[{"pressReleaseID":86008,"reportID":null,"reportTableReportID":null,"pressReleaseTitle":"India Ratings Downgrades RDC Concrete’s NCDs and Bank Loan Facilities to ‘IND B+/Negative(ISSUER NOT COOPERATING)’","prTypeID":null,"reportTypeID":null,"version":"new","prTypeName":"RAC","pressReleaseDate":null,"acceptanceStatus":"Yes","imagePath":null,"thumbNailImagePath":"https://www.indiaratings.co.in/data/Uploads/PressReleases/86008/Images/1.jpg","financialSummaryPath":"","description":null,"documentTitle":null,"documentType":null,"queryType":null,"isRAC":true,"sector":"Corporates","subSector":"Other Construction Materials","issuerID":8286,"issuerName":"RDC Concrete(India) Limited (formerly RDC Concrete (India) Private Limited)","overview":" <div> <p> India Ratings and Research (Ind-Ra) has downgraded RDC Concrete (India) Limited’s (RDC) non-convertible debentures (NCDs) and bank loan facilities’ rating to ‘IND B+/Negative(ISSUER NOT COOPERATING)’/‘IND A4 (ISSUER NOT COOPERATING)’<strong> </strong>from ‘IND BB+/Negative(ISSUER NOT COOPERATING/IND A4+(ISSUER NOT COOPERATING)’. The issuer has not made available critical information for the rating exercise despite continuous requests and follow-ups by the agency. Thus, the rating is based on the best available information. The rating will now appear as ‘IND B+/Negative(ISSUER NOT COOPERATING)’/‘IND A4 (ISSUER NOT COOPERATING)’ on the agency’s website. &nbsp;The detailed rating actions are given below: </p> </div> ","overviewHTML":null,"keyRatingDrivers":null,"ratingSensitivities":null,"esg":" <div> <p> <strong>ESG Factors Relevant to Rating: </strong>GHG Emissions and Air Quality under Environment has relevance and moderate impact to the credit rating of RDC. Increased environmental compliance costs and capital expenditures in Overseas subsidiaries may have a modest impact on the group’s margins and cash flows in conjunction with other factors.&nbsp;For more information on Ind-Ra’s ESG Relevance Disclosures, please click&nbsp;<a href=\"https://www.indiaratings.co.in/PressRelease?pressReleaseID=56916\" target=\"_blank\">here</a>. For answers to frequently asked questions regarding ESG Relevance Disclosures and their impact on ratings, please click&nbsp;<a href=\"https://www.indiaratings.co.in/PressRelease?pressReleaseID=57016\" target=\"_blank\">here</a>.<br><br></p> </div> ","companyProfile":" <div> <p> Set up in 1993 by Unitech Constructions Ltd and RDC Concrete Singapore, RDC operates 128 ready-mix concrete plants across India. Hella acquired RDC in December 2021.<br>&nbsp; </p> </div> ","companyProfileSectionName":"About the Company","primaryAnalystID":281,"secondaryAnalystID":604,"tertiaryAnalystID":616,"chairpersonID":0,"mediaContactID":500,"location":"Mumbai","solicitationDisclosures":"<p style=\"text-align: justify; \">Additional information is available at www.indiaratings.co.in. The ratings above were solicited by the issuer, and therefore, India Ratings has been compensated for the provision of the ratings.&nbsp;</p><p style=\"text-align: justify; \">Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security or any issuer.</p>","participationDisclosures":null,"disclaimer":"<p>India Ratings and Research Private Limited (India Ratings) is a private limited company registered under the provisions of the Companies Act, 1956, having CIN U67100MH199SFTC140049, and registered office at Wockhardt Towers, 4th Floor, West Wing, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra, 400051, India. The contact details of India Ratings are Telephone No.: +91 22 4000 1700 and Fax. No.: +91 22 4000 1701. India Ratings is registered with the Securities and Exchange Board of India (SEBI) as a Credit Rating Agency under Section 12 of the SEBI Act, 1992, having SEBI Registration Number IN/CRA/002/1999.