BSECompany Update6d ago · 14 Aug 2026, 11:52 am
Please find enclosed the intimation regarding the Credit Rating of the Company.
MIC Electronics Ltd · 532850
✦ AI Summary▲ Positivecredit_rating
MIC Electronics Ltd has obtained a credit rating upgrade from Brickwork Ratings for its bank loan facilities, with ratings improving to BWR BBB- /Stable and BWR A3 for fund-based and non-fund based facilities respectively.
Analysis Scores
Earnings Impact8/10
Growth Catalyst2/10
Governance Concern1/10
Regulatory Risk1/10
Balance Sheet Risk6/10
Liquidity Impact9/10
Market Sentiment8/10
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Full Announcement
MIC Electronics Ltd - 532850 - Announcement under Regulation 30 (LODR)-Credit Rating
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Date: August 14, 2026
The Listing Compliance Department The Listing Compliance Department
M/s. BSE Limited M/s. National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1, G Block,
Dalal Street, Bandra Kurla Complex, Bandra (E),
Mumbai 400 001. Mumbai 400 051.
Scrip code: 532850 / MIC Scrip code: MICEL
Dear Sir/Madam,
Sub: Intimation of credit rating under regulation 30 of SEBI (LODR) Regulations, 2015.
In pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosures Requirements)
Regulations, 2015 (“SEBI Listing Regulations”), we would like to inform you that company has
obtained the credit rating from “Brickwork Ratings” on the bank loan facilities of the company.
In this regard, below is the details of the credit ratings given by “Brickworks” to the company:
S. No Particulars Previous Rating Current Rating
1 Fund Based – Term Loan, Cash BWR BB /Stable BWR BBB- /Stable Upgrade
Credit, WCTL
2 Non-Fund Based – Bank BWR A4 + Assignment BWR A3 Upgrade
Guarantee
The rating letter dated August 13, 2026, received from Brickwork Ratings, is enclosed as an
Annexure.
The above information is also available on the website of the company at www.mic.co.in
Request you to take the same on your records.
Thanking you
Yours truly,
for MIC Electronics Limited
Lakshmi Sowjanya Alla
Company Secretary & Compliance Officer
BWR/BLR/HO/SRC/Sabitha M Nayak/3600/2026-27
13 August 2026
Mr. Kaushik Yalamanchili,
Managing Director
MIC Electronics Limited,
Plot No. 192/13, Phase II, IDA, Cherlapalli,
Hyderabad-500051, Telangana.
Dear Sir
Sub: Annual Review of the Bank Loan Facilities of MIC Electronics Limited, aggregating Rs.
110.82 Crs. (Rupees one hundred ten crore eighty-two lakhs only).
Ref: BWR rating letter BWR/BLR//SRC/Sabitha M Nayak/5064/2025-26 dated 31-Oct-2025, advising the
Ratings of BWR BB/Stable /BWR A4+ for the bank loan facilities of MIC Electronics Limited.
On Annual review of MIC Electronics Limited's performance, based on the information and clarifications
provided by you, and as available in public sources, we are pleased to inform you that the ratings of MIC
Electronics Limited Bank Loan Facilities amounting to Rs.110.82 Crs., have been revised as follows:
Amount (Rs. Crs) Rating*
Previous
Facilities** Previous Present Tenure (31 Oct 2025) Present
Fund Based
Cash Credit-Sanctioned 31.00 31.00
Term Loan-Outstanding 12.78 10.35
BWR BB /Stable BWR BBB- /Stable
Cash Credit-Proposed 22.45 29.00 Assignment Upgrade
WCTL(ECLGS)- BWR BBB- /Stable
Sanctioned - 6.18 Long-Term - Assignment
Subtotal
(Fund-based) 66.23 76.53
Non-Fund Based
Bank BWR A4 + BWR A3
Guarantee-Sanctioned 8.00 8.00 Assignment Upgrade
Bank BWR A3
Guarantee-Proposed - 26.29 Short-Term - Assignment
Subtotal
(Non-Fund based) 8.00 34.29
Grand Total 74.23 110.82 One hundred ten crore eighty-two lakhs only
Note: *For definitions of the ratings, please refer to our website www.brickworkratings.com
Details of bank-wise facilities are as per Annexure-I
The ratings are valid for twelve months from the date of this letter, subject to the terms and conditions of your
mandate letter dated 22 July 2026 and other relevant correspondence, along with Brickwork Ratings’
standard disclaimer appended at the end of this letter.
