ICRA Upgrades Credit Rating of Premier Polyfilm Ltd Amid Improved Debt Standing
Premier Polyfilm Limited has seen an upgrade in its credit ratings across various debt instruments following a review by ICRA Limited, as confirmed by the company's financial updates. The rating action covers different categories of bank loan facilities and working capital arrangements for the manufacturing entity.The upgraded ratings reflect improved standing across the firm's short-term and long-term funding structures. Key elements of the credit rating assignment relate to fund-based term loans, working demand loans, and non-fund based instruments.
According to the data provided by ICRA Limited, Premier Polyfilm Ltd has secured the following upgraded ratings for its lending instruments:
| Instrument Type | Total Rated Amount (Rs Crore) | Current Rating | Previous Rating Status |
|---|---|---|---|
| Long Term - Fund-based - Term Loan | 13.21 | [ICRA]A-(Stable) | Upgraded from [ICRA]BBB+(Stable) ISSUER NOT COOPERATING |
| Long Term/Short Term - Fund Based - Working demand loan (Consolidated) | 60.00 | [ICRA]A-(Stable)/[ICRA]A2+ | Upgraded from statuses including Issuer Not Cooperating categories |
| Short Term - Non Fund Based LC/BG (Consolidated) | 15.25 | [ICRA]A2+ | Improved status over previous ratings involving Issuer Not Cooperating |
The rating for the Long Term/Short Term Fund Based Working Capital Facilities, rated at a combined amount of 31.54 crore, carries a consolidated rating of [ICRA]A-(Stable)/[ICRA]A2+. This category includes facilities extended by Kotak Mahindra Bank Limited and YES Bank Limited.
Detailed breakdown of the credit assignments across different financial instruments is provided below:
| Instrument Type | Amount (Rs. Crore) | Rating Assigned |
|---|---|---|
| Long Term - Fund-based - Term Loan (Kotak Mahindra Bank) | 13.21 | [ICRA]A-(Stable) |
| Long Term/Short Term - Fund Based Working Capital Facilities (Kotak Mahindra Bank Limited & YES Bank Limited) | 11.50 / 14.00 | [ICRA]A-(Stable)/[ICRA]A2+ |
| Short Term - Non Fund Based LC/BG (YES Bank Limited & Kotak Mahindra Bank Limited) | 14.25 / (10.50) | [ICRA]A2+ |
| Short Term - Non fund based Forward limits | 1.00 | [ICRA]A2+ |
The rated instruments include:
- Long Term Fund-based Term Loans: A total of 13.21 crore is rated at [ICRA]A-(Stable). This includes a segment rated by Kotak Mahindra Bank amounting to 13.21 crore.
- Working Capital Facilities (Fund Based): For this category, rated on the long-term/short-term scale, the total amount assigned was 31.54 crore and carries the [ICRA]A-(Stable)/[ICRA]A2+ rating.
The upgraded ratings for all instruments are subject to ICRA's ongoing surveillance and may be revised based on future developments or new information impacting the debt servicing capability of Premier Polyfilm Ltd.
PREMIERPOL Stock Price Movement
Premier Polyfilm Limited shares are rallying strongly as of 2:05 PM, gaining ₹2.26 or 3.95% to trade at ₹59.45. The stock is seeing a trading volume of 136,111 shares in the current live market 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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