Corporate announcements

Ballarpur Industries Ltd has informed the Exchange that "Fitch Ratings' has upgraded the Long Term Debt ratings of the Company as per the following details: 1) INR500m Non Convertible Debentures-'AA-(ind)/Stable' (Upgraded) 2) INR1000m Non Convertible Debentures - 'AA-(ind)/Stable' (Assigned) 3)INR500m Short Term Debt Programme - 'F1+(ind)' (Assigned) 4) INR1000m Commercial Paper Programme -'F1+(ind)' (Affirmed) 5) INR245m Structured debt programme (partially guaranteed by FMO, Netherlands) - 'AA+(SO)(ind)/Stable' (Affirmed) 6) INR500m Preference Shares - 'A(PS)(ind)' (Withdrawn).

Alok Industries Limited has informed the Exchange that Fitch Ratings India Private Limited have vide letter dated March 24, 2005 affirmed the "F1(ind)" (F one ind) rating for the Company's Rs.400 million commercial paper programme. This rating is valid up to a maximum period of 12 months from the date of their captioned letter.

Tata Iron And Steel Co. Ltd. has informed the Exchange that the International Credit Rating Agency Standard & Poor's (S&P) have on March 24, 2005 assigned Tata Steel 'BBB' Local Currency (Corporate) Rating and 'BB +' Foreign Currency Rating with stable outlook.

Transport Corporation Of India Limited has informed the Exchange of the Credit Rating assigned by CARE Limited in respect of the following program : 1) "CARE AA-" [CARE Double AA (Minus)] rating on the Company's proposed Non Convertible Debenture Issue of Rs. 10 crore.

Graphite India Limited has informed the Exchange that ICRA has retained/reaffirmed the ratings for the following: 1) Rs.50 crore NCD programme - LAA- (pronounces as L double A minus); 2) Rs. 30 crore Commercial Paper Programme - A1+ (pronounced as A one plus); 3) Fixed deposit programme - MAA (pronounced M double A).

Gujarat Gas Co. Ltd has informed the Exchange that the Company has been assigned credit rating of "AAA/Stable" by Crisil Limited for Rs.150 crores for non-convertible debenture programme.

Micro Inks Limited has informed the Exchange that the CRISIL Limited has assigned a "P1+" (P One Plus) (which indicates that the degree of safety with regard to timely payment of interest and principal on the instrument is very strong) rating to the Company's Commercial Paper Programme for an amount upto Rs.250 million vide its letter dated January 27,2005.

Kesoram Industries Ltd. has informed the Exchange that M/s Credit Analysis & Research Ltd. have assigned the Company's rating as PR1+ [PR One Plus] for Short Term Debt (including Commercial Paper) Programme upto Rs.100 Crores.

Alok Industries Limited has informed the Exchange that Fitch Ratings India Private Limited have vide their letter dated January 10, 2005 affirmed the "F1(ind)" [F one ind] rating for the Company's Rs.400 million commercial paper programme. This rating is valid up to a maximum period of 12 months from the date of their captioned letter.

State Bank Of Travancore has informed the Exchange that ICRA Ltd. has assigned the highest rating of 'LAAA' (Pronounced L Triple A) indicating 'Highest Safety' for the Bank's proposed Bonds issue to the extent of Rs.195 crores. The rating assigned by ICRA Ltd. for the Bank's earlier issue of Bonds (I, II and V series) was 'LAA+' indicating 'High Safety'.

Bombay Dyeing & Mfg Co. Ltd has informed the Exchange that ICRA Limited vide its letter dated January 07, 2005 has reaffirmed the "A1+" (pronounced as A one plus) rating assigned to the Short Term Debts (including Commercial Paper) programme of Rs.100 crs. of the company.

Indusind Bank Limited has informed the Exchange that Fitch Rating Agency has changed the outlook on the Bank to "Positive" from "Stable". At the same time, the agency has assigned a National rating of 'A+(ind)' to the proposed INR 1 billion subordinated debt programme of the Bank, while affirming the 'A+(ind) rating of the existing subordinated debt. Fitch has also affirmed the 'F1+(ind)' National rating of the Certificate of Deposit programme of the Bank for an enhanced amount of INR 2.5 billion. The details of the press release issued in this regard by Fitch Ratings shall be available on the

United Western Bank Ltd has informed the Exchange that the Rating Agency Credit Analysis and Research Ltd. "CARE" has revised the rating assigned to Tier II Bond Issues of Rs. 55 Crores and Rs. 79.70 Crores of the Bank. The rating has been downgraded from 'A-" (Single A minus) to 'BBB+'(Triple B Plus).However the bank will be making a representation to the Rating Agency for reviewing the rating assigned.

