PSP Projects Limited — Capital/Financing Update 2018

Sep 25, 2018

3r P[$2] , awww PSP Projects Ltd. ISO 9001 : 2008, 14001 : 2004 BSOHSAS 18001 : 2007 Certified Company

Ref No: PSPPROIECT/SE/66/18-19

Corporate[Relations] Department BSE Limited

Floor 25, PJ. Towers, Dalal Street, Mumbai- 400 001 Scrip[code:] 540544

September 25, 2018

Listing Department

National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai[—] 400 051 Scrip Symbol: PSPPROIECT

Dear Sir/Madam,

Sub: Upgradationin Credit Rating

In accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform you that CARE Rating Limitedthe Credit Rating Agency has upgraded our Credit Rating for Bank Facilities, on the basis ofrecent developments includingoperational and financialperformance ofthe company, as[under:-]

frecent developments s under:-	includingoperation	al and fnancialperfo	rmance ofthecompany,	rmance ofthecompany,	rmance ofthecompany,
Facilities	Amount	Ratings	Rating Action
	(Rs.Crore)
LongTerm Bank	45.00	CARE A+; Stable	Revised	from	CARE
Facilities		[Single A Plus;	A;Positive			,
		Outlook: Stable)	(Single	A; Outlook:
LongTerm/Short	365.00	CARE A+; Stable/	Positive) Revised from		CARE
TermBank Facilities		CAREA1+	A;Positive/CAREA1
		(Single A Plus;	(Single	A; Outlook:
		Outlook: Stable,	Positive,	AOne)
		AOne Plus)
Total Facilities	410.00 (Rupees
	FourHundred
	andTencrore
	only)

Kindly take the above on your record.

Thanking[You.]

For PSP Projects Limited MittaliW Christachary Company Secretary

‘PSP House’, Opp. Celesta Courtyard, Opp. Lane of VikramnagarColony,[ISKCON][-][ Ambali] Road,[Ahmedabad-380][058.] Phone : 079 - 2693 6200, 2693 6300, 2693 6400 | Fax No. : 079 - 2693 6500 | Email : info@pspprojects.com[l] URL : www.pspprojects.com CIN[:] L45201GJ2008PLCO54868

ch3~ Ratings Professional Risk Opinion

September 25, 2018

CARElARO/RL/2018-19/1791

Ms. Hetal Patel Chief Financial Officer

PSP Projects limited PSP House, Opp. Celesta Courtyard, Opp. lane of Vikramnagar Colony, Iskon - Ambali Road, Ahmedabad - 380 058

Confidential

Dear Madam,

Credit Rating for Bank Facilities

On the basis of recent developments including operational and financial performance of your company for FY18 (audited) and Q1FY19 (Provisional). our Rating Committee has reviewed the following ratings:

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----- Start of picture text -----

Amount
Rs. crore
CARE A+; Stable Revised from CAREA;
long Term
45.00 [Single A Plus; Outlook: Positive [Single A;
Bank Facilities
Stable) Outlook: Positive]
CAREA+; Stable I CARE Revised from CAREAj
long Term/ Al+ [Single A Plus; Positive I CARE A1
Short Term 365.00
Outlook: Stable, [Single Ai Outlook:
Bank Facilities
A One Plus) Positive, A One)
410.00
Total Facilities (Rupees Four hundred
and Ten crore only)
----- End of picture text -----

1. Refer Annexure 1 for details of rated facilities.

2. The press release and rationale for the rating will be communicated to you separately. 4. CARE reserves the right to undertake a surveillance/review of the rating from time to time, based on circumstances warranting such review, subject to at least one such review/surveillance every year.

3. CARE reserves the right to revise/reaffirm/withdraw the rating assigned as also revise the outlook, as a result of periodic review/surveillance, based on any event or information which in the opinion of CARE warrants such an action. In the event of failure on the part

lComPlet~ definirions of the ratings assigned are available ar www.carerarinqs,comandinotherCAREpublications. AI. &. ~ CARE Ratings (imited 'r(Formerly known as Credit Analysis & Research limited)

1. Tllallium. P,ahaladllag .•.r Co'porat" Road 5"'1"llil", Ahmedab .•.d. 380 01 S Tel: +91.79_4026 5656 • h.•..: +91-79-4026 5657

