AI assistant
Menon Bearings Ltd — Audit Report / Information 2025
Apr 28, 2026
59339_rns_2026-04-28_74e9cdde-8cd9-4a5e-85bb-a6713dadb356.pdf
Audit Report / Information
Open in viewerOpens in your device viewer
MENON BEARINGS LIMITED
mB
MENON BEARINGS
28th April 2026
To,
The Manager - DCS
BSE Limited
PhirozeJeejeebhoy Towers,
Dalal Street,
Mumbai – 400 001
Scrip Code: 523828
To,
The Manager - Listing Department
National Stock Exchange of India Limited
Exchange Plaza, BandraKurla Complex,
Bandra (East),
Mumbai- 400051
Symbol: MENONBE
Dear Sir / Ma’am,
Subject: Disclosure of information pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Intimation of Credit Rating
With respect to the captioned subject and pursuant to the provisions of Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that CRISIL has reaffirmed the credit rating as per the details given in the below table:
| Total Bank Loan Facilities Rated | Rs. 20.96 Crore |
|---|---|
| LongTerm Rating | CRISIL BBB+/Stable |
| ShortTerm Rating | CRISIL A2 |
This is for your information and record.
Thanks and Regards,
for MENON BEARINGS LIMITED
SIDDHESHWAR
SUNIL KADANE
Siddheshwar Kadane
Company Secretary & Compliance Officer
Membership No.: A72775
Encl: A/a
REGD. OFFICE & WORKS :
MIDC, GOKUL SHIRGAON, KOLHAPUR - 416 234. INDIA
Phones: +91 231 26 72 279 / 533 / 487 Fax: +91 231 267 22 78
TUV SUD ISO 9001
E-mail: [email protected]
Visit us at: http://www.menonbearings.in
CIN: L29130PN1991PLC062352
28/04/2026, 14:33
Rating Rationale
Crisil Ratings
Rating Rationale
April 23, 2026 | Mumbai
Menon Bearings Limited
Ratings reaffirmed at 'Crisil BBB+ / Stable / Crisil A2'
Rating Action
| Total Bank Loan Facilities Rated | Rs.20.96 Crore |
|---|---|
| Long Term Rating | Crisil BBB+/Stable (Reaffirmed) |
| Short Term Rating | Crisil A2 (Reaffirmed) |
Note: None of the Directors on Crisil Ratings Limited's Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities
Detailed rationale
Crisil Ratings has reaffirmed its 'Crisil BBB+/Stable/Crisil A2' ratings on the bank facilities of Menon Bearings Limited (MBL).
The ratings continue to reflect the established market position of MBL in the bearings industry driven by strong clientele and longstanding presence, and the company's comfortable financial risk profile. These strengths are partially offset by revenue concentration in the automotive (auto) sector, susceptibility to fluctuations in raw material prices and foreign exchange (forex) rates, and modest scale of operations.
Analytical approach
Crisil Ratings has combined the business and financial risk profiles of MBL and its subsidiaries, which are strategically important to MBL and have significant operational integration.
Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation.
Key rating drivers - Strengths
Established market position: Presence of over three decades in the bearings industry has enabled MBL to establish its position across diverse markets and industries. The company earns revenue by catering to original equipment manufacturers and replacement demand in domestic as well as overseas markets, which contributed 30–35% to revenue. The established market position and superior product quality allow MBL to command higher margins, reflected in operating margin of 18.65–20.39% for the two years through fiscal 2025. The margin is estimated at a similar level in fiscal 2026.
Strong clientele: The company has built healthy relationship with key clients, including John Deere, Tata Motors Ltd ('Crisil AA+/Stable/Crisil A1+'), International Tractors Ltd and Brakes India Ltd. MBL is either the sole supplier or a major supplier of bearings for most customers. Steady flow of repeat orders and addition of customers resulted in revenue increasing to Rs 241 crore in fiscal 2025 from Rs 141 crore in fiscal 2021 and the revenue is estimated to have grown over 20% on-year in fiscal 2026.