Bombay Dyeing & Mfg Co. Ltd has informed the Exchange that ICRA Limited vide its letter dated November 10, 2004 has reaffirmed the "A1+" (pronounced as A one plus) rating assigned to the Short Term Debts (including Commercial Paper) programme of Rs.100 crs. of the company.

Rajasthan Spg. & Wvg. Mills Ltd. has informed the Exchange that the Company has on November 18, 2004, issued Commercial Paper for an amount of Rs.10.00 crores to Bank of Baroda based on the credit rating of A1+ assigned to the Company by ICRA Limited.

Graphite India Limited has informed the Exchange that ICRA Limited has assigned "A1+" rating to the Company's exsisting Commercial Paper/Short Term Debt Programme aggregating Rs.30 crore,which continues and stands valid.

Allahabad Bank has informed the Exchange that the Credit Analysis & Research Ltd has informed the Bank that their Rating Committee has upgraded the Ratings of the Bank's Tier II (Series IV) Unsecured Subordinated Bond of Rs.200 Crores from "CARE AA" (Double A) to "CARE AA+ (Double A plus)".

Munjal Auto Industries Limited has informed the Exchange that ICRA Ltd. has assigned "A1+"(pronounced as A one plus) rating for Rs.10 Crore short Term Debt including Commercial Paper Programme of the company. This rating indicates highest safety,which means the prospect of timely payment of debt/obligation by the Company is the best.

Alok Industries Limited has informed the Exchange that Fitch Ratings India Private Limited has vide its letter dated November 01, 2004 assigned an A (ind) ("Single A ind") rating for the proposed issue of Rs.1250 million Secured Redeemable Non Convertible Debentures.

Eimco Elecon (India) Ltd. has informed the Exchange that CRISIL has retained "P1+" rating for company's Commercial Paper Programme for the enhanced limit of Rs.13 crores from the earlier limit of Rs.10 crores. CRISIL has also retained "AA-" rating for the company's Rs.5 crores Non-Convertible Debenture Programme.

Transport Corporation Of India Limited has informed the Exchange of the credit rating assigned by ICRA Limited in respect of the following programs : 1) 'A1+' rating on the Company's Rs.25 crore Commercial Paper (CP) programme; 2) 'MA+' rating on the Company's Fixed Deposit programme.

Steel Authority Of India Ltd. has informed the Exchange that the CRISIL has upgraded the credit rating of Bonds programme of SAIL from 'BBB' to 'A' and of fixed deposit programme from 'FA' to 'FA+". The company has further informed the Exchange that ICRA has also upgraded the rating for fixed deposit and Bond Programme from 'MA-' and 'LBBB' to 'MA+' and 'LA' respectively.

Alok Industries Limited has informed the Exchange that Fitch Ratings India Private Limited have vide their letter dated October 04, 2004 affirmed the 'F1(ind)' (F one ind) rating for their Rs.400 million commercial paper programme. This rating is valid up to a maximum period of 12 months from the date of their captioned letter. Further, Credit Analysis & Research Limited have also vide their letter dated October 04, 2004 assigned a 'PR 1' [PR One] rating for the Company's proposed issue of Non-Convertible Debentures of Rs.20.00 crore. The said rating is also valid for a period of one year.

Eid Parry India Ltd. has informed the Exchange that CRISIL has upgraded the rating for Non-Convertible debentures to AA/stable (pronounced "double A with stable outlook") from AA-/Stable (pronounced "double A minus with stable outlook). The revised rating indicates high degree of safety with regard to timely payment of interest and principal on the instrument.

Micro Inks Limited has informed the Exchange that the Credit Analysis & Research Ltd. (CARE) has upgraded the rating to 'CARE AA' [Double A] for Non Convertible Debentures upto Rs.1000 Million and has retained PR1+ (PR One Plus) rating assigned to the Company's Short Term Debt (STD) Programme [Including Commercial Paper (CP)] for an amount upto Rs.650 million for a maturity upto three months.

Crompton Greaves Ltd has informed the Exchange that FITCH Ratings India Private Limited (FITCH) have affirmed the F1+(Ind) rating of the Commercial Paper/Short Term Debit programme of the Company for an enhanced amount of Rs. 100 crores as against Rs. 70 crores earlier. The rating indicates Highest Credit quality and strongest capacity for timely payment of financial commitments. FITCH has also affirmed the A+(Ind) rating to the long term debt programme of the Company. The rating indicates Adequate Credit quality and that capacity for timely payment of financial commitments is considered adeq