</p>\r\n<p>India Ratings and Research Private Limited (India Ratings) is a Credit Rating Agency registered with the Securities and Exchange Board of India (SEBI) under Section 12 of the SEBI Act, 1992. In this capacity, India Ratings undertakes ratings of listed and proposed to be listed instruments that fall under the regulatory oversight of SEBI. In addition, in line with Regulation 9(f) of the SEBI (Credit Rating Agencies) Regulation, 1999, India Ratings rates financial instruments falling under the purview of other financial sector regulators (FSR). Instruments which come under the purview of other FSRs do not come under the overall governance of SEBI. Issuers/Users/readers of this communication/report are, therefore, cautioned to know the risks involved in dealing in such instruments. Such instruments can carry Liquidity and Price Risk which pertains to how saleable a Security is in the market. If a particular Security does not have a market at the time of sale, then the Investor's investments may have to bear an impact depending on its exposure to that particular Security. It is not possible to predict if, and to what extent, a secondary market may develop in the debt securities or at what price the debt securities will trade in the secondary market or whether such market will be liquid or illiquid. The more limited the secondary market is, the more difficult it may be for holders of the debt securities to realise value for the debt securities prior to redemption of the debt securities. If the debt securities are unlisted, then the ability of the Investors to resell or trade them may be limited, leading to liquidity and price risk on the debt securities. The returns from a particular asset class may underperform returns from other asset classes. The changes in government policy in general and changes in taxation may impact the returns to investors. There can be external risks arising out of geopolitical situations which can lead to volatility in/impact the performance of the individual securities. Issuers/Users/readers are advised to note that SEBI’s investor protection mechanisms and SEBI’s grievance or dispute redressal mechanisms are not applicable to ratings assigned by India Ratings that fall under the purview of other FSRs. Should you have any grievance with instruments under the purview of other FSRs, please write to <a>infogrp@indiaratings.co.in</a>. For any grievance with instruments under the purview of SEBI, please write to <a>investor.grievances@indiaratings.co.in</a>.</p>\r\n<p>All credit ratings assigned by India Ratings are subject to certain limitations and disclaimers. Please read these limitations and disclaimers by following this link: <a href=\"https://www.indiaratings.co.in/rating-definitions\" target=\"_blank\">https://www.indiaratings.co.in/rating-definitions</a>. In addition, rating definitions and the terms of use of such ratings are available on the agency's public website <a href=\"https://www.indiaratings.co.in/\" target=\"_blank\">www.indiaratings.co.in</a>. Published ratings, criteria, and methodologies are available from this site at all times. India Ratings’ code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance, and other relevant policies and procedures are also available from the code of conduct section of this site.