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1 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC. Securities in Fixed Income Portfolios (For Broker/Professional Use) S. No. Company / Type of Security / Rating Description 1 Aasan Developers & Constructions Private Limited Security: Corporate Debt Rating: ICRA A+(SO) Source: http://icra.in/Files/Reports/Rationale/Aasan%20Developers_r_29062015.pdf BACKGROUND: Aasan Developers & Constructions Private Limited (ADCPL) was setup in July 2011 and has no operating or investing activities. The sole shareholder of ADCPL is Alpex Holdings Private Limited (from November 2014; prior to that, the company was held by PEL Infra Constructions & Developers Private Limited, PRL Developers Private Limited and Thoughtful Realtors Private Limited), which is held by Akshar Fincom Private Limited, which is the sole trustee of Sri Gopalkrishna Trust. As on March 31, 2015, the company has no external debt on its books and has availed only short-term unsecured loans from group concerns. The Sri Krishna Trust (SKT) was incorporated in 2005 for managing the investment holdings of the promoters in Piramal Enterprises Limited (PEL; rated [ICRA]AA(Stable) / [ICRA]A1+ by ICRA) and Piramal Phytocare Limited (PPL). The sole trustee for SKT is Piramal Management Services Private Limited (PMSPL) where the major shareholders are Mr. Ajay Piramal and Dr. Swati Piramal. As on March 31, 2015 the promoter group holding in PEL is ~52.85% of which 48.75% is held via SKT. Based on the current group structure, SKT is the principle holding trust for the promoter stake held in PEL (the flagship company of the Piramal Group). SKT’s credit profile is supported by its reasonably strong financial flexibility owing to its 48.7% stake in PEL (market valuation of Rs. 7,794 crore as of June 16, 2015). PEL holding also provides steady flow of dividends to SKT. The credit profile is further supported by the borrowing cap applicable on SKT (lower of Rs. 1,500 crore and 25% of the market value of PEL shares held by SKT), which ensures that it has adequate refinancing ability. The source of income for SKT has primary been dividend from key investee company PEL (minimal income from other sources like sale of shares and interest received against FDs). Until Dec 2012, SKT was holding shares of PEL through its 100% subsidiary PHL Holdings Private Limited (PHL) and not directly. The dividend distributed by PEL was Rs. 350.98 crores for FY 2012 (which was declared and distributed in August 2012). By virtue of its 48.7% shareholding in PEL, PHL had received Rs. 170.45 crore as cash flows from dividend. However, only around 2.7% of this amount (Rs. 4.73 crore) was passed to SKT in FY 13, and the balance was retained on the books of PHPL. In Dec 2012, the Piramal Group decided to amalgamate PHL into PEL. Post the merger (Jan 2013 onwards), SKT became the direct holding entity for promoter’s stake in PEL. Thus, though the amount of total dividend distributed by PEL for FY 2013 was largely stable on Y-o-Y basis at Rs. 353.31 crore; by virtue of holding 48.7% stake in PEL directly, SKT received Rs. 147.23 crore as cash flows from dividends in FY 14. In May 2014, PEL’s board approved a special dividend of Rs. 35.0 per equity share, which was in addition to the normal dividend of Rs.17.50 per equity share for FY 14. Hence, SKT received dividend cash flows of ~Rs. 441 crore in August 2014. Key Features of the Transaction The NCDs would have a scheduled tenor of upto 3 years from the deemed date of allotment. The principal amount on the NCDs would be payable in one bullet installment on the scheduled maturity date. The coupon amount would be payable on an annual basis. The guarantee from SKT would cover all Issuer obligations that may arise on the rated NCDs. The payment mechanism is designed to ensure timely payment to the NCD investors, as per the terms of the transaction. RATING RATIONALE: The rating for the NCDs is based on the strength of an unconditional, irrevocable and continuing guarantee by The Sri Krishna Trust (SKT; Guarantor), one of the principal holding entities of the Ajay Piramal group. The rating also factors the payment mechanism designed to ensure timely payment on the rated NCDs as per the terms of the transaction.

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1 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

Securities in Fixed Income Portfolios

(For Broker/Professional Use)

S. No. Company / Type of Security / Rating

Description

1 Aasan Developers &

Constructions Private

Limited

Security: Corporate Debt Rating: ICRA A+(SO)

Source: http://icra.in/Files/Reports/Rationale/Aasan%20Developers_r_29062015.pdf BACKGROUND: Aasan Developers & Constructions Private Limited (ADCPL) was setup in July 2011 and has no operating or investing activities. The sole shareholder of ADCPL is Alpex Holdings Private Limited (from November 2014; prior to that, the company was held by PEL Infra Constructions & Developers Private Limited, PRL Developers Private Limited and Thoughtful Realtors Private Limited), which is held by Akshar Fincom Private Limited, which is the sole trustee of Sri Gopalkrishna Trust. As on March 31, 2015, the company has no external debt

on its books and has availed only short-term unsecured loans from group concerns. The Sri Krishna Trust (SKT) was incorporated in 2005 for managing the investment holdings of the promoters in Piramal Enterprises Limited (PEL; rated [ICRA]AA(Stable) / [ICRA]A1+ by ICRA) and Piramal Phytocare Limited (PPL). The sole trustee for SKT is Piramal Management Services Private Limited (PMSPL) where the major shareholders are Mr. Ajay Piramal and Dr. Swati Piramal. As on March 31, 2015 the promoter group holding in PEL is ~52.85% of which 48.75% is held via SKT. Based on the current group structure, SKT is the principle holding trust for the promoter stake held in PEL (the flagship company of the Piramal Group). SKT’s credit profile is supported by its reasonably strong financial flexibility owing to its 48.7% stake in PEL (market valuation of Rs. 7,794 crore as of June 16, 2015). PEL holding also provides steady flow of dividends to SKT. The credit profile is further supported by the borrowing cap applicable on SKT (lower of Rs. 1,500 crore and 25% of the market value of PEL shares held by SKT), which ensures that it has adequate refinancing ability. The source of income for SKT has primary been dividend from key investee company PEL (minimal income from other sources like sale of shares and interest received against FDs). Until Dec 2012, SKT was holding shares of PEL through its 100% subsidiary PHL Holdings Private Limited (PHL) and not directly. The dividend distributed by PEL was Rs. 350.98 crores for FY 2012 (which was declared and distributed in August 2012). By virtue of its 48.7% shareholding in PEL, PHL had received Rs. 170.45 crore as cash flows from dividend. However, only around 2.7% of this amount (Rs. 4.73 crore) was passed to SKT in FY 13, and the balance was retained on the books of PHPL. In Dec 2012, the Piramal Group decided to amalgamate PHL into PEL. Post the merger (Jan 2013 onwards), SKT became the direct holding entity for promoter’s stake in PEL. Thus, though the amount of total dividend distributed by PEL for FY 2013 was largely stable on Y-o-Y basis at Rs. 353.31 crore; by virtue of holding 48.7% stake in PEL directly, SKT received Rs. 147.23 crore as cash flows from dividends in FY 14. In May 2014, PEL’s board approved a special dividend of Rs. 35.0 per equity share, which was in addition to the normal dividend of Rs.17.50 per equity share for FY 14. Hence, SKT received dividend cash flows of ~Rs. 441 crore in August 2014. Key Features of the Transaction The NCDs would have a scheduled tenor of upto 3 years from the deemed date of allotment. The principal amount on the NCDs would be payable in one bullet installment on the scheduled maturity date. The coupon amount would be payable on an annual basis. The guarantee from SKT would cover all Issuer obligations that may arise on the rated NCDs. The payment mechanism is designed to ensure timely payment to the NCD investors, as per the terms of the transaction. RATING RATIONALE: The rating for the NCDs is based on the strength of an unconditional, irrevocable and continuing guarantee by The Sri Krishna Trust (SKT; Guarantor), one of the principal holding entities of the Ajay Piramal group. The rating also factors the payment mechanism designed to ensure timely payment on the rated NCDs as per the terms of the transaction.

2 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

2 Adani Enterprises Limited (AEL) Security: Corporate Debt Rating: CARE A+(SO)

(Source: http://www.careratings.com/upload/CompanyFiles/PR/ADANI%20ENTERPRISES%20LTD.-03-23-2015.pdf) BACKGROUND Incorporated in 1993, AEL is the flagship company of the Adani Group. AEL, on standalone basis is engaged in coal and power trading businesses, whereas, Adani Group as a whole is engaged in diversified businesses and operates across a range of sectors including coal mining, power generation and transmission, port operations, logistics, oil and gasexploration, city gas distribution, agro-processing and storage, commodity trading etc. Board of directors of AEL, APL and APSEZ have approved the scheme of demerger of the diversified businesses of the group on January 30, 2015. Under the scheme of arrangement, APL & APSEZ which are currently the subsidiaries of AEL shall cease to be AEL’s subsidiary. The appointed date for the scheme wherein the undertakings shall vest in the respective resulting companies has been fixed at April 01, 2015. The transactions are expected to be close by December 31, 2015. The Scheme of Arrangement is likely to simplify the corporate structure providing the shareholders of AEL direct shareholding in the respective operating companies and listing of one of the largest private sector transmission companies with over 5,000 circuit kms of transmission lines across Western, Northern and Central regions of India. AEL will emerge as a company focused in the business of coal mining & trading which are interlinked and integrated businesses are brought under one entity.

RATING RATIONALE The above ratings have been placed on ‘Credit Watch’ in March 2015 in view of the impending possible impact of the scheme of business restructuring in the Adani group on the credit profile of Adani Enterprises Ltd. (AEL). CARE is in the process of evaluating the impact of the same on the credit quality of AEL. As such, CARE would await further developments to unfold, to enable it to assess the situation. CARE would arrive at the credit quality upon emergence of clarity about effect of business restructuring on the financial risk profile of AEL. The ratings, however, derive strength from the wide experience of the promoters of AEL in global trading businesses, AEL’s leading position in imported coal trading business in the country along-with overseas mining assets, diversified operations of the group with strong presence in the energy value chain. The ratings also continue to draw comfort from group’s significant financial flexibility, strong revenue visibility, revenue diversity and proven project execution capabilities. The ratings are, however, constrained on account weakening of the financial risk profile of AEL primarily due to subdued performance of one of its key subsidiaries viz. Adani Power Ltd. (APL) necessitating significant financial support from AEL, less than envisaged progress in its domestic and overseas mining operations, increasing financial support towards power and oil & gas exploration business in its subsidiaries and implementation risks associated with large-sized ongoing projects in the subsidiaries in diverse areas. Repatriation of funds lent to group companies, reduction in debt level, improvement in profitability, timely implementation and stabilization of mining projects, conducive regulatory environment and improved performance of the subsidiaries shall be key rating sensitivities.

3 Adani Ports & Special Economic Zone Ltd Security: Corporate Debt Rating: ICRA AA+

Source: http://www.icra.in/Files/Reports/Rationale/Adani%20Ports_r_03082015.pdf BACKGROUND: APSEZL is the developer and operator of the Mundra port located in the Kutch district of Gujarat on the west coast of India, under a 30-year Concession Agreement with the Gujarat Maritime Board (GMB), valid till February 2031. As per a recently initiated group restructuring, the majority equity holding in APSEZL, earlier held by Adani Enterprises Limited is now replaced by direct holding of the Gautam Adani family, while the balance would continue to remain with the public. APSEZL commenced trial operations at Mundra port in 1998 and commercial operations in 2001 and in a decade’s time the port has grown to become the largest port in the country by cargo handling capacity. The port offers handling services for all kinds of cargoes viz. bulk- dry and liquid, crude and containers. Apart from the port operations, APSEZL is also the approved developer of a multi-product SEZ at Mundra and its surrounding areas. Further through its majority/wholly owned SPVs, APSEZL has a presence in the logistics business (container trains and ICDs) and is associated with port/terminal developments in Dahej, Hazira, Mormugao, Dhamra, Kandla, Vizag and Ennore in India. RATING RATIONALE: ICRA has upgraded the long term rating on the on Convertible Debenture (NCD) programme and the bank limits of Adani Ports and Special Economic Zone Limited (APSEZL) to [ICRA]AA+ (pronounced ICRA double A plus) from [ICRA]AA- (pronounced ICRA double A minus) in

3 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

August 2015. The outlook on the long term rating is ‘Stable’. The upgrade in the ratings reflects the significant improvement in APSEZL’s business profile supported by robust volume growth achieved by the flagship – Mundra port as well as relatively newly commissioned port facilities in its various SPVs – Dahej & Hazira as well as the Dhamra Port Co. Ltd (rated [ICRA]A-(Stable)/[ICRA]A1+) which APSEZL acquired last year. ICRA notes that APSEZL now has seven operational port assets as compared to three earlier, and has been consistently registering cargo growth at rates superior to the industry trend even in the midst of a challenging business and economic environment, driven by their favorable operating characteristics; diversified cargo profile and long term customer tie-ups. The rating upgrade also takes in to account the significantly reduced project risks on account of completion as well as commencement of cargo handling at all planned capacity addition projects at Mundra Port and at SPV ports/terminals – Adani International Container Terminal Pvt Ltd (AICTPL,CT-3 at Mundra), Mormugao, Vizag and Kandla during the last twelve months. All projects have been completed before/within the projected timelines, indicating superior project execution capabilities. The upgrade also favourably considers the undertaking from the company on the restrictions with regard to related party transactions with group entities (other than subsidiaries and associates). The ratings continue to take into account the increasing diversification in terms of cargo category and geographical diversification that the company has achieved with the inclusion of two new operational entities – Dhamra port and Vizag terminal on the eastern coast to complement the already strong presence on the western coast. Further, majority of the operational SPVs of APSEZL, (except Mormugao, Vizag and Kandla) are non-major ports, allowing them to enjoy flexibility in tariff determination. The ratings continue to also factor in the robust profitability metrics and large cash accruals of APSEZL which enable it maintain a comfortable liquidity position despite the absence of a working capital line of credit.

Further, from the accumulated cash balances resulting from the surplus cash generation in the past, APSEZL has loaned out surplus funds as interest bearing deposits as advances to its subsidiaries for their funding requirements, with the purpose of reducing the funding costs at APSEZL consolidated level. The Interest bearing advances are available on call as the advances to subsidiaries are backed by sanctioned term loans available to be availed by the SPVs at SPV level, which further supports APSEZL’s financial flexibility. The rating also factors in the superior refinancing and fund raising ability of the company from the domestic/ global banks as well as the capital markets. ICRA notes that while the EBITDA margins of APSEZL have remained at significantly high levels (65% in FY15), however, leveraging continues to remain moderate 1.6x times, given the large debt funded project expenditures incurred by the company over the last few years and the relatively nascent stages of operation of some of the completed projects like Mormugao, Vizag and Kandla – which are currently in the cargo ramp-up stage. ICRA expects the leveraging to come down over FY16-17 as all the completed projects start generating optimal returns. APSEZL’s indirect exposure by way of a corporate guarantee to the group’s Australian business continues, however, the same is largely mitigated by way of a counter indemnity guarantee provided by the new promoter entity of Mundra Port Pty Ltd (MPPL), Australia and hence the same is not recognized as a contingent liability. Also, the Australian entity has partly refinanced its outstanding debt, giving relief to cash flows for debt servicing. In terms of capex and pending project execution risks, APSEZL currently has three projects under execution – CT-4 at Mundra (assets to be transferred to JV with GMA-CGM after completion), the Ennore container terminal and the capacity expansion at Dhamra together entailing a total capex of about Rs 3000 Cr over FY16-18. While assigning the ratings, ICRA has taken comfort from APSEZL’s demonstrated ability to execute port projects in a timely manner and the fact that most of the projects being executed through SPVs have adequate funding tie-ups in place at project level. Despite the likely addition to debt towards the planned capex, ICRA expects the financial profile to improve steadily due to expected improvement in cash flows from the ramp up of operations at the recently commissioned and operational ports. Furthermore, the company has plans to re-finance its existing debt by long term borrowings of longer tenor, in which case, the liquidity could improve further in the near term due to the lower repayments in the next few years. Further, ICRA notes that APSEZL may bid for port projects on a pan India basis under the PPP mode or acquire assets inorganically. Pending finalization, the capex/investment outgo on these has not been factored in the current ratings and shall be assessed as and when the concerned plans materialize. The company’s operations also remain exposed to event based risks emanating from pending litigations on the container terminal operations (CT-1) and SEZ development; corporate governance concerns emanating from past litigations against lead promoters/promoter group companies although reprieve has been received in some of these matters. ICRA further notes that any material breach of covenants related to related party transactions will be a rating sensitivity

4 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

4

Afcons Infrastructure (AIL) Security: Corporate Debt Rating: ICRA AA / ICRA A1+

(Source: http://www.icra.in/Files/Reports/Rationale/Afcons%20Infrastructure_R_25032015.pdf) BACKGROUND: AIL, incorporated in 1976 as Asia Foundations and Constructions Limited, is a reputed construction company and is part of the Shapoorji Pallonji Group (SPG). The SPG presently holds the majority stake (97.19%) in AIL. The company operates in several segments such as marine works including construction of jetties and dry docks, offshore oil & gas, bridges and flyovers, road construction, hydro & tunnelling, pipe laying and general civil engineering works. AIL commenced operations as a civil construction firm in 1959 and was initially engaged in the construction of specialized foundation activities, such as pile foundations, diaphragm walls, geotechnical investigations, drilling and grouting. AIL entered the marine segment in 1963 and subsequently undertook design & build contracts in the marine segment. Over the years, AIL has also increased its presence geographically and has executed projects across all major Indian states in addition to overseas projects in Madagasar, Oman, UAE, Qatar, Yemen, Mauritius, Bahrain and Algeria RATING RATIONALE The rating takes into the healthy order in flow in the current fiscal, with fresh orders of aggregating ~Rs. 6,800 crore received during 9M FY 2015. Buoyed by the same, AIL’s unexecuted order-book stood at Rs. ~12,500 crore as of December 31, 2014. ICRA also notes that the

new orders are high margin yielding with healthy mobilization advances, which is expected to support AIL’s financial profile going forward. The ratings continue to factor in AIL’s strong parentage by virtue of being a part of the Shapoorji Pallonji Group (SPG), established track record of executing large size projects within stipulated timelines which has enabled it to build up a strong client profile over the years with significant repeat business as well as the professional and experienced management at the helm. The company remains a key entity of the group with a demonstrated track-record of support from SPG over the years in times of exigencies. The ratings also take into account AIL’s healthy liquidity profile as evidenced by the unencumbered cash balances, significant liquid investments and presence of sizeable undrawn working capital limits. The rating, however, are constrained by the high concentration in the order-book in terms of exposure to select projects as well as segments. The big ticket orders in the roads project received during the year (aggregating to over Rs. 4,000 crore) has further accentuated the project and sector concentration risks. While the increasing focus on executing overseas projects provides the company with the geographical diversity, it could expose the company to exchange rate risks especially since overseas projects are typically fixed-price in nature. The susceptibility of profitability to volatility in exchange rates is further aggravated considering that a part of the foreign currency denominated debt remains unhedged. While assigning the rating ICRA has taken cognizance of the slowdown in execution of AIL’s projects in Liberia on account of Ebola outbreak in the region, which in-turn is expected to have an impact on both revenues as well as profitability in the near term. The projects, however, are expected to resume in Q1 FY 2016. The ratings are further constrained by presence of slow moving orders, particularly in the metro segment which can impede revenue growth as well as profitability. Going forward, given AIL’s stated focus on executing lesser number of higher-value projects, project concentration risks are likely to continue. Thus, the company’s ability to execute the projects with minimal time and cost overruns whilst managing the working capital requirement would be critical from a credit perspective.

5 Albrecht Builder Private

Limited (ABPL)

Security: Corporate Debt Rating: ICRA A+

Source: (http://www.icra.in/Files/Reports/Rationale/Albrecht%20Builder_r_17042015.pdf) BACKGROUND: Albrecht Builder Private Limited (ABPL) is a Special Purpose Vehicle (SPV) of Tata Realty & Infrastructure Limited (TRIL). Incorporated in FY 2007, TRIL is a wholly owned subsidiary of Tata Sons Limited (rated [ICRA]AAA/[ICRA]A1+). TRIL operates as a holding company for the group’s real estate and infrastructure Special Purpose Vehicles (SPVs). ABPL currently has no active line of business. The company would be used as a vehicle for TRIL for acquiring 100% stake in an operational commercial office space project in Mumbai. Known as Infinity Park IT4, this project is owned and operated by Peepul Tree Properties Limited. RATING RATIONALE: ICRA has assigned a long term rating of [ICRA]A+ (pronounced ICRA A plus)* to the Rs. 350 crore† Non Convertible Debt (NCD) programme of Albrecht Builder Private Limited (ABPL). ICRA has also assigned a rating of [ICRA]A (pronounced ICRA A) to the Rs. 200 crore subordinated NCD programme of the company. The outlook on the long term rating is stable. The rating takes into account the strong parentage of the company by virtue of being a part of Tata Group. ABPL is a wholly owned

5 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

subsidiary of Tata Realty and Infrastructure Limited (TRIL, rated [ICRA]A1+) and would serve as the vehicle for acquisition of People Tree Properties Limited (PTPL), a Special Purpose Vehicle (SPV) of TRIL which owns and operates a completed commercial project in Mumbai. The rating positively factors in the healthy financial profile of PTPL with low gearing as well as healthy cash balances (~ Rs. 50 crore as of Feb-15). The rating further draws comfort from the favourable location, healthy occupancy levels as well as stable client profile of the PTPL’s commercial project. The rating, however, is constrained by the completely debt funded nature of the acquisition. ABPL plans to acquire 100% stake in PTPPL for a consideration of Rs. 520 crore, which would be entirely funded through debt. Thus ABPL’s debt and coverage indicators are expected to remain constrained over the medium term. The rating is further constrained by the high concentration risks for PTPL in terms of property as well as client exposure. The rating for the Rs. 200 crore NCD further takes into account the subordinate nature of the instrument.

6 Ambadi Investments

Private Ltd. (AIPL)

Security: Corporate Debt Rating: CRISIL AA

Source: (http://www.crisil.com/Ratings/RatingList/RatingDocs/Ambadi_Investments_Private_Limited_June_19_2015_RR.html) BACKGROUND: AIPL (formerly, New Ambadi Estates Pvt Ltd) is the ultimate holding company for the Chennai-based Rs.243-billion Murugappa group. The group has a presence in diverse businesses such as engineering, abrasives, finance, general insurance, cycles, sugar, farm inputs, fertilisers, plantations, bio-products and nutraceuticals. AIPL is entirely owned by its promoter family. For 2014-15 (refers to financial year, April 1 to March 31), AIPL reported a net profit of about Rs.87 million on a net income of about Rs.108 million, against a net profit of about Rs.275 million on a net income of about Rs.297 million for 2013-14. RATING RATIONALE: CRISIL has reaffirmed its rating on commercial paper programme of Ambadi Investments Pvt Ltd (AIPL) at 'CRISIL A1+' while withdrawing its ratings on Rs. 250 million non-convertible debentures (NCDs), as there is no amount outstanding. CRISIL's rating on debt programme of AIPL continues to reflect AIPL's healthy financial flexibility, derived from its direct and indirect equity stakes in key operating companies of the Murugappa group ' EID Parry (India) Ltd (EID; rated 'CRISIL AA-/Stable/CRISIL A1+'), Carborundum Universal Ltd (CUMI; 'CRISIL AA+/Stable/CRISIL A1+'), Tube Investments of India Ltd (TI; 'CRISIL AA/Stable/CRISIL A1+') and Cholamandalam Investment and Finance Company Ltd (CIFCO; 'CRISIL AA-/Positive/CRISIL A1+'). The rating is also underpinned by the steady dividend inflows from the Murugappa group's key operating companies to AIPL, and the group's strong reputation. These rating strengths are partially offset by AIPL's exposure to market-related risks and its average financial risk profile. CRISIL has followed the holding company approach for analysing the credit risk profile of AIPL. For arriving at the rating, CRISIL has combined the business and financial risk profiles of AIPL and its key subsidiary, Murugappa Holdings Ltd (MHL; 'CRISIL AA/Stable/CRISIL A1+'), AIPL owns 77.82 per cent of the equity shares of MHL, which is the largest shareholder in the key operating companies of the Murugappa group: EID, CUMI, and TI. Both AIPL and MHL primarily operate as investment vehicles for the group's operating companies. AIPL's healthy financial flexibility stems from the market value of its investments in EID (5.30 per cent shareholding), TI (3.01 per cent), CUMI (1.66 per cent), and CIFCO (5.02 per cent). The company also has a 77.82 per cent equity stake in MHL, which is the majority stakeholder in EID (33.41 per cent shareholding), TI (34.23 per cent), and CUMI (29.46 per cent). The market value of AIPL's direct shareholding in the aforementioned companies amounted to Rs.8.1 billion, and the market value of investments through MHL to Rs.39.5 billion, as on June 16, 2015. This provides healthy cover for AIPL's rated debt programme. CRISIL believes that AIPL will maintain its shareholding in all these operating companies except for the sake of retirement of the rated debt. AIPL is likely to receive steady dividend inflows from its direct shareholding in the Murugappa group's operating companies as well as from MHL. The dividend inflow is expected to be sufficient to meet its interest obligations and part of its principal payment obligations. The rating also factors in the diversification in AIPL's investment portfolio, the strong credit profiles of CIFCO, CUMI, EID, and TI, as well as the healthy reputation of the Murugappa group.

6 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

However, CRISIL believes that AIPL will remain susceptible to market-related risks, as the company's financial flexibility, in terms of cover available, will, to some extent, depend on prevailing market sentiments and the share prices of the key operating companies it has equity stakes in. Any increase in systemic risks, leading to a sharp fall in the share prices of CIFCO, CUMI, EID, and TI, will act as a key risk to the rating on AIPL's NCDs. Furthermore, AIPL has an average financial risk profile, and is largely dependent on dividend inflows from the key operating companies to service its debt. CRISIL has noted SEBI's recent order where it is investigating into alleged insider trading charges levied against Mr. A Vellayan, promoter Director of the Murugappa group and three others. CRISIL understands that the SEBI order is interim in nature. CRISIL has also noted that Mr. A Vellayan has resigned from the Chairmanship of the Murugappa Corporate Board, EID Parry and CIL, until the matter is resolved, while he will continue to be a director on the board of these entities. CRISIL believes that the current order of SEBI will not have any material impact on the credit quality of the CRISIL rated Murugappa Group companies including AIPL. This is because operations are not expected to be affected by the order and the financial risk profile will be unaffected. CRISIL will continue to monitor the developments in this regard and await the final order.

