Filatex India Ltd. — Capital/Financing Update 2021

May 28, 2021

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FIL/SE/2021-22/16 28[th] May, 2021

National Stock Exchange of India Limited Listing Department 5[th] Floor, Exchange Plaza, C-1, Block-G, Bandra-Kurla Complex, Bandra (E) Mumbai-400 051 Security Symbol: FILATEX

BSE Limited Listing Department 25[th] Floor, Pheroze Jeejeebhoy Towers Dalal Street, Mumbai - 400 001 Security Code: 526227

Sub: Credit Rating for bank facilities

Dear Sir / Madam,

Pursuant to SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, this is to inform you that on Mid Term Review of Company's performance, Brickwork Ratings India Pvt. Ltd. (BWR), SEBI Registered Credit Rating Agency, has revised Credit Rating for Company's Bank Loan Facilities of Rs. 1191.17 crores as follows:

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Facility Amount (Rs Crs) Tenure Rating
Previous Present Previous Present
(14 Sep 2020)
Fund based 908.58 741.17 Long Term BWR A - BWR A
(Stable) (Stable)
(Upgrade)
Non Fund 450.00 450.00 Short Term BWR A2+ BWR A1
Based (Upgrade)
Total 1358.58 1191.17 (Rs One thousand one hundred ninety one crores and
seventeen lakhs only)
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A copy of the letter received from Brickwork Ratings India Pvt. Ltd. is enclosed. This is for your information & records please.

Thanking You, Yours Faithfully, For FILATEX INDIA LIMITED COMPANY SECRETARY Encl .: a/a

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BWR/BLR/DEL/CRC/TS/1299/2021-22 27 May 2021

Mr.Nitin Agarwal Chief General Manager Filatex India Ltd

43 Community Centre, New Friends Colony, New Delhi,110025 .

Dear Sir,

Sub: Mid Term Review of Ratings of Bank Loan Facilities of Filatex India Ltd aggregating Rs 1191.17 Crores. (Rs One Thousand One Hundred Ninety One Crores and Seventeen Lakhs only) Only)

Ref: Previous BWR rating letter No BWR/BLR/CRC/TS/3652/2020-21 dated 11 Sep 2020

On Mid Term Review of Filatex India Ltd performance based on the information and clarifications provided by you, and as available in public sources, we are pleased to inform you that the ratings of Filatex India Ltd Bank Loan Facilities amounting to Rs1191.17 crores have been revised as follows:

Particulars:

Facility**	Amount (Rs Crs)	Amount (Rs Crs)	Tenure	Rating*	Rating*
	Previous	Present		Previous (14 Sep 2020)	Present
Fund based	908.58	741.17	Long Term	BWR A- (Stable)	BWR A (Stable) (Upgrade)
Non Fund Based	450.00	450.00	Short Term	BWR A2+	BWR A1 (Upgrade)
Total	1358.58	1191.17	(Rs One thousand one hundred seventeen lakhs		ninety one crores and only)

*Please refer to BWR website www.brickworkratings.com/ for the definition of the ratings ** Details of bank facilities are provided in Annexure-I&I

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Filatex India Ltd

The Ratings are valid for twelve months from this letter and subject to terms and conditions as per your mandates letter dated 25 Feb 2019 and other correspondence, if any and Brickwork Ratings’ standard disclaimer appended at the end of this letter. You are requested to provide a No Default statement on a monthly basis.

The rated bank loan facilities would be under surveillance during the said period. You are required to submit information periodically as per Annexure-II for the purpose of surveillance/review. You are also required to keep us informed of any information/ development that may affect your Company’s finances/performance without any delay.

Best Regards,

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Tanu Sharma Director - Ratings

Note: Rating Rationale of all accepted Ratings are published on Brickwork Ratings website. All non-accepted ratings are also published on Brickwork Ratings web-site . Interested persons are well advised to refer to our website www.brickworkratings.com, If they are unable to view the rationale, they are requested to inform us on brickworkhelp@brickworkratings.com .

Disclaimer: Brickwork Ratings India Pvt. Ltd. (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by the Reserve Bank of India [RBI], offers credit ratings of Bank Loan facilities, Nonconvertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitisation Products, Municipal Bonds, etc. [hereafter referred to as “Instruments”]. BWR also rates NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations.

BWR wishes to inform all persons who may come across Rating Rationales and Rating Reports provided by BWR that the ratings assigned by BWR are based on information obtained from the issuer of the instrument and other reliable sources, which in BWR’s best judgement are considered reliable. The Rating Rationale / Rating Report & other rating communications are intended for the jurisdiction of India only. The reports should not be the sole or primary basis for any investment decision within the meaning of any law or regulation (including the laws and regulations applicable in Europe and also the USA).

