Infomerics reaffirms credit ratings of GOCL Corporation; Stock trades flat

28 Feb 2022 , 09:44 AM

Infomerics Valuation and Rating Pvt. Ltd. (Infomerics) have re-affirmed the ratings of GOCL Corporation Limited. The rating on long-term fund-based cash credit Rs20 crore IVR A Credit Watch with Developing Implications has been reaffirmed and removed from Credit Watch with Developing Implications.

For short-term non-fund based — Bank Guarantee/ Letter of Credit Rs65 crore IVR A1 Credit Watch with Developing Implications has been reaffirmed and removed from Credit Watch with Developing Implications.

The credit rating agency has also reaffirmed rating on long-term non-fund based —Standby Letter of Credit (SBLC) Rs1490.76 crore (USD Value 200 Million) at IVR A Credit Watch with Developing Implications and removed from Credit Watch with Developing Implication.

Further, Infomerics has revised the ratings of IDL Explosives Limited, a wholly owned subsidiary of the company.

The rating on long-term fund based cash credit Rs10 crore has been revised from IVR A Credit Watch with Developing Implications to IVR A-/Stable Outlook and removed from Credit Watch with Developing Implications.

For short-term non fund based — Bank Guarantee/ Letter of Credit/ CEL limit Rs290.40 crore has been revised from IVR A1 Credit Watch with Developing Implications to IVR A2+ Removed from Credit Watch with Developing Implications.

“The revision in the rating reflects decline in revenue & operating profitability margin during FY21 (Audited) and 9MFY22 results,” company shared Informeric’s rationale for the revision in rating.

At around 9.48 am, GOCL Corporation Ltd was trading at Rs257.40 per share down by Rs0.5 or 0.19% from its previous closing of Rs257.90 per share on the BSE.