(QCKBIRLACROUP | ORIENTCEMENT

December 3 1, 2018

Bombay Stock Exchange Limited National Stock Exchange of India LimitedNew Trading Ring, "Exchange Plaza", Plot No. C-l, Block G

Rotunda Building, P J Towers, Dalal Bandra — Kurla Complex, Bandra (East),Street, Fort Mumbai — 400 051

Mumbai-400001

Security Code: 535754 Symbol: ORIENTCEM

Sub: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure

Reguirement Regulations 2015

Dear Sir,

This is to inform you that CARE Ratings Limited (formerly Credit Analysis & Research

Limited) has reviewed the below mentioned ratings of the Company:

’7 Facilitiez¥7

AmouTtt (R; crorel

,7

iRating._

;iLong term Bank facilities 1,278.19 CARE AA-(DoubleAminus)Commercial Paper (CP) 150 CARE A1+(A One Plus)

issue ,

,¥, ,

,, i

W ,,i

Commercial Paper (CP) 100 CARE A1+(A One Plus)e

In this regard, the communication dated December 26, 2018, received on

December 31, 2018, from Care Ratings Limited is attached herewith.

This is for your information and records.

Thanking you,

Yours sincerely,For and on behalf of Company SecretaryOrient Cement Limited

Assistant Manager- Secretarial

Encls: as stated

Orient Cement Limited

Corporate Olfice: Birla TOWEI‘, 3rd Fl, 25 Barakhamba Road, New Delhi 710007, India. 01142092100

Registered Office: Unit Vill, Plot N07. Bhoinagar, Ehuoaneshwar, Odisha 751072, India. www,orlentcement.mmcw No LZESAOORZDHPLCOBQH

=I . {Wm a;AERE Ratings . gPiatessienallzniconiaian 7.33 a;

WNu. cARE/DRD/RL/zolB-lslzasa

Mr. Deepak khetrapal

Managing Directm & cm

Orient Cement Limited

Birla Tower, 3" Fluori

ZS, Barakhamba Read,

New Delh'lrllOUOl

December 26, 2018

mmDear Sir,

Credit rating far bank lacili es

on tne basis 0! mcem developments including aperaticnal and financial performance at yeur

company rec mg (Audited) and H1FV19 lerovrsienall, aur Rating Committee nas reviewed the

following rating-

Facilities Amount Rating {rating Action

(Rs, crate){

,

7

langicrni Bank 1278 19 egative Rating Reaffivmed

FnClNIeS [reduced liorn m7) (onuale A Minus; outlaak revised lrarn

Outlook: Negative),

stable to Negative

Tatal 1273.19

é?

(Rs. One Yl'lousand Two

Hundred Seventy Eight

crore and Ninnlzen Lakh

,l nnlyl

1, Refer Annexure 1 fordetalls of (ated fa: ‘llies.

3. Tne ratianale rertne rating will be communicated to yau separately. A writeup [press

release) an the atmve rating is proposed to be issued to the press snortly, a drart of

wnicn is enclosed for your perusal as Annexureaz. We request yau to peruse the

annexed document and afler yaur commems if any. We are dulng tnis as a matter of

courtesy to our clients and With a vlevv to ensure tnat na factual inaccuracies nave

inadvertently crept ‘in. Kindly revert as early as possible. in any case, if we do not near

lrom you by December 27, 2018, we will proceed on the basis that you have no any

wmmentsm offer.

V‘tarnpieteatyininant time ruling; uxxlgnzd are oval/able atmeareratinamrn and in atnerms yubllmlllms.

Page 10f JD

CARE Ratlngs Limited

(Farmevly knwwn ascredllN‘l‘ys‘x a neseaui. lelrcd)

cdxromtarricr. rriaamadmi calaaan sansiyanatanarxamian nan, r i aiatr. viaaacaniawer

ONEnun-bpvus Highway Slunlkl,Mumh2l»4W011unnamian aim“, new Delmr iieoss,

YeV WIJLUSAJIXS . Fax mu trsttlszlei .mi Asxnzan . r.. en 114533323?

ensiiaawesivuma, tan . mamannateam

CARE reserves the right to undenake a surveillante/remew ofthe rating irorn time to

time, based on circumstances warranting such review, sublett to at least one such

renew/surveillance every year.

CARE reserves the right to revise/rearlirrn/withdrawthe rating assigned as also revise

the outlook, M a result oi periodic reView/sunieillance, based on any event or

inrormation which in the opinion or CARE warrants such an action. in the event of

lailure on the part of the entity to furnish such lrlfurmatlurl, material or clarificatlons

as may be reqtiired by CARE so as to enable it to cairy out continuous monitoring or

the rating at the bank facilities, CARE shall carry out the review on the basis or best

available information throughout the life time arsuch bank facilities. in such cases the

credit rating symbol shall be accompanied by "ISSUER nor COOPERATING” CARE shall

also be entitled to publicize/disseminate all the aloreVmentioned rating actions in any

manner considered appropriate by it, without reterence to you.

CARE ratings 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 or

these loans.

Users of this rating may kindly refer our website www carerat‘lngsLom for latest

uaoate on the outstanding rating.

