Ind-Ra Migrates Kiri Industries to Suspended Category

Ind-Ra-Mumbai-15 June 2015: India Ratings and Research (Ind-Ra) has migrated Kiri Industries Limited’s (KIL) ‘IND D’ Long-Term Issuer Rating to the suspended category. The rating will now appear as ‘IND D(suspended)’ on the agency’s website. A full list of rating actions is at the end of this commentary.

The ratings have been migrated to the suspended category due to lack of adequate information. Ind-Ra will no longer provide ratings or analytical coverage for KIL.

The ratings will remain in the suspended category for a period of six months and be withdrawn at the end of that period. However, in the event the issuer starts furnishing information during this six-month period, the ratings could be reinstated and will be communicated through a rating action commentary.

KIL’s ratings are as follows:

- Long-Term Issuer Rating: migrated to ‘IND D(suspended)’ from ‘IND D’
- Proposed INR1,000m non-convertible debentures programme: migrated to Long-Term ‘IND D(suspended)’ from ‘IND D’
- INR666.4m long-term loans: migrated to Long-Term ‘IND D(suspended)’ from ‘IND D’
- INR1,700m fund-based bank limits: migrated to Long-Term ‘IND D(suspended)’ from ‘IND D’
- INR365m non-fund-based bank limits: migrated to Short-Term ‘IND D(suspended)’ from ‘IND D’

Contacts:
Primary Analyst
Amey Joshi
Associate Director
+91 22 4000 1794
India Ratings and Research Pvt Ltd
Wockhardt Towers, Level 4, West Wing
Bandra Kurla Complex, Bandra (East)
Mumbai - 400 051

Secondary Analyst
Sumit Shashwat
Senior Analyst
+91 22 4000 1731

Committee Chairperson
Salil Garg
 Director
+91 11 4000 1700

Media Relations: Saaranya Shetty, Mumbai, Tel: + 91 22 4000 1729, Email: saaranya.shetty@indiaratings.co.in.

Additional information is available at www.indiaratings.co.in. The ratings above were solicited by, or on behalf of, the issuer, and therefore, India Ratings has been compensated for the provision of the ratings. The issuer did not participate in the rating process, or provide additional information, beyond the issuer's available public disclosure.

Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security or any issuer.

Applicable criteria, ‘Corporate Rating Methodology’, dated 12 September 2012, are available at www.indiaratings.co.in.

ALL CREDIT RATINGS ASSIGNED BY INDIA RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://INDIARATINGS.CO.IN/UNDERSTANDINGCREDITRATINGS.JSP. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE WWW.INDIARATINGS.CO.IN. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. INDIA RATINGS’ CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE.

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India Ratings & Research (India Ratings) has six rating offices located at Mumbai, Delhi, Chennai, Kolkata, Bangalore and Hyderabad. India Ratings is recognised by Reserve Bank of India, Securities Exchange Board of India (SEBI) and National Housing Bank.

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