Credit rating agency, CARE has revised ‘BB’ rating to Jyoti’s Long-term Bank Facilities worth Rs 275.33 crore which was enhanced from 67.60 crore from ‘ BBB-‘ and ‘A4’ rating to Company’s Short term Bank Facilities worth Rs 68.39 crore which was enhanced from 60.91 crore from ‘ A3‘.
The rating agency has also revised ‘BB’ /’A4 ‘rating to Company’s Long-term/Short term Bank Facilities worth Rs 600.54 crore which was enhanced from 419.96 crore from ‘ BBB-‘/‘ A3‘.
The company has received the said rating on the back of its deterioration in financial risk profile during 9MFY13 marked by increase in the financial leverage due to increased working capital requirements to fund elongated receivables and decline in the profitability
Jyoti is a leading ISO 9001: 2008 engineering company offering reliable quality products and services. The Jyoti Group of Companies is a conglomeration of industrial units involved in manufacturing and marketing a wide range of electrical and hydraulic engineering equipment used extensively in the vital sectors of national and international economy.
