Credit rating agency, CARE has assigned ‘CARE BB+’ rating to the long-term bank facilities of Tulsyan NEC for Rs 143.00 crore. The agency has also assigned ‘PR4+’ rating to the short-term bank facilities of the company for Rs 175.00 crore.
The ratings however, draw strength from the established track record of operations, sustained demand for steel products from the infrastructure sector, locational advantage of the company’s steel plant, diversified revenue streams, and the backward integration plans of the company by the setting up of a captive power facility.
Tulsyan NEC has reported net profit for the quarter ended March 31, 2011 at Rs 3.96 crore as compared to profit of Rs 4.03 crore for the quarter ended March 31, 2010 down by 1.73%. The company's total income was up by 85.75% to Rs 373.36 crore for the quarter under review as against Rs 201.00 crore for the similar quarter a period ago.
Tulsyan NEC is a diversified company with business interests in steel and plastic packaging material. The company manufactures thermo mechanically treated (TMT) bars, billets and ingots in the steel division and polypropylene woven sacks, flexible intermediate bulk containers and woven fabric in the synthetic division.
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