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-CRISIL assigns BB+ ratings to Prashanth Projects.

BANKING AND CREDIT NEWS-November 21, 2011--CRISIL assigns BB+ ratings to Prashanth Projects(C)2011 M2 COMMUNICATIONS

21 November 2011 - CRISIL on Monday rated at BB+ with a "stable" outlook the INR10m (USD192,000/EUR143,000) cash credit of Indian Prashanth Projects Ltd, active in the petroleum storage tanks construction business.

At the same time, the agency assigned an A4+ rating with a "stable" outlook to the company's INR285m letter of credit.

The ratings take into account the above-average financial risk profile of Prashanth, as well as its long-standing foothold in the segment, combined with a robust customer base.

On the other hand, the firm has a small business size and is susceptible to the inherent industry risks which result in revenue and margin fluctuation, the rater said.

Any notable change in business scale, margins and revenue, as well as any time or budget overruns, could trigger an outlook revision, CRISIL said.

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Publication:M2 Banking & Credit News (BCN)
Date:Nov 21, 2011
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