Elecon Engineering : Intimation under Regulations 30 and 55 of SEBI (LODR), Regulations, 2015 about Credit Rating by Brickwork Ratings India Private Limi

BWR/NCD/MUM/CRC/BP/0470/2020-21 16.12.2020

Mr. Narasimhan Raghunathan

Chief Financial Officer

Elecon Engineering Company Ltd.

P.O Box No. 06, Anand Sojitra Road

Vallabh Vidya Nagar - 388120

Gujarat

Dear Sir,

Sub: Surveillance of Elecon Engineering Company Ltd. NCD issue of ₹. 97.14 Cr (₹ Ninety Seven Crores Fourteen Lakhs Only).

On review of Elecon Engineering Company Ltd. performance based on the information and clarifications provided by your Company as well as information available in the public sources, we are pleased to inform you that the Brickwork Ratings (BWR) has reaffirmed the rating of the Elecon Engineering Company Ltd. NCD issue of ₹ . 97.14 Crores at BWR A- (Outlook: Negative). Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations.

The Rating is valid till the maturity of the instrument and is subject to terms and conditions that were agreed in your mandate dated 03 Dec 2018, BWR letter BWR/NCD/MUM/ERC/BP/0625/2019-20 dated 19.12.2019 and other correspondence, if any and Brickwork Ratings' standard disclaimer appended below. Brickwork would conduct surveillance periodically. Please note that Brickwork Ratings would need to be kept informed of any significant information/ development that may affect your Company's finances/ performance without any delay.

Please acknowledge.

Best Regards,

Bal Krishna Piparaiya

Senior Director - Ratings

Note: Rating Rationale of all accepted Ratings are published on Brickwork Ratings website. All non-accepted ratings are also published on Brickwork Ratings web-site . Interested persons are well advised to refer to our website www.brickworkratings.com, If they are unable to view the rationale, they are requested to inform us on brickworkhelp@brickworkratings.com.

Disclaimer: Brickwork Ratings India Pvt. Ltd. (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by the Reserve Bank of India [RBI], offers credit ratings of Bank Loan facilities, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitisation Products, Municipal Bonds, etc. [hereafter referred to as "Instruments"]. BWR also rates NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations.

BWR wishes to inform all persons who may come across Rating Rationales and Rating Reports provided by BWR that the ratings assigned by BWR are based on information obtained from the issuer of the instrument and other reliable sources, which in BWR's best judgement are considered reliable. The Rating Rationale / Rating Report & other rating communications are intended for the jurisdiction of India only. The reports should not be the sole or primary basis for any investment decision within the meaning of any law or regulation (including the laws and regulations applicable in Europe and also the USA).

BWR also wishes to inform that access or use of the said documents does not create a client relationship between the user and BWR.

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BWR/BLR/MUM/CRC/BP/6577/2020-21 18 Dec 2020

Mr. Narasimhan Raghunathan

Chief Financial Officer

Elecon Engineering Company Ltd.

P.O Box No. 06, Anand Sojitra Road

Vallabh Vidya Nagar - 388120

Gujarat

Dear Sir,

Sub: Surveillance of Ratings of Bank Loan Facilities of Elecon Engineering Company Ltd. aggregating ₹ 937.13 Crores. (₹ Nine hundred thirty seven Crores & Thirteen Lakhs Only)

Ref: BWR rating letter BWR/BLR/MUM/ERC/BP/5006/2019-20 dated 19.12.2019

On review of Elecon Engineering Company Ltd. performance based on the information and clarifications provided by you, and as available in public sources, we are pleased to inform you that the ratings of Elecon Engineering Company Ltd. Bank Loan Facilities amounting to Rs. 937.13 Cr have been reaffirmed as follows:

*For definition of the ratings please refer to our website www.brickworkratings.comNote: Details of bank wise facilities is as per Annexure-I

The Ratings are valid for twelve months from this letter and subject to terms and conditions as per your mandate letter dated 24 Nov 2016and other correspondence, if any and Brickwork Ratings' standard disclaimer appended at the end of this letter. You are requested to provide No Default statement on a monthly basis.

The rated bank loan facilities would be under surveillance during the said period. You are required to submit information periodically as per Annexure-II for the purpose of surveillance/review. You are also required to keep us informed of any information/ development that may affect your Company's finances/performance without any delay.

Best Regards,

Bal Krishna Piparaiya

Senior Director-Ratings

Note: Rating Rationale of all accepted Ratings are published on Brickwork Ratings website. All non-accepted ratings are also published on Brickwork Ratings web-site . Interested persons are well advised to refer to our website www.brickworkratings.com, If they are unable to view the rationale, they are requested to inform us on

brickworkhelp@brickworkratings.com.

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