Credit ratings agency, CARE has assigned ‘BB’ rating to ITL Industries’ long term bank facilities worth Rs 1.06 crore. The rating agency has also assigned ‘A4’ rating to the company’s short term bank facilities worth Rs 2 crore.
The ratings assigned to the company are primarily constrained by its financial risk profile marked by the consistent decline in the total operating income over the past three years ended FY12, moderate profitability and deteriorating liquidity position and modest scale of operations of in a highly competitive machine tools industry.
The company manufactures manual and automatic metal-cutting machines such as bandsaw & circular saw machines and pipe & tube manufacturing machines.
