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Finolex Cables Ltd. Capital/Financing Update 2020
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Capital/Financing Update
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FCL: SEC: SE: 2020:92 1st June 2020
The Manager Listing Department National Stock Exchange of India Ltd 'Exchange Plaza', C-1, Block G, Bandra - Kurla Complex, Bandra (E), Mumbai - 400 051
Dear Sirs,
Ref: Regulation 30 and other applicable provisions of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015
Sub: Intimation of re-affirmation of rating by CRISIL
With reference to the above and pursuant to regulation 30 and all other applicable regulations, if any, of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, we would like to inform that the Company has received the copy of re-affirmation of rating from CRISIL Ratings on 28Th May 2020 due to the unprecedented situation caused by COVID-19 and the consequent lockdown we are now forwarding the copy of the same, the details of which are as below:
| Total Bank Loan Facilities Rated(Working Capital) | Rs.450 Crores | |
|---|---|---|
| Long-Term Rating | CRISIL AA+/Stable (Reaffirmed) | |
| Short-Term Rating | CRISIL A1+ (Reaffirmed) |
| Rs.150 Crore Non-ConvertibleDebentures | CRISIL AA+/Stable (Reaffirmed) | |
|---|---|---|
| Rs.50 Crore Short Term Debt | CRISIL A1+ (Reaffirmed) |
We would request you to kindly arrange to take the same on record and to have the same updated on the Website of the Exchange at the earliest.
Please acknowledge receipt and oblige.
Thanking you, Yours faithfully For FINOLEX CABLES LIMITED
G atri Kulkarni C mpliance officer
Regd. Office : 26-27, Mumbai-Pune Road, Pimpri, Pune - 411 018. India. Tel.: 91-20-27475963. Fax : 020-27470344, 27472239, Website : www.finolex.com Email : [email protected] CIN No.: L31300MH1967PLC016531
Finolex gets people together
Ratings CRISIL An S&P Global Company
CONFIDENTIAL
FINCABL/242577/BLR/032000967 March 24, 2020
Mr. Mahesh Viswanathan Deputy Managing Director Finolex Cables Limited 26/27, Mumbai-Pune Road Pimpri PUNE - 411018 Tel: 2027475963
Dear Mr. Mahesh Viswanathan,
Re: Review of CRISIL Ratings on the bank facilities of Finolex Cables 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.
| Total Bank Loan Facilities Rated | Rs.450 Crore | |
|---|---|---|
| Long-Term Rating | CRISIL AA+/Stable (Reaffirmed) | |
| Short-Term Rating | CRISIL Al+ (Reaffirmed) |
an -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.
Should you require any clarifications, please feel free to get in touch with us.
With warm regards, Yours sincerely,
Gautam Shahi Director - CRISIL Ratings
Nivedita Shibu Associate Director - CRISIL Ratings
A CRISIL rating reflects CRISIL'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 CRISIL. CRISIL ratings are based on information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRIS& does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL 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 CRISIL ratings are under surveillance. CRISIL or its associates may have other commercial transactions with the company/entity. Ratings are revised as and when circumstances so warrant. CRISIL is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this product. CRISIL Ratings rating criteria are available without charge to the public on the CRISIL web site, www.crisil.com. For the latest rating information on any instrument of any company rated by CRISIL, please contact Customer Service Helpdesk at 1800-267- 1301.
CRISIL Limited Corporate Identity Number: 1.67120MH19S7PLC042363
Ratings CRISIL
| S.No. | Bank Facility | Bank | Amount (Rs. inCrore) | OutstandingRating |
|---|---|---|---|---|
| 1 | Cash Credit | HDFC Bank Limited | 47.5 | CRISILAA+/Stable |
| 2 | Cash Credit | Central Bank OfIndia | 25 0 . | CRISILAA+/Stable |
| 3 | Cash Credit | State Bank of India | 7.5 | CRISILAA+/Stable |
| 4 | Cash Credit | ICICI Bank Limited | 67.5 | CRISIL |
| 5 | Cash Credit | Corporation Bank | 22.5 | CRISILAA+/Stable |
| 6 | Cash Credit | Axis Bank Limited | 30.0 | CRISILAA+/Stable |
| 7 | Letter of credit & BankGuarantee | Axis Bank Limited | 20.0 | CRISIL A1+ |
| 8 | Letter of credit & BankGuarantee | State Bank of India | 15.0 | CRISIL Al+ |
| 9 | Letter of credit & BankGuarantee | HDFC Bank Limited | 65.0 | CRISIL A1+ |
| 10 | Letter of credit & BankGuarantee | Central Bank OfIndia | 25.0 | CRISIL Al+ |
| 11 | Letter of credit & BankGuarantee | Corporation Bank | 27.5 | CRISIL A1+ |
| 12 | Letter of credit & BankGuarantee | ICICI Bank Limited | 97.5 | CRISIL A1+ |
| Total | 450.0 |
Annexure 1 - Bank-wise details of various facility classes (outstanding facilities)
An S&P Global Company
1-6. Interchangeable with overdraft facility, bill discounting, cheque discounting, packing credit, and short-term loan
A CRISIL rating reflects CR1SIL'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 CRISIL. CRISIL ratings are based on information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL 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 CRISIL ratings are under surveillance. CRISIL or its associates may have other commercial transactions with the company/entity. Ratings are revised as and when circumstances so warrant. CRISIL is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this product. CRISIL Ratings rating criteria are available without charge to the public on the CRISIL web site, www.crisiLcom. For the latest rating information on any instrument of any company rated by CRISIL, please contact Customer Service Helpdesk at 1800-267- 1301.
