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	Toll Road Projects: Challenges Impeding Private Sector Participation Index of Industrial Production May 2010: Healthy Growth Albeit Considerably Lower than Expected Financial Markets & Banking Update —Vol. 1: FY2010-11 Sugar outlook weak; ability to negotiate cane prices downwards will be key to profitability for sugar mills in SY 2010-11

ICRA LIMITED
Mr. P.K. Choudhury Vice-Chairman & Group CEO A-10 & 11, 3rd Floor, FMC Fortuna 234/3A, A.J.C. Bose Road Kolkata—700020 Tel: +91-33-22876617/8839, 22800008/22831411 Fax: +91-33-22870728 E-mail:pkc@icraindia.com	Mr. Naresh Takkar Managing Director Building No. 8, 2nd Floor, Tower A DLF Cyber City, Phase II Gurgaon 122002 Tel. : +91-124-4545300 Fax : +91-124-4545350 E-mail:naresh@icraindia.com
Mumbai Mr. L. Shivakumar Senior Group Vice-President 3rd Floor, Electric Mansion Appasaheb Marathe Marg, Prabhadevi Mumbai—400025 Tel: +91-22-30470000, 24331046/1053 /1062/1074/1086/1087 Mobile : +91 9821086490 Fax: +91-22-24331390 E-mail: shivakumar@icraindia.com	Gurgaon Mr. Vivek Mathur Senior Group Vice-President Building No. 8, 2nd Floor, Tower A DLF Cyber City, Phase II Gurgaon—122002 Tel: +91-124-4545300 Mobile : +91 9871221122 Fax: +91-124-4545350 E-mail: vivek@icraindia.com
Chennai Mr. Jayanta Chatterjee Senior Group Vice-President 5th Floor, Karumuttu Centre 634 Anna Salai, Nandanam Chennai—600035 Tel: +91-44-24333293/3294/0724 24340043/8080/9659 Mobile : +91 9845022459 Fax: +91-44 24343663 E-mail: jayantac@icraindia.com	Kolkata Ms. Anuradha Ray Senior Vice-President A-10 & 11, 3rd Floor, FMC Fortuna 234/3A, A.J.C. Bose Road Kolkata—700020 Tel: +91-33-22876617/8839 22800008/22831411 Mobile : +91 9831086462 Fax: +91-33-22870728 E-mail: anuradha@icraindia.com
Ahmedabad Mr. L. Shivakumar Senior Group Vice-President 907 & 908, Sakar - II Ellisbridge (Opposite Town Hall) Ahmedabad—380006 Tel: +91-79-25560194-96 Mobile : +91 9821086490 TeleFax: +91-79-25569231 E-mail:shivakumar@icraindia.com	Bangalore Mr. Jayanta Chatterjee Senior Group Vice-President 'The Millenia' Tower B, Unit No. 1004 10th Floor, Level 2 12-14, 1 & 2, Murphy Road Bangalore 560 008 Tel: +91-80-43326400 Mobile : +91 9845022459 Fax: +91-80-25594065 E-mail:jayantac@icraindia.com
Hyderabad Mr. Jayanta Chatterjee Senior Group Vice-President 301, CONCOURSE, 3rd Floor No. 7-1-58, Ameerpet Hyderabad—500016 Tel: +91-40-23735061/7251 Mobile : +91 9845022459 Fax: +91-40-23735152 E-mail:jayantac@icraindia.com	Pune Mr. L. Shivakumar Senior Group Vice-President 5A, 5th Floor, Symphony, S. No. 210 CTS 3202 Range Hills Road Shivajinagar, Pune—411020 Tel: + 91-20-25561194-25560196 Fax: +91-20-25561231 Mobile : +91 9821086490 E-mail:shivakumar@icraindia.com
Registered Office ICRA Limited 1105, Kailash Building, 11th Floor, 26, Kasturba Gandhi Marg, New Delhi—110001 Tel: +91-11-23357940-50; Fax: +91-11- 23357014, 23355293 Website: www.icra.in
ICRA MANAGEMENT CONSULTANCY SERVICES LIMITED (IMaCS)
MUMBAI Mr. R. Raghuttama Rao Managing Director 4th Floor, Electric Mansion Appasaheb Marathe Marg, Prabhadevi Mumbai—400025 Tel: +91-22-30470047 Mobile: +91-9840070795 Fax: +91-22-30470081 E-mail: raghuttama.rao@imacs.in	MUMBAI Mr. Harish M. Kamath Head, Transportation Practice 4th Floor, Electric Mansion Appasaheb Marathe Marg, Prabhadevi Mumbai—400025 Tel: +91-22-30470047 Mobile: +91-9820449124 Fax: +91-22-30470081 E-mail: harish.kamath@imacs.in
CHENNAI Mr. V.Sriram Head - Corporate and Banking Consulting 5th Floor, Karumuttu Centre 634 Anna Salai, Nandanam Chennai—600035 Tel: +91-44-24333293/3294/0724 24340043/8080/9659 Mobile : +91 9840088273 Fax: +91-44-24343663 E-mail: sriram.v@imacs.in	CHENNAI Mr. Anand Madhavan Head, Urban Infrastructure & PPP 5th Floor, Karumuttu Centre 634 Anna Salai, Nandanam Chennai—600035 Tel: +91-44-24333293/3294/0724 24340043/8080/9659 Mobile: + 91-98404 62556 Fax: +91-44-24343663 E-mail: anand.madhavan@imacs.in
CHENNAI Mr. M. Sairam Head, Process Consulting Practice 5th Floor, Karumuttu Centre 634 Anna Salai, Nandanam Chennai—600035 Tel: +91-44-24333293/3294/0724 24340043/8080/9659 Mobile: +91-9940072696 Fax: +91-44-24343663 E-mail: sairam.m@imacs.in	NOIDA Mr. Arijit Bhattacharya Head, Development Consulting Practice Logix Park, First Floor Tower A4 & A5, Sector - 16 Noida - 201 301 Tel. 91-120-4515810 (D) Tel. 91-120-4515800 (B) Fax 91-120- 4515850 Mobile: 0 91-9818672167 Email ID: arijit.bhattacharya@imacs.in
KOLKATA Mr. Bhaskar Som Head, Quantitative Analytics Practice A-10 & 11, 3rd Floor, FMC Fortuna 234/3A, A.J.C. Bose Road Kolkata—700020 Tel: +91-33-22831412/1411 22876617/8839, 22800008 Fax: +91-33-22870728 E-mail: bhaskar.som@imacs.in	AHMEDABAD 907 & 908, Sakar - II Ellisbridge (Opposite Town Hall) Ahmedabad—380006 Tel: +91-79-25560194-96 Fax: +91-79-25569231
BANGALORE Mr. Rajesh B.V. Head, Retail & Consumer Industries 2nd Floor, Vayudooth Chambers Trinity Circle, 15-16 M.G. Road Bangalore—560001 Tel: +91-80-25320326 25594049, 25327803 Mobile: +91 98860 21200 Fax: +91-80-25594049 E-mail: rajesh.bv@imacs.in PUNE 5A, 5th Floor, Symphony, S. No. 210 CTS 3202 Range Hills Road Shivajinagar, Pune—411020 Tel: + 91-20-25561194-25560196 Fax: +91-20-25561231	HYDERABAD 301, CONCOURSE, 3rd Floor No. 7-1-58, Ameerpet Hyderabad—500016 Tel: +91-40-23753600, 23735061/7251 Fax: +91-40-23735152
Website: www.imacs.in E-mail: enquiry@imacs.in

