Credit rating agency, Credit Analysis & Research (CARE) has revised rating of Captain Polyplast’s long term bank facilities worth Rs 22.19 crore to ‘BB+’ from ‘BB’. Further, the rating agency has reaffirmed ‘A4+’ rating to company’s short term bank facilities worth Rs 20 crore.
The revision in the long-term rating assigned to the bank facilities of Captain Polyplast (CPL) was on account of the increase in its scale of operations during FY14 (refers to the period April 1 to March 31), improvement in capital structure through listing of CPL on SME platform of Bombay Stock Exchange and likely benefits to be derived from the recently completed debt funded capex.
Captain Polyplast is engaged in the business of manufacturing and trading of High-density polyethylene (HDPE) pipes, PVC pipes and also assembling of irrigation equipment including drip irrigation systems, sprinkler irrigation systems and other various allied products related to Micro Irrigation System (MIS).
