AGC Networks Limited - CRISIL BBB- / Stable / CRISIL A3 assigned to Bank Debt
Posted On: 2021-01-07 06:46:20 (Time Zone: Arizona, USA)
CRISIL has assigned its CRISIL BBB-/Stable rating on the long-term bank facilities of AGC Networks Limited (AGC).
The rating reflects AGC s established market position in the IT infrastructure solutions business especially post acquisition of Black Box Corporation, USA (BBX) in January 2019 as well as healthy and diversified revenue profile marked by diverse end user industries and established client base. The rating also factors in the large scale of operations and improved operating profitability of the company in fiscal 2020. These strengths are partially offset by leveraged albeit improving capital structure post acquisition of Black Box, high geographical concentration in revenue and exposure to global competition.
Attempts to evade tax, shady financial transactions
Several incriminating documents seized for scrutiny
Mohinder Verma
JAMMU, Jan 6: Investigation Wing of the Income Tax Department today carried out simultaneous raids in the premises of 15 entities in Jammu and Delhi which are associated with IL&FS Transportation Networks Limited and its Financial Services in connection with alleged large scale evasion of tax and other shady financial transactions.
Reliable sources told EXCELSIOR that on the directions of the top brass of the Income Tax Department different teams of Investigation Wing started simultaneous raids in the premises of 15 entities one in Jammu and rest in Delhi. Huge deployment of security personnel was made at all these places in order to ensure smooth operation by the Income Tax Department sleuths.
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