Corporate announcements

South Asian Petrochem Limited has informed the Exchange vide its letter dated October 27, 2007 that the Board of Directors at its meeting held on October 27, 2007 noted that the Company has been assigned Credit rating of CARE A (Is) - Single A (Issuer Rating) by Credit Analysis & Research Ltd. At the same time CARE has upgraded the short term debt rating to PR1 + (P R One Plus) from the existing rating of PR1 (P R One) for the Short Term Debt (STD) programme of the Company for an amount up to Rs. 25 Crore for a maturity up to six months.

Larsen & Toubro Limited has informed the Exchange that: "Moody's Investors Service has assigned an issuer rating of Baa2 to the Company with a stable outlook. The issuer rating is one notch above India's sovereign foreign currency rating. The above rating is not specific to any debt issue".

Binani Cement Limited has informed the Exchange that: "The rating agency, CARE has revised the ratings of non convertible debentures for Rs.70 Crores and Rs.40 Crores from CARE BBB+ to CARE A - vide their letters dated August 30, 2007 and September 10, 2007 respectively received by us on 12th September 2007".

Indiabulls Financial Services Limited has informed the Exchange that "the Rating Committee of CRISIL has assigned the highest rating of "P1+" (pronounced 'P one plus') to the Rs. 1000 crore Short Term Debt Programme of the Company (enhanced from Rs.750 crore)".

Bank Of Baroda has informed the Exchange that: "Credit Rating Agency "ICRA Ltd." has vide their letter no. 2007-08/574/2058 dated 17 August 2007, reaffirmed "CGR 2" (pronounced CGR 2) rating to the Corporate Governance practices of Bank of Baroda".

Tata Power Co. Ltd. has informed the Exchange that: "Standard & Poor's (S&P) Ratings Services had placed the Company's corporate credit rating on Credit Watch with negative implications in May, 2007, post the Company's acquisition of Coastal Gujarat Power Limited, an SPV formed to execute the 4,000 MW Mundra project. S&Ps has now revised its rating from 'BB'+ to 'BB-', the outlook being Stable. At the same time, the rating on the Company's Senior Unsecured Bonds has also been revised from 'BB+' to 'BB-'. S&P's considers that the Company's expansion plans will substantially increase its consoli

Dewan Housing Finance Corporation Ltd has informed the Exchange that: "Credit Analysis & Research Ltd. (CARE) has assigned a 'CARE AA+' ( Double A Plus) rating to the proposed issue of Non Convertible Debentures of Rs 300 Crore having maturity upto 10 years."

Indiabulls Financial Services Limited has informed the Exchange that: "The CRISIL has assigned the highest broker grading "CRISIL BQ 1" to Indiabulls Securities Ltd., a 100% subsidiary of Indiabulls Financial Services Ltd. (IBFSL) As has already been intimated earlier, CRISIL has assigned the highest rating of "P1 +" (pronounced as "P one Plus") for unsecured short term borrowing programme of Rs. 7.50 billion of IBFSL. CRISIL has also assigned its highest rating "AAA (SO)" for Pass through Certificates, in relation to loan receivables of Indiabulls Credit Services Ltd. (ICSL), and credit Opin

Allahabad Bank has informed the Exchange that "Credit Analysis & Research Ltd (CARE) vide their letter dated August 11, 2007 has retained the "CARE AA+" [Double A plus] rating assigned to the outstanding Tier II Bonds ( Series IV, V & VI) of Rs. 1261.90 crores of our bank."

Omaxe Limited has informed the Exchange that : "Credit Analysis & Research Limited (CARE) has assigned 'PR1 (PR One)' rating to the proposed Short Term Debt (STD) aggregating to Rs.100 Crores of the Company. Further CARE has also reaffirmed the 'PR1 (PR One)' rating to the existing Short Term Debt (STD) aggregating to Rs.100 Crores of the Company".

