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CARE assigns rating to Mangalam Cement’s commercial paper issue

07 Mar 2017

Credit rating agency, CARE has assigned ‘A1+’ rating to Mangalam Cement’s commercial paper (CP) issue worth Rs 50 crore. The rating assigned to the Commercial Paper issue of Mangalam Cement (MCL) draws comfort from the rich experience of the promoters, long & established track record of the group, established brand though majorly concentrated in northern region, strong marketing channel, operating efficiency arising out of backward integration, and satisfactory capital structure.

The rating also takes into account improvement in the revenue-risk profile during 9MFY17 (refers to the period April 1 to December 31) after incurring losses in FY16 (refers to the period April 1 to March 31) and commencement of commercial production at Aligarh unit. The rating, however, factors in partial procurement of high cost limestone from the open market, volatility in input and finished goods prices and cyclicality of cement industry.

Related Mangalam Cement Ltd. Links:

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