CARE ratings are not recommendations to sanction, renew, disburse or recall the

eoncerned bank lacilities

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

Thanking you,Vours lailhfullvi

Ja

«wow, MJ/Tushar Agrawal Jasmeen Kaur

Deputy ManagerAssociate Director

(usher agrawacharel/atlngs com 'asmeen kaurficarera rigs mm

Page 2 ornn

CARE lining: Limited

(Fulmarly known uCradernalys-s o xeiecitn timireai

iatnnaai (-1 Black Videxun Iawer inanamian retention n“ Delhi. iiiiiiss

lei m <i .aasazoo . roam uusaaaiaa . Weeniinatean . CINJHIEHMHlePlCD'HWi

Encl As above

Dis:'

my; ranngs ave opmlun: an :reflit quahly and are nu! reenmmendams m sznwan, renew, dxsbmse er reLle

me mmemea bank Vam‘iups ar us buy, 321‘ or hold any seeumy. cm hzs based H3 Ianngs/uutlauks an inlmmalmn

omamcd ham suurtes beheved by u m be accurate and refinb‘! CARE does um, however, guarantee We accuracv.

adequacy or mmp‘atenesx Many mformakmn and ‘5 not resparmb‘e (many ems m omissmns a: forms Vesmts

0mm 7mm me use at such mkzvmauan Mas! enmes whnse hankVamhfics/mstmmenl: ave vexed by can: have

em a Uch mung «ee, based on me mum and type cf bank vac‘hues/mswmem:

In win alparmersmplpmpfle‘aw mews, me mung/outlook semen by CARE ‘5 based an me caplm dcp‘nyed

by we partners/prapflelov and me rmemm strength a! the firm a: present. The ranng/omlaok may underga

[hunge m (use a! wxxhdrawa! afcapiul m the unsecnmd loans brought m by me Wuhan/proprietor m addMDn m

m: fmannd‘ peHormance and mm rekvam (any;

Page a nf 10

(ARE hung: Umlud

mummy knnwnuCl-dhAr-liyflsfi mm nmma}

1m Hunt. in mm mummy" New." smumm Dew Hanss

m W\-H~Q533320fl . m m “-53:33! . Wfieuflngmm . mmwwmemwmw

Annexure 1

Details 01 Rated Faculties

1. Lungvtermfacil es

A Fa: \ 1 Secured in ca kerm loans

5!. Lendzr Ramd Amoflm Remarks Deb! Rlpiymem Terms

No [Rs. Cram) (Omstandlngl

1 State Bank nflndla i575.“ Oumzndmg 56 urrequa‘ Quaner‘y

2 Pumab Nafinnal Bank

7

94.00 Repaymem (rum June so, 2017

3 min Bank_

153.04 ml Mavch 31. 2031

‘4 Expurt lmpon Bank of 94.00

mm_

. HDFC Bank \_ 124.61

5 won Bank also\ rmal Faculty] ‘ 1233.15 |

Total longvlerm fa as as at(1.A) $4273.19 were

Page 4 of JD

CARE angs lelmd

«mm known uCI:dmAn-MII& anew. name)

13(hf‘auv,£v1lln[k, mm». lawer, mm. m [mm N"m“ Mnnss

m .em (53mm: . nmmmnm . wwurarmnngum. cm.mammnmomw

Annexure 2

Press Release

Orient Cement Limited

Raunls

Finmfie} mom

’

Raziog Razing Aaron

(R; crawl

Lungk‘rm Bank 127mg comm Nagariye Rating Reimrmcd

rueiriuea (reaueeu ironi 1317 on) [Double A Minus; cuuook reuiseo ironi

Dutinok: Negative) same to Negome

ma: 1175.19

y(as. one Yhuusind Ywu

Hundved seyanty sign: Crate

and Ninekeen Likh only)

:ommorciai paper (may no cm A» Reamrmtd

iSSuc‘ 015.0" nooorea and any (A One Hus)

were only)Cummarcm Paper (c9) mu

'

cm A» neainrmed

issue (Rs. Qne inflame cmre only) (A One Flux)

Email; a/inmumem/jomme; m Annexurc-x‘Cavved oui uf xne sanwoncd worklng rapnai iini'ii; omie mmpany.

Deiaikd Rationale

nie mung; assrgneo to (he bank mimics ano mskrumems DIOHEM Cemeni limitzd (our meuL- m draw

Support irorn experienrcd promulers ona managament team, eslabhshed gvuup m cx Birla groua wnn

iong presence in me ccmcm Induxlry, nperalmnal ellicienzy duem backward imagmion ana gatixfacmry

Lapnciw unnzaiion

Tine rewigs, however. are (unstrained by yoiauiiiy In prafitatihw margins on itcuum a! (iueiuaiing

reai'izorions, yolaniity in in: inpuy casts, moderate gearing raiio and cyclicaliiy anti: (Emu! inaumy

Gama (orworo, impvuvcmcnk in rgahmlmns and me pralimbihly 0'00. and any dibtlunfled capgk aria in

impau on mo :aaiioi scrueiure shaH oe the key ralingsensixivmus

Outiouk' Negouue

Tne revision in me audauk reiiem weak finanoioi geiformancc in rams ax (h: back or increase in inoui

costs and suooued reaiimion: in me regions OCLopuaIc: in onu iow EBIDTA per mnne «or me company

in conz‘inunnon omie subdued simaiion can impau vie oueroii iinoneiai risk aroiiie of we wmpany in me

moaiom ierni Howeuer, [he ouxiook may be revised w some ii ine :umpany exnioiis impmvemenl in

operaiionoi aria rinanuai oerrormanee

DctniVL-d deserimion onne key Viling arm-rs

Kev Ri‘mg Stvzngths

Establishad gram: wim experienwd pmmnlars and management wim: on is a pan of c K. airia Gmup,

iunieo has 37.5% slake m We company "rig is a ieaoing inausxriai gwup of m: (nuntry and has major

precenee in dwevse range n1 pronuns nie prammers noye bear uperaxing me oemenr busmass far over

‘hrva daudes inereoy haying congaeroaie experience. Also, me Lampiny's Managing Divecwr, Mr Dispak

Khatrapa‘ has exlEflsive mdusvy exponent!