Kei Industries Limited has informed the Exchange that: "Credit Analysis & Research Ltd (CARE) has assigned "PR 1+" [PR One Plus] rating (i.e. highest rating) for Short Term debt / Commercial Paper programme of Rs.60 Crores of our Company. Instruments with this rating would have strong capacity for timely payment of short-term debt obligations and carry lowest credit risk. CARE has assigned this rating taking into account KEI's vast experience in the cable industry, profitable operations, established clientele and continued focus on power sector development by Government of India. Previous rati

Housing Development And Infrastructure Limited has informed the Exchange that: "The company has obtained following rating from Credit Analysis & Research Ltd:- (1) PR1 (PR One) rating to the short term NCD (non convertible debenture) for an amount upto Rs 250 crores. (2) Care A (single A) rating to the NCD (non convertible debenture) issue upto Rs 750 crores".

Bajaj Hindusthan Ltd has informed the Exchange that "Fitch Ratings India Private Limited vide its letters dated August 6, 2007 and August 7, 2007 received by us on August 7, 2007 has informed the Company about:- A)Revision in the ratings for (i) National Long-term Issuer and Non-Convertible Debenture("NCD") (ii) Commercial Paper/Short term debt programme of Bajaj Hindusthan Limited as follows: Sl No. (1), Programme : National Long term Issuer and the Non Convertible Debenture ("NCD"), Amount(Rs): 2500 Million, Earlier Rating: 'AA-(ind)', Current Rating: 'A+(ind)'. Sl No. (2), Programme : C

Marico Limited has informed the Exchange that "The Company has sought a credit rating from CRISIL for its Short Term Debt Programme (including issue of Commercial Paper) upto Rs.50 Crores. CRISIL has given credit rating of 'P1+' (pronounced 'P one plus') (indicative of very strong safety parameter for timely payment of interest and principal) on July 27, 2007 which has been accepted by the Company. The rating is valid for a maximum period of one year from July 27, 2007 (being the date of CRISIL's letter)".

Yes Bank Limited has informed the Exchange that "ICRA Limited has reaffirmed its ratings of the Bank as follows: i) A1+ (pronounced A one plus) Credit Rating for the Certificate of Deposits Programme. It covers Deposits of the Bank amounting to Rs. 3,000 crore (previously Rs. 2,250 crore). This rating is the highest-credit-quality rating assigned by ICRA for the short-term. ii) LA+ (pronounced LA plus) Credit Rating for the Upper Tier 2 Bond programme of Rs. 280 crore. This rating indicates the adequate-credit-quality rating assigned by ICRA. iii) LAA-(pronounced L double A minus) Credit Rati

Tata Power Co. Ltd. has informed the Exchange that: "ICRA Limited has revised the ratings on the Company's NCD programme aggregating Rs.15 billion from LAAA to LAA indicating high credit quality. The above rating, which was put under Rating Watch with negative implications in March 2007, has now been taken off the Rating Watch. The A1+ rating on the Short Term Debt programme aggregating Rs.5 billion has been retained. The A1+ rating signifies highest credit quality in the short term".

Dcm Shriram Consolidated Ltd has informed the Exchange that: "M/s ICRA Limited has revised the rating for long term debt programme of the Company from 'LAA-' to 'LA' which indicates adequate credit quality. Further, the rating for the commercial paper/short term debt programme of the Company has been revised from 'A1+' to 'A1' which indicates highest credit quality rating for short term debt instruments".

Tata Power Co. Ltd. has informed the Exchange that CRISIL has revised its rating on the Company's Non-convertible Debentures to 'AA/Stable' from 'AAA/Rating Watch with Negative Implications'. The negative watch on the short-term debt rating of 'P1+' has also been removed and the rating reaffirmed. The details of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).<a href=/content/corporate/TataPower_CreditRating.zip target=NEW> For more details click here.</a>

Redington (India) Limited has informed the Exchange that : "CRISIL, India's leading rating agency and part of Standard and Poor, has re-affirmed its "P1+" (read P one Plus) rating for our company's short-term debts for Rs. 500 Crores. Earlier, this "P1+" rating was given for Rs. 300 Crores, which has now been increased by CRISIL to Rs. 500 Crores".

