Intimation regarding credit rating assigned to the Company. The detailed disclosure is attached herewith.
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Shahlon Silk Industries has received new credit ratings from CARE Ratings for its bank facilities worth Rs. 119.70 crore. Long-term facilities of Rs. 93.70 crore got CARE BB-; Stable, long-term/short-term facilities of Rs. 22.00 crore got CARE BB-; Stable / CARE A4, and short-term facilities of Rs. 4.00 crore got CARE A4. Previously, the company's facilities were rated CRISIL B/Stable (long-term) and CRISIL A4 (short-term); the company has requested CRISIL to withdraw those ratings. This is essentially a switch in rating agency from CRISIL to CARE, with the new CARE BB- rating sitting slightly above the prior CRISIL B on the credit scale.
The CARE BB- rating is a notch higher than the earlier CRISIL B rating, modestly improving the company's perceived credit profile. Both ratings sit in the non-investment-grade (speculative) band, so borrowing costs are unlikely to change dramatically, but a 'Stable' outlook signals no near-term pressure on the rating.