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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 ICRA revises the long term rating of Reliance Communications Limited; rating continues to be on watch with negative implications 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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	Indian Steel Industry, January 2012
	Economic Trends and Outlook December 2011
	Industry Monitor December 2011
	Industry Monitor- November 2011
	The Indian Gems and Jewellery Industry, November 2011
	Indian Aluminium Industry, October 2011
	Indian Tobacco Industry, November 2011
	IMaCS Industry Monitor, October 2011
	The Indian Sugar Industry-October 2011
	The Indian Copper Industry-September 2011
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SME RATING

ICRA Limited along with National Small Scale Industries Limited (NSIC) has launched a Performance and Credit Rating Scheme for Small Scale Enterprises (SEs) in India on a special rating scale, using criteria tailored for the small scale sector. The Rating Methodology for SEs covers credit and performance factors, including parameters that measure operating, financial, business and management risks. The fees for this rating are presently subsidized by the Government, making it a unique opportunity for small enterprises to get themselves rated.

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