Eid Parry India Ltd. has informed the Exchange that "CRISIL has reaffirmed the "AA" rating (pronounced "double A rating") for the captioned (Rs.200 million Non Convertible Debentures) Debt Programme, and revised the outlook to "Negative" from "Stable". This rating indicates high degree of safety with regard to timely payment of interest and principal on the instrument. CRISIL has reaffirmed the "P1+" (Pronounced "P one plus") rating for the short term debt Programme (commercial paper). This indicates that the degree of safety with regard to timely payment of interest and principal on the instr

Hindalco Industries Ltd. has informed the Exchange that: "CRISIL has revised its long-term rating on Hindalco Industries Limited's Non Convertible Debentures to "AA/Stable" from "AAA Rating Watch Implications". Further the Rating Release issued by the CRISIL Ratings in this connection dated June 14, 2007, titled "CRISIL revises Hindalco's NCD rating to "AA" shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).<a href=/content/corporate/hindalco_credit_180607.zip target=NEW> For more

Adlabs Films Limited has informed the Exchange that "ICRA Limited has reaffirmed the A1+ (pronounced A one plus) rating to Company's Commercial Paper programme. This is the highest-credit-quality rating assigned by ICRA for the short term".

Tata Power Co. Ltd. has informed the Exchange that: "Standard & Poor's Ratings Services today (May 10, 2007) placed its 'BB+' long-term foreign and local currency corporate credit ratings on the Company on CreditWatch. To resolve the CreditWatch placement, Standard & Poor's is seeking further information on the schedule of the Company's projects and investments and on the proposed means of financing. Standard & Poor's expects to resolve the CreditWatch within six to eight weeks".

Alok Industries Limited has informed the Exchange that "Credit Analysis & Research Limited have vide their letter dated 19th April 2007 revalidated a 'PRI' [PR One] rating for the Company's Commercial Paper Program / MIBOR linked to the short term Non-Convertible Debentures / other short term instruments of Rs. 100 crore (including outstanding instruments as on date) for a maturity upto 1 year. The said rating is valid for a period of one year from the date of their captioned letter."

Easun Reyrolle Ltd has informed the Exchange that "recently, ICRA Limited has given "A1" (A One) Rating to our Commercial Paper/Short-term Debt programme for an amount of Rs. 150 million. This rating will be valid upto March, 2008."

Bharat Electronics Ltd has informed the Exchange that "M/s. ICRA Ltd. conducted the Surveillance of Rating for Rs. 100 crores short term debt programme (including commercial paper and inter-corporate deposits) of the Company for the Financial Year 2007-08 and has assigned a rating of "A1+" (Pronounced A one plus) indicating highest credit quality rating assigned by ICRA to short-term debt instruments. The validity period of the rating assigned is from February 15, 2007 to February 14, 2008".

Hindalco Industries Ltd. has informed the Exchange that "CRISIL has placed their rating on the Company's outstanding long-term rating of AAA/Stable on 'Rating Watch with Negative Implications'." The Press released issued by the CRISIL in this connection shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).<a href=/content/corporate/hindalco_press3_130207.zip target=NEW> For more details click here.</a>

Birla Corporation Ltd has informed the Exchange that "Credit Analysis and Research Limited (CARE) has assigned "CARE AA" (Double A) rating to the Company for Long Term Borrowing Programme of Rs. 25 crores. This rating is considered to offer high safety for timely servicing of debt obligations and indicates very low credit risk. Further the Company has informed the Exchange that in addition, the rating Committee of CARE has reaffirmed the PR 1 + (PR one plus) rating for our Commercial Paper Programme upto Rs. 20 crores for a maturity upto three months. The PR 1 + rating indicates strong capacit

Kotak Mahindra Bank Limited has informed the Exchange that: "We have been granted the following Credit Ratings for our issue of privately placed Unsecured, Redeemable, Non-Convertible, Subordinated Debt (Lower and Upper II) Bonds in the nature of Promissory Note(S) and/or Debenture(S) of Face Value of Rs.10,00,000/- each (Rupees Ten Lakhs Only) aggregating to Rs. 350,00,00,000 (Rupees Three Hundred and Fifty Crores) or the eligible limit upto which Bank can borrow Tier II Bonds as per the norms stipulated by Reserve Bank of India, from time to time, whichever is less. The current rating(s) are

