Current Rating

Double Leveraging in Infrastructure Sector – A Credit Concern Wholesale Price Index April 2012: Headline inflation rose to a higher-than-expected 7.23% Index of Industrial Production March 2012: Unexpected contraction of 3.5%; Sluggish 2.8% industrial growth in FY12 Audited Financial Results for the Quarter and the Year ended March 31, 2012 ICRA Techno Analytics Picking Up Majority Stake in US Tech Firm ICRA’s Education Institute Grading Service Gains Momentum RBI cuts repo rate by higher-than-expected 50 bps; shift in stance to address moderating growth Wholesale Price Index March 2012: Headline inflation eases to 6.9%, lower than RBI’s baseline projection (7.0%) but higher than expectation (6.8%) Financial Markets & Banking Update —Vol. 4: FY2011-12 - Substantial Government borrowing and muted deposit growth expected to result in moderate Bank credit offtake in FY 13; GDP growth unlikely to revive considerably Index of Industrial Production February 2012: Pace of growth declines to 4.1%, in line with our expectations; FY12 industrial growth expected at around 3.5% INDIAN HOTELS INDUSTRY - Consumer confidence low; revival contingent on global environment ICRA sees stable outlook for west & south based sugar mills for SY 2011-12; uttar pradesh based mills to be impacted by significant increase in cane costs... MBS Pools Rated by ICRA:- Summary Update on Performance Till December 2011 STATE-OWNED ELECTRICITY DISTRIBUTION COMPANIES: Some positives, though several concerns remain... RBI measures to impact growth and profitability of gold loan companies Union Budget, 2012-13: Realistic Assessment of Fiscal Situation and an absence of Big-Ticket Announcements ICRA’s Comments on the RBI’s Mid-Quarter Monetary Policy Review, March 2012 INDIAN PHARMACEUTICAL SECTOR - Growth drivers strengthen in the near term; Patent expiries in the U.S. & Europe and domestic market are key INDIAN AVIATION INDUSTRY Through turbulent times, FDI relaxation alone not a game changer Wholesale Price Index February 2012: Headline inflation rises to 6.95%, higher than an expected 6.8% INDIAN AUTO COMPONENTS INDUSTRY - Replacement market and exports hold up growth at above OEMs’ levels; cost pressures, currency volatility and threat of imports remain a challenge Index of Industrial Production January 2012: Pace of Growth improves to seven-month high of 6.8%, substantially exceeding expectations ICRA first to rate IIFCL-guaranteed NCD issue; rates proposed Rs 320 cr NCD issue by GMR entity Union Budget, 2012-13: Credible roadmap for fiscal consolidation awaited Outlook for the Indian Economy: Growth expected to remain moderate in 2012-13 unless substantive policy measures are undertaken to boost investment sentiments INDIAN ROAD SECTOR - Performance review for Q3, FY2012 Indian Banks witness sharp increase in NPAs and restructured advances; earnings remain stable GDP Growth, Q3FY12: Pace of GDP Growth eases further to 6.1%, the slowest rate of expansion in 11 quarters INDIAN TRACTOR INDUSTRY - Cyclical moderation in growth ahead DOT DECISIONS ON SPECTRUM MANAGEMENT AND LICENSING FRAMEWORK: IMPACT ASSESSMENT INDIAN TWO-WHEELER INDUSTRY - Volume growth decelerates in Q3, 2011-12; slower growth expected in Q4, 2011-12 as well Wholesale Price Index January 2012: Headline inflation eases to 6.6%, in line with expectations Higher risk adjusted returns aids growth in industry debt assets under management; Debt asset quality of ICRA rated schemes remains stable Index of Industrial Production December 2011: Pace of Growth slows to 1.8% from 5.9% in November 2011 Debt burden of State Governments remains considerable; however, a back-ended repayment pattern would support liquidity in the medium term Revised coal price mechanism: Sponge Iron, Cement units expected to be significantly affected; impact on power sector likely to be mixed ICRA Comments on the RBI’s Third Quarter Review of Monetary Policy for 2011-12 – January 2012 Financial Markets & Banking Update —Vol. 3: FY2011-12 Wholesale Price Index December 2011: Headline inflation eases to a 24-month low of 7.5% Index of Industrial Production November 2011: Expansion of 5.9% exceeds expectations, led by double-digit growth of consumer goods Performance of ICRA-Assigned Ratings Update for 2011 Wind Energy Sector: Key Trends & Outlook Bids for New City Gas Distribution Projects: Case for Cautious Approach Indian Commercial Vehicle Industry Slowdown imminent as headwinds gain momentum Indian Passanger Vehicle Industry Macro-economic factors + production-disruptions put brakes on sales Indian Auto Components Industry Mixed performance so far; future looks uncertain INDIAN CONSTRUCTION SECTOR CHALLENGING SHORT-TERM OUTLOOK ON INTENSIFYING EXECUTION RISKS ICRA’s Comments on the RBI’s Mid-Quarter Monetary Policy Review, December 2011 INDIAN COMMERCIAL VEHICLE INDUSTRY Slowdown imminent as headwinds gain momentum QUARTERLY REVIEW DECEMBER 2011 MBS Pools Rated by ICRA:- Report on Performance till September 2011 Index of Industrial