Titan Industries, the manufacturer of mechanical, digital and quartz watches, jewellery watches etc., has announced that ICRA has upgraded the rating assigned to the Rs 52.83 crore, or 6.75 per cent non-convertible debentures and the Rs 100 crore bond programme of the company to LAA (pronounced as L Double A) from LAA- (pronounced as L Double A Minus) earlier.
The long term rating assigned to the Rs 1,500 fund based limit and the Rs 50 crore term loan programme has similarly been upgraded to LAA from LAA- earlier.
ICRA has also reaffirmed the A1+ (pronounced as A one plus) rating assigned to the Rs 10 crore commercial paper programme and the enhanced Rs 1,000 crore (enhanced from Rs 800 crore earlier) non-fund based facilities of the company.
The rating reaffirm the high credit quality of the debt instruments and factors in the consistent improvement in the company’s financial risk profile, driven by healthy profitability, strong cash accruals and a conservative capital structure and sustained market leadership in the organised watches and jewellery segments and the favourable future potential for both these divisions.
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