Titan Industries Ltd. has informed the Exchange that: "Our Company had obtained the following credit rating for the Non-Convertible portion of the Partly Convertible Debentures (PCD) issued by the Company. "LA" (pronounced L A) indicating adequate-credit-quality rating assigned by ICRA. We had disclosed the same to you pursuant to the provisions of the Listing Agreements. ICRA Ltd has informed us now that they have upgraded the long term rating of the Non-Convertible Debentures (NCD) issued by the Company from LA to LA1+ (pronounced L A Plus) indicating adequate-credit-quality rating assigned

Corporation Bank has informed the Exchange that "CRISIL has assessed and reaffirmed the following four instruments of our Bank as follows. 1. Name of the Instrument: Fixed Deposit Programme, Rating Reaffirmation: FAAA/Stable, Description: Very Strong degree of Safety with regard to timely payment of Interest and Principal. 2. Name of the Instrument: Rs. 2 Billion lower Tier II Bond Issue, Rating Reaffirmation: AAA/Stable, Description: Highest degree of safety with regard to timely payment of Interest and Principal. 3. Name of the Instrument: Rs. 3 Billion lower Tier II Bond Issue, Rating Reaf

Tata Tea Ltd has informed the Exchange that "ICRA has revised the long-term rating of 6% Non-Convertible Debentures of Rs. 100 Crores of the Company (outstanding Rs. 90 crores) from LAAA to LAA+. The long term rating against these debentures which are due for repayment in June 2007 has been revised to reflect the revision in long term credit protection indicators for the Company."

Titan Industries Ltd. has informed the Exchange that "Our Company has obtained the following credit ratings for the Non-Convertible portions of the Partly Convertible Debentures (PCD) issued by the Company (i) "A/Stable" (pronounced "A rating with Stable outlook" indicating adequate degree of safety with regard to timely payment of interest and principal on the instrument - assigned by CRISIL Ltd. (ii) "LA" (pronounced L A) indicating adequate-credit rating assigned by ICRA. CRISIL Ltd has informed the Company that they have upgraded the long term rating of the Non-Convertible Debentures (NCD)

Mangalore Refinery And Petrochemicals Ltd. has informed the Exchange that: "ICRA Limited has assigned an Issuer Rating of "IR AAA" (pronounced as "IR Triple A") to Mangalore Refinery and Petrochemicals Ltd. This rating indicates the highest credit quality rating assigned by ICRA".

Mangalore Refinery And Petrochemicals Ltd. has informed the Exchange that "CRISIL has assigned a Corporate Credit Rating "CCR AAA" (pronounced "CCR Triple A") to Mangalore Refinery and Petrochemicals LTD. This rating indicates highest degree of strength with regard to honouring debt obligations".

Finolex Industries Ltd. has informed the Exchange that CRISIL has, after due consideration, reaffirmed the "AA" rating for the Company's long term Non-Convertible Debenture issues of Rs.500 million and Rs.750 million and has revised the outlook to 'stable' from 'negative'. This rating indicates high degree of safety with regard to timely payment of interest and principal on the instrument. CRISIL has reaffirmed P1+ rating to the Company's Rs.1.1 Billion Short Term Debt Programme and has also assigned "AA/Stable" rating to the Company's Rs.1.5 Billion Long Term Debt Issue.

Gujarat Ambuja Exports Limited has informed the Exchange that Credit Analysis & Research Limited (CARE) has given credit rating of PR1+ (PR one plus) (Highest rating for this category) on September 15,2006 for Short Term Debt (including Commercial Paper) issue upto Rs. 10 Crores which has been accepted by the Company.

Lupin Limited has informed the Exchange that ICRA Limited has assigned "A1+" (pronounced "A one plus") rating to the Company's Short Term Debt (including Commercial Paper) Programme of Rs.1000 million (enhanced from Rs.400 million). This rating is the highest credit-quality assigned by ICRA for the short term.

Gujarat Fluorochemicals Ltd has informed the Exchange that CRISIL Limited has reaffirmed AA- ("Double A minus") rating to the Company and revised the outlook from "Stable" to "Positive".

