CRISIL Rates Neogen Chemicals Ltd and Ionics Ltd on Bank Facilities; Ratings Focus on Project Status
CRISIL Ratings Limited has reviewed the credit ratings for Neogen Chemicals Limited and its subsidiary, Neogen Ionics Limited, regarding their bank facilities and debt instruments. The ratings address both companies' financial health across various loan types and lending institutions.For Neogen Chemicals Limited, rated at ₹680 Crore in Total Bank Loan Facilities Rated, the rating action is A-/Negative. The rationale provided notes that the downgrade is linked to the status of the battery chemicals project, while the rating also factors in insurance claim receipts. Furthermore, the revision in the rating for Ionics Limited reflects the rating action taken on its parent company, Chemicals Limited.
Neogen Ionics Limited's Total Bank Loan Facilities Rated stand at ₹1,150 Crore, receiving a revised rating of BBB+/Negative.
The ratings provided by CRISIL detail various bank facilities and associated lending institutions for both companies, as presented in the following tables.
Neogen Chemicals Limited Credit Ratings Overview
Neogen Chemicals Limited holds several credit ratings related to different types of loans and services extended by various banks.| Loan Type | Bank / Facility Provider | Rating |
|---|---|---|
| Total Bank Loan Facilities Rated (Value) | N/A | ₹680 Crore A-/Negative |
| Long Term Rating | CRISIL | CRISIL A-/Negative |
| Short Term Rating | CRISIL | CRISIL A1 |
| Non-Convertible Debentures of ₹200 Crore | CRISIL | CRISIL A/Negative |
| Letter of Credit (State Bank of India) | State Bank of India | CRISIL A2+ |
| Term Loan (Bandhan Bank Limited) | Bandhan Bank Limited | CRISIL A-/Negative |
| Loan (HDFC Bank Limited) | HDFC Bank Limited | CRISIL A-/Negative |
| Loan (HDFC Bank Limited) | HDFC Bank Limited | CRISIL A-/Negative |
| Limited Term Loan (Axis Bank Ltd.) | Axis Bank Limited | CRISIL A-/Negative |
| Proposed Long Term Bank Loan Facility | N/A | CRISIL A-/Negative |
| Working Capital Demand Loan (IDBI Bank Limited) | IDBI Bank Limited | CRISIL A2+ |
| Working Capital Demand Loan (Bandhan Bank Limited) | Bandhan Bank Limited | CRISIL A2+ |
| Working Capital Term Loan (HDFC Bank Limited) | HDFC Bank Limited | CRISIL A-/Negative |
A broader view of Cash Credit facilities provided to Neogen Chemicals Limited is summarized below:
| Facility Type | Lender | Rating |
|---|---|---|
| Cash Credit | Axis Bank Limited | CRISIL A-/Negative |
| Cash Credit | IDBI Bank Limited | CRISIL A-/Negative |
| Cash Credit | State Bank of India | CRISIL A-/Negative |
| Cash Credit | HDFC Bank Limited | CRISIL A-/Negative |
Neogen Ionics Limited Credit Ratings Overview
Neogen Ionics Limited’s credit ratings cover long-term and working capital facilities provided by several financial institutions.| Facility Type | Lender / Institution | Rating |
|---|---|---|
| Long term bank facility | Axis Bank Limited | CRISIL BBB+/Negative |
| Long term bank facility | Union Bank of India | CRISIL BBB+/Negative |
| Long term bank facility | The Karur Vysya Bank Limited | CRISIL BBB+/Negative |
| Long term bank facility | State Bank of India | CRISIL BBB+/Negative |
| Working Capital Facility | Axis Bank Limited | CRISIL BBB+/Negative |
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NEOGEN Stock Price Movement
Neogen Chemicals Limited shares on Friday slipped by 7.06% to settle at ₹2175.6, as the stock registered a day high of ₹2334.9. The company’s equity traded 184,996 shares during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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