|
Indag Rubber Ltd announced that ICRA Limited has reaffirmed its ratings for various instruments, including a Long-term Credit rating of [ICRA]A- (Negative) and a Short-term Credit rating of [ICRA]A2+ for the same, both with an outlook as under consideration; ICRA has also reaffirmed the rating of [ICRA]A-(Negative) for the Financial Sector Regulator - Long-term fund-based Cash credit of Rs. 3.40, and [ICRA]A2+ for the RBI Short-term Non-fund based bank guarantee of Rs. 25.00, alongside assigning ratings of [ICRA]A-(Negative) for a Cash Credit limit of Rs. 3.00 from Kotak Mahindra Bank Limited and [ICRA]A2+ for a Bank Guarantee of Rs. 25.00 from Kotak Mahindra Bank Limited, both valid until September 29, 2026, while reaffirming existing ratings for other instruments such as Cash Credit, Bank Guarantees, and Unallocated Short-term limits; the ratings are subject to surveillance and reflect uncertainty surrounding the sustainability of recent profitability improvement, although liquidity remains strong and capital structure is comfortable, with interest coverage improving to 7.62 times in FY2026 from 1.77 times in FY2025.
|