7 Andhra Pradesh Expressway (APEL) Security: Corporate Debt Rating: ICRA AAA(SO)

SOURCE: (http://www.icra.in/Files/Reports/Rationale/Andhra%20Pradesh%20_r_17072015.pdf) BACKGROUND: APEL is an SPV incorporated in Nov ’05 for undertaking the 4-laning of existing 2-lane section of NH-7 between Kothakota-Kurnool aggregating 74.65 km on Build-Operate-Transfer (BOT)-Annuity-basis for NHAI. 51% of APEL’s equity is held by IL&FS Limited while the remaining 49% is held by ITNL. The concession agreement was signed between APEL and NHAI on March 20, 2006 and the concession is valid for a period of 30 years from the appointed date ie. till September 2026. APEL received the provisional completion certificate in end-September 2012. As per the terms of the concession APEL is entitled to receive a semi-annuity of Rs. 56.52 crore from the NHAI each year on 15th March and 13th September till September 2026. APEL had completed ~95% of the punch-list items with the remainder pending due to non-availability of right of way. During the construction phase, the project suffered substantial cost overruns which were funded by way of sub-ordinate debt from IL&FS Limited and ITNL. The quantum of senior debt outstanding as of end-September 2012 was ~Rs. 398 crore which was entirely refinanced through the NCD issuance; the remainder of the NCD proceeds, after setting aside amounts towards creation of Debt Service Reserve Account (DSRA); Major Maintenance Reserve Account (MMRA) was utilized towards general corporate purposes. The liabilities remaining within APEL (i.e. not repaid out of the NCD proceeds) towards ITNL of Rs.220 crore were converted into non-convertible non cumulative redeemable preference shares.

About the NHAI NHAI is an autonomous authority of the Government of India (GoI) under the Ministry of Road, Transport and Highways (MoRTH) constituted on June 15, 1989 by an Act of Parliament – The National Highways Authority of India Act, 1988 (NHAI Act). NHAI was operationalised in February 1995 and functioning of NHAI is governed by NHAI Act and rules, and regulations framed there under. NHAI is responsible for development, maintenance and management of the national highways entrusted to it by the GoI including survey, development, maintenance and management of the NH and inter alia to construct offices or workshops, to establish and maintain hotels, restaurants and rest rooms at or near the highways vested in or entrusted to it, to regulate and control plying of vehicles, to develop and provide consultancy and construction services and to collect fees for services and benefits rendered. NHAI receives its funding through (i) Government support in the form of capital base, cess fund, additional budgetary support, capital grant, maintenance grant, ploughing back of toll revenue and loan from GoI; (ii) loan from multilateral agencies like ADB, JBIC and (iii) market borrowings. NHAI is rated at [ICRA]AAA(stable).

7 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

TRANSACTION STRUCTURE: APEL has opened an Escrow Account (exclusively charged to the Debenture Trustee) with the Designated Bank. NHAI deposits all annuities and payments etc. into the Escrow Account. The receipts from NHAI deposited in the escrow account are utilised as per a pre-defined cash-flow waterfall. The cash-flow waterfall incorporates adequate provision to be carved out of the annuity proceeds for meeting periodic major maintenance expenses. The NCDs have been supported by a Debt Service Reserve of Rs. 60 crore. RATING METHODOLOGY The issuer is an SPV with the NHAI annuity being the single key source of revenue for meeting the debt service obligations. Also, the NCD covenants ensure that the company will not raise further debt. While the rating derives comfort from the annuity nature of the project which mitigates traffic risks, ICRA notes that receipt of the entire annuity amount is contingent upon APEL ensuring 100% lane availability, failing which NHAI is likely to deduct amounts from the annuity proportionate to the nonavailability. Lane availability is dependent upon timely and adequate maintenance of the project road including both routine as well as periodic maintenance activities. Thus, in assessing the adequacy of cashflows for meeting the debt service obligations, the key variables are the annuity receipts, and the O&M expenses (both regular as well as periodic).

ICRA derives comfort from the experience of the O&M contractor – ITNL – in road maintenance in its other projects. ICRA’s assumptions on expenses towards O&M and major maintenance are based on empirical per-kilometre costs observed in other similar road projects; additionally the assumptions have adequate in-built buffers to account for expected rise in expenses (owing to inflation) as well as unexpected increases in expenses to a certain degree. Nonetheless, ICRA has carried out sensitivities on lane availability as well and corresponding deductions in annuity receipts to ascertain adequacy of funds to meet the NCD repayments under stressed conditions. For assessing the timeliness of NCD payments, the track record of past annuity receipts were taken into account. Further, the 1-month gap between any annuity due date and the corresponding NCD due date, and additionally, the DSRA provision was also taken into account. RATING RATIONALE: ICRA has reaffirmed the long term rating of [ICRA]AAA(SO) (pronounced ICRA triple A (structured obligation))* outstanding on the Rs. 418.99 crore† (reduced from Rs. 476.20 crore) of Non-Convertible Debentures (NCD) issued by Andhra Pradesh Expressway Limited (APEL). The outlook on the long term rating is stable. The reaffirmation of rating takes into account the annuity based nature of the project which mitigates traffic risk, the strong profile of APEL’s counter-party and annuity provider, National Highway Authority of India (NHA), a critical central government entity entrusted with the responsibility of development and maintenance of India’s national highway programme and the strong profile of the lead sponsor, namely, IL&FS Transportation Networks Limited (ITNL, rated [ICRA]A (stable)/[ICRA]A1) having a vast experience in the transportation space. The project has been operational since September 2009 which thereby eliminates construction risks and received the annuities in a timely manner, with twelve annuities received till date. The rating draws further comfort from the presence of structural features and legal provisions to provide credit enhancement to the NCDs. ICRA notes that the company has maintained sufficient balances for major maintenance reserve account and DSRA as per the terms of the structure. The rating remains sensitive to APEL continuously ensuring satisfactory maintenance of the road, in terms of regular as well as periodic maintenance, both of which are critical in order to minimize lane closures and consequently, annuity deductions. The rating is also sensitive to occurrence of force majeure events since termination payments payable in case of certain force majeure events might not be sufficient to cover the outstanding principal amount and ITNL would meet the shortfalls if such an event occurs. Further, any deterioration in the credit profile of NHAI could have a material adverse impact on the credit quality of the bonds.

8 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

8 Ashok Leyland Ltd. (ALL) Security: Corporate Debt Rating: ICRA AA-

Source: (http://www.icra.in/Files/Reports/Rationale/Ashok%20Leyland_r_26052015.pdf) BACKGROUND: Ashok Leyland Limited (“ALL” / “The Company”) is the second-largest manufacturer in the Medium and Heavy Commercial Vehicles (M&HCV) segment in India. The Company is the flagship entity of Hinduja Group. ALL operates from six manufacturing locations with a total capacity of 150,500 units and its key products include buses, trucks, engines, and defence & special vehicles. ALL operates from six locations – one at Ennore (Chennai), two at Hosur (TN), assembly plants at Alwar (Rajasthan) and Bhandara (Maharashtra) and the largest one (with capacity of 50,000 nos) commissioned at Pantnagar (Uttarakhand) in March 2010. ALL's product range constitutes a range of commercial vehicles, buses, defence and special application vehicles including fire-fighters at international airports and diesel engines for industrial, genset and marine applications. In September 2011, ALL ventured into the LCV space by partnering with Nissan. RATING RATIONALE: ICRA has upgraded the long term rating in May 2015 from [ICRA]A+ (pronounced ICRA A plus) to [ICRA]AA- (pronounced ICRA double A minus) for the Rs. 1,075.0 Crore non-convertible debenture programme, Rs. 900.0 Crore fund based limits and Rs. 55.0 Crore long term loans of Ashok Leyland Limited (“ALL” / “The Company”). ICRA has also reaffirmed the short term rating of [ICRA]A1+ (pronounced ICRA A

one plus) outstanding on the Rs. 600.0 Crore Commercial Paper / Short term debt, Rs. 750.0 Crore short term non-fund based limits and Rs. 200.0 Crore proposed short term fund based limits of ALL. The outlook on the long term rating is stable. ICRA has also withdrawn the [ICRA]AA- rating on the Rs. 385 crore at the request of the company, as a set of NCD series has been redeemed and portion of the rated NCDs were not placed by the company. The rating action factors the improvement in ALL’s operational and financial performance (standalone) during 2014-15, supported by a strong 29% YoY volume growth in the Medium and High Commercial Vehicle (M&HCV) segment, 270 bps increase in market share in the M&HCV segment, and improved cashflows on the back of healthy operational performance, monetisation of non-core assets and fund raising (via Qualified institutional placement) done in July 2014. The cash proceeds were largely applied for reduction in debt levels, thus supporting the liquidity position and improvement in capital structure and debt coverage indicators. Further, ALL’s established market position as the second largest player in the domestic M&HCV segment, its strong brand equity and vast distribution network, continue to support the ratings. However, the ratings remain constrained by the weak performance of investee companies for which funding support is expected to continue from ALL, till they achieve break-even levels. To achieve business diversification and long term operational synergies, ALL has made significant investments in new venues over the last decade. For 2015-16, ALL’s cumulative spend on the capex and group investments (including loans) is estimated at around Rs. 350 crore, major portion of which will be towards funding the losses, working capital needs and debt repayments of associate companies. Early stabilisation of operations of these investee companies and extent of ALL’s funding support to these entities will remain key credit monitorable. The ratings also factor the inherent cyclical nature of the commercial vehicles (CV) industry, high competition in the CV industry from both existing and new players, and tepid demand outlook for the Light commercial vehicles (LCVs) segment.

9 Au Financiers (India) Ltd. (AUFIL) Security: Corporate Debt Rating: CRISIL A

Source: (http://www.crisil.com/Ratings/RatingList/RatingDocs/Au_Financiers_India_Limited_June_01_2015_RR.html) BACKGROUND: Incorporated in 1996 and promoted by Mr. Sanjay Agarwal, Au Financiers operates in the asset-financing sector, primarily in the vehicle-financing segment. The company has established its market presence in Rajasthan, and has expanded operations to Maharashtra and Gujarat. Au Financiers also started operations in Goa, Punjab, Chhattisgarh, Madhya Pradesh, and Delhi in the last quarter of 2010-11. Au Financiers reported total income (net of interest expense) and profit after tax (PAT) of Rs.3297 million and Rs.924 million, respectively, for 2013-14, as against Rs.2393 million and Rs.802 million, respectively, for 2012-13. For the first nine months of 2014-15, the company reported total income (net of interest expense) and PAT of Rs.3113 million and Rs.855 million, respectively, as against Rs.2303 million and Rs.510 million, respectively, for the corresponding period of the previous year.

9 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

RATING RATIONALE: CRISIL has reaffirmed its ratings on Au Financiers (India) Ltd's (Au Financiers; main operating company of the Au group) debt instruments and bank facilities at 'CRISIL A/Positive/CRISIL A1+'. In April 2015, CRISIL had revised its rating outlook on the long-term debt instruments and bank facilities of Au Financiers to 'Positive' from 'Stable', while reaffirming the rating at 'CRISIL A'. The rating on the company's short-term debt instruments was upgraded to 'CRISIL A1+' from 'CRISIL A1'. The outlook revision primarily reflects CRISIL's belief that the initial signs of improvement in Au Financiers' asset quality witnessed in the recent past will be sustained over the medium term, helped by the gradual improvement in the commercial vehicle (CV) cycle and increased focus on collections. Consequently, CRISIL believes that Au Financiers will improve its profitability such that it is significantly better that that of its peers. Profitability metrics are expected to improve with fall in provisioning costs on the back of improving asset quality metrics and increase in net interest margin because of changing portfolio mix in favour of relatively high-yield, longer-tenure asset segments. Au Financiers' asset quality has witnessed initial signs of improvement in recent months after cyclical deterioration over the past one-and-a-half years in line with the industry. The company's overall delinquencies in the 90+ days-past-due (dpd) bucket (on a one-year-lagged basis) were at 4.24 per cent as on December 31, 2014, down from its peak in 2014-15 (refers to financial year, April 1 to March 31) of 4.6 per cent as on September 30, 2014 (3.1 per cent as on March 31, 2014). The deterioration in its asset quality was primarily because of the increased delinquencies in the vehicle-financing segment, which has now started to show initial signs of improvement, as reflected in the

declining trend in the 90+ dpd on a month-on-month basis. The improvement in asset quality is primarily on account of the company's significantly increased focus on collections over the past few quarters. Au Financiers has strengthened its portfolio monitoring and collection infrastructure by ramping up collections staff and restructuring the collections team for greater focus on deeper and more difficult to collect delinquency buckets. Furthermore, the improvement in the company's asset quality is supported by the improving outlook for the CV industry, as reflected in the reduction in roll-forward rates (proportion of delinquent accounts that remain uncollected and become overdue for longer periods of time) for many CV financiers and better growth rates in primary market sales of medium and heavy CVs. The expectation of sustained low diesel prices, easing of infrastructure constraints, pick-up in industrial activity, as well as lower inflation are expected to result in improvement in the utilisation of CVs on the ground and improvement in transporters' cash flows. The asset quality of Au Financiers' collateralised micro, small, and medium enterprises (MSME) portfolio remained stable, with 90+ dpd (on a one-year lagged basis) at 1.99 per cent as on December 31, 2014. CRISIL believes that Au Financiers' asset quality will continue to improve gradually over the next few quarters and will remain significantly better than that of other vehicle financiers over the medium term. Au Financiers has comfortable earnings profile, supported by a relatively high net interest margin. The company's return on average managed assets (RoMA; adjusted for gains on securitisation/assignment transactions), at around 2.1 per cent in 2013-14, was better than the industry average. Its RoMA, however, declined from 2.8 per cent in 2012-13, primarily because of the decline in its net interest margin (NIM) and increase in credit costs. The RoMA is estimated at 2.2 per cent (on an annualised basis) during the first nine months of 2014-15, driven by improved NIM. Its net interest margin (including securitisation and other income), at around 7.2 per cent in 2013-14 (7.8 per cent in 2012-13), was better than that of many of its peers. The company's net interest margin improved further to 8.0 per cent (annualised) during the first nine months of 2014-15, driven by increased contribution from higher yielding MSME business and reduction in its borrowing costs driven by benefits of lower rates on capital market borrowings and greater reliance on relatively cheap direct assignment/securitisation transactions. While the company's credit cost increased to 2.0 per cent (annualised) during the first nine months of 2014-15 (1.7 per cent in 2013-14) from 0.8 per cent in 2012-13, it is likely to decline gradually with improvement in asset quality. CRISIL believes that Au Financiers' profitability will remain significantly better than that of its peers, supported by the company's ability to maintain relatively high net interest margin and expectation of gradual improvement in credit cost over the next few quarters. Au Financiers has adequate capitalisation, supported by its ability to raise capital at regular intervals to support its strong growth plans. The company has raised equity capital from established financial institutions and private equity investors, which enhances stakeholder confidence. During March and April 2014, it raised equity capital of Rs.1.1 billion through a preferential equity issue to existing investors. It had a net worth of Rs.7.5 billion and adjusted gearing (including securitisation) of 5.9 times as on December 31, 2014 (Rs.6.4 billion and 6.4 times, respectively, as on March 31, 2014). The adjusted gearing is expected to remain between 6 and 7 times over the medium term, in line with those of most large vehicle financiers. CRISIL believes that Au Financiers will need to continually raise capital to support its strong growth plans over the medium term, and its ability to raise need-based capital in a timely manner will remain a key monitorable.

10 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

Au Financiers' scale of operations is moderate, despite growing at above-industry-average rates. While its assets under management (AUM) registered a three-year compound annual growth rate of 52 per cent to reach Rs.44.5 billion as on March 31, 2014, it remains a relatively small player in the retail financing segment. The AUM was Rs.49.0 billion as on December 31, 2014; vehicle financing constituted 63 per cent of the AUM and MSME financing accounted for the remainder. Furthermore, the Au group has presence in the housing finance business through Au Housing Finance Ltd (rated 'CRISIL A-/Positive/CRISIL A1'); it had AUM of Rs.6.2 billion as on December 31, 2014. While growth has moderated in the recent past, mainly in vehicle finance, Au Financiers is likely to maintain growth momentum over the medium term. However, the company will remain exposed to challenges associated with managing its increasing scale of operations. The company has a strong track record of operations in Rajasthan. However, it is likely to continue to face challenges associated with human resources and ensuring quality of origination of assets in the relatively new geographies and product segments. Moreover, competition in the MSME segment has intensified following increasing competition from other retail non-banking financial companies and private sector banks. Competition in the vehicle financing business is also expected to intensify with pick-up in primary sales. Au Financiers' ability to scale up its operations while maintaining its asset quality and profitability in the challenging and intensely competitive environment will remain key rating sensitivity factors over the medium term. Au Financiers also has an average resource profile. The company's dependence on securitisation has increased in recent times and is expected to remain high in the near term. Securitisation comprised around 48 per cent of its overall borrowings (including securitisation) as

on March 31, 2014 (43 per cent as on March 31, 2013). Nevertheless, Au Financiers is gradually diversifying its resource mix by increasing the proportion of capital market borrowings (around 23 per cent as on March 31, 2014, against 2 per cent as on March 31, 2012). Hence, the company's cost of borrowing (adjusted for securitisation) declined to around 10.6 per cent (annualised) during the first nine months of 2014-15 (11.5 per cent in 2013-14) from 12.3 per cent in 2012-13; however, it remains higher than that of other vehicle financiers. Au Financiers' ability to maintain competitive borrowing cost while diversifying its resource profile will remain a key monitorable over the medium term.

10 Au Housing Finance Ltd.

(AUHFL)

Security: Corporate Debt Rating: CRISIL A-

Source: http://www.crisil.com/Ratings/RatingList/RatingDocs/Au_Housing_Finance_Limited_April_15_2015_RR.html

BACKGROUND:

Au Housing commenced operations in March 2012; the company obtained a licence for its housing finance business from National Housing Bank in August 2011. Au Financiers has a shareholding of 100 per cent in the company. Au Housing caters to the housing finance needs of various small families in rural and semi-urban areas. The company had a net worth of Rs.662.9 million as on December 31, 2014 (Rs.562 million as on March 31, 2014). It had an outstanding loan portfolio of around Rs.6.2 billion as on December 31, 2014 (Rs.4.1 billion as on March 31, 2014). Au Housing reported a profit after tax (PAT) of Rs.71.9 million on a total income (net of interest expenses) of Rs.263.7 million for 2013-14, against a PAT of Rs.18.9 million on a total income (net of interest expenses) of Rs.104.3 million for the previous year. For the nine months ended December 31, 2014, Au Housing reported a PAT of Rs.128.4 million on a total income (net of interest expenses) of Rs.346.8 million, against a PAT of Rs.34.4 million on a total income (net of interest expenses) of Rs.180.5 million for the corresponding period of the previous

year.

11 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

RATING RATIONALE:

CRISIL's ratings on debt instruments and bank facilities of Au Housing Finance Ltd (Au Housing; part of the Au group) continue to reflect the expectation of strong support to Au Housing from its parent, Au Financiers (India) Ltd (Au Financiers; main operating company of Au group; rated 'CRISIL A/Positive/CRISIL A1+'). The ratings also factor in Au Housing's healthy earnings profile, adequate capitalisation, and steady improvement in its scale of operations. These rating strengths are partially offset by the susceptibility of the company's asset quality to risks related to the limited seasoning in its loan portfolio.

On April 10, 2015, CRISIL had revised its rating outlook on the long-term debt instruments and bank facilities of Au Housing to 'Positive' from 'Stable', while reaffirming the rating at 'CRISIL A-'.

The ratings centrally factor in Au Housing's strategic importance to, and the expectation of continued financial and managerial support from, its parent, Au Financiers, which has close to 100 per cent ownership in the subsidiary. Au Housing is the vehicle to strengthen the Au group's presence in the high-growth housing finance market. The share of housing finance business in the group's overall assets under management is expected to increase gradually to around 15 per cent over the medium term from around 11 per cent as on December 31, 2014 (9 per cent as on March 31, 2014). CRISIL believes that Au Financiers will maintain near full ownership in Au Housing over the medium term and continue to provide equity capital to support the latter's strong growth plans. The parent has infused equity capital of Rs.727.5

million in the company until March 31, 2015, and intends to infuse additional capital on a regular basis to support the company's growth over the medium term. CRISIL believes that Au Financiers will continue to provide strong support to Au Housing over the medium term given the latter's strategic importance. Furthermore, the shared brand will create a strong moral obligation for the parent to support the subsidiary in the event of any distress. Au Housing has a healthy earnings profile. The company's return on assets ratio was 3.3 per cent (annualised) for the first nine months of 2014-15 (refers to financial year, April 1 to March 31) as against 2.4 per cent in 2013-14. Its profitability is supported by an above-average net interest margin (NIM) of around 7.2 per cent (annualised) for the first nine months of 2014-15, primarily driven by its ability to charge higher interest yields (16.7 per cent in 2013-14) to its target customer segment in the rural and semi-urban areas. In many locations, Au Housing is the only organised financier lending to this segment. While the company's NIM may decline because of the increasing competition, this will be mitigated by improvement in its operating efficiency with an increase in its scale of operations. Hence, on a steady-state basis, its return on assets (RoA) is expected to be around 2.5 per cent. Its earnings profile will, however, remain susceptible to any increase in credit costs given the low seasoning of its loan book and the inherently modest credit risk profile of its borrowers. Furthermore, Au Housing has adequate capitalisation, with a net worth of Rs.662.9 million as on December 31, 2014 (Rs.562.0 million as on March 31, 2014). Its Tier-I and overall capital adequacy ratios were 18.26 per cent and 25.61 per cent, respectively, as on December 31, 2014. Its capitalisation is well supported by continued equity capital infusion by Au Financiers. The parent infused Rs.300 million in March 2015. Au Housing's gearing was around 8.4 times as on December 31, 2014 (6.3 times as on March 31, 2014), and the peak gearing is expected to remain in the range of 7 to 8 times over the medium term.

Au Housing has steadily expanded its operations, with its loan book increasing to Rs.6.2 billion as on December 31, 2014 (Rs.4.1 billion as on March 31, 2014) from around Rs.7.0 million as on March 31, 2012. It is expected to maintain strong growth over the next two years, though on a small base; the loan portfolio is expected to increase to around Rs.15 billion by March 31, 2016. While Rajasthan remains the largest contributor, at around 52 per cent of the portfolio, Au Housing has expanded operations to adjoining states and will expand to new geographies to support its growth plans. The Au group has put in place separate infrastructure for the housing finance business to support Au Housing's growth plans. A dedicated senior management team is responsible for this business. Also, a separate operations infrastructure, including credit underwriting and operations systems, a dedicated collections team, and an independent branch network have been set up. While Au Housing will continue to benefit from good brand recognition and the presence of its parent across many locations, dedicated infrastructure, people, and processes will strongly supplement its strong growth plans in the housing finance business over the medium

12 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

term.

However, Au Housing's loan book has grown primarily over the past two years, and hence its seasoning remains low. The company's one-year-lagged gross non-performing assets were around 1.14 per cent as on December 31, 2014 (0.5 per cent as on March 31, 2014). Additionally, it provides housing loans predominantly to customers that are under-served by banks and housing finance companies. While it has adequate credit underwriting and risk systems, conservative loan-to-value ratios, and adequate processes and collection mechanisms, its asset quality remains susceptible to the limited seasoning in its portfolio and the modest credit risk profiles of its target borrower segment. The sustainability of Au Housing's asset quality over the medium term will remain a key monitorable.

