Credit rating agency CARE has downgraded rating of Nitco’s Rs 648.43 crore long term bank facilities to BB from BBB+. The rating agency has also downgraded rating of the company’s short term bank facilities worth Rs 633.07 crore to A4 from A2.
The rating for bank facilities has been downgraded by CARE due to company’s poor FY12 performance. The company reported a loss of Rs 55.44 crore on a total income of Rs 840.06 crore during FY12 as compared to a PAT of Rs 26.30 crore on a total income of Rs 641.02 crore during FY11.
Nitco is engaged in the manufacture of flooring tiles in India. Previously known as Nitco Tiles, the company is one of the largest manufacturers of flooring tiles in India.
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