Comfortable financial risk profile: The capital structure has been comfortable, as reflected in networth of Rs 158 crore, gearing of 0.27 time and total outside liabilities to adjusted networth ratio of 0.46 time as on March 31, 2025, and estimated at similar levels as on March 31, 2026. Debt protection metrics were strong, as indicated by interest coverage of 12.34 times and net cash accrual to adjusted debt ratio of 0.54 time for fiscal 2025 and estimated at similar levels for fiscal 2026. Despite debt-funded capital expenditure (capex) towards capacity addition in the bi-metal, alkop and brake divisions and solar capex undertaken in fiscal 2026 and likely to be undertaken in fiscal 2027, the financial risk profile is expected to remain healthy over the medium term with gradual repayment of term loans and healthy accretion to reserve.
Key rating drivers - Weaknesses
Revenue concentration in the auto industry: Of the total revenue, 80–90% comes from the auto sector and the remaining from the oil and gas, electrical and engineering industries. Within the auto segment, MBL derives bulk of its revenue from the commercial vehicle and tractor segments, which are inherently cyclical. Hence, any sharp reduction in demand from these segments, will adversely impact the credit risk profile of MBL.
Susceptibility to fluctuations in raw material prices and forex rates: Raw material costs comprise 45–50% of operating income/cost structure and the prices of the key raw materials, such as steel, aluminium scrap and metal sheets, are volatile. Moreover, exports account for 30–35% of revenue. Hence, the operating margin is susceptible to sharp movements in input prices and forex rates. Agreements with customers include price escalation clauses to periodically adjust selling prices based on movements in raw material prices. However, there is a lag in implementing price changes and operating margin is susceptible to any adverse movement in input prices. The operating margin was at 18.65–20.39% in the two years through March 2025 and its sustenance at healthy level will remain monitorable.
https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/MenonBearingsLimited_April 23_2026_RR_385495.html
28/04/2026, 14:33
Rating Rationale
Modest, but increasing, scale of operations: Revenue was modest at Rs 241 crore in fiscal 2025 and is estimated to have grown 20% on-year in fiscal 2026. The modest scale of operations restricts pricing power with customers and suppliers. With capacity addition in all divisions, the revenue is expected to increase, but remain modest. Ramp up in operations while sustaining the operating margin will remain monitorable.
Liquidity Adequate
Cash accrual is expected at more than Rs 31 crore per annum, after factoring dividend payout, and will comfortably cover yearly term debt obligation of Rs 9–9.58 crore over the medium term. Bank limit utilisation averaged 35% during the 12 months through March 2026. Cash and equivalents stood at Rs 18.08 crore as on September 2025. The current ratio was healthy at 2.45 times as on March 31, 2025.
Outlook Stable
MBL will continue to benefit from its strong market position and established clientele and sustain its healthy financial risk profile.
Rating sensitivity factors
Upward factors
- Sustained revenue growth and stable operating margin, leading to net cash accrual of over Rs 40 crore.
- Sustenance of healthy financial risk profile and improvement in the working capital cycle
Downward factors
- Decline in revenue or profitability, resulting in net cash accrual below Rs 20 crore
- Sizeable stretch in the working capital cycle, or larger-than-expected, debt-funded capex or acquisition or sizeable dividend payout
About the group
Incorporated in 1991 as part of the Kolhapur (Maharashtra)-based Menon group and promoted by Ram Menon and his family members, MBL manufactures auto components such as bearings, bushes, thrust washers and bi-metal strips at its plant in Kolhapur. It is listed on Bombay Stock Exchange and National Stock Exchange. Nitin Menon is the executive chairman of the company.
Menon Alkop Ltd, a wholly owned subsidiary of MBL, manufactures aluminium die casting and machined component products.
Menon Brakes Pvt Ltd is a wholly owned subsidiary of MBL, and manufactures brake lining and brake shoes.
Menon Bearings New Ventures Ltd, a wholly owned subsidiary of MBL, has no operations currently.
Key financial indicators
| As on/for the period ended March 31 | Unit | Dec 2025 | 2025 | 2024 |
|---|---|---|---|---|
| Operating income | Rs.Crore | 211.20 | 241.17 | 212.39 |
| Reported profit after tax (PAT) | Rs.Crore | 24.47 | 24.93 | 24.36 |
| PAT margin | % | 11.59 | 10.34 | 11.47 |
| Adjusted debt/Adjusted networth | Times | NA | 0.27 | 0.23 |
| Interest coverage | Times | 11.61 | 12.34 | 13.81 |
Any other information: Not applicable
Note on complexity levels of the rated instrument:
Crisil Ratings' complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.