Production October 2011: De-Growth of 5.1% led by broad-based slowdown in output INDIAN RETAIL INDUSTRY: An Update Relaxation of FDI norms for the Indian Retail Sector, albeit continues to face political roadblocks Fiscal Consolidation: Balancing the Revenue Account could be Challenging for Indian States in 2011-12 GDP Growth, Q2FY12: Pace of GDP Growth eases to 6.9%, de-growth in investment presents a worrying sign Outlook for the Indian Economy worsens ABS Pools Rated by ICRA:- Report on Performance till September 2011 INDIAN PHARMACEUTICAL INDUSTRY: An Update The proposed NPPP 2011: Price reductions imminent but industry dynamics to ensure relatively limited impact on most companies Index of Industrial Production September 2011: Growth slows to 1.9% led by contraction in capital goods and consumer non-durables INDIAN TWO-WHEELER INDUSTRY Steady Growth Continues REVISED TRAI RECOMMENDATIONS ON SPECTRUM MANAGEMENT AND LICENSING FRAMEWORK: FACILITATING CONSOLIDATION IN THE TELECOM INDUSTRY Margin Outlook for Indian Steelmakers Weakens Industry Outlook and Performance Review of Housing Finance Companies and the Indian Mortgage Finance Market for 2010-11 ICRA Comments on the RBI’s Second Quarter Review of Monetary Policy for 2011-12 – October 2011 Indian Downstream Natural Gas Sector: Ballooning Natural Gas Supply-Demand Deficit to Fuel LNG Imports Financial Markets & Banking Update —Vol. 2: FY2011-12 PRIVATE HIGHER EDUCATION INSTITUTES: OPPORTUNITIES ABOUND, BUT CREDITWORTHINESS STILL LOW DRAFT NATIONAL TELECOM POLICY 2011: IN THE RIGHT DIRECTION, ROADMAP FOR IMPLEMENTATION WOULD BE CRUCIAL Index of Industrial Production August 2011: Growth remains sluggish for the second consecutive month Indian port sector: Growth plans ambitious but uncertainty hangs over implementation ICRA’s Comments on the RBI’s Mid-Quarter Monetary Policy Review, September 2011 Draft Guidelines for New Bank Licences: Watchful Advancement by RBI Index of Industrial Production July 2011: Growth slows to 3.3% led by a de-growth of capital goods MBS Pools Rated by ICRA:- Summary Update On Performance till June 2011 PT ICRA Indonesia obtains central bank recognition Domestic BTG Equipment Industry: Strong headwinds in the near term INDIAN AUTO COMPONENTS INDUSTRY Moderation in growth imminent, though longer term demand drivers remain intact INDIAN TYRE INDUSTRY: Softening rubber price a small relief in the face of slowing automotive demand and rising threat of imports GDP Growth, Q1FY12: Pace of Growth broadly in line with Expectations at 7.7% Performance of ICRA-Assigned Ratings Update for first quarter of 2011-12 ABS Pools Rated by ICRA:- Summary Update On Performance till June 2011 Index of Industrial Production June 2011: Improvement in growth to 8.8% led by a sharp growth of capital goods does not signal a sustainable trend Unaudited Financial Results for the First Quarter ended June 30, 2011 COTTON SPINNING INDUSTRY IN TAILSPIN AFTER RECENT FALL IN COTTON PRICES AND RISING INTEREST RATES Nutrient-based subsidy for urea a positive step, but impact likely to be neutral for the credit profile of gas-based urea manufacturers: ICRA EQUITY BROKERAGE INDUSTRY Competitive pressures & structural changes point to near term challenges for the broking industry Private Sector IPPs: Trends & Outlook ICRA Comments on RBI’s First Quarter Review of Monetary Policy Statement for 2011-12 Indian Hotels Industry: Pricing Power On Slow Recovery Financial Markets & Banking Update —Vol. 1: FY2011-12 Discount Apparel Brands: Time to do away with the ‘Discounts’? Index of Industrial Production May 2011: Growth below 6% for the second consecutive month Indian Television Broadcasting Industry: Recent Developments Indian Edible Oils Industry: Key Trends and Credit Implications INDIAN COMMERCIAL VEHICLE SECTOR:Moving to slower speed but not hitting speed breakers yet Indian Banking System: Q4FY11: Performance Review & Outlook Indian Banking Sector: Challenges unlikely to derail the progress made Poultry Industry - Broiler Meat and Table Egg Auto & Auto Components Industry: Relevance of frugal engineering to increase in the backdrop of rising commodity and fuel prices TWO-WHEELER INDUSTRY: GROWTH DRIVERS INTACT Performance of ICRA- Assigned Ratings: Update for 2010-11 GDP Growth, Q4FY11: Growth Moderates in Q4FY11 as expected; Growth for April-December 2010 Revised Upwards ABS Pools Rated by ICRA:- Report on Performance till March 2011 Credit quality of ICRA-rated MF schemes maintained amid slowdown in inflows

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ICRA BULLETIN: MONEY &
FINANCE

	Non Ferrous Metals April 2012
	Non Banking Finance Companies
	Indian Power Sector, March 2012
	Industry Monitor, March 2012
	Industry Monitor, February 2012
	Indian Manmade Fibres Industry, February 2012
	Indian Edible Oils Industry-January 2012
	Indian Fertilisers Industry,January 2012
	Indian Steel Industry, January 2012
	Economic Trends and Outlook December 2011
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