</p>\r\n","metaTags":null,"effectiveDate":"Oct 01, 2026 | RDC Concrete(India) Limited (formerly RDC Concrete (India) Private Limited)","effectiveDateTime":"0001-01-01T00:00:00","dateOfCreation":"Oct 01, 2026","isDeleted":false,"isMigratedData":false,"viewCount":0,"facebookShareCount":0,"linkedInShareCount":0,"googlePlusShareCount":0,"twitterShareCount":0,"ratingCriteriaReportsIDs":"238,236,234,225,223,206,201,181","pressReleaseStatus":"Publish","activity":"Updated By UserID: 62222","lastActivityDate":"10/9/2026 3:06:53 PM","currentRatings":"<table class=\"currentratings-table\" border=\"1\" style=\"border-collapse: collapse; width:100%; border: 1px solid #000;\">\r\n  <thead>\r\n    <tr>\r\n      <th style=\"width:14%;\">Instrument Type</th>\r\n      <th style=\"width:14%;\">Regulator of Instrument</th>\r\n      <th style=\"width:14%;\">Date of Issuance</th>\r\n      <th style=\"width:10%;\">Coupon Rate</th>\r\n      <th style=\"width:10%;\">Maturity Date</th>\r\n      <th style=\"width:10%;\">Size of Issue (INR million)</th>\r\n      <th style=\"width:10%;\">Rating Assigned with Outlook/Watch</th>\r\n      <th style=\"width:10%;\">Rating Action</th>\r\n    </tr>\r\n  </thead><tbody><tr><td>Non-convertible debentures*</td><td>Refer ISIN annexure</td><td>-</td><td>-</td><td>-</td><td>650</td><td>IND B+/Negative(ISSUER NOT COOPERATING)</td><td>Downgraded</td></tr><tr><td>Bank loan facilities</td><td>RBI</td><td>-</td><td>-</td><td>-</td><td>2760</td><td>IND B+/Negative(ISSUER NOT COOPERATING)/IND A4(ISSUER NOT COOPERATING)</td><td>Downgraded</td></tr></tbody></table><p class=\"MsoNormal\" style=\"margin-bottom:12.0pt;text-align:justify;line-height:\r\nnormal\"><span lang=\"EN-IN\" style=\"font-size: 9pt; color: rgb(51, 51, 51); background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\">*details\r\nin annexure<br>\r\nNote: ISSUER NOT COOPERATING: Issuer did not co-operate, based on best available information. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings.<br><br></span><span lang=\"EN-IN\" style=\"font-size:9.0pt;mso-bidi-font-size:\r\n12.0pt;mso-ascii-font-family:Calibri;mso-fareast-font-family:Calibri;\r\nmso-hansi-font-family:Calibri;mso-bidi-font-family:Calibri\"></span></p>","ratingHistory":"<table class=\"ratinghistory-table\"><thead><tr> <th rowspan=\"2\"> Instrument Type </th> <th colspan=\"3\"> Current Rating/Outlook </th> <th colspan=\"7\"> Historical Rating/Outlook </th> </tr><tr> <th> Rating Type </th> <th> Rated Limits (million) </th> <th> Current Rating </th> <th> 20 March 2026 </th> <th> 22 September 2025 </th> <th> 22 May 2025 </th> <th> 04 March 2025 </th> <th> 20 February 2025 </th> <th> 21 February 2024 </th> <th> 22 September 2023 </th> </tr></thead><tbody><tr> <td> Non-convertible debentures </td> <td> Long-term </td> <td> INR650.00 </td> <td> IND B+/Negative(ISSUER NOT COOPERATING) </td> <td> IND BB+/Negative(ISSUER NOT COOPERATING) </td> <td> IND BB+/Rating Watch with Negative Implications(ISSUER NOT COOPERATING) </td> <td> IND BBB+/Rating Watch with Negative Implications </td> <td> IND A-/Negative </td> <td> IND A-/Negative </td> <td> IND A-/Negative </td> <td> - </td> </tr><tr> <td> Bank loan facilities </td> <td> Long-term/Short-term </td> <td> INR2,760.00 </td> <td> IND B+/Negative(ISSUER NOT COOPERATING)/IND A4(ISSUER NOT COOPERATING) </td> <td> IND BB+/Negative(ISSUER NOT COOPERATING)/ IND A4+(ISSUER NOT COOPERATING) </td> <td> IND BB+/Rating Watch with Negative Implications(ISSUER NOT COOPERATING)/ IND A4+/Rating Watch with Negative Implications(ISSUER NOT COOPERATING) </td> <td> IND BBB+/Rating Watch with Negative Implications/ IND A2/Rating Watch with Negative Implications </td> <td> IND A-/Negative/ IND A2+ </td> <td> IND A-/Negative/ IND A2+ </td> <td> IND A-/Negative/ IND A2+ </td> <td> - </td> </tr><tr> <td> Unsupported rating </td> <td> Long-term </td> <td> - </td> <td> IND B+/Negative(ISSUER NOT COOPERATING) </td> <td> IND BB+/Negative(ISSUER NOT COOPERATING) </td> <td> IND BB+/Rating Watch with Negative Implications(ISSUER NOT COOPERATING) </td> <td> IND BBB+/Rating Watch with Negative Implications </td> <td> IND A-/Negative </td> <td> IND A-/Negative </td> <td> IND A-/Negative </td> <td> - </td> </tr><tr> <td> Issuer Rating </td> <td> Long-term </td> <td> - </td> <td> - </td> <td> - </td> <td> - </td> <td> - </td> <td> - </td> <td> - </td> <td> - </td> <td> WD </td> </tr></tbody></table>","annexure":"\r\n\t\r\n\t\t\r\n\t\t\r\n\t\t\r\n\t\t\r\n\t\r\n\t\r\n\t\t<div>\r\n\t\t\t<p style=\"margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt\">\r\n\t\t\t\t<span style=\"font-family:Calibri; font-weight:bold\">Annexure I</span>\r\n\t\t\t</p>\r\n\t\t\t<table cellspacing=\"0\" cellpadding=\"0\" style=\"border-collapse: collapse; width:100%; border: 1px solid #000;\" class=\"annexure-table\"><thead><tr>\r\n\t\t\t\t\t<th style=\"width:11.6%; border-right-style:solid; border-right-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\tInstrument Type\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</th>\r\n\t\t\t\t\t<th style=\"width:13.6%; border-right-style:solid; border-right-width:0.75pt; border-left-style:solid; border-left-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\tISIN\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</th>\r\n\t\t\t\t\t<th style=\"width:12.04%; border-right-style:solid; border-right-width:0.75pt; border-left-style:solid; border-left-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\tRegulator of instruments\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</th>\r\n\t\t\t\t\t<th style=\"width:9.26%; border-right-style:solid; border-right-width:0.75pt; border-left-style:solid; border-left-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\tDate of Issuance\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</th>\r\n\t\t\t\t\t<th style=\"width:8.62%; border-right-style:solid; border-right-width:0.75pt; border-left-style:solid; border-left-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\tCoupon Rate (%)\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</th>\r\n\t\t\t\t\t<th style=\"width:9.4%; border-right-style:solid; border-right-width:0.75pt; border-left-style:solid; border-left-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\tMaturity Date\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</th>\r\n\t\t\t\t\t<th style=\"width:17.78%; border-right-style:solid; border-right-width:0.75pt; border-left-style:solid; border-left-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\tRating/Outlook\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</th>\r\n\t\t\t\t\t<th style=\"width:17.7%; border-left-style:solid; border-left-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\tOutstanding/Rated Amount (million)\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</th>\r\n\t\t\t\t</tr></thead>\r\n\t\t\t\t<tbody>\r\n\t\t\t\t<tr>\r\n\t\t\t\t\t<td style=\"width:11.6%; border-top-style:solid; border-top-width:0.75pt; border-right-style:solid; border-right-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</td>\r\n\t\t\t\t\t<td style=\"width:13.6%; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\tINE076I07020\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</td>\r\n\t\t\t\t\t<td style=\"width:12.04%; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\tSEBI\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</td>\r\n\t\t\t\t\t<td style=\"width:9.26%; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t12 March 2025\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</td>\r\n\t\t\t\t\t<td style=\"width:8.62%; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t11\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</td>\r\n\t\t\t\t\t<td style=\"width:9.4%; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t12 March 2028\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</td>\r\n\t\t\t\t\t<td style=\"width:17.78%; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\tIND B+/Negative (ISSUER NOT COOPERATING)\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</td>\r\n\t\t\t\t\t<td