HMA Agro's Credit Rating Withdrawn by CRISIL; Company Disagrees with 'Issuer Not Cooperating' Status
The withdrawal of a credit rating, particularly with an 'Issuer Not Cooperating' tag, can negatively impact investor confidence and future borrowing costs, despite the company's disagreement with the classification.
The company's credit rating was withdrawn by CRISIL under an 'Issuer Not Cooperating' status, which HMA Agro strongly disputes. This suggests a negative interaction with the rating agency and potential concerns regarding transparency, despite the company's claims.
HMA Agro Industries Limited announced that CRISIL Ratings Limited has withdrawn its credit rating as of 31st July 2025. * The company had formally requested the withdrawal of its assigned credit rating on 3rd April 2025. * HMA Agro strongly disagrees with CRISIL's decision to withdraw the rating under the "Issuer Not Cooperating (INC)" category, stating it is "unjustified" and "misrepresents the facts." * The company asserts it has always maintained a transparent and professional relationship with CRISIL Ratings and fulfilled all its obligations in a timely manner. * CRISIL's rationale indicated that despite repeated attempts to engage, HMA Agro remained non-cooperative in providing information and management discussion. * CRISIL had migrated the long-term rating on bank facilities of ₹500 crore to 'Crisil BB+/Stable Issuer Not Cooperating' from 'Crisil A-/Negative' before the withdrawal. * Key financial indicators as per CRISIL's last available information (as of March 31, 2025) include an operating income of ₹4941 crore and a reported profit after tax (PAT) of ₹60.1 crore.
What to do with a filing like this
HMA Agro Industries Limited filed this with the NSE as a statutory disclosure, categorised under credit ratings. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by HMA Agro Industries Limited. Read the original for the full detail.