.
The BSE Limited
Listing Compliance Department

SI.No.	Instruments				Revised / FreshRating	Previous Rating
01.	NCDs				[ICRA] A+ (Negative)	[ICRA] A+ Stable
02.	Line(LOC)	οf		Credit [ICRA] A+ (Negative)		[ICRA] A+ Stable
03.	ProposedCommercial Paper		$[ICRA]$ A1+

From: [email protected] To: "'cs'" [email protected] Date: 15/05/2020 08:46 AM Subject: FW: ICRA Ratings on BEML Limited

For uploading please.

Regards

From: Mythri Macherla ([email protected] <[[email protected]>](javascript:openWin() Sent: 14 May 2020 20:02 To: Anil Jerath <[[email protected]>](javascript:openWin() Cc: [[email protected]](javascript:openWin(); gmtaxation <[[email protected]](javascript:openWin()> Subject: Re: ICRA Ratings on BEML Limited

Dear Sir,

Based on your mail dated May 13, 2020, we treat your acceptance on the ratings for CP and NCD programmes and bank facilities as final. Following the same, we would be uploading the enclosed rating rationale on our website tomorrow.

Also, please find enclosed the rating letters for bank facilities and NCD programme of BEML.

Thanks and Regards,

Mythri Macherla
Assistant Vice President
+91 80 4332 6407 (Landline) | +91 9740319002 (Mobile),

ICRA Limited

'The Millenia', Tower 'B',

ICRA Limited

CONFIDENTIAL

Ref: ICRA:BLR:2020-2021/RT/78

May 14, 2020

Mr. Anil Jerath General Manager – Finance M/s BEML Limited BEML SOUDHA, No. 23/1, 4 th Main Road S.R. Nagar, Bangalore - 560027

Dear Sir,

Re: ICRA Credit Rating on Rs. 300.0 crore NCD Programme of BEML Limited.

In terms of the Rating Agreement dated Oct 28, 2013, Feb 24, 2012, executed between BEML Limited and ICRA Limited (ICRA), ICRA is required to review the rating, on an annual basis, or as and when the circumstances so warrant.

Please note that the Rating Committee of ICRA, after due consideration of the latest development in your company, has reaffirmed the rating of your non-convertible debenture (NCD) programme at [ICRA]A+ (pronounced as ICRA A plus). The Outlook on the long-term rating has been revised to Negative from Stable. Instruments with [ICRA]A rating indicate adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk.

In any of your publicity material or other document wherever you are using our above rating, it should be stated as [ICRA]A+ (Negative).

This rating is specific to the terms and conditions of the proposed issue as was indicated to us by you and any change in the terms or size of the issue would require the rating to be reviewed by us. If there is any change in the terms and conditions or size of the instrument rated, as above, the same must be brought to our notice before the issue of the instrument. If there is any such change after the rating is assigned by us and accepted by you, it would be subject to our review and may result in change in the rating assigned.

ICRA reserves the right to review and/ or, revise the above rating at any time on the basis of new information or unavailability of information or such other circumstances, which ICRA believes, may have an impact on the rating assigned to you.

The rating, as aforesaid, however, should not be treated as a recommendation to buy, sell or hold the instruments issued by you.

You are requested to furnish a monthly 'No Default Statement (NDS)' (in the format enclosed) on the first working day of every month, confirming the timeliness of payment of all obligations against the rated debt programme. This is in line with requirements as prescribed in circular dated June 30, 2017 on 'Monitoring and Review of Ratings by Credit Rating Agencies (CRAs)' issued by the Securities and Exchange Board of India

You are also requested to forthwith inform us about any default or delay in repayment of interest or principal amount of the instrument rated, as above, or any other debt instruments/ borrowing and keep us informed of any other developments which may have a direct or indirect impact on the debt servicing capability of the company including any proposal for re-schedulement or postponement of the repayment programmes of the dues/ debts of the company with any lender(s) / investor(s). Further, you are requested to inform us immediately as and when the borrowing limit for the instrument rated, as above, or as prescribed by the regulatory authority(ies) is exceeded.

We thank you for your kind cooperation extended during the course of the rating exercise. Please let us know if you need any clarification.

We look forward to further strengthening our existing relationship and assure you of our best services.

