Credit rating agency -- CARE has reaffirmed the rating of JMC Projects’ Long Term Bank Facilities & Non-Convertible Debentures (NCDs) as ‘A+’; Stable. Further, it has downgraded the rating of Short Term Bank Facilities from ‘A1+’ to ‘A1’, thereby giving the rationale for such downgrade. The revision in Short Term Bank Facilities rating is on account of high working capital intensity of operations which is likely to remain high amidst heightened execution challenges due to Covid-19 pandemic along with continued funding requirement for company's underperforming operational toll projects.
JMC Projects, a subsidiary of Kalpataru Power Transmission, is India’s one of the leading contracting company. The company is mainly engaged in the construction of industrial and residential buildings and also power and infrastructure development projects.
