Short-term debt programs of Indian firms rated by FITCH

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 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.

STD/CP F1+(ind) 5000
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 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 A1 F1+(ind)(SO) Withdrawn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 VHB Lifesciences Ltd.

Non fund Based Limit F3(ind) 35 Assigned
VHB Medisciences Ltd. NFB Working Limit
F4(ind) 100 Assigned 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
Wockhardt Ltd. NFBL
F3(ind) 1450 Downgraded Writers and Publishers Ltd.

CP F1+(ind) 300 Withdrawn
Xenitis Infotech Ltd. Non-FBL Working Capital
F3(ind) 800 Assigned XPRO India Ltd.

Non Fund WC Lines F3(ind) 263 Assigned
XPRO India Ltd. CP
F3(ind) 100 Assigned XXVI Trust 2006

PTC Series C1 F1+(ind)(SO) Assigned
XXVI Trust 2006 PTC Series C2
F1+(ind)(SO) Assigned Yes Bank Ltd. (Indian Corporate
Loan Securitisation Trust Series VII) PTC

F1+(ind)(SO) Assigned Yes Bank's Indian Corporate
Loan Securitisation Trust-Series XXXI PTC

F1+(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 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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