With kind regards,

Yours sincerely,

For ICRA Limited

[Rajeshwar Burla] Vice President [email protected]

Encl:

Annexure

LIST OF ALL INSTRUMENTS RATED (WITH AMOUNT OUTSTANDING)

Rated Instrument		Amount
	Rated Amount	Outstanding
	(In Rs.Crore)	(In Rs.Crore)	Rating Action
INE258A07013
(NCD)	100.0	100.0	[ICRA]A+ (Negative)
INE258A07021
(NCD)	100.0	100.0	[ICRA]A+ (Negative)
INE258A07039
(NCD)	100.0	100.0	[ICRA]A+ (Negative)

ICRA Limited

CONFIDENTIAL

Ref: ICRA:BLR:2020-2021/RT-BASEL/79

May 14, 2020

Mr. Anil Jerath General Manager – Finance M/s BEML Limited BEML SOUDHA, No. 23/1, 4 th Main Road S.R. Nagar, Bangalore - 560027

Dear Sir,

Re: ICRA Credit Rating on Rs. 4,500.0 crore (enhanced from Rs. 2,750 crore) Line of Credit (LOC) of BEML Limited (instrument details in Annexure)

Please refer to the Rating Agreement dated Oct 28, 2013, Feb 24, 2012 between ICRA Limited ("ICRA") and your company, whereby, ICRA is required to review its ratings, on an annual basis, or as and when the circumstances so warrant. Also, please refer to your RRF No. BLR/2021-21/004 dated April 15, 2020 and Rating Agreement dated April 15, 2020 seeking an enhancement of the captioned LOC of your company from Rs. 2,750 crore to Rs. 4,500 crore.

Please note that the Rating Committee of ICRA, after due consideration, has reaffirmed the long-term rating of [ICRA]A+ (pronounced ICRA A plus) outstanding on the aforementioned LOC of your Company, and also assigned a long-term rating of [ICRA]A+ (pronounced ICRA A plus) to the additional bank limits of Rs. 1,500 crore. The Outlook on the long-term rating has been revised to Negative from Stable**.** The rating committee has also reaffirmed the short-term rating of [ICRA]A1+ (pronounced ICRA A one plus) outstanding on the aforementioned LOC and also assigned a short-term rating of [ICRA]A1+ to the additional bank limits of Rs. 250 crore.

The aforesaid ratings will be due for surveillance any time before April 30, 2021.

The rating(s) assigned must be understood solely as an opinion and should not be treated, or cause to be treated, as recommendation to buy, sell, or hold the rated bank facility availed by your company.

The ratings as stated above are specific to the terms and conditions of the LOC as indicated to us by you. In case there is any change in the terms and conditions, or the size of the rated LOC, the same must be brought to our notice immediately. Any such change would warrant a rating review, following which there could be a change in the ratings assigned. Notwithstanding the foregoing, any change in the overall limit of the LOC from that specified in the first paragraph of this letter would constitute an enhancement that would not be covered by or under the said Rating Agreement.

ICRA reserves the right to review and/or, revise the above rating at any time on the basis of new information or unavailability of information or such other circumstances, which ICRA believes, may have an impact on the rating assigned to you.

You are requested to furnish a monthly 'No Default Statement (NDS)' (in the format enclosed) on the first working day of every month, confirming the timeliness of payment of all obligations against the rated debt programme [interest and principal obligations for fund based as well as obligations under LOC/BG for non-fund-based facility].

You are also requested to inform us forthwith of any default or delay in the payment of interest and/or principal against the rated debt programme, or any other debt instruments and/or borrowings of your company. Further, you are requested to keep us informed of any other developments that could have a direct or indirect impact on the debt servicing capability of your company, with such developments including, but not limited to, any proposal for re-schedulement or postponement of repayment against any dues and/or debts of your company with any lender(s) and/or investor(s).

We thank you for your kind co-operation extended during the course of the rating exercise. Please let us know if you need any clarification.

We look forward to further strengthening our existing relationship and assure you of our best services.

With kind regards,

Yours sincerely,

For ICRA Limited

[Rajeshwar Burla] Vice President [email protected]

'No Default Statement on the Company Letter Head'

