Credit rating agency, CARE has reaffirmed ‘BB+’ rating to Tantia Constructions’ Long term bank facilities worth Rs 285 crore. The rating agency has also reaffirmed ‘BB+/A4+’ rating to the company’s Long-term/Short-term bank facilities worth Rs 610 crore.
The ratings assigned to Tantia Constructions (TCL) continue to be constrained by the high overall gearing ratio, elongation in the operating cycle and increase in exposure to the group companies. The ratings also factor in the moderate financial performance in FY13 (refers to the period April 1 to March 31) and H1FY14.
Tantia Constructions is engaged in all types of civil construction activities. It has a pan-India presence through its four regional offices and 45 site offices.