Net 4 India gets rating upgrade from ICRA for its bank facilities

Credit rating agency, ICRA has upgraded the rating for Rs 26.60 crore fund based facilities of Net 4 India from ‘LBB+’ to ‘BBB-’. The long term rating continues to carry a stable outlook. The rating agency has also upgraded the rating for the Rs 25.50 crore non fund based facilities from A4 to A3.

The upgrade of ratings takes into account improvement in the financial profile of the company (on a consolidated basis) as characterized by significant growth in operating income (55%) and profits (83%) in FY 2011 and a decline in gearing of account of equity infusion and healthy accruals.

Net4 India is a leading IP communication services and solutions company, focused on providing services to businesses. It has a Pan India presence, encompassing a wide array of IP solutions and services like data center services, web hosting services, corporate email / messaging solutions, VoIP services and solutions and networking and IT hardware products and integration.