Crisil Reaffirms Indal Fd Rating

Crisil has reaffirmed the fixed deposit programmes of the Indian Aluminium Company and India Nippon Electrical Ltd as FAAA, indicative of highest safety. The agency has also reaffirmed FD ratings of the State Bank of India, Purolator India and Premier Instruments & Controls Ltd as FAA, which testifies to a high safety in timely payment of interest and principal.

The commercial deposit of the State Bank of Indore has been reaffirmed as P1+. The Indian Aluminium CD has also been rated as P1+ for an enhanced amount of Rs 150 crore from the earlier amount of Rs 70 crore. The CPs of Aarti Industries and Ion Exchange, for aggregate amounts of Rs 6 crore and Rs 15 crore respectively are rated as P1, indicating high safety.

 

The non convertible debentures of Bharat Gears and Caprihans India are reaffirmed as A, while the NCD of Purolator, for an aggregate amount of Rs 25 crore, is rated as AA-.

The P1 rating for Aarti Industries is a reflection of the companys well integrated operations, wide product range and moderately high operational margins. The A rating assigned to the Bharat Gear NCD reflects companys diversified revenue stream across the OEM, replacement and export markets and its satisfactory operational and financial performance.

The Caprihans India rating considers the impact of its take-over by Vinyls Corporation on the companys long term business prospects. The rating also takes into account the companys favourable capital structure following the infusion of equity capital and its strategy of focusing on its core business.

The FAAA rating assigned to India Nippon stands testimony to the companys strong market position in the two wheeler electronic ignition system, consistently superior performance and comfortable capital structure.

The Indian Aluminium rating indicates its strong position in semi-fabricated aluminium business, healthy nature of its chemicals business, a conservative financial policy and liquidity position.