Jay Bharat Maruti gets P1 rating
28 Feb 2000
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- Commercial paper programme - Rs. 6 crore Rating : P1(reaffirmed)
The "P1" (pronounced P one) rating assigned to the Commercial Paper programme of Jay Bharat Maruti Limited (JBML) has been reaffirmed.
The rating reflects the company’s status as a key sheet metal supplier to India’s leading car manufacturer Maruti Udyog Limited (MUL), its comfortable working capital position and improvement in JBML’s financial risk profile. The ratings also factor in JBML’s high level of customer concentration with MUL and continuing pressure on margins due to increasing competition in the car market.
JBML is engaged in the manufacture of sheet metal assemblies and subassemblies. The net sales of the company stood at Rs. 1127.2 million in 1998-99 while the PAT was Rs. 29.6 million.
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