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Bharat Electronics Ltd. Capital/Financing Update 2023
60828_rns_2023-03-07_b39df8f5-e708-4a5b-9c5f-c6c17a9c98ef.pdf
Capital/Financing Update
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प्रतिष्ठा में/ To, बीएसई लि. / BSE Ltd. फिरोज जीजीबॉय टावर्स/ Phiroze Jeejeebhoy Towers दलाल स्ट्रीट/ Dalal Street मंबई/ Mumbai - 400 001
सं.No. 17565/4/SE/MUMC/SEC दिनांक / Date: 07.03.2023
महोदय / महोदया, Dear Sir/Madam,
भारत इलेक्टॉनिक्स BHARAT ELECTRONICS भारत इलेक्टॉनिक्स लिमिटेड (भारत सरकार का उद्यम, रक्षा मंत्रालय) पंजीकत कार्यालय : आउटर रिंग रोड, नागवारा, बेंगलूर - 560 045, भारत Bharat Electronics Limited (Govt. of India Enterprise, Ministry of Defence) Registered Office : Outer Ring Road, Nagavara, Bangalore - 560 045, INDIA. CIN: L32309KA1954GOI000787 टेलीफैक्स/Telefax: +91 (80) 25039266 ई-मेल/E-mail : [email protected] वेब/Web : www.bel-india.in
विषय: क्रेडिट रेटिंग की सूचना Sub: Intimation of Credit Rating.
सेबी (एल.ओ.डी.आर.) विनियम, 2015 के विनियम 30 के तारतम्य में, आपको सूचित किया जाता है कि आई.सी.आर.ए. (क्रेडिट रेटिंग एजेंसी) ने कंपनी की निम्नलिखित क्रेडिट रेटिंग प्रतिधारित की है-Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, we inform that ICRA (Credit Rating Agency) has retained the following credit ratings of the Company:
| क्र.सं. विलेख / सुविधाएं | सीमा | रेटिंग | रेटिंग | |
|---|---|---|---|---|
| (राशि रु. करोड़ में) | कार्रवाई | |||
| SI. | Instruments/Facilities | Limits(Amount | Rating | Rating |
| No. | Rs. In Crore) | Action | ||
| निधि आधारित सीमा | 500 | [ICRA]AAA | ||
| Fund Based Limits | पुनःअभिपुष्ट | |||
| 2 | दीर्घकालीन- अनावंटित | 300 | (Stable) | Reaffirmed |
| Long Term - Unallocated | ||||
| 3 | गैर-निधि आधारित | 4500 | $[ICRA]A1+$ | पुनःअभिपुष्ट |
| Non- Fund Based | Reaffirmed |
दीर्घकालीन रेटिंग की दृष्टि 'स्थिर' है। ये रेटिंग दीर्घकाल और अल्पकाल में सर्वोच्च क्रेडिट गणता दर्शाती हैं। इन वर्गों में श्रेणीकृत विलेखों में दीर्घकाल और अल्पकाल में निम्नतम क्रेडिट जोखिम होते हैं। ये रेटिंग 1 मार्च 2024 तक वैध हैं।
The outlook on the long-term rating is 'Stable'. These ratings indicate the highest credit quality in the long- and short-term. The instruments rated in these categories carry the lowest credit risk in the long- and short-term. These ratings are valid till 1st March, 2024.
आपके संदर्भ हेतु आई.सी.आर.ए. द्वारा जारी रिपोर्ट की प्रति संलग्न है। We enclose copy of the report issued by ICRA for your reference.
सूचना व अभिलेख हेतु। This is for your information and record.
सधन्यवाद / Thanking you,
भवदीय Yours faithfully,
कृते भारत इलेक्ट्रॉनिक्स लिमिटेड For Bharat Electronics Limited $\mathsf{SREENIVA}\ \ \substack{\text{Diquely support by StENANS SMMEAMALS and the number of KIMERS LIMTES (MHES) and the number of KIMERS (MHES) and the number of KIMERS (MHES) and the number of KIMERS (MHES) and the number of KIMERS (MHES) and the number of KIMERS (MHES) and the number of KIMERS (MHES) and the number of KIMERS (MHES) and the number of KIMERS (MHES) and the number of KIMERS (MHES) and the number of KIMERS (MHES) and the number of KIMERS (MHES) and the number of KIMERS (MHES) and the number of KIMERS (MHES)$ S SRIPADA
एस श्रीनिवास S Sreenivas कंपनी सचिव Company Secretary
संलग्न- यथा उपरोक्त। Encls: As stated above.
Ref: ICRA/BharatElectronicsLimited/06032023/1
Date: March 06, 2023
Mr. S Damodar Bhattad General Manager (Finance)
Bharat Electronics Limited Outer Ring Road, Nagavara, Bangalore - 560 045
Dear Sir,
Re: Surveillance of ICRA-assigned Credit Rating for Rs. 5,300.00 crore Bank Facilities (details as per Annexure) of Bharat Electronics Limited.
Please refer to the Rating Agreement/Statement of Work dated February 04, 2019 and December 13, 2021 executed 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. Based on a review of the latest developments, the Rating Committee of ICRA, ater due consideration has retained a long-term Rating of [ICRAJAAA (pronounced ICRA Triple A) and a short-term Rating of [ICRA] A1+ (pronounced ICRA A One Plus) ("Rating"). Outlook on the long-term Rating is Stable. For Rating definition(s), please refer to ICRA website at www.icra.in.
