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EIMCO Elecon India Ltd. Capital/Financing Update 2020
60438_rns_2020-04-02_c7047af2-8aec-448e-9689-10d9e29f78da.pdf
Capital/Financing Update
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| $\rm{Eim/Sec/SE}$ | ||
|---|---|---|
| -- | ------------------- | -- |
Eim/Sec/SE Date: 2nd April, 2020
| To, | To, |
|---|---|
| BSE Ltd. | National Stock Exchange of India Ltd. |
| Mumbai -400 001 | Mumbai -400 051 |
| Company Code 523708 | Symbol EIMCOELECO -Series EQ |
Subject: CRISIL Ratings
Dear Sir(s),
With reference to the above subject and pursuant to Regulation 30 and all other applicable regulations, if any, of the SEBI (LODR) Regulations, 2015, we wish to inform you that CRISIL Limited, Credit Rating Agency, has reaffirmed its ratings of the Company as under:
| Total Bank Loan Facilities Rated | Rs. 81 Crore | ||
|---|---|---|---|
| Long -Term Rating | CRISIL A/ Stable (Reaffirmed) | ||
| Short -Term Rating | CRISIL A1 (Reaffirmed) |
Copy of their letter is attached and the said letter has been received by the Company on 2nd April, 2020.
Kindly take the above information on your record.
Thanking you,
Yours faithfully, For Eimco Elecon (India) Limited,
Sd/-
Rikenkumar Dalwadi Company Secretary & Compliance Officer
Email: [email protected] M: 9879527625
Ratings
CONFIDENTIAL
EIMELEC/243906/BLR/032001446 March 3 1, 2020
Mr. Nilesh Shelat Cfo & Company Secretary Eimco Elecon India Limited Anand Sojitra Road, Vallabh Vidyanagar - 388120 Tel:0269230502/30602
Dear Mr. Nilesh Shelat,
Re: Review of CRISIL Ratings on the bank facilities of Eimco Elecon India Limited
All ratings assigned by CRISIL are kept under continuous surveillance and review.
Please find in the table below the ratings outstanding for the debt instruments/facilities of the company, and the rating actions by CRISIL on the ratings as on date.
| Rs.81 Crore | |
|---|---|
| CRISIL A/Stable (Reaffirmed) | |
| CRISIL At (Reaffirmed) | |
(Bank-wise details as per Annexure I)
As per our Rating Agreement, CRISIL would disseminate the ratings, along with the outlook, through its publications and other media, and keep the ratings, along with the outlook, under surveillance over the life of the instrument/facility. CRISIL reserves the right to withdraw, or revise the ratings, along with the outlook, at any time, on the basis of new information, or unavailability of information, or other circumstances which CRISIL believes may have an impact on the ratings.
In the event of the company not availing the proposed facilities within a period of 180 days from the date of this letter, a fresh letter ofrevalidation from CRISIL will be necessary.
Should you require any clarifications, please feel free to get in touch with us.
With warm regards,
Yours sincerely,
Sameer Charania Director - CRISIL Ratings
Nivedita Shibu Associate Director - CRISIL Ratings
A CR/SIL rating reflects CRIS/L's current opinion on the likelihood of timely payment of the obligations under the rated instrument and does not constitute an audit of the rated entity by CR/SIL. CR/SIL ratings are based on information provided by the issuer or obtained by CR/SIL from sources it considers reliable. CR/SIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CR/SIL rating is not a recommendation to buy, sell, or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. All CR/SIL ratinQS are under surveillance. CR/SIL or its associates may have oihor commercial transactions with the company/entity. Ratings are revised as and when circumstances so warrant. CR/SIL is not respor.sible for any errors and especially states that it has no financial liability whatsoever to the subscribers I users I transmitters I distributors of this product. CR/SIL Ratings rating criteria are available without charge to the public on the CR/SIL web site, www.crisil.com. For the latest rating information on any instrument of any company rated by CR/SIL, please contact Customer Service Helpdesk at 1800-267- 1301. CRISIL Limited
Corporate Identity Number: L67120MH1987PLC042363
CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400076. Phone: +91 22 3342 3000 I Fax: +91 22 4040 5800 www.crisil.com
Ratin
A B k d t u f f ilit ( t di f T . ) gs nnexure - an -wise e ar s o various acr 1y c asses outs an mg
| S.No. | Bank Facility | Bank | Amount (Rs. inCrore) | OutstandinzRatingAn S&PGlol 11alCompany |
|---|---|---|---|---|
| 1 | Cash Credit | State Bank ofIndia | 2.0 | CRISIL A/Stable |
| 2 | Letter of Credit | State Bank ofIndia | 26.0 | CRISIL Al |
| 3 | Letter of Credit | Axis BankLimited | 25.0 | CRJSIL Al |
| 4 | Proposed Long Term Bank LoanFacility | Proposed | 28.0 | CRISIL A/Stable |
| Total | 81.0 |
2. Interchangeable with bank guarantee
