ICRA reaffirms rating of ECE Industries’ bank facilities

Credit rating agency, ICRA has reaffirmed A- rating to the Rs 60 crore fund based limits of ECE Industries. The outlook on the long term rating is stable. The rating agency has also reaffirmed A2+ rating to the Rs 120 crore non fund based limits of the company.

The reaffirmation of rating takes into account very low gearing level (0.01 times as on FY11) and high liquidity position of the company on account of significant amount of land bank and liquid investments available.

The company is in the business of manufacture of transformers catering to state utilities and industrial consumers. Apart from that the company is also present in the manufacturing of elevators. It currently has manufacturing units located at Sonepat.