Swelect Energy Systems Limited — Capital/Financing Update 2020

May 7, 2020

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May 7, 2020

BSE Limited National Stock Exchange of India Limited Department of Corporate Services Listing Department Floor 25, P. J. Towers, Registered Office: “Exchange Plaza”, Dalal Street, Bandra – Kurla Complex, Bandra (E), Mumbai-400 001. Mumbai – 400 051.

Scrip Code: 532051 Scrip Code: SWELECTES

Dear Sirs / Madam,

Sub: Disclosure under regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Updation in Credit Rating - Reg.

We would like to inform you that ICRA Limited had assigned the ratings to the Company with regard to Line of Credit of Rs.135.00 Crore availed from various Banks during the year 2018.

The ICRA Limited has now reaffirmed its rating assigned to the Company with regard to the above said Line of Credit of Rs.135.00 Crore as per “Annexure” enclosed.

We request you to kindly take on record the above disclosure.

Thanking you,

Yours faithfully,

For SWELECT ENERGY SYSTEMS LIMITED

Sd/-

R. Chellappan

Managing Director

Note: Due to impact of Covid-19 pandemic the Central and State Governments have imposed various restrictions Pan-India. As a result all employees working in Corporate office including Executive Directors are working from Home. In order to submit the above disclosure with Sd/- mode, an email confirmation has been received from the Managing Director.

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Annexure

Details of Bank Limits Rated by ICRA (Rated on Long-Term Scale)

S. No.	Particulars	Particulars	Amount (Rs. crore)	Earlier Rating	Earlier Rating	Revised Rating	Revised Rating	Revised Rating
Fund Based Limits
1.	Barclays BankPLC		50.00	[ICRA]A-(Stable)		[ICRA]A-(Negative #)
		PLC		(pronouICRA A	ncedminus)	(pronminu	ounced ICRA As)
Term Loa		ns
2.	HDFC Bank	HDFC Bank	33.00	[ICRA]A(pronouA minus	-(Stable)nced ICRA)	[ICRA(pronminu	]A-(Negative #)ounced ICRA As)
Total			83.00

Details of Bank Limits Rated by ICRA (Rated on Short -Term Scale)

S. No.	Particular	Amount (Rs. crore)	Earlier Rating	Revised Rating
Non-Fund Based Facilities
1.	HSBC	35.00	[ICRA]A2+(pronouncedICRA A two plus)	[ICRA]A2+(pronounced ICRA Atwo plus)
Non-Fund Based /Fund Based
2.	Barclays BankPLC	(50.00)*	[ICRA]A2+(pronounced ICRAA two plus)	[ICRA]A2+(pronounced ICRA Atwo plus)
Total		35.00

*Sublimit of Rs. 50.00 crore fund-based facilities of Barclays Bank PLC

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Continue….

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Details of Bank Limits Rated by ICRA (Rated on Long Term/Short -Term Scale)

S. No.Non-F1.	ParticularAmount (Rs. crore)			Earl	ier Rating	Re	vised Rating
	und Based /Fund Based
			**
	HSBC		(35.00)	[IC	A]A- (Stable)	[IC	RA]A-(Negative
				(pro	nounced ICRA A	(pr	onounced ICRA
			Unallocated	min	us) /	mi	nus) /
				[ICR	A]A2+	[IC	RA]A2+(pronoun
2.
		Unallocated	17.00	(pro	nounced ICRA A	ICR	A A two plus)
		Facilities		two	lus)
					p
Total			17.00

** Sublimit of Rs. 35.00 crore Short-term Non-fund based facilities of HSBC

# The revision in outlook to Negative follows the weak business outlook in solar panels and castings segment and possible disruptions in revenue from the IPP segment because of demand slowdown amid the lockdown situation due to the Covid-19 pandemic. The company’s cash flow from operations is likely to remain under pressure owing to subdued order inflows in both solar panels – manufacturing/EPC segment and casting segment, and high likelihood of invocation of force majeure clauses in solar IPP segment from key customers, especially from the private sector (accounting to ~15% of total supply capacity). The strength of the recovery will be contingent on the duration and extent of the Covid-19 pandemic, stability of cash flows from IPP segment and revival in demand scenario in the domestic solar segment (for solar panel manufacturing and EPC) and end-user industries (for casting).

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