A CR/SIL rating reflects CRIS/L's current opinion on the likelihood of timely payment of the obligations under the rated instrument and does not constitute an audit of the rated entity by CR/SIL. CR/SIL ratings are based on information provided by the issuer or obtained by CR/SIL from sources it considers reliable. CR/SIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CR/SIL rating is not a recommendation to buy, sell, or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. All CR/SIL ratings are under surveillance. CR/SIL or its associates may havt;) ?th�*r commercial transactions with the company/entity. Ratings are revised as and when circumstances so warrant. CR/SIL is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers Iusers I transmitters I distributors of this product. CR/SIL Ratings rating criteria are available without charge to the public on the CR/SIL web site, www.crisil.com. For the latest rating information on any instrument of any company rated by CR/SIL, please contact Customer Service Helpdesk at 1800-267- 1301.* CRISIL Limited
Corporate Identity Number: L67120MH1987PLC042363
CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400076. Phone: +91 22 3342 3000 I Fax: +91 22 4040 5800 www.crisil.com
Ratings
CONFIDENTIAL
EIMELEC/243906/NCD/032001445 March 31, 2020
Mr. Nilesh Shelat Cfo & Company Secretary Eimco Elecon India Limited Anand Soj itra Road, Vallabh Vidyanagar - 388120 Tel: 0269230502/30602
Dear Mr. Nilesh Shelat,
Re: Review of CRISIL Rating on the Rs.5 Crore Non Convertible Debentures of Eimco Elecon India Limited
All ratings assigned by CRISIL are kept under continuous surveillance and review.
CRISIL has, after due consideration, reaffirmed its "CRISIL A/Stable" (pronounced as CRISIL A rating with Stable outlook) rating on the captioned debt instrument. Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk.
In the event of your company not making the issue within a period of 180 days from the above date, or in the event of any change in the size or structure of your proposed issue, a fresh letter of revalidation from CRISIL will be necessary.
As per our Rating Agreement, CRISIL would disseminate the rating along with outlook through its publications and other media, and keep the rating along with outlook under surveillance for the life of the instrument. CRISIL reserves the right to withdraw or revise the ratings assigned to the captioned instrument at any time, on the basis of new information, or unavailability of information or other circumstances, which CRISIL believes, may have an impact on the rating.
As per the latest SEBI circular (reference number: CIR/IMO/OF /17/2013; dated October 22, 2013) on centralized database for corporate bonds/debentures, you are required to provide international securities identification number (ISIN; along with the reference number and the date of the rating letter) of all bond/debenture issuances made against this rating letter to us. The circular also requires you to share this information with us within 2 days after the allotment of the ISIN. We request you to mail us all the necessary and relevant information at [email protected]. This will enable CRISIL to verify and confirm to the depositories, including NSDL and CDSL, the ISIN details of debt rated by us, as required by SEBI. Feel free to contact us for any clarifications you may have at [email protected]
Should you require any clarifications, please feel free to get in touch with us.
With warm regards,
Yours sincerely,
Sameer Charania Director - CRISIL Ratings
Nivedita Shibu Associate Director - CRISIL Ratings
A CR/SIL rating reflects CRIS/L's current opinion on the likelihood of timely payment of the obligations under the rated instrument and does not constitute an audit of the rated entity by CR/SIL. CR/SIL ratings are based on information provided by the issuer or obtained by CR/SIL from sources it considers reliable. CR/SIL does not guarantee the completeness or accuracy of the information on whicn the rating is based. A CR/SIL rating is not a recommendation to buy, sell, or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. All CR/SIL ratings are under surveillance. CR/SIL or its associates may have other commercial transactions with the company/entity. Ratings are revised as and when circumstances so warrant. CR/SIL is not responsible for any errors and especially states that it tiee no tinenciet liability wtiateoeve: to the; euoocrioero I uc;em I transmitters r distributors of this product. CR/SIL Ratings rating criteria are available without charge to the public on the CR/SIL web site, www.crisil.com. For the latest rating information on any instrument of any company rated by CR/SIL, please contact Customer Service Helpdesk at 1800-267- 1301.
CRISIL Limited
Corporate Identity Number: L67120MH1987PLC042363
CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400076. Phone: +91 22 3342 3000 I Fax: +91 22 4040 5800 www.crisil.com