Credit Rating Update
Greenpanel Industries Receives ICRA Rating Reaffirmation; Working Capital Rating Enhanced to ₹160 Crore
NSE
GREENPANEL
BSE
542857
Greenpanel Industries Limited has informed the stock exchanges that ICRA has reaffirmed its long-term credit ratings while increasing the rated amount for fund-based working capital facilities from ₹120 crore to ₹160 crore. The company’s total rated bank facilities have consequently increased to ₹240 crore, although the rating outlook remains Negative.
PRICE-SENSITIVE TRIGGER
Event: ICRA Credit Rating Reaffirmation
Type: Credit Rating Update
Impact: Positive
Immediate Effect: ICRA reaffirmed the company’s existing ratings and enhanced the working capital rated amount, reflecting continued lender confidence while maintaining the existing Negative outlook.
Financials:
Order Metrics:
- Long-term Working Capital Facilities: ₹160 crore (Earlier ₹120 crore)
- Long-term Term Loans: ₹80 crore (Unchanged)
- Short-term Non-Fund Based Facilities: Withdrawn (Earlier ₹20 crore)
- Total Rated Bank Facilities: ₹240 crore (Earlier ₹220 crore)
- Long-term Rating: ICRA A+ (Negative) – Reaffirmed
- Short-term Rating: ICRA A1+ – Reaffirmed and Withdrawn
Highlight:
- ICRA enhanced the rated working capital facilities by ₹40 crore while reaffirming the company’s existing credit ratings.
What Happened ?
Greenpanel Industries Limited announced that ICRA Limited has reaffirmed the company’s long-term bank facility ratings while increasing the rated amount for its fund-based working capital facilities to ₹160 crore.
The company’s overall rated banking facilities now total ₹240 crore, compared with ₹220 crore previously. The rating outlook, however, continues to remain Negative.
Key Details
Order Breakdown:
- Long-term fund-based working capital facilities rated at ₹160 crore with ICRA A+ (Negative).
- Working capital rated amount enhanced from ₹120 crore.
- Long-term term loans of ₹80 crore retain ICRA A+ (Negative).
- Short-term non-fund based facilities reduced to nil and corresponding ICRA A1+ rating has been reaffirmed and withdrawn.
- Total rated bank facilities increased from ₹220 crore to ₹240 crore.
- ICRA continues to maintain a Negative Outlook, indicating no improvement in the outlook despite the reaffirmation.
Note:
- The disclosure is a routine credit rating update and enhancement of rated banking facilities. It does not represent a fresh borrowing, capital raise or debt issuance.
Risk Analysis
Summary:
- The reaffirmation supports the company’s credit profile; however, the continued Negative outlook indicates that ICRA remains cautious regarding future business and financial performance.
Key Risks:
- The rating outlook remains Negative.
- No upgrade in the credit rating has been announced.
- Future rating revisions will depend on operating performance, leverage and financial metrics.
Worst Case:
- If business performance or credit indicators deteriorate, the current Negative outlook could result in a future credit rating downgrade.
Risk Level: Medium
Company Commentary
- ICRA has reaffirmed Greenpanel Industries’ long-term bank facility ratings.
- The rated amount for working capital facilities has been enhanced to ₹160 crore.
- Total rated bank facilities have increased to ₹240 crore.
- The company disclosed the rating action in compliance with SEBI Listing Regulations.
Official Exchange Filing: Greenpanel Industries Limited
