CRISIL Reaffirms Credit Ratings for Mangalam Organics Ltd's Bank Facilities at Rs. 397 Crore
Mangalam Organics Ltd has received a review and reaffirmation of its credit ratings for its bank facilities, which aggregate to Rs. 397 Crore. The rating review was conducted by CRISIL Ratings Limited.The ratings for the company's debt facilities were examined, with CRISIL confirming the existing ratings and maintaining the current outlook.
The details of the confirmed ratings are as follows:
| Rating Type | Previous Rating and Outlook | Revised Rating and Outlook |
|---|---|---|
| Long-Term Rating | CRISIL BBB+/Watch Developing (Continues on 'Rating Watch with Developing Implications') | CRISIL BBB+/Watch Developing (Continues on 'Rating Watch with Developing Implications') |
| Short-Term Rating | CRISIL A2/Watch Developing (Continues on 'Rating Watch with Developing Implications') | CRISIL A2/Watch Developing (Continues on 'Rating Watch with Developing Implications') |
The overall confirmation indicates no change in the ratings, with the continuation of the 'Rating Watch with Developing Implications' outlook.
Detailed Facility Breakdown
The total rated bank facilities amount to Rs. 397 Crore. These facilities are distributed across various banks and types of credit instruments.The breakdown of the outstanding facilities rated by CRISIL Ratings is presented below:
| S.No. | Bank Facility | Bank | Amount (Rs. in Crore) | Outstanding Rating |
|---|---|---|---|---|
| 1 | Cash Credit | YES Bank Limited | 22.5 | Crisil BBB+/Watch Developing |
| 2 | Cash Credit | The Saraswat Co-Operative Bank Limited | 37 | Crisil BBB+/Watch Developing |
| 3 | Cash Credit | HDFC Bank Limited | 20 | Crisil BBB+/Watch Developing |
| 4 | Cash Credit | Axis Bank Limited | 90 | Crisil BBB+/Watch Developing |
| 5 | Letter of Credit | Axis Bank Limited | 35 | Crisil A2/Watch Developing |
| 6 | Letter of Credit | HDFC Bank Limited | 65 | Crisil A2/Watch Developing |
| 7 | Proposed Long Term Bank Loan Facility | -- | 88 | Crisil BBB+/Watch Developing |
| 8 | Term Loan | YES Bank Limited | 8 | Crisil BBB+/Watch Developing |
| 9 | Term Loan | HDFC Bank Limited | 7.5 | Crisil BBB+/Watch Developing |
| 10 | Term Loan | The Saraswat Co-Operative Bank Limited | 24 | Crisil BBB+/Watch Developing |
| Total | 397 |
MANORG Stock Price Movement
On Monday, Mangalam Organics Limited shares slipped by 0.07% to settle at ₹426.55. Trading saw the stock complete the day at a volume of 1,596 shares, positioning the close below the day's high of ₹428.Source:
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