Credit Rating by CRISIL Ratings -Disclosure Under Regulation 30 of SEBI (LODR) Regulations, 2015
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CRISIL Ratings has downgraded Machino Plastics' long-term rating on its Rs 172.3 crore of bank loan facilities from 'Crisil BB+/Stable' to 'Crisil B/Stable (Issuer Not Cooperating)'. The downgrade is tagged 'Issuer Not Cooperating' because the company failed to submit No Default Statements (NDS) for three consecutive months despite repeated reminders, so the rating is based on best-available information without management interaction. The downgrade spans facilities from lenders including Axis Bank, YES Bank, Kotak Mahindra, HDFC Bank, and Tata Capital, covering cash credit, term loans, sales bill discounting, and channel financing. CRISIL noted that non-cooperation may signal either operational issues or a broader deterioration in credit risk. While FY25 operating income rose to Rs 388.77 crore (from Rs 337.77 crore) and PAT improved to Rs 8.56 crore, debt-to-equity worsened to 3.35x (from 1.97x) and interest coverage fell to 2.83x (from 3.91x).
This is a meaningful credit downgrade into speculative/junk territory (B rating) and raises governance red flags due to non-cooperation with the rating agency, which could lead to higher borrowing costs, tighter lending terms, and negative sentiment among existing and potential lenders. Shareholders should view this as a significant negative signal for the company's financial transparency and credit profile.