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ICRA reaffirms rating of International Combustion India Ltd

Posted On: 2019-04-12 13:31:32

The credit rating agency ICRA Limited (ICRA) has reaffirmed the long-term scale rating on the working capital credit facilities enjoyed by the Company from its bankers on consortium basis of [ICRA]BBB- (pronounced as ICRA triple B minus) [signifying a moderate degree of safety regarding timely servicing of financial obligations and carrying moderate credit risk]. The outlook on the long term scale rating is Stable. ICRA has also reaffirmed the short-term scale rating on the aforementioned facilities of [ICRA]A3 (pronounced as ICRA A three) [signifying a moderate degree of safety regarding timely servicing of financial obligations and carrying higher credit risk as compared to instruments / facilities rated in the higher categories].

ICRA has reaffirmed the ratings primarily factoring in the Company's proven track record in the Engineering/ Material Handling Equipment as well as the Geared Motors/ Gear Boxes segments and its technological tie-ups with leading global players which enhance the Company's competitive position. The ratings also reflect the Company's conservative capital structure and financial flexibility derived from moderate utilisation of working capital limits, a sizeable portfolio of liquid investments and income thereon which provide an additional liquidity back-up.

ICRA has also taken into account the improvement in the Company's revenues and profitability during the nine months' period ended 31st December, 2018 vis-a-vis the corresponding nine months' period of the previous financial year, driven by improved demand in the Engineering / Material Handling Equipment as well as the Geared Motors / Gear Boxes segments. The ratings are however constrained by the continuing weak performance of the Building Material Segment, which, in the opinion of ICRA, is likely to exert pressure on the Company's overall profitability and cash flows in the near to medium term, given its substantial debt-servicing obligation due to setting up of the division.

Shares of INTERNATIONAL COMBUSTION (INDIA) LTD. was last trading in BSE at Rs.250 as compared to the previous close of Rs. 243.2. The total number of shares traded during the day was 324 in over 31 trades.

The stock hit an intraday high of Rs. 255 and intraday low of 238.5. The net turnover during the day was Rs. 81630.

Source: Equity Bulls

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