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India Ratings for Indian debt instruments – Sep 21

    Sep 21 - 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
September 18, 2020.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Auronext Pharma Pvt Ltd        NFB WC limit           IND A1+          100     Affirmed; off
                                                                               RWE
National Bank For Agriculture  CP (CP)                IND A1+          500     Affirmed
And Rural Development’S (Nabard)
National Bank For Agriculture  Term money borrowings  IND A1+          100     Affirmed
And Rural Development’S (Nabard)
National Bank For Agriculture  ST deposits            IND A1+          700     Affirmed
And Rural Development’S (Nabard)
National Bank For Agriculture  CDs                    IND              200     Affirmed
And Rural Development’S (Nabard)                      AAA/Stable/INDA1+
Singh Enterprises              Non-FB limits          IND A4+          150     Affirmed

LONG TERM RATINGS:
-------------------
Aegis Customer Support ServicesFB WC limits           IND              660     Affirmed
Pvt Ltd                                               BBB-/Stable/IND
                                                      A3
Aegis Customer Support ServicesNon-FB WC limits       IND              277     Affirmed
Pvt Ltd                                               BBB-/Stable/IND
                                                      A3
Aegis Customer Support ServicesFB WC limits ^         IND              50      Assigned
Pvt Ltd                                               BBB-/Stable/IND
                                                      A3
(^ The final rating has been assigned following the receipt of the sanction letter by Ind-Ra)
Aegis Customer Support ServicesNon-FB WC limits^      IND              163     Assigned
Pvt Ltd                                               BBB-/Stable/IND
                                                      A3
(^ The final rating has been assigned following the receipt of the sanction letter by Ind-Ra)
Aegis Customer Support ServicesProposed non-FB WC     WD               27      Withdrawn*
Pvt Ltd                        limits
(* The company did not proceed with the instrument as envisaged )
Auronext Pharma Pvt Ltd        FB WC limit            IND              250     Affirmed; off
                                                      AA-/Stable/IND           RWE
                                                      A1+
Bhoorathnom Construction       FB WC  limit*          WD               160     Withdrawn
Company Pvt Ltd
(*Maintained at ‘IND BB-(ISSUER NOT COOPERATING)/IND A4+(ISSUER NOT COOPERATING)’ before being
withdrawn)
Bhoorathnom Construction       Non-FB WC limit**      WD               720     Withdrawn
Company Pvt Ltd
(** Maintained at ‘IND A4+(ISSUER NOT COOPERATING)’ before being withdrawn)
National Bank For Agriculture  Bonds                  IND AAA/Stable   400     Assigned
And Rural Development’S (Nabard)
National Bank For Agriculture  Bonds*                 IND AAA/Stable   1560.41 Affirmed
And Rural Development’S (Nabard)
(*Bonds include non-priority sector bonds and tax-free bonds,(reduced from INR1,621.41))
National Bank For Agriculture  Government of India    IND AAA/Stable   16.47   Affirmed
And Rural Development’S (Nabard(GoI) fully-serviced
                               bonds
National Bank For Agriculture  LT deposits            IND AAA/Stable   2250    Affirmed
And Rural Development’S (Nabard)
National Bank For Agriculture  Bk loan                IND AAA/Stable   300     Affirmed
And Rural Development’S (Nabard)
National Bank For Agriculture  LT/ST issuer rating    IND              -       Affirmed
And Rural Development’S (Nabard)                      AAA/Stable/IND
                                                      A1+
Samarth Ad Protex Pvt. Ltd     Long-TL                IND BB+          397.4   -
(Issuer Not Cooperating); Migrated to non-cooperating category
Samarth Ad Protex Pvt. Ltd     FB limits              IND BB+          147     -
(Issuer Not Cooperating); Migrated to non-cooperating category
Singh Enterprises              FB limits              IND BB-/Stable   25      Affirmed
Sp Jammu Udhampur Highway Ltd  NCD                    IND AAA/RWN      26100   Placed on RWN
(outstanding INR20,770)
Vishal Mega Mart Pvt Ltd       NCDs (NCDs)            IND A+/Positive  2000    Upgraded
Vishal Mega Mart Pvt Ltd       NCD                    IND A+/Positive  6000    Upgraded
Vishal Mega Mart Pvt Ltd       FB WC limits           IND              1000    Assigned
                                                      A+/Positive/IND
                                                      A1+
-----------------------------------------------------------------------------------------------
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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