Long-term debt programs of Indian firms rated by FITCH PART II

Securitisation Trust June 2004 PTC Series A2
AAA(ind)(SO) Withdrawn TVS Fin. Two Wheeler
Receivables Securitisation Trust September 2004 PTC Series A2

AAA(ind)(SO) Withdrawn TVS Fin. Two Wheeler
Receivables Securitisation Trust September 2004 PTC Series A1

AAA(ind)(SO) Withdrawn TVS Srichakra Ltd.

NLTIR BBB+(ind)
Assigned TVS Srichakra Ltd. LT Bank Loan
Rating BBB+(ind) 350 Assigned TVS Srichakra Ltd.

Secured FB line of Credit BBB+(ind) 930
Assigned UBL Trust Series 17 PTC

A+(ind)(SO) 2000 Assigned UBL Trust Series 18

PTC A+(ind)(SO) 1750
Assigned UBL Trust Series 19 PTC

A+(ind)(SO) 1950 Assigned UBL Trust Series 20

PTC A+(ind)(SO) 1500
Assigned UBL Trust Series 21 PTC

A+(ind)(SO) 250 Assigned UBL Trust Series 22

PTC A+(ind)(SO) 1000
Assigned UBL Trust Series 23 PTC

A+(ind)(SO) 850 Assigned UBL Trust Series 25

PTC A+(ind)(SO) 250
Assigned UCO Bank Upper Tier 2
Bonds AA-(ind) 5000 Revised UFLEX Ltd

NLTIR BBB-(ind)
Assigned UFLEX Ltd FBL-Working
Capital BBB-(ind)/ 1665 Assigned F2(ind) Ujjain
Municipal Corporation National Long-term BB(ind)

Assigned Union Bank of India
Upper Tier 2 Bonds AA(ind) 10000 Assigned Union
Bank of India Perpetual Tier 1 Notes AA(ind)

3000 Assigned Union Bank of India
NLTR AA+(ind) Assigned Union
Bank of India Lower Tier 2 Bonds
AA+(ind) 10000 Assigned Union Bank of India

Individual Rating C/D Assigned
Unitech Ltd. LTD
A+(ind) 5000 Reaffirmed Unitech Ltd.

LTD A+(ind) 20000 Reaffirmed
Unitech Ltd. LTD
A+(ind) 19000 Reaffirmed Usha Martin Ltd

NLTIR A+(ind) Assigned
Usha Martin Ltd Outstanding LT Loans
A+(ind) 6046.7 Assigned Usha Martin Ltd

Sanctioned LT Non-FBL A+(ind) 6650 Assigned
Usha Martin Ltd Cash Credit Limits
A+(ind) 3500 Assigned Uttam Galva Steels Ltd

NLTIR A-(ind) Assigned
Uttam Galva Steels Ltd LTD
A-(ind) 7900 Assigned Uttam Galva Steels Ltd

Cash Credit A-(ind) 450 Assigned
Urban Local Bodies - Ajmer NLTIR
BBB-(ind) Assigned Urban Local Bodies - Bhopal

NLTIR BBB-(ind) Assigned
Urban Local Bodies - Greater Mumbai NLTIR
AA(ind) Assigned Urban Local Bodies - Guwahati

NLTIR BB(ind) Assigned
Urban Local Bodies - Indore NLTIR
BBB(ind) Assigned Urban Local Bodies - Jabalpur

NLTIR BB+(ind) Assigned
Urban Local Bodies - Jaipur NLTIR
BBB+(ind) Assigned Urban Local Bodies- Kalyan
Dombivili NLTIR A(ind)
Assigned Urban Local Bodies - Mira-Bhyander NLTIR

A-(ind) Assigned Urban Local Bodies - Navi
Mumbai NLTIR AA(ind)
Assigned Urban Local Bodies - Pune NLTIR

AA-(ind) Assigned Urban Local Bodies -
Thane NLTIR AA-(ind)
Assigned Urban Local Bodies - Ujjain NLTIR

