Credit rating agency, Crisil has reaffirmed BBB rating with stable outlook to Rs 7.90 crore cash credit limit of ITL Industries. The rating agency has also reaffirmed A3+ rating to Rs 5.50 crore bank guarantee and Rs 2 crore letter of credit of the company.
Crisil ratings on bank loan facilities of ITL Industries continue to reflect the company’s healthy financial risk profile, marked by low gearing and adequate debt protection metrics, and moderate business risk profile marked by an established and diversified clientele. These rating strengths are partially offset by ITL’s modest scale of operations and susceptibility to cyclicality in the end user industry.
The company’s plant, located in Indore (Madhya Pradesh), manufactures bandsaw and circular saw machinery (used in metal cutting), and pipe and tube manufacturing machinery. It also manufactures power hacksaw machinery in technical collaboration with KASTO Maschinenfabrik GmbH (Germany).