‘Camp/{iz dE/WUDHS uf (hr mung; asxignefl are available a: ivww.eoreronngs.oom and m athgr was

publizutiuns

PugeScllo

CARE Ram s lelled

ironneny knawnmcved‘r ruiynskflcscarth iiniuaai

immune iaioewiaemnranei inanamoimrnennanuey neiiii HDDES

Yew“ H nszznna . Fanov‘A'MSEZSBE . ywmminomm . CiNriWWDMHWEKPImMHI

Sanslanory capamv ox zafiun and volume gth 'm Hams: We pruduc‘mn yomme a! We company has

mcreasud u 50% Trom 2 70 "up: Tn HJFVJZ co 3 n mlpa Tn HJFVIQ The oyerahoapaucy uhhzahon farms

ma Hood 3T 72% 459% \n m1) and 73% .n came (59% .n HlFYIE).

Backward imL-gratiun with Vacatinnal advankaze: The company mean Mammy 0!“: power requiremenu

cnrodeh n: caaT oased zaplwa pawer capacny o1 asmw. The company Sources hmesmne «or me cemenc

dwan Tram Tts rnmes \uzalefl nearoy lhe recpe ye pTanxs m Tc‘angana and Kamatakza The nunes haye

mffment prayen reseryes [a sdpoon (he opera on for mu next 3540 years. TnereTore, backward

Tncaeraoan and umxumly \a me mayor raw macenaT Sourccs hekps the company .n avamng operaoonaT

advantages and aehreymp Tower oosx or “‘25. howeycr, me cement operauops remain ekposed co yovamdy

Tn Tnpoc pnces.

Key Rafi": Weaknesses

Moderale unancTax risk promey Tho TTnancTaT perTormance Tn mme .5 weak as compared so mm The

mla‘ operatmz mcome mcreascd by 9 093a Tram RSJJDS.92 crore m HlFVIE w Rs 1206 47 crore m HJFVIQ

on actmml o1 muease m volume; howeyer, xhe mm and FAT deemed by as 47% and amosya m

hams as compared to Tums. The mum and PAY (or HJFVIQ scood ax Rs m 95 crdre mamas; crore

Tn HJFVJB) and R; we 73 crore [R5119 o7 cror HJFVJB] respenve‘v. The weak fininzm‘ perfnrmanre m

hamg on YuY oasTs Ts duo «o mgher lrwghl (as! and power 8. mew cosc Tho company/s saTes reahzauun m

HJFVI‘J scood ac R5 3324 (Rs 4026 .n harm), The Meta“ gearing Tor \he company Temamx moderam ax

1 ASx as an Sopmmbcr an, 2on u 33k 3: on March 31,2013) 50mg Torward, .r the pervormanoc- remains

weak, u may aTso have an adverse kmnzcl on she compan‘ls eoacmg IeyeTs

howeyor, me {nmpnny's {manua‘ penormanco no me Tmpmvefl doe m ooccer demand and saves

mahzauan The company: lalal opevalmg mmme increased as and to Rs 2242 57 croro Tn ma (Rs 1227,42

orore m run The mmpany‘s PBUDT stood ac M324 07 ccore .n ma LR; 190.13 crore m MT), The

(ompany aTso roponed nec profit or as.“ 22 Crow ‘7‘ ms (HM Toss ale.32.10 croro H! mm and ace a!

R5195 7ucroroinrv1xms.ss.ao crore m m7)

Expusuv: in vula y In mpul and hed goods mites: WhHe (he company ha: capnye mmes Tor

hmeslune, u meexs coaT reodnemenz IargeTy through we and chrpoeh auctions or open markec purchases

(Tam We domesnc producers The company aTso use: pm coke raw. or cocaT me: ruqmrcmen! in HIFYJQ,

am .n ms and 15% m FY17) which n sources hum me domeshe producers. The company depends on

_ e open markec gurchascs fur meehng as raw maxenal chulrenent, \hos remams exposed to nsk ansmg

on accountohhc yoxahmy .n the raw malena! prices, The company also remams exposed m risk ohmame

movemem m Mr price oT dTeseT .n the More wnh respecc la (reTgha cosr rdnhormpre, wuh the surplus

Cupimxy or the cemem mddscry, WI: once or oemem remams suscepub‘e m demand supply dynamlcs and

yrmnfid mphnebymevancuspmduzem.

qude anazyos;rho namdoy omae company 1: moderate The company has sash and cash eqmva‘ems at Rs 2 so crore as on

Sepxembev 30, was (as a: 13 ccore as on March 31, 2an The tompany aTso has sancuoned Wnrklng

capnaT [ms or FLSDD crare thoh has ayerago omaauon at around 40%

Analyuca! approach:

Slande‘onc

Applieaolo cmena.

Ccnona on ass'Tgmng Dntlook (a Credit Ratings

cAwE’s Puhg on Deleult Recagnmun

crnona for Shark Term \nslwmcnts

Rahng Mr-mudulagycManufacwnng Compames

Page 6 D! 10

CARE Raunga ed

(Tormeny knuwn as C1: Anaxycao Kesnzvzh hunted)

13m nee. E4 meek deeaeonraoe Jmnflevmin sneneanhew ooh . muss.

ra ksmwsnaztw . a. an 1! 632235 . oomrerannocecm . cmaarrnawaqvanconan

About the Companv

\ntmpnraxed In My 2011, at e pen 0" c x Ema glnup prameree by lale Mr 9 M arrla. Wm campanywas

rncorporercd m icqulr: me eemem dwlsmn cl Ducm paper a \ndusmes me (am) Puvsuanl m the

epprevey er Henereme Onssa High Cnun, me cement underlakmg atom was transverrea m UCl an e gomg

eerrrern mgr; w e1, [\er m, 2012 Thr remenr dlmsian 0! mm, Ln, correrre Cemenr urrurea was game m

1979 and m 19mm dwlsmn's hm eerrrerrz punt eegerr pvoducmn The mmpeny‘s eerrrenr Nam: having

eggregere insxaHed capaclw of s milhnn lunnes per annum (mrpey ere Ieeeree er Te‘angana, Maharashtra

and Kamaxake [rommrsererree m September, zmsL the eemperrr sens came!“ under me brand name or

'Bwla mu

arrer nnarrazk 01:72:07: -

rarer nperannz mcamu 1357.42 2242.57

Pm Lm 190.39 322$w

7

732 09 ”.227

OvcvaH gcaflng (tunes) \ 1 A5 1.23

rnreresrcaveregemmee) \ no 252

m Audrxee

srems or nun-mugemtian wmr previous can:

NA

Any emer mmrmenun:

NM Apmrcebre

Rating Hisreryrer lask rhree years: muse rerer Annexureel

Mn: an rumplzxizy levels a] M: rerea r'nnrumlnk: me ha: dam/ea rrrrrurrrerrrr rated by r an Me has]: a]

mmplurr/ 1hr: (luxxwwlmn rs available at www mlemmvgs mm Warm/meme: rnrgmzdmnzs/regmutoly m mere

ere wa/(am: m wrrre m cave@wrzmtmg5.cmlar any dun/Immunx.

