The methodology would cover all players such as contractors, consultants, promoters and the projects besides providing the financial institutions an independent opinion on the quality of construction entity.

In all seven construction majors which include L&T construction division EEC, Petron Civil Engineering, Ganesan Builders, Continental Construction, Soma Enterprises, MCM Services Private Ltd, Swar Shilp Properties have been granted rating.

``Under the mechanism, the contractors, consultants and the project promoters are graded under two broad risk categories that included business risk and financial risk'' the chairman of the CIDC G V Ramakrishna told a press conference on Tuesday.

Ramakrishna said Industrial Development Bank of India (IDBI) is also working out modalities for extending financial assistance to construction companies after the sector was accorded industry status in February and was in constant touch with Indian Banks Association for the related issues.

``Grading of the construction companies by an independent agency like ICRA would give a comfort level to the banks and financial institutions extending financial assistance, the chairman and managing director of the Housing and Urban Development Corporation (Hudco) V Suresh, who is also on the governing board of CIDC said.

CIDC has asked the government to take steps for opening of the national register of engineers so that Indian engineers could qualify to work on the projects taken by the foreign companies, he added.

``Under the World Trade Organisation (WTO) agreement on services, India along with other countries has to allow free movement of engineers. But the construction companies can insist on the enrolment of the national register of engineers. We do not even have such a register here. If we do not take immediate steps, our engineers can be denied opportunity to work within our own country'', Ramakrishna said. "We are having talks with IDBI for drawing up the criteria for being declared as part of the construction industry," Ramakrishna said.

He said after the clear guidelines, construction players would have access to financing facility from banks and financial institutions.