Credit rating agency, CARE has reaffirmed ‘BB’ rating to Mukesh Steels’ long term bank facilities worth Rs 12 crore and ‘A4’ rating to company’s Short term Bank Facilities worth Rs 10.00 crore. The ratings assigned to the bank facilities of Mukesh Steels (MSL) continue to remain constrained by its small scale of operations, low profitability margins, its leveraged capital structure and low debt coverage indicators.
Mukesh Steels is engaged in the manufacturing of steel ingots, rounds and trading of various steel products with its manufacturing facility located in Ludhiana, Punjab. The manufacturing facilities include an induction furnace for melting scrap and production of ingots and a mill for rolling of ingots into rounds.