To

Dear Sir/ Madam,

1. We hereby confirm that as on date there are no overdues or default on our listed debt obligations. (Securities).
1. We hereby confirm that as on date there are no overdues or default on our unlisted debt obligations. (Securities).
1. We also confirm that in the month ended <>, there has been no instance of delay in servicing of our listed debt obligations (Securities).
1. We also confirm that in the month ended <>, there has been no instance of delay in servicing of our un-listed debt obligations(Securities).
1. We also confirm that in the month ended <>, there has been no instance of delay in servicing of debt obligations guaranteed by us.
1. We hereby confirm that as on date and in the month ended <> there are no over dues or default on payment of interest/installment obligations on loans from banks/financial institutions.
1. We hereby confirm that as on date there are no over dues or default on payment of interest/installment obligations on loans from banks/financial institutions which continues beyond 30 days.
1. We hereby confirm that as on date there are no over dues or default on revolving facilities like cash credit, from banks/financial institutions which continues beyond 30 days.
1. We also confirm that there is no amount remaining unpaid for more than 30 days from the invocation of the bank guarantee facilities or devolvement of Letters of Credit as on date / in the month ended <<Month and Year name>> We also confirm that there has not been any instance of devolvement of Letter of Credit in the month ended <<Month and Year name>>
1. We also confirm that there has been no overdrawal of the drawing power sanctioned by the bank for a period of more than 30 consecutive days in case of bank facilities which do not have scheduled maturity/repayment dates.
1. Details of default in payment of interest/installment obligations on loans including revolving facilities like cash credit from banks/financial institutions and any overdraws beyond what is sanctioned by the bank, beyond 30 days as on date/ in the month ended <<Month and Year name>>, in any of the above case (if any):

Name ofLender	Nature ofobligation	Date ofDefault	Current defaultamount	Amount to bepaid	Actual Date ofPayment (if any)	Remarks
Lender1	Term Loan,CC
Lender2

Details of default in payment of principal/interest obligations as on date/ in the month ended <<Month and Year name>>, on our listed and unlisted debt obligations (Securities), in any of the above case (if any):

Name of theInstrument	ISIN	Amount tobe paid	Due Date ofPayment	Actual Dateof Payment	Remarks
NCD

Thanking You,

Yours faithfully,

Annexure

Details of Bank Limits Rated by	Amount
ICRA (Rated on Long-Term Scale)	(Rs. crore)	Rating	Rating Assigned on
Fund based(Cash Credit)
State Bank of India	750.0
IDBI Bank	70.0
Canara Bank	40.0
Union Bank of India	100.0
Bank of India	40.0
HDFC Bank	75.0	[ICRA]A+	May11, 2020
Axis Bank	20.0	(Negative)
Deutsche Bank	50.0
Indian Bank	20.0
Bank ofBaroda	10.0
Unallocated Limits	25.0
Non-Fund based(Bank Guarantee)
State Bank of India	1,400.0
IDBI Bank	215.0
Canara Bank	200.0
Union Bank of India	40.0	[ICRA]A+
Bank of India	80.0	(Negative)	May11, 2020
Axis Bank	230.0
Indian Bank	20.0
Bank of Baroda	115.0
Unallocated Limits	200.0
Total	3,700.0

Details of Bank Limits Rated by	Amount
ICRA (Rated on Short-Term Scale)	(Rs. crore)	Rating	Rating Assigned on
Non-Fund based(Letter of Credit)
State Bank of India	465.0
IDBI Bank	25.0	[ICRA]A1+
Canara Bank	160.0
HDFC Bank	25.0		May11, 2020
Bank of Baroda	75.0
Unallocated Limits	50.0
Total	800.0

ICRA Limited

CONFIDENTIAL

Ref: ICRA:BLR:2020-2021/RT/77

May 12, 2020

Mr. Anil Jerath General Manager – Finance M/s BEML Limited BEML SOUDHA, No. 23/1, 4 th Main Road S.R. Nagar, Bangalore - 560027

Dear Sir,

Re: ICRA Credit Rating on Rs. 400.0 crore Commercial Paper Programme of BEML Limited.

Please refer the Rating Agreement dated April 30, 2020 and RRF No. BLR/2020-21/012 dated April 30, 2020 between ICRA Limited ("ICRA") and your company for carrying out the rating of the Commercial Paper (CP) programme of Rs. 400 crore of your company. The Rating Committee of ICRA, after due consideration, has assigned the rating [ICRA]A1+ (pronounced as ICRA A One Plus). This rating indicates very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk.

In any of your publicity material or other document wherever you are using the above rating, it should be stated as [ICRA]A1+. We would appreciate if you can sign the attached acknowledgement and send it to us latest by May 14, 2020 as acceptance on the assigned rating. In case you do not communicate your acceptance/non-acceptance of the assigned rating, or do not appeal against the assigned rating by the aforesaid date, the rating will be treated as non-accepted and shall be disclosed on ICRA's website as non-accepted rating. This is in accordance with requirements prescribed by the Securities and Exchange Board of India ("SEBI") vide SEBI circular dated June 30, 2017.

