Credit rating agency, CARE has revised rating of Mcnally Bharat Engineering Company’s Long-term Bank Facilities worth Rs 3,904.20 crore, enhanced from Rs 3,779.80 crore from ‘A+’ to ‘A’ and Short-term Bank Facilities worth Rs 300.00 crore from ‘A1+’ to ‘A1’.
The rating agency has also revised rating of company’s Non-convertible redeemable preference share worth Rs 100.0 crore from ‘A’ to ‘A-’ and Short Term Debt (including CP) worth Rs 80.0 crore from ‘A1+’ to ‘A1’.
The revision in ratings of MBEL takes into account the deterioration in the financial risk profile of the company in FY13 and Q1FY14 marked by decrease in net profit margin, significant increase in debt level and elongation of the extended collection period along with high exposure to group & associate companies with net losses on consolidated basis.
McNally Bharat Engineering Company is one of the leading engineering companies. It provides turnkey solutions in areas of power, steel, alumina, material handling, mineral beneficiation, coal washing, ash handling and disposal, port cranes, civic and industrial water supply etc.
The rating agency has also revised rating of company’s Non-convertible redeemable preference share worth Rs 100.0 crore from ‘A’ to ‘A-’ and Short Term Debt (including CP) worth Rs 80.0 crore from ‘A1+’ to ‘A1’.
The revision in ratings of MBEL takes into account the deterioration in the financial risk profile of the company in FY13 and Q1FY14 marked by decrease in net profit margin, significant increase in debt level and elongation of the extended collection period along with high exposure to group & associate companies with net losses on consolidated basis.
McNally Bharat Engineering Company is one of the leading engineering companies. It provides turnkey solutions in areas of power, steel, alumina, material handling, mineral beneficiation, coal washing, ash handling and disposal, port cranes, civic and industrial water supply etc.
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