Mawana Sugars Limited has informed the Exchange that Credit Analysis & Research Limited (CARE) has withdrawn the ratings assigned to the Company's Long Term/Short Term Fund Based Working Capital Facilities, as the Company is obtaining credit ratings from two agencies, namely: (i) CARE Ratings Limited and (ii) ICRA Limited.
MAWANASUG · price
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Mawana Sugars Limited has informed exchanges that CARE Ratings has withdrawn its credit ratings for the company's Long Term/Short Term Fund Based Working Capital Facilities. This is not a negative credit event - CARE Ratings actually reaffirmed the rating at 'CARE BBB+; Stable' before withdrawing it at the company's request. The company is now obtaining ratings from two agencies: CARE Ratings Limited and ICRA Limited. The company maintains an investment-grade rating of [ICRA] BBB+ (stable)/A2 for its Rs.500 crore working capital facilities from ICRA. CARE's press release highlighted improved financial performance in FY25 with total operating income of Rs.1,449.64 crore, improved PBILDT margins of 8.80%, and better debt coverage indicators with overall gearing improving to 0.86x from 1.27x.
This is a neutral administrative change. The company upgraded to dual rating agency coverage while maintaining investment-grade ratings. The reaffirmation of BBB+ (stable) by CARE before withdrawal indicates no deterioration in credit quality. Shareholders can view this positively as it reflects the company's financial stability and access to multiple rating agencies.