Credit rating agency, CARE has revised rating of Pitti laminations’ long term bank facilities worth Rs 112.70 crore to ‘A-’ from ‘BBB+’. The rating agency has also revised rating of company’s short term bank facilities worth Rs 254 crore to ‘A2+’ from ‘A2’.
The revision in the ratings of Pitti Laminations (PLL) takes into account the significant increase in its operating income coupled with improved profitability during FY15 (refers to the period April 1 to March 31), long-term supply agreement with General Electric (GE) and healthy order book position. The ratings continue to factor in the experienced promoters, established track record in the stampings & lamination industry, reputed client base, presence of raw material price variation clause in agreement with majority of clients and moderate capital structure.
Pitti Laminations is engaged in the manufacturing of electrical laminations (installed capacity of 32,000 MTPA) at its two plants in Mahaboobnagar district of Telangana and one plant in Pune of Maharashtra. The electrical laminations are used in the rotating electrical machinery such as industrial motors, aeronautic wing control motors etc. Furthermore, the company also manufactures die-cast rotors, assembled stators, press tools, jigs and fixtures.