Magnum“!Nam: JasmeenKaw

Ye‘ mMszznos

were. gamma»

Emafl Jaimeen mrevrererezrrrzsrom

"rereeeenee Rananal: neem and subxmpuan irrremeuerr, plus: suntan us 2(www.urzvifin5§»§gm

Aha!" cAnE Ratings,

(NYE Rax‘ngs mmmenree eeeremrs m Am 1993 are owe: me dcmdts, r2 his esubuxhnfl rerev a: ene 9! me reeemz

:rcml rannz .eeruer m were me rs Vegasmvzd wrm the Satunxms me Exchange Buzvd er We (saw) and Mm

mmgmmd as er merrer CmmlAssrssment mmnmun (Emu av me Rcszrv: Bank er \ndm (my cm Mung: l: yvaud

at As r‘gflxM prere m we md‘an [apwa‘ marktl m. :mund rrwesmr wnrreenre me name; pmvldz: me enwe

Spectrum or :72er rem that news (he mrpeme; 112 name zapnal «er mew vafluux reeurremerru and limits are

nvcsmn m «errrr an \n'nmmd mvzstmenl decrrren £11sz an we men wk and our own nxk-mmm expetlalmns Um

venue 2nd gradmg :ervrce oflnrmzx leverage bur aemerr ind ana‘yma‘ expemse heme by the mefimflo‘ogxn:

(angmznlw‘m me mrerneererrax hex! pmmzzs.

nierlaymer

(any; 151mg: ere eerrrmrrs on Cram quahtw and are nut vemmmendilmns m sanclinn, renew, arseurse m reeeu the

rereerrreu bank «where; or to buy, 32H 01 how any gummy me has neree K5 ratlngj/uutluuks err Inrorrmrrerr

umm hum rem; balm/ed by rr m B: ereureee em rename. mar dues rm, huwzvtl. guavamcz (h: eecurew,

Page 7 a! 10

CARE Rallngs lerred

(Farmefly knnvm u creerrArrarye.eexeseerer erarem

arr Hear, r r E‘utkrvmlamnhwulhand-wa‘an [Human New Dew , mass

re wkH—asnzmn . hem.” 4533313! . wweeremrrwm. mumVommwammnew

Emmy or (umpkteness at any Narmada" m )3 no! mxpanxlhk m any mm m omnsmns or far m erIIS

ablamed mm the us; mm. Infnrmztmn. Magnum: whose bankfchmex/Vnnmmemx m med by ms ”iv: pm

a :vedm rams lee, based on m zmuuntand om: mm eacmuex/mmumems.

m mi: 0' pannevsmp/umpr‘elarv mmevns, m2 mung [auflaak my“ av can: I; has“! an m: apnal mums by

the pIRHNS/mapnmarand the rmmm mango. a: m: firm x mm m raunyoumk may undzrza mm: m

cm 01 wuhdvawal nf (apnnl m 0‘: meme: wears brougm m w m pannus/vmpnelor in addmon m m “Hanna!

perramnce ind mhuv mmmqmm

Page 5 0! 10

CARE mung: lellud(mm, kmwQunAmesm K-xcuzh mm)

um m. m sunk wmmvm mud-mm mum NM new mass.

m mums zzon . m m mssszzaa . www.mmvmngltem. mmmmwmmcnmw

Annexura-l: Details of InstmmentS/Facilities

Namzulthr Daren! Euupon Maturity Sizeahhelssue naungzssignea

lns‘rumem Issuance Ram om insane} Ilungwilhflili’ng

uuuogk

Fundrbzsed , Luann man -, Mayra] ARE Mr,

Negahve

nmmemail’aper ,,

‘77364davs 10000 ANEAP

ommcrcmwapcpi , , nanny: 150.00 canny

cummcmai Paper (Cnrvzd

an!)

Annexure»2: Rating Histmv oiiasnnree years

Sr. Nameohhe cunemgmins punmsiory 7

Mn. lnsirnmem/Bank Yype Amount Filing mums); DatemL nam(s)& Date(s)&

mines Oulstindi’ng Ralingls) nanngisi Rafinfls] a: ngis)

(immoral assigned!" zss‘ignedin amnesia ‘assignedinmuons mums mszun 2015-2qu

1 FundrbaseerTrTerm 1r 127319 1)CAREN\r liCAREAAr muReM

Luan Negawe , [Undercredn (Undertrzdit 1047020

(37mm amhwixh :am‘wnh 15)

Negaiwu egalive

lmniicalmns) minimum

(15-Marrm) 274mm)i 3sz-

UnderCiedil

arrh]‘ 1970:2451

ZCmnmcrszPapev ST mum own. new: yams/m UCAREAh news

1. Undercredix [Undercrmil 1.

amms) gum/mi mmwm (OLDL-zr

Negafivz Negaxwe 15)

implications) [mpiicat‘mnxl

gamma) (277Mar717)2mm»

