Prabhat Dairy Limited Fresh Dairy -Milk Ingredients -Co-manufacturing rabhat a Partners in Progress November 25, 2016 BSE Ltd. The Listing Department Phiroze Jeejeebhoy Towers National Stock Exchange of India Ltd. Dalal Street Exchange Plaza, Plot No. C/1, G Block Mumbai ~ 400 001 Bandra Kurla Complex SCRIP Code : 539351 Bandra (East) Mumbai - 400 051. SCRIP Code : PRABHAT Sub : Intimation of upgradation in credit rating to A+ and Ai. Ref: Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Dear sir /madam, This is to inform you that ICRA Ltd,, a credit rating agency after taking a consolidated view of Prabhat Group comprising of-the Company and its subsidiary i.e. Sunfresh Agro Industries Private Limited, has assigned a long term rating of “[ICRAJA+ with Stable Oulook” to Rs. 147.50 Crore of fund based credit facilities and a short term rating of “[ICRAJA1” to Rs, 20 Crore of non-fund based credit facilities of the Company, The aforesaid ratings are valid upto November 17, 2017. Prior to the above ratings, the long term rating of the Company was ‘IND A (Outlook Stable)’ assigned by India Ratings and Research Pvt. Ltd. which was valid upto September 30, 2016. A copy of the letter issued by ICRA Ltd, in the above matter is enclosed herewith for reference. Kincly take the above information on record and acknowledge. Thanking you iry Limited ee a eer ee ret Tere ear rete eataieiE sera eG i Reet eed De een eeeICRA ICRA Limited ‘CONFIDENTIAL Ref: 2016-t7/PUN/202 Date: Nov 23, 2016 Me, Ravraj Vahadane, Chief Fnanoe Officer, Prabhat Dairy Limited 101, Sadhana Apartment, Near sakhar Sank, Shivanagar, Pune Dear Sir, Re: ICRA assigned credit rating for Rs, 180,00 crore Line of Crecit of Mis Prabhat Dairy Limited, (instrument detais in Annexure) Please refer to your etter requesting ret rating for bank lines of Prabhat Dar Limited. The Rating Commitee cf ICRA, ater due consideraton, has asignod the longterm rating of [ICRA (pronounced as ICRA A plus) to the Rs 147.50 crore fund based facies and a shart term rating of ICRAJA1 (renounced ICRA A one) to the Rs. 20.00 crore non fund based facilities of Prabhat Dairy Limited (PDL). ICRA has also assigned a long term short erm rating of CRAJAH/ Stable A to the Rs, 12.50 crore unallocated limits. The outlook on the long-term rating Is Stan ‘The aforesaid ratings are val til Nov 17, 2017, ‘The ratings are spect othe terms and conditions of the LOC as indicated to us by yeu, and any change inthe ferms or size ofthe same would requie a review of the ratings by us. In case there is eny change inthe terms, ‘and conditions or the size of the rated LOG, the same must be brought to our notice before the fact is used by you. In the event such changes occur aftr the ratings have been assigned by us and their use has been ‘confirmed by you, the ratings would be subject to our review, folowing wich there could be a change inthe ratings previously assigned. ICRA reserves the right to suspend, withdraw, or revise the above ratings at any time on the basis of new information becoming avaible, or the required information not being avalable, or ther circumstances that ICRA, belioves could have an impact onthe ratings assigned, The rating, as aforesaid, however, should not be treated as a recommendation fo buy, sell or hold the Debt instuments issued by you. I the programme rated as above s nt dratn by you within period of two months ftom the date ofthe letter communicating the rating, the same would stand withdrawn unless revaldated belore expiy ofthe two months. ‘You ae required to furnish a quarterly statement (nthe form enclosed) confirming the timeliness of payment of all obligations against the rated debt programme {interest and principal obligations for fund based a8 well as, obligations under LOCIBG for non-fund based fait], ‘You are also required to inform us forthwith of any defauit or day in the payment of interest andlor princioal ‘against the rated debt programm, or any cther debt instuments endior borowings of your company. Further, you are requested to keep us informed of anyother developments that could have a director indiec impact on ‘the debt servicing eapebilty of your company, wit such developments including, bu nat lined to, any propose {or re-schedulement or postponement of repayment against any dues andior debi of your company with any ‘eo z ww ce ‘5A, Shh Flop Symphony Tol. : +01 202566 1704, 25860105/05 Website mawierain ‘S.No. 210]6TS 3202, Rangeils Ro, Fax +81 202566 (231 ‘mal purrs com Shivainegay| Pune 411 020, GIN : [7499901 1281PLco4z749 Registra Ofc: 105, eins Bulg i Fr, 26, as Gonh Marg, New Oe 1000, Ta: tt} 2867040480 Fae+(t-) ane7O8 RATING © RESEARCH © INFORMATIONICRA ‘thank you for your kind cooperation extended during the course ofthe rating exercise. Please let us know if you need any daricaton, ‘im of? psa Z yy J Format for quarterly undertaking {To be sent every quarter to ICRA Limited by email and fax] The company hes been regular in servicing al ts pricipal ad interest obligations ina tmoly manner and there fas not been any delay or dota (a missod or delayed payment in breach of the agroed terms of the ‘ssue) dig th specie period. We also confi tha there hes Been no re-schedueront regard fo any of companys det obigatons. Wo also confim thet ther has bean no overiawa ofthe daving power sanctioned by the bank for @ period of more than 30 consecuivo days incase of bank facies which donot ‘have scheduled matuyrepayment dates. Annexure Details of Bank Limits Rated by ICRA (Rated on Long-Term Scale) (Rs. Crore) Rating Outstanding [Kotak Bank Term Lean 60 [Kotak Bank WCDL 45.00 [Societe Generale - WCDL 20.00 CRAJASStable Rabo Bank - WCDL 45.00 HOF Bark Cash Credit 2000 | ICI — Cash Credit 10.00 Totar 14750 Details of Bank Limits Rated by ICRA (Rated on Short-Term Scale) (Rs. Crore Rating Outstanding [Rabo Bank [75.00 ICICI Bank 5.00 [eRAAL [Total 20.00 Details of unallocated Limits Rated by ICRA (Rated on Long Term / Short-Term Scale) (Rs. Crore) Rating Outstanding [Cong tem 7 Short tem Unallocated 12.50 [GRAJAY Stabler At [Total 12.50