Short-term debt programs of Indian firms rated by FITCH:Part II

SPV ST
F1+(ind)(SO) Assigned Saraf Chemical Company Limited

non-fund based facilities F4(ind) 70.3 Assigned
SRF Ltd. CP/STD
F1+(ind) 700 Assigned SRF Ltd.

Non Fund Based WC F1+(ind) 4169 Assigned
SRTO Trust PTC Series A1
F1+(ind)(so) Assigned SRTO Trust 2009

PTC series A1 F1+(ind)(SO) Assigned
State Bank of India ST foreign currency IDR
F3 Assigned Standard Chartered Bank Steel
Authority of India Limited's ST debt/commercial paper
'F1+(ind)' 20000 Assigned Steel Authority of India
Limited's ST debt/commercial paper 'F1+(ind)' 20000
Assigned (Das Trust Series I) PTC

F1+(ind)(SO) Assigned Suashish Diamonds

FBWC F2(ind) 5250
Downgraded Subhlaxmi Syntex Ltd. NFBL

F4(ind) 7.5 Assigned Sunil Hi-Tech Engineers
Ltd Short Term non Fund Based F2+(ind) 1050
Upgraded Sunil Hi-Tech Engineers Ltd Non fund based
limits F4(ind) 132.5 Assigned Suashish Diamonds Ltd

FB Working Capital F2+(ind) 250
Assigned Sunil Hi-Tech Engineers Ltd Non-FBL

F2(ind) 2800 Assigned Sunil Hi-Tech Engineers
Ltd Long term F2+(ind) 307
Upgraded Sunil Hi-Tech Engineers Ltd NSTR

F2+(ind) 2300 Upgraded Sunil Hi-Tech Engineers
Ltd NSTR F2+(ind)
Upgraded Supreme Petrochem Ltd CP/STD

F1(ind) 200 Assigned Surendra Overseas Ltd

CP F1+(ind)
Withdrawn Sutlej Textiles and Industries Ltd Fund Based
Limits F4(ind) 2000 Downgraded Sutlej Textiles
and Industries Ltd Gold Card Export Cr Limit F4(ind)
310 Downgraded Sutlej Textiles and Industries Ltd ST
Loans F4(ind) 300 Downgraded Sutlej
Textiles and Industries Ltd Non Fund based WC F4(ind)

330 Downgraded Techno Electronics Ltd
Non FBL F1(ind)(SO) 850 Assigned Tata
Chemicals Ltd CP
F1+(ind) 2000 Assigned Tata Projects Ltd

CP F1+ 300 Assigned
Tata Projects Ltd Non fund based limit
F1+ 17500 Assigned Tata Steel Ltd

FBL F1+(ind) 7250 Assigned
Tata Steel Ltd Non FBL
F1+(ind) 7600 Assigned Tata Steel Ltd

NCD F1+(ind) 20000 Reaffirmed
Tata Steel Ltd CP/STD
F1+(ind) 9750 Reaffirmed Tebma Shipyards Limited

Non-FBL F2(ind) 12995 Assigned
Television Eighteen Ltd Non-FBL Working Capital
F1(ind) 70 Assigned Television Eighteen Ltd

STD/CP F1(ind) 250 Assigned The
Himalaya Drug Company Non FBL WC
F1(ind) 110 Assigned Tirumala Balaji Alloys Pvt. Ltd.

Non FBL National ST F4(ind) 15 Assigned
TEIL Non FBL WC
F2+(ind) 200 Assigned Toyota Motor Corporation's

ST foreige & local

currency rating
F1+ Affirmed Tulip IT Services Ltd

CP F1(ind) 600 Assigned
TV18 Non Fund Based WC
F2(ind) 70 Downgraded TV18

CP/STD F2(ind) 250 Downgraded
TVS Fin. Two Wheeler Receivables Securitisation Trust Feb 2004

PTC Ser. A1 F1+(ind)(SO) Withdrawn
TVS Srichakra Ltd. Non-FB lines of Credit
F2+(ind) 270 Assigned UBL Trust Series 47 Series A

