Fitch assigns "A (ind)"/ "F1 (ind)" ratings to Jain Irrigation Systems

The rating reflects the stable outlook for the Company

Fitch Ratings India Pvt Ltd has assigned the country’s Agri-Irrigation major Jain Irrigation Systems Ltd (JISL) a National Long-term rating of “A (ind)”.

The Agency has also rated the Company’s long term loans of INR 8.61 billion and fund based working capital  limits amounting INR 5.89 billion loans at “A(ind)” and 'F1(ind)' to the non-fund based working capital limits amounting to INR 5.73 billion.

The ratings reflect Jain Irrigation’s revenue and geographic diversification, leadership in all its key business segments, strong distribution network, relationships with farmers and government bodies and stable financials over the last few years.

About Jain Irrigation (www.jains.com)
Jain Irrigation is a diversified Company with more than 5,000 employees and a product portfolio encompassing Irrigation Products, Piping Products, Plastic Sheets, Dehydrated Foods, Fruit Puree and Juice concentrates. Jain Irrigation has pioneered drip irrigation for small farmers in India and has a major market share in one of the fastest growing irrigation markets in the world and is also the second largest drip irrigation Company in the world.

About Fitch Ratings (www.fitchratings.com)
Fitch Ratings is a global rating agency committed to providing the world’s credit markets with independent and prospective credit opinions, research, and data. With 50 offices worldwide, Fitch Ratings’ global expertise, built on a foundation of local market experience, spans across capital markets in over 150 countries. Fitch Ratings is widely recognized by investors, issuers, and bankers for its credible, transparent, and timely coverage.