Crisil Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.
For more details on the Crisil Ratings' complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.
Annexure - Details of Instrument(s)
| ISIN | Name Of Instrument | Date Of Allotment | Coupon Rate (%) | Maturity Date | Issue Size (Rs. Crore) | Complexity Levels | Rating Outstanding with Outlook |
|---|---|---|---|---|---|---|---|
| NA | Cash Credit | NA | NA | NA | 20.00 | NA | Crisil BBB+/Stable |
| NA | Proposed Letter of Credit & Bank Guarantee | NA | NA | NA | 0.96 | NA | Crisil A2 |
Annexure - List of entities consolidated
| Names of entities consolidated | Extent of consolidation | Rationale for consolidation |
|---|---|---|
https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/MenonBearingsLimited_April 23_2026_RR_385495.html
28/04/2026, 14:33
Rating Rationale
| Menon Bearings Ltd | NA | Holding company |
|---|---|---|
| Menon Alkop Ltd | Full | Wholly owned subsidiary |
| Menon Brakes Private Ltd | Full | Wholly owned subsidiary |
| Menon Bearings New Ventures Ltd | Full | Wholly owned subsidiary |
Annexure - Rating History for last 3 Years
| Current | 2026 (History) | 2025 | 2024 | 2023 | Start of 2023 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Instrument | Type | Outstanding Amount | Rating | Date | Rating | Date | Rating | Date | Rating | Date | Rating | Rating |
| Fund Based Facilities | LT | 20.0 | Crisil BBB+/Stable | -- | 23-01-25 | Crisil BBB+/Stable | -- | 26-10-23 | Crisil BBB+/Stable | Crisil BBB+/Positive | ||
| Non-Fund Based Facilities | ST | 0.96 | Crisil A2 | -- | 23-01-25 | Crisil A2 | -- | 26-10-23 | Crisil A2 | Crisil A2 |
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
| Facility | Amount (Rs.Crore) | Name of Lender | Rating |
|---|---|---|---|
| Cash Credit | 20 | HDFC Bank Limited | Crisil BBB+/Stable |
| Proposed Letter of Credit & Bank Guarantee | 0.96 | Not Applicable | Crisil A2 |
Annexure: List of instruments and names of regulators of the instruments
As required by SEBI CRA Circular dated Feb 10, 2026, a list of activities or instruments falling under the purview of various FSRs, along with the names of respective FSRs, is being disclosed below:
A. Rating activities
| Sr. No. | Instrument / activity Name | Regulator of the instruments |
|---|---|---|
| 1 | Listed/Proposed to be listed bonds/debentures/preference share (all securities) | SEBI |
| 2 | Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities) | MCA |
| 3 | Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)* | SEBI |
| 4 | Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)* | SEBI |
| 5 | Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)* | RBI |
| 6 | Listed Commercial Paper and NCDs with original maturity less than 1 year | RBI |
| 7 | Unlisted Commercial Paper and NCDs with original maturity less than 1 year | RBI |
| 8 | Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/FIs ^ | RBI |
| 9 | External Commercial Borrowings and other similar borrowings | RBI |
| 10 | Certificates of Deposit | RBI |
| 11 | Fixed Deposits raised by NBFC's, Banks, HFCs, Fis | RBI |
| 12 | Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs | MCA |
| 13 | Inter Corporate Deposits/Loans extended by Corporates | MCA |
| 14 | Borrowing programme ~ | - |
| 15 | Issuer Ratings # | - |
| 16 | Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs) | SEBI |
| 17 | Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs | SEBI |
| 18 | Listed Security Receipts | SEBI |
| 19 | Unlisted Security Receipts | RBI |
| 20 | Independent Credit Evaluation (ICE) | RBI |
| 21 | Expected Loss Ratings (for Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/Fis) | RBI |
| 22 | Expected Loss Ratings (Listed/Proposed to be listed bonds/debentures/preference share (all securities)) | SEBI |
| 23 | Expected Loss Ratings (Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)) | MCA |
https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/MenonBearingsLimited_April 23_2026_RR_385495.html
28/04/2026, 14:33
Rating Rationale
| 24 | Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) * | Investor-side regulator such as IRDAI, PFRDA @ |
|---|---|---|
- Includes securitisation transactions involving assignee payout, acquirer's payout.
