Credit rating agency, CARE has revised rating of Metroglobal’s long term bank facilities worth Rs 35 crore to ‘BBB+’ from ‘BBB’. The rating agency has also revised rating of company’s short term bank facilities worth Rs 15 crore to ‘A2’ from ‘A3+’. The revision in the ratings assigned to the bank facilities of Metroglobal (MGL) takes into account the improvement in its scale of operations along with comfortable financial risk profile and comfortable liquidity position as well as steady income from various real estate projects wherein it has investments.
The ratings continue to derive strength from the vast experience of the promoters of MGL in the dyes & dye intermediates and chemical business along with its large clientele in the trading business. The ratings, however, continue to remain constrained on account of risk associated with trading nature of operations, exchange rate fluctuation risk, cyclical nature of chemical industry and risks associated with significant investments in real estate sector.
| Company Name | CMP |
|---|---|
| Redington | 232.30 |
| Adani Enterprises | 2199.85 |
| Amrapali Industries | 18.09 |
| Rashi Peripheral | 457.15 |
| PDS | 299.60 |
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