Permanent Magnets Ltd. — Capital/Financing Update 2020

Jul 22, 2020

PERMANENT MAGNETS LIMITED

B-3, MIDC, Village Mira, Mira Road East, Thane - 401104, Maharashtra, India

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Phone : +91-22-62165400-10 Facsimile : +91-22-29452128 Email : sales@pmlindia.com Website : www.pmlindia.com

Date : 22[nd] July, 2020

To, Corporate Relation Department Bombay Stock Exchange Limited Phiroze Jeejeebhoy Towers Dalal Street, Fort, Mumbai - 400 001

Sub: Intimation of Re-affirmation of Credit Rating

Scrip Code : 504132

Dear Sir/Madam,

Pursuant to Regulation 30 and any other applicable regulation, if any, of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, We inform the Stakeholders that Company received the re-affirmation of rating from Acuite Ratings & Research Limited, Credit Rating Agency, which is valid till September 21,2020.

The Rating Letter is enclosed herewith.

Request you to kindly take the same on record.

Thanking You,

Yours faithfully,

For PERMANENT MAGNETS LIMITED

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RACHANA RANE COMPANY SECRETARY

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RegdOffice: Harsh Avenue, 302, 3[rd] Floor, opp. Silvassa Police Station, SilvassaVapi Main Road, Silvassa- 396 230. Dadra and Nagar Haveli (U.T.) (All correspondence has to be made at our Mira Road address only) CIN-L27100DN1960PLC000371

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Rating Letter - Intimation of Rating Action

Letter Issued on 01 July 19 Letter Expires on: September 21, 2020

Permanent Magnets Limited

Plot no B-3, MIDC Industrial Area, Village Mira, Mira Road (East), Thane – 401104, Mumbai - 401 104, Maharashtra

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Scan this QR Code to verify
authenticity of this rating
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Kind Attn.: Mr. Sharad Taparia, Managing Director

Dear Mr. Taparia,

Sub.: Rating(s) Reaffirmed - Bank Loans / Debt Instruments of Permanent Magnets Limited

Please note that the current rating(s) and outlook, instrument details, and latest rating action for the aforementioned instrument are as under:

	Long Term Instruments	Short Term Instruments
Total Rated Quantum (Rs. Cr.)	16.86	17.62
Quantum of Enhancement (Rs. Cr.)	Not applicable	Not applicable
Rating	ACUITE C	ACUITE A4
Outlook	Not applicable	Not applicable
Most recent Rating Action	Reaffirmed	Reaffirmed
Date of most recent Rating Action	July 01, 2019	July 01, 2019
Rating Watch	Not applicable	Not applicable

Acuité reserves the right to revise the ratings, along with the outlook, at any time, on the basis of new information, or other circumstances which Acuité believes may have an impact on the ratings. Such revisions, if any, would be appropriately disseminated by Acuité as required under prevailing SEBI guidelines and Acuité ’s policies.

This letter will expire on September 21, 2020 or on the day when Acuité takes the next rating action, whichever is earlier. It may be noted that the rating is subject to change anytime even before the expiry date of this letter. Hence lenders / investors are advised to visit https://www.acuite.in/ OR scan the QR code given above to confirm the current outstanding rating.

Acuité will re-issue this rating letter on September 22, 2020 subject to receipt of surveillance fee as applicable. If the rating is reviewed before September 21, 2020, Acuité will issue a new rating letter.

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Suman Chowdhury Chief Analytical Officer

Annexures: A. Details of the Rated Instrument B. Details of the rating prior to the above rating action

Acuité Ratings & Research Limited

(erstwhile SMERA Ratings Limited) SEBI Registered | RBI Accredited A-812, The Capital, G-Block, BKC, Bandra (E), Mumbai - 400051 | +91 22 49294000 SMS: +91 9969898000 | www.acuite.in | CIN: U74999MH2005PLC155683

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Annexure A. Details of the rated instrument

Bank	Facilities	Scale	Previous Amt. (Rs. Cr.)	Revised Amt. (Rs. Cr.)	Ratings	Rating Action
Fund Based Facilities
Central Bank of India	Cash Credit	Long Term	8.25	8.25	ACUITE C	Reaffirmed
State Bank of India	Cash Credit	Long Term	6.75	6.75*	ACUITE C	Reaffirmed
Central Bank of India	Term Loan	Long Term	1.08	0.72	ACUITE C	Reaffirmed
Proposed Bank Facilities		Long Term	0.78	1.14	ACUITE C	Reaffirmed
Total Fund Based Facilities			16.86	16.86
Non-Fund Based Facilities
Central Bank of India	Letter of Credit	Short Term	13.62	11.40**	ACUITE A4	Reaffirmed
State Bank of India	Letter of Credit	Short Term	4.00	4.00**	ACUITE A4	Reaffirmed
Proposed Bank Facilities		Short Term	-	2.22	ACUITE A4	Reaffirmed
Total Non-Fund Based Facilities			17.62	17.62
Total Facilities			34.48	34.48

• *EPC/PCFC/EBD/EBN/BD as a sublimit within cash credit facility.

**Bank Guarantee of Rs.0.25 crore as a sublimit within LC facility.

Annexure B. Details of the rating prior to the above rating action

	Long Term Instruments	Short Term Instruments
Previous Rated Quantum	16.86 Cr.	17.62 Cr.
Rating	ACUITE C	ACUITE A4
Outlook	Not applicable	Not applicable

DISCLAIMER

An Acuit é rating does not constit ut e an audit of the rated entit y and should not be t reated as a recommendation or opinion that is int ended to substitute for a financial adviser's or invest or's independent assessment of whether to buy, sell or hold any securit y. Acuit é ratings are based on the data and information provided by t he issuer and obt ained from other reliable sources. Although reasonable care has been t aken to ensure t hat the data and information is true, Acuit é, in particular, makes no represent ation or warrant y, expressed or implied with respect t o the adequacy, accuracy or completeness of the information relied upon. Acuit é is not responsible for any errors or omissions and especially st ates that it has no financial liabilit y what soever for any direct, indirect or consequential loss of any kind arising from the use of it s ratings. Acuité ratings are subject to a process of surveillance which may lead t o a revision in ratings as and when the circumstances so warrant. Please visit our websit e (www.acuite.in) for the lat est information on any inst rument rated by Acuit é, Acuit y’s rating scale and its definitions.

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