~ The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In PRs subsequent to issuance(s), Crisil Ratings Limited shall separately capture the rated quantum details along with names of respective regulators.
^ Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
@ These ratings were assigned during regulatory regime prior to introduction of SEBI CRA Circular dated Feb 10, 2026 and the investor side regulators have accordingly been included.
Note: Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Criteria Details
| Links to related criteria |
|---|
| Basics of Ratings (including default recognition, assessing information adequacy) |
| Criteria for consolidation |
| Criteria for manufacturing, trading and corporate services sector (including approach for financial ratios) |
| Media Relations |
| --- |
| Ramkumar Uppara |
| Media Relations |
| Crisil Limited |
| M: +91 98201 77907 |
| B: +91 22 6137 3000 |
| [email protected] |
| Kartik Behl |
| Media Relations |
| Crisil Limited |
| M: +91 90043 33899 |
| B: +91 22 6137 3000 |
| [email protected] |
| Divya Pillai |
| Media Relations |
| Crisil Limited |
| M: +91 86573 53090 |
| B: +91 22 6137 3000 |
| [email protected] |
https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/MenonBearingsLimited_April 23_2026_RR_385495.html
28/04/2026, 14:33
Rating Rationale
https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/MenonBearingsLimited_April 23_2026_RR_385495.html
5/7
28/04/2026, 14:33
Rating Rationale
Note for Media:
This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper/magazine/agency. The rating rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to Crisil Ratings. However, Crisil Ratings alone has the sole right of distribution (whether directly or indirectly) of its rationales for consideration or otherwise through any media including websites and portals.
About Crisil Ratings Limited (A subsidiary of Crisil Limited, an S&P Global Company)
Crisil Ratings pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical rigour and innovation, we set the standards in the credit rating business. We rate the entire range of debt instruments, such as bank loans, certificates of deposit, commercial paper, non-convertible/convertible/partially convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured debt instruments. We have rated over 33,000 large and mid-scale corporates and financial institutions. We have also instituted several innovations in India in the rating business, including ratings for municipal bonds, partially guaranteed instruments and infrastructure investment trusts (InvITs).
Crisil Ratings Limited ('Crisil Ratings') is a wholly-owned subsidiary of Crisil Limited ('Crisil'). Crisil Ratings Limited is registered in India as a credit rating agency with the Securities and Exchange Board of India ("SEBI").
For more information, visit www.crisilratings.com
About Crisil Limited
Crisil is a leading, agile and innovative global analytics company driven by its mission of making markets function better.
It is India's foremost provider of ratings, data, research, analytics and solutions with a strong track record of growth, culture of innovation, and global footprint.
It has delivered independent opinions, actionable insights, and efficient solutions to over 100,000 customers through businesses that operate from India, the US, the UK, Argentina, Poland, China, Hong Kong and Singapore.
It is majority owned by S&P Global Inc, a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide.
For more information, visit www.crisil.com
Connect with us: TWITTER | LINKEDIN | YOUTUBE | FACEBOOK
CRISIL PRIVACY NOTICE
Crisil respects your privacy. We may use your contact information, such as your name, address and email id to fulfil your request and service your account and to provide you with additional information from Crisil. For further information on Crisil's privacy policy please visit www.crisil.com.
DISCLAIMER
This disclaimer is part of and applies to each credit rating report and/or credit rating rationale ('report') provided by Crisil Ratings Limited ('Crisil Ratings'). For the avoidance of doubt, the term 'report' includes the information, ratings and other content forming part of the report. The report is intended for use only within the jurisdiction of India. This report does not constitute an offer of services. Without limiting the generality of the foregoing, nothing in the report is to be construed as Crisil Ratings provision or intention to provide any services in jurisdictions where Crisil Ratings does not have the necessary licenses and/or registration to carry out its business activities. Access or use of this report does not create a client relationship between Crisil Ratings and the user.
The report is a statement of opinion as on the date it is expressed, and it is not intended to and does not constitute investment advice within meaning of any laws or regulations (including US laws and regulations). The report is not an offer to sell or an offer to purchase or subscribe to any investment in any securities, instruments, facilities or solicitation of any kind to enter into any deal or transaction with the entity to which the report pertains. The recipients of the report should rely on their own judgment and take their own professional advice before acting on the report in any way.
