ICRA assigns A+ rating to Shree Pushkar Chemicals' debt instruments; stock slips ~3%

25 May 2022 , 03:16 PM

Shree Pushkar Chemicals & Fertilizers Limited has informed that ICRA Limited has assigned a long-term rating of ‘ICRA A+’ to the company’s debt instruments.

The rating agency has given a ‘Positive’ outlook on the company’s debt instruments. While the Rating Committee of ICRA has assigned a short-term rating of ‘ICRA A1’.

The rating agency has reviewed total facilities worth Rs112.57 crore. This includes Long-term Fund-based Cash Credit facilities worth Rs60 crore, Long-term fund-based term loans worth Rs1 crore, and short-term non-fund based working capital worth Rs51.57 crore.

ICRA stated in its rationale that for arriving at the ratings, ICRA has taken a consolidated view of Shree Pushkar Chemicals and Fertilisers Limited (SPCFL) and its wholly-owned subsidiaries, Kisan Phosphates Private Limited (KPPL) and Madhya Bharat Phosphate Private Limited (MBPPL), collectively referred to as the consolidated entity or the Group due to the operational, management and financial linkages between them.

Shree Pushkar Chemicals is currently trading at Rs241.40 down by Rs7.75 or 3.11% from its previous closing of Rs249.15 on the BSE. The scrip touched intraday high and low of Rs255 and Rs240 respectively.