Credit rating agency, Credit Analysis & Research (CARE) has revised rating of Skipper’s long term bank facilities worth Rs 308.51 crore to ‘A-’ from ‘BBB+’. The rating agency has also revised rating of company’s Long/Short-term bank facilities worth Rs 710 crore to ‘A-/A2’ from ‘BBB+/A2’.
The revision in the long term rating of Skipper takes into account the consistent improvement in profitability in FY14 (refers to the period April 1 to March 31) and Q1FY15 and expected improvement in margins from execution of high margin orders and resultant forex gain, a part of which has already been realized in Q2FY15.
Skipper is engaged in structural fabrication and manufacturing of mild steel (M.S.) and galvanized iron (G.I.) pipes, steel tubular poles, scaffolding and accessories and PVC pipes. Structural fabrication is the major contributor to the revenue of the company (accounting for almost 60% of gross sales in FY14).
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