Credit rating agency, Credit Analysis & Research (CARE) has revised rating of Manaksia Aluminium Company’s long term bank facilities worth Rs 63 crore to ‘A-’ from ‘A’. The rating agency has also revised rating of company’s short term bank facilities worth Rs 111 crore to ‘A2+’ from ‘A1’.The revision in the ratings assigned to the bank facilities of Manaksia Aluminium Company (MACL) takes into account the significant decline in profitability margins in FY15 (refers to the period April 1 to March 31) and H1FY16. The ratings, however, continue to draw strength from the experience of the promoters, availability of financial support from Manaksia group as well as moderate capital structure.
Manaksia Aluminium Company manufactures aluminium rolled products in coil and sheet form as well as aluminium alloy ingots. MACL also manufactures corrugated, profiled and patterned aluminium sheets. The company has an ISO 9001:2008 certification. In FY15, MACL reported net loss of Rs 6.24 crore (PAT after defd tax of Rs 2.51 crore in FY14) on operating income of Rs 297.43 crore (Rs 177.24 crore in FY14).
| Company Name | CMP |
|---|---|
| National Aluminium | 438.70 |
| Maan Aluminium | 144.15 |
| Arfin India | 94.47 |
| Manaksia Aluminium | 31.35 |
| PG Foils | 216.40 |
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