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Swelect Energy Systems Limited — Capital/Financing Update 2021
Dec 29, 2021
61255_rns_2021-12-29_08f6892e-fb5e-40ec-a7a9-c65dd0191604.pdf
Capital/Financing Update
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svvelect ENERGY SYSTEMS LIMITED
svvelect
Stay powerful when sun shines. And thereafter ...
December 29, 202i
BSE Limited Department of Corporate Services Floor 25, P. J. Towers, Dalal Street, Mumbai-400 001.
Scrip Code: 532051
National Stock Exchange of India Limited Listing Department
Registered Office: "Exchange Plaza", Bandra - Kurla Complex, Bandra (E), Mumbai - 400 051.
Scrip Code: SWELECTES
Dear Sirs/ Madam,
Sub: Disclosure under regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Credit - Rating Reg.
We would like to inform you that ICRA Limited has assigned the following ratings to the Company with regard to Line of Credit of Rs.201.40 Crore availed from various Banks.
| s.No. | Particular | PreviousRatedAmount(Rs. crore) | CurrentRatedRating ActionAmount(Rs. crore) |
|---|---|---|---|
| 1. | Long Term - Fund-based/ CashCredit | 90.00 | [ICRA]BBB+ (Stable); downgraded from78.00[ICRA]A-(Negative) |
| 2. | Long Term - Fund-based TermLoan | 75.40 | 64.39[ICRA]BBB+ (Stable); downgraded from[ICRA]A- (Negative) |
| 3. | Short Term - Non-fund Based | 35.00 | 35.00[ICRA]A2; downgraded from [ICRA]A2+ |
| 4. | Short Term - Sub LimitFacilities* | (85.00) | (68.00)[ICRA]A2; downgraded from [ICRA]A2+ |
| 5. | Long Term/ Short Term - SubLimit Facilities** | (35.00) | [ICRA]BBB+ (Stable}/ [ICRA]A2;(35.00)downgraded from [ICRA]A- (Negative)/[ICRA]A2+ |
| 6. | Long Term/ Short Term -Unallocated | [ICRA]BBB+ (Stable)/ [ICRA]A2;1.0024.01downgraded from [ICRA]A- (Negative)/[ICRA]A2+ | |
| Total | 201.40201.40 |
*Sublimit of Rs.68 crore long-term fund-based facilities; **Sublimit of Rs.35 crore non-fund-based facilities
Company response:
The volatility in solar PV cell prices, higher commodity prices and the rise in freight charges owing to the global supply chain challenges, which is temporary, have subdued profitability of the Company in Hl FY 2022. The Company is confident of recovering from subdued profitability and thereby liquidity position in the coming periods which will entail better rating.
We request you to kindly take on record the above disclosure.
Thanking you,
Yours faithfully, ' ECT ENERGY SYSTEMS LIMITED C
R.Chellappan
Managing Director
The ICRA had issued its Rating Report on 24.12.2021 to the Company for which the Company had sought a clarification on the ratings assigned by ICRA. The ICRA clarified the same vide discussions held with Management of the Company today. Hence, the above disclosure is being submitted to the Stock Exchanges in current date.
Regd Office: 'SWELECT HOUSE, No.5, Sir P.S. Sivasamy Salai, Mylapore, Ghennai - 600004, India. TEL: +9144 2499 3266, FAX: +9144 2499 5179, Email: [email protected] CIN : L93090TN1994P LC0285 78, www.swelectes.com