11 Bhavna Asset Operators Private Ltd Security: Corporate Debt Rating: BWR A+ (SO)

Refer to Source: http://www.brickworkratings.com/Admin/PressRelease/Bhavna-Asset-Operators-NCD_500Cr-Rationale-19Aug2015.pdf

13 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

12 Bmw India Financial Services Pvt. Ltd Security: Corporate Debt Rating: CRISIL AAA

Source: http://www.crisil.com/Ratings/RatingList/RatingDocs/BMW_India_Financial_Services_Private_Limited_September_30_2014_RR.htm BACKGROUND: MWIFS is a wholly owned subsidiary of BMW International Investment BV, which is a wholly owned subsidiary of BMW AG. BMWIFS, a non-deposit-taking non-banking financial company, began operations in October 2010. It offers finance to customers and dealers of BMW India; it also offers finance for non-BMW premium cars through the Alphera brand. BMWIFS had a loan portfolio of Rs.25.8 billion as on March 31, 2014 (Rs.22.3 billion as on March 31, 2013). It reported profit after tax (PAT) of Rs.183.9 million on total income (net of interest expenses) of Rs.1.0 billion for 2013-14 against PAT of Rs.242.1 million on total income (net of interest expenses) of Rs.0.85 billion for the previous year. BMW AG is a leading global automotive company based in Germany. It manufactures premium-segment vehicles. The company has three main leading brands: BMW, Rolls Royce, and MINI. BMW Group is present in more than 50 countries, including major markets such as

China, the US, Germany, and the UK, and emerging economies such as Brazil, Russia, India, South Korea, and Turkey. To strengthen its market position, the company has established its captive financing arm in all the major global markets. As on June 30, 2014, the total assets of BMW Group's business stood at EUR144.6 billion. For the first six months of 2014 (refers to calendar year, January 1 to December 31), BMW AG reported PAT of around EUR3233 million against PAT of EUR2704 million for the corresponding period of the previous year. RATING RATIONALE: The rating continues to centrally factor in the strategic importance of BMWIFS to its ultimate parent, Bayerische Motoren Werke AG (BMW AG; rated 'A+/Stable/A-1' by Standard & Poor's [S&P]), and BMW AG's strong moral obligation to support the Indian subsidiary, both on an ongoing basis and in the event of distress. The expectation of strong support is based on BMW AG's 100 per cent ultimate ownership in BMWIFS, its shared brand name, and strong operational linkages between the two companies. BMWIFS, being a captive financier of BMW India Pvt Ltd (BMW India), receives significant business, financial, and managerial support from BMW AG, given the strategic role it plays in strengthening BMW AG's market share in the automotive business in India. BMWIFS and BMW AG have significant managerial and operational integration and BMW AG extends management support through representation of its senior management on BMWIFS's board. BMW AG has been infusing equity capital in BMWIFS at regular intervals and is likely to continue doing so to support the latter's growth plans over the medium term. Till date, BMW AG has infused more than Rs.6.0 billion in the Indian subsidiary; it is likely to continue to infuse additional capital to support the growth plans of the Indian subsidiary over the medium term. BMWIFS further benefits from the common treasury and resource operations of the parent across Asia as well as from BMW AG's product suite, globally approved risk management policies, and systems and processes. CRISIL believes that BMW AG will continue to maintain its 100 per cent ownership in BMWIFS. The full ownership, shared brand name, and strong operational integration lead to a high moral obligation on BMW AG to support BMWIFS. BMWIFS had a loan portfolio of Rs.25.8 billion as on March 31, 2014 (Rs.22.3 billion as on March 31, 2013; growth of 15.6 per cent), with around 70 per cent of the portfolio comprising financing of new cars and the remaining comprising largely dealer financing. While BMWIFS is a relatively small player in the overall vehicle finance market, it is a leading player within the premium-car financing segment. The company's gross non-performing assets (NPAs) increased to around 1.94 per cent as on March 31, 2014, from 0.85 per cent as on March 31, 2013, and 0.68 per cent as on March 31, 2012. The company's gross NPAs have increased over the past year due to the seasoning of the loan book as well as the challenging macroeconmic conditions. However, the gross NPAs has improved marginally to 1.52 per cent as on June 30, 2014. BMWIFS's management of its asset quality with increase in its scale of operations will be closely monitored by CRISIL. As on March 31, 2014, BMWIFS had a comfortable capital position, with net worth of Rs.6.8 billion (Rs 5.6 billion in March 31, 2013) and low gearing of around 2.9 times (3.0 times as on March 31, 2013). Its capital adequacy ratio was 25.9 per cent as on March 31, 2014 (24.7 per cent in March 31, 2013). Given the strong capital position, BMWIFS is unlikely to require capital infusion from the parent over the next one to two years. The company's profitability remains low with reported return on assets ratio declining to 0.72 per cent during 2013-14 from 1.26 per cent in 2012-13 (refers to financial year, April 1 to March 31) primarily because of a substantial increase in credit costs.

14 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

13 Capital First Limited Security: Corporate Debt Rating: CARE AA+

Source: http://www.careratings.com/upload/CompanyFiles/PR/CAPITAL%20FIRST%20LTD-08-12-2015.pdf

BACKGROUND: Capital First Ltd (CFL), is a systemically important NBFC primarily engaged in the business of loan to SME (loan against property), two wheeler loan, consumer durable loans and corporate loans. During Q4FY15, there was a capital infusion of Rs.300 crore and consequently, stake of Warburg Pincus, through its affiliates reduced to 65.38% from 71.56% as on December 31, 2014. During FY15, the assets under management (AUM) grew by 24% to Rs.12,040 crore with retail portfolio accounting for 84% of the AUM. On a consolidated basis, CFL reported PAT of Rs.114 crore on total income of Rs.1,442 crore in FY15 as against PAT of Rs.53 crore on total income of Rs.1,063 crore in FY14. As on March 31, 2015, Gross NPA and Net NPA stood at 0.69% and 0.17% respectively while Net NPA to Net worth stood at 0.97%. Total and Tier I CAR (on a standalone basis), stood at 23.44% and 18.75%, respectively. RATING RATIONALE: The ratings factors in the strengths that CFL derives from its majority shareholder, Warburg Pincus Plc, CFL’s experienced management, comfortable capitalisation levels, comfortable asset quality parameters and liquidity position. The rating is constrained by the moderate seasoning of CFL’s retail portfolio given that it is relatively newly originated and concentration risk in its wholesale portfolio. CFL’s capital adequacy, asset quality, profitability and liquidity profile are the key rating sensitivities

14 Ceat Limited Security: Corporate Debt Rating: CARE AA-

Source: http://www.careratings.com/upload/CompanyFiles/PR/CEAT%20LTD.-08-04-2015.pdf BACKGROUND: Incorporated in 1958, CEAT Limited (CEAT; CIN no. L25100MH1958PLC011041) is engaged in manufacturing of tyres, tubes & flaps. As on March 31, 2015 promoters hold 50.76% of total shares of the company. During FY15, the overall promoters holding reduced to 50.76% from 57.11% due to allotment of 44,94,382 shares to investors by way of Qualified Institutional Placement (QIP). CEAT is a part of RPG Group having turnover of over Rs. 20,000 crore catering to diverse businesses in automotive tyres, infrastructure, information & technology, pharmaceuticals, plantations and power ancillaries. CEAT has manufacturing units located at Bhandup, Nashik & Halol. It has an in-house capacity of 2,14,200 Metric tonnes MT (approximately 595 MT/day) at its Halol (Gujarat), Nashik and Bhandup (Maharashtra) plants. Furthermore, CEAT has also outsourced production of tyres to a Hyderabad based third party resulting in a combined capacity of 2,88,000 MT (approximately 800 MT/day). During FY15 the company maintained average utilisation of 85-90% for its combined capacity. The company also has manufacturing facility in Sri Lanka and is setting up another in Bangladesh (through Joint Venture with A. K. Khan&

Company Limited, one of the oldest conglomerates in Bangladesh having diversified business interests). At consolidated level, adjusted PAT of CEAT Limited stood at Rs. 295 crore and total operating income at Rs. 5,816 crore in FY15 against adjusted PAT of Rs. 271 crore and total operating income of Rs. 5,549 crore in FY14. In Q1FY16, CEAT Limited reported net profit of Rs. 121 crore on total operating income of Rs. 1,466 crore. RATING RATIONALE: CARE revises long term ratings assigned to bank facilities of CEAT Limited (CEAT) from CARE A+ to CARE AA- in April 2015. The revision reflects CEAT’s healthy operating performance during FY15 and Q1FY16 resulting in stable financial risk profile and comfortable debt coverage metrics despite large capital expenditure plans. Overall gearing ratio of the company improved from 1.64 times as on March 31, 2014 to 0.72 times at March 31, 2015 on account of strong accruals and infusion of equity funds through a Qualified Institutional Placement (QIP) amounting to Rs. 400 crore in November 2014. Furthermore, company’s changed product mix would lead to improvement in operating profitability. Decline in raw material prices (especially natural rubber) has also supported strong operating profitability. The ratings continue to factor in the strength derived from being part of a well-established & experienced business group i.e. RPG Enterprises, established brand, strong market position with diversified product portfolio and distribution network. The rating strengths however are tempered by volatility in raw material prices, high competition prevalent in the tyres market and competition from Chinese imports. Timely completion and stabilization of the ongoing expansion and any large debt funded capital expenditure or acquisition, apart from that factored in will be the key rating sensitivities

15 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

15 Century Textiles And

Industries Limited

(CTIL)

Security: Corporate Debt Rating: CARE AA-

SOURCE: (http://www.careratings.com/upload/CompanyFiles/PR/CENTURY%20TEXTILES%20AND%20INDUSTRIES%20LIMITED-08-06-2014.pdf) BACKGROUND: CTIL, a part of the B. K. Birla group, was established in 1897 to operate a cotton textile mill in Mumbai. Subsequently, the company has expanded and diversified its activities and presently, CTIL is a well-diversified conglomerate. The company is engaged in manufacturing of cement, textiles, pulp and paper products, and chemicals at ten plants located across different states of India. As on March 31, 2014, CTIL had a total cement production capacity of 10.0 million tonnes per annum (mtpa), tyre yarn capacity of 25,000 tpa, cotton and denim cloth production capacity of 250 and 210 lac meters per annum respectively and pulp & paper product manufacturing capacity of 4.45 lac tpa. The company is also developing real estate in Mumbai (nearing completion) to be offered on lease. Century Tower (named Birla Aurora) located in Worli (behind Century Bhavan) is completed and ready for let out. During FY14, CTIL post a total income of Rs.6,712 crore with a PAT of Rs.3 crore as against a total income of Rs.6,008 crore and a net loss of Rs.34 crore during FY13 (refers to the period April 1, 2012 to March 31, 2013). Over the last few years, the company has undertaken capex for adding a couple of cement plants as well as developing real estate projects in Mumbai. CARE has cited – strong parentage of the B. K. Birla group, CTIL’s well-established operations, experienced management and diversified business profile – as factors providing strength to the rating.

RATING RATIONALE:

The ratings continue to derive strength from the parentage of the B. K. Birla group – one of the oldest and prominent business houses of

India, its experienced management, CTIL’s well-established operations and diversified business profile. The ratings draw comfort from the

committed equity infusion of Rs.665 crore by the promoters (to be received over 18 months against the issue of preferential warrants) and

the increasing equity stake and management presence of the Aditya Birla group (headed by Mr. Kumar Mangalam Birla) in CTIL. The ratings

also take into account the completion of Sonar Bangla Cement unit and Century Tower projects along with substantial progress made on the

other projects under implementation. The ratings also factor in CTIL’s moderate financial risk profile characterized by increased gearing level

owing to debt availed to fund the ongoing capex as well as delay in execution of the projects, sizeable imminent repayments leading to

temporary moderation in the debt servicing indicators, residual project implementation risk associated with the largely debt-funded ongoing

projects and persistent dip in profitability (though improved marginally in FY14 (refers to the period April 1, 2013 to March 31, 2014)).

16 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

16 Dewan Housing Finance

Limited (DHFL)

Security: Corporate Debt Rating: CARE AAA

Source: (http://www.careratings.com/upload/CompanyFiles/PR/Dewan%20Housing%20Finance%20Corporation%20Ltd.-07-13-2015.pdf) BACKGROUND: Incorporated in 1984, DHFL is the third largest housing finance company in India with total asset size of Rs.54,615 crore as on Mar.31, 2015 [P.Y.: Rs.43,863 crore]. The company’s target segment is primarily salaried individuals in lower and middle-income groups in Tier II and III cities. It had a loan portfolio of Rs. 51,040 crore as on Mar.31, 2015 [P.Y.: Rs. 40,451 crore]. The company operated through a pan- India network of 188 branches and 150 service centres as on March 31, 2015. As on March 31, 2015, around 61% of DHFL’s loan portfolio was located in western India, 20% in southern India with the remaining being in northern and eastern India. DHFL also has international presence through representative offices located in London and Dubai which cater to the housing needs of non-resident Indians. During FY15, DHFL’s disbursements increased by 19.07% y-o-y vis a vis 24.62% growth witnessed in the previous year. Although housing loans accounted for majority of total disbursements (roughly 55%), the share of LAP and builder loans has increased to around 31% [P.Y.: 24%]. As a result, the share of non housing loans (comprising LAP and project loans)

increased to 22.94% of the outstanding loan book as on March 2015 from 19.75% as on March 2014. As a result of higher non housing disbursals and shift towards relatively cost efficient market borrowings, DHFL’s margins improved by 32bps during FY15 to 2.55%. During FY15, the company reported PAT growth of 17.45% [P.Y.:17.07%] to Rs.621 crore primarily on account of improvement in margins and stable operating costs. During FY15, DHFL reported NIM and ROTA of 2.55% [P.Y.: 2.23%] and 1.26% [P.Y.: 1.33%]. Excluding the impact of DTL provision on special reserve in PAT, DHFL’s ROTA stood at 1.36% during FY15. As on March 31, 2015, DHFL reported comfortable CAR of 16.56% (Tier I CAR: 12.53%) [P.Y.: 17.16% (Tier I CAR: 11.94%)]. RATING RATIONALE: The rating factors in consistent track record spanning three decades across business cycles and expertise of Dewan Housing Finance Corporation Limited’s (DHFL) in lending to the niche borrower segment of lower-middle income group while maintaining asset quality. The growing credit demand in this market segment coupled with the Government’s thrust in providing affordable housing throughout the country would help DHFL further strengthen its business position in this segment. The rating also factors in DHFL’s experienced management, comfortable capital adequacy, diversified resource profile, and stable financial profile. Capitalization levels, asset quality and liquidity profile are DHFL’s key rating sensitivities.

17 Dish Infra Services Private Limited (DISPL) Security: Corporate Debt Rating: CRISIL A-

SOURCE: (http://www.crisil.com/Ratings/RatingList/RatingDocs/Dish_Infra_Services_Private_Limited_June_09_2015_RR.html) BACKGROUND: Dish is one of India's largest DTH service providers by number of subscribers. The combine is part of the Essel group, which is promoted by Mr. Subhash Chandra. The group is present in the media industry through Zee Entertainment Enterprises Ltd (ZEEL), Zee Media Corp Ltd, and Siti Cable Network. DTIL's managing director and head of business, Mr. Jawahar Goel, is also the promoter of the Essel group and the ex-president of Indian Broadcasting Foundation. Mr. Subhash Chandra, promoter of ZEEL, is the chairman of DTIL. Dish has a presence in over 870 towns and cities through a network of over 170,000 registered dealers and 1900 registered distributors. DISPL is a 100 per cent subsidiary of DTIL. DTIL has transferred part of its assets and liabilities to DISPL. DTIL has shifted its entire DTH-related infrastructure and service business to DISPL, but has retained the DTH licence and will focus solely on branding and subscriber acquisition. Effectively, all the consumer premise equipment (CPE) will be owned and leased to the customer by DISPL, while DTIL will control the content and broadcasting part. The CPEs currently on DTIL's books and most of the associated debt (including part of the bank loans rated by CRISIL, and the non-convertible debenture issue) are transferred to DISPL. DTIL will provide corporate guarantee to DISPL for the loans transferred, and continue supporting

17 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

the subsidiary, if required. CRISIL believes that while the move will lead to clear demarcation of revenue and profits between the two companies, there will be no significant change in the day-to-day operations of either company. The demerger is effective from April 1, 2015. Any adverse regulatory action from the relevant government authorities would be a key rating sensitivity factor for DISPL. For 2014-15 (refers to financial year, April 1 to March 31), Dish reported a net profit of Rs.31 million on an operating income of Rs.27.8 billion, against a net loss of Rs.1.6 billion on an operating income of Rs.25.1 billion for 2013-14. RATING RATIONALE: CRISIL has reaffirmed its rating on the proposed long-term bank facility and NCDs of Dish Infra Services Pvt Ltd (DISPL) at 'CRISIL A-/Stable'. CRISIL had assigned its 'CRISIL A-/Stable' rating to DISPL's bank loan facility on April 1, 2015 and its proposed NCDs on March 26, 2015. For arriving at its rating, CRISIL has combined the financial and business risk profiles of DISPL and its parent Dish TV (India) Ltd (DTIL;

rated CRISIL A-/Stable). This is because the two companies, together referred to as Dish (or the combine), are in the same line of business, have high operational and financial interdependence, and a common management. CRISIL's rating continues to reflect Dish's leadership position in the direct-to-home (DTH) industry, healthy operating efficiency marked by low content cost and strong cash accruals, and comfortable liquidity. The rating also factors in the strong support that Dish receives from the Essel group because of the combine's strategic importance in the media business. These rating strengths are partially offset by the combine's average financial risk profile, marked by high, though reducing, debt, and a negative net worth. Dish is also exposed to risks inherent in the industry such as intense competition, capital intensity, and high regulatory compliance. Dish continues to be a leader in the domestic DTH industry, with a net subscriber base of around 12.5 million as on December 31, 2014. Moreover, it maintains a high operating efficiency as reflected in its low content cost and healthy operating profitability, leading to strong cash accruals. Furthermore, the combine's liquidity is likely to remain strong, underpinned by cash balance and cash equivalents it is expected to maintain over the medium term. This provides it with financial flexibility to survive the impact of intense competition and any unfavourable regulatory changes. Dish continues to be an integral part of the Essel group's value chain, as the distribution arm of the group's media and entertainment business. Hence, CRISIL believes that the group will continue to support the combine as and when required and maintain a stake of more than 51 per cent in DTIL. Dish has an average financial risk profile, marked by a negative net worth, primarily on account of high depreciation. Furthermore, its business is highly capital intensive; the capital requirement has been partially funded through debt, leading to substantial borrowings. Dish also has large debt maturing over the medium term; capital expenditure (capex) over this period is expected to be funded largely through internal accruals, leading to a decrease in debt. The DTH industry is highly regulated with high tax incidence. Furthermore, the players have to pay licence fees. The Ministry of Information and Broadcasting's demand of Rs.6.25 billion for unpaid licence fees from DTIL is being disputed by the company and the matter is sub-judice. Significant capex or any adverse impact of regulatory changes, leading to sizeable debt will continue to be a key rating sensitivity factor. Furthermore, the DTH industry is intensely competitive with players pursuing subscribers aggressively, leading to high capital intensity and pressure on average revenue per user.

18 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

18 Dish TV India Limited (DTIL) Security: Corporate Debt Rating: CRISIL A-

Source: (http://www.crisil.com/Ratings/RatingList/RatingDocs/Dish_TV_India_Limited__March_26_2015_RR.html) BACKGROUND: Dish is one of India's largest DTH service providers by number of subscribers. The combine is part of the Essel group, which is promoted by Mr. Subhash Chandra. The group is present in the media industry through Zee Entertainment Enterprises Ltd (ZEEL), Zee Media Corp Ltd, and Siti Cable Network. DTIL's managing director and head of business, Mr. Jawahar Goel, is also the promoter of the Essel group and the ex-president of Indian Broadcasting Foundation. Mr. Subhash Chandra, promoter of ZEEL, is the chairman of DTIL. Dish has a presence in over 870 towns and cities through a network of over 170,000 registered dealers and 1900 registered distributors. For 2013-14, the DISPL-DTIL combine reported a net loss of Rs.1.6 billion on an operating income of Rs.25.1 billion, against a net loss of Rs.0.7 billion on an operating income of Rs.21.7 billion for 2012-13. For the nine months ending December 31, 2014, DTIL (standalone) reported a net loss of Rs.340 million on an operating income of Rs.20.2 billion, as against a net loss of Rs.846 million on an operating income of Rs.17.8 billion for the nine months through December 2013. RATING RATIONALE:

CRISIL has reaffirmed its rating of 'CRISIL A-/Stable' on the long-term bank facilities and non-convertible debenture issue of Dish TV India Ltd (DTIL). For arriving at the rating, CRISIL has combined the financial and business risk profiles of DTIL and its wholly owned subsidiary Dish Infra Services Pvt Ltd (DISPL). This is because these companies, collectively referred to herein as Dish (or the combine), are in the same line of business, have high operational and financial interdependence, and a common management. DTIL is transferring part of its assets and liabilities to DISPL. DTIL is shifting its entire direct-to-home (DTH) related infrastructure and service units to DISPL, but will retain the DTH license and focus solely on branding and subscriber acquisition. Effectively, all the consumer premise equipment (CPE) will be owned and leased to the customer by DISPL, while DTIL will control the content and broadcasting part. The CPEs currently on DTIL's books (effectively its entire fixed asset block), and most of the associated debt (including part of the bank loans rated by CRISIL, and the non-convertible debenture issue) are to be transferred to DISPL. DTIL is expected to provide corporate guarantee to DISPL for the loans transferred, and to continue supporting the subsidiary, if required. CRISIL believes that while the move will lead to clear demarcation of revenue and profits between the two companies, there will be no significant changes in the day-to-day operations of either company. CRISIL expects the demerger to be effective from April 1, 2015. CRISIL's rating on Dish's bank facilities and non-convertible debenture issue continues to reflect Dish's leadership position in the direct-to-home (DTH) industry, healthy operating efficiency marked by low content cost and strong cash accruals, and comfortable liquidity. The ratings also factor in the strong support that Dish receives from the Essel group because of the company's strategic importance in the media business. These rating strengths are partially offset by the combine's moderate financial risk profile, marked by high, though reducing, debt and negative net worth. Dish is also exposed to risks such as intense competition, capital intensity, and high regulatory compliance, inherent in the industry. DTIL continues to be a leader in the domestic DTH industry, with a net subscriber base of around 12.5 million as on December 31, 2014. Moreover, it maintains a high operating efficiency as reflected in its low content cost, and healthy operating profitability leading to strong cash accruals (expected to be over Rs.5 billion annually over the medium term). Furthermore, the combine's liquidity is likely to remain strong, underpinned by the minimum cash and cash equivalents in excess of Rs.3 billion it is expected to maintain over the medium term. This provides it with financial flexibility to survive the impact of intense competition and unfavourable regulatory changes. Dish continues to be an integral part of the Essel group's value chain, as the distribution arm of the group's media and entertainment

business. Hence, CRISIL believes that the group will continue to support the combine as and when required and maintain a stake of more than 51 per cent in DTIL.

19 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

Dish has a moderate financial risk profile, marked by a negative net worth, primarily on account of high depreciation. Furthermore, its business is highly capital intensive; the capital requirement has been partially funded through debt, leading to high borrowings. Dish also has large debt maturing over the medium term; capital expenditure (capex) over the medium term is expected to be funded largely through internal accruals, leading to a gradual decrease in debt. The DTH industry is highly regulated with high tax incidence. Furthermore, players have to pay licence fees. The Ministry of Information and Broadcasting's demand of Rs.6.25 billion for unpaid licence fees from DTIL is being disputed by the company and the matter is sub-judice. Significant capex or adverse regulatory changes, leading to sizeable debt will continue to be a key rating sensitivity factor. Furthermore, the DTH industry is intensely competitive with players pursuing subscribers aggressively, leading to high capital intensity and pressure on average revenue per user.

19 DLF Limited Security: Corporate Debt Rating: ICRA A

Source: http://www.icra.in/Files/Reports/Rationale/DLF%20Limited_r_24042015.pdf BACKGROUND: DLF Limited is the largest domestic real estate developer with more than 50 years of experience in developing real estate. The company has developed more than 250 million sq.ft. It is credited for developing many well known urban colonies in Delhi, including South Extension, Greater Kailash, Kailash Colony and Hauz Khas as well as one of Asia‟s largest private townships “DLF City” in Gurgaon, Haryana. DLF is currently developing 48 mn. sq.ft. across the country. Some of its key subsidiaries based on subscribed equity capital are DLF Assets Limited (rated [ICRA]A (SO) (Negative)) and DLF Cyber City Developers Limited (rated [ICRA]A (SO) (Negative). RATING RATIONALE: ICRA has taken a consolidated view of DLF and its subsidiaries given the strong operational, financial and management linkages among various entities. ICRA had placed the rating of DLF on „watch with negative implications‟ post Securities Exchange Board of India‟s (SEBI‟s) order‡ dated October 10, 2014. Consequent to SEBI order, DLF filed an appeal in Securities Appellate Tribunal (SAT), which through its order dated March 13, 2015 quashed SEBI‟s earlier order pertaining to the ban. ICRA has removed DLF‟s rating from watch post SAT‟s favourable order as it provides the flexibility to the company to access capital markets. This assumes importance given DLF‟s high refinancing requirements and planned debt reduction programme. SEBI, however, recently has filed an appeal before Supreme Court of India contesting SAT‟s order quashing the ban. ICRA will continue to monitor the outcome of the said appeal filed by SEBI and its impact on the company‟s financial flexibility. In addition DLF‟s continuing high debt levels, sluggish outlook for real estate sector over the near term and other on-going litigations are the key factors for assigning „Negative‟ outlook to the long term rating. DLF‟s gross debt at the end of December 2014 was Rs. 23,945 crore as compared to Rs, 22,334 crore at the end of March 31, 2014. The increase in debt was on account of slower pace of new project launches and government charges apart from weak operational cash flows. High debt levels have resulted in moderate debt coverage indicators for the company while also exposing it to refinancing risks given the high repayment obligations falling due in the short to medium term. ICRA notes that DLF remains committed towards material debt reduction over the short to medium term through various initiatives like monetization of non-core assets/land parcels, partnering with strategic investors in some of its large real estate projects amongst others. However, ICRA believes a significant reduction of debt hinges on DLF‟s ability to carry out securities market actions like equity market action by DLF or unlocking value of its rental portfolio through REITs listing. The same, nevertheless, remains contingent on the outcome of the appeal filed by SEBI in Supreme Court. ICRA will continue to monitor the outcome of the same and its consequent impact on the credit risk profile of DLF. The negative outlook also takes into account the sluggish demand in the real estate sector that poses a challenge to the company in maintaining its sales, especially in its on-going commercial projects and new residential projects specifically catering to luxury/super luxury segment where the activity has remained tepid over the last year. In 9MFY15, DLF booked 1.35 mn sq ft having sale value of Rs. 1878 crore as compared to 3.32 mn sq ft a year ago having sale value of Rs. 3760 crore. Further, ICRA has taken cognizance of DLF‟s increasing reliance on Gurgaon market and schemes like subvention etc to maintain the sales momentum. The rating however continues to favorably factor in DLF‟s established market position in the domestic real estate sector; its diversified, well located and low-cost land bank; and its healthy lease income portfolio, which apart from providing stability to DLF‟s otherwise volatile real estate revenues, supports its operating profitability. While reaffirming the rating, ICRA continues to take note of the on-going litigations against the company; however the financial impact of the same on DLF cannot be ascertained at this stage since the

20 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

cases are sub-judice. ICRA will continue to monitor the outcome of these cases and their impact on the credit profile of the company. Going forward, DLF‟s ability to reduce its debt levels in the near term through various monetization initiatives and improve the cash flows from its core real estate development operations would be amongst the key rating sensitivity factors.