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BWR also wishes to inform that access or use of the said documents does not create a client relationship between the user and BWR.

The ratings assigned by BWR are only an expression of BWR’s opinion on the entity / instrument and should not in any manner be construed as being a recommendation to either, purchase, hold or sell the instrument.

BWR also wishes to abundantly clarify that these ratings are not to be considered as an investment advice in any jurisdiction nor are they to be used as a basis for or as an alternative to independent financial advice and judgement obtained from the user’s financial advisors. BWR shall not be liable to any losses incurred by the users of these Rating Rationales, Rating Reports or its contents. BWR reserves the right to vary, modify, suspend or withdraw the ratings at any time without assigning reasons for the same.

BWR’s ratings reflect BWR’s opinion on the day the ratings are published and are not reflective of factual circumstances that may have arisen on a later date. BWR is not obliged to update its opinion based on any public notification, in any form or format although BWR may disseminate its opinion and analysis when deemed fit.

Neither BWR nor its affiliates, third party providers, as well as the directors, officers, shareholders, employees or agents (collectively, “BWR Party”) guarantee the accuracy, completeness or adequacy of the Ratings, and no BWR Party shall have any liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of any part of the Rating Rationales or Rating Reports. Each BWR Party disclaims all express or implied warranties, including, but not limited to, any warranties of merchantability, suitability or fitness for a particular purpose or use. In no event shall any BWR Party be liable to any one for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of any part of the Rating Rationales and/or Rating Reports even if advised of the possibility of such damages. However, BWR or its associates may have other commercial transactions with the company/entity. BWR and its affiliates do not act as a fiduciary.

BWR keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of the respective activity. As a result, certain business units of BWR may have information that is not available to other BWR business units. BWR has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

BWR clarifies that it may have been paid a fee by the issuers or underwriters of the instruments, facilities, securities etc., or from obligors. BWR’s public ratings and analysis are made available on its web site, www.brickworkratings.com. More detailed information may be provided for a fee. BWR’s rating criteria are also generally made available without charge on BWR’s website.

This disclaimer forms an integral part of the Ratings Rationales / Rating Reports or other press releases, advisories, communications issued by BWR and circulation of the ratings without this disclaimer is prohibited.

BWR is bound by the Code of Conduct for Credit Rating Agencies issued by the Securities and Exchange Board of India and is governed by the applicable regulations issued by the Securities and Exchange Board of India as amended from time to time.

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		Annexure-I Details of Bank Facilities	Annexure-I Details of Bank Facilities	Annexure-I Details of Bank Facilities	Rs Crores
Name of the Bank	Name of Facility		Tenure	Previous Limits (14 Sep 2020)	Present Limits
UBI	Cash Credit		Long Term	100.00	100.00
	Term Loans		Long Term	163.52	98.09
	LC/BG		Short Term	225.00	225.00
Bank of Baroda	Cash Credit		Long Term	50.00	50.00
	Term Loans		Long Term	82.78	114.45
	LC/BG		Short Term	112.50	112.50
Punjab National Bank	Cash Credit		Long Term	50.00	50.00
			Long Term	73.50	105.30
			Short Term	112.50	112.50
ECB’s	Term Loans		Long Term	269.11	223.33
Proposed Loans				119.77	-
	Total			1358.47	1191.17

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Filatex India Ltd

Annexure-II

The following documents/ information should be submitted to BWR:

1. Confirmation from the Company that all the terms and conditions stipulated in the Bank’s Term loan sanction letter has been fully complied with.

2. Certified copy of periodical book debts/bills receivables statements submitted to the bank.

3. Confirmation about payment of installment and interest as and when paid.

4. Schedule of Term Loan installments and Interest due and payment made so far.

5. Certified copy of Quarterly Information Statements (QIS) and Half Yearly Information Statements (HYIS) submitted to the bank.

6. Certified copy of Banks’ Statements of Accounts on a quarterly basis.

7. Quarterly / Half yearly financial statements (unaudited or with limited review) and Annual financial statements (provisional as well as audited).

8. Information on delays/defaults in servicing bank loans, letters of credit, letters of guarantee, NCDs, bonds and other borrowings, if any, by the Company as at the end of March, June, September and December each year.

9. Information on delays / defaults in servicing of debt obligations of any subsidiary/other group companies, if any, as at the end of March, June, September and December each year.

10. Any other statement / information sought by BWR from time to time.

11. All the aforesaid information shall be mailed to dat@brickworkratings.com

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