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India Ratings and Research has downgraded Power Max India Pvt Ltd’s (PMIPL) Long-Term Issuer Rating to ‘IND D’ from ‘IND C’.
The downgrade reflects PMIPL’s over-utilisation of cash credit facility for more than 30 consecutive days, till end-February 2020, due to stretched liquidity. PMIPL is an Engineering, Procurement and Construction (EPC) Company, which provides integrated engineering services, such as design, infrastructure development, construction, installation of pipelines, tanks and vessels, majorly to power plants, steel, coal, alumina, and other core industries.
The issue size of the company’s short-term non-fund based limits was Rs 27 crore. The long-term fund-based working capital limit was Rs 21 crore.
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