Sanghvi Movers Ltd
By 1 February 2000 | 01 Feb 2000
- Non-convertible debenture - Rs. 5 crore Rating : A (Reaffirmed)
- Fixed deposit programme Rating : FA+ (Reaffirmed)
The ‘A’ (pronounced single A) rating assigned to the Non Convertible Debenture issue of Sanghvi Movers Ltd. (SML) has been reaffirmed. The ‘FA+’ (pronounced F A plus) rating assigned to the company’s Fixed Deposit programme has been reaffirmed.
The ratings reflect SML’s status as the largest player in the crane services industry, adequate internal accruals and moderate levels of interest cover (as measured by PBDIT/Interest and Finance Charges). The ratings also factor in the significant variability inherent in the company’s revenues and its limited bargaining power with its major customers.
SML is engaged in the business of crane rentals for heavy lift jobs, plant erection, plant maintenance etc. and is the largest crane rental company in the country. In the year FY 1999, it posted an APAT of Rs. 123.4 million on net sales of Rs. 505.6 million.