(underrgdit

Mam;mums)bWAREAH15-May4si

2 CommmciaiPapprr ST 150.00 own. man nit/mun nanny mm

Cammelcia‘Pnper PM (Undermdii Undercredir 1+

(CaNuduui) (mduwlBfiwalChwim alchwnh [flLDecV

Negauve Negeuve 15)

impmmns) imphcafinnsl

L ,

16~M2Hm (Irwin-17)

Pageyana

CARE hung; Limited

«mm knuwn uivaditAn-Mixfi imam “may

am ”am :7: Nuthvmenmn m.“ imam" 5mm Nut 1mm «moss

V:L-vi.‘ii.453332m . 7.. oviriusznna umgmm . (w mwwmvvmcnnw

zchRE Ah

under mean

an. w h

Dwelapiug

\mphc ns)

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31cm: A1.

um: mm

mm

194mm)

now An

“May-16)

Page 10 of m

CARE hung; named

(Farm-Hy knawnucvedlklnnyflsfi R-mxn [may

13mm.“ :4 ManhvldmanYawnmhindwahn mm.“ NM new unass.

m m-n-ossazmn . r musaznza . www.mnm‘lngxlom . ummmmmnmmw

A535 Ratings .25leenslmlal lush Opinimlg 34323«an.»

x

No. CARE/DRO/RL/ZOIan/ZQBI

Mr. Deepak Khelrapal

Managing Director& cso

Orient Cement Limited

Birla Tuwer, 3’” Floor,

15, Barakhamba Road,

New DelhhllOOOl

December 25, 2018

Confidenlial

Dear Sir,

suea re a n Rs. zsoemrcred ra n furcommer alPa er CF

On ihe hash of recent deuelopmenis including operational and financial performance of your

mmpany ior ms laudiiedl and H1FV19 (provisional), our Rating Commiiiee has reviewed the

loliowme reungls):

lnsirumen: Amuuni Rating‘ Rating Acfinn

ins. crdrel

Commercial Paper (cpl

'

150 CARE Ah Reszimued

lssue‘ (Rs. One hundred and (A One Plus)

any cmrc only) 4

Commercial ilaperléPl mo CARE A1¢ Reaffirmed

issue (Rs. ane hundred were (A One Plus)

onjvlTorai 250

(Rs. Two hundred and

y liliy more only),wowed out a] the sanctioned working (apl'tul limits ofthe cumplmy.

2 The cw issue would be lor a meiuriiy nui exceeding one year.

3 Please arrange to get ihe reiing mvalidated in ease ihe issue is not made wiihin iwu mdnlhs

iram ihe daie oiihis leuer re, by February 25, 2019. Once ihe CP is placed, ihe rating is valid

for the tennis of such insuument l‘ill redempilon.

4 Please inform us ihe belowmentioned details oiissue immedlaiely, bur not later ihan 7 days

lrom ihe date of placlngthe instrument:

lnslrunieni lsiu Issue coupon CDupcri 'llrmsnl hedemaridn Nameand Duailsul

ryae size Rake peyneni Redemmlnn dare eanreu me In

(Rs paies delalls oi invesmrs

n) i l Yuma/IPA

inn ray/959m: me mum .2 "(Pi

wrangling:man

utlmypolrlzmtine

Mlmnmnmgmmgfififa regime 7mg WmmamnfflKL“Minna/I5.

oonrumedrricr wriee, sealer eaiueum senaiymeeaini flu: a.» New i ‘31a:k,\/ngnmu¥wel

eiieeiemsxeres enmy,s.enrei,nunaai Mann Page 10f;in.nueuuenmennen,ueu DelkinflDDSS

rel islrnrwansaab . “emu us. 1057re ovlni‘HSEZZOD . re. .9141 meme

Emzll Careeeeimnngmm . memennngmm

5. The rationale for the rating will be communicated to you separately. A writerup (press

release) on the above rating is proposed to be issued to the press shortly, a draft or which is

enclosed for your perusal as Annexure, We request you to peruse the annexed deeument and

foer your comments if any We are doing this as a matter or courtesy to our clients and with

a View to ensure that no lattual inaccuracies have inadvertently [rent In. Kindly revert as

early as possible. In any case, it we do not hear From you by December 27, 2018, we Will

proceed on the basis that you have no anycomments to offer.

5. CARE reserves the right to undertake a surveillance/review of the rating tram time to time,

based on circumstances warranting such review, subiect to at least one such

review/surveillance every year.

7 CARE reserves the right tn revise/reaffirm/withdraw the rating assigned as a result at ueriodic

review/surveillance, based an any event or information which in the opinion of CARE

warrants such an action ln the event of failure on the part of the entity to furnish such

information, material or clarifications as may be required by CARE 50 as to enable It to carry

out continuous monitoring or the rating of the dent instruments, CARE ‘shall carry out the

review on the [:3er of best available information throughout the life time of such

instruments, in such cases the Credit rating symbcl shall be accompanied by ”ISSUER NOT

COOPERATlNG”. CAIRE shall also be entitled to publicize/disseminate all the aforementioned

rating actlons in any manner consrdered appropriate by it, without reference to you

5 Users of this rating may kindly refer our website wwwvcareratmgstom for latest update on

the outstanding rating.

