Reaffirmation of credit rating
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ICRA Limited has reaffirmed the credit ratings of TANFAC Industries for an enhanced total facility of Rs. 195 Crore, up from the previous Rs. 90 Crore. The long-term fund-based working capital limit of Rs. 50 Crore is rated [ICRA]A+ with a Stable outlook, while non-fund-based facilities of Rs. 105 Crore and short-term unallocated limits of Rs. 40 Crore are rated [ICRA]A1+. The rated limits are spread across State Bank of India, IDBI Bank, and HDFC Bank. The reaffirmation with a Stable outlook indicates that ICRA views the company's credit profile as unchanged and healthy. The more than doubling of the rated amount suggests that lenders and the rating agency are comfortable extending larger credit lines to the company.
Positive for shareholders — the Stable rating and enhanced credit lines (more than doubled from Rs. 90 Cr to Rs. 195 Cr) give the company greater working capital headroom to fund operations and growth at favourable borrowing terms, though no actual rating upgrade was granted.