ICRA TECHNO ANALYTICS LIMITED (ICTEAS)
Mr. Prateep Guha Managing Director 5th, 6th & 7th Floor, Plot D 2/2 Block EP & GP, Sector V, Salt Lake Kolkata—700091, India Tel: +91-33-40097800 Mobile: +91-9831063513 Fax: +91-33-40097801 E-mail: prateep@icteas.com	Mr. Soumitra Bhattacharya Executive Vice President, Consulting Service 5th, 6th & 7th Floor, Plot D 2/2 Block EP & GP, Sector V, Salt Lake Kolkata—700091, India Tel: +91-33-40097800 Mobile: +91-98300 10516 Fax: +91-33-40097801 E-mail: soumitra.bhattacharya@icteas.com
Mr. Surottam Banerjee Executive Vice President,Engineering Services 5th, 6th & 7th Floor, Plot D 2/2 Block EP & GP, Sector V, Salt Lake Kolkata—700091, India Tel: +91-33-40097800 Mobile: +91-98302 60213 Fax: +91-33-40097801 E-mail: surottam.banerjee@icteas.com Mr. Sukanta Ghatak Director Axiom Technologies Pvt Ltd 5th, Floor, Plot D 2/2 Block EP & GP, Sector V, Salt Lake Kolkata—700091, India Tel:+91-33-22800008/22831411 Mobile: +91-98302 60213 Fax: +91-33-22870728 Mobile: +91-9831381626 email: sukanta.ghatak@icteas.com Website: www.icteas.com	Mr. Richard Zboray President ICRA Sapphire, Inc Tel: +001 2035565464 E-mail: richardz@sapphiregroup.com Mr. Prasad V. V. S. Vice-President ICRA Sapphire, Inc Tel:+8484826440 E-mail: prasad@icteas.com


ICRA ONLINE LIMITED (ICRON)
Ms. Sushmita Ghatak Chief Operating Officer & Executive Director 5th & 6th Floor, Contact Conergence Centre Plot D2/2, Block EP & GP Sector V, Salt Lake City Kolkata—700091 Tel: +91-33-40097866/7841/7865 Mobile: +91-9831097745 Fax: +91-33-40097801 E-mail: sushmita.chanda@icrainfoserve.com Mr. Rajesh Dubey Executive Director SME Ratings ICRA Online Limited. Karumuttu Centre, 5th Floor, 634, Anna Salai Nandanam, Chennai- 600 035. Tamil Nadu, INDIA. Tel. : +91-44-2434 0043 Mobile:+91-9820797397 Fax: +91-44-2434 3663 E-mail: rdubey@icraonline.com Mr. Saugat Acharya Assistant General Manager, Marketing 107 Raheja Arcade Plot No. 16, Sector 11 CBD Belapur Navi Mumbai—400614, India Tel: +91-22-67816100 Mobile: +91-9820974940 Fax: +91-22-27563057 E-mail: saugat@icraonline.com	Mr. Sanjoy Banerjee Executive Director 107 Raheja Arcade Plot No. 16, Sector 11 CBD Belapur Navi Mumbai—400614, India Tel: +91-22-67816100 Mobile: +91-9819664645 Fax: +91-22-27563057 E-mail: sanjoy.banerjee@icraonline.com 1105, Kailash Building, 11th Floor 26, Kasturba Gandhi Marg New Delhi—110001, India Tel: +91-11-23357940-50 Fax: +91-11-23357014
Bangalore 2nd Floor, Vayudhoot Chambers Trinity Circle,15-16 M.G. Road Bangalore—560001, India Tel: +91-80-25597401/4049, 25327803 Fax: +91-80-255940
Website: www.icraonline.com

ICRA LIMITED

ICRA MANAGEMENT CONSULTANCY SERVICES LIMITED (IMaCS)

ICRA TECHNO ANALYTICS LIMITED (ICTEAS)