India Ratings & Research (Ind-Ra) has affirmed Jain Irrigation Systems’ (JISL) long-term issuer rating at ