CARE assigns ‘BBB(SO)’ rating to NCD issue of Nandi Economic Corridor Enterprise Ltd.     CARE assigns ‘BBB’ & PR2’ Rating to Bank Loan Facilities of MSP Steel & Power Ltd.     CARE assigns ‘AA-’ & PR1+’ Rating to Bank Loan Facilities of G4S Security Services (India) Pvt. Ltd.     CARE assigns ‘BBB’ Rating to Bank Loan Facilities of Himalyan Expressway Ltd.     CARE assigns ‘BBB+’ & ‘PR2+’ Rating to Bank Loan Facilities of Raymond Zambaiti Pvt. Ltd.     CARE assigns ‘A’ & ‘PR2+’ rating to Bank Loan Facilities of Polyplex Corporation Ltd.     CARE assigns ‘AA’ rating to NCD issue of Dewan Housing Finance Corporation Ltd.     CARE assigns ‘AA-(SO)’ & ‘PR1+(SO)’ Rating to Bank Loan Facilities of Advanta India Ltd.     CARE upgrades the rating assigned to NCD issues of Binani Cement Ltd.     CARE assigns ‘A+’ ratingto Tier II Bond issue of Karnataka Bank Ltd.    
   
 
Ratings for Corporate Governance Sector:

A       B       C       D       E       F       G       H       I       J       K       L       M      
N       O       P       Q       R       S       T       U       V       W       X       Y       Z      
Last Updated Wednesday, January 30, 2008

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Name of issuer Instrument O/s Amount Rating
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GATI Ltd.
Corporate Governance -- CARE CGR 2
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KEI Industries Ltd.
Corporate Governance -- CARE CGR 3
Amount in Million Rs.

# - Rating Withdrawn, @ - Credit Watch, $ - Rating not in use, % - Instrument redeemed,

& - Rating suspended due to non-submission of information by the Company

* - In Principle rating subject to compliance to stipulated conditions
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