Credit rating agency, CARE has revised ‘AA-’ ratings of JMC Projects (India)’s long-term bank facilities worth Rs 424.33 crore which was enhanced from Rs 351.96 crore to ‘A+’. The rating agency has also revised ‘AA-/A1+’ rating of company’s Long-Term/Short term Bank Facilities worth Rs 2,350.00 crore which was enhanced from Rs 1,700.00 crore to ‘A+/A1+’.
The company has received the said rating on the back of its increased equity funding commitments towards road projects taken on Build-Operate-Transfer (BOT) basis, on the back of decline in profitability and higher working capital intensity all of which has resulted in moderation of the financial risk profile.
JMC is one of the few construction companies certified under ISO 9001:2000 quality management system by TUV Management Services of Germany. The company is mainly engaged in the construction of industrial and residential buildings and also power and infrastructure development projects.