style=\"width:17.7%; border-top-style:solid; border-top-width:0.75pt; border-left-style:solid; border-left-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\tINR260.00\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</td>\r\n\t\t\t\t</tr>\r\n\t\t\t\t<tr>\r\n\t\t\t\t\t<td style=\"width:11.6%; border-top-style:solid; border-top-width:0.75pt; border-right-style:solid; border-right-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\tNon-convertible debentures\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</td>\r\n\t\t\t\t\t<td style=\"width:13.6%; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\tINE076I07038\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</td>\r\n\t\t\t\t\t<td style=\"width:12.04%; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\tSEBI\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</td>\r\n\t\t\t\t\t<td style=\"width:9.26%; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t02 April 2025\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</td>\r\n\t\t\t\t\t<td style=\"width:8.62%; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t11\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</td>\r\n\t\t\t\t\t<td style=\"width:9.4%; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t02 April 2028\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</td>\r\n\t\t\t\t\t<td style=\"width:17.78%; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\tIND B+/Negative (ISSUER NOT COOPERATING)\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</td>\r\n\t\t\t\t\t<td style=\"width:17.7%; border-top-style:solid; border-top-width:0.75pt; border-left-style:solid; border-left-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\tINR390.00\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</td>\r\n\t\t\t\t</tr>\r\n\t\t\t\t<tr>\r\n\t\t\t\t\t<td colspan=\"7\" style=\"border-top-style:solid; border-top-width:0.75pt; border-right-style:solid; border-right-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\tTotal\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</td>\r\n\t\t\t\t\t<td style=\"width:17.7%; border-top-style:solid; border-top-width:0.75pt; border-left-style:solid; border-left-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\tINR650\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</td>\r\n\t\t\t\t</tr>\r\n\t\t\t\t<tr>\r\n\t\t\t\t\t<td colspan=\"8\" style=\"border-top-style:solid; border-top-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top\">\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\tSource: NSDL\r\n\t\t\t\t\t\t\r\n\t\t\t\t\t</td>\r\n\t\t\t\t</tr>\r\n\t\t\t</tbody></table>\r\n\t\t\t<p style=\"margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt\">\r\n\t\t\t\t<span style=\"font-family:Calibri; -aw-import:ignore\">&nbsp;</span>\r\n\t\t\t</p>\r\n\t\t\t<p style=\"margin-top:12pt; margin-bottom:12pt; text-align:justify; font-size:9pt\">\r\n\t\t\t\t<span style=\"font-family:Calibri; font-weight:bold\">ANNEXURE II</span>\r\n\t\t\t</p>\r\n\t\t\t<p style=\"margin-top:12pt; margin-bottom:12pt; text-align:justify; font-size:9pt\">\r\n\t\t\t\t<span style=\"font-family:Calibri; font-weight:bold\">Financial Covenants for NCDs</span>\r\n\t\t\t</p>\r\n\t\t\t<ul type=\"disc\" style=\"margin:0pt; padding-left:0pt\">\r\n\t\t\t\t<li style=\"margin-top:12pt; margin-left:34.64pt; margin-bottom:12pt; text-align:justify; padding-left:1.36pt; font-family:serif; font-size:9pt; -aw-font-family:'Symbol'; -aw-font-weight:normal; -aw-number-format:'\uF0B7'\">\r\n\t\t\t\t\t<span style=\"font-family:Calibri\">Net debt/net worth of 3x to be tested on half-yearly basis on RDC’s consolidated financial statements</span>\r\n\t\t\t\t</li>\r\n\t\t\t\t<li style=\"margin-top:12pt; margin-left:34.64pt; margin-bottom:12pt; text-align:justify; padding-left:1.36pt; font-family:serif; font-size:9pt; -aw-font-family:'Symbol'; -aw-font-weight:normal; -aw-number-format:'\uF0B7'\">\r\n\t\t\t\t\t<span