Credit rating agency, CARE has reaffirmed A-rating to Precision Wires India’s long-term bank facilities worth Rs 41.90 crore, which was reduced from Rs 57.54 crore. The rating agency has also reaffirmed A1 rating to the company’s short-term bank facilities worth Rs 332.50 crore which was enhanced from Rs 299.28 crore.
The company has received the said rating reaffirmation on the back of its proven track record and experience of the promoters, dominant position of the company in the copper winding wires industry, comfortable financial leverage and favourable capital structure, the company’s ability to insulate itself from volatility in copper prices, comfortable liquidity position with short working capital cycle, strong client base and favourable future prospects for the power distribution and transmission sectors in the long term.
Precision Wires India (PWIL) is the largest manufacturer of Enamelled Copper Winding Wires in India. The company’s products include Round wire, Rectangular wire, Continuously Transposed Cables and Paper Insulated Copper Conductors.
