Long-term debt programs of Indian firms rated by CARE:PART I

September 15 (Reuters) - Below are the ratings awarded by
Credit Analysis and Research Ltd. (CARE) on long-term debt
issues, including debentures and bonds, of Indian
companies(PART I). RATINGS BEEN ISSUED AND UPDATED TILL
SEPTEMBER 12, 2008
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------------------------------Company

Instrument Rating Amount Movement

(Rs.mln) ------
---------- ------ ------- --------- Aarvee
Denims & Exports Ltd LT bk loans/facilities BBB+

Assigned Aban Offshore Ltd. LT
Bank Facilities A+ Assigned Aban
Offshore Ltd. RPS A(RPS)

1500 Retained Aban Offshore Ltd.
RPS A(RPS) 2500 Assigned Aban
Offshore Ltd. Bank Facilities A

9252.8 Revised Aban Offshore Ltd.
CRPS A- 3060 Revised ABG
Shipyard Ltd Long Term Bank Facilities A+

Assigned Abhijeet Infrastructure Ltd
Long-term/Medium-term

bank facilities
BBB 598 Assigned Abhishek Industries Ltd

Term Loan A- 100 Downgraded
Abhishek Industries Ltd Bank Facility
A-/PR1 17011.6 Assigned Abhishek Industries Ltd

NCD/LTD A+ 100 Withdrawn
Abhishek Industries Ltd. NCD/LTD
A+ 200 Reaffirmed Abhishek Industries Ltd.

FBL A- 2500 Assigned
Abhishek Industries Ltd. Term Loan
A- 13511.6 Assigned Abhishek Industries Ltd.

Non FBL A-/PR1 1000 Assigned ABP
Pvt. Ltd. Term Loan A+

3400 Assigned ABP Pvt. Ltd.
Fund based A+ 950 Assigned ABP
Pvt. Ltd. Non fund based
A+/PR1+ 420 Assigned Adani Enterprises Ltd.

Bank Facility A-/PR1 32028.3 Assigned
Aditya Birla Nuvo Ltd. Long Term Bank Facilities
AAA Assigned Aditya Birla Nuvo Ltd.

NCD AAA 5000 Assigned
Aegis Logistics Ltd. LT Debt
AA- 440 Reaffirmed Ahmedabad Municipal Corp.

Bonds(Ser.2005) AA(SO) 1000 Revised
Ahmedabad Municipal Corp. Bonds(Ser.2006)
AA(SO) 1500 Revised Ahmedabad Municipal Corp.

TFB AA+(SO)% 2500 Ahmedabad
Municipal Corp. TFB AA(SO)
1500 Assigned Ajanta Pharma Ltd. Fund
based A 800 Assigned Ajanta
Pharma Ltd. Term Loan A

1059.8 Assigned Ajanta Pharma Ltd. Non
fund based A/PR1 310 Assigned Ajmer
Vidyut Vitran Nigam Ltd. Bonds A(SO)

Reaffirmed Akruti City Ltd
NCD A Withdrawn
Allahabad Bank Tier II Bonds [Proposed]
AA+ 5000 Assigned Allahabad Bank

Tier II Bonds AA+ 12619 Assigned
Allahabad Bank Tier II Bonds(Ser.VI)
AA+ 6000 Assigned Alok Industries Ltd.

long-term bank facilities A Assigned
Amalgamated Bean Coffee Trading Co FBL
A+ 2156.5 Assigned Amalgamated Bean Coffee Trading
Co Non FBL A+/PR1+ 293.1 Assigned
Amalgamated Bean Coffee Trading Co Long Term Bank Facilities
A+ Assigned Amar Remedies Ltd.

Fund based A- 1000 Assigned
Amar Remedies Ltd. Term Loan
A- 39 Assigned Ambuja Intermediates Pvt. Ltd.

LT bank loans/facilities BBB Assigned
Amtek Auto Ltd. NCD
AA+ Withdrawn Amtek Auto Ltd.

