MUMBAI, Nov 7: The Credit Rating Information Services of India Ltd (Crisil) has assigned a P1+ rating to the Rs 150 crore commercial paper (CP) programme of Century Textiles & Industries Ltd. The rating indicates that the degree of safety regarding the timely payment of financial obligations on the instrument is very strong.

The rating reflects the company's strength with respect to its comfortable liquidity position on account of unutilised bank limits and short term liquid assets.Crisil has also assigned a P1 rating to the Rs 10 crore CP programme of Finolex Industries, indicating that the degree of safety regarding the timely payment on the instrument is very strong.

The rating factors integrated operations, flexibility to expand with much lower additional cost and additional revenue streams from leasing cryogenic jetty and storage facilities at Pawas. It also factors the cyclical fortunes of the PVC resin industry, competition from large domestic players, reduced protection from imports and low current ratio.

The premier rating agency has reaffirmed the FA- rating assigned to the fixed deposit (FD) programme of Ador Finance which indicates adequate safety regarding the timely payment of interest and principal. The rating reflects the support extended by the company's promoter Advani Oerlikon Ltd.Crisil has meanwhile downgraded the FD programmes of four companies -- 21st Century Management Services Ltd, Alagendran Finance Ltd, Garware Wall Ropes Ltd and LKP Merchant Financing Ltd. It has also downgraded the Rs 4 crore non-convertible debenture programme of Kulkarni Power Tools Ltd to BBB+ from A, indicating that the degree of safety regarding the timely payment of interest and principal is adequate.

The FD programme of 21st Century Management Services --a company engaged in fund based activities -- has been downgraded to FC from FA- indicating that the degree of safety regarding timely payment of interest and principal is doubtful. Alagendran Finance's FD programme has been downgraded to FA- from FA, while the FD programme of Garware Wall Ropes has been downgraded to FAA- from FAA. LKP Merchant Financing's FD programme has been downgraded to FB+ from FA which indicates that the degree of safety regarding the timely payment of interest and principal on the instrument is inadequate.

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