Suyog Gurbaxani Funicular Ropeways Limited has informed the Exchange about Credit Rating.
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
The company has appointed CARE Ratings Limited as its new rating agency following the expiry of its contract with CRISIL Ratings. CARE has assigned a first-time rating of CARE BBB- (Stable) for long-term bank facilities of Rs.78 crore and CARE BBB- (Stable) / CARE A3 for combined long/short-term facilities of Rs.2 crore, totalling Rs.80 crore in rated facilities. The rating reflects strengths including experienced promoters, an established ropeway operation at Saptashrungi Devi Temple, and healthy operating margins. Key weaknesses include modest scale (revenue declined from Rs.63 crore in FY24 to Rs.53 crore in FY25), stretched working capital with unbilled receivables of ~Rs.84 crore from an EPC project, and moderate debt coverage indicators. The outlook is stable.
The BBB- rating is low investment grade, just above junk status, indicating adequate credit quality but with limited headroom. The stable outlook signals no immediate rating pressure, though shareholders should monitor the company's ability to collect unbilled receivables and manage upcoming debt repayments of ~Rs.16 crore in FY27 and ~Rs.21 crore in FY28.