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CORRECTED-India Ratings for Indian debt instruments – Oct 22

 (Correcting the header as Oct 22 instead of Sep 22)
    Oct 22 - Below are the ratings awarded by India Ratings and Research Private Ltd
(India Ratings), formerly known as Fitch Ratings India for local debt instruments as of
October 21, 2020.

COMPANY                         INSTRUMENT            RATING          AMOUNT   MOVEMENT
                                                                     (RS.MLN)
------                          ----------            ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Agarwalla Timbers Pvt. Ltd     Non-FB limits          IND A4+          360     Assigned

LONG TERM RATINGS:
-------------------
Agarwalla Timbers Pvt. Ltd     FB limits              IND              60      Assigned
                                                      BB/Stable/IND A4+
Bajaj Energy Ltd               TL                     IND BB+/Positive 11854.6 Upgraded
(increased from INR11,591.5)(*interest during moratorium added to loan outstanding)
Bajaj Energy Ltd               WC facility            IND              6287.3  Upgraded
                                                      BB+/Positive/IND
                                                      A4+
(increased from INR5,681.3)(**including additional working capital sanction given as COVID-19
loan and funded interest term loan for interest on working capital during the moratorium period)
Bajaj Energy Ltd               Non-FB facility        IND              260     Upgraded
                                                      BB+/Positive/IND
                                                      A4+
Dinesh Oils Ltd                FB limit (LT/ST)       IND D            600     -
(Issuer Not Cooperating) Maintained in non-cooperating category
Dinesh Oils Ltd                Non-FB limit (LT/ST)   IND D            1082    -
(Issuer Not Cooperating) Maintained in non-cooperating category
Dinesh Oils Ltd                Long-TL (LT)           IND D            10      -
(Issuer Not Cooperating) Maintained in non-cooperating category
Goa Natural Gas Pvt Ltd        TL                     IND BBB+/Stable  830     Affirmed
Goa Natural Gas Pvt Ltd        Non-FB limits          IND              50      Affirmed
                                                      BBB+/Stable/IND
                                                      A2+
Goa Natural Gas Pvt Ltd        Non-FB limits          IND              60      Assigned
                                                      BBB+/Stable/IND
                                                      A2+
J.R. Agrotech Pvt. Ltd         FB limits (LT and ST)  IND D            2800    -
(Issuer Not Cooperating) Maintained in non-cooperating category
J.R. Agrotech Pvt. Ltd         TL (LT)                IND D            150     -
(Issuer Not Cooperating) Maintained in non-cooperating category
Punjab National Bank           AT1 bonds              IND AA/Stable    15000   Assigned
Punjab National Bank           AT1 bonds              IND AA/Stable    67500   Affirmed
Punjab National Bank           Basel III Tier 2 bonds IND AAA/Stable   95000   Affirmed
Punjab National Bank           Senior infrastructure  IND AAA/Stable   20000   Affirmed
                               bonds
Puravankara Ltd                FB WC facility         IND BBB+/Positive1000    Assigned
Sidhi Cotspin Pvt Ltd          TL                     WD               970     -
(* Maintained at ‘IND BBB-(ISSUER NOT COOPERATING)’ before being withdrawn,Maintained in the
non-cooperating category)
Sidhi Cotspin Pvt Ltd          FB limit               WD               310     -
(** Maintained at ‘IND A3(ISSUER NOT COOPERATING)’ before being withdrawn,Maintained in the
non-cooperating category)
Ushdev International Ltd       TL (LT)                IND D            500     -
(Issuer Not Cooperating) Maintained in non-cooperating category
Ushdev International Ltd       FB limits (LT)         IND D            5000    -
(Issuer Not Cooperating) Maintained in non-cooperating category
Ushdev International Ltd       Non-FB limits (ST)     IND D            20000   -
(Issuer Not Cooperating) Maintained in non-cooperating category
-----------------------------------------------------------------------------------------------
Note:- All Indian National-scale ratings previously assigned by Fitch have been transferred to
India Ratings & Research Private Ltd (India Ratings), which is a wholly owned subsidiary of the
Fitch Group. The withdrawn criteria are now available on India Ratings' website at
www.indiaratings.co.in

$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

INDIA RATINGS may apply + or - signs for ratings to reflect a comparative standing within the
category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures; RWN- Rating
Watch Negative;
RWN- Rating Watch Evolve.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222, E-mail at rru.data@refinitiv.com)
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