PTC F1(ind)(SO) 1998.9 Downgraded
UBL Trust Series 50 Series A PTC
F1(ind)(SO) 949.5 Downgraded UBL Trust Series 51 Series A

PTC F1(ind)(SO) 999.6 Downgraded
UBL Trust Series 52 Series A PTC
F1(ind)(SO) 749.6 Downgraded UBL Trust Series 53 Series A

PTC F1(ind)(SO) 2648.6 Downgraded
UBL Trust Series 56 Series A PTC
F1(ind)(SO) 699.6 Downgraded UFLEX Ltd

ST bank debt F2(ind) 1000 Assigned
UFLEX Ltd Non FBL-Working Capital
F2(ind) 767 Assigned UFLEX Ltd

Letter of Credit line F2(ind) 500 Assigned
Unitech Ltd. STD
F4(ind) 11000 Downgraded Unitech Ltd.

ST Bank Loans F4(ind) 1000 Downgraded
Unitech Ltd. Non-Fund Based Limits
F4(ind) 3000 Downgraded Unitech Machines Ltd.

STD/CP F1(ind) 250 Assigned
Uttam Galva Steels Ltd Export Packing Credit
F1(ind) 1800 Assigned Uttam Galva Steels Ltd

Non FBL F1(ind) 8850 Assigned
Uttam Galva Steels Ltd Stand By Limit
F1(ind) 1400 Assigned Varun Shipping Company Ltd

ST Overdraft Facility F1(ind) 50 Downgraded
Varun Shipping Company Ltd Overdraft Facility
F1(ind) 110 Downgraded Value Industries'

Non Fund Based Limit F2+(ind) 647.6 Reaffirmed
VHB Lifesciences Ltd. Non Fund Based Limit
F3(ind) 155 Reaffirmed Videocon Industries Ltd

STD F1(ind) 6000 Assigned
Wanbury Ltd. Fund Based Limit
F4 140 Downgraded Wanbury Ltd.

Non Fund Based Limit F4 302 Downgraded
Wartsila India Ltd CP
F1+(ind) 50 Reaffirmed Wartsila India Ltd

LOC F1+(ind) 100 Reaffirmed
Wockhardt Ltd. NFBL
F3(ind) 1450 Downgraded Writers and Publishers Ltd.

CP F1+(ind) 300 Withdrawn
Xenitis Infotech Limited Non FBL WC
F4(ind) 800 Downgraded Xenitis Infotech Ltd.

Non-FBL Working Capital F3(ind) 800 Assigned
Xpro India Ltd. Non FBT WC
'F3(ind)' 263 Affirmed Xpro India Ltd.

CP FBT WC 'F3(ind)' 100 Affirmed
XXVI Trust 2006 PTC Series C1
F1+(ind)(SO) Assigned XXVI Trust 2006

PTC Series C2 F1+(ind)(SO) Assigned
----------------------------------------------------------------
-----------------------------#: Rating Watch with Developing
implications @: Rating Watch with Negative Implications %:
Rating under Credit Watch wd -Rating Stands Withdrawn sp
-Rating Suspended PP- Purchaser Payouts NCD-Non-convertible
Debentures; CP-Commercial Paper; CD-Certificate of Deposit;
CCPS-Cumulative Convertible Preference Shares;
CLO-Collateralized Loan Obligation; DDB-Deep Discount Bond;
OFCD-Optionally Fully Convertible Debenture; PCPS- Partly
Convertible Preference Share; PTC-Pass Through Certificates;
SO-Structured Obligation; STB-Short Term Bond; STD-Short Term
Debentures; LTCD-Long Term Convertible Debenture; NIR-National
Issuer Rating; NLTR-National Long Term Rating; NLTIR- National
Long Term Issuer Rating; NSTIR- National Short Term Issuer
Rating; FCIDR -Foreign Currency Issuer Default Rating;
NIFS-National Insurer Financial Strength; FBL-Fund Based
Limits; WC-Working Capital.
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----------------------------- (Mumbai Rate Reporting Unit, +91
22 6636 9222, rru.data@reuters.com)