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.
DISCLAIMER: Accord Fintech provides the Content on “AS IS” basis without any express or implied warranties. Accord Fintech does not warrant the accuracy, timeliness, completeness, adequacy, merchantability, or fitness for a particular purpose of the Content, and Accord Fintech shall not be liable to Licensee or to any third party with respect to any actual or alleged inaccuracy, untimeliness, incompleteness, inadequacy, unmerchantbailty or unfitness.
Copyright 2012 Accord Fintech Pvt. Ltd., distributed by Contify.com