ICRA

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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	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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	Long term rating revised to [ICRA]A+ (Stable) for bank facilities and NCD programme and short term rating reaffirmed at [ICRA]A1+ for bank facilities of Tata International Limited
	ICRA assigns ‘SP 3B’ grading to EPE Industries India Private Limited
	ICRA assigns ‘SP 3B’ grading to MG Rama Energy (P) Limited
	ICRA assigns SP 3B grading to Pranat Engineers Private Limited
	ICRA reaffirms the Stakeholder Value and Governance Rating at SVG1 and the Corporate Governance Rating at CGR2+ for Godrej Consumer Products Limited
	ICRA upgrades ratings of Pass Through Certificates (PTCs) under one transaction originated by Grameen Financial Services Private Limited
	MFI grading of M2 reaffirmed for Utkarsh Microfinance Private Limited
	Rating of [ICRA]B assigned to bank facilities of Subhamasthu Shopping Mall
	Rating of [ICRA]B+ reaffirmed for bank facilities of Hanumant Foundation, rating amount enhanced
	Rating of [ICRA]BB assigned to the bank facilities of Adarsh Realty & Hotels Private Limited
	Rating of [ICRA]BB/[ICRA]A4 revised for bank facilities of Bhatia and Company (A unit of Bhatia Corporation Private Limited) ; rated amount enhanced
	Rating of [ICRA]D assigned to bank facilities of Turbomachinery Educational Society
	Rating of Grameen Financial Services Private Limited long term instruments upgraded to [ICRA]BBB; rating of subordinated debt at [ICRA]BBB-; outlook stable
	Rating upgraded for bank facilities of Radheshyam Cottex to [ICRA]B+; rated amount enhanced
	Ratings of [ICRA]B+ and [ICRA]A4 assigned to bank facilities of Amber International
	Ratings of [ICRA]B+ and [ICRA]A4 assigned to bank facilities of Ceratec (Partnership Firm)
	Ratings of [ICRA]BB+ and [ICRA]A4+ assigned for bank facilities of Balaji Cellphone Private Limited
	Ratings of [ICRA]BBB+ and [ICRA]A2+ reaffirmed for bank facilities of Kandhari Beverages Private Limited
	Ratings of [ICRA]D and [ICRA]D reaffirmed for the bank facilities of Robosoft Technologies Private Limited
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