ch3~Ratings

Professional Risk Opinion

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Analytical Eutl1tnce

CARE/HO/RL/2014-15/2694
Mr. Manoj Saraf
Chief Financial Officer
Future Consumer Enterprise ltd.
4th Floor, Tower C,
247 Park, LBSMarg,
Vikhroli West, Mumbai - 83

March 16, 2015

Confidential
Dear Sir,

Credit rating for proposed Non-Convertible

Debenture issue

Please refer to your request for rating of proposed long-term non-convertible

debenture (NCD)

issue aggregating to RS.100 crore of your company. The proposed NCDs would have tenure of
three years with repayment

in two installments

wherein RS.40 crore would be repaid at the

end of 2nd year and RS.60 crore would be repaid at the end of

3'd

year from the date of

issuance.
2. The following ratings have been assigned by our Rating Committee:
Instrument

Amount
(Rs.crore)
100

Proposed Non-Convertible
Debenture issue

Rating'

Remarks

CAREA(Single A Minus)

Assigned

3.

The rationale for the rating will be communicated

4.

Please arrange to get the rating revalidated,

to you separately.

in case the proposed issue is not made

within a period of six months from the date of our initial communication

of rating to you

(that is March 16,2015).

'Complete definitions of the rotings assigned are available at www.corerotings.com
publications.

and in other CARE

Page1 of 3

CREDIT ANALYSIS & RESEARCH LTD.

CORPORATE OFFICE: 4'" Floor, Godrej Coliseum, Somaiya Hospital Road. Off Eastern Express Highway. Sian (E). Mumbai 400 022.
Tel.: +91-22-6754 3456; Fax: +91.22.6754 3457 I Email: care@careratings.com
I www.careratings.com

~~

Ratings ~~

Professional Risk Opinion

5.

Analytical Ext!II!nt!

In case there is any change in the size or terms of the proposed issue, please get the
rating revalidated.

6.

Please inform

us the details of issue [date of issue, name of investor, amount issued,

interest rate, date of payment of interest, date and amount of repayment etc.] as soon as
the NCDs have been placed.
7.

Kindly arrange to submit to us a copy of each of the documents

pertaining to the NCD

issue, including the offer document and the trust deed.

8.

CARE reserves the right to undertake

time,

based on circumstances

review/surveillance
9.

a surveillance/review

warranting

such review,

information,
entitled

material or clarifications

to publicize/disseminate

as may be required

by CARE. CARE shall also be

such suspension/withdrawal/revision
by it, without

in the assigned

reference to you.

Users of this rating may kindly refer our website www.careratings.com

on the outstanding

11.

the rating assigned on the basis of

or in the event of failure on the part of the company to furnish such

rating in any manner considered appropriate

10.

subject to at least one such

every year.

CARE reserves the right to suspend/withdraw/revise

new information

of the rating from time to

for latest update

rating.

CARE ratings are not recommendations

If you need any clarification,

to buy, sell or hold any securities.

you are welcome to approach us in this regard. We are indeed,

grateful to you for entrusting this assignment to CARE.

Thanking you,

Yours faithfully,

)~

-!fJ~

(Neha KhandelwalJ
Analyst
Neh a.khand eIwa I@careratings.com

(Ashvini PatilJ
Asst. General Manager
Ashvin i.patil@careratings.com

Page 2 of 3

CREDIT ANALYSIS & RESEARCH LTD.

CORPORATE OFFICE: 4" Floor, Godrej Coliseum, Somalya Hospital Road, Off Eastern Express Highway. Sion (E), Mumbal400
Tel.: +91.22.6754 3456; Fax: +91-22-6754 3457 I Email: care@careratings.com
1 www.careratings.com

022.

e&1~Ratings
Professional Risk Opinion

g~
Anolyticol Excellence

Encl.: As above
Note: Shri. V.K. Chopra, Rating Committee Member is a Non-Executive Director on the board of Future
Retail Ltd. ( group company of Future Consumer Enterprise Ltd.) and hence, the note is not sent to him.
To comply with the regulations, the Member is required not to participate in the rating process and the
Rating Committee Meeting and press disclosure about the same is to be made by the CRA.
Disclaimer
CARE's ratings are opinions on credit quality and are not recommendations to sanction, renew,
disburse or recall the concerned bank facilities or to buy, sell or hold any security. CAREhas based its
ratings on information obtained from sources believed by it to be accurate and reliable. CAREdoes
not, however, guarantee the accuracy, adequacy or completeness of any information and is not
responsible for any errors or omissions or for the results obtained from the use of such information.
Most entities whose bank facilities/instruments are rated by CAREhave paid a credit rating fee, based
on the amount and type of bank facilities/instruments.
In case of partnership/proprietary concerns, the rating assigned by CARE is based on the capital
deployed by the partners/proprietor and the financial strength of the firm at present. The rating may
undergo change in case of withdrawal of capital or the unsecured loans brought in by the
partners/proprietor in addition to the financial performance and other relevant factors.

Page 3 of 3

CREDIT ANALYSIS & RESEARCH LTD.

CORPORATE OFFICE: 4'" Floor, Godrel Coliseum, Somaiya Hospital Road, Off Eastern Express HIghway, $Ion (E), Mumbar 400 022.
Tel.: +91-22-6754 3456; Fax: +91-22-6754 3457 I Email: care@careratlngs.com
I www.careratings.com

C1N-161190MH1q~3PICOI16\"