CRISIL affirms credit ratings of Neuland Laboratories' bank facilities

22 Apr 2022 , 11:46 AM

Neuland Laboratories Limited has informed that the credit rating agency CRISIL Limited has reviewed the company’s bank facilities, and has affirmed the credit ratings assigned to the company.

CRISIL has affirmed the ‘CRISIL A-‘ rating to the company’s long-term loan, and fund-based limits. It has given a stable outlook for the same.

The rating agency has given the ‘CRISIL A2+’ rating to the company’s short-term non-fund based limits.

Long-term instruments include a term loan worth Rs68.95 crore, Rs220 crore working capital facility, Rs75 crore Foreign Currency Term Loan, Rs22.20 crore External Commercial Borrowings, and a proposed term loan worth Rs22.45 crore.

Short-term instruments include Rs1 crore bank guarantee, Rs124 crore letter of credit, and Rs6.4 crore Foreign Exchange Forward.

Neuland Lab is currently trading at Rs1,387.20 down by Rs0.4 or 0.03% from its previous closing of Rs1,387.60 on the BSE. The scrip opened at Rs1,385.10 and has touched day’s high and low of Rs1,389.35 and Rs1,380 respectively so far.