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Latest filing: 2026-09-23 16:31
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Acuite Assigns 'ACUITE BBB/Stable' Rating to Manoj Ceramic's Rs 50 Cr Bank Facilities
Acuite Ratings & Research has assigned an 'ACUITE BBB/Stable' rating to Manoj Ceramic Limited's Rs 50.00 crore bank loan facilities. The rated facilities include Rs 30.00 crore cash credit from Axis Bank, Rs 14.50 crore cash credit from Indian Bank, and Rs 5.50 crore in proposed long-term facilities. The total rated amount of Rs 50.00 crore covers roughly 70% of the company's total reported debt of Rs 71 crore. The rating reflects investment-grade creditworthiness with a stable outlook.
Confidence: HIGH
What changedAcuite assigned an initial credit rating of 'ACUITE BBB/Stable' on Rs 50.00 crore of bank credit facilities.
Why it mattersSecuring an investment-grade rating establishes standard borrowing benchmarks and supports the company's working capital needs across its banking partners.
Total rated bank facilities: Rs 50.00 CrRated facilities vs Total Debt: ~70.4%Axis Bank Cash Credit: Rs 30.00 CrIndian Bank Cash Credit: Rs 14.50 CrProposed Long Term Facility: Rs 5.50 Cr
📅 Short termNeutral to mildly positive sentiment as formal credit coverage is established for major banking lines without negative surprises.
📈 Long termSupports working capital funding requirements for domestic retail expansion and inventory holding as the business scales.
⚠ Risk flags
- Working capital intensity given Rs 44.50 crore in active cash credit lines out of Rs 71 crore total debt.
Key Highlights
Acuite assigned 'ACUITE BBB
Stable' rating for total bank facilities of Rs 50.00 crore
Axis Bank cash credit facility rated at Rs 30.00 crore
Indian Bank cash credit facility rated at Rs 14.50 crore
Proposed long-term bank facilities assigned Rs 5.50 crore
Rating letter issued on September 22, 2026, valid until August 10, 2027
👀 What to Watch
Track the company's interest coverage and leverage metrics in upcoming quarterly results to see if the stable investment-grade rating helps optimize borrowing costs.
