CARE reaffirms rating of Electrotherm’s bank facilities

19 Aug 2011

Credit rating agency, CARE has reaffirmed rating of Rs 1128.40 crore long term bank facilities of Electrotherm (India) to ‘BB’ from ‘BBB’. The rating agency has also reaffirmed rating of Rs 643.90 crore short term bank facilities of the company to ‘A4’ from ‘A3’.

The revision in the ratings takes into account the deterioration in the company’s financial risk profile and liquidity position owing to debt funded capex with no commensurate returns and failure to infuse equity as envisaged.

Electrotherm India established itself as a market leader in the induction of melting furnaces for the steel manufacturing in India and has further diversified into the steel manufacturing and electric vehicles business.

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