Chemplast Sanmar Ltd. Downgraded by CRISIL Ratings

Karthik · Mar 26, 2026

Chemplast Sanmar Ltd. Downgraded by CRISIL Ratings

Chemplast Sanmar Limited and its wholly-owned subsidiary, Chemplast Cuddalore Vinyls Limited, have been downgraded by CRISIL Ratings. The downgrading occurred on March 26, 2026, as announced by the company.

Chemplast Sanmar Limited’s Long-Term Ratings were downgraded from A+ to A, with the outlook remaining Negative. The Short-Term Ratings were reaffirmed as A1. The total quantum of Bank loan facilities remains at Rs. 2,001 Cr.

Chemplast Cuddalore Vinyls Limited also experienced a downgrade, with its Long-Term Ratings moving from A+ to A, while the outlook remains Negative. Its Short-Term Ratings were reaffirmed. The total quantum of Bank loan facilities remains at Rs. 2,550 Cr.

Chemplast Sanmar Limited Ratings:

S. No.	Type / Facility	Present Rating	Remarks
1	Long Term - Bank Facilities (Fund Based)	CRISIL A / Negative	Outlook remains Negative; Rating downgraded
2	Short Term - Bank Facilities (Non-Fund Based)	CRISIL A1	Reaffirmed

Chemplast Cuddalore Vinyls Limited Ratings:

S. No.	Type / Facility	Present Rating	Remarks
1	Long Term - Bank Facilities (Fund Based)	CRISIL A / Negative	Outlook remains Negative; Rating downgraded
2	Short Term - Bank Facilities (Non-Fund Based)	CRISIL A1	Reaffirmed

The rating rationale published by CRISIL Ratings Ltd. on March 26, 2026, is available for review. The action was communicated at 11:41 AM (IST).

Bank-Wise Details of Chemplast Sanmar Limited Facilities:

S.No.	Bank Facility	Bank	Amount (Rs. in Crore)	Outstanding Rating
1	Cash Credit	CTBC Bank Co Limited	1	Crisil A/Negative
2	Letter of Credit	CTBC Bank Co Limited	14	Crisil Al
3	Letter of Credit	IDBI Bank Limited	36	Crisil A1
4	Letter of Credit	State Bank of India	130	Crisil A1
5	Letter of Credit	DBS Bank India Limited	110	Crisil A1
6	Letter of Credit	ICICI Bank Limited	150	Crisil A1
7	Letter of Credit	CTBC Bank Co Limited	160	Crisil A1
8	Letter of Credit	IDBI Bank Limited	124	Crisil A1
	Letter of Credit	State Bank of India	20	Crisil A1
10	Letter of Credit	YES Bank Limited	100	Crisil A1
11	Letter of Credit	Indian Overseas Bank	50	Crisil Al
12	Letter of Credit	IndusInd Bank Limited	100	Crisil Al
13	Term Loan	State Bank of India	275	Crisil A/Negative
14	Tern Loan	IDBI Bank Limited	20	Crisil A/Negative
15	Term Loan	IndusInd Bank Limited	160	Crisil A/Negative
16	Term Loan	ICICI Bank Limited	250	Crisil A/Negative
17	Term Loan	YES Bank Limited	200	Crisil A/Negative
18	Term Loan	YES Bank Limited	100	Crisil A/Negative
19	Working Capital Demand Loan	IDBI Bank Limited	1	Crisil A/Negative

Bank-Wise Details of Chemplast Cuddalore Vinyls Limited Facilities:

S.No.	Bank Facility	Bank	Amount (Rs. in Crore)	Outstanding Rating
1	Cash Credit	ICICI Bank Limited	10	Crisil A/Negative
2	Letter of Credit	IDFC FIRST Bank Limited	225	Crisil A/Negative
3	Letter of Credit	IDBI Bank Limited	140	Crisil A/Negative
4	Letter of Credit	IndusInd Bank Limited	200	Crisil A/Negative
5	Letter of Credit	The Hongkong and Shanghai Banking Corporation Limited	150	Crisil A/Negative
6	Letter of Credit	CBC Bank Co Limited	45	Crisil A/Negative
7	Letter of Credit	ICICI Bank Limited	195	Crisil A/Negative
8	Letter of Credit	RBL Bank Limited	150	Crisil A/Negative
9	Letter of Credit	Indian Overseas Bank	110	Crisil A/Negative
10	Letter of Credit	YES Bank Limited	450	Crisil A/Negative
11	Proposed Long Term Bank Loan Facility	Not Applicable	56	Crisil A/Negative
12	Proposed Non Fund based limits	Not Applicable	75	Crisil Al
13	Term Loan	RBL Bank Limited	80	Crisil A/Negative
14	Term Loan	IDFC FIRST Bank Limited	80	Crisil A/Negative
15	Term Loan	State Industries Promotion Corporation of Tamil Nadu Limited	108	Crisil A/Negative
16	Term Loan	ICICI Bank Limited	33	Crisil A/Negative
17	Term Loan	IndusInd Bank Limited	443	Crisil A/Negative
	Total		2550

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Chemplast Sanmar Ltd. Downgraded by CRISIL Ratings