Dharmaj Crop Guard Limited Receives CRISIL Rating Reaffirmation and Withdrawal for Rs.237.85 Crore Bank Facilities
Dharmaj Crop Guard Limited has received reaffirmation and withdrawal of CRISIL credit ratings for bank facilities totaling Rs.237.85 crore on April 02, 2026. The company's long-term rating of 'CRISIL BBB+/Stable' and short-term rating of 'CRISIL A2' were both reaffirmed and withdrawn at the company's request after submitting No Objection Certificates. The rated facilities include various credit instruments across HDFC Bank Limited and State Bank of India, supporting the company's operational requirements.

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Dharmaj Crop Guard Limited has notified both BSE and NSE about the reaffirmation and withdrawal of its credit ratings by CRISIL Ratings Limited. The company received the rating withdrawal communication on April 03, 2026, for actions completed on April 02, 2026.
Rating Details and Withdrawal Process
CRISIL Ratings Limited reaffirmed and subsequently withdrew the ratings assigned to Dharmaj Crop Guard Limited at the company's request. The withdrawal was processed after the company submitted No Objection Certificates to the rating agency.
| Rating Parameter: | Details |
|---|---|
| Total Bank Loan Facilities Rated: | Rs.237.85 Crore |
| Long Term Rating: | CRISIL BBB+/Stable (Rating Reaffirmed and Withdrawn) |
| Short Term Rating: | CRISIL A2 (Rating Reaffirmed and Withdrawn) |
Bank Facility Breakdown
The rated facilities span across multiple banks and facility types, with HDFC Bank Limited and State Bank of India being the primary banking partners. The comprehensive facility structure includes various credit instruments to support the company's operational and growth requirements.
| Facility Type: | Bank | Amount (Rs. in Crore) |
|---|---|---|
| Cash Credit: | HDFC Bank Limited | 52.75 |
| Cash Credit: | State Bank of India | 30.00 |
| Term Loan: | HDFC Bank Limited | 50.00 |
| Term Loan: | State Bank of India | 40.00 |
| Letter of Credit: | HDFC Bank Limited | 40.00 |
| Pre Shipment Packing Credit: | HDFC Bank Limited | 15.10 |
| Foreign Exchange Forward: | HDFC Bank Limited | 10.00 |
Regulatory Compliance and Timeline
The rating withdrawal follows the company's earlier communication dated February 18, 2026, wherein it had informed exchanges about obtaining credit ratings from CARE Ratings Limited. This sequential rating agency transition demonstrates the company's proactive approach to credit rating management and regulatory compliance.
The company has made the rating withdrawal information available on its official website at www.dharmajcrop.com , ensuring transparency for all stakeholders. Both BSE and NSE have been formally notified through proper regulatory channels as required under applicable listing regulations.
Corporate Communication
The formal intimation was signed by Rameshbhai Ravajibhai Talavia, Chairman and Managing Director, and addressed to both major stock exchanges where the company's shares are listed. The communication included the complete rationale for reaffirmation and withdrawal issued by CRISIL Ratings Limited, along with detailed facility-wise breakdowns for comprehensive disclosure.
Historical Stock Returns for Dharmaj Crop Guard
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.85% | +12.25% | +11.63% | -10.10% | +37.02% | +3.32% |
What specific terms and conditions did CARE Ratings Limited offer that prompted Dharmaj Crop Guard to switch from CRISIL?
How might the transition between rating agencies impact the company's borrowing costs and future credit facility negotiations?
Will the new CARE ratings maintain similar investment-grade status, and what factors could influence any rating changes?


































