Control Print Ltd has voluntarily requested the withdrawal of its bank facility credit ratings from CRISIL. Before the withdrawal, the agency upgraded the company's long-term rating to CRISIL A/Stable and short-term rating to CRISIL A1. Investors should note this is a procedural move following improved transparency and not a sign of financial distress.
Control Print Ratings Withdrawn Following Recent Upgrade
- CRISIL A/Stable (Long-term) and CRISIL A1 (Short-term) assigned prior to withdrawal.
- Withdrawal executed at company request with lender no-objection certificate.
Reader Takeaway: Voluntary rating withdrawal reflects procedural closure, while earlier upgrades confirm improved corporate transparency and financial stability.
What just happened
Control Print Ltd has officially withdrawn its credit ratings for bank facilities from CRISIL Ratings Limited. This follows a positive migration of the company's ratings from the previously inactive 'Issuer Not Cooperating' status to 'CRISIL A/Stable' and 'CRISIL A1'. The company requested this withdrawal after obtaining a no-objection certificate from its lenders, aligning with standard rating agency policies for such requests.
Why this matters
The withdrawal is a voluntary corporate action rather than a reflection of credit quality deterioration. By securing an upgrade to 'A' grade ratings before the withdrawal, the company has effectively cleared the record regarding its previous 'Issuer Not Cooperating' status, demonstrating improved information sharing and transparency with the rating agency.
Operational Performance
CRISIL’s latest review highlights a robust financial profile. As of March 31, 2026, the company maintained a debt-free status with gearing at 0 times. Liquidity remains strong, with bank limit utilization averaging a low 27% through June 2026. The firm held Rs 59 crore in liquid investments and cash reserves, providing a comfortable buffer for operations.
Risks to watch
The primary operational challenge remains the company’s working capital-intensive business model. Gross current assets stood at 235 days as of March 2026, largely driven by the need to maintain significant inventory levels to ensure seamless delivery of consumables and spare parts to clients. Investors should track this working capital cycle closely for any signs of cash flow strain.
Financial Summary (FY2026)
Operating income reached Rs 482.24 crore in FY2026 compared to Rs 425.79 crore in FY2025. While reported PAT was Rs 43.60 crore for FY2026, liquidity and leverage metrics indicate a solid balance sheet with no external debt.