Balrampur Chini Mills : Credit Rating

13th April, 2017

National Stock Exchange of India Limited Listing Deptt., Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra Kurla Complex, Bandra (E) Mumbai- 400051	BSE Limited The Corporate Relationship Department 1st Floor, New Trading Wing, Rotunda Building, Phiroze Jeejeebhoy Towers Dalal Street, Fort, Mumbai- 400001	The Calcutta Stock Exchange Limited 7, Lyons Range, Kolkata - 700 001
Scrip Code: BALRAMCHIN	Scrip Code: 500038	Scrip Code: 12012

Dear Sir/ Madam,

Ref: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Sub: Update on Credit Rating

Further to our letter dated 9th November, 2016 on the captioned subject, we would like to inform you that ICRA Limited - the Credit Rating Agency has vide its letter dated 12th April, 2017 (copy enclosed) has revised upwards the Long Term Rating from "[ICRA] AA-" (pronounced ICRA double A minus) to "[ICRA]AA" (pronounced ICRA double A). Further the outlook on the Long Term Rating has been maintained as "Stable". The short term rating has been retained at "[ICRA] A1+" (pronounced ICRA A one plus).

This is for your information and record. Thanking you,

Yours faithfully,

For Balrampur Chini Mills Limited

NITIN

Digitally signed by NITIN BAGARIA DN: c=IN, o=Personal , CID - 4784168,

2.5.4.20=70edf4e66a0e8961231278b83a

BAGARIA

adcedb568f1b5bdc13503acaf7dc54c4b 4499f, postalCode=700089, st=West Bengal,

serialNumber=a9a44047a4d2dfced81c4 65feca614f0bbd564d76b7b1e93d4c746 808a274fb9, cn=NITIN BAGARIA

Date: 2017.04.13 12:53:43 +05'30'

Nitin Bagaria (Company Secretary)

Encl: As above

IICRA ICRA Limited

Ref: I CR A/ KOL/ R A/20 1 7- 1 8/042

A pri l 1 2, 201 7

M r. Pramod Patwa ri

Ch ief Fi nancia l Officer

Ba l ram pu r Ch i n i M i l ls Li m ited FMC Fort u na, 2nd Fl oor

234/J A, A J C Bose Road

Kol kata 700020 Dea r Sir,

Re: Surveillance review of Credit Rating Rs. 1783.51 crore of Balrampur Chini Mills Ltd.

Pl ease refer to ou r com m u n ication letter dated March 28, 20 I 7 com m u n icating the [ICRA]AA- (Stable) (pronou nced ICRA doubl e A m i n us) and the [ICRA]A I + (pronou nced ICRA A one pl us) rati ng assigned to the captioned ba n k l i nes of you r com pa ny and also you r subseq uent emai l dated March 29, 20 I 7 req uesti ng a review of the same.

Please note that the Rati ng Com m ittee of ICRA, after d u e consideration has revised the l ong term rati ng from [ICRA]AA- to [lCRA]AA (pronou nced ICRA doubl e A) for the captioned ban k l i nes of you r company. The Outlook on the long-term rati ng is stable. The rati ng com m ittee has retai ned the short term

rati ng at [ICRA]A 1+.

The aforesai d rati ngs wi ll be d ue for survei l lance anytime before March 31 , 20 1 8.

The rati ngs as stated above are specific to the terms and cond itions of the LOC as i nd icated to us by you. In case there is any change i n the terms and cond itions, or the size of the rated LOC, the same m ust be brought to our notice i m med iately. A ny such change wou l d warrant a rati ng review , fol lowing wh ich there cou l d be a change i n the ratings assigned.

J CRA reserves the right to review and/or, revise the above rati ng at any ti me on the basi s of new information or u nava i labi l i ty of i nformation or such other circumsta nces, wh ich ICRA bel ieves, may have an im pact on the rati ng assigned to you.

You are req uested to furn ish a period ic statement (in the format enclosed) confirm i ng the timel i ness of payment of all obl igations aga i nst the rated debt program me [interest and pri nci pal obl igations for fund

;s well as obl igations under LOCIBG foe non-fund based facil ity].