20 Dolvi Minerals And Metals Limited (DMML) Security: Corporate Debt Rating: BWR A- (SO)

Refer to Source: (http://www.brickworkratings.com/Admin/PressRelease/Dolvi-Minerals-&-Metals-NCD_700Cr-Rationale-14Oct2014.pdf)

21 ECL Finance Ltd (ECLF)

Security: Corporate Debt Rating: CRISIL AA-

Source: (http://www.crisil.com/Ratings/RatingList/RatingDocs/ECL_Finance_Limited_August_12_2015_RR.html)

BACKGROUND: The Edelweiss group comprised Edelweiss Financial Services Ltd (EFSL, the parent company), 56 subsidiaries, and six associate companies as on March 31, 2015. The group conducts its business from 240 offices (including 8 international offices) across 125 cities as on March 31, 2015. Its main business lines are credit (comprising wholesale, retail, SME, and agricultural financing), commodities, life insurance, financial markets-related fee businesses, and asset management. These businesses entail loans to corporates and individuals, mortgage finance, including loans against property and small-ticket housing loans, SME finance, commodity sourcing and distribution, life insurance, institutional and retail equity broking, corporate finance and advisory, wealth management, third-party financial products distribution, and alternative and domestic asset management. In addition, the balance sheet management unit focuses on liquidity and asset-liability management. For 2014-15, the Edelweiss group reported profit after tax (PAT) of Rs.3.3 billion on total income of Rs.39.1 billion, vis-a-vis PAT of Rs.2.2 billion on total income of Rs.25.6 billion for 2013-14. For the quarter ended June 30, 2015, the group reported PAT of Rs.912 million on total income of Rs.11.7 billion, vis-a-vis PAT of Rs.782 million on total income of Rs.8.2 billion for the corresponding period of the previous year. ECLF, a non-banking financial company, along with Edelweiss Housing Finance Ltd, is the primary lending arm of the Edelweiss group. In 2007, ECLF began extending collateralised loans to corporates and commenced initial public offering financing and employee stock option plan financing activities. SME loans and a part of the loans against property portfolio, managed by the retail finance business of Edelweiss, are also booked in ECLF. For 2014-15, ECLF reported PAT of Rs.1.8 billion on total income of Rs.12.4 billion, vis-Ã -vis PAT of Rs.1.6 billion on total income of Rs.8.1 billion for 2013-14. The company had a net worth of Rs.17.4 billion and capital adequacy ratio of 17.7 per cent as on March 31, 2015. For the quarter ended June 30, 2015, ECLF reported PAT of Rs.565 million on total income of Rs.3.87 billion, vis-a-vis PAT of Rs.396 million on total income of Rs.2.52 billion for the corresponding period of the previous year. RATING RATIONALE: On June 17, 2015, CRISIL had revised its rating outlook on the long-term debt instruments and bank facilities of ECLF to 'Positive' from 'Stable'. The ratings continue to reflect CRISIL's expectation of sustained diversification in the Edelweiss group's business and earnings profile over the medium term. The ratings also factor in the group's demonstrated ability to build significant competitive positions in multiple lines of business. Furthermore, given the group's established market position in capital market-related segments, it will continue to benefit from the improved operating environment for these businesses, resulting in higher earnings and accruals to capital over the medium term. The ratings also reflect the Edelweiss group's comfortable liquidity policy. These rating strengths are partially offset by the vulnerability of the group's asset quality to the inherent concentration risks in the wholesale lending segment. Furthermore, the group's gearing has been

21 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

increasing and its profitability ratios are lower than those of its peers. For arriving at the ratings, CRISIL has combined the business and financial risk profiles of all entities in the Edelweiss group because of their significant operational and financial integration. The Edelweiss group has been diversifying within each of its key businesses, as well as entering new businesses, over the past few years. Many of these have now attained reasonable scale and are expected to lend greater stability to the group's earnings profile. In terms of diversification in lending, the share of retail and small and medium enterprise (SME) loans increased to almost 30 per cent of the group's overall loan portfolio as on March 31, 2015, from 18 per cent four years earlier; this portfolio stood at Rs.41.9 billion as on March 31, 2015. The share is expected to increase further to around 50 per cent over the medium term. Increase in the share of retail and SME financing as planned is a key rating monitorable. Within capital markets, retail broking volumes now constitute around half the group's overall broking volumes. In the commodities business, agricultural commodities became a focus area in 2014-15 (refers to financial year, April 1 to March 31) and the group is rapidly scaling up this business. In terms of new business lines, the group's life insurance business has grown significantly and is expected to break-even over the next three to four years. As the group's retail and SME businesses expand and life insurance business turns profitable, the revenue contribution from the retail segments is expected to increase.

The Edelweiss group has built significant competitive positions across multiple business segments. While it continues to be a large player in the traditional broking business, it also has one of the largest wholesale lending books among non-banks; this portfolio stood at Rs.96.2 billion (excluding lending to its associate company) as on March 31, 2015. In the distressed assets segment, its associate company, Edelweiss Asset Reconstruction Company, is now the largest in the country with total securities receipts managed of Rs.203 billion. In the commodities space, the group is one of the largest non-bank importers of precious metals. It is also rapidly scaling up its agricultural commodities business and CRISIL believes that the Edelweiss group's presence across both the physical and financing segments of this business will allow it to build a meaningful presence. The Edelweiss group's earnings and accruals to capital are expected to significantly benefit from the buoyancy in the capital markets over the medium term, given the group's established market position in related businesses. Profit from the fee-based capital markets and asset management businesses doubled in 2014-15 compared with 2013-14, and is expected to witness healthy growth over the medium term. The group has an established franchise in institutional broking and investment banking, and an expanding presence in retail broking, wealth management, and asset management. It is also one of the largest Indian institutional brokerage houses, with over 400 foreign and domestic institutional clients. The retail broking franchise is also expanding, with around 44 million clients as on March 31, 2015. The Edelweiss group operates across the corporate finance and advisory domains - equity markets, private equity, mergers and acquisitions, advisory structured financial syndication, and debt issues. The group's wealth business and alternate assets business has also witnessed significant growth. The Edelweiss group also has a comfortable liquidity policy. The liquidity cushion, which was around Rs.8 billion till December 31, 2014, increased to Rs.20 billion as on June 30, 2015. The liquidity cushion consists of unencumbered government securities and fixed deposits, unutilised bank lines, and liquid shares. Within this, the proportion of liquid shares is restricted to around 15 per cent of the total liquidity cushion. To further manage liquidity requirements, the group has placed a limit on the quantum of debt coming up for repayment over a three-month period. The group's assets and liabilities continue to be well-matched as can be seen from the trend in cumulative mismatches in three-month and one-year buckets. CRISIL believes that the group's focus on liquidity will hold it in good stead as it grows its balance sheet. However, the Edelweiss group's asset quality will remain vulnerable to the concentration risks inherent in its wholesale loan book, despite the strong focus on collateral. As on March 31, 2015, the group's wholesale book constituted almost 70 per cent of its total loan portfolio, with the 10 largest loans constituting around 30 per cent of the wholesale portfolio. Furthermore, around 38 per cent of the wholesale portfolio comprises real estate loans; this segment is vulnerable to cyclical downturns. The group follows strong credit appraisal and risk management practices and has good collateral cover for its wholesale loans; the level of gross non-performing assets was comfortable, at 1.32 per cent as on June 30, 2015. However, CRISIL believes that the inherent nature of the loan portfolio renders the group vulnerable to economic stress; any sharp deterioration in asset quality will also impact its profitability and capital. The proportion of wholesale lending in the overall credit book remains a key rating monitorable.

22 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

Furthermore, the Edelweiss group's gearing has increased significantly in 2014-15 and is higher than that of its peers. As on March 31, 2015, the group's gearing was 7.0 times (5.54 times net of borrowings against government securities) against 4.2 times (3.1 times) as on March 31, 2014. This has been due to expansion in both the credit and commodities businesses, requirement for higher margins in the broking business, as well as increase in treasury assets. With expected growth across businesses, especially credit, over the medium term, the gearing is expected to increase to around 8.5 times (net gearing of 7 times) over the medium term. While the risks of a higher gearing are partially mitigated by the group's limits on short-term debt maturity and the liquidity cushion available, the pace of increase in gearing will remain a key rating monitorable. The Edelweiss group's profitability ratios are lower than that of other large financial sector groups; the group's return on assets was 1.4 per cent and return on equity was 10.2 per cent in 2014-15. While profitability has been improving over the past few years, it remains lower than that of its peers. This is because a significant portion, over 25 per cent, of the group's capital (equity plus borrowings) is employed in businesses or investments that are either low-yielding or loss-making at this point. The group has a large balance sheet management portfolio, which comprises largely of government securities, fixed deposits, and corporate bonds; this is used for liquidity management. The return on capital employed in this portfolio was 1.2 per cent in 2014-15. Furthermore, the insurance business continues to be loss-making (net loss of Rs.520 million in 2014-15). Investments for corporate purposes, such as for the office building, also do not earn returns for the group. Expected improvement in the profitability of the insurance business and reduction in the share of funds allocated towards balance

sheet management will benefit the group's profitability only over the long term.

22 Edelweiss Commodities Services Limited Security: Corporate Debt Rating: ICRA AA

Source: http://www.icra.in/Files/Reports/Rationale/Edelweiss%20Commodities_r_21082015.pdf BACKGROUND: Edelweiss Financial Services Ltd (EFSL), the holding company of the Edelweiss group of companies, was incorporated in 1995 by first generation entrepreneurs to offer investment-banking services primarily to the technology companies. Currently, Edelweiss group is involved in the wholesale financing, commodity trading, corporate debt syndication and debt restructuring, equity broking - both institutional and retail, corporate finance advisory services, wealth advisory and asset management. The group has forayed into housing finance in FY11 and into life insurance business in FY12. At consolidated level, EFSL reported a consolidated net profit (after tax and minority interest) of Rs 329 crore in FY 15 as compared to a PAT of Rs 220 crores in FY14. RATING RATIONALE: The ratings are derived after considering the combined financial and business profiles of key companies in the Edelweiss group as there is significant integration between the group entities. The ratings reflect ECSL’s ultimate parentage of Edelweiss Financial Services Limited (rated at [ICRA]AA/stable and [ICRA]A1+), group’s strong capitalisation level, diversified income streams, strong presence in institutional equity broking and investment banking and robust risk management systems. In ICRA’s view ECSL is one of the key subsidiaries of the group and is of a strategic importance for EFSL to grow its commodity trading business and would continue to get support from the parent as and when required. The steady improvement in the non capital markets related businesses with improved seasoning of these businesses and stable asset quality indicators, adequate profitability and capitalization indicators provide support to the ratings of the Edelweiss group. ICRA also takes note of the group’s improving liquidity profile and with high liquid treasury assets and better diversification in resource mobilisations by targeting retail investors in the recent past and thereby moderately reducing the dependence on capital market borrowings.

23 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

23 Edelweiss Housing Financial Ltd Security: Corporate Debt Rating: CRISIL AA-

Source: http://www.crisil.com/Ratings/RatingList/RatingDocs/Edelweiss_Housing_Finance_Limited_June_18_2015_RR.html BACKGROUND: The Edelweiss group comprised Edelweiss Financial Services Ltd (EFSL, the parent company), 55 subsidiaries, and seven associate companies as on March 31, 2015. The group conducts its business from 240 offices (including 8 international offices) across 125 cities. Its main business lines are credit (including agricultural financing), commodities, life insurance, financial markets-related fee businesses, and asset management. These businesses entail loans to corporates and individuals, mortgage finance including loans against property and small-ticket housing loans, SME finance, commodity sourcing and distribution, life insurance, institutional and retail equity broking, corporate finance and advisory, wealth management, third-party financial products distribution, and alternative and domestic asset management. In addition, the balance sheet management unit focuses on liquidity and asset-liability management. For 2014-15, the Edelweiss group reported a profit after tax (PAT) of Rs.3.3 billion on a total income of Rs.39.1 billion, vis-a-vis a PAT of Rs.2.2 billion on a total income of Rs.25.6 billion for 2013-14. EHFL, the housing finance arm of the Edelweiss group, was incorporated under the regulations of the National Housing Bank (NHB). EHFL began its mortgage business in September 2010 in Mumbai, and later expanded its operations to 26 major cities including National Capital Region (NCR), Bengaluru, Pune, Ahmedabad, Vadodara, Surat, Hyderabad, and Chennai and a few smaller cities in Tamil Nadu where small ticket housing loans are granted. The company's principal offerings comprise home loans and loans against property (LAP). The mortgage portfolio (booked in EHFL as well as other group non-

banking financial companies [NBFCs]) was around Rs.20.8 billion as on March 31, 2015. For 2014-15, EHFL reported a profit after tax (PAT) of Rs.211 million on a total income of Rs.1.8 billion, vis-a-vis a PAT of Rs.47.4 million on a total income of Rs.1.2 billion for 2013-14. EHFL's net worth on a standalone basis was Rs.3.1 billion as on March 31, 2015. RATING RATIONALE: RISIL has revised its rating outlook on the long-term debt instruments and bank facilities of Edelweiss Housing Finance Ltd (EHFL; part of the Edelweiss group) to 'Positive' from ‘Stable’ in August 2015. The outlook revision primarily reflects CRISIL's expectation of continued diversification in the Edelweiss group's business and earnings profile over the medium term. The group has also demonstrated its ability to build significant competitive positions in multiple lines of business. Furthermore, given the group's established market position in capital market-related segments, it will continue to benefit from the improved operating environment for these businesses, resulting in higher earnings and accruals to capital over the medium term. CRISIL's ratings also reflect the Edelweiss group's comfortable liquidity policy. These rating strengths are partially offset by the vulnerability of the Edelweiss group's asset quality to the inherent concentration risks in the wholesale lending segment. Furthermore, the group's gearing has been increasing and its profitability ratios are lower than those of its peers. For arriving at the ratings, CRISIL has combined the business and financial risk profiles of all entities in the Edelweiss group because of their significant operational and financial integration. The Edelweiss group has been diversifying within each of its key businesses, as well as entering new businesses, over the past few years. Many of these have now attained reasonable scale and are expected to lend greater stability to the group's earnings profile. In terms of diversification in lending, the share of retail and small and medium enterprise (SME) loans has increased to almost 30 per cent of the group's overall loan portfolio as on March 31, 2015, from 18 per cent four years earlier; this portfolio stood at Rs.41.9 billion as on March 31, 2015. The share is expected to increase further to around 50 per cent over the medium term. Increase in the share of retail and SME financing as planned is a key rating monitorable. Within capital markets, retail broking volumes now constitute around half the group's overall broking volumes. In the commodities business, agricultural commodities have become a focus area in 2014-15 (refers to financial year, April 1 to March 31) and the group is rapidly scaling up this business. In terms of new business lines, the group's life insurance business has grown significantly and is expected to break-even over the next three to four years. As the group's retail and SME businesses expand further, and the life insurance business turns profitable, the revenue contribution from the retail segments is expected to increase. The Edelweiss group has also been able to build significant competitive positions across multiple business segments. While it continues to be a large player in the traditional broking business, it also has one of the largest wholesale lending books among non-banks; this portfolio stood at Rs.96.2 billion (excluding lending to its associate company) as on March 31, 2015. In the distressed assets segment, its associate company, Edelweiss Asset Reconstruction Company, is now the largest in the country with total securities receipts managed of Rs.200.8

24 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

billion. In the commodities space, the group is one of the largest non-bank importers of precious metals. It is also rapidly scaling up its agricultural commodities business and CRISIL believes that its presence across both the physical and financing segments of this business will allow it to build a meaningful presence. The Edelweiss group's earnings and accruals to capital are expected to significantly benefit from the buoyancy in the capital markets over the medium term given its established market position in related businesses. Profit from the fee-based capital markets and asset management businesses has doubled in 2014-15 compared with 2013-14, and is expected to witness healthy growth over the medium term. The group has an established franchise in institutional broking and investment banking, and an expanding presence in retail broking, wealth management, and asset management. It is also one of the largest Indian institutional brokerage houses, with over 400 foreign and domestic institutional clients. The retail broking franchise is also expanding, with around 44 million clients as on March 31, 2015. The Edelweiss group operates across the corporate finance and advisory domains - equity markets, private equity, mergers and acquisitions, advisory structured financial syndication, and debt issues. The group's wealth business and alternate assets business has also witnessed significant growth. The Edelweiss group also has a comfortable liquidity policy. The liquidity cushion, which was around Rs.8 billion till December 31, 2014, has been increased to Rs.10 billion from April 1, 2015 and is expected to further increase in stages to around Rs. 20 billion during 2015-16. The liquidity cushion consists of unencumbered government securities and fixed deposits, unutilised bank lines, and liquid shares. Within this,

the proportion of liquid shares is restricted to around 15 per cent of the total liquidity cushion. To further manage liquidity requirements, the group has placed a limit on the quantum of debt coming up for repayments over a three-month period. The group's assets and liabilities continue to be well-matched as can be seen from the trend in cumulative mismatches in three-month and one-year buckets. CRISIL believes that the group's focus on liquidity will hold it in good stead as it grows its balance sheet. However, the Edelweiss group's asset quality will remain vulnerable to the concentration risks inherent in its wholesale loan book, despite the strong focus on collateral. As on March 31, 2015, the group's wholesale book constituted almost 70 per cent of its total loan portfolio, with the ten largest loans constituting around 33 per cent of the wholesale portfolio. Furthermore, around 38 per cent of the wholesale portfolio comprises real estate loans; this segment is vulnerable to cyclical downturns. The group follows strong credit appraisal and risk management practices and has good collateral cover for its wholesale loans; the level of gross non-performing assets was comfortable at around 1.3 per cent as on March 31, 2015. However, CRISIL believes that the inherent nature of the loan portfolio renders the group vulnerable to economic stress; any sharp deterioration in asset quality would also impact its profitability and capital. The proportion of wholesale lending in the overall credit book remains a key rating monitorable. Furthermore, the Edelweiss group's gearing has increased significantly in 2014-15 and is higher than that of its peers. As on March 31, 2015, the group's gearing was 7.0 times (5.8 times net of borrowings against government securities) against 4.2 times (3.4 times) as on March 31, 2014. This has been due to expansion in both the credit and commodities businesses, requirement for higher margins in the broking business, as well as the increase in treasury assets. With expected growth across businesses, especially credit, over the medium term, the gearing is expected to increase to around 8.5 times (net gearing of 7 times) over the medium term. While the risks of a higher gearing are partially mitigated by the group's limits on short-term debt maturity and the liquidity cushion available, the pace of increase in gearing will remain a key rating monitorable. The Edelweiss group's profitability ratios are lower than that of other large financial sector groups with a return on assets of 1.4 per cent and a return on equity of 10.2 per cent in 2014-15. While profitability has been improving over the past few years, it remains lower than that of its peers. This is because a significant portion, over 25 per cent, of the group's capital (equity+ borrowings) is employed in businesses or investments that are either low-yielding or loss-making at this point. The group has a large balance sheet management portfolio, which comprises largely of government securities, fixed deposits, and corporate bonds; this is used for liquidity management. The return on capital employed in this portfolio was around 1.2 per cent in 2014-15. Furthermore, the insurance business continues to be loss-making (net loss of Rs.520 million in 2014-15). Investments for corporate purposes, such as for the office building, also do not earn returns for the group. Expected improvement in the profitability of the insurance business, and reduction in the share of funds allocated towards balance sheet management will benefit the group's profitability only over the medium to long term.

25 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

24 Equitas Finance Pvt. Ltd. Security: Corporate Debt Rating: IND A-

BACKGROUND: Equitas Finance, a wholly owned subsidiary of Equitas Holdings Private Limited (EHPL), is a Chennai-based non-deposit taking non-bank financial company operating in high yield used vehicle finance and loan against property businesses. The company started operations in June 2011. RATING RATIONALE: Equitas’ ratings are driven by its above-average capital buffers, supported by regular capital infusions from its 100% holding company Equitas Holdings Limited. The ratings also incorporate Equitas’ reasonable access to banks, matched liquidity profile and experienced senior management team. The ratings, however, are constrained by the company’s aggressive growth plans into relatively untested segments and rising credit costs on an unseasoned book. Equitas' Tier 1 ratio remained healthy at 32.2% in June 2015 (FY15: 36.2%, FY14: 32.8%), which Ind-Ra considers is necessary to absorb unexpected credit losses, given the aggressive loan growth and the unseasoned book. The company moved to a 150-day NPL recognition norm and the gross NPL ratio stood at 2.7% in June 2015. However, credit costs have risen over the last two years to 3.1% of assets in FY15 (FY14: 2.1%), as the loan book seasoned. Disbursements in FY15 formed 82% of the

outstanding assets under management, and nearly 30% of incremental disbursements were to small and medium enterprises. This portfolio has shown strong asset quality, with near-zero delinquencies thus far, though the book is unseasoned. Maintaining stable asset quality in this business will be an important rating factor. The cost to income ratio improved marginally to 47.4% in June 2015 (FY15: 52.7%) due to a rise in branch productivity. While this could come down further with higher operating leverage, Ind-Ra expects Equitas' operating expenses to remain above peers’ over the medium term, given the aggressive expansion into small and medium enterprises loans. Banks remain the predominant source of funding for Equitas (71% of borrowings in March 2015) though the company is consciously shifting to longer tenor loans for the better management of its asset liability maturity profile. Ind-Ra considers Equitas’ ability to access bank funds reasonable, given the long-standing association of the group with a large number of banks. Equitas Holdings has applied for a small finance bank license which, if awarded, will have implications on the credit profile of the combined entity, as it transitions to a small finance bank.

25 Essel Infraprojects Limited (EIL) Security: Corporate Debt Rating: BWR A-(SO)

Refer to : http://www.brickworkratings.com/Admin/PressRelease/Essel-Infraprojects-NCD_425Cr-Rationale-15Jun2015.pdf

26 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

26 Essel Propack Limited (EPL) Security: Corporate Debt Rating: CARE A

Source: http://www.careratings.com/upload/CompanyFiles/PR/ESSEL%20PROPACK%20LIMITED-11-05-2014.pdf BACKGROUND: Incorporated in 1982, Essel Propack Limited (EPL) together with its subsidiaries, associates and joint ventures is one of the leading specialty packaging global company, manufacturing laminated plastic tubes catering to the FMCG and Pharma companies. EPL has 24 manufacturing facilities in 12 countries across five continents. As on March 31, 2014, EPL has two operating subsidiaries and eleven step-down operating subsidiaries. In FY14 (refers to the period April 01 to March 31), EPL posted a total income of Rs.2,144.05 crore (vis-à-vis Rs.1,855.24 crore in FY13) and a PAT of Rs.111.70 crore (vis-à-vis Rs.83.92 crore in FY13) on consolidated basis. Furthermore during Q1FY15, EPL have posted a PAT of Rs.27.40 crore (vis-à-vis Rs.24.50 crore during Q1FY14) on a total income of Rs.553.92 crore (vis-à-vis Rs.486.05 crore during Q1FY14) on consolidated basis. RATING RATIONALE: The rating reaffirmation takes into account Essel Propack Limited’s (EPL) improved financial profile on standalone and consolidated basis, mainly with respect to overall gearing and debt coverage indicators on account of efficient management of debt. The ratings continue to derive strength from EPL’s dominant market position in the laminated tubes worldwide and geographically diversified established clientele translating into consistent growth in revenues and profitability over the years, which is also aided by strong and experienced promoter group and professional management. The ratings are further strengthened by its presence in product portfolio having inelastic demand and steady turnaround (PBIT level) witnessed in Europe region. The ratings are, however, constrained by susceptibility to rising raw material prices and limited pricing flexibility as its business is characterized by large volume off take. The ability of EPL to increase its revenues from non-oral care product segments continues to remain the key rating sensitivity

27 Family Credit Ltd. (FCL) Security: Corporate Debt / Money Market Instrument Rating: CARE AA+ / CARE A1+

Source: http://www.careratings.com/upload/CompanyFiles/PR/FAMILY%20CREDIT%20LTD.-01-22-2015.pdf BACKGROUND: Family Credit Ltd. (FCL) was originally incorporated as Apeejay Finance Group Ltd. in 1993. In September, 2006, Societe Generale Consumer Finance (SGCF), a division of Societe General Group, France, acquired 45% stake in the company and gradually upped its stake to 100% by October 2007. Consequently, the company’s name was changed to Family Credit Limited. In December 2012, L&T Finance Holding Limited (LTFHL) (rated CARE AA+), the flagship holding company for the financial services of the L&T Group acquired 100% shareholding in FCL. As on March 31, 2014, FCL had a loan portfolio of Rs.2,969 crore mainly comprising auto loans (43% of loan portfolio) and two-wheeler loans (38% of loan portfolio). FCL reported Capital Adequacy Ratio (CAR) of 16.49% (Tier I CAR: 13.84%) as on March 31, 2014 [P.Y.: 16.91% (Tier I CAR: 16.46%)]. During FY14, the parent company (LTFHL) infused equity capital infusion of around Rs.117 crore to support growth in loan portfolio. FCL reported CAR of 17.40% (Tier I CAR: 13.70%) as on June 30, 2014. Its Gross NPA ratio stood at 2.31% and Net NPA ratio of 1.16% as on June 30, 2014. The net NPA to net worth ratio stood at 7.61%. FCL reported Profit After Tax (PAT) of Rs.76 crore on total income of Rs.454 crore during FY14 as compared to PAT of Rs.87 crore on total income of Rs.348 crore during FY13. The income reported for FY13 was higher due to change in income recognition policy for fee income at the inception of the loan and one-time recognition of income during the year. During H1FY15, FCL reported PAT of Rs.42 crore on total income of Rs.312 crore. It reported CAR of 18.20% (Tier I CAR: 14.40%) as on September 30, 2014. Its Gross NPA ratio stood at 2.50% and Net NPA ratio of 1.20% while its Net NPA to Net worth ratio stood at 7.78% as on September 30, 2014. RATING RATIONALE: The ratings factor in complete integration of Family Credit Ltd. (FCL) with other group entities and FCL’s positioning as the group’s retail financing company focused on auto loans and two-wheeler financing, continued strong parentage (L&T Finance Holding Limited, the flagship holding company for the financial services business of the L&T group, holds 100% stake in Family Credit Ltd.). By virtue of strong parentage, the company would benefit from group synergies in the form of business support from the L&T ecosystem with respect to integrated treasury as well as capital, managerial and operational support. Moreover, FCL’s board and senior management comprises senior executives of the L&T group. The ratings also factor in comfortable capitalization levels, healthy liquidity profile, increased scale of business, improvement in earnings profile under new management, average asset quality and business concentration. Continued support from parent,

27 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

ability to generate new business, profitability and asset quality are the key rating sensitivities.

