Mumbai, Mar 19: Crisil has assigned a P1+ rating to the Rs 20-crore commercial paper programme of Coromandel Fertilisers Ltd. The rating takes into account the company's improved performance. The rating also factors in the reduction in the company's short-term debt and the improved liquidity position. Currently, the company plans to embark on a capital expansion programme to increase capacities and improve operational flexibilities. Coromandel is part of the Murugappa group of companies and is mainly engaged in the manufacture and sale of phosphatic fertilisers.
The rating agency has also assigned an FA+ rating to the fixed-deposit programme of Amtrex Appliances Ltd (AAL).
The rating is constrained by the highly competitive nature of the air-conditioner industry and the company's limited presence in the higher capacity segments of the industry. The rating factors in AAL's established presence in the air-conditioner segment, a strong brand and a design and product development support from thetechnical collaborator Hitachi of Japan, which is among the leading players in the international air-conditioner industry. Crisil has reaffirmed the BB rating to the Rs 10.44-crore debenture programme of Manugraph Industries Ltd.
The rating reflects MIL's position as the largest printing machinery manufacturer in the country, its increasing presence in the price-conscious segment of the export market and its prospects as a supplier of sub-assemblies to international printing machinery manufacturers.
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