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UNO Minda Limited Capital/Financing Update 2019
61248_rns_2019-09-02_132c0744-fa73-4fc4-bfc1-dd2d8b8bfa86.pdf
Capital/Financing Update
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Ref. No. Z-IV/R-39/D-2/NSE/207 & 174 Date : 02/09/2019
| National Stock Exchange of India Ltd. | BSE Ltd. |
|---|---|
| Listing Deptt., Exchange Plaza, | Regd. Office: Floor -25, |
| Bandra Kurla Complex, Bandra (E), | Phiroze Jeejeebhoy Towers, |
| Mumbai -400 051 | Dalal Street, Mumbai-400 001. |
| NSE Scrip: MINDAIND | BSE Scrip: 532539 |
Dear Sirs,
Sub: - Reaffirmation of Credit Rating Ref: - Regulation 30, Schedule III A (3) of SEBI (LODR) Regulations, 2015
We are pleased to inform that ICM has reaffirmed the long term rating of Minda Industries Ltd. at [ICRA]AA (pronounced ICRA double A) and short-term rating at [ICRA] Al+ (pronounced ICRA A one plus).
The outlook on the long term rating is 'Stable'. We are enclosing herewith the copy of the letter dated 2nd September, 2019, received from ICRA in this regard.
This is for your information and records please.
Thanking you.
Yours faithfully, For MINDA INDUSTRIES LTD.
Encl: As above.
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MINDA INDUSTRIES LTD. (Corporate) Village Nawada Fatehpur, P.O. Sikanderpur Bodda, Manesar, Distt. Gurgaon, Haryana. 122004, INDIA. T: +91 124 2290427/28, 2290693/94/96 F: +91 124 2290676/95 Email: [email protected], www.unominda.com Regd. Office: B-64/1, Wazirpur Industrial Area, Delhi-110052 CIN No for Corporate: L74899DL I 992PLC050333
ICRALimited
Ref: D/RAT/2019-20/M-42/5
September 2, 2019
Mr. Sunil Bohra Executive Director - Group CFO Minda Industries Limited Village Nawada Fatehpur P. 0. Sikanderpur Badda Manesar, Gurgaon 122004
Dear Sir,
Re: ICRA - assigned Credit Rating for Rs. 350 crores bank line facilities (enhanced from Rs. 250 crore) as per Annexure
Please refer the Rating Agreement dated October 5, 2018 between ICRA Limited ("ICRA") and your company, whereby, ICRA is required to review the ratings assigned to your company on an annual basis or as and when the circumstances so warrant. Further, please refer to your Rating Agreement dated August 9, 2019 seeking an enhancement of the captioned Line(s) of Credit (LOC) of your company from Rs. 250 crore to Rs. 350 crore.
Please note that the Rating Committee of ICRA, after due consideration, has reaffirmed the long term rating of [ICRA]AA (pronounced ICRA double A) and short-tern, rating of [ICRA]Al+ (pronounced ICRA A one plus) assigned earlier to the Rs. 250 crore bank line facilities of your Company, and also assigned a long-term rating of [ICRA]AA (pronounced ICRA double A) to the additional bank limits of Rs. I 00 crore. The Outlook on the long term rating is sta hie.
The aforesaid ratings will be due for surveillance anytime before August 29, 2020.
This rating is specific to the terms and conditions of the LOC as was indicated to us by you and any change in the terms or size of the same would require the rating to be reviewed by us. If there is any change in the terms and conditions or size of the LOC rated, as above, the same must be brought to our notice before the utilisation of the same. If there is any such change after the rating is assigned by us and confirmed for use by you, it would be subject to our review and may result in change in the rating assigned. Notwithstanding the foregoing, any change in the over-all limit of the LOC from that specified in the first paragraph of this letter would constitute an enhancement that would not be covered by or under the said Rating Agreement.
ICRA reserves the right to review and/or, revise the above rating at any time on the basis of new information or unavailability of information or such other circumstances, which ICRA believes, may have an impact on the rating assigned to you.
Building No. 8, 2 nd Floor, Tower A Tel. : +91.124.4545300 Website : www.icra.in DLF Cyber City, Phase II CIN: L74999DL 1991 PLC042749 Email : [email protected] Gurugram - 122002, Haryana Helpdesk: +91.124.3341580
Registered Office: 1105, Kailash Building, 11" Floor, 26 Kasturba Gandhi Marg, New Delhi - 110001. Tel.: +91.11.23357940-45
RATING • RESEARCH • INFORMATION 87358
You are requested to furnish a monthly 'No Default Statement (NDS)' (as per enclosed format) on the first working day of every month, confirming timely payment of all obligations on the above rated debt program [interest and principal obligations for fund based as well as obligations under LOC/BG for nonfund based facility]. This is in accordance with requirements prescribed in circular dated June 30, 2017 on 'Monitoring and Review of Ratings by Credit Rating Agencies(CRAs)' issued by the Securities and Exchange Board oflndia.
You are also requested to forthwith inform us about any default or delay in repayment of interest or principal amount of the Programme rated, as above, or any other debt instruments / borrowings. Further you are requested to fo1thwith inform us of any other developments which may have a direct or indirect impact on the debt servicing capability of the company including any proposal for re-schedulement or postponement of the repayment programmes of the dues/ debts of the company with any lender(s) / investor(s).
We thank you for your kind cooperation extended during the course of the rating exercise. Please let us know if you need any clarification.
We look forward to further strengthening our existing relationship and assure you of our best services.
With kind regards,
For ICRA Limited
,· s:::zJ:2.� /
�y- P ice res1 ./ent d [email protected]
�� Sruthi Thomas Senior Analyst Sruth\ [email protected]
Annexure
| Details of Bank Limits Rated Amount (Rs. crore) Rating | Rating Assigned on | ||
|---|---|---|---|
| by ICRA (Rated on Long | |||
| Term Scale) | |||
| Term Loan | |||
| HDFC Bank | 100.00 | [ICRA ]AA(Stable) | August 30, 2019 |
| Axis Bank | 85.00 | [ICRA ]AA(Stable) | August 30, 2019 |
| Cash Credit | |||
| State Bank oflndia | 20.00 | [ICRA ]AA(Stable) | August 30, 2019 |
| Axis Bank | 25.00 | [ICRA ]AA(Stable) | August 30, 2019 |
| HDFC Bank | 30.00 | [ICRA ]AA(Stable) | August 30, 2019 |
| Citi Bank | 10.00 | [ICRA]AA(Stable) | August 30, 201 9 |
| Canara Bank | 18.50 | [ICRA ]AA(Stable) | August 30, 2019 |
| Standard Chartered Bank | 14.00 | [ICRA ]AA(Stable) | August 30, 2019 |
| Unallocated Limits | 10.50 | [ICRA ]AA(Stable) | August 30, 2019 |
| Total | 313.00 |
| Details of Bank Limits Rated Amount (Rs. crore) Rating | Rating Assigned on | ||
|---|---|---|---|
| by ICRA (Rated on Short | |||
| Term Scale) | |||
| Non-FundBased | |||
| Limits | |||
| Canara Bank | 17.00 | [ICRA]Al+ | August 30, 2019 |
| State Bank of India | 10.00 | [ICRA]Al+ | August 30, 2019 |
| HDFC Bank | 10.00 | [ICRA]Al+ | August 30, 2019 |
| Total | 37.00 |