Manaksia Coated Metals & Industries Limited Credit Ratings Upgraded by Acuite Rating & Research Limited – World News Network

Last updated: July 1, 2024 12:00 am

3 Min Read

PNN
Mumbai (Maharashtra) [India], July 1: Manaksia Coated Metals & Industries Limited (NSE: MANAKCOAT, BSE: 539046), is one of the leading coated metal products manufacturer and exporter, specialized in Pre-painted Galvanised Steel and Plain Galvanised Steel in both coil and sheet forms. Company is pleased to announce that hat Acuite Rating & Research Limited has revised and updated MANAKCOAT Long term borrowing Rating from ACUITE BBB+ to A- and Short-Term Borrowing Rating from ACUITE A2 to A2+.
This revision highlights MANAKCOAT’s financial strengths
* Demonstrated by increased scale of operations and a strong order book for FY2025.
* Financial risk profile strengthened with a comfortable capital structure from capital infusion.
* Enhanced debt protection metrics due to higher cash accruals.
* Absence of debt-funded capital expenditure plans also contributing to stability
Commenting on the Credit Rating Karan Agrawal Whole Time Director, Manaksia Coated Metals & Industries Limited said, “As a Whole Time Director of Manaksia Coated Metals & Industries Limited (MANAKCOAT), I am proud to announce the upgrade in our credit ratings by Acuite Rating & Research Limited. The revision of our long-term borrowing rating from ACUITE BBB+ to A- and our short-term borrowing rating from ACUITE A2 to A2+ is a testament to our robust financial health and unwavering commitment to operational excellence.
This upgraded rating not only underscores our strong performance but also bolsters the trust and confidence of our stakeholders and investors. We remain dedicated to delivering superior value and sustaining our leadership in the coated metal products industry.”.
Looking ahead, we are committed to seizing growth opportunities and delivering sustainable value for our stakeholders. To capitalize on these opportunities, we plan to incrementally increase our capacities across various product lines in phased manner. This strategic move aims to foster higher growth for the company in the coming years.”
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