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 Manufacturing & Trading Companies

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Last Updated Wednesday, January 30, 2008
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Name of issuer Instrument O/s Amount Rating
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Abhishek Industries Ltd.
NCD/LTD 200 CARE A+
ACE Glass Containers Ltd.
STD/CP 300 PR1+(SO)
Ace Laboratories Ltd.
FD -- &
Ace Laboratories Ltd.
Pref. Shares -- &
Adhunik Synthetics Ltd.
CP -- $
Aegis Logistics Ltd.
NCD I 440 CARE AA-
Alembic Ltd.
STD/CP -- $
Alok Industries Ltd.
CP -- $
Alok Industries Ltd.
NCD I -- #
Alok Industries Ltd.
NCD II -- $
Alok Industries Ltd.
OFCD -- $
Alok Industries Ltd.
SFCD -- %
Alok Industries Ltd.
STD 2000 PR1
Amtek Auto Ltd.
CP 400 PR1+
Amtek Auto Ltd.
FD -- #
Amtek Auto Ltd.
NCD 368 CARE AA+
Amtek India Ltd.
NCD 650 CARE AA
Amtek India Ltd.
CP 200 PR1+
Arch Pharmalabs Ltd.
NCD 1000 CARE A
Asia Pack Ltd.
NCD -- #
Asian Granito (India) Ltd.
STD/CP 150 PR1
Assam Brook Ltd.
CP -- $
Associated Transrail Structures Ltd.
CP/STD 200 PR1+
Atul Ltd.
Bank Facility Rating 5075.7 CARE A-/PR1
Autolec Industries
CP -- $
Autoliv IFB India Ltd.
CP -- $
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Bajaj Electricals Ltd.
CP -- $
Balaji Industrial Products Ltd.
CP -- #
Banswara Syntex Ltd.
NCD #
Bayer Crop Science India Ltd.
CP -- #
Bayer Crop Science India Ltd.
FD -- #
Bayer Crop Science India Ltd.
NCD #
Bengal Tea & Fabrics Ltd.
CP -- $
Bharat NRE Coke Ltd.
NCD -- #
Bharat Serums & Vaccines Ltd.
CP/STD -- $
Bhushan Steel & Strips Ltd.
CP/STD 500 PR1+
Bilag Industries Pvt. Ltd.
CP -- #
Binani Cement Ltd.
NCD I 700 CARE A-
Binani Cement Ltd.
NCD II 400 CARE A-
Birla Corporation Ltd.
CP 200 PR1+
Birla Corporation Ltd.
LT Borrowing 250 CARE AA
Birla Corporation Ltd.
FD -- &
Birla Corporation Ltd.
NCD -- $
Blue Blends (India) Ltd
CP -- $
Blue Star Ltd.
CP/STD 1500 PR1 +
Blue Star Ltd.
NCD -- $
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Caprihans India Ltd.
CP -- $
Carnation Industries Ltd.
FD -- #
CEAT Ltd.
FD -- #
CEAT Ltd.
CP -- $
Central India Polyesters Ltd.
CP -- $
Central India Polyesters Ltd.
NCD -- CARE D
Chandigarh Distillers & Bottlers Ltd.
STD/CP 50 PR1+
Chemicals & Plastics India Ltd.
FRB -- $
Chemox Laboratories Ltd.
CP -- $
Chemox Laboratories Ltd.
FD -- CARE D
Chemox Laboratories Ltd.
NCD 50 CARE D
Chennai Petroleum Corporation Ltd.
CP -- $
Chennai Petroleum Corporation Ltd.
ICD -- $
Chennai Petroleum Corporation Ltd.
NCD I -- $
Chennai Petroleum Corporation Ltd.
NCD II -- $
Choksi Tubes Co.Ltd.
FD -- $
Coastal Papers Ltd.
FD -- $
Colourplus Fashions Ltd.
CP/STD 110 PR1+
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D. R. Industries Ltd.
CP -- $
D. R. Industries Ltd.
FD -- CARE D
DE Nocil Crop Protection Ltd.
CP -- $
DE Nocil Crop Protection Ltd.
NCD -- $
Derby Textiles Ltd.
CCPS -- CARE D
Derby Textiles Ltd.
NCD 40 CARE D
Derby Textiles Ltd.
STL 10 PR5
Dewan Rubber Industries Ltd.
FD -- CARE D
Dewan Rubber Industries Ltd.
NCD I -- CARE D
Dewan Rubber Industries Ltd.
NCD II -- CARE D
Dewan Rubber Industries Ltd.
NCD III -- CARE D
Dewan Steels Ltd.
NCD -- $
Dewan Tyres Ltd.
NCD -- $
Diana Tea Company Ltd.
CP -- $
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Elder Pharmaceuticals Ltd.
CP 500 PR1+
Elecon Engineering Co. Ltd.
Bank Facility Rating 9800 CARE AA-/PR1+
Elecon Engineering Co. Ltd.
