Name and Registered address of Credit Rating Agencies 1.

CRISIL Limited CRISIL House Central Avenue Hiranandani Business Park Powai Mumbai 400 076 Tel: + 91 (22) 56913001 09 Fax: + 91 (22) 56913010 Website: www.crisil.com Email: info@crisil.com 2. Fitch Ratings India Private Ltd. Apeejay House, 6th Floor 3 Dinshaw Vachha Road Churchgate Mumbai 400 020 Tel: + 91 (022) 56370920-23 Fax: + 91 (022) 56370924 Website: www.fitchratings.com 3. ICRA Limited 1105, Kailash Building, 11th Floor 26, Kasturba Gandhi Marg New Delhi 110 001 Tel: + 91 (11) 23357940 50 Fax: + 91 (11) 23357014 Website: www.icra.in Email: info@icraindia.com 4. Credit Analysis & Research Ltd. (CARE) 4th Floor, Godrej Coliseum Somaiya Hospital Road Behind Everard Nagar Off Eastern Express Highway, Sion (E) Mumbai 400 022 Tel: + 91 (22) 566 02871-73 Fax: + 91 (22) 566 02876 Website: www.careratings.com Email: care@careratings.com 5. Brickwork Ratings India Private Limited 3rd Floor, Raj Alkaa Park 29/3 & 32/2, Kalena Agrahara Bannerghatta Road, Bangalore 560 076

Tel: +91 (80) 4040 9940 Fax: +91 (80) 4040 9941 Website: www.brickworkratings.in Email: info@brickworkratings.com 6. SME Rating Agency of India Ltd. (SMERA) Unit No. 102, 1st Floor Sumer Plaza Marol Maroshi Road Marol Andheri (East) Mumbai 400 059 Tel: + 91 (22) 67141144-45 Fax: + 91 (22) 67141142 Website: www.smera.in Email: info@smera.in

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Credit Ratings

A CRISIL rating reflects CRISIL's current opinion on the relative likelihood of timely payment of interest and principal on the rated obligation. It is an unbiased, objective, and independent opinion as to the issuer's capacity to meet its financial obligations.

So far, CRISIL has rated 30,000 debt instruments, covering the entire debt market.

The debt obligations rated by CRISIL include:

Non-convertible debentures/bonds/preference shares Commercial papers/certificates of deposits/short-term debt Fixed deposits Loans Structured debt

CRISIL Ratings' clientele includes all the industry majors - 23 of the BSE Sensex constituent companies and 39 of the NSE Nifty constituent companies, accounting for 80 per cent of the equity market capitalisation, are CRISIL's clients.

CRISIL's credit ratings are

An opinion on probability of default on the rated obligation Forward looking Specific to the obligation being rated

But they are not

A comment on the issuer's general performance An indication of the potential price of the issuers' bonds or equity shares Indicative of the suitability of the issue to the investor A recommendation to buy/sell/hold a particular security A statutory or non-statutory audit of the issuer An opinion on the associates, affiliates, or group companies, or the promoters, directors, or officers of the issuer

CRISIL ratings are based on a robust and clearly articulated analytical framework, which ensures comprehensiveness, standardisation, comparability, and effective communication of the ratings assigned and of every timely rating action. The assessment is based on the highest standards of independence and analytical rigour.

CRISIL rates a wide range of entities, including: Industrial companies

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