28 Future Consumer Enterprise Limited (FCEL) Security: Corporate Debt Rating: CARE A-

Source: http://www.careratings.com/upload/CompanyFiles/PR/FUTURE%20CONSUMER%20ENTERPRISE%20LIMITED-04-06-2015.pdf BACKGROUND: FCEL, erstwhile Future Ventures India Ltd, is a part of the Future Group and operates retail formats (KB’s Fairprice and Big Apple) as well as distributes private label FMCG brands of the future group (mainly Clean Mate, Care Mate, Tasty Treat and Fresh & Pure) and other brands like Sunkist and Sach, primarily through Future Group formats in urban and rural areas. Earlier the company was engaged in Non-Banking Financial Company (NBFC) activities and has already surrendered its NBFC Certificate of Registration to the Reserve Bank of India (RBI) during May 2013 which is pending confirmation. On January 30, 2015, the High Court has approved the amalgamation of Future Agrovet Ltd. with its holding company FCEL with effect from April 01, 2014. FAL is primarily engaged in agro-retail operations by way of sourcing of various agro commodities for Future Group entities. During FY14 (refers to the period April 1 to March 31), FCEL registered a PAT of Rs.30.41 crore on total operating income of Rs.373.22 crore on a standalone basis. In 9MFY15, FCEL earned total income of Rs.300.50 crore and net loss of Rs.33.53 crore. On a consolidated basis, the company posted net loss of Rs.15 crore on a total operating income of Rs.848 crore during FY14 RATING RATIONALE: The ratings continue to derive strength from the experienced & professionally managed promoter group of Future Consumer Enterprise Ltd

(FCEL) as well as its presence across the fast moving consumer goods (FMCG) value chain – from sourcing and processing, to branding and distribution in rural and urban markets. The ratings also factor in the established convenience store business and private label FMCG brands of the company. The ratings, however, are constrained due to the low core profitability, increase in debt leading to deterioration of capital structure and intense competition from organised and unorganised sector players. The ability of the company to achieve its revenues as envisaged along with breakeven on convenience store format remains critical from credit perspective.

29 Future Ideas Company Ltd. (FICL) Security: Corporate Debt Rating: BWR A+ (SO) Refer to: http://www.brickworkratings.com/Admin/PressRelease/Future-Ideas-Company-NCD_150Cr-Rationale-1Jul2015.pdf

28 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

30 Future Retail Limited

Security: Corporate Debt Rating: CARE AA-

Source: http://www.careratings.com/upload/CompanyFiles/PR/FUTURE%20RETAIL%20LIMITED-06-30-2015.pdf BACKGROUND: FRL is the flagship company of the Future Group (one of India’s largest retailers). Currently, FRL is mainly engaged in home & electronics retailing and into value retailing. As of March 31, 2015, FRL had 401 stores encompassing 11.36 mn sq.ft. of retail area. On May 4, 2015, FRL announced the merger with Bharti Retail Ltd. (BRL, wholly owned subsidiary of Bharti Enterprises, runs a chain of over 200 hypermarkets, convenience stores and supermarkets under the brand name of Easyday) for a zero cash, all stock deal. The merger will combine the operations of FRL and BRL to create a national footprint of over 570 retail stores in multiple formats over 185 cities over 12.9 million square feet. On a standalone basis, FRL posted a Rs.74 crore (Rs.3 crore in FY14) on a total income of Rs.10355 crore (Rs.11596 crore in FY14) in FY15. RATING RATIONALE: CARE has assigned CARE AA- (under credit watch) rating to the Non-Convertible Debenture (NCD) issue of Future Retail Limited (FRL) in view of the impending demerger of Retail Business Undertaking of Future Retail Ltd. (FRL) into Bharti Retail Ltd. (BRL) and proposed demerger of Retail Infrastructure Business Undertaking of BRL into FRL. CARE is in the process of evaluating the impact of the same on the credit quality of FRL and has sought necessary information/clarification from the company. CARE will take a view on the rating once the transaction structure and other details are finalized and CARE has evaluated the impact of the above event on the business and financial credit profile of FRL. The rating derives strength from the successful raising of equity through rights issue as well as preferential allotment which is expected to help improve the capital structure. The rating also derives strength from the experienced promoters and management team, Future Retail Limited’s (FRL) proven track record with a leading position in the organized retail business in India, pan-India presence across multiple formats and management focus on on-going divestments across non-core businesses. The rating, however, is constrained by dependence on debt by FRL, moderate debt coverage ratios, low profitability exhibited by the company in recent years, working capital intensive nature of the business and intense competition, which can continually suppress margins of FRL. Furthermore, the rating factors in the support FRL may have to extend to its loss-making subsidiaries/joint ventures, until such time that they are either financially stable or FRL’s stakes in the same have been sold. The ability of FRL to improve capital structure by reducing debt, improve profitability margins in the competitive industry scenario, manage its working capital requirements efficiently amidst growing scale of operations and improve debt coverage parameters are the key rating sensitivities.

31 Grand View Estates Private Ltd. (GVEPL) Security: Corporate Debt Rating: ICRA AA+(SO)

Source: http://www.icra.in/Files/Reports/Rationale/Grand%20View%20Estates_R_07042015.pdf

BACKGROUND: It belongs to the Shapoorji Pallonji group and is engaged in the revival of sick/loss-making units. It is currently engaged in reviving the Svadeshi Mills Company Limited (SMCL), which is currently under liquidation. GVEPL holds ~29% equity stake in SMCL and is also a secured creditor. RATING RATIONALE: ICRA had assigned conditional [ICRA]AA(SO) rating to the NCD programme of Grand View Estates Private Limited (GVEPL). The rating was assigned based on the strength of an unconditional, irrevocable and revolving DSRA Guarantee from Shapoorji Pallonji and Company Private Limited (SPCPL).

29 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

32 Hinduja Leyland Finance

(HLF)

Security: Corporate Debt Rating: IND A+

Source: https://www.indiaratings.co.in/upload/sectors/ratingReports/2014/3/12/indra12Hinduja.pdf

BACKGROUND:

HLF was established in 2008 and received registration as a non-bank finance company in March 2010. HLF is promoted by the Hinduja

Group, and Ashok Leyland Limited (ALL) holds a majority stake of around 67.0%, while the balance is held by other Hinduja group entities.

RATING RATIONALE: The ratings reflect Ind-Ra’s expectation that HLF’s pre-provision operating profit (PPOP) buffer will remain adequate to absorb rising credit costs as its loan book seasons. Also, the agency believes that high internal accruals and expected capital injections will keep the company’s capitalisation at a satisfactory level. The ratings are also supported by the expected improvements in HLF’s funding profile. The company is diversifying its funding profile to include capital market instruments from mainly bank loans. The ratings also consider the benefits derived by HLF in the ordinary course of business from its parent, Ashok Leyland Limited (ALL; 67% stake), through preferential access to the latter’s dealers and added flexibility in raising bank loans. The ratings are however constrained by HLF’s short operating history, high risk appetite - both in terms of high yielding loan products and above-average growth - and its weak asset quality. Amid a harsh operating environment around the vehicle finance sector and given the low seasoning of HLF’s loan portfolio, its asset quality could remain under pressure. Loan book grew at a CAGR of 74% over FY12-FY13. The company reported a solid PPOP buffer (PPOP/average earning assets: 8.6% in FY13), while credit costs were 2.5% of average earning assets. Ind-Ra expects PPOP to moderate and credit costs to remain elevated for some time. Nevertheless, the PPOP excess buffer is likely to remain adequate in the near-to-medium term.

30 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

33 HPCL-Mittal Energy Ltd

(HMEL)

HPCL Mittal Pipelines

(HMPL)

Security: Corporate Debt Rating: ICRA AA-

Source: http://icra.in/Files/Reports/Rationale/HPCL-Mittal%20Energy_r_25072014.pdf

BACKGROUND:

HMEL incorporated as Guru Gobind Singh Refinery Limited (GGSRL) in 2000, is a joint venture between HPCL and MEIL, Singapore - a L. N.

Mittal group company. Both the JV partners hold a stake of 48.804% in the company each, the rest 2.39% is held by financial institutions

(IFCI, SBI and HDFC Standard Life). In February 2012, HMEL commercially commissioned a green field refinery complex with 9 MMTPA

capacity at Bathinda (Punjab) along with captive power plant of 165 MW. To meet the crude receipt & storage facilities as well as to

transport the crude for the company, its wholly owned subsidiary HPCL-Mittal Pipelines Ltd (HMPL) has set up a Crude oil terminal (COT) and

Single Buoy Mooring (SBM) at Mundra Port, Gujarat and a cross-country pipeline for transportation of crude oil from Mundra to Bathinda.

RATING RATIONALE:

The rating assigned to the long-term bond programme of HPCL-Mittal Energy Limited (HMEL) has been reaffirmed at [ICRA]AA- (pronounced

ICRA double A minus).† The reaffirmation of the ratings factors in the satisfactory ramp-up of refinery crude throughput, high complexity

level of the refinery, long and established track record of HPCL in the domestic refining and marketing business, smooth product off-take

with HPCL in line with take or pay agreement, fiscal incentives from the Government of Punjab (GoP), and favourable location of the

refinery, as it is situated in petroleum products deficit and the high growth northern region. However, the ratings are constrained by modest

financial performance in FY 14, elevated capital structure, high break-even gross refining margins (GRM), and vulnerability of the company’s

profitability to the global refining margin cycle, import duty protection and INR-USD parity levels. The ratings also factor in the project

implementation risks related to the expansion project to increase refining capacity to 11.3 million metric tonnes (MMT) from current 9 MMT.

Any material delays in achieving meaningful cash generation and weakening in the credit profile of its main sponsors will be key rating

sensitivities. On the other hand, material improvement in capital structure and debt protection metrics of the company on account of higher-

than-anticipated cash accruals will be key upsides for the ratings.

HMEL operated its refinery at capacity utilisation of 103% in FY14 (against 54% in FY13), which reflects satisfactory ramp up of crude

throughput (around 9.27 MMT in FY 14). Although the production volumes of most of the products remained largely in line with the target

product slate in FY14, the volumes of polypropylene (PP) achieved almost full utilisation levels only in Q1 FY15. The company has been in

the process further improving its operating efficiency through reducing fuel & loss, focusing on higher production of value-added products

and optimisation of crude oil basket. The company is selling liquid fuels to HPCL under its “take or pay” offtake arrangement. The sales of

liquid products contribute a major share in total revenues of the company. HPCL and HMEL have signed a product off-take agreement for the

proposed expansion of 2.30 MMTPA as well.

ICRA believes that the company’s cash generation and key coverage metrics will be at subdued levelsover the near to medium term

following modest outlook on international GRMs and lower than anticipated crude throughput in FY15. Nevertheless, HMEL has low

repayment liabilities over the FY15 and FY16 post refinancing of significant part of Rupee denominated term loans through the long-term

bonds. bonds (with low coupon rate and significant premium at maturity. The liquidity position of the company is supported by adequate

bank lines and high financial flexibility owing to strong sponsors.

31 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

34 IFMR Capital Finance

Private Ltd.

Security: Corporate Debt Rating: ICRA A+

Source: http://icra.in/Files/Reports/Rationale/IFMR%20Capital%20Finance-r-08122014.pdf

BACKGROUND:

IFMR Capital is a systemically important non-banking finance company and is part of the Chennai based, IFMR Trust Group. The company

was promoted by IFMR Trust, however post the recent equity infusion by Leapfrog and, the organisation restructuring within the group

under which the equity holdings of some of the key entities of the group were transferred from IFMR Trust to IFMR Holdings Private Limited

(IFHPL), IFHPL has 59% equity holding in IFMR Capital, while the remaining is held by Leapfrog. The company is engaged in providing

diversified financing solutions to Microfinance Institutions (MFIs) and to entities engaged in providing affordable housing finance, commercial

vehicle finance and small business loans. As a policy, the company invests in all securitization transactions arranged by the company,

typically in the subordinated tranche. The company also provides loans-tooriginate portfolio that can be securitised at a later date apart from

other structured debt products including guarantees. As on March 31, 2014, of the total asset base of Rs. 544 crore, 30% was deployed in

investments in subordinated tranches of retail loan pools while 46% was deployed in loans to small and medium NBFCs. In H1FY2015, the

company reported a provisional net profit of Rs.11.2 crore on a total income of Rs.60.1 crore.

RATING RATIONALE:

ICRA has assigned the [ICRA]A+ (pronounced ICRA A plus) rating to the Rs. 100.00 crore* long term bank facilities of IFMR Capital Finance

Private Limited (IFMR Capital or the Company) † .The outlook on the rating is stable. The rating factors in the IFMR Capital’s strong

governance and management team, its committed Board level support from the IFMR Group, good underwriting and monitoring mechanisms

and, a comfortable capitalisation profile. The rating also factor in IFMR Capital’s, ability to grow business volumes profitably while

maintaining a good asset quality and diversity in earnings in the form of fee based income. ICRA takes note of IFMR Capital’s exposures to

entities with marginal borrower profile, higher risk associated with investments / guarantees extended to these entities and increasing

exposure to new asset classes (small business loans, affordable housing finance and commercial vehicle finance. The above is offset to an

extent by the established risk management and monitoring systems put in place by the company. IFMR Capital has a well matched liquidity

profile presently, with access to varied lenders, including banks, FIs and investors. Going forward, however it would be critical for the

company to secure longer tenure funding as it increases exposure to the newer asset classes. IFMR Capital demonstrated a healthy growth

in the overall business volumes (via own book and from other sources for the clients) by over 80% to about Rs. 3,500 crore during Financial

Year (FY) 2014 and diversification to secured asset classes during the year. The strong growth was backed by an increase in the clientele to

over 60 (exposure on about 44 as in March 2014) from 30 in the previous financial year. Increase in number of partners as well as

enhancement in the engagement level by offering various solutions to them augurs well for growth in business volumes and profitability of

the company over the medium term. Majority of IFMR Capital’s new partners added in the recent past have been in secured asset classes.

Consequently, the share of business from the secured asset classes has increased to about 16% as compared 8% in FY2013. The company

achieved business volumes of about Rs. 2,140 crore in the first six months of the current financial year, of which nonmicrofinance business

accounted for about 35%. While ICRA takes cognisance of the diversification into other asset classes by the company, which is expected to

reduce portfolio concentration on the microfinance segment; the company’s ability to scale its business volumes in the new segment without

a significant increase in credit costs would be critical from a credit perspective. Further, the company would continue to be exposed risks

associated with small and medium sized NBFCs, which have an average credit profile. As in September 2014, the company has an on-book

exposure of about Rs. 650 crore, of which about 20% are exposures to subordinated instruments; it would therefore be critical for IFMR

Capital to maintain strict control over asset quality. ICRA however takes comfort from IFMR Capital’s prudent origination norms and rigorous

monitoring system, good asset quality of the underlying loans, as well as quick amortization of the underlying pools, which are likely to

partly mitigate the risks associated with such exposures. IFMR Capital’s gearing was moderate at about 2.87 times (provisional) as in Sep

2014, supported by the equity infusion. ICRA takes note about Rs.175 crore equity infusion by Leapfrog Financial Inclusion India Holdings

Limited (Leapfrog) into IFMR Trust Group, out of which Rs.100 crore was infused into IFMR Capital over the period March 2014-May 2014;

this has resulted in an improvement in the total networth of the company, which stood at about Rs.193 crore in September 2014 vis a vis

Rs. 72 crore in March 2013.The above is likely to support the medium term growth plans of the company; while ICRA notes that IFMR

Capital would be required to secure additional equity by 2016-2017 to maintain a prudent risk adjusted gearing of about 4-4.5 times, the

IFMR Trust Group’s established investor relationships and its good financial performance may facilitate securing equity in a timely manner.

The company’s liquidity profile is comfortable with a well-matched ALM profile but the tenure of the newer asset classes are typically longer

than the existing portfolio. IFMR has the financial flexibility with access to domestic and overseas institutional investors and healthy lender

relations; it would be critical for the company to secure longer term funds to match fund longer tenure assets going forward. ICRA takes

note of the steady improvement in the share of fee based income to 64% for FY2014 as compared to 46% of operating income‡ in FY2013

and in FY2012. The above could be attributed to addition of new clients in the secured asset classes and, the new products introduced

32 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

35 IL&FS Transportation

Networks Ltd. (ITNL)

Security: Corporate Debt Rating: ICRA A Source: http://icra.in/Files/Reports/Rationale/IL&FS%20Transportation_r_06072015.pdf

BACKGROUND: ITNL was incorporated in 2000 by IL&FS ([ICRA]AAA (stable) /[ICRA]A1+). The company has since expanded its scope of activities and is now an established surface transportation infrastructure company and one of the largest private sector Build-Operate-Transfer (BOT) road operators in India. Since inception, ITNL has been involved in the development, construction & implementation, operation and maintenance of national and state highways, roads, flyovers and bridges. The company has a pan-India presence in the BOT road sector with a portfolio of 18 operational projects and 9 underconstruction road projects across 18 Indian states currently. Of its 27 road projects, 13 are being

executed for National Highways Authority of India (NHAI) and Ministry of Roads, Transports and Highways while the remaining 14 are being executed for entities owned by various state governments. The company has a total operational / under-execution road portfolio of 12,838 lane kilometre. RATING RATIONALE: ICRA has assigned the long term rating of [ICRA]A (pronounced ICRA A)* to the Non Convertible Debenture (NCD) programme of IL&FS Transportation Networks Limited (ITNL). The outlook on the long term rating is stable. The rating takes into account ITNL’s strong parentage by virtue of being a part of the IL&FS group which holds 70.79% stake, the presence of IL&FS’ key management personnel on the company’s board and its strategic importance to IL&FS’ investment portfolio. The rating draws strength from the long-standing experience and expertise of ITNL’s senior management personnel in the surface transportation sector and ITNL’s strong project management and implementation abilities. The rating also takes into account ITNL’s well diversified portfolio, comprising of a healthy mix of annuity and toll/user-fee-based projects spread across 18 Indian states. While assigning the rating ICRA has taken note of the increase in the company’s indebtedness in the past fiscal (from Rs. 5,377 as of Mar-14 to Rs. 8,192 crore as of Mar-15), primarily on account of funding support, in terms of equity commitment as well as other loans & advances, extended towards various projects. Going forward, ITNL’s funding requirements are likely to remain high given its planned capital outlay of Rs. 2,000 crore in the form of promoter’s contribution for its under construction projects over the next 2-3 years, cost-overrun support for under-construction projects, and cash-flow support to operational toll projects in their initial stage of operations, if necessary. However, the company’s plans of raising additional equity alleviate the risk to an extent. Moreover, the company’s demonstrated track record of successfully raising funds through a combination of equityand debt instruments provides comfort. The rating is further constrained by ITNL’s exposure to project execution risks considering the under-construction & under development project portfolio of 3,939 lane kilometre (km) with an unexecuted project cost of ~Rs. 11,904 crore as of March 2015, compared to commissioned projects aggregating 8,899 lane km as well as exposure to forex risks with respect to un-hedged debt contracted in subsidiaries and guaranteed by ITNL, namely Elsamex SA and an operational toll-road in China. However the natural hedge offered by the foreign currency denominated earnings of these subsidiaries coupled with ITNL’s experience in foreign currency refinancing moderates the risk.

33 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

36 Incline Realty Pvt. Ltd.

(IRPL)

Security: Corporate Debt Rating: CARE AA+ (SO)

Source: http://www.careratings.com/upload/CompanyFiles/PR/INCLINE%20REALTY%20PRIVATE%20LIMITED-07-20-2015.pdf BACKGROUND: IRPL is a wholly owned subsidiary of Oberoi Realty Limited (ORL) formed on March 25, 2014 for the purpose of undertaking real estate development. ORL is the flagship company of Oberoi Realty Group. Its promoter and promoter group have been developing real estate since 1983, initially as a proprietorship firm and, since 1993, through various project-specific entities. The principal business of ORL is development of residential projects. However, the group has diversified presence in retail, commercial, hospitality and social infrastructure projects. RATING RATIONALE: The rating is based on the credit enhancement in the form of unconditional and irrevocable corporate guarantee provided by Guarantor [Oberoi Realty Limited, Rated CARE A1+ for its instrument]. The rating of Oberoi Realty Limited (ORL) continues to derive strength from the experienced and professional management of ORL, the group’s robust business risk profile marked by its established brand and strong market position in the real estate market of Mumbai and its strong financial risk profile supported by low leverage and healthy cash accruals. The rating also favorably factors revenue visibility emanating from healthy portfolio of leased assets and an operating hotel as well as its alliance with established players for execution of various projects. Further the rating also considers significant project development plans and the concomitant project execution and sales risk, high dependence on advances from the customers to fund the projects and ORL’s concentration in premium housing segment which is susceptible to economic slowdown. ORL’s ability to launch the forthcoming projects in a timely manner and achieve healthy sales volumes as well as collections, while maintaining a comfortable capital structure amidst a challenging economic backdrop are the key rating sensitivities. While assessing the risk profile of the company, CARE has considered the consolidated financials of ORL since many projects of the company are executed either through subsidiaries or associate companies.

34 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

37 IndoStar Capital Finance Pvt. Ltd. (ICF) Security: Corporate Debt Rating: CARE AA-

Source: http://www.careratings.com/upload/CompanyFiles/PR/INDOSTAR%20CAPITAL%20FINANCE%20LTD.-07-13-2015.pdf BACKGROUND: IndoStar Capital Finance Ltd. (ICF) is registered with the Reserve Bank of India (RBI) as a systemically important non-deposit taking NBFC. It was originally incorporated as R. V.Vyapar Pvt. Ltd. on July 21, 2009 and the company was renamed as ‘IndoStar Capital Finance Pvt. Ltd.’ on November 15, 2010. The company started its business operations recently with disbursements beginning during Q1FY12 (refers to the period April 01 to June 30). The company was converted into a public limited company on May 28, 2014 and consequently its name was changed to ‘IndoStar Capital Finance Limited’. ICF had been established by global financial institutions including Goldman Sachs, Ashmore group PLC, Everstone Capital, Baer Capital Partners and ACP Investments with the objective of developing an independent wholesale lending institution in India. During FY15, Ashmore Group PLC exited ICF with its stake being acquired by Everstone Capital and ACP Investments. The promoters hold their stake in ICF through Indostar Capital, Mauritius which holds 87.61% stake in the company. ICF is engaged mainly into wholesale lending with products ranging from corporate finance, developer financing/loan against property, working capital financing, acquisition financing & loan against shares. With a view to diversify its lending operations, recently the company has started SME lending wherein Small and Medium Enterprises would be given business loans against security of the property. ICF’s loan portfolio and tangible networth stood at Rs.3,375 crore and Rs.1,276 crore respectively as on March 31, 2015. As on March 31, 2015, ICF’s loan portfolio stood at Rs.3,375 crore while loan portfolio (incl debentures) stood at Rs.3432 crore of which real estate developer funding comprised 30.0%, corporate financing- 66.5%, loans against shares- 2.9% and the rest 0.2% being vehicle financing. RATING RATIONALE: The ratings factor in the strong institutional promoters as well as their capital, operational and management support. The rating further takes into account the company’s experienced management, good risk management processes, strong capitalisation levels as well as comfortable gearing, healthy financial performance, comfortable asset quality & liquidity position. The rating is, however, constrained due to the limited track record of operations, low seasoning of the portfolio and high client concentration risk. Continued promoter support, business growth & profitability, client concentration and asset quality are its key rating sensitivities.

38

Infiniti Retail Limited (IRL) Security: Corporate Debt Rating: CARE A+

Source: http://www.careratings.com/upload/CompanyFiles/PR/INFINITI%20RETAIL%20LIMITED-07-28-2015.pdf BACKGROUND: Infinity Retail Ltd (IRL) is a wholly owned subsidiary of Tata Sons Limited (TSL), the holding company of the Tata Group. IRL operates a national chain of multi-brand electronics stores under the brand name Croma. IRL had a technical and sourcing agreement with Woolworths Limited, Australia. As on March 31, 2015, IRL retails through 98 Croma retail outlets (101 as on March 31, 2014) acrossIndia. During FY15 (refers to the period April 1 to March 31), IRL reported income of Rs.3,291.65 crore and a loss of Rs.99.14 crore as against an income of Rs.3,195.65 crore and a loss of Rs.81.89 crore during FY14. RATING RATIONALE: The reaffirmation of ratings assigned to the various instruments and bank facilities of Infiniti Retail Limited (IRL) continues to derive strength from its strong parentage (IRL being a 100% subsidiary of Tata Sons Ltd [TSL]), experienced management, financial flexibility it derives by virtue of belonging to the Tata group, continuous funding support from the promoters and backward integration by acquisition of Infiniti Wholesale Limited (IWL). The above rating strengths are however, tempered by the challenging operating environment due to slowdown in demand and intense competition translating into subdued operating performance and weak debt protection metrics. Majority ownership of TSL and ability of IRL to successfully turnaround business and grow profitably remain the key rating sensitivities.

