We wish to inform that CRISIL Ratings Limited has assigned the Credit Rating as mentioned in this disclosure.
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CRISIL Ratings has assigned new credit ratings to Modern Insulators Limited's bank facilities totaling Rs.130 crore. The company received a Long Term Rating of CRISIL A-/Stable and a Short Term Rating of CRISIL A2+. The rated facilities include bank guarantees, bill discounting, cash credit, letters of credit, and packing credit from Central Bank of India and Punjab National Bank. This is an initial rating assignment, not an upgrade or downgrade, indicating CRISIL's first-time assessment of the company's creditworthiness. The facilities are split between Central Bank of India (Rs.50.25 crore) and Punjab National Bank (Rs.79.75 crore).
The A-/Stable rating suggests moderate-to-high creditworthiness with a stable outlook, indicating low risk for lenders. For shareholders, this rating assignment demonstrates the company's ability to maintain satisfactory financial health and should support its ability to avail bank credit at reasonable terms.