In any of your publicity material or other document wherever you are using the above Ratings, it should be stated as [ICRA]AAA(Stable)/[ICRA]Al+.
The aforesaid Ratings will be due for surveillance any time before March 01, 2024. However, ICRA reserves the right to review and/or, revise the above Ratings at any time on the basis of new information becoming available, or the required information not being available, or other circumstances that ICRA believes could have an impact on the Ratings. Therefore, request the lenders and Investors to visit ICRA website at www.icra.in for latest Ratings ofthe Company.
The Ratings are specific to the terms and conditions ofthe Bank Facilities as indicated to us by you, and any change in the terms or size of the same would require a review of the Ratings by us. In case there is any change in the terms and conditions or the size of the rated Bank Facilities, the same must be brought to our notice before the Bank Facilities is used by you. In the event such changes occur after the Ratings have been assigned by us and their use has been confirmed by you, the Ratings would be subject to our review, following which there could be a change in the Ratings previously assigned. Notwithstanding the foregoing, any change in the over-all limit ofthe Bank Facilities from that specified in the first paragraph ofthis letter would constitute an enhancement that would not be covered by or under the said Rating Agreement.
The Ratings 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 Facilities availed/issued by your company.
Building No. 8, 2",<, Floor, Tower A Tel.: +91.124 .4545300 Website: www.icra.in DLF Cyber City, Phase II CIN : L749999DL1991PLC042749 Email: [email protected] Gurugram - 122002, Haryana Helpdesk: +91 9354738909 Registered Oice: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001. Tel. :+91.11.23357940-41
You are also requested to forthwith inform us about any default or delay in repayment of interest or principal amount ofthe 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), or occurrence of any significant development that could impact the ability of the company to raise funds such as restriction imposed by any authority rom raising funds through issuance of debt securities through electronic bidding system. 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 look forward to your communication and assure you of our best services.
With kind regards, Yours sincerely, For ICRA Limited
JAYANTA ROY 2023.03.06 11:30:16+05,30,
Jayanta Roy [email protected] Senior Vice President and Group Head
ICRA
| ofDetailsLimitsRatedBankICRA(RatedLongbyonTermScale) | Amount(Rs. crore) | Rating | RatingAssignedon |
|---|---|---|---|
| Long-termFund based | |||
| Bank ofIndiaState | 450.00 | [ICRA]AAA(Stable) | March02,2023 |
| CanaraBank | 15.00 | [ICRA]AAA(Stable) | March02,2023 |
| 1DB1Bank | 5.00 | [ICRA]AAA(Stable) | March02,2023 |
| Bank ofBaroda | 10.00 | [ICRA]AAA(Stable) | March02,2023 |
| Bank ofIndiaUnion | [lCRA]AAA(Stable) | March02,2023 | |
| Punjab NationalBank | [lCRA]AAA(Stable) | March02,2023 | |
| Bank ofIndia | 001. | [ICRA]AAA(Stable) | March02,2023 |
| 1C1C1 Bank | 001. | [ICRA]AAA(Stable) | March02,2023j |
| AxisBank | [ICRA]AAA(Stable) | March02,2023 | |
| HDFCBank | [ICRA]AAA(Stable) | March02,2023 | |
| MahindraKotakBank | 001. | [ICRA]AAA(Stable) | March02,2023 |
| InduslndBank | 4.00 | [ICRA]AAA(Stable) | March02,2023j |
| YesBank | 001. | [ICRA]AAA(Stable) | March02,2023 |
| Total | 500.00 | I |
| ofDetailsLimitsRatedBankICRA(RatedLongbyonTermScale) | Amountcrore)(Rs. | Rating | RatingAssignedon |
|---|---|---|---|
| Unallocated | 300.00 | [ICRA]AAA(Stable) | March02,2023 |
| Total | 300.00 |
| ofLimitsDetailsRatedBank | Amount(Rs. | Rating | RatingAssignedon |
|---|---|---|---|
| ICRAShort(Ratedbyon | crore) | ||
| TermScale) | |||
| Short-termNon-Fundbased | |||
| ofIndiaState Bank | 750.003, | [ICRAJA1+ | March 02,2023 |
| Canara | 160.00 | [ICRA]A1 | March |
| Bank | + | 02,2023 | |
| 1DB1 | [ICRA]A1 | March | |
| Bank | + | 02,2023 | |
| Bank of | [ICRAJA1 | March | |
| Baroda | + | 02,2023 | |
| Bank ofIndia | 00 | [ICRAJA1 | March |
| Union | 1. | + | 02,2023 |
| PunjabNationalBank | 44.00 | [ICRA]A1+ | March02,2023 |
| Bank ofIndia | 00 | [ICRAJA1 | March |
| 1. | + | 02,2023 | |
| 1C1C1 Bank | 64.00 | [ICRAJA1+ | March02,2023 |
| Axis | 45.00 | [ICRAJA1 | March |
| Bank | + | 02,2023 | |
| HDFC | 115.00 | [ICRA]A1 | March |
| Bank | + | 02,2023 | |
| MahindraKotakBank | 10.00 | [ICRA]A1+ | March02,2023 |
| Induslnd | 11.00 | [ICRA]A1 | March |
| Bank | + | 02,2023 | |
| Yes | 00 | [ICRAJA1 | March |
| Bank | 1. | + | 02,2023 |
| Total | 4,500.00 |