9 CARE ratings are not recommendations to buy, sell, ur hold any securities.

iryou need any Clarlficatiori, you are welcome to approach us in this regard

Thanking you,Yours faithfully,

«W is/TusharAgrawal Jasmeen Kaur

DepuryManagerAssociate rector

tusharagrawacharera g om esmee aur :areratiri corn

CARE Rilings Limited

«merry knawn as IdltAnllyjuthxeivth umrttu)

at. rum i Butt yuemrm “this, wont . ilunss

rn en ti :saxnw . r“ whims};aziuwzyiyngueme (iN-iuwnMHivvirtcnrien

As above

Disciaimer

ms‘s rutmgs are ommuns an an» quzlxw and ave not mmmmendalmns m semen. renew, amuse ar recaH me

mntemed bank (29mm: 01 u: buy, st” or hold any Security can: ha: ham 1:: vanngs/aunooks on \Murmwon

amamea hom souvces behaved by m m be atturale and rename. can; dues nm, huwcver, guaranlee me accmew,

adequacy or wmplaenegs ar any Newman and \s not respunslh‘a {or any errors In amusmns or (or me (emu;

shunned (mm m use a! such mkzrmuhun Must enuues whose bank limhhcs/inslmmenls are med by out! have

pard a credw mung (as, men an ma zmaum and type of bank facmnss/msuumems.

m case cf pannmmp/pmpnexayy concoms, me raiinglmflluak assigrad by ow y; based an the swim deplayzd by

[ha parlners/pmpv‘wewr m we finanma‘ mum at me firm at pressm. The mung/Dunn“ may underga change m

case of wwhdrawal av :apbta‘ or me unscmmd mans bvuugm m by the partners/umprmtor m addmnn to (he financia‘

Lprrrnrmame and mm mm.“ (actors

CARE Rafings limited

(yummy known u omxmwygsummn mezd)

WW; y mmymmm 4 MUM”;

m m H asinmn . “my.“ 45133235?$A§1g#fi§w‘mm . m mwnMkuPLtmnm

Annexure

Press Release

Oriem Cemem Limited

R: 'ngs 7

Padlifles dmddm ming’ wing damn

(x5. emu) 7

Long term Bank 1273 :9 cm AA-; Neganvg Raling Rumrmzd r

Facmnes (reddcedirdmmm) (paddledwnnds; Ouklonkrevisedlrum

Dutluok: Negafiu) sum: to Nggalive

Inla‘ 1212.19

up. one Thousand mp

Hundmd Stvenly Ergm 6mm

and Nineteen kan only]

Cummercml Paper (c?) 150 can Ab neavfirmgd

\ssuc’ ms. one hundved and fifty (A On: Plus)

,,

crure dnm

Cummema‘ Paper (c?) mu cued» Rumrmed

\ssua mane hundredcrdrg pnly) 1A and mm

uemrr; d/r'nmdmenzs/fpmme; m Annudmx

-carydd mm d! we xanmdned Working cap‘rml rrrnus or me mmpany

DetaVEd Rulxnnale

Th9 ranngs nssigned m the bank homes and lnslrumeMS or CHEM Cement L‘vmled (ocL) :pnunde w draw

Suppun’ 1mm experienced pmmmers and managemenl (cam, esxabfished group yp, (.K. srrra group wrxn lung

presence m we cement rnddmv, ppgrzudnpv ElficIencv due m bankwavd integramm and saxisfpuary

tagauty dumeudn

Tne rahngs, ndwmr, are cumuamed py Vu‘ahlity In promapduy mnrgms on mom or npuuaung

reahlahofls, vo‘uhhly m m- lnpul mm, madame geanng ram and cycl‘nlity dnhd cemem Indusvy,

Gorng Iorward, Improvemi‘m m rdal‘rszrdns and \he prdmammy drum and any debt mnddd (ADEX and us

\mpacl on me :aplra‘ sxrdudre man be me key raung sensmymgs.

apnddk: Nzgallve

Me rdmrpn m U75 ddnddk rpneus weak finanma‘ periolmance m mmg at me pm at mcrease m mpu‘

cam and sddducd reahzanuns m we rpgrdns on uperzms m and ‘aw mm per tonne «or me cdrnppny

Thr mnnndpupn d1 (he rdpdded sndaudn can 'rrnpan me pygran finandal nsk prpme d1 m. mmdany m the

memum mm Hdwgyer, me warm mav be revised to

upcrauana‘ and finanma‘ pedormancs

Dgtafled descrlpliun p1 IHE kL-y mung drivars

Kev Radng Svenglhs

:mpnsndd gvddp mm experienced prawns and managemdm team: on rs a pm at c K. any; erddp,

whvth has 37 5% flake m the company. m; >5 2 \dddrng mduslna‘ group pr (he munxry and has rna‘or

ers have been operawng me cemem busing; for over

me mmpany’s Managing Duenur, Mr Del‘pnkpreseflce m dwersa range of prafluLtS The pmrnm

mree decndas \hereby having cansrderamd expellencc Also,

Khelravn‘ has extenswe mdusvy Expenence

‘Complete flC/rmlmnx af me "1mg: mrgncd are avarrdple at www miemn'ngsmm and In other om:

pub/:mlmm

CARE Raungs Limited

rrprmuy knew! u CvadllA/‘llys‘xéd xmm Unwed)

13m Hear z r E‘utkyVIdzamanv-rld “Mguard" NM Dew Hanss.

'smdvd' rr mg campany mum: Imwuvemem m

Ve\~V!-HJE)]31QD-Fn mm mum . yymrprunprm. c‘N-Lenvnmmvgzflcnflbw

samvacrory cipazilv o «ion and volume grow in name The proooenon yaInme al Ihe (umpany has

Increased 13 50% «rpm 2 74 mspa in mm to 3 ’11 InIpa In HJFVJQ The nveran cepacny oIIIIza n Torrhe

rm stand at 72% (59% In FV17)anL1 7w. In H1FV1§(GQ%In Hams).