style=\"font-family:Calibri\">Net debt/EBITDA to be tested half-yearly (EBITDA of trailing twelve months to be considered) on Hella’s consolidated financial statements in the following manner:</span>\r\n\t\t\t\t\t<ul type=\"circle\" style=\"margin-right:0pt; margin-left:0pt; padding-left:0pt\">\r\n\t\t\t\t\t\t<li style=\"margin-top:12pt; margin-left:34.2pt; margin-bottom:12pt; padding-left:1.8pt; -aw-font-family:'Courier New'; -aw-font-weight:normal; -aw-number-format:'o'\">\r\n\t\t\t\t\t\t\t<span style=\"font-family:Calibri\">4.00x till September 2025</span>\r\n\t\t\t\t\t\t</li>\r\n\t\t\t\t\t\t<li style=\"margin-top:12pt; margin-left:34.2pt; margin-bottom:12pt; padding-left:1.8pt; -aw-font-family:'Courier New'; -aw-font-weight:normal; -aw-number-format:'o'\">\r\n\t\t\t\t\t\t\t<span style=\"font-family:Calibri\">3.50x from March 2026 and thereafter</span>\r\n\t\t\t\t\t\t</li>\r\n\t\t\t\t\t</ul>\r\n\t\t\t\t</li>\r\n\t\t\t</ul>\r\n\t\t\t<p style=\"margin-top:12pt; margin-bottom:12pt; text-align:justify; font-size:9pt\">\r\n\t\t\t\t<span style=\"font-family:Calibri\">All the above covenants shall be tested on a half-yearly basis on September 30 and March 31</span>\r\n\t\t\t</p>\r\n\t\t\t<p style=\"margin-top:12pt; margin-bottom:12pt; text-align:justify; font-size:9pt\">\r\n\t\t\t\t<span style=\"font-family:Calibri; font-weight:bold\">Additional Covenants</span>\r\n\t\t\t</p>\r\n\t\t\t<p style=\"margin-top:12pt; margin-bottom:12pt; text-align:justify; font-size:9pt\">\r\n\t\t\t\t<font face=\"Calibri\">Any promoter loans shall remain subordinated to the facility; no repayment shall be made without consent from the debenture holders.</font><br><br></p>\r\n\t\t\t<p style=\"margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:9pt\">\r\n\t\t\t\t<span style=\"font-family:Calibri; -aw-import:ignore\">&nbsp;</span>\r\n\t\t\t</p>\r\n\t\t</div>\r\n\t\r\n","complexityLevelOfInstruments":"<style>       \r\n        table {\r\n            border-collapse: collapse;\r\n            width: 100%;\r\n        }\r\n        th, td {\r\n            border: 1px solid #000;\r\n            padding: 5px;\r\n            text-align: center;\r\n        }\r\n        th {\r\n            font-weight: bold;\r\n        }\r\n    </style>\r\n\r\n<table border=\"1\" class=\"complexity-indicator-table\" style=\"border-collapse: collapse; width:100%; border: 1px solid #000;\"> \r\n <thead>\r\n <tr>\r\n <th width=\"50%\">Instrument Type</th>\r\n <th width=\"50%\">Complexity Indicator</th>  \r\n</tr>\r\n</thead><tbody><tr><td>Bank loan facilities</td><td>Low</td></tr><tr><td>Non-convertible debentures</td><td>Low</td></tr></tbody></table><p>For details on the complexity level of the instruments, please visit <a href=\"https://www.indiaratings.co.in/complexity-indicators\">https://www.indiaratings.co.in/complexity-indicators</a>.<br><br></p><p></p>","nonCooperationwithPreviousRatingAgency":" <div> <p> Not applicable<br><br> </p> </div> ","descriptionAboutIndiaRating":"\r\n<p>\r\n    India Ratings and Research (Ind-Ra) is India's SEBI registered credit rating agency committed to providing India's credit markets accurate, timely and prospective credit opinions. Built on a foundation of independent thinking, rigorous analytics, and an open and balanced approach towards credit research, Ind-Ra has grown rapidly during the past decade, gaining significant market presence in India's fixed income market.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;\r\n</p>\r\n<p>\r\n    Ind-Ra currently maintains coverage of corporate issuers, financial institutions (including banks and insurance companies), finance companies, urban local bodies, and structured finance and project finance companies.