Indiabulls Financial Services Limited has informed the Exchange that the Rating Committee of CRISIL has assigned the highest rating of "P1+" (pronounced 'P one plus') to the Rs. 500 crore Short Term Debt Programme of the Company (enhanced from Rs. 300 crore).

Kei Industries Limited has informed the Exchange that Credit Analysis & Research Ltd (CARE) has assigned "PR1" [PR One] rating to the proposed Commercial Paper / Short Term Debt programme of Rs.30 Crores of the Company. PR-1 is assigned for High Investment Grade. Care has assigned this rating taking into account KEI's vast experience in the cable industry, profitable operations, established clientele and continued focus on power sector development by Government of India. The rating also reflects KEI�s Strong growth in operating income, good order book, moderate liquidity position.

Madras Cements Ltd. has informed the Exchange that :- A. CRISIL has downgraded the ratings for the debt instruments as under :- 1) Rs.800 Million Non-Convertible Debenture Issue : From AA- to A+; 2) Rs.1450 Million Short-Term Debt Programme : From P1+ to P1; 3) Fixed Deposit Programme (Rating not been utilized) : From FAA to FAA-. B) ICRA has assigned the ratings for the debt instruments as under :- 1) Rs.2000 Million Short-Term Debt/ Commercial Paper Programme : A1+; 2) Rs.1000 Million Long Term Borrowing programme such as non-convertible Debentures, term loans, etc. : LA+.

Jagran Prakashan Limited has informed the Exchange that CRISIL has upgraded the rating of Jagran Prakashan Limited's debt programme (Rs. 35 Crore Non Convertible Debentures) from 'AA-/Positive' to 'AA/Stable' and reaffirmed P1 + rating for its Commercial Paper of Rs. 30 Crore.

Noida Toll Bridge Company Ltd has informed the Exchange that subsequent to the implementation of the Scheme of Arrangement, as approved by Honorable High Court of Allahabad, the Company has received a revised credit rating of A minus (A-) for the restructured Deep Discount Bonds (DDBs), from Credit Analysis & Research Limited (CARE). The Board of Directors, at their meeting held on July 19,2006 has accepted this rating. Further, the company has submitted to the Exchange a copy of the credit rating letter. The details of the same shall be available on the NSE website (http://www.nseindia.com) u

Omax Autos Limited has informed the Exchange that upon a revision of Credit rating by ICRA Limited, the Company has been issued "A1+" Credit Rating for its Commercial Paper / Short Term Debt Programme upto Rs.80 Crores. Earlier the company has been issued "A1+" Credit Rating for Commercial Paper Programme upto Rs.50 Crores by the same credit rating agency.

Mercator Lines Limited has informed the Exchange that Credit Analysis & Research Ltd., (CARE) have reaffirmed "CARE AA" (Double A) rating to all the existing Secured Redeemable Non- convertible Debentures (NCDs); Term Loans and Preference shares of the Company. CARE have also reaffirmed PR1+ (PR One Plus) rating to the proposed issue of short term NCDs for a maturity not exceeding one year.

Transport Corporation Of India Limited has informed the Exchange that ICRA has affirmed the rating of A1+ assigned to the Commercial Paper (CP) / Short-term debt (STD) Programme for enhanced amount of Rs.60 Crores vide its letter dated June 21, 2006. This is the highest credit quality rating assigned by ICRA. The details of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).

Jindal Stainless Limited has informed the Exchange that Fitch Ratings India Private Limited has assigned "F1 + (ind)" rating to the Commercial Paper programme of Rs. 500 million.

Phillips Carbon Black Ltd. has informed the Exchange that CRISIL has re-affirmed "AAA(so)" rating for the Company's 250 million Non Convertible Debentures allotted on December, 2002.

Indoco Remedies Limited has informed the Exchange that the Company has been assigned "A1+" rating in relation to the issue of Commercial Paper (C.P.) upto a limit of 25.00 crore (enhanced from the existing 15.00 crore). This rating has been assigned by ICRA Limited, Mumbai, and the same is valid till May'2007. Further, this rating is the highest credit - quality rating assigned by ICRA for the short term.