CREDIT RATING : CARE RATINGS - One of India’s Premier Credit Rating Agency

CARE assigns ‘AAA’ rating to LT Debt of Reliance Capital Ltd. CARE assigns ‘AA’ rating to Upper Tier II Bond issue of Allahabad Bank. CARE assigns ‘BBB+’ & ‘PR2+’ rating to Bank Loan Facilities of Visa Steel Ltd. CARE assigns ‘A+’ rating to Bank Loan Facilities of Philips Carbon Black Ltd. CARE assigns ‘A-’ Rating to the proposed Tier II Bonds and reaffirms the rating outstanding issues of Bank of Rajasthan Ltd. CARE assigns ‘BBB’ & ‘PR2’ rating to Bank Loan Facilities of Sanwaria Agro Oils Ltd. CARE assigns ‘BBB’ & ‘PR3’ rating to Bank Loan Facilities of VNR Infrastructures Ltd. CARE assigns ‘A+’ rating to Secured REdeemabale Bonds/ NCD issue of Orient Paper & Industries Ltd. CARE assigns ‘A-’ rating to Bank Loan Facilities of Ahmedabad Ring Road Infrastructure Ltd. CARE assigns ‘A-’ & ‘PR2+’ rating to Bank Loan Facilities of Sanghavi Jewel Pvt. Ltd.

Credit Analysis & Research Ltd. (CARE Ratings) is a full service rating company that offers a wide range of rating and grading services across sectors. CARE has an unparallel depth of expertise. CARE Ratings methodologies are in line with the best international practices.

CARE Ratings has completed over 4677 rating assignments having aggregate value of about Rs 12699 billion (as at June 2008), since its inception in April 1993. CARE is recognised by Securities and Exchange Board of India (Sebi), Government of India (GoI) and Reserve Bank of India (RBI) etc.

CARE has seven offices in India located at - Mumbai, Delhi, Kolkata, Chennai, Hyderabad, Bangalore and Ahmedabad.

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