Credit rating agency, CARE has revised rating of Kriti Industries’ Long-term Bank Facilities worth Rs 70.60 crore from BBB to BBB- and Short-term Bank Facilities worth Rs 3 crore from A3+ to A3. The rating agency has also revised rating of company’s Long-term/Short-term Bank Facilities worth Rs 100.85 crore from BBB/ A3+ to BBB-/ A3.
The revision in the ratings of the bank facilities of Kriti Industries India (KIL) takes into account increase in its scale of operations backed by higher institutional orders, gradual improvement in capital structure and reduction in operating cycle.
KIL’s facilities are located at Pithampur, Madhya Pradesh with a total installed capacity of 69,300 metric tonne per annum (MTPA) for pipe manufacturing and 2,250 MTPA for pipe fittings/mouldings as on March 31, 2014.
