A3 11 Inmar Tourism and Hotels Private Limited LBB [ICRA]BBB-(stable) 12 Kherani Paper Mills Private Limited LBB+ [ICRA]BBB-(stable) 12 Kherani Paper Mills Private Limited A4+ [ICRA]A3 13 M/s Sunland Metal Recycling Industries LBB+ [ICRA]BBB-(stable) 13 M/s Sunland Metal Recycling Industries A4+ [ICRA]A3 14 Net 4 India Limited LBB+(stable) [ICRA]BBB-(stable) 14 Net 4 India Limited A4+ [ICRA]A3 15 Paracoat Products Limited LBB+ [ICRA]BBB-(stable) 15 Paracoat Products Limited A4+ [ICRA]A3 16 Petro Carbon & Chemicals Private Limited LBB+ [ICRA]BBB-(stable) 16 Petro Carbon & Chemicals Private Limited A4+ [ICRA]A3 17 Prince Gem & Jewelry Private Limited LBB+ [ICRA]BBB-(stable) 17 Prince Gem & Jewelry Private Limited A4+ [ICRA]A3

5 Rating Movement from Speculative Grade to Investment Grade between Apr 2011-Sep Pyramid Technoplast Private Limited LBB+(stable) [ICRA]BBB-(stable) 18 Pyramid Technoplast Private Limited A4+ [ICRA]A3 19 Ramprastha Promoters & Developers Private Limited LBB+ [ICRA]BBB-(stable) 20 Rathi Special Steels Limited LBB+(stable) [ICRA]BBB-(stable) 21 Renaatus Projects Private Limited (erstwhile RPP Selvam Infrastructure Private Limited) A4+ [ICRA]A3 22 S.G. International LBB+ [ICRA]BBB-(stable) 22 S.G. International A4+ [ICRA]A3 23 Sheetal Manufacturing Company Private Limited LBB+ [ICRA]BBB-(stable) 24 Sun Nirman Infrastructure Private Limited LBB+ [ICRA]BBB-(stable) 24 Sun Nirman Infrastructure Private Limited A4+ [ICRA]A3 25 Sunnox International LBB+ [ICRA]BBB-(stable) 25 Sunnox International A4+ [ICRA]A3 26 Suryalakshmi Cotton Mills Limited LBB+ [ICRA]BBB-(stable) 26 Suryalakshmi Cotton Mills Limited A4+ [ICRA]A3

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