Crisil Ratings' products / activities or ratings of instruments other than 'securities that are listed or proposed to be listed' may fall under the purview of financial sector regulators (FSRs) other than SEBI. In respect of such products / activities or ratings (under the purview of other FSRs such as Reserve Bank of India (RBI), Ministry of Corporate Affairs (MCA), Insurance Regulatory and Development Authority of India (IRDAI), among others), the grievance / dispute redressal and investor protection mechanisms available under SEBI regulations shall not be applicable.
A list of products/activities or ratings of instruments falling under the purview of various FSRs along with the names of respective FSRs has been duly disclosed by Crisil Ratings on its website. A link to the same has been provided below for ready reference:
https://www.crisilratings.com/en/home/our-business/ratings/regulatory-disclosures/list-of-activities-instruments-and-names-of-regulators.html
https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/MenonBearingsLimited_April 23_2026_RR_385495.html
28/04/2026, 14:33
Rating Rationale
Crisil Ratings and its associates do not act as a fiduciary. The report is based on the information believed to be reliable as of the date it is published, Crisil Ratings does not perform an audit or undertake due diligence or independent verification of any information it receives and/or relies on for preparation of the report. THE REPORT IS PROVIDED ON "AS IS" BASIS. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAWS, CRISIL RATINGS DISCLAIMS WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR OTHER WARRANTIES OR CONDITIONS, INCLUDING WARRANTIES OF MERCHANTABILITY, ACCURACY, COMPLETENESS, ERROR-FREE, NON-INFRINGEMENT, NON-INTERRUPTION, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE OR INTENDED USAGE. In no event shall Crisil Ratings, its associates, third-party providers, as well as their directors, officers, shareholders, employees or agents be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of any part of the report even if advised of the possibility of such damages.
The report is confidential information of Crisil Ratings and Crisil Ratings reserves all rights, titles and interest in the rating report. The report shall not be altered, disseminated, distributed, redistributed, licensed, sub-licensed, sold, assigned or published any content thereof or offer access to any third party without prior written consent of Crisil Ratings.
Crisil Ratings or its associates may have other commercial transactions with the entity to which the report pertains or its associates. Ratings are subject to revision or withdrawal at any time by Crisil Ratings. Crisil Ratings may receive compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of the instruments, facilities, securities or from obligors.
Crisil Ratings has in place a ratings code of conduct and policies for managing conflict of interest. For more detail, please refer to: https://www.crisilratings.com/en/home/our-businesses/ratings/regulatory-disclosures/highlighted-policies.html. Public ratings and analysis by Crisil Ratings, as are required to be disclosed under the Securities and Exchange Board of India regulations (and other applicable regulations, if any), are made available on its websites, www.crisilratings.com and https://www.ratingsanalytica.com (free of charge). Crisil Ratings shall not have the obligation to update the information in the Crisil Ratings report following its publication although Crisil Ratings may disseminate its opinion and/or analysis. Reports with more detail and additional information may be available for subscription at a fee. Rating criteria by Crisil Ratings are available on the Crisil Ratings website, www.crisilratings.com. For the latest rating information on any company rated by Crisil Ratings, you may contact the Crisil Ratings desk at [email protected], or at (0091) 1800 267 3850.
Crisil Ratings shall have no liability, whatsoever, with respect to any copies, modifications, derivative works, compilations or extractions of any part of this [report/ work products], by any person, including by use of any generative artificial intelligence or other artificial intelligence and machine learning models, algorithms, software, or other tools. Crisil Ratings takes no responsibility for such unauthorized copies, modifications, derivative works, compilations or extractions of its [report/ work products] and shall not be held liable for any errors, omissions of inaccuracies in such copies, modifications, derivative works, compilations or extractions. Such acts will also be in breach of Crisil Ratings' intellectual property rights or contrary to the laws of India and Crisil Ratings shall have the right to take appropriate actions, including legal actions against any such breach.
Crisil Ratings uses the prefix 'PP-MLD' for the ratings of principal-protected market-linked debentures (PPMLD) with effect from November 1, 2011, to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked Debentures". The revision in rating symbols for PPMLDs should not be construed as a change in the rating of the subject instrument. For details on Crisil Ratings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: https://www.crisilratings.com/en/home/our-business/ratings/credit-ratings-scale.html
https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/MenonBearingsLimited_April 23_2026_RR_385495.html