Credit rating agency, CARE has reaffirmed ‘A1+’ rating to Balmer Lawrie & Company’s (BLCL’s) short-term bank facilities worth Rs 15 crore. The rating agency has also reaffirmed ‘AA+/ A1+’ rating to company’s Long/Short term Bank Facilities worth Rs 155 crore.
The ratings continue to draw strength from the long and satisfactory track record of Balmer Lawrie & Company (BLCL), Government of India’s controlling equity stake in the company, professional & highly qualified management team, pan-India presence with diversified business portfolio, reputed clientele and comfortable financial and liquidity position with high cash balance. The ratings also factor in the decline in profitability in FY15 (refers to the period April 1 to March 31) due to weak performance of grease & lubricant division and commissioning of the new industrial packaging unit in Taloja.
BLCL is a diversified, multi-location and multi-product conglomerate, manufacturing steel barrels for industrial packaging (IP) products, greases & lubricants (GL) and performance chemicals and carries out various service based activities such as logistics infrastructure services (LIS), travel & tours (TT), project engineering & consultancy in oil & infrastructure sector.