35 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

39 JSW Energy Ltd

Security: Corporate Debt Rating: CARE AA-

Source: http://www.careratings.com/upload/CompanyFiles/PR/JSW%20ENERGY%20LIMITED-02-19-2015.pdf BACKGROUND: Incorporated in 1994, JSWEL is a part of the JSW group headed by Mr. Sajjan Jindal. The JSW group has presence in various sectors, such as steel, power, cement, infrastructure, etc. JSWEL is the holding company for the JSW group’s power business having operational capacity of 3,140 Mega-Watts (MW, consolidated) as of March 31, 2014. The company also provides operation & maintenance services for power plants of the group companies and project management services for the power plants being set up by the group. On an operating income of Rs.5977.34 crore, JSWEL posted PAT of Rs.602.48 crore in FY14 (refers to April 1 to March 31). RATING RATIONALE: In October 2014, CARE had placed the ratings assigned to the bank facilities/instruments of JSW Energy Limited (JSWEL) on “credit watch” in view of the impending possible impact of the acquisition of two operational plants of Jaiprakash Power Venture Limited (JVPL) namely 300 MW Baspa-II Hydro Electric Plant and 1091 MW Karcham Wangtoo Hydro Electric Plant on the credit profile of the company. JSWEL has entered into binding Memorandum of Understanding (MoU) with JPVL for 100% acquisition of the aforesaid plants. The acquisition of the aforementioned projects is proposed through Himachal Baspa Power Company Ltd. (HBPCL). post the approval of the Scheme of Arrangement. JSWEL Limited proposes to acquire 100% stake in HBPCL, a wholly owned subsidiary of Jaiprakash Power Ventures Limited (JPVL) for a base Enterprise Valuation of Rs.9,700 crore subject to the approval of the honourable High Court of Himachal Pradesh. As such, CARE would await further developments to unfold, to enable it to assess the situation. CARE would take the final view on the credit rating of JSWEL after evaluating the final magnitude of acquisition, more so with the emergence of clarity on funding pattern of the same. The ratings continue to derive strength from the strong promoter group having considerable experience in setting up and operating thermal power plants, successful implementation of projects and stabilization of operations at its Vijaynagar and Ratnagiri plants, healthy cash and bank balance, revenue visibility to the extent of presence of power off-take agreements and power-deficit scenario in the country. The ratings are, however constrained by fluctuating merchant tariffs, exposure of profitability to volatile imported coal prices and foreign exchange

fluctuations, residual project implementation risk for the ongoing projects and contingent liability on account of corporate guarantee extended to lenders of its subsidiaries to the extent of Rs.624.22 crore as at March 31, 2014. The company’s ability to obtain envisaged realization on merchant sales, maintain profitability amid volatility in imported coal prices and fluctuation in foreign exchange, manage its capital structure in the backdrop of the proposed acquisition of JVPL assets are key rating sensitivities.

36 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

40 JSW Infrastructure

Limited (JSWIL)

Security: Corporate Debt Rating: CARE A+

Source: http://www.careratings.com/upload/CompanyFiles/PR/JSW%20INFRASTRUCTURE%20LTD.-08-14-2014.pdf BACKGROUND: JSWIL, incorporated in the year 2006, is part of the JSW Group and is engaged in the business of developing infrastructure for ports and shipyard. JSWIL is the holding company and has three operating ports, viz, South West Ports Ltd (rated CARE A1+) in Goa, JSW Jaigarh Port Ltd (rated CARE A+/A1) in Ratnagiri, Maharashtra and JSW Dharamtar Port Pvt Ltd in Dolvi, Maharashtra. In addition, JSWIL provides project management services to the SPVs formed for the specific projects during the implementation of the project and also provides cargo handling services at ports. RATING RATIONALE: The ratings continue to derive strength from the JSW group’s demonstrated ability to execute large projects in diversified sectors, significant growth in cargo throughput and revenue exhibited by the company on a consolidated basis over the past four fiscals coupled with the improved profitability, cargo visibility for the ports under the subsidiaries of JSW Infrastructure Ltd(JSWIL), viz, South West Ports Ltd (South West port), JSW Jaigarh Port Ltd (Jaigarh port) and JSW Dharamtar Port Pvt Ltd (Dolvi port), successful project execution and operations at green-field port at Jaigarh through subsidiary, favourable location of the ports with strategic importance for the JSW group companies coupled with expected easing of evacuation capacity constraint at SWPL with installation of in-motion wagon system(expected operationalization in August 2014). The ratings are, however, constrained by the project execution risk on account of the planned expansion at Jaigarh port and JSW Dharamtar (Dolvi) port and subdued outlook for the power sector. JSWIL’s ability to maintain profitability and successfully execute the proposed project expansion at Jaigarh and Dolvi ports without significantly burdening the cash flows or adversely affecting the credit profile are the key rating sensitivities. Furthermore, an increase in cargo through put at Jaigarh port, effective easing of evacuation capacity of the berth at South West port, successful execution of planned expansion at Jaigarh port and expansion at JSW

Dharamtar (Dolvi) are the key rating sensitivities.

41 JSW Logistics

Infrastructure Private

Limited (JSWLIPL)

Security: Corporate Debt Rating: BWR AA- (SO)

Refer to: http://www.brickworkratings.com/Admin/PressRelease/JSW-Logistics-Infrastructure-NCD_225Cr-Rationale-23Jun2015.pdf

42 JSW Techno Projects

Management Limited

(JSWTPL)

Security: Corporate Debt Rating: BWR A(SO)

Refer to: http://www.brickworkratings.com/Admin/PressRelease/JSW-Techno-Projects-Management-NCD_600Cr-Rationale-28Jan2015.pdf

43 Jindal Power Limited Security: Corporate Debt Rating: ICRA AA-

Source: http://www.icra.in/Files/Reports/Rationale/Jindal%20Power_r_26052015.pdf BACKGROUND: JPL, promoted and 96.43% owned by Jindal Steel & Power Limited (JSPL), has set up a 1,000 MW (ph-I) coal based power plant (Tamnar-I) at Tamnar in District Raigarh, Chhattisgarh. The plant which has four units of 250 MW each has been accorded the status of a Mega Power project by Ministry of Power, Government of India. Besides, the company is in the process of setting up a 2,400 MW power plant (Tamnar-II) adjacent to the existing plant in Tamnar. The plant has four units of 600 MW of which three units have been commissioned. The first two units of 1,200 MW (ph-II) have coal linkages from Coal India Ltd while the fuel for the remaining two units of total 1,200 MW (ph-III) is currently not tied. In FY14, JPL reported a net profit after tax (PAT) of Rs. 1,106.7 crore on an operating income of Rs. 2,456.8 crore. In first

37 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

nine months of the current financial year, 9m-FY15, the company reported net loss of Rs. 268 crore on operating income of Rs. 2,453.6 crore. The company had registered an extraordinary expense of Rs. 1,068 crore due to additional levy paid by the company against coal extracted from Gare Palma IV/2&3 coal mines RATING RATIONALE: The ratings of JPL takes support from its cost competitive power plants, vantage location of plant in terms of proximity to various coal blocks; and financial flexibility derived from its current healthy financial risk profile marked by strong balance sheet, and healthy liquidity position. However, ICRA has placed the ratings on watch with developing implications as there is uncertainty on the fuel arrangement for majority of JPL’s capacity. While JPL has emerged as the successful bidder for two coal blocks (Gare Palma IV/2&3 and Tara Coal Block* ) in the recently concluded auction for Schedule II and Schedule III Coal Mines, the Government has not accepted its bids. JPL has contested against the same in Delhi High Court and the matter is currently subjudice. The two coal blocks are critical for JPL as they will enable long term sourcing of raw-material for its 2,200 MW power capacity which currently does not have any other fuel sourcing arrangement. In the scenario of the two coal blocks getting allocated to JPL, it will result in adequate fuel arrangement for its entire 3400 MW power capacity (including linkage with Coal India Limited for 1,200 MW) as compared to the situation before the de-allocation of coal blocks when it had fuel arrangements for only 2200 MW power capacity, though fuel cost would be relatively higher now. Further, usage of coal from these blocks will be subject to company’s ability to enter into Power Purchase Agreements (PPAs). Till the time JPL wins PPAs, the coal extracted from

these mines will have to be transferred to CIL which will impact its profitability. Furthermore, JPL’s ability to enter into PPAs in a timely manner, and the pricing thereof will be key parameters which will have a bearing on JPL’s credit metrics. In the scenario of the two coal blocks not getting allocated to JPL, the company will have to source coal from other avenues which will adversely impact its profitability and weaken its credit metrics. In either scenario, ICRA expects pressure on JPL’s profitability in short to medium term due to higher coal cost as it will have to procure coal from other sources, and continued bottlenecks on power evacuation which had restricted utilization of its capacity inspite of having PPAs; though in ICRA’s opinion the company has financial flexibility and sufficient liquidity to withstand this period. In the medium to longer term, JPL’s financial profile would be dependent on the outcome of decision on coal blocks, its ability to enter into PPAs and pricing thereof. Besides fuel related risks, utilization of expanded power capacity will be highly dependent on adequate water supply and power evacuation/transmission systems. ICRA will continue to monitor these developments and take an appropriate action on JPL’s rating as more clarity emerges on these issues. These developments apart, the long term rating of JPL is also constrained by moderation in debt coverage indicators with the increase in its debt, payment of additional levy to Government in FY2015 and declining profitability.

44 Jindal Steel & Power

Limited

Security: Corporate Debt Rating: CRISIL AA-

Source: http://www.crisil.com/Ratings/RatingList/RatingDocs/Jindal_Steel_and_Power_Limited_April_10_2015_RR.html BACKGROUND: The JSPL group, a part of the USD18-billion diversified OP Jindal group, is one of India's key steel producers, and has a sizeable presence in power generation and mining. The group operates the largest coal-based sponge iron plant in the world and has an installed capacity of 6.50 million tonnes per annum (mtpa) of steel: 3.00 mtpa at Raigarh (Chhattisgarh), 1.50 mtpa in Angul, and 2.00 mtpa in Shadeed. JPL, a subsidiary of JSPL, set up India's first mega power project of 1000 MW in the private sector, and currently has a total commissioned power capacity of 2800 MW. Through its fully owned subsidiary, Jindal Steel & Power (Mauritius) Ltd (JSPML), JSPL acquired Shadeed Iron & Steel Company (Shadeed) in Oman, which has a 1.5-mtpa gas-based hot-briquetted iron plant, which is integrated forward to manufacture 2.0 mtpa of finished products. The JSPL group's international operations include interests in mining assets in resource-rich locations such as Australia, Indonesia in Asia, and Mozambique and South Africa in Africa. The JSPL group undertook a large capex programme of around Rs.410 billion since 2011 for implementing a 1.5-mtpa greenfield integrated steel plant at Angul (under JSPL), 2400-MW power plants in two phases (2x600 MW each; in Tamnar [Chhattisgarh]; under JPL), a 2-mtpa billet cum round capacity in Shadeed (under JSPML), and for modernisation at Raigarh (under JSPL). The facilities of JSPL and JSPML were commissioned in 2014-15, along with 1800 MW of the proposed 2400-MW power plants under JPL. On a consolidated basis, the JSPL group reported a profit after tax (PAT) of Rs.17.6 billion on an operating income of Rs.200.4 billion for 2013-14, as against a PAT of Rs.28.2 billion on an operating income of Rs.197.4 billion for 2012-13. For the nine months ended December 31, 2014, the JSPL group reported a net loss of Rs.8.73 billion on an operating income of Rs.148.75 billion, as against a PAT of Rs.15.15 billion on an operating income of Rs.143.87 billion for the corresponding period of the previous year.

38 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

RATING RATIONALE: CRISIL has revised its rating outlook on the long-term bank facilities and non-convertible debentures of Jindal Steel and Power Ltd (JSPL; part of the JSPL group) to 'Negative' from 'Stable' in April 2015. The outlook revision reflects CRISIL's belief that weak demand for steel and low realisations could preclude improvement in the JSPL group's operating profits and delay a ramp-up of the group's recently commissioned steel plant at Angul (Odisha) and steel melting shop at Shadeed (Oman). These factors, along with high debt level and weak performance of overseas mining operations, could prolong the correction in the group's financial risk profile over the medium term. CRISIL understands that JSPL group intends to monetise some of its assets and raise equity in its subsidiaries over the medium term, and will utilise the proceeds to reduce its debt. This will be a key rating sensitivity factor. The ratings also factor in the government's disapproval of the JSPL group's bids for Gare Palma IV 2&3 and Tara mine for which the group had earlier emerged as the successful bidder. Although the matter is sub judice, CRISIL has not considered the availability of these mines in the JSPL group's assessment and will continue to monitor developments in this regard. Even if the JSPL group regains the mines, the benefits of raw material integration will accrue only over the long term as the group will need to enter into power purchase agreements (PPAs), and production from Tara mine will only commence over the next two years.

The ratings continue to reflect the JSPL group's healthy business risk profile, marked by its strong market position in the steel industry, the group's large and geographically diverse resource base, and its healthy financial flexibility driven by diversified and healthy cash flows. These rating strengths are partially offset by the JSPL group's high gearing, weighed down by its recently completed capital expenditure (capex). Furthermore, the group's steel business remains vulnerable to volatility in demand and in metal prices, while its power business is exposed to merchant price volatility and ongoing power evacuation issues; the group is also susceptible to regulatory challenges in the mining sector. For arriving at its ratings, CRISIL has combined the business and financial risk profiles of JSPL and its subsidiaries. This is because all the entities, collectively referred to as the JSPL group, have operational and financial linkages.

45 Karelides Traders Private Limited (KTPL) Security: Corporate Debt Rating: ICRA AA-(SO)

Source: http://www.icra.in/Files/Reports/Rationale/Karelides%20Traders_r_07112014.pdf BACKGROUND Karelides Traders Private Limited (KTPL) does not have any significant operating or investment activities of its own. KTPL is owned by two individuals – Mr. Chandrakant Khetan and Mr. Kamal Tibrewal. KTPL does not have any external debt on its books as of now. Piramal Fund Management Private Limited (PFMPL) is a part of the Piramal I Capital, the financial services unit of Piramal Enterprises Limited (PEL; rated [ICRA]AA Stable). PFMPL is a step-down wholly owned subsidiary of PEL. Piramal I Capital has combined its erstwhile Real Estate Private Equity fund management business (Indiareit) and its erstwhile NBFC (focused on real estate and allied sectors) into an integrated vertical targeting funding opportunities within the real estate sector. This integrated entity provides financing solutions across the entire capital stack i.e. private equity, structured / mezzanine equity, structured debt, senior secured debt and construction finance debt. PFMPL (earlier known as IndiaReit) was launched in 2005 and is one of the first institutions in India to enter the Real Estate Fund Management business. It currently has 5 domestic schemes, 1 offshore scheme and 4 third party mandates. As on March 31, 2014, the Funds under Advisory (also known as Assets under management/ AUM) were around Rs. 7,700 crore. KEY FEATURES OF THE TRANSACTION: The NCDs would have a scheduled tenor of 375 days from the deemed date of allotment. Both the coupon and the principal amount on the NCDs would be payable in one bullet installment on the maturity date of the NCDs. PFMPL’s obligations under the undertaking would cover all Issuer obligations that may arise on the rated NCDs. As per the terms of the undertaking, PFMPL would be obligated to arrange funds for the Issuer within a period of 3 days from the date of notification by the Trustee. PFMPL’s obligation to arrange funds would be unconditional and irrevocable. The payment mechanism is designed to ensure timely payment to the NCD investors, as per the terms of the transaction. RATING RATIONALE: The rating for the NCDs is based on the strength of an undertaking provided by Piramal Fund Management Private Limited (PFMPL). The

39 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

rating also factors the payment mechanism designed to ensure payment on the rated NCDs as per the terms of the transaction.

46 Legitimate Assets Operators Pvt Ltd (LAOPL) Security: Corporate Debt Rating: CARE A+(SO)

Source: http://www.careratings.com/upload/CompanyFiles/PR/LEGITIMATE%20ASSETS%20OPERATORS%20PRIVATE%20LIMITED-05-12-2015.pdf BACKGROUND: Incorporated in February 2014, Legitimate Assets Operators Pvt Ltd (LAOPL) is an entity formed for the purpose of acquiring moveable fixed assets required in large format retail stores (assets such as plant & machinery, machinery spares, tools and accessories, furniture and fixtures, electric fittings and installations, computer and IT equipments, etc.) and providing them on operating lease basis to companies engaged in retail business along with providing regular consultancy services for the maintenance and up-keeping of the equipment leased to various entities.

In August 2014, LAOPL had entered into a Master Lease Agreement (MLA) with Future Retail Ltd (FRL, CARE AA-/ A1+) for leasing out tangible movable fixed assets for a period of five years and six months to FRL which shall be utilized by FRL in its retail stores. LAOPL had also entered into a Master Fees Agreements (MFA) with FRL for providing consultancy services for the maintenance and up-keeping of the equipment to be installed at various retail formats during the entire tenure of the lease. LAOPL had incurred a total expenditure of Rs.393 crore towards acquisition of the aforementioned fixed assets to be given on lease. The capex had been financed by way of term loan of Rs. 275 crore and equity of Rs.25 crore and unsecured loans (security deposit) of Rs. 93 from FRL (to be retained in business till the end of the lease period). Now, LAOPL is proposing to prepay the term loan aggregating to around Rs.270 crore with the NCD issue. The balance proceeds from the NCD issue shall be utilised for purchase of additional fixed assets to be leased to FRL. Accordingly, apart from the earlier capital expenditure of Rs.393 crore incurred in FY15, LAOPL has envisaged a total capital expenditure of Rs.275 crore in FY16 towards acquisition of the aforementioned fixed assets to be given on lease. The capex would be financed by way of NCD issue of Rs.230 crore, unsecured loans from promoters of Rs.15 crore and unsecured loans of Rs.30 crore from FRL ( to be retained until the entire loan is paid in full) FRL is the flagship company of the Future Group (one of India’s largest retailers). Presently, FRL is mainly engaged in home & electronics retailing and into value retailing (earlier a part of FVRL). As of December 31, 2014, FRL had 374 stores encompassing 10.93mn sq. ft. of retail area. In FY14 (refers to fifteen months period Jan 1, 2013 to March 31, 2014), FRL (Consolidated) reported total income of Rs. 13924 crore (vis-à-vis Rs.20215 crore in FY12) and PAT of Rs. 95 crore (vis-à-vis Rs.342 crore in FY12). On a standalone basis, FRL posted a profit of Rs. 3 crore (Rs. 273 crore in FY12) on a total income of Rs. 11596 crore( Rs. 7006 crore in FY12) in FY14. In 9MFY15, the company posted a profit of Rs. 64 crore on a total income of Rs. 7589 crore. On May 04, 2015, FRL has announced the consolidation and re-alignment of retail operations of FRL with Bharti Retail Ltd. (BRL) for an all stock, zero cash deal. The scheme would inter-alia involve the following: a) Demerger of Retail Undertaking of FRL into BRL (to be renamed post-merger); post demerger, this company will have retail operating business. b) Demerger of Retail infrastructure undertaking of BRL into FRL (to be renamed post merger); post demerger, this company will have business of retail infrastructure and investments. RATING RATIONALE: The above rating is based on the credit enhancement in the form of proposed Tripartite Escrow agreement to be entered between Future Retail Ltd. (FRL), Legitimate Assets Operators Pvt. Ltd. (LAOPL) and LAOPL’s debenture trustee wherein FRL is expected to give an unconditional undertaking that it shall continue to make payment of monthly lease rentals to LAOPL until the NCD issue of LAOPL is repaid in full irrespective of usage of the assets leased by LAOPL to FRL. The rating also factors in the unconditional and irrevocable undertaking to be extended by Mr. Kishore Biyani, Mr. Rakesh Biyani and Mr. Vijay Biyani assuring the performance by FRL of its obligations under the MLA, MFA and Escrow Agreement. The rating is constrained on account of near unity coverage offered by the lease rentals for debt repayments. The ability of the promoters to infuse funds to support the debt repayments in case of any shortfall in cashflows remain key rating sensitivity.

40 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

47 Ma Multi-Trade Private Ltd (MMTPL) earlier known as Ma Dairy Products Pvt. Ltd. Security: Corporate Debt Rating: BWR A+(SO)

Refer to : http://www.brickworkratings.com/Admin/PressRelease/Ma-Dairy-Products-NCD_275Cr-Rationale-10Mar2015.pdf

48 Magma Fincorp Ltd.(MFL) Security: Corporate Debt Rating: CARE AA-

Source: http://www.careratings.com/upload/CompanyFiles/PR/MAGMA%20FINCORP%20LIMITED-05-22-2015.pdf BACKGROUND: MFL, incorporated in 1978, is a Kolkata-based RBI registered NBFC and is classified as a ‘Non-Deposit taking Systemically Important Asset Financing Company’ by RBI. The current promoters of MFL are Mr. Mayank Poddar (Chairman) and Mr. Sanjay Chamria (Vice-Chairman and MD). The company is engaged in financing of commercial vehicles (CV), construction equipment (CE), passenger cars (PC) & utility vehicles (UV), tractors, used vehicles, Loan against Property (LAP) and also does SME lending. In FY13, MFL diversified its portfolio and launched three new business lines in the form of gold loan financing (June 2012), general insurance business under JV named Magma HDI General Insurance Co. Ltd. (October, 2012) and mortgage business under its step-down subsidiary Magma Housing Finance (MHF: a public company with unlimited liability) after acquisition of mortgage business of GE group in India (February, 2013). However since November 2014, the company has discontinued the gold loan financing business which formed about 0.04% of the total loan asset under management (AUM). MFL has pan-India presence through a strong network of 232 branches across 24 states/union territories. The company

through its subsidiary Magma ITL Finance Limited (MITL, holding 74%) is involved in the financing of tractors manufactured by International Tractors Limited (ITL). In May 2015, there was equity infusion of Rs.500 crore. MFL reported PAT of Rs.149.07 crore on a total income of Rs.2,045.43 crore in FY15. The company made disbursements of Rs.8,749.89 crore in FY15 (Rs.8,386.59 crore in FY14). Gross and net NPA (180 dpd) stood at 6.07% and 4.59% respectively as on March 31, 2015 as compared to that of 4.24% and 3.16% respectively as on March 31, 2014. The adjusted net NPA (180 dpd) to networth ratio was about 42.34% as on March 31, 2015. Even after considering the equity infusion of Rs.500 crore in May 2015, as a part of networth in March 31, 2015, Net NPA (180 dpd) to Networth continues to be high at 29.72% as on that date. RATING RATIONALE: CARE revised the ratings from CARE AA to CARE AA- in May 2015. The revision in the ratings of Magma Fincorp Ltd. (MFL) takes into account continued stress in asset quality in FY15 and moderate profitability. Despite considering equity infusion of Rs.500 crore in May 2015 as a part of networth in March 2015, Net NPA/Networth ratio was still high at 29.72% as on that date. However, the gearing level has moderated post equity infusion. The ratings continue to draw strength from the long track record of MFL, experienced management team, wide branch network, increasing scale of operation and diversified asset portfolio, with increasing share of high yield products over the years. Improvement in asset quality, profitability and gearing levels are the key rating sensitivity.

49 Magma Housing Finance Ltd (erstwhile Ge Money Housing Ltd) Security: Corporate Debt Rating: CARE AA-

Source: http://www.careratings.com/upload/CompanyFiles/PR/MAGMA%20HOUSING%20FINANCE-06-03-2015.pdf BACKGROUND: MHF, an unlimited liability company, was initially promoted as GE Money Housing Finance (GEMHF) by GE Capital Corporation which is a 100% subsidiary of General Electric Company, USA. Subsequently, on February 11, 2013, the company was acquired by MFL (rated CARE AA-/CARE A+ /CARE A1+). The name of GEMHF was changed to its present name in March, 2013. MHF is engaged mainly in providing housing loans and home equity loans to individuals. The company is registered with National Housing Bank (NHB) as a non-deposit taking Housing Finance Company. Besides acquiring GEMHF, MFL had also acquired the Loans against Property (LAP) portfolio of GE Money Financial Services Pvt Ltd (GEMFSPL) of which Rs.313.4 crore was transferred to GEMHF (now MHF). Under the erstwhile promoters (GE group), GEMHF had stopped making disbursements from FY09 onwards due to the group strategy to exit HFC business. The company commenced disbursements under the new management from June, 2013. MHF is based out of New Delhi with its operation from the 150 branches of the existing network of MFL as on March 31, 2015 spread across the country. With the growth in asset portfolio, CAR has fallen to 15.60% as on March 31, 2015 (23.03% as on March 31, 2014). However CAR continues to be well above the regulatory requirement of 12%. The asset quality improved with the GNPA (%) and NNPA (%) at 1.68% & 1.29% as on March 31, 2015 vis-à-vis 2.58% & 2.02% as

41 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

on March 31, 2014 respectively. Consequently, Net NPA/networth also improved to 10.24% as on March 31, 2015 from 10.43% as on March 31, 2014. PAT improved in FY15 (refers to the period from April 01 to March 31), due to higher disbursements (Rs.977.9 cr in FY15 against Rs.462.3 cr in FY14) supported by growth in demand from Tier III and Tier IV cities. MHF earned PAT of Rs.10.60 crore in FY15 (Rs.2.64 crore in FY14) on total income of Rs.192.06 crore (Rs.121.63 crore in FY14). ROTA also improved from 0.26% in FY14 to 0.75% in FY15. RATING RATIONALE: The rating of Magma Housing Finance (MHF) continues to draw strength from the long track record and support of its current promoter - Magma Fincorp Ltd (MFL) and operational synergies due to usage of existing infrastructure of MFL. The rating also draws comfort from the wide customer base of MHF, adequate capital adequacy ratio (CAR) and gradual scaling up of operations under the current management. The rating also factors in the portfolio concentration risk, moderate but improving asset quality, high prepayment risk and moderate maturity profile of MHF. Continued support from the promoters, consistent growth in scale of operations, managing asset liability maturity profile, improving asset quality and profitability parameters while maintaining the CAR would remain the key rating sensitivities.

50 Mahindra Bebanco

Developers Ltd. (MBDL)

Security: Corporate Debt Rating: CRISIL A

Source: http://www.crisil.com/Ratings/RatingList/RatingDocs/Mahindra_Bebanco_Developers_Limited_September_08_2014_RR.html BACKGROUND: BDL is a 70:30 JV between MLDL and Billimoria. MBDL is developing a residential complex named 'Bloomdale' across 25 acres at MIHAN. The project has a mix of mid-rise apartments, row houses, and duplex homes. MBDL launched the first phase of its project in 2011-12. The total development potential of the project is 1.53 mn sq ft and the company has launched 0.77 mn sq ft till June 30, 2014. MLDL was incorporated in 1999 as Gesco Corporation Ltd; its name was changed to Mahindra Gesco Developers Ltd in 2002-03 and to its current one in 2007-08. MLDL has two major business segments: residential development and integrated business cities.

