Modern Insulators Ltd

Rating action

• Total Bank Loan Facilities Rated increased to Rs 165 crore from Rs 130 crore.
• Long-Term Rating: Crisil A-/Stable; Short-Term Rating: Crisil A2+; both reaffirmed.
• Outlook: Stable.
• Rating Agency: Crisil Ratings Limited.

Rationale and surveillance

• Ratings under continuous surveillance per Crisil Ratings.
• Crisil may withdraw or revise ratings on new information.

Material changes and duration

• Material change: facility increase; ratings reaffirmed.
• Letter valid until March 31, 2027.

Instrument details

• Bank-wise facilities total Rs 165 crore; varying ratings across lenders.

Board approvals & results

• Board approved 41st AGM notice and FY2025-26 annual report.
• Unaudited standalone and consolidated results for quarter ended 30 Jun 2026 approved with limited review.
• Auditor: R B Verma & Associates issued Limited Review Report.

NCLT scheme & amalgamation update

• NCLT Jaipur order disposed of scheme petition; re-approach after regulatory compliance.
• Tax provision of Rs 275.40 lacs for Q1 FY2027 not provided due to amalgamation.
• Management hopeful of final NCLT approval for the Scheme.

Loans & related party

• Rs 7029 lacs interest-free unsecured loan to a company under section 189.
• Rs 2435 lacs interest-free unsecured loan to wholly owned subsidiary.
• Loans to support amalgamation; no repayment terms specified.

Consolidated results & notes

• Consolidated results include unreviewed subsidiary/joint venture figures; not material to group.
• Figures for some periods regrouped for comparability.
• Results were reviewed by Audit Committee and approved by Board on 10 August 2026.

Dematerialisation processing status

• Dematerialisation requests processed; confirmed to depositories.
• Securities dematerialised are listed on stock exchanges.
• Physical certificates dematerialised were mutilated and cancelled; depository's name substituted as owner within 15 days.

Rating action

• Crisil Ratings assigned ratings to Modern Insulators Limited's bank facilities.
• Long-term rating: Crisil A-/Stable.
• Short-term rating: Crisil A2+.

Facilities rated

• Total bank loan facilities rated: Rs.130 crore.
• Cash credit and packing credit carry Crisil A-/Stable.
• Bank guarantees, letters of credit, and bill discounting carry Crisil A2+.

Rating agency

• Rating agency: Crisil Ratings.

Rationale

• The letter provides no detailed rationale in this excerpt.
• Ratings are under continuous surveillance and review.

Outlook

• Outlook on the long-term rating is Stable.

Material change

• This is an assignment of ratings to bank facilities.