&nbsp;\r\n</p>\r\n<p>\r\n    Headquartered in Mumbai, Ind-Ra has seven branch offices located in Ahmedabad, Bengaluru, Chennai, Gurugram, Hyderabad, Kolkata and Pune. Ind-Ra is recognised by the Securities and Exchange Board of India and the Reserve Bank of India.&nbsp;&nbsp;\r\n</p>\r\n<p>\r\n    Ind-Ra is a 100% owned subsidiary of the Fitch Group.\r\n</p>","industry":"Other Construction Materials","industryName":null,"isRACPriority":true,"fileName":null,"isAWCTriggerCompleted":false,"isRACMailSent":true,"racMailSentDateTime":"2026-10-01T17:23:07","primaryAnalyst":null,"priority":null,"primaryAnalystName":"Siddharth Rego","primaryAnalystDesignation":"Associate Director","primaryAnalystCompanyName":"India Ratings and Research Pvt Ltd","primaryAnalystAddress":"Wockhardt Towers, 4th Floor, West Wing, Bandra Kurla Complex, Bandra East,Mumbai - 400051","primaryAnalystContactNumber":"+91 22 40356115","secondaryAnalystName":"Shubham Kumar","secondaryAnalystDesignation":"Senior Analyst","secondaryAnalystCompanyName":null,"secondaryAnalystContactNumber":"+91 124 6687248","tertiaryAnalystName":"Pradeep Singh","tertiaryAnalystDesignation":"Analyst","tertiaryAnalystCompanyName":null,"tertiaryAnalystContactNumber":"+91 22 40356150","additionalAnalystName":null,"additionalAnalystDesignation":null,"additionalAnalystCompanyName":null,"additionalAnalystContactNumber":null,"chairpersonName":null,"chairpersonDesignation":null,"chairpersonCompanyName":null,"chairpersonContactNumber":null,"mediaRelationName":"Ameya Bodkhe","mediaRelationDesignation":"Marketing Manager","mediaRelationCompanyName":null,"mediaRelationContactNumber":"+91 22 40356121","issuerInformationStatus":null,"detailedRationaleOfRatingAction":" <div> <p> The downgrade and Negative Outlook are in accordance with Ind-Ra’s policy on <a href=\"https://www.indiaratings.co.in/data/Uploads/CriteriaReport/2025/Guidelines%20on%20What%20Constitutes%20Non-Cooperation-Jan.pdf\" target=\"_blank\">Guidelines on What Constitutes Non-Cooperation</a>. As per the policy, ratings of non-cooperative issuers may get downgraded during subsequent reviews, if the issuer continues to remain non-cooperative. With passage of time and absence of updated information, the risk of sustaining the rating at current levels by relying on dated information increases, which may be reflected through a downgrade rating action.&nbsp; The Negative Outlook reflects the likelihood of a downgrade of the entity’s ratings on continued non-cooperation.<br><br></p> </div> ","nonCooperationByTheIssuer":" <div> <p> Ind-Ra had consistently followed up with RDC over emails, apart from phone calls for the requisite information to monitor the ratings. However, Ind-Ra did not receive adequate information including the following critical details at the consolidated level (including parent): </p> <ul type=\"disc\"> <li> Operational and financial performance since FY26 </li> <li> Current liquidity position, including working capital position, utilisation of limits, cash flow generation since FY26 </li> <li> Updates on capex spends/plans and its funding </li> <li> Net debt status and updated repayment schedule FY27 onwards </li> <li> Update on future plans<br><br></li></ul> </div> ","limitationsRegardingInformationAvailability":" <div> <p> Ind-Ra is unable to provide a forward-looking view on the credit rating of RDC, as the agency does not have adequate information to review the rating. If an issuer does not provide timely business and financial updates to the agency, it indicates weak governance, particularly in ‘Transparency of Financial Information’. The agency may also consider this as symptomatic of a possible disruption / distress in the issuer’s credit profile. Therefore, investors and other users are advised to take appropriate caution while using these ratings. RDC has been non-cooperative with the agency since 22 September 2025.