RATING RATIONALE: The ratings continue to reflect the strong financial support that MBDL receives from its parent, Mahindra Lifespace Developers Ltd (MLDL; rated 'CRISIL A+/Stable/CRISIL A1'), and the benefits that MBDL derives from its parent's expertise in developing residential projects. These rating strengths are partially offset by MBDL's high dependence on debt and customer advances for funding its projects, and exposure to cyclicality inherent in the real estate sector. For arriving at the rating, CRISIL has treated the inter-corporate deposits (ICDs) of Rs.180 million and Rs.73.5 million (as on June 30, 2014) extended to MBDL by its promoters MLDL and BE Billimoria & Co Ltd (Billimoria; rated 'CRISIL BB/CRISIL A4+/Watch Negative'), respectively, as debt. MBDL is a 70:30 joint venture (JV) between MLDL and Billimoria. MBDL is developing a residential complex named 'Bloomdale' across 25 acres at Multi-modal International Hub Airport at Nagpur (MIHAN). MLDL and Billimoria have invested Rs.0.50 million as equity in MBDL and have provided financial support of Rs.253 million through ICDs to MBDL as on June 30, 2014. CRISIL believes that MBDL will continue to receive financial support from its promoters ' MLDL and Billimoria, given MBDL's strategic importance to, and strong business and financial linkages with, its promoters. MBDL also benefits from MLDL's expertise in developing residential projects across India and Billimoria's expertise in the construction segment. However, MBDL's project remains exposed to the cyclical nature of the real estate sector, resulting in high fluctuations in cash inflows on account of volatility in both realisations and saleability. The company had launched 0.77 million (mn) square feet (ft) (around 65 per cent sold) as on June 30, 2014 out of the total project size of 1.53 mn sq ft. Given that the project is expected to be funded through debt and customer advances, any delay in the progress of the project may lead to liquidity pressure. However, CRISIL believes that MLDL and Billimoria will provide financial support to MBDL in case of any exigency.

42 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

51 Mahindra Lifespace

Developers Limited

Security: Corporate Debt Rating: CRISIL A+

Source: http://www.crisil.com/Ratings/RatingList/RatingDocs/Mahindra_Lifespace_Developers_Limited_June_26_2014_RR.html BACKGROUND: MLDL was incorporated in 1999 as Gesco Corporation Ltd. In 2002-03, its name was changed to Mahindra Gesco Developers Ltd and in 2007-08 to its current name. MLDL has two major business segments, residential development (80 per cent of the revenue in 2013-14) and integrated business cities (20 per cent of the revenue in 2013-14). MLDL is executing two integrated business city projects in Chennai and Jaipur through its subsidiaries, MWCDL (89 per cent stake) and MWCJL (74 per cent stake), respectively. MLDL is listed on the Bombay Stock Exchange and the National Stock Exchange, and M&M held 51 per cent stake in MLDL as on March 31, 2014. For 2013-14, MLDL, on a consolidated basis, reported net sales of Rs.7.0 billion and a net profit of Rs.1.0 billion, as against net sales of Rs.7.4 billion and a net profit of Rs.1.4 billion for 2012-13. RATING RATIONALE: The ratings continue to reflect MLDL's strong brand name, established track record and focus on execution, and strong support from its parent, Mahindra & Mahindra Ltd (M&M; rated 'CRISIL AA+/Stable/CRISIL A1+'). These rating strengths are partially offset by MLDL's moderate financial risk profile, and exposure to risks and cyclicality inherent in the real estate sector.

For arriving at its ratings, CRISIL has combined the business and financial risk profiles of MLDL and its subsidiaries. This is because all the entities operate in the real estate and related space, with significant operational and financial linkages, and have a common management. MLDL has a strong brand name and an established track record with a focus on timely execution. This is evident from the healthy booking it has received for the projects launched in the past two years. The company has completed 7.7 million square feet (sq ft) (excluding 1.13 million sq ft of development done by Gesco Corporation Ltd prior to merger) of residential real estate in Mumbai, National Capital Region (NCR), Chennai, and Pune. Currently, MLDL is executing 4.7 million sq ft and is planning to launch another 6.6 million sq ft over the medium term driven by the recent land acquisition of 3.9 million sq ft. MLDL is also executing two integrated business city projects in Chennai (1524 acres) and Jaipur (2913 acres). MLDL is likely to maintain its market position over the medium term, given its strong brand, high saleability of projects, and focus on a significant increase in the scale of its execution capabilities. CRISIL believes that diversified portfolio of premium, mid-income, and affordable housing segment will place the company in a strong position, over the medium term. MLDL represents the Mahindra group in the real estate segment. M&M, MLDL's parent, has invested around Rs.2.8 billion in the company. The rating factors in MLDL's financial flexibility and management support from M&M, as the company is a part of the Mahindra group. CRISIL believes M&M will continue to provide operational and financial support to MLDL, if required, given M&M's strategic intent. In 2012-13 (refers to financial year, April 1 to March 31) and 2013-14, MLDL replenished its land bank across cities by acquiring 3.9 million sq ft (current land bank is 12.4 million sq ft, of which, 10.5 million sq ft is in Mahindra World City, Chennai). A major proportion of the land acquisition was funded through debt, impacting MLDL's capital structure and debt protection metrics. MLDL's consolidated gearing increased to more than 1 time as on March 31, 2014 from 0.5 times as on March 31, 2012. In addition, MLDL also entered into a joint venture (Mahindra Homes Pvt Ltd) with SCM Real Estate (Singapore) Pvt Ltd and acquired land in NCR and Bangalore. CRISIL believes that any larger-than-expected debt-funded land acquisition leading to further deterioration in the capital structure will remain a key rating sensitivity factor. Besides this, MLDL is exposed to the risks and cyclicality inherent in the real estate sector, which could result in fluctuations in cash flows, on account of volatility in both saleability and realisations.

43 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

52 Mahindra World City (Jaipur) Ltd. (MWCJL) Security: Corporate Debt Rating: CRISIL A

Source: http://www.crisil.com/Ratings/RatingList/RatingDocs/Mahindra_World_City_Jaipur_Limited_November_17_2014_RR.html BACKGROUND: MWCJL is a 74:26 joint venture between MLDL and RIICO. It is being developed as a multi-product SEZ and DTA across 3000 acres. The project has received notifications for five SEZs: two for information technology/information technology enabled services, and one each for engineering and related industries, handicrafts, and gems and jewellery. As of September 30, 2014, MWCJL had 58 customers, with the facilities of 23 customers being operational. For 2013-14, MWCJL reported revenues of Rs.983 million and a net profit of Rs.244 million, against revenues of Rs.1041 million and a net profit of Rs.165 million for 2012-13. For the first six months of 2014-15, the company reported revenues of Rs.405 million (Rs.706 million for the corresponding period of the previous year) and a net profit of Rs.73 million (Rs.259 million). RATING RATIONALE: he rating continues to reflect the strong financial support that MWCJL receives from its parent, Mahindra Lifespace Developers Ltd (MLDL; rated 'CRISIL A+/Stable/CRISIL A1'), and the benefits that it derives from its parent's expertise in developing integrated business city projects. These rating strengths are partially offset by the company's average financial risk profile, and its exposure to risks relating to

modest demand conditions. For arriving at the rating, CRISIL has treated the inter-corporate deposits extended to MWCJL by MLDL (Rs.200 million as on September 30, 2014), and the preference shares of Rs.500 million subscribed to by MWCJL's promoters (MLDL and Rajasthan State Industrial Development and Investment Corporation Ltd [RIICO]), as debt. MWCJL, a 74 per cent subsidiary of MLDL, is developing an integrated business city project in Jaipur. MLDL has invested Rs.1.5 billion (equity and preference capital) in MWCJL; this amount constituted around 11 per cent of MLDL's standalone net worth as on September 30, 2014. CRISIL believes that MWCJL will continue to receive financial support from MLDL, given MWCJL's strategic importance to, and strong business and financial linkages with, its parent. The company also benefits from its parent's expertise in developing integrated business city projects; MLDL has an integrated business city project (developed by Mahindra World City Developers Ltd; 89 per cent subsidiary of MLDL) in Chennai. MWCJL, however, has an average financial risk profile, marked by a gearing of 2.55 times as on September 30, 2014. The company's debt protection metrics too were average, with net cash accruals to total debt ratio at 0.05 times and interest coverage ratio at around 1.7 times for the first six months of 2014-15 (refers to financial year, April 1 to March 31). The integrated business city (with 72 per cent special economic zone [SEZ] area and the rest 28 per cent domestic tariff area [DTA]) was launched in July 2008; 41 per cent of its industrial area was leased out as of September 30, 2014. Given the subdued investment climate and discontinuation of the tax benefits for units operating in SEZs, CRISIL believes that the demand in the Jaipur SEZ will pick up only gradually.

53 Nufuture Digital (India)

Limited (NFDIL)

Security: Corporate Debt Rating: BWR A+ (SO)

Refer to: http://www.brickworkratings.com/Admin/PressRelease/nuFuture-Digital-NCD_400Cr-Rationale-4Jun2015.pdf

54 OPJ Trading Private Ltd

(OPJTPL)

Security: Corporate Debt Rating: BWR A+ (SO)

Refer to: http://www.brickworkratings.com/Admin/PressRelease/OPJ-Trading%20-NCD_500Cr-Rationale-22Oct2014.pdf

44 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

55 Piramal Realty Private Limited (PRPL) Security: Corporate Debt Rating: ICRA A+(SO) Source: http://www.icra.in/Files/Reports/Rationale/Piramal%20Realty_r_22122014.pdf

BACKGROUND: Piramal Realty Private Limited (PRPL) was setup in 2010. The Sri Gopi Krishna Trust (SGKT) through its trustee Akshar Fincom is the major shareholder in PRPL. The company is present in the real estate sector through wholly owned subsidiaries/LLPs or through joint ventures with some other real estate companies like Sunteck Realty and Neptune Realtors Private Limited. Currently PRPL is focusing on the Mumbai Metropolitan Region. The Sri Krishna Trust (SKT) was incorporated in 2005 for managing the investment holdings of the promoters in Piramal Enterprises Limited (PEL; rated [ICRA]AA(Stable) / [ICRA]A1+ by ICRA) and Piramal Phytocare Limited (PPL). The sole trustee for SKT is Piramal Management Services Private Limited (PMSPL) where the major shareholders are Mr. Ajay Piramal and Dr. Swati

Piramal. As on March 31, 2014 the promoter group holding in PEL is ~52.95% of which 48.72% is held via SKT. Based on the current group structure, SKT is the principle holding trust for the promoter stake held in PEL (the flagship company of the Piramal Group). SKT’s credit profile is supported by its reasonably strong financial flexibility owing to its 48.7% stake in PEL (market valuation of Rs. 5,044 crore as of May 9, 2014). PEL holding also provides steady flow of dividends to SKT. The credit profile is further supported by the borrowing cap applicable on SKT (lower of Rs. 1,500 crore and 25% of the market value of PEL shares held by SKT), which ensures that it has adequate refinancing ability. The source of income for SKT has primary been dividend from key investee company PEL (minimal income from other sources like sale of shares and interest received against FDs). Until Dec 2012, SKT was holding shares of PEL through its 100% subsidiary PHL Holdings Private Limited (PHL) and not directly. The dividend distributed by PEL was Rs. 350.98 crores for FY 2012 (which was declared and distributed in August 2012). By virtue of its 48.7% shareholding in PEL, PHL had received Rs. 170.45 crore as cash flows from dividend. However, only around 2.7% of this amount (Rs. 4.73 crore) was passed to SKT in FY 13, and the balance was retained on the books of PHPL. In Dec 2012, the Piramal Group decided to amalgamate PHL into PEL. Post the merger (Jan 2013 onwards), SKT became the direct holding entity for promoter’s stake in PEL. Thus, though the amount of total dividend distributed by PEL for FY 2013 was largely stable on Y-o-Y basis at Rs. 353.31 crore; by virtue of holding 48.7% stake in PEL directly, SKT received Rs. 147.23 crore as cash flows from dividends in FY 14. KEY FEATURES OF THE TRANSACTION: The NCDs would have a scheduled maturity date of 3 years from the deemed date of allocation. The principal amount on the NCDs would be payable in one bullet installment on the scheduled maturity date. The coupon amount would be payable on an annual basis. The guarantee from SKT would cover all Issuer obligations that may arise on the rated NCDs. The payment mechanism is designed to ensure timely payment to the NCD investors, as per the terms of the transaction. RATING RATIONALE: The rating for the NCDs is based on the strength of an unconditional, irrevocable and continuing guarantee by The Sri Krishna Trust (SKT; Guarantor), one of the principal holding entities of the Ajay Piramal group. The rating also factors the payment mechanism designed to ensure timely payment on the rated NCDs as per the terms of the transaction.

45 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

56 Pri-media Services Private Limited Security: Corporate Debt Rating: ICRA A (SO)

Source: http://www.icra.in/Files/Reports/Rationale/Pri%20Media%20Services_r_30062015.pdf BACKGROUND: Pri Media Services Private Limited (Pri Media) has been incorporated in June 2012 to be a dedicated wing of the Essel group to provide printing solutions to DNA newspaper (owned by Diligent Media Corporation Limited (DMCL), a group company); other companies under Essel Group like Zee Entertainment Enterprises Limited, Dish TV India Limited, Siti Cable Network Limited, Shirpur Gold, etc. by printing of magazines, notebooks and annual reports, etc; and also provide job work for outside parties, aimed at full utilization of its printing capacity. On March 01, 2013, Pri Media entered into a Business Transfer Agreement with DMCL for purchase of DMCL’s printing division on a slump sale basis, as per which, all assets and liabilities pertaining to Printing Division of all three locations – Mumbai, Pune and Bengaluru – are transferred to Pri Media for a lumpsum consideration of Rs. 356.06 crore under the Slump Sale Agreement. In terms of the Court Order dated May 02, 2014 of the Hon’ble Bombay High Court Mumbai, Zee Media Corporation Limited (ZMCL) has amalgamated Essel Publishers Private Limited (EPPL, then holding company of Pri Media) with itself w.e.f. April 01, 2014. Post this, Pri Media has become a wholly-owned subsidiary of ZMCL w.e.f. May 27, 2014. Zee Media Corporation Limited (ZMCL) was incorporated as Zee Sports Limited on August 27, 1999. The name of the company was changed to Zee News Limited on May 27, 2004. To comply with the news up-linking guidelines of Government of India, Zee Entertainment Enterprises Limited (ZEEL) transferred its news-gathering activities to ZMCL with effect from October 2005. Later, ZEEL also transferred its regional general entertainment channels (R-GECs) to ZMCL by way of a demerger scheme dated November 17, 2006 with effect from March 31, 2006. Thereafter, the company got listed at Bombay Stock Exchange, National Stock Exchange and Calcutta Stock Exchange in January 2007. Since then up till December 31, 2009, ZMCL had been the chief operating company for news, regional news and R-GECs in the Essel Group. However, with the focus to create 24x7 news channels in prominent Indian regional languages, ZMCL considered separating the R-GECs from the news business; and under a scheme of arrangement, demerged and transferred the R-GECs to ZEEL with effect from January 1, 2010. In line with the strategic decision to build a News Powerhouse and hive-off entertainment coupled with the on-going losses of the channel, Zee Tamil was shut down on March 31, 2011. The name of the company was further changed to Zee Media Corporation Limited (ZMCL) with effect from July 06, 2013. Currently, ZMCL operates 10 24x7 news and entertainment channels, which include Zee News (Hindi news and current affairs channel), Zee Punjab Haryana Himachal (Punjabi language current affairs channel), Zee Business (Hindi language business news channel), 24 Ghanta (Bengali language news channel), Zee 24 Taas (Marathi language news channel), Zee Sangam (news channel for Uttar Pradesh and Uttarakhand), Zee Madhya Pradesh Chhattisgarh (news channel for Madhya Pradesh and Chhattisgarh), Zee Marudhara (news and entertainment channel for Rajasthan), Maurya TV (news and entertainment channel for Bihar and Jhakhand) and Zee Kalinga (Odia language news and entertainment channel). 24 Ghanta is operated by a 60% subsidiary, Zee Aakash News Private Limited, with 40% held by Sky B (Bangla) Private Limited; also, ZMCL increased its equity stake in Maurya TV Private Limited (an entity engaged in the business of broadcasting of Maurya TV) from 37.87% to 100.00% in December 2014. In May 2014, the Scheme of amalgamation for merger of EPPL with ZMCL was approved by the Hon’ble Bombay High Court. Consequent to the amalgamation of EPPL with ZMCL, the company has expanded into print news segment through subsidiaries DMCL which publishes DNA newspaper in Mumbai (earlier even Pune and Bengaluru editions) and Pri Media which is engaged in the printing of DNA newspaper and other printing job work.

KEY FEATURES OF THE TRANSACTION: The NCDs would have a scheduled maturity of 5 years from the deemed date of allotment. The NCDs would be redeemed at a premium to the book value on the maturity date (bullet payment at the end of tenure; no interest payment in the interim period). Some NCD tranches may also carry a Put/ Call option at the end of 3 years or 4 years from the deemed date of allotment. The guarantee from ZMCL would cover all Issuer obligations that may arise on the rated NCDs as per the terms of the transaction documents. The payment mechanism is designed to ensure timely payment to the investors even if the guarantee has to be invoked by the Debenture Trustee. RATING RATIONALE: The rating for the NCDs is based on the strength of an unconditional, irrevocable and continuing guarantee by Zee Media Corporation Limited (ZMCL/ Guarantor). The rating also factors the payment mechanism designed to ensure payment on the rated NCDs as per the terms of the transaction.

46 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

57 Reliance

Communications

Enterprises Private

Limited

Security: Corporate Debt Rating: BWR A+ (SO)

Refer to: http://www.brickworkratings.com/Admin/PressRelease/Reliance-Communications-Enterprises-NCD_600Cr-Rationale-12Jan2015.pdf

58 Reliance Infrastructure

Limited

Security: Corporate Debt Rating: IND AA-(SO)

Source: https://www.indiaratings.co.in/upload/sectors/ratingReports/2015/4/13/indra13Reli.pdf BACKGROUND: R-Infra is the flagship company of the India-based Reliance Group led by Anil Dhirubhai Ambani in energy and infrastructure business. R-Infra‟s standalone operations constitute a vertically integrated power generation, transmission and distribution business catering to parts of Mumbai city comprising an area of 400 square km. R-Infra also has an in-house engineering, procurement and construction division active in power and road segments. Its total generating capacity is 941MW, consisting of four thermal based plants and a small wind power facility. RATING RATIONALE: Delay in Deleveraging: India Ratings and Research (Ind-Ra) downgraded Reliance Infrastructure Limited‟s (R-Infra) Long-Term Issuer Rating to IND A+ from IND AA-‟ while simultaneously placing the ratings on Rating Watch Negative (RWN) in April 2015. The agency has affirmed the short-term ratings on the company and placed them on RWN. The downgrade reflects Ind-Ra‟s expectation that deleveraging the balance sheet to bring the financial leverage below 4x would take longer than envisaged at the time of the last review. The RWN reflects the uncertainty regarding the timing of cash inflows vide equity raising and asset monetisation, and the extent of operational improvement in the event of a positive regulatory tariff order. Acquisition of Pipavav: R-Infra‟s recent announcement of acquisition of equity stake in Pipavav Defence and Offshore Engineering Company Ltd (Pipavav Defence) could entail cash outgo higher than presently envisaged, which could further delay the improvement in leverage. The acquisition reflects the company‟s appetite to continue pursuing growth despite its high leverage. Management discussions have revealed that the proposed transaction to acquire Pipavav would not require any additional debt funding. However, in Ind-Ra‟s view clarity on this may emerge only once the deal gets finalised. Equity/Fund-Raising Plans: After discussions with management, Ind-Ra understands that RInfra is expected to receive funds through equity raising, asset monetisation and reduction of loans and advances given to group companies. These are likely to be used to reduce debt. Lower-than-expected amounts or significant delays in receiving these funds could negatively impact the ratings. Stable Mumbai Electricity Distribution: The ratings continue to reflect the strong business profile of R-Infra‟s Mumbai electricity segment as an integrated regulated power utility that earns stable cash flow linked to an assured return on equity. Favourable Regulatory Announcements: Post the Maharashtra Electricity Regulatory Commission‟s (MERC) order in August 2013, R-infra could recover regulatory assets of over INR55.5bn over six years starting from September 2013. This order also revised the tariff plan for the period FY14-FY16 which had lowered the cross-subsidy burden of the high-end consumers and will make R-Infra‟s revised tariffs more competitive for high-end users. Operational Infrastructure Projects: The company has not announced any new projects since the last rating review. Except two toll roads, namely Delhi Agra and Pune Satara and the proposed cement plant in Maharashtra, all its infra projects are either complete or are likely to get completed by 1H2015. About 80% of its infrastructure projects by value were revenue operational as at end-December 2014. Low EPC Revenue Visibility: The EPC revenue visibility is low as the order book declined to INR66.0bn (1.5x of FY14 EPC revenue) as at FYE14 from INR102bn at FYE13. The reduced order book also impacted the company‟s top-line with revenue declining to INR109.8bn in FY14 (FY13: 143.1bn) as EPC revenue fell to INR43.9bn (INR80.4bn). However, EBITDA was less impacted as the loss in EPC profit was partly offset by the electricity division through the recovery of regulatory assets, and as such EBITDA declined to INR18.0bn in FY14 from INR19.9bn in FY13. Equity Commitment: R-Infra has equity commitments towards its under-construction infra projects through its special purpose vehicles (SPVs) and the cement plant over FY15-FY17. Ind-Ra also expects R-Infra to provide support to its SPVs given that the majority of its infra assets are in the initial phase of operations.

47 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

59 Reliance Project Ventures And Management Pvt. Ltd. (RPVMPL) Security: Corporate Debt Rating: BWR A+(SO)

Refer to : http://www.brickworkratings.com/Admin/PressRelease/Reliance-Project-Ventures-and-Management-NCD_600Cr-Rationale-12Jan2015.pdf

60 SBK Properties Pvt. Ltd. (SBK) Security: Corporate Debt Rating: ICRA AA- (SO)

Source: http://www.icra.in/Files/Reports/Rationale/SBK%20Properties_r_12052015.pdf BACKGROUND: SBK Properties Private Limited (SBK) was incorporated in 2010 and its mandate is to carry out realestate business, both in commercial and residential space. KSL Holdings Private Limited (KHPL) is one of the holding companies of Kalyani Group which holds majority stake in Kalyani Carpenter and Special Steels Limited. KHPL also holds minority stake in Bharat Forge Limited (BFL, 9.9%; rated [ICRA]AA Stable and [ICRA]A1+), BF Utilities Limited (BFUL, 11.5%) and BF Investments Limited (BFIL, 13.4%). KHPL is directly/ indirectly owned by family members of the Kalyani Group. Dividend income from investments is the primary source of revenue for KHPL. RATING RATIONALE: CRA has upgraded the rating in May 2015 of NCDs issued by SBK Properties Private Limited (SBK/ Issuer) to [ICRA]AA-(SO) (pronounced ICRA Double A minus Structured Obligation) from [ICRA]A+(SO) (pronounced ICRA A plus Structured Obligation) earlier† . The long-term rating carries a stable outlook. The rating for the NCDs is based on the strength of an unconditional, irrevocable and continuing guarantee by KSL Holdings Private Limited (KHPL/ Guarantor), one of the holding entities of the Kalyani Group. The rating also factors the payment mechanism designed to ensure timely payment on the rated NCDs as per the terms of the transaction. The rating upgrade for SBK NCDs follows ICRA’s upgrade of long-term rating of Bharat Forge Limited (BFL; the key operating company of the Kalyani Group) to [ICRA]AA+ from [ICRA]AA earlier. The financial flexibility of the Guarantor (KHPL) in term of its refinancing ability has improved in ICRA’s view post the rating upgrade of BFL.

61 Sharda Solvent Ltd (SSL) Security: Corporate Debt Rating: BWR AA- (SO)

Refer to: http://www.brickworkratings.com/Admin/PressRelease/Sharda-Solvent-NCD_250Cr-Rationale-31Dec2014.pdf

62 Sprit Textiles Pvt. Ltd. (STPL) Security: Corporate Debt Rating: BWR A+(SO)

Refer to: http://www.brickworkratings.com/Admin/PressRelease/Spirit-Textiles-NCD_700Cr-Rationale-24Jul2014.pdf

48 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

63 Tata Bluescope Steel Limited (TBSL) Security: Corporate Debt Rating: CARE AA (SO)

Source: http://www.careratings.com/upload/CompanyFiles/PR/TATA%20BLUESCOPE%20STEEL%20LIMITED-12-31-2014.pdf BACKGROUND: TBSL is a 50:50 joint venture (JV) between TSL and BSL. The company operates in the field of coated steel, steel building solutions and building products in the South Asian Association for Regional Cooperation (SAARC) region. TBSL has three divisions, namely, the building solutions division which manufactures and supplies pre-engineered building (PEB) solutions under the ‘Butler Building Systems’ and ‘Ecobuild Building Systems’ brands, the building products division, which manufactures and supplies roll-formed roofing and wall cladding solutions and related building components under the Durashine, Ezybuild and Lysaght brands and the coated steel division, which manufactures metallic coated and prepainted steel, for the building and construction industry. TBSL has a coated steel manufacturing facility at Jamshedpur with an annual metallic coating capacity of 250,000 mtpa of which 150,000 mtpa capacity is further equipped with colour coating line. This facility commenced operations in December 2011 and currently operates at a capacity utilisation of 81% (as on September 30, 2014, utilisation is for period not as on date). The company has facilities for roll-forming and PEB manufacturing at Pune (Maharashtra), Chennai (Tamil Nadu) and Bhiwadi (Rajasthan) with a total installed capacity of 222,060 mtpa. RATING RATIONALE: The rating assigned to the NCD issue of Rs.500 crore of Tata BlueScope Steel Limited (TBSL) continues to factor in credit enhancement in the form of Letter of Comfort provided by Tata Steel Limited (TSL, rated ‘CARE AA+’) towards timely debt servicing by TBSL. The detailed rating rationale of TSL is provided as Appendix. The reaffirmation of the standalone ratings assigned to the bank facilities of TBSL, continues to factor in the stabilisation of its midstream expansion project at Jamshedpur and the ramp up of capacity utilisation therein, resulting in an improvement in its operating performance in FY14 (refers to the period April 1 to March 31) and H1FY15 (refers to the period April 1 to September 30). The ratings also factor strong promoters, technological, operational and financial support received from them and diversification of TBSL’s revenue stream as a result of its foray into the midstream segment and the growing demand for coated steel products. The above rating strengths, however, continue to be tempered by the strain on TBSL’s capital structure on account of the debt raised for the Jamshedpur project, relatively low operating margins and weak debt coverage indicators. Continued ownership by strong promoters, improvement in the capital structure and any large debt-funded capital expenditure are the key rating sensitivities.

