Credit rating agency, CARE has revised the ratings of Rs 224.75 crore long term bank facilities of Supreme Infrastructure to ‘BBB-‘from ‘BB+’. The rating agency has also revised the ratings of Rs 300 crore short term bank facilities of the company to PR3 from PR4.
The rating revision takes into account the improved financial performance of the company in terms of sales, profitability during FY10 and 9M FY11 and improved leverage position and average collection period in 9M FY11. The ratings continue to factor in the promoters’ long experience in execution of construction contracts, qualified management team, revenue visibility in the medium term, comfortable profitability margins and growth prospects of the infrastructure sector in general.
Supreme Infrastructure is engaged in the construction of highways, roads and bridges and engineering works. It also manufactures crushed metals, ready-mix concrete, asphalt and wet mix macadam
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