Short-term debt programs of Indian firms rated by ICRA

June 9 (Reuters) - Below are the ratings awarded by
Investment Information Credit Rating Agency on short-term debt
issues, including commercial paper, of Indian companies.
RATINGS BEEN ISSUED AND UPDATED TILL JUNE 6, 2008
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------------------------------Company

Instrument Rating Amount Movement

(Rs.mln) ------
---------- ------ ------- --------- Aarti
International Ltd Non FBL A2+

85 Assigned Aarti International Ltd FBL

A2+ 1100 Assigned ABN Amro
Bank N.V. (Indian Branches) CD A1+

50000 Enhanced ABN Amro Bank N.V. (Indian Branches) CD

A1+ 75000 Assigned ABN AMRO
Securities (I) STD A1+

8000 Reaffirmed ACC Ltd.
CP/STD A1+ 5000 Reaffirmed
Aditya Birla Nuvo Ltd STD/CP
A1+ 10000 Enhanced Adlabs Films Ltd.

CP A1+ 7500 Enhanced
Allahabad Bank CD
A1+ 120000 Assigned American Express Bank

CD A1+ 20000 Reaffirmed
Angel Infin Pvt Ltd. STD
A1 2200 Assigned Anugraha Valve Castings Ltd.

FBL A2 200 Assigned
Anugraha Valve Castings Ltd. Non FBL
A2 30 Assigned Arch Pharmalabs Ltd.

STD/CP A1 400 Enhanced
Archies Ltd. CP/STD
A1+ 100 Enhanced Ashok Leyland Ltd

Short term loans A1+ 2000 Assigned
Ashok Leyland Ltd Non FBL
A1+ 5000 Assigned Asian Hotels Ltd.

CP A1+ 100 Withdrawn
Automotive Axles Ltd. CP
A1+ 200 Reaffirmed Balmer Lawrie & Co. Ltd.

CP/STD A1+ 250 Retained
Balrampur Chini Mills Ltd. Non FBL
A1 685 Assigned Balrampur Chini Mills Ltd.

CP/STD A1 5000 Reaffirmed
Balrampur Chini Mills Ltd. STD/CP
A1+ 2500 Enhanced Banco Products India Ltd.

STD/CP A1+ 100 Enhanced
Bank of Baroda CD
A1+ 25000 Reaffirmed Bank of Rajasthan

CD A1 500 Reaffirmed
Barclays Bank PLC (India operations) CD
A1+ 50000 Assigned Bata India Ltd.

CP A1+ 400 Reaffirmed
Bengal Ambuja Housing Dev. Ltd. CP/STD
A1 500 Reaffirmed Bharti Airtel Ltd.

Non FBL A1+ Assigned
Bharat Aluminium Company Ltd. STD
A1+ 4000 Reaffirmed Bharat Bijlee Ltd.

ST Bank Limits A1+ Assigned
Bharat Electronics Ltd Non FBL
A1+ 10000 Assigned Bharat Electronics Ltd

STD A1+ 100 Reaffirmed
Bharat Forge Ltd. Non-FBLs
A1+ 2750 Assigned Bharat Seats Ltd

FBL A1 34 Assigned
Bharat Seats Ltd Non FBL
A1 95 Assigned Bharat Overseas Banks

CD A1+ 2000 Withdrawn
Bhushan Power & Steel Ltd. CP/STD
A1 500 Withdrawn Biological E. Ltd.

CP A1 150 Withdrawn
Birla Global Finance Company Ltd. ITD
A1+ 3840 Assigned Birla Global Finance Company
Ltd. STD A1+ 2500 Assigned
Birla Global Finance Company Ltd. ITD
A1+ 13000 Assigned Birla Global Finance Company
Ltd. STD A1+ 11850 Enhanced
Blue Dart Express Ltd. STD/CP
A1+ 250 Reaffirmed Bongaigaon Refinery &
Petrochemicals Non FBL A1+ 1000
Assigned Bongaigaon Refinery & Petrochemicals CP

A1+ 1000 Reaffirmed Cadila Pharmaceuticals
Ltd Non FBL A1 230
Assigned Cadila Pharmaceuticals Ltd FBL

A1 1200 Assigned Calyon Bank

CD A1+ 3000
Assigned Canara Bank CD

A1+ 30000 Reaffirmed Canara Bank

CD A1+ 100000
Reaffirmed CD EquiFin. Pvt.Ltd. STD

A1 500 Assigned Centurion Bank of
Punjab PTC A1+(SO)
Assigned CESC Ltd. STD/CP

A1+ 1600 Reaffirmed Chambal Fertilisers &
Chem. Ltd. CP A1+ 1000
Withdrawn Chennai Petroleum Corp. Ltd. CP/STD

A1+ 500 Reaffirmed Chhattisgarh
Electricity Co. Ltd. STD A2+

Withdrawn Chinatrust Commercial Bank CD

A1+ 500 Assigned Cholamandalam DBS
Finance Ltd. STD A1+ 10000
Assigned Cholamandalam DBS Finance Ltd. STD

A1+ 20000 Assigned City Union Bank Ltd.

CD A1 1500
Withdrawn CMC Ltd. CP/STD

A1+ 500 Reaffirmed CMC Ltd.

Non FBL A1+ 1000
Assigned CMS Computers Ltd. Non FBL-LT BG/LOC

A1 590 Assigned Control & Switchgear Co.
Ltd. CP A1 150
Assigned Consolidated Construction Consortium ST Bank Limits

A1+ 1790 Assigned Dakshin Gujarat Vij Co.
Ltd. Non FBL A2+ 600
Assigned Dalmia Cement (Bharat) Ltd. CP/STD

A1+ 2500 Enhanced Davangere Sugar Company
Ltd ST Non FBL A3 50
Assigned DCM Shriram Consolidated Ltd. CP/STD

A1 2500 Downgraded DCM Shriram
Consolidated Ltd ST Non FBL A1
5050 Assigned DCM Shriram Consolidated Ltd Short
Term Loans A1 2500 Assigned Deepak Cables
(India) Ltd Non FBL A3+
3500 Assigned Dharampal Satyapal Ltd. Short
Term Loans A1+ 500 Assigned Dharampal
Satyapal Ltd. Non FBL A1+
250 Assigned Dhampur Sugar Mills Ltd. CP/STD

A1 250 Withdrawn DLF Ltd.

STD/CP A1+
20000 Assigned Easun Reyrolle Ltd. CP/STD

A1 150 Assigned Eicher Motors
Ltd. STD/CP A1+
1200 Reaffirmed Emaar MGF Land Pvt.Ltd. STD

A1+(SO) 2500 Assigned Era
Constructions (I) Ltd. CP A1

300 Assigned Ericsson India Pvt.Ltd. (EIL)
CP/STD A1+ 5000 Enhanced Essar
Steel Ltd Non FBL A1

Assigned Essel Mining & Industries Ltd ST
bank limits A1+ 2200 Assigned Essel
Mining & Industries Ltd CP/STD A1+

6000 Upgraded Everest Ind. Ltd. CP

A1 400 Downgraded Everest
Ind. Ltd. Non FBL A1

430 Assigned Exide Ind. Ltd. CP

A1+ 1500 Enhanced EXIM Bank

STD A1+

Reaffirmed Export Import Bank of India STD

A1+ Reaffirmed