The rated bank loan facilities will remain under surveillance during the said validity period. You are required
to submit information periodically as per Annexure II for surveillance/review purposes. Additionally, please
keep us informed about any developments that could affect your company’s financial performance without
delay.
Brick Work Ratings will monitor the rated bank loan facilities throughout the validity period. Please submit
the information detailed in Annexure-II on a regular basis, as it is required for ongoing surveillance and
review. Inform us promptly if any developments arise that could affect your company’s financial performance.
Non-submission of the No Default Statement (NDS) on a monthly basis will result in publishing your
Company’s name on our website under “NDS not submitted”.
Please note that on non-submission of NDS for consecutive 3 months or BWR’s inability to
validate your timely debt servicing through any other source, Your rating will be migrated to
Issuer Not Co-operative (INC) category within 5 working days from three consecutive months
of non-submission of NDS.
BWR may in its judgement migrate your rating to the INC category before the expiry of three consecutive
months of non-receipt of NDS
Rating Rationale issued by us in this regard is enclosed for your information. We are also endorsing a copy of
this letter along with a copy of the said Rating Rationale to your bankers for their information and records.
We look forward to your cooperation in maintaining the transparency and integrity of the rating process.
Best Regards
Sabitha M Nayak
Associate Director - Ratings
Note: Rating Rationale of all accepted ratings are published on the Brickwork Ratings website.
Please refer to our website at www.brickworkratings.com. If you cannot view the rationale,
inform us at brickworkhelp@brickworkratings.com.
MIC Electronics Limited
ANNEXURE I
Details of Bank Loan Facilities rated by BWR
Name of the Bank Name of the facility Tenure Amount to be rated (Rs. Crs)
Cash Credit - Sanctioned Long-term 20.00
Cash Credit - Proposed Long-term 29.00
Term Loan - Sanctioned Long-term 10.35
Canara Bank WCTL (ECLGS) - Sanctioned Long-term 3.99
Bank Guarantee - Sanctioned Short-term 4.00
Bank Guarantee - Proposed Short-term 26.29
Cash Credit - Sanctioned Long-term 11.00
WCTL (ECLGS) - Sanctioned Long-term 2.19
Bank of Maharashtra
Bank Guarantee-Sanctioned Short-term 4.00
Grand Total 110.82
MIC Electronics Limited
Annexure-II
The following documents/ information should be submitted to BWR:
1. Confirmation that the Company has fully complied with the terms and conditions of the sanction letter.
2. Certified copies of periodical Inventories, book debts, and bills receivable statements submitted to the bank.
3. Confirmation about payment of instalment and interest upon payment.
4. Schedule of Term Loan instalments and interest due, along with payments made to date.
5. Certified copies of Quarterly Information Statements (QIS) and Half Yearly Information Statements (HYIS)
submitted to the bank.
6. Certified copies of Quarterly Financial Statements (QFS) for the current fiscal year
7. Certified copies of the Bank's Statements of Accounts every quarter.
8. Quarterly / Half- yearly financial statements (unaudited or with limited review) and Annual financial
statements (provisional as well as audited).
9. Information on any delays or defaults in servicing bank loans, letters of credit, letters of guarantee, NCDs,
bonds and other borrowings, by the Company as at the end of March, June, September and December each
year.
10. Information on any delays or defaults in debt obligations of subsidiaries or other group companies, at the
end of March, June, September and December each year.
11. Certified copies of the monthly/quarterly book debt and receivable statements submitted to the bank.
Any other statement/information as requested by sent to rst@brickworkratings.com
DISCLAIMER
Nature of Ratings & Information: BWR ratings are opinions on the relative ability of an
entity/instrument to meet its financial obligations and are based on information obtained from issuers and
other sources believed to be reliable. BWR does not conduct audits, due diligence, or independent verification
of such information and does not guarantee its accuracy, adequacy, or completeness. Ratings are current only
as of the date of publication and may be revised based on new or unavailable information.
No Advice or Recommendation: Ratings, reports, and related communications are not investment advice
and do not constitute recommendations to buy, sell, or hold securities, or to sanction, renew, or disburse
credit facilities. They do not represent offers or solicitati
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