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ICRA upgrades credit ratings of MTAR Technologies

98

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ICRA Upgrades Credit Ratings Of MTAR Technologies

Hyderabad, Jan 11, 2022: MTAR Technologies Ltd (“MTAR”), a leading precision engineering solutions company engaged in manufacturing and development of mission critical precision components with close tolerances and critical assemblies catering to nuclear, space, defense and clean energy sectors has received upgrade in credit ratings from ICRA.

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Rating Details

CreditRating
RatingInstrumentExisting RatingRevised RatingAction
Agency
Long  Term
Fund  based[ICRA]A- (Positive)[ICRA]A (Stable)Upgraded
/CC
Long  Term
Fund  based[ICRA]A- (Positive)[ICRA]A (Stable)Upgraded
TL
ICRALong
Limitedterm/Short[ICRA]A- (Positive)[ICRA]A (Stable)Upgraded
Term- Non-/[ICRA]A2+/[ICRA]A1
fund Based
Long-term[ICRA]A-(Positive)[ICRA]A (Stable)Upgraded
Unallocated

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Instrument Details

ISINNo/  BankInstrumentDate  ofCouponMaturityAmountCurrentRating
NameNameIssuanceRateDateRatedand Outlook
/(RS
SanctionCrore)
StateBankofCash Credit30.00[ICRA]A (Stable)
India
HDFCBankCash Credit5.00[ICRA]A (Stable)
Limited
StateBankofExport28.00[ICRA]A (Stable)
IndiaPacking
Credit
StateBankofTerm Loan-1Jul-2020Mar-30.80[ICRA]A (Stable)
India2026
HDFCBankTerm Loan-2Sep-2021Sep-202680.00[ICRA]A (Stable)
Limited
StateBankofBank100.00[ICRA]A(Stable)/
IndiaGuarantee[ICRA]A1
StateBankofLetterof10.00[ICRA]A(Stable)/
IndiaCredit[ICRA]A1
NAUnallocated1.20[ICRA]A (Stable)

About MTAR Technologies Ltd (www.mtar.in) BSE: 543270; NSE: MTARTECH)

MTAR has seven strategically based manufacturing units including an export-oriented unit each based in Hyderabad, Telangana. MTAR caters to Civil Nuclear Power, Space & Defence and Clean Energy sectors. The Company has a long-standing relationship of over four decades with leading Indian organisations such as Nuclear Power Corporation of India, The Indian Space Research Organization (ISRO) and the Defense Research and Development Organization (DRDO). MTAR client base also includes reputed global OEMs such as Bloom Energy, Rafael Advanced Defense Systems, Elbit Systems, among others. The company’s product portfolio comprises of assemblies for core of the nuclear island, assemblies for Space Launch Vehicles including liquid propulsion engines, Cryogenic upper Stage (Turbo pumps, booster pumps, gas generators and injector heads) ,electro-pneumatic modules for satellites, components and assemblies leading Indian and global defence organizations, equipment for fuel cells including Solid Oxide Fuel Cell Units, Hydrogen Units and electrolysers.

DISCLAIMER:

Certain statements that are made in the Press Release may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like significant changes in economic environment in India and overseas, tax laws, inflation, litigation, etc. Actual results might differ substantially from those expressed or implied. Route Mobile Ltd. will not be in any way responsible for any action taken based on such statements and discussions; and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

Source Raju Reddy

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