Credit rating agency, ICRA has reaffirmed the long-term rating of B+ and short-term rating of A4 assigned to the term loans, fund based and non-fund based facilities of Cable Corporation of India (CCIL) aggregating to Rs 179.50 crore (reduced from Rs 183.85 crore).
The reaffirmation of ratings takes into account the high working capital intensity in the business and stretched liquidity position of the company that has resulted in irregularities in the utilization of its cash credit facilities and devolvement of LCs.
Cable Corporation of India manufactures PVC, XLPE, Paper, Fluoropolymer and Elastomeric insulated power cables. It is also specialized in the areas of specialty cables like HVDC cables, Mining cables, Aerial Bunched Cables (33 kV), Winding wires etc.