49 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

64 Tata Housing Development Company Limited (THDCL) Security: Corporate Debt Rating: ICRA AA

Source: http://www.icra.in/Files/Reports/Rationale/Tata%20Housing%20Development_r_10032015.pdf BACKGROUND: Established in 1984, THDCL is a closely held public limited company engaged in real estate development, having developed ~3 mn sq.ft. of residential and commercial space in the past. The company is a subsidiary of Tata Sons Limited (Tata Sons) which holds 99.9% stake in the company. Although THDCL has been active in the real estate business for over two decades, the company’s operations picked up in 2005 after a change in management accompanied by a renewed focus by the group on this business. Currently THDCL is developing ~50 mn sq.ft. of residential space, of which THDCL’s share is ~40 mn sq.ft. THDCL’s project portfolio comprises of varied offerings catering to various income group segments, ranging from low cost to premium/luxury projects spread across metros and tier-I cities including Mumbai, Delhi NCR, Bangalore, Kolkata, Chennai, Pune amongst other. Going forward, THDCL plans to focus on premium and luxury projects, while the low cost and affordable projects would be undertaken by it’s wholly owned subsidiary, namely, Tata Value Homes Limited. For the financial year ending March 2014, THDCL reported total revenues of Rs 1,095 crore and a net profit of Rs. 155 crore on a consolidated basis as compared to revenue of Rs. 907 crore and a net profit of Rs. 141 in the previous year. RATING RATIONALE: While arriving at the rating, ICRA has taken a consolidated view of the company along with its subsidiaries. The reaffirmation of the rating reflects the company’s diversified project portfolio comprising of a mix of low cost, affordable and premium housing projects, diversified

geographic spread as well as a judicious mix of Joint Development (JD), Joint Venture (JV) and Outright Purchase (OP) mode of development. The rating continues to factor in THDCL’s strong parentage by virtue of it being a subsidiary of Tata Sons Limited and demonstrated group support at the strategic, managerial and financial levels and strong brand equity which has helped it achieve a healthy sales tie up during the construction phase. The rating however is constrained by the increase in the debt levels in the past two fiscals brought around by the significant ramp up in the portfolio as well as slower than expected monetization of projects owing to delay in launches as well as subdued sales. Given the company’s expansion plans coupled with the impending debt repayment obligations, the reliance on external sources of funding is expected to remain high. However, the support from the promoter group, evidenced by the Rs. 1,000 crore of equity infusion since FY 2012, provides some comfort. Moreover THDCL would also be looking at alternative avenues of raising capital, through stake sale or equity partnerships at the project level, which would help meet the capital requirement to an extent. The rating also takes into account the aggressive growth plans, vulnerability to market risk and high dependence on customer advances. Going forward, THDCL’s ability to launch new phases and projects in a timely manner and achieve healthy sale velocity and collections, while improving its capital structure would remain critical from a credit perspective.

65 Tata International Limited Security: Corporate Debt Rating: ICRA A+

Source: http://www.icra.in/Files/Reports/Rationale/Tata%20International%20_r_01102014.pdf BACKGROUND: Promoted by Tata Group in 1962, Tata International Limited (TIL) currently operates under five divisions which include leather business (manufacturing and exports of leather & leather products), trading of metals, trading of minerals, distribution of automobiles (has also diversified into nonautomotive segment) and agro commodity trading. Tata International has significant presence across Africa, West Asia, South-East Asia, UK and USA through its wholly owned overseas subsidiaries. Besides, Tata International has formed a number of joint ventures and associates to capitalize upon diverse business opportunities across emerging markets. RATING RATIONALE: The rating reaffirmations factor in the various cost cutting measures undertaken by the company to improve operational performance in the leather division and the exit from the retail business which are expected to favourably impact profit margins. The ratings also consider the ongoing divestment and refinancing plans of the company which are expected to mitigate liquidity risks over the near term. The ratings continue to take comfort from the strong parentage of TIL, its strong investment portfolio, leading position in India as an exporter of leather products and strong presence in Africa. The long term rating remains constrained by the company’s weak profitability indicators, deterioration in the capital structure, risk of foreign currency fluctuation impacting the profitability in the African business and relatively high working capital intensity. Large net losses leading to erosion of net worth and debt funded acquisitions in the past have led to an adverse capital structure with high gearing and weak coverage indicators. The company’s major markets in Europe and North America continue to face slackness in demand restricting the pricing power of the company in these markets. Turning around operations in the metal trading business and reducing losses incurred at MoveOn and Wolverine would remain key credit monitorables.

50 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

66 Tata Power Limited Security: Corporate Debt Rating: CRISIL AA-

Source:http://www.crisil.com/Ratings/RatingList/RatingDocs/The_Tata_Power_Company_Limited_June_26_2015_RR.html BACKGROUND: Tata Power is India's largest integrated private power utility, with an installed generation capacity of 8,726 MW (as on March 31, 2015). The company is present across the entire power business spectrum, from generation (thermal, hydro, solar, and wind) to transmission and distribution. The company's licensee businesses in Mumbai and New Delhi contribute to 40 per cent of its consolidated revenues. CGPL was formed for the implementation of the Mundra UMPP. The Mundra project has five units of 800-MW each and is being executed by CGPL. The Maithon project has two units of 525-MW each and is being executed by MPL, Tata Power's 74 per cent joint venture with Damodar Valley Corporation. PTL runs a 400-kilovolt transmission line from Bhutan to Delhi. Tata Power has 30 per cent stake in two Indonesian coal mining companies (PT Kaltim Prima Coal and PT Arutmin Indonesia) and a 26 per cent stake in another Indonesian coal mining company, PT Baramulti Suksessarana Tbk. Tata Power has signed a definitive agreement to sell its 30 per cent stake in Arutmin to the Bakrie family. For 2014-15, Tata Power reported, on a consolidated basis, a net profit of Rs.4.09 billion on net revenues of Rs.342 billion, as against a net loss of Rs.0.33 billion on net revenues of Rs.357 billion for 2013-14. RATING RATIONALE: CRISIL's ratings on the bank facilities and debt instruments of The Tata Power Company Ltd (Tata Power) continue to reflect Tata Power's

stable cash accruals from regulated businesses, strong management and robust financial flexibility. These rating strengths are partially offset by the continued losses in Mundra ultra-mega power project (UMPP) on account of unviable project economics, falling dividends from Indonesian coal investments, and high gearing and weak debt protection indicators. Tata Power has a strong position in the electricity generation, transmission, and distribution business. Around 40 per cent of Tata Power's installed generation capacity of 8,726-megawatt (MW); its distribution licensee businesses in Mumbai and Delhi distribution area; and its transmission businesses - comprising of the Mumbai transmission network and of the PTL's transmission line; are all based on regulated returns with a fixed return on equity and additional incentives linked to improving operating parameters, as approved by the respective regulators. CRISIL believes that Tata Power's credit profile would continue to benefit from its regulated returns businesses which continue to provide stable stream of cash accruals. The ratings also reflect Tata Power's strong management and robust financial flexibility. Tata Power has a strong management as reflected in the deep domain expertise of setting up and operating power plants across various types of fuels (thermal, hydro, solar, and wind) as well as long-term experience in transmission and distribution businesses. The company's financial flexibility is also enhanced on account of it being a part of the Tata group that enhances its ability to access capital market and the banking system. Tata power has demonstrated financial flexibility by infusion of Rs.19.93 billion through rights issue in April 2014. CRISIL believes that Tata Power will continue to benefit from its strong management and robust financial flexibility over the medium term. These rating strengths are partially offset by losses in Mundra UMPP, commissioned by Tata Power's special purpose vehicle (SPV), Coastal Gujarat Power Ltd (CGPL; rated 'CRISIL A-/Negative/CRISIL AA-(SO)/Stable/CRISIL A1+(SO)'), on account of unviable project economics. With more than 25 per cent of Tata Power's total capital employed invested in CGPL, Tata Power's credit risk profile has been significantly weakened. CGPL's Mundra UMPP accounts for 47 per cent of Tata Power's total installed generation capacity. CGPL's unviable project economics are primarily on account of the 55 per cent non-escalable variable component in the tariff, which has led to substantial losses after the change in coal pricing regulations by the Indonesian government led to an increase in fuel costs. While the reduction in imported coal prices in 2014-15 has led to lower variable cost related under recoveries of around Rs.7 billion in 2014-15, the final outcome on Central Electricity Regulatory Commission's (CERC's) compensatory tariff for Mundra UMPP remains a key monitorable. CRISIL believes that CGPL will continue to require support from Tata Power for its debt servicing requirements over the medium term. Tata Power's credit risk profile is also impacted by the falling dividends from coal investments. The performance of Tata Power's Indonesian coal companies has been significantly impacted on account of lower coal realisations, resulting in lower dividends. Further with the proposed sale of Tata Power's stake in Arutmin mines, CRISIL expects some reduction in the dividends from coal investments. Cash flows from the coal dividends helped in funding the losses at CGPL, thereby providing support to Tata Power's credit profile. However, the reduction in coal dividends implies increased reliance on Tata Power's standalone cash flows for supporting CGPL. CRISIL believes that the materialisation of cash flows from CERC's compensatory tariff will reduce this reliance on Tata Power's standalone cash flows for supporting CGPL. Tata Power has a high gearing and weak debt protection indicators. Tata Power has a leveraged capital structure with a consolidated reported gearing of 2.2 times as on March 31, 2015. The high gearing is on account of debt funding for the large power projects, such as the 4000-MW Mundra and 1050-MW Maithon, undertaken by Tata Power with a debt mix of 70 to 75 per cent of the total project cost; continuous requirement to support CGPL's debt servicing requirements necessitating additional borrowing. Tata Power's weak debt protection indicators are reflected in low net cash accruals to total debt ratio of 0.04 times and low interest coverage ratio of 1.17 times for 2014-15. CRISIL believes that Tata Power's gearing will reduce over the medium term driven by sale of Arutmin and other non-core investments. For arriving at its ratings, CRISIL has combined the business and financial risk profiles of Tata Power; Tata Power's group distribution company, TPDDL; CGPL, the SPV formed for the implementation of the Mundra UMPP; Maithon Power Ltd (MPL; rated CRISL

51 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

67 Tata Teleservices

(Maharashtra) Ltd

Security: Corporate Debt Rating: IND A+

Source: https://www.indiaratings.co.in/upload/sectors/ratingReports/2015/7/13/indra13Tata.pdf BACKGROUND: The company was incorporated in March 1995, as Hughes Ispat Ltd., and renamed Hughes Tele.com (India) Ltd. with effect from 26 April 2000. Consequent to the takeover of the company by the Tata group in 2002, the company was renamed TTML. The company acquired a basic license for the Maharashtra Circle in September 1997 and commenced wire-line and TDMA-based fixed wireless operations in October 1998. In July 2003, TTML introduced wireless services using CDMA technology. In November 2003, it converted the basic license for the Maharashtra circle into two Unified Access Service Licenses (UASLs), one for the Maharashtra circle (which includes the State of Goa) and the other for the Mumbai metropolitan circle. Pursuant to these UASLs, TTML commenced mobile services using CDMA technology in November 2003. Consequent to the shrinking of the CDMA ecosystem and pursuant to the policy of the government, the company acquired GSM spectrum and has been providing GSM services since 2009. In May 2010, TTML won a bid in the auction for the 3G spectrum, for the rest of Maharashtra licenced area. RATING RATIONALE: Strong Group Support: TTML’s ratings are underpinned by its strong strategic and moderate operational linkages with its parent Tata Sons. The parent holds 19.6% of TTML directly and 13.2% effectively through Tata Teleservices Ltd (TTSL), resulting in a cumulative holding of 32.8%. Tata Sons operates as an investment holding company of the Tata Group. Also, the Tata Group (includes Tata Sons and other Tata Group companies) holds around 63% in TTML and the total contributed equity in the company including profit on sale of long-term investments is INR33.73bn. The Tata Group has demonstrated timely and tangible support to TTML historically. TTML (along with TTSL) represents the group’s presence in the telecom vertical and accounts for a significant proportion of the group’s investment. The operational linkages are reflected in the management control and operational oversight Tata Sons has on TTML. Spectrum Acquisition: TTML has acquired 2.5Mhz of spectrum in the 800Mhz band each in Mumbai and the rest of Maharashtra for a total consideration of INR38bn in the recently conducted auction. This would aid the continuity of its services beyond September 2017 when its existing licenses expire. Also, since this is a fully liberalised spectrum, it enables TTML to launch high speed data services. Strong Wireline Presence; Stable GSM Voice; Declining CDMA Voice: The high-margin wireline revenue accounts for a significant portion of TTML’s total revenue. With an optic fibre transmission network of over 14,000km in Mumbai and Maharashtra, it is well poised for growth in its data and enterprise related services. The GSM voice business contributes the most to TTML’s overall revenue. Apart from accounting for the majority of its overall subscribers, this segment has witnessed a steady improvement in average revenue per user (ARPU) over the last one year in line with industry trends. Given the declining ecosystem for CDMA voice services, this segment’s revenue is likely to continue to decline. Improvement in Profitability: The management aims to improve operating profitability by various measures including tariff hikes, an

increase in volume of data consumption and a higher proportion of enterprise business (higher margin). Given the high-priced spectrum auctions conducted recently, an increase in tariff by competition could provide an opportunity for TTML to increase tariffs further. Given the strong brand recall in the wireless data and broadband segment, the company is well positioned to capitalise on industry-wide growth in data consumption volumes. The management aims to augment presence in the high-margin enterprise business. Weak Credit Metrics: Low capacity utilisation, coupled with the historically debt-funded acquisition of spectrum, has resulted in weak credit metrics. While its leverage levels are high, Ind-Ra expects them to improve gradually as the company executes its business plans to improve operating profitability. The refinancing risk is likely to continue over the medium term. However, it would remain manageable because TTML is a part of the Tata Group, which provides it financial flexibility to access bank funding. Industry Risks: The telecommunication services industry in India is exposed to intense competition, is capital intensive in nature and is subject to changes in technology and regulatory environment.

52 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

68 Tata Sky Limited Security: Corporate Debt Rating: CRISIL A+

Source: http://www.crisil.com/Ratings/RatingList/RatingDocs/TATA_Sky_Limited_March_13_2015_RR.html BACKGROUND: Tata Sky (formerly, Space TV Ltd) commenced operations in 2004 as an 80:20 joint venture between Tata Sons and Network Digital Distribution Services FZ-LLC (NDDS). Tata Sky commenced DTH operations in August 2006. In 2007-08 (refers to financial year, April 1 to March 31), Bay Tree Investments (Mauritius) Pte Ltd (Bay Tree), part of Temasek Holdings (owned by the Ministry of Finance, Singapore) acquired 10 per cent of Tata Sky's equity shares. In 2013-14, Tata Capital Ltd and Tata Opportunities Fund (TOF), through Omega FII Investments Pte Ltd, acquired 4.4 per cent of Tata Sky's equity shares. As on October 31, 2014, Tata Sons, NDDS, Bay Tree, TOF, and Tata Capital Ltd (directly/indirectly) owned 52.8 per cent, 30 per cent, 10 per cent, 6.6 per cent, and 0.6 per cent, respectively, of Tata Sky's equity capital.

For 2013-14, Tata Sky reported a net loss of Rs.2.80 billion on an operating income of Rs.30.3 billion, against a net loss of Rs.3.79 billion on an operating income of Rs.22.9 billion for the previous year. RATING RATIONALE: The ratings reflect Tata Sky's strong business risk profile, driven by a substantial increase in its active subscriber base and improvement in its operating profitability. The company has a strong market position, with an active subscriber base of 8.95 million as on February 28, 2015. This has resulted in significant improvement in its operating performance, reflected in its operating margin of above 25 per cent in the nine months ended December 31, 2014. The rating also factors in regular equity infusion in the company, on account of which, its debt is not expected to increase from current levels over the medium term. The ratings also factor in the strong support that Tata Sky receives from its majority shareholder, Tata Sons Ltd (Tata Sons; rated 'CRISIL AAA/FAAA/Stable/CRISIL A1+'). These rating strengths are partially offset by Tata Sky's exposure to intense industry competition, its large capital expenditure (capex) plans, and its weak financial risk profile. Tata Sky will continue to depend on regular equity infusion, as seen in the past, for meeting its capex requirements over the medium term. CRISIL believes that Tata Sky's promoters will regularly infuse equity in the company over this period. CRISIL also expects Tata Sky's association with the Tata brand to continue, and the management control to remain with Tata Sons. Furthermore, CRISIL believes that Tata Sons' shareholding (at 52.8 per cent, directly and indirectly, as on December 31, 2014) in Tata Sky will not go below 51 per cent. Tata Sky's financial risk profile is expected to improve over the medium-term, with a sustained increase in its revenue and cash accruals. This improvement is likely to be driven by its high average revenue per user (ARPU), an increase in subscriber base in the direct-to-home (DTH) market, and an increase in digitisation because of regulations mandated by the Government of India, enabling Tata Sky to maintain healthy additions to its net subscriber base. The company's working capital management and control on debt levels, as well as need-based equity infusion from promoters, will remain key rating monitorables.

69 TRIF Amritsar Projects

Private Limited

Security: Corporate Debt Rating: BWR A(SO)

Refer to source: http://www.brickworkratings.com/Admin/PressRelease/TRIF-Amritsar-Projects-NCD_250Cr-Reaffirmation-Rationale-5Mar2014.pdf

53 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

70 Trent Hypermarket

Limited (THL)

Security: Corporate Debt Rating: CARE AA (SO)

Source: http://www.careratings.com/upload/CompanyFiles/PR/TRENT%20LIMITED-10-17-2014.pdf BACKGROUND: Trent Ltd (Trent) is a part of the Tata group, with the group holding 32.61% (which includes 26.31% stake of Tata Sons Limited) as on June 30, 2014. Established in 1998, Trent is one of the major players in the organized retail segment in the country and operates in lifestyle segment through the chain ‘Westside’, ‘Star Bazaar’, a hypermarket chain and ‘Landmark’, a books and music chain. As on June 30, 2014, Trent had 81 operational Westside stores, 16 operational Star Bazaar stores and 13 operational Landmark stores. Furthermore, Trent’s JV with Inditex group (wherein Trent holds 49%) operates 13 ZARA stores in Delhi, Mumbai, Bangalore and Pune. RATING RATIONALE: The ratings continue to factor in Trent Limited’s (Trent) strong parentage and experienced management, low financial leverage due to regular infusion of equity from promoters and comfortable liquidity position. The ratings also factor in the Joint Venture (JV) with the British major Tesco PLC (Tesco) for Trent’s Star Bazaar format which is likely to result in operational improvement due to Tesco’s established track

record in the retail segment and reduction in financial commitments towards the hyper market segment for Trent. The ratings are, however, tempered by the continued losses at consolidated level due to losses in hyper market and challenging outlook for the lifestyle retailing segment due to the prevalent subdued economic scenario. The ability of Trent to maintain a favourable capital structure and stabilize the business of its subsidiaries remain the key rating sensitivities.

54 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

71 Tube Investments Of

India Ltd. (TIIL)

Security: Corporate Debt Rating: CRISIL AA

Source: http://www.crisil.com/Ratings/RatingList/RatingDocs/Tube_Investments_of_India_Limited_August_18_2015_RR.html BACKGROUND: TI, a part of the Rs.269-billion Murugappa group, has interests in bicycle manufacturing, engineering, and metal-forming businesses. The company has four subsidiaries: it owns 100 per cent of the France-based Sedis group, which is in the chain business; 70.12 per cent of SGL, which manufactures specialised gears and gear boxes; 74 per cent of Chola MS, which provides general insurance services; and 50.5 per cent of CIFCO. For 2014-15, TI, on a standalone basis, reported a net profit of Rs.1208.6 million on net sales of Rs.36.4 billion, against a net profit of Rs.940.7 million on net sales of Rs.33.5 billion for 2013-14. For the three months ended June 30, 2015, the company, on a standalone basis, reported a net profit of Rs.179.2 million (Rs.189.8 million for the corresponding period of 2014-15) on net sales of Rs.9.7 billion (Rs.9.3 billion). For 2014-15, SGL reported a net profit of Rs.93.2 million on net sales of Rs.1.52 billion, against a net profit of Rs.183.8 million on net sales of Rs.1.51 billion for 2013-14. For the three months ended June 30, 2015, the company reported a net profit of Rs.18.9 million (Rs.18.5 million for the corresponding period of 2014-15) on net sales of Rs.371.6 million (Rs.342.1 million). It is engineering major and is a part of the Murugappa group, with interests in bicycle manufacturing, engineering, and metal-forming businesses. It also acquired a controlling stake in Shanthi Gears Ltd (SGL). The company has interests in the financial services through its two subsidiarieis - Cholamandalam MS General Insurance Company Ltd and Cholamandalam Investment and Finance Company Ltd (CIFCO). RATING RATIONALE: The ratings continue to reflect TI's healthy business risk profile, marked by diversified revenue streams and a leading market position in most of its businesses. The ratings also factor in the company's adequate financial risk profile, and its healthy financial flexibility derived from being one of the leading companies of the Murugappa group. These rating strengths are partially offset by the vulnerability of TI's operating profitability to intense competition and to cyclicality in the automobile sector. Furthermore, a large portion of the company's capital has been deployed in investments that provide modest returns. TI has a strong presence in the bicycle manufacturing (33 per cent of standalone revenue in 2014-15 [refers to financial year, April 1 to March 31]), engineering (44 per cent), and metal forming (23 per cent) businesses. The company is among the top-three players in these segments. Acquisition of 70.12 per cent in Shanthi Gears Ltd (SGL) in 2012-13 also helped diversify TI's revenue further besides providing it with a leadership position in the special gears and gearboxes segment. Its revenue registered a moderate year-on-year growth of 7 per cent in 2014-15 after two years of slowdown due to better demand from the automobile sector. The gradual ramp-up of capacity utilisation at its large-diameter tube plant, which was commissioned in October 2014, and continued modest improvement in demand from the automobile sector, is expected to support TI's revenue growth over the medium term. TI's financial risk profile is marked by a strong net worth (Rs.13.4 billion as on March 31, 2015), which has helped cushion the impact of higher debt levels on its capital structure. The acquisition of the stake in SGL for Rs.4.6 billion was the trigger for the increase in gearing to 1.1 times since March 31, 2013, from earlier adequate levels. While TI's gearing has remained at about 1 time over the past three years, CRISIL understands that the management is pursuing deleveraging plans, including raising funds through proceeds from sale of non-core assets, which can significantly correct the gearing to historic levels. CRISIL will continue to monitor developments in this regard. Despite its moderately leveraged balance sheet, TI continues to benefit from the Murugappa group's strong relationships with the lending community, which facilitates raising of debt at competitive rates. TI's operating profitability, which was 8 to 10 per cent between 2009-10 and 2014-15, remains vulnerable to increasing competition, cyclical automobile demand, rising power costs, and only moderate ability to pass on increases in cost of raw materials to its automobile original equipment customers. Also, SGL's operating profitability has witnessed some moderation, as recent orders have not been as profitable as earlier ones, including due to intense competition and weak economic conditions. CRISIL expects TI's operating profitability will remain range bound over the medium term. Over 50 per cent of TI's capital employed comprises investments in financial subsidiaries, Cholamandalam Investment and Finance Company Ltd (CIFCO; 'CRISIL AA/Stable/CRISIL A1+'; Rs.6.5 billion as on March 31, 2015), a non-banking financial company (NBFC), and in Cholamandalam MS General Insurance Company Ltd (Chola MS; about Rs.3.3 billion). TI's exposure to CIFCO and Chola MS increased to about Rs.9.7 billion as on March 31, 2015 from Rs.1.2 billion as on March 31, 2008, and was partly funded by debt. Modest returns from these investments along with higher debt have led to moderation in TI's debt protection metrics;

its interest coverage ratio for 2014-15 has declined to below 3 times from over 9 times in 2007-08. While only nominal returns are expected from the financial investments over the medium term, improvement in SGL's operations and TI's profitability, as well as reduction in debt and continued prudent capital expenditure (capex), will remain critical for improvement in the company's key credit metrics.

55 The information contained herewith is not a complete representation of every material fact regarding any industry, security or the fund and is neither an offer for units nor an invitation to invest. The information is primarily based on the rating rationales from the respective rating agencies (CRISIL/ICRA/CARE/Brickwork/India Ratings) and should not be construed as views of Franklin Templeton AMC.

72 Viom Networks Ltd

(VNL)

Security: Corporate Debt Rating: BWR A

Refer to source: http://www.brickworkratings.com/Admin/PressRelease/Viom-Networks-NCD_600Cr-Rationale-9Apr2015.pdf

73 Writers And Publishers

Pvt Ltd (WPPL)

Security: Corporate Debt Rating: BWR AA-(SO)

Refer to: http://www.brickworkratings.com/Admin/PressRelease/Writers-and-Publishers-NCD_655Cr-Affirmation-Rationale-4Feb2015.pdf