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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 6a2LTD/ffObFCOXlWBfnSQ==

<SEC-DOCUMENT>0001388634-07-000001.txt : 20070205
<SEC-HEADER>0001388634-07-000001.hdr.sgml : 20070205
<ACCEPTANCE-DATETIME>20070205195715
ACCESSION NUMBER:		0001388634-07-000001
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070129
FILED AS OF DATE:		20070205
DATE AS OF CHANGE:		20070205

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CARACO PHARMACEUTICAL LABORATORIES LTD
		CENTRAL INDEX KEY:			0000887708
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				382505723
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			0331

	BUSINESS ADDRESS:	
		STREET 1:		1150 ELIJAH MCCOY DR
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48202
		BUSINESS PHONE:		3138718400

	MAIL ADDRESS:	
		STREET 1:		1150 ELIJAH MCCOY DRIVE
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48202

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Rathi Mukul
		CENTRAL INDEX KEY:			0001388634

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31773
		FILM NUMBER:		07582226

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		313-871-8400

	MAIL ADDRESS:	
		STREET 1:		1150 ELIJAH MCCOY DRIVE
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48202
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>primary_doc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2007-01-29</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000887708</issuerCik>
        <issuerName>CARACO PHARMACEUTICAL LABORATORIES LTD</issuerName>
        <issuerTradingSymbol>CPD</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001388634</rptOwnerCik>
            <rptOwnerName>Rathi Mukul</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1150 ELIJAH MCCOY DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DETROIT</rptOwnerCity>
            <rptOwnerState>MI</rptOwnerState>
            <rptOwnerZipCode>48202</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>interim CFO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Common Stock Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>9.03</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2012-07-11</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">An option for 3,000 shares was granted to Mr. Rathi on 07-11-2006.  The option is exercisable as follows:    one-third on 07-11-2007; one-third on 07-11-2008; and the remaining one-third on 07-11-2009.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Mukul Rathi</signatureName>
        <signatureDate>2007-01-31</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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