1

FMC FORTUNA, A-10 & A-11

3rdFloor, 234/3A A.J.C. Bose Road Kolkata - 700 020

Tel. : +91 . 33 . 71501100

Fax : +91 . 33 . 71501150

GIN : L74999DL1991PLC042749

website : www.icra.in

email : [e-mail]

Registered Office : 1105, Kailash Building, 11" Floor, 26 Kasturba Gandhi Marg, New Delhi - 110001, Tel.: [phone] Fax : [phone] Corporate Office : Building No. 8, Tower-A, 2M Floor, DLF Cyber City, Phase II, Gur9aon - 122002, Tel.: [phone] Fax : [phone]

R A T I N G • R E S E A R C H • I N F O R M A T I O N

You are a lso req uested to i n rorm u s forthwi th or any defa u l t or delay i n the payment of i n terest and/or pri nc i pa l aga i nst the rated debt progra m me, or a n y oth er debt i n stru ment s and/or borrowi ngs of you r com pan y. Fu rther. you are req uested to keep us i nform ed of any other developments that cou ld ha ve a d i rect or i nd i rect i m pact on the debt servici ng capa bi l i ty of you r com pa ny, wi th such developments i ncl ud i ng. but not l i m ited to, any proposal for re-sched u lement or postponement of repaymen t aga i nst any dues and/or debts of you r com pany with any lend er(s) and/or i n vestor(s).

We tha n k you for you r ki nd co-operat i on extended d uri ng the cou rse of the rat i ng exerci se. Please let us know if you need any clarificat ion.

We look forward to fu rther strengthen i ng ou r existi ng rel ationsh i p and assure you of our best services.

i1JI:d

W ith ki nd regards, Y ou rs si ncerely,

Sujoy Saha

V ice Presi dent

Sujoy.saha@icrai nd ia .com

f,,tJglb a..,.JcJ?,

Ekta Ban ka Sen ior A na lyst

ekta.ba n ka@icra ind ia.com

Format of u11dertaki11g to be provided on letter head company> when the comprmy is regular in servicing all its debt obligations

Statement of servicing of de bt o bligations for t he period A pril 2017 to d a te

I . The com pa ny has been regu la r in servicing a l l i ts pri nci pa l and i nterest obl i gations i n a ti mely man ner and there has not been any delay or defa u I t (a 111 i ssed or delayed paymen t i n breach of the agreed terms of the issue) d u ri ng the peri od menti oned above. We a lso confi rm that there has been no re-sched u lemen t i n rega rd to a ny of com pa ny 's debt obl igati ons. We also confi rm that there has been no overd rawal of the drawi ng power sanctioned by the ba n k for a period of more tha n 30 consecuti ve days i n case of ban k faci l ities wh ich do not have sched u l ed matu ri ty/ repayment dates.

A uthori zed Signatory Na me:

Desi gnati on: Date:

ICRA

Bal ra m pu r Ch i ni M ills Lim ited

Details of the ba n k limits rated by lCRA (Rated on long term scale)

Instru men ts	Rs. crores	Rati ng	Assigned on
(A mou n t)
Term loa ns and Soft Loans
HDFC Ba n k	34.50 ( Red uced from Rs. I 00 .00 crore)	Revised u pwards to [ICRAJ AA(Sta ble)	A pri l 1 0, 201 7
Excise d uty l oan (PNB & SBI)	1 49.01 (Red uced from Rs. 224 .2 1 crore)
Cash cred i t
State Bank of I nd i a	953.00	Revised u pwa rds to [ICRA]AA(Sta bl e)	A pri l 1 0, 201 7
Pu nja b Nati ona l Ban k	272.00
HDFC Ba n k	375 .00 (En hanced from Rs. 275 crore)
Total	1783.51

Details of the ba n k limits rated by ICRA (Rated on short term scale)

Inst ruments	Rs. crores	Ratin2	Assi2ned on
(A mou nt)
Non-fund based limits	[ICRA]A l + reaffirmed	Apri l 1 0, 201 7
State Ban k of I nd i a			(20 .00)*
Punjab National Ban k			(25.00)*
HDFC Ban k			(50 .00)*
State Bank of I nd ia -Forwa rd Cover			(4.00)*
Total	-

*The non fund based l i m i ts are a subl i m i t of the Cash cred it faci l i ty .