CORPORATE OfFICE: 4~ Floor, God,el Coliseum, Soma;ya Hospilal Road, Off E",ce<n Expre•• Highway, 5ioll (E), Mumba;. 400 022. Tel.: +91-22.6754 3456 • fax: +91.22_6754 3457 Em.•.ll:care@care'alirtgs.com • _w.c",,,,atirtgs.com

(IN l&71QOMH1993PlC07 691

of the entity to furnish such information, material or clarifications as may be required by CAREso as to enable it to carry out continuous monitoring of the rating of the bank facilities, CARE shall carry out the review on the basis of best available information throughout the life time of such bank facilities. In such cases the credit rating symbol shall be accompanied by "ISSUER NOT COOPERATING". CARE shall also be entitled to publicize/disseminate all the afore-mentioned rating actions in any manner considered appropriate by it, without reference to you.

1. CAREratings do not take into account the sovereign risk, if any, attached to the foreign currency loans, and the ratings are applicable only to the rupee equivalent of these loans.

2. Users of this rating may kindly refer our website www.careratings.com for latest update on the outstanding rating.

3. CAREratings are not recommendations to sanction, renew, disburse or recall any bank

facilities.

Ifyou need any clarification, you are welcome to approach us in this regard.

Thanking you,

Yours faithfully, r..f) ope 5 v-' ~I [Mau!esh Desall [Komal!sran!] Associate Director Analyst komal.israni@careratings.com rna ulesh.desai@careratings.com

Encl.: As above

Disclaimer

CARE'sratings are opinions on credit quality and are not recommendations to sanction, renew, disburse or recall the concerned bank facilities or to buy, sell or hold any security. CAREhas based its ratings/outlooks on information obtained from sources believed by it to be accurate and reliable. CAREdoes not, however, guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Most entities whose bank facilities/instruments are rated by CAREhave paid a credit rating fee, based on the amount and type of bank faciIities/instru ments. In case of partnership/proprietary concerns, the rating/outlook assigned by CAREis based on the capital deployed by the partners/proprietor and the financial strength of the firm at present. The rating/outlook may undergo change in caseof withdrawal of capital or the unsecured loans brought in by the partners/proprietor in addition to the financial performance and other relevant factors.

CARE Ratings limited

(Formerly known as Credit Analysis & Research limited)

32, Titanium. Prahaladnagaf Corporate Road, Satellite, Ahmedabad - 380 015 Tel: +91.79.402E. 5656 • Fax: +91.79.4026 5657 • Email: care@careratlngs.com • www.caoeraling'.com • CIN.l67190MH1993PlC071691

Annexure 1

Details of Rated Facilities

1. Long~term facilities

1. A Fund based limits

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|||||||||
|---|---|---|---|---|---|---|---|
|(RS.|Crore)|
|Remarks|
|Sr. No.|Name|of|BanK|cash|Credit|
|25.00|
|1|State|Bankof|India|One-way full|interchangeability|to|Bank|
|15.00|
|2|ICICIBank|Guarantee|limit|
|5.00|
|3|Axis Bank|
|45.00|
|Total|

----- End of picture text -----

RS.45.00 crore

Total long term facilities ..... (1. A)

2. long-term! short-term facilities

2. A Non-fund based limits

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|||||||||
|---|---|---|---|---|---|---|---|
|Bank Gua|an|e|Remarks|
|Sr. No.|Name|of|Bank|
|Cash Credit|and|Cash Credit|book|debt|to|
|Kalupur Commercial|110.00|the|extent|of|RS.8.50crare|and|RS.15.oo|
|1|
|Cooperative|Bank|crore|respectively|assublimit|
|2|State|Bankof|India|100.00|
|3|lCIClBank|60.00|
|50.00|Fund. b~sed|limits|of|upto|RS.25crare|as|
|4|Kotak Mahindra|Bank|sub-limit|
|5|Axis Bank|45.00|
|Total|365.00|

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Total long terml short term facilities ..... (2. A) ?f~' .w

RS.365.00 crore

CARE Ratings limited (Formerly known as Credit Analysi~ &. Re~ear,h Limited)

1. Titanium, Prahaladnagar Corporale Road, 5atelllte, Ahmedabad _ 380 015 Page 3 of 3 Tel: +91-79-4026 5656 • F••.•.: .•.91.79-4026 5657 • Email: care@carerating •.com • www.c"reraling'.com • C1N.l67190MH1993PlC071691