Eatkwavd Inregranon wIIn IocaIIonaI advanlaxe: The company mcexs mamnlv nl IIs pnwev reqmvemems

Inraogh us (03‘ oaseo caprrve power capacIIy eT ssnnw Yhe company sources IImesIone (or mu scmeor

New from II: mInes Iocareo nearby Ihe rcspecIIyo pIanIs In reIangana and Kamawka. The mmes have

soflIcIcnI proven reseryes ro suppon Ihe opcraIIon Ior about nexr 3540 years Thercrore, oacxwara

Inrcgrauon ano praxImIIy Io rne rnaror raw maIcriaI suuvces helps Ine company In ayaIIIng operarIonaI

aflvanmge: ana ammvmglawevcun0151153 However, Ihe cement opeIaIIons remaro exposeo to onaIIIIIy

In Inpor Drlccs

Key Raxing Weaknassas

ModeraIe IinanciaI rlsk prome- Thc hnaneial pervormance In mm is weak as compared Io HIFVIB. The

IoIaI pperanng Income Increased by 9 09% lmm Rs ms 92 erore In mm ro R5 1205 41 crore In Hams

an acmunt oIIncreasc In ononIe; However, we vnum ano PAT dechned by as 47% and 101.65% In mms

as epmpareo (a HIFYIE, The PBUDT ano PAT (or HJFYIQ stand at Hsazegs crore “75.20553 (rave In

HJFVIE) ano man 73 :mre (as 49 07 crore In H1FYJB) (espeuwe‘y The weak IInancIaI pcrfmmame m

mmg on VuY haSIS Is due Io hIgheHreIgM (as! and power 3. fuel rosI The wmpanv's saIes reaIIzarIon In

HXFYID smod m RS 3324 “amaze ‘In HImsI The oyeraII gemng Tor me company remarns mooerare aI

1.4sx as on Sepremper 3a, 2015(1 asx as on March 31,2mm 60mg 1orwaro, II me perlormonre remaIns

weak, II may also have an aoycrsc Impaer on Ihe cumuuny'x geanne Ievels

Howcvzr, the company's IInaneIaI pevformance In ms Improved due Io bener demand and 53ch

rcnhzauan The Company‘s IoIaI operaIIog Income Increased as Imam us.2242.57 (rare In ma (KSJHB/ 42

erore In MT) The (umpany's PBUDT Stead aI nsszam rrore In FY18 (RS 19013 crare In m1) Yhe

[umpany aim Teppnea TIE! mom uf Rs 44 22 more In ms IneI lass o1 R532 no rrore In P417)and GCA a!

Rs 195 20 crore In ma (Rs 55 as erore In m7)

Exposun: Io onaIIIIIy In aanII aoo «nIshed goods prices: thIc «he mmpanv has eapIIye rnInes fur

IIrIInsIone, II meexs cool reoInremenr IaIgon Ihrooen FSA and Ihrpoeh aIImons or open mavkel purchases

Trom Ihe oomcsne producers The company aIso uses pcI mks my. onom me: reqmlemzm In Harm,

mm In my and "25% In m1) then II sources «rpm Ihe oomescIc producers, The company oepenos on

me nprn market purchases «or meeIInp Irs raw maxerIaI IeouIIemenI, mus remaIrIs exuoscfl to rst arIsInI; on

areoonI or Ihe Vu‘auhw In Ihe raw maIcrIaI pm; The company elm Iernans exposeo Ia rIsk of volume

moyemenr In Inc prIee or mm In Ihe fumre WIIh respecI to new cast, Funhermave, wnh me Surplus

capacIry or five eenIeor Indusvy. che pm or cemcnr remains soscepIIpIc w oemano supply dynamics and

phcmg aIerpIIne ny Ihe venous pTaducers.

lianIw anexysI'sI

I’m: IIooIoIIy on me company Is Inooerare. The mmpany has cash and cash eoIIIyaIenIs of Ias.2 so crore as on

sapremoeraa, 2913 [F5 33 13 croreason Marth 31,2013) ToccompanyaIso hassonenoneo workmgtapita‘

mu 0! Rs 300 crore \vmch has avnmg: oIIIIIaIIon oi arpuna 40%

AnaIInIcaI approach

sIanoanne

AppIIcabIe crIIeria

crIrerIe on aislgmng ouIIopH so mean Raungs

our: money on Defaun wccognIIIon

crIIerIa far shorr Term InsrrIImenIs

haI‘Ing Mekhndnlanganuhtmnng CompanIes

FInanc‘IeI mtias , None nancIaI Secror

haIIrIg Me‘hodnlogy—ClzmenllndunmCARE Rasings LIInIrad

IrarmeIIy knnwn .I CvedhAnilystk nexearcn IImIIeaI

IsrhrIaeI,r I mock yramanrsaerpn gmxremn New oeInI MODES

reI vV‘ Hr-‘s‘fizlcn . rex .er II.IsaaaIaa . owuwnnauan . cIn IeIwaHIveancmm:

Abauuhe Cumpany

\nmrperamfl m My 2011, on .s a part Dr 5 K am; group prommed hv ht: Mr 5 M am; The (nmpany was

mwrpamed m acqmre We :emvnk «mm of Onem Paper & \ndusmes uu (um) PurSLanl m m approval

affinnumh‘: Dnssa High Cnun, me cement unflenakmg momma; transferved Io Oman 3 gamgcancem

basws we I. Am 01, 2012. m wmcm dwism ufDP‘L, . :, Dnenzcemenl mm was semp m 1979 and m

1932 (ha dwvsmn': rm cemem p‘unl began preduclmn m campany’s cement mam havmg aggregm

mswflzd mm 01 a mum tonnes per annum (nuns) ave located at Telzngana‘ Mammsmva and

Karnalzka lcummwssmned m Sepmmbcv, 2015) the mmpany sells Lemenl under me brand name at mm

Al'

mm m «Hussy-afam 1 A . 5

mm uperafing mcama 1337 2 2242.57

mm,

190 39 325 40

w,

732 us ”.22

OvPraH gealmz [umes] 1 as 1.32

mteren covcmgc (tunes) ”0' 2 52'

u Aumted

sums of nonrmopevafiou mu prufluus cu:

NA

Any mm mluvmaxinn:

NmApphcab‘E

Rating Nimny car ‘ast (hi2: yurs: P‘Easz vefumnnexurea

Mm m. tnmplexuy revels fifth: rnkzdinstmmenr fAREhas closswedrnxrmments mm] by” an the bum ufcomplexlry

rm; umfimnnn u pmame m wwwvmrernflngsmm. [Maren/mark! rnzrrmedmnts/reymnmls or mm m

weltamc m wm co caremmmnng;,zam/or any ammonium.

