|
CRISIL has downgraded its rating on the bank loan facilities of Metal Closures Pvt Ltd (Metal Closures) to ‘D/P5’ from ‘BB-/Negative/P4’. The downgrade reflects delay by Metal Closures in repayment of its debt obligations, owing to stretched liquidity.
About the Company
Incorporated in 1977 in Bangalore, Metal Closures manufactures metal packaging material, including crown corks, shoe-care products, dry cell battery jackets and components, and twist-off closures. The company's clientele include multinationals such as Coca Cola, Pepsi Foods, Hindustan Lever, Reckitt Benckiser, Glaxo Smith Kline, Panasonic Batteries, Saab-Miller, Seagram, and Sara Lee. Metal Closures has manufacturing units at Kanakapura and Kunigal in Karnataka, and Kal-amb in Himachal Pradesh.
For 2008-09 (refers to financial year, April 1 to March 31), Metal Closures reported a profit after tax (PAT) of Rs.78.3 million on net sales of Rs.1547.9 million, as against a PAT of Rs.54.9 million on net sales of Rs.1119.9 million for 2007-08.
|
 |
|
Media Contacts
|
Analytical Contacts
|
CRISIL Rating Desk
|
Mitu Samar
Head, Market Development & Communications
CRISIL Limited
Tel: +91-22- 6644 1838
Email: msamar@crisil.com
Tanuja Abhinandan
Market Development & Communications
CRISIL Limited
Tel: +91-22-6758 8046
Email: tabhinandan@crisil.com
|
Gurpreet S Chhatwal
Director - CRISIL Ratings
Tel: +91-11-4250 5100
Email: gchhatwal@crisil.com
Pradeep K Aggarwal
Senior Manager - CRISIL Ratings
Tel: +91-11-4250 5100
Email: paggarwal@crisil.com
| Tel: +91-22-6691 3047 / 6691 3064
Email: CRISILratingdesk@crisil.com
|
|
Note:
This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution of its Releases for consideration or otherwise through any media including websites, portals etc.
|
CRISIL Complexity Levels are assigned to various types of financial instruments. The CRISIL Complexity Levels are available on www.crisil.com/complexity-levels. Investors are advised to refer to the CRISIL Complexity Levels for instruments that they propose to invest in. Investors can also call the CRISIL Helpline at +91 22 6691 3047 / + 91 22 66913064 with queries on specific instruments.
|
|
CRISIL is India's leading Ratings, Research, Risk and Policy Advisory company. CRISIL leverages its core strengths of credibility and analytical rigour to deliver opinions and solutions, that help clients mitigate and manage their business and financial risks, make markets function better, and help shape public policy. For more information, visit www.crisil.com.
Disclaimer: A CRISIL rating reflects CRISIL's current opinion on the likelihood of timely payment of the obligations under the rated instrument and does not constitute an audit of the rated entity by CRISIL. CRISIL ratings are based on information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL rating is not a recommendation to buy, sell, or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. All CRISIL ratings are under surveillance. Ratings are revised as and when circumstances so warrant. CRISIL is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this product. CRISIL Ratings’ rating criteria are generally available without charge to the public on the CRISIL public web site, www.crisil.com. For the latest rating information on any instrument of any company rated by CRISIL, please contact CRISIL RATING DESK at CRISILratingdesk@crisil.com, , or at (+91 22) 6691 3001 - 09.
|
|
