· The Long Term Rating is upgraded to ‘CRISIL A/ Stable’ from ‘CRISIL A-/ Positive’
· The Short Term Rating is upgraded to ‘CRISIL A1’ from ‘CRISIL A2+’
Mumbai, 12th August 2021: Man Industries (India) Limited, one of India’s leading Large Diameter Pipe manufacturing companies has announced today that CRISIL, a rating agency has upgraded the Company’s credit ratings, based on a review of the latest development.
The Long Term Rating is upgraded to ‘CRISIL A/ Stable’ from ‘CRISIL A-/ Positive’, and in the Short Term Rating, it is upgraded to ‘CRISIL A1’ from ‘CRISIL A2+’
The upgrade in the rating is a positive movement for the Company as it had recently received a new order worth approximately INR 200 crores from the Oil & Gas and Water sector.
With an order book that now stands approximately at INR 1500 crores to be executed in the current financial year, it reflects a robust business environment and showcases the trust customers have in Man Industries technological and execution capabilities. Man Industries (India), Limited, holds an impeccable track record of uninterrupted profitability, dividend and meeting all its financial obligations in the most demanding business environment.
ABOUT MAN GROUP
Man Industries (India) Ltd. is the flagship company of Man Group, promoted by the Mansukhani family in 1970. The Company is a part of the well-diversified MAN Group, growing under the dynamic leadership of Dr R. C. Mansukhani. Starting as an Aluminium Extruder in 1988, MAN Industries has become one of the largest players in LSAW Pipes, Spirally Welded Pipes and Coating Systems.
It has state of the art manufacturing facilities with the total combined capacity of 1 Million Metric Tonnes p.a for LSAW and HSAW Pipes and is dedicated to the highest Operating and Quality standards, environment protection and Occupational Health & Safety Standards and is accredited by ISO-9001, ISO 14001 & OHSAS 18001 certification. The shares of the Company are listed with Bombay Stock Exchange and National Stock Exchange.
Man Industries (India) Limited has been a profit-making company since its inception and also a consistent dividend-paying Company. The Company holds an excellent track record of promptly meeting its financial obligations in a timely manner in the toughest market conditions.