Ana‘ysl camn

Namc Jasmeenxam

16111705133245

Mom emmuu

EmaxHismeen «mgmyeraxmgs Lem

“Fm mum Maw: mm m Suhjcviphcn infnrmadnn, glean Denna us:lwww.are§3[ngs.wm

mm was mm

ma Falmgs Lummcnud upevalmm m Apvd 1993 and over m duades, n has esumma mm on! af m: \eadmg

mun ram; aznnnu m mm m: u regmered mm (M Sezurmes and Exchange Boavd cl max: (man and aim

rammed as an [xterm-3‘ new: Assexxmnm mmmm (mu m the Reserve Bank of Vndm (nan, m2 hung: xx mm

er «5 mm New m m: mam :ipwa‘ mzrku mm mm: "mm :nnhdence cm Raungs provides m2 :nnre

sgzttmm at man law that am we Lorpurams m rm cap‘m our mm mm reqmvenzntx m mm; mm

mvesmrs w mm an mfurmed \nvmlmnm decxsmn baxed on m can nsk and [Mn own nskrvemm expenauuns, our

ranng and gradmg Ken/me oifev'mgs \nucrag: wr damam and analymzal expemm mm by {he mcxmdubxmx

cungmunl mm. memmnnal um mamas,

nisdzimnr

mm mung: ave mm; on [mm mm and :m m rammmendmnns w mam 'enew,dxihurst or man the

(unzemed um lammle: w‘o buy, 32:! M m any secumy mg m: based ks mum/Macks an Infarmaunnamamed

hum saurce: heHevcd by w m b: mm and veliahk. cm dams "m, hnwever, gmmnm: me mm, admuacy m

comp‘uenus a! any \Mnrmatmn m u no! mm» in! any em: av um‘xssmnx or m m resu‘Ls mm «mm the

us! w W mmmm Mos: mm whose bank (amnex/Instvumenlx are mm by me mu: m 3 new! mung m,

mm on m :mnunt and woe nmank(mlmex/msxmmenu

m (use avgamenmp/Empmm concerns, own k m d w mg n ma an m aw mm by mi;

(Farm-Hy InnwnaxtraditAualysk L hxeixh Umi‘cd)

mu m, u mmvmm rmmguymmmNew om , mass.

m mmsmm . mun-H 05332113 . W ”gm . UN anammwzmoflm

pannus/nmpnelor and m Mandel mum of m: film .2 maxim“): Mum-mack may unnemo mm m as: m

wnhdnwl‘ nl mum ur the unsecumd \ms Drought m by [he panneu/pmpnzmr m iddnmn m the unmm

Wigwam and mm vzlzvant mum.

CARE Ratings ed

(Fuvmuly “a.“ Cudn Am,“ mm “mm;

13mF1annE-1ElKKVlMomnTM—‘Y 1‘5”?"waum mm . 110055,

r.h~9¢.‘|.l§3§32w . Fuvwlusiinsu . ,mmgmm . (\Nmew-nmumn

Annexure-1:Details of Insuumenls/Facilifles

Name om“

Instrument

DW: 5.Imam

couponRate

Mammy Slxe of the lsslae Rating assigned

mm (Rs. (my!) man; win. Rallng

gunuok

9M)

Cummema‘ Paper [Carved

Fundrbasedr Luann Loan , . Mara; 1275.19 6A AA-7

Ncgafive

Cammcma‘ Paps!, , 7-3611 days mom AREA“

ummema‘ PapEr-_ , , 7354 days 15000 mun“

Annexum-Z: Rating History of last Ihree veavs

Sr. Namenllhe L Cuvveanllin s_

mingmsmy

Nu. lnstmmemlaink Type mam Ruin; Datetsléx mama. Dale[5)& Dams”.

mums Outsnmflnz x mm Ra ngls) Raliugh) mums)

‘ leere) lssigmdin "Min assigne'

issigned'n

201mm mums zuaszun leis-2016‘1 Fund baseerTrTevm N 127319 CARE AA»; :1)CAREI\A71)CAKEM- ”CARE AAV 1)O\REAA‘

1m" Neganve Lsuble unnercreau (Undercredk (owes

(nnums) a|chwi|h amhwm 115)Negative Neganve

\mphcanani) Imphcanuns)

lérMarVIS) “21mph;paw“,‘(Underccedu

Mum)mums)

2 fimcmawnper ST mooé CA EAP mums musk» Dummy “CARE

1‘ [Undercredu fiUndeeredn Ah

[0771:1148] atchw‘lh wauh with [Oererr

Nexa‘we Negauve 151

\mphcdtmns] \mphcabons)

(lemma) Z77Murrl7)

amen.UndevCredn

amh)

[NrOCblG]

)mz A1.

[Ierayrlél

3 Cnmmemzwapeh ST 1mm Rm. nmag nanny “0mm. DUKE

CummemalPaper 1o (undercveuu (undevcredn no

:(cmeanm (amnasmunwm amhmn ‘(mrbecr\ Negative Negamvc 15)

\mphtauans) ImpVicaHons)

15mm) ‘(277Mar717)

{zpcaauuCARER .d ‘(unue em

, W,,

v

13w Hanni ‘ Bh:k,vlnaumn¥nw:

w m \msaznnn . 5.x mm mama mmnemlnn NM Dalm . no 055

mm.“ ‘ (w mquHwanmnAh

wank mm

Deve‘ovmg

lmphcalions}(iirFebrfl)

ICARE A1;

[Under mean

mm

[19-05mm

Mow Ah

(ls-Miv-IE)

CARE Ratlngx lemd

(fclmuN W... "cmmwuum “may

um "W, 5.1 MWmm. ,m NW... was

mwn “-4533:an . hvmmaasm Milk. Wm. mmmmmmnm.