ICRA SME Rating Scale

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Indian Automobile Industry; Demand recovery remains elusive RBI Mid-Quarter Policy: Risks of a weaker Rupee leading to higher inflation and capital outflows led by changing global sentiments prompt the RBI to pause in the mid-quarter policy review Headline inflation eases to 4.7% and stays within comfort zone for the second month even as rupee depreciation clouds outlook Indian Banking Sector; Softening G-sec yields expected to boost PSBs’ profitability in Q1 2013-14 Industrial production rises by 2.0% in April 2013 led by consumer non-durables while growth of other sectors disappoints Indian Two-Wheeler Industry; Industry maintaining pricing discipline amidst weak demand environment RBI Guideline on Restructured Advances: Restructuring Norms Tightened; Some Relief for Projects under Implementation Non-agricultural GDP growth remains flat at 5.3% in Q3FY13 and Q4FY13; moderating consumption & investment growth pose a challenge Indian Pharmaceutical Sector: Pricing Policy Update Moderating commodity prices, weakening pricing power and normal monsoon to dampen inflation in FY14; languishing investments and limited fall in current account deficit continue to pose concerns

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CURRENT RATING LIST

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ECONOMY AND DEBT MARKET

ICRA BULLETIN: MONEY &
FINANCE

	Indian Automobile Industry; Demand recovery remains elusive 6
	RBI Mid-Quarter Policy: Risks of a weaker Rupee leading to higher inflation and capital outflows led by changing global sentiments prompt the RBI to pause in the mid-quarter policy review 6
	Headline inflation eases to 4.7% and stays within comfort zone for the second month even as rupee depreciation clouds outlook 6
	Indian Banking Sector; Softening G-sec yields expected to boost PSBs’ profitability in Q1 2013-14 6
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ICRA SME RATING SCALE

Rating	Definition
ICRA SME 1	The highest-credit quality rating assigned by ICRA to an SME.
ICRA SME 2	The high-credit credit quality rating assigned by ICRA to an SME.
ICRA SME 3	The adequate-credit quality rating assigned by ICRA to an SME.
ICRA SME 4	The moderate-credit quality rating assigned by ICRA to an SME.
ICRA SME 5	The inadequate-credit quality rating assigned by ICRA to an SME.
ICRA SME 6	The risk-prone-credit quality rating assigned by ICRA to an SME.
ICRA SME 7	The poor-credit quality rating assigned by ICRA to an SME.
ICRA SME 8	The lowest-credit quality rating assigned by ICRA to an SME.

Note For the Rating categories ICRA SME 2 through to ICRA SME 7 the sign of + (plus) or – (minus) may be appended to the Rating symbols to indicate their relative position within the Rating categories concerned. Thus, the Rating of ICRA SME 2+ is one notch higher than ICRA SME 2, while ICRA SME 2– is one notch lower than ICRA SME