After due consideration, Crisil Rating has withdrawn the ratings assigned to the bank loan facility.
Awaiting price reaction for this filing.
Crisil Ratings has formally withdrawn all ratings assigned to Nitin Fire Protection Industries' bank loan facilities, following the company's request after fully settling all loans owed to its financial creditors. The total bank facilities that were rated amounted to Rs. 450 crore, spread across banks including IDBI Bank, Bank of Baroda, Axis Bank, and Dena Bank, covering bank guarantees, cash credit, letters of credit, and standby letters of credit. With no outstanding loans, the company no longer requires active credit ratings on these facilities.
This is a positive signal for shareholders — the company has completely cleared its bank debt, reducing interest costs and financial risk. However, it also means the company is now operating without rated bank borrowings, so investors should check whether it is funding growth through internal accruals or has other liabilities.