Credit rating agency, CARE has downgraded rating of Hira Ferro Alloys’ long term bank facilities worth Rs 69.36 crore to ‘BBB-’ from ‘BBB’. The rating agency has also revised the company’s short term bank facilities worth Rs 45 crore to A3 from A3+.
The company has received the rating downgrade on account dip in its profitability margins, moderation in liquidity position and corporate guarantee extended by the company for debt availed by another company.
Hira Ferro Alloys is engaged in manufacturing of manganese based ferro alloys (mainly silico-manganese). It also sells surplus power on merchant basis from its captive power plants to optimise the profitability of the company.
