Credit Rating as annexed.
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ICRA has reaffirmed its credit ratings for Deepak Spinners Limited's bank facilities with State Bank of India, effective July 22, 2025. The long-term rating stands at [ICRA]A- with a Negative outlook for Rs. 63 crore in facilities (Rs. 60 crore Cash Credit + Rs. 3 crore Bank Guarantee). The short-term rating is reaffirmed at [ICRA]A2+ for Rs. 13 crore in non-fund based limits (Letter of Credit, Capex LC, Credit Exposure Limit) and interchangeable export packing/bill discounting facilities. An unallocated limit of Rs. 16.10 crore carries both ratings. Total rated bank facilities amount to Rs. 92.10 crore. The ratings are not changed but the Negative outlook on the long-term rating suggests ICRA sees downside risks to credit quality over the next 12 months.
The rating reaffirmation is neutral, but the continued Negative outlook on the long-term rating is a caution flag — it signals that ICRA may downgrade the rating if the company's financial performance does not improve, which could raise future borrowing costs for the company.