Bank Facility AA+/PR1+ 2972 Assigned
Amtek Crankshafts (India) Ltd. Bank Facility
A/PR1 Assigned Amtek India Ltd.

NCD AA 650 Reaffirmed
Amtek India Ltd NCD II
AA 3000 Assigned Amtek India Ltd

NCD I AA 400 Reaffirmed
Amtek India Ltd Bank Facility
AA/PR1+ 2358 Assigned Andhra Bank

Tier II Bonds(Series E) AA+ 7000 Assigned
Andhra Bank Tier II Bonds(Series C)
AA+ 750 Reaffirmed Andhra Bank

Tier II Bonds(Series D) AA+ 1400 Reaffirmed
Andhra Bank Tier II Bonds(Series B)
AA+ Reaffirmed Andhra Pradesh Expressway Ltd.

Term Loan BBB 5242.5 Assigned
Antrix Diamond Exports Pvt. Ltd. Export Packing limit
BBB 369.6 Assigned Antrix Diamond Exports Pvt. Ltd.

Pre/Post Shipment credit BBB 765 Assigned
Antrix Diamond Exports Pvt. Ltd. Proposed limit
BBB 360 Assigned Antrix Diamond Exports Pvt. Ltd.

Long Term Bank Facilities BBB 1494.6 Assigned AP
Power Generation Corp. Ltd. Non SLR Bonds(Ser.III)
A(SO) 5898 Reaffirmed AP Power Generation Corp. Ltd.

Bonds A(SO) 5898 Reaffirmed
Arch Fine Chemical Ltd. LT Bank Facilities
BBB Assigned Arch Pharmalabs Ltd.

NCD A 1000 Assigned
Arch Pharmalab Ltd. FBL A

1400 Assigned Arch Pharmalab Ltd.
Proposed FBL working cap A 350 Assigned Arch
Pharmalab Ltd. Proposed term loan A

301.7 Assigned Arch Pharmalab Ltd.
Ad-hoc Proposed limit A 250 Assigned Arch
Pharmalab Ltd. Term loan A

1598.3 Assigned Arihant Domestic Appliances Pvt. Ltd
Fund based(including BBB+ 2084.3 Assigned

term loan) Arihant
Domestic Appliances Pvt Ltd. Non fund based BBB+/PR2+

880 Assigned Arihant Domestic Appliances Pvt. Ltd LT
Bank Facilities BBB+ Assigned Asian
Electronics Ltd. Long Term Bank Facilities A+%

Downgraded Asian Granito India Ltd
LT bank loans/facilities A Assigned Asia
Motor Works Ltd. Fund based BBB-

2000 Assigned Asia Motor Works Ltd.
Term loan BBB- 1350 Assigned Asia
Motor Works Ltd. Non fund based
BBB-/PR3 2400 Assigned Asia Motor Works Ltd.

Long Term Bank Facilities BBB- Assigned
Asian Star Company Ltd. Long Term Bank Facility A

7576.4 Assigned Atul Ltd.
LT Bank Facility A- Assigned A2Z
Maintenance & Eng. Ser Pvt. Ltd. LT Bank Facilities A-

Assigned Balmer Lawrie & Company Ltd.
Issuer Rating AA Assigned Bank of
India Issuer Rating AAA(Is)

Assigned Bank of Maharashtra Lower
Tier II Bonds AA Assigned Bank of
Maharashtra Perpetual Debt AA-

2250 Reaffirmed Bank of Maharashtra
Tier II Bonds AA 8925 Reaffirmed Bank
of Maharashtra Tier II Bonds AA

9925 Reaffirmed Bank of Maharashtra
Upper Tier II Bonds AA- 8500 Reaffirmed Bank
of Maharashtra Upper Tier II Bonds AA-

2000 Assigned Bank of Maharashtra
Upper Tier II Bonds AA- 2500 Assigned Bank of
Maharashtra Upper Tier II Bonds AA-

3000 Reaffirmed Bank of Maharashtra
Upper Tier II Bonds AA- 65 Assigned