STD/CP 800 PR1+
Electronic Research Ltd.
CP -- $
Electrosteel Integrated Ltd.
Senior Debt 32710 CARE BBB
Electrosteel Integrated Ltd.
Subordinate Debt 4460 CARE BBB
Elpro International Ltd.
CP -- $
Emami Ltd.
CP/STD 300 PR1+
Emami Ltd.
NCD 200 CARE AA+
Emami Paper Mills Ltd.
CP -- $
Emami Paper Mills Ltd.
Term Borrowing -- $
Emco Ltd.
CP -- $
Emco Ltd.
NCD -- #
Era Infra Engineering Ltd.
NCD I 500 CARE A+
Era Infra Engineering Ltd.
NCD II 1000 CARE A+
Era Infra Engineering Ltd.
NCD III 1000 CARE A+
Escorts Mahle Ltd.
CP -- $
Essar Constructions Ltd.
CP -- #
Euro Cotspin Ltd.
NCD -- $
top
Federal - Mogul Goetze (India) Ltd.
NCD -- #
Federal - Mogul Goetze (India) Ltd.
CP 400 PR1+
Flat Products Equipments (I) Ltd.
CP -- $
top
Gammon India Ltd.
CP 2250 PR1+
Gammon India Ltd.
NCD II -- %
Gammon India Ltd.
NCD III 400 CARE AA+
Gammon India Ltd.
NCD IV 500 CARE AA+
Gammon India Ltd.
NCD V 500 CARE AA+
Gammon India Ltd.
NCD VI 400 CARE AA+
Gammon India Ltd.
NCD (MT) -- $
Gammon India Ltd.
NCD VII 1000 CARE AA+
Gannon Dunkerley Corporation Ltd.
CP/STD I 250 PR1+
Gannon Dunkerley Corporation Ltd.
CP/STD II 250 PR1
Garden Silk Mills Ltd.
CP/Mibor Linked/STD 1250 PR1+
Garden Silk Mills Ltd.
NCD 500 CARE A+
Garware Polyester Ltd.
NCD -- CARE D
Gem Cables & Conductors Ltd.
NCD -- $
Goetze TP (India) Ltd.
CP -- #
Goodricke Group Ltd.
FD -- #
GTN Textiles Ltd.
CP -- $
GTN Textiles Ltd.
FD -- $
GTN Textiles Ltd.
Pref Shares %
Gujarat Alkalies & Chemicals Ltd.
CP -- $
Gujarat Alkalies & Chemicals Ltd.
NCD- I -- #
Gujarat Alkalies & Chemicals Ltd.
NCD -N -- #
Gujarat Alkalies & Chemicals Ltd.
PCD -- #
Gujarat Ambuja Exports Ltd.
STD/CP -- #
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Hanuman Tea Company Ltd.
NCD -- $
Hanuman Tea Company Ltd.
PCPS &
Havell's India Ltd.
STD/CP 400 PR1+
Hindustan Construction Co. Ltd.
CP/STD I 3000 PR1+
Hindustan Construction Co. Ltd.
CP/STD II 500 PR1+
Hindustan Construction Co. Ltd.
NCD I 500 CARE AA
Hindustan Construction Co. Ltd.
NCD II 296.7 CARE AA
Hindustan Construction Co. Ltd.
NCD III 1000 CARE AA
Hindustan Construction Co. Ltd.
NCD IV 1000 CARE AA
Hindustan Newsprint Ltd.
CP $
Hindustan Organic Chemicals Ltd.
STD -- #
Hoechst Roussel Vet P. Ltd.
CP -- $
Housing Development & Infrastructure Ltd.
STD 2500 PR1
Housing Development & Infrastructure Ltd.
NCD I 7500 CARE A
Housing Development & Infrastructure Ltd.
NCD II 10000
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IFB Agro Industries Ltd.
CP -- $
IFB Agro Industries Ltd.
MTL -- $
Indian Farmers Fertilizers Co. Ltd.
ICD -- $
Indian Lead Ltd.
NCD -- $
Indian Petrochemicals Corpn. Ltd.
Bonds %
Indian Petrochemicals Corpn. Ltd.
FD -- $
Indian Petrochemicals Corpn. Ltd.
NCD -- %
Indian Potash Ltd.
CP -- $
Indian Potash Ltd.
NCD -- $
Indian Seamless Steels & Alloys Ltd.
NCD -- #
Indian Smelting & Refining Co. Ltd., The
CP/STD 200 PR1+
Indo Count Industries Ltd.
NCD 300 CARE BBB+
International Aluminium Products Ltd.
NCD -- $
Ispat Industries Ltd.
OFCD -- &
ITD Cementation India Ltd.
STD/CP -- $
ITI Ltd.
STD (2005) -- #
ITI Ltd.
ST Bonds (2006) -- PR5(SO)
ITI Ltd.
Bonds (Series L)