Balaji Amines Limited has announced the withdrawal of its credit rating for bank loan facilities amounting to INR 1,950 million. The withdrawal follows the receipt of no-due certificates from the banks. India Ratings and Research (Ind-Ra) has confirmed the withdrawal of the rating, with the facilities now marked as ‘WD’ (Withdrawn). This action does not imply a change in the company’s financial health but reflects the cessation of the rating mandate.
Credit Rating Withdrawal Announced
Balaji Amines Limited has formally notified the stock exchanges regarding the withdrawal of its credit rating for bank loan facilities. The total size of these facilities was INR 1,950 million.
Reason for Withdrawal
The withdrawal of the credit rating is attributed to Balaji Amines Limited receiving no-due certificates from the associated banks. This indicates that the liabilities related to these specific loan facilities have been settled or resolved to the satisfaction of the lenders.
Rating Agency Confirmation
India Ratings and Research (Ind-Ra), the credit rating agency, has confirmed the withdrawal of the rating. The status of the instrument is now marked as ‘WD’, signifying ‘Rating Withdrawn’. This action is a procedural step and does not reflect any adverse change in the creditworthiness of the company at this juncture.
Facility Details
The withdrawn rating applied to bank loan facilities that were originally regulated by the RBI. According to the provided annexure, the breakdown includes facilities with State Bank of India and HDFC Bank Limited, both categorized under fund-based and non-fund-based working capital limits, with outstanding amounts ranging from INR 480 million to INR 520 million.
Source: BSE
