Credit Rating

ICRA Limited has reviewed and reaffirmed the credit ratings for Greenlam Industries Ltd and its wholly owned subsidiary Greenlam Limited. The parent company received [ICRA]AA- (Negative) for its long-term facilities of Rs. 265 Crores (up from Rs. 165 Crores) and [ICRA]A1+ for short-term facilities of Rs. 185 Crores (down from Rs. 200 Crores). The subsidiary received similar ratings: [ICRA]AA- (Negative) for long-term facilities totaling Rs. 430 Crores and [ICRA]A1+ for short-term facilities of Rs. 160 Crores. While the ratings are reaffirmed, the Negative outlook on the long-term ratings signals caution. The working capital limits have been restructured with increased long-term and reduced short-term borrowing capacity.