<br><br></p> </div> ","listOfKeyRatingDrivers":null,"liquidity":null,"disclosuresForCERating":"<p><strong>1) Unsupported Rating</strong></p><p>Ind-Ra has downgraded RDC’s unsupported rating to IND B+/Negative(ISSUER NOT COOPERATING). The rating will appear as ‘IND B+/Negative(ISSUER NOT COOPERATING)’ on Ind-Ra's website.</p><p>As per SEBI Master Circular, in the case of listed or proposed to be listed debt securities, an unsupported rating is to be disclosed in cases where there is a presence of a specified support considerations, even though the instruments do not carry a CE suffix rating. The unsupported rating is arrived at without factoring in the explicit credit enhancement. It helps in understanding the extent of credit enhancement factored into the instrument rating.</p><p>The Detailed Rationale of the Rating Action for the unsupported rating is the same as that for the bank loan facilities and NCDs ratings.</p><p>&nbsp;</p><p><strong>2) INSTRUMENT COVENANTS</strong></p><p>Refer to Annexure II</p><p><br><strong>3) ADEQUACY OF CE</strong></p><p>Hella Infra Market Limited’s (Hella; debt rated at ‘IND B+/Negative(ISSUER NOT COOPERATING)’) has provided a corporate guarantee for RDC’s NCDs. RDC is a subsidiary of Hella. Since the guarantee does not meet Ind-Ra’s requirement of the presence of a pre-default clause for guarantee invocation and a well-defined payment mechanism, it has not been factored as an explicit CE and hence the CE suffix has not been added to the rating of NCDs.<br><br></p>","disclosuresForProvisionalRating":null,"anyOtherInformation":"<p>Not applicable&nbsp;<br><br></p>","keyFinancialsIndicators":null,"correctionInPreviousRatingActionCommentary":null,"showLoginToContinueReading":"N","racDisclosure":" <p>A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has been duly disclosed by Ind-Ra on its website. A link to the same has been provided below for ready reference:</p>\r\n    <p><a href=\"https://www.indiaratings.co.in/rating-activities\">Rating Activities</a></p>\r\n    <p><strong>Note:</strong> Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.</p>\r\n ","temp1":null,"temp2":null,"totalRowsCount":null,"totalPageCount":null,"ratingCriteriaList":[{"criteriaReportID":"181","title":"Corporate Rating Methodology","documentPath":"https://www.indiaratings.co.in/data//Uploads/CriteriaReport/2023/Corporate Rating Methodology.pdf"},{"criteriaReportID":"201","title":"Policy for Credit Enhanced (CE) Ratings","documentPath":"https://www.indiaratings.co.in/data//Uploads/CriteriaReport/2024/Policy for Credit Enhanced (CE) Ratings-Oct.pdf"},{"criteriaReportID":"206","title":"Guidelines on What Constitutes Non-Cooperation","documentPath":"https://www.indiaratings.co.in/data//Uploads/CriteriaReport/2025/Guidelines on What Constitutes Non-Cooperation-Jan.pdf"},{"criteriaReportID":"223","title":"Parent and Subsidiary Rating Linkage","documentPath":"https://www.indiaratings.co.in/data//Uploads/CriteriaReport/2025/Parent and Subsidiary Rating Linkage-Mar.pdf"},{"criteriaReportID":"225","title":"Short-Term Ratings Criteria for Non-Financial Corporates","documentPath":"https://www.indiaratings.co.in/data//Uploads/CriteriaReport/2025/Short-Term Ratings Criteria for Non-Financial Corporates-May.pdf"},{"criteriaReportID":"234","title":"Minimum/Indicative Information Requirement for Credit Rating","documentPath":"https://www.indiaratings.co.in/data//Uploads/CriteriaReport/2026/Minimum-Indicative Information Requirement for Credit Rating.pdf"},{"criteriaReportID":"236","title":"The Rating Process","documentPath":"https://www.indiaratings.co.in/data//Uploads/CriteriaReport/2026/The Rating Process-Apr.pdf"},{"criteriaReportID":"238","title":"Evaluating Corporate Governance","documentPath":"https://www.indiaratings.co.in/data//Uploads/CriteriaReport/2026/Evaluating Corporate Governance-Aug.pdf"}]}]