CRISIL. Limited Corporate Identity Number: 1-6712014111987PL.0042363
Ratings CRISIL
CONFIDENTIAL
FINCABL/242577/NCD/032000965 March 24, 2020
Mr. Mahesh Viswanathan Deputy Managing Director Finolex Cables Limited 26/27, Mumbai-Pune Road Pimpri PUNE - 411018 Tel: 2027475963
Dear Mr. Mahesh Viswanathan,
Re: Review of CRISIL Rating on the Rs.150 Crore Non Convertible Debentures of Finolex Cables Limited
All ratings assigned by CRISIL are kept under continuous surveillance and review.
CRISIL has, after due consideration, reaffirmed its "CRISIL AA+/Stable" (pronounced as CRISIL double A Plus rating with Stable outlook) rating on the captioned debt instrument. Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very 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/IMD/DF/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,
Gautam Shahi Director - CRISIL Ratings
An S&P Global Company
Nivedita Shibu Associate Director - CRISIL Ratings
A CRISIL rating reflects CRISIL'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 CRISIL. CRISIL ratings are based on information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL 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 CRISIL ratings are under surveillance. CRISIL or its associates may have other commercial transactions with the company/entity. Ratings are revised as and when circumstances so warrant. CRISIL is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this product. CRISIL Ratings rating criteria are available without charge to the public on the CRISIL web site, www.ctisil.com. For the latest rating information on any instrument of any company rated by CRISIL, please contact Customer Service Helpdesk at 1800-267- 1301.
CRIS1L Limited Corporate Identity :Number 1-67120M1-11987PLC042363
Registered Office: CRISIL House, Central. Avenue; His nandani Business Park, Powai, Munabai- 400 076. Phone: +91 22 3342 3000 Fax: +91 22 4040 5800 www.crisil.coin
CONFIDENTIAL
FINCABL/242577/STD/032000964 March 24, 2020
Mr. Mahesh Viswanathan Deputy Managing Director Finolex Cables Limited 26/27, Mumbai-Pune Road Pimpri PUNE - 411018 Tel: 2027475963
Dear Mr. Mahesh Viswanathan,
Re: Review of CRISIL Rating on the Rs.50 Crore Short Term Debt of Finolex Cables Limited
All ratings assigned by CRISIL are kept under continuous surveillance and review.
CRISIL has, after due consideration, reaffirmed its "CRISIL Al+" (pronounced as CRISIL A one plus rating) rating on the captioned debt instrument. Instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk.
For the purpose of issuance of captioned short term debt programme, this letter is valid for 60 calendar days from the date of the letter. In the event of your company not placing the above programme within this period, or in the event of any change in the size/structure of your proposed programme, the rating shall have to be reviewed and a letter of revalidation shall have to be issued to you. Once the instrument is issued, the above rating is valid throughout the life of the captioned short term debt programme with a contracted maturity of one year or less.
As per our Rating Agreement, CRISIL would disseminate the rating through its publications and other media, and keep the rating 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.
Should you require any clarifications, please feel free to get in touch with us.
With warm regards, Yours sincerely,
Gautam Shahi Director - CRISIL Ratings
•
Nivedita Shibu Associate Director - CRISIL Ratings
A CRISIL rating reflects CRIS1L'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 CRISIL. CRISIL ratings are based on information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRIS1L 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 CRISIL ratings are under surveillance. CRISIL or its associates may have other commercial transactions with the company/entity. Ratings are revised as and when circumstances so warrant. CRISIL is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this product. CRISIL Ratings rating criteria are available without charge to the public on the CRISIL web site, muw.crisil.corn. For the latest rating information on any instrument of any company rated by CRISIL, please contact Customer Service Helpdesk at 1800-267- 1301.
CRISIL. Limited Corporate Identity Number: 2-67120MH1987PLC042363
Riestered Office: CRISEL. House, Central.Avenue, Hiranandani Business Park, Powai" Mizaabat- 400 076. Phone: +91 22 3342 3000 j Fax: +91 22 4040 5200 www.crisil.com
From: Rahul Maini [mailto:rahul.maini©crisil.coml Sent: Thursday, May 28, 2020 3:58 PM To: Kulkarni Pravin Cc: Lalwani Ramesh; Sushant Sarode Subject: CRISIL rating letter: Finolex Cables ltd
'External-Client Confidential'
Dear Sir,
Please find attached the rating letters for bank facilities and instruments of Finolex Cables ltd.
As requested, have attached the latest rating letter for review done in March 2020.
Please reach out to us in case of any further queries.
Thanks & Regards,
Rahul Maini
Rating Analyst
Corporate and Infrastructure Ratings
CRISIL House, Central Avenue, Hiranandani Business Park,
Powai, Mumbai- 400 076, India
M +91 9970802022
www.crisil.com
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