BB(ind) Assigned Varun Shipping Company
Ltd. NIR A+(ind)
Assigned Varun Shipping Company Ltd. LT Bank Loans

A+(ind) 22370 Assigned Vedanta Resources PLC

Senior Unsecured

Unsubordinated Bond Issue
BB+ 1250 Assigned Videocon Industries Ltd

LT Bank Lines A-(ind) 41623.5 Assigned
Videocon Industries Ltd Issuer Rating
A-(ind) Assigned Videocon Industries Ltd

FBL A-(ind)/ 875 Assigned
F1(ind) Videocon Industries Ltd Non-FBL

A-(ind)/ 2375 Assigned F1(ind) Videocon
Industries Ltd Working Capital Limits A-(ind)/

9675 Assigned F1(ind) Vijaya Bank
Upper Tier 2 AA(ind) 3000 Assigned Vijaya
Bank Subordinated Debt AA+(ind)

2000 Assigned Vijaya Bank
Subordinated Debt AA+(ind) 2500 Assigned Vijaya
Bank NLTR AA+(ind)

Assigned Water & Sanitation Pooled Fund LTD

AA(ind)(so) 450 Assigned West Bengal
Infrastructure Dev Fin LTD (Series 2007) A(ind)(SO)

Assigned West Bengal Infrastructure Dev Fin Bonds

A(ind)(SO) Assigned Whirlpool of
India Limited INR1250 Mln Secured NCR

Debenture Series-II Pgm
AAA(ind)(so) Withdrawn Wockhardt Ltd

Issuer Rating AA-(ind) Assigned
Wockhardt Ltd Cash Credit Limits
AA-(ind) 2500 Assigned Wockhardt Ltd

Term Loans AA-(ind) 2500 Assigned
Xenitis Infotech Ltd. NLTIR
BBB(ind) Assigned Xenitis Infotech Ltd.

LT Bank Loans BBB(ind) 90 Assigned
Xenitis Infotech Ltd. FBL-Working Capital
BBB(ind) 1600 Assigned XPRO India Ltd.

National LT Issuer Rating BBB-(ind) Assigned
XPRO India Ltd. Fund Based WC Lines
BBB-(ind)/ F3(ind) 308.5 Assigned XPRO India Ltd.

Term Loans BBB-(ind) 267.3
Assigned Securitisation Trust-Series XXV (IO) A3 PTC

AA-(ind)(SO) Assigned
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-----------------------------#: Rating Watch with Developing
implications @: Rating Watch with Negative Implications %:
Rating under Credit Watch wd -Rating Stands Withdrawn sp
-Rating Suspended CCPS-Cumulative Convertible Preference Share;
CPS-convertible preference shares; DDB-Deep Discount Bond;
EPBI-Exchange premium bond; FRB/FRN-Floating Rate Bond/Note;
FRD-floating rate debentures; MOCD-multiple option convertible
debenture; MTN-medium term notes; NCB- non-convertible bond;
NCD(SO)-Non Convertible Debenture-(Structured Obligation);
NCD-Non- Convertible Debenture; NCRB-Non Convertible Redeemable
Bonds; NM-Not Meaningful; OCD- optionally convertible
debenture; OFCD-Optionally Fully Convertible Debenture; PCD-
Partially Convertible Debenture; PCN-partly convertible notes;
POCD-partly optional convertible debentures; PP-privately
placed; PS-Preference Shares; PTC-Pass Through Certificates;
RPS-Redeemable Preference Shares; SCPN-secured convertible
preference notes; SDO-Structured Debt Obligation; SLR-Statutory
Liquidity Ratio; SPN-secured premium notes; TB-Taxable Bond;
TFB-Tax Free Bond; TOCD-triple option convertible debentures;
LTCD-Long Term Convertible Debenture; NIR-National Issuer
Rating; NLTR-National Long Term Rating; NLTIR-National Long
Term Issuer Rating; FCIDR-Foreign Currency Issuer Default
Rating; NIFS-National Insurer Financial Strength; FBL-Fund
Based Bank Limits; WC-Working Capital.
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