Any intimation by you about the above rating to, inter alia, any banker/lending agency/government authorities/stock exchange would constitute use of this rating by you and shall be deemed acceptance of the rating.

Additionally, we wish to highlight the following with respect to the rating:

(a) If the instrument rated, as above, is not issued by you within a period of 3 months from the date of this letter, the rating would need to be revalidated before issuance;

(b) Subject to Clause (c) below, our rating is valid from the date of this letter till May 11, 2021 ("Validity Period"). The rating will generally be due for review at the end of the Validity Period. The maturity date of CP shall not be after the end of the Validity Period. The CP will have a maximum maturity of twelve months.

(c) ICRA reserves the right to review and/or, revise the above rating at any time on the basis of new information or unavailability of information or such circumstances, which ICRA believes, may have an impact on the aforesaid rating assigned to you.

The rating, as aforesaid, however, should not be treated as a recommendation to buy, sell or hold CP/ STD issued by you. The rating is restricted to your CP programme size of Rs. 400 crore only. In case, you propose to enhance the size of the CP programme, the same would require to be rated afresh. ICRA does not assume any responsibility on its part, for any liability, that may arise consequent to your not complying with any eligibility criteria, applicable from time to time, for issuance of CP.

As mentioned above and in accordance with the aforementioned SEBI circular, you are requested to furnish a monthly 'No Default Statement (NDS)' (in the format enclosed) on the first working day of every month, confirming the timeliness of payment of all obligations against the rated debt programme.

We thank you for your kind co-operation extended during the course of the rating exercise. Should you require any clarification, please do not hesitate to get in touch with us. We look forward to your communication and assure you of our best services.

Yours sincerely,

For ICRA Limited

[Rajeshwar Burla] Vice President [email protected]

Acknowledgement

(To be signed and returned to ICRA Limited)

I, Anil Jerath, General Manager - Finance on behalf of BEML Limited hereby accept and acknowledge the above assigned rating.

For BEML Limited

____________________

Name:

Date:

Note: Please return a copy of the above communication along with the acknowledgement to ICRA Limited at or

Encl:

'No Default Statement on the Company Letter Head'

To

Dear Sir/ Madam,

1. We hereby confirm that as on date there are no overdues or default on our listed debt obligations. (Securities).
1. We hereby confirm that as on date there are no overdues or default on our unlisted debt obligations. (Securities).
1. We also confirm that in the month ended <>, there has been no instance of delay in servicing of our listed debt obligations (Securities).
1. We also confirm that in the month ended <>, there has been no instance of delay in servicing of our un-listed debt obligations(Securities).
1. We also confirm that in the month ended <>, there has been no instance of delay in servicing of debt obligations guaranteed by us.
1. We hereby confirm that as on date and in the month ended <> there are no over dues or default on payment of interest/installment obligations on loans from banks/financial institutions.
1. We hereby confirm that as on date there are no over dues or default on payment of interest/installment obligations on loans from banks/financial institutions which continues beyond 30 days.
1. We hereby confirm that as on date there are no over dues or default on revolving facilities like cash credit, from banks/financial institutions which continues beyond 30 days.
1. We also confirm that there is no amount remaining unpaid for more than 30 days from the invocation of the bank guarantee facilities or devolvement of Letters of Credit as on date / in the month ended <<Month and Year name>> We also confirm that there has not been any instance of devolvement of Letter of Credit in the month ended <<Month and Year name>>
1. We also confirm that there has been no overdrawal of the drawing power sanctioned by the bank for a period of more than 30 consecutive days in case of bank facilities which do not have scheduled maturity/repayment dates.
1. Details of default in payment of interest/installment obligations on loans including revolving facilities like cash credit from banks/financial institutions and any overdraws beyond what is sanctioned by the bank, beyond 30 days as on date/ in the month ended <<Month and Year name>>, in any of the above case (if any):

Name ofLender	Nature ofobligation	Date ofDefault	Current defaultamount	Amount to bepaid	Actual Date ofPayment (if any)	Remarks
Lender1	Term Loan,CC
Lender2

Details of default in payment of principal/interest obligations as on date/ in the month ended <<Month and Year name>>, on our listed and unlisted debt obligations (Securities), in any of the above case (if any):

Name of theInstrument	ISIN	Amount tobe paid	Due Date ofPayment	Actual Dateof Payment	Remarks
NCD

Thanking You,

Yours faithfully,

AI assistant

BEML Ltd Audit Report / Information 2020

60811_rns_2020-05-15_015433d3-5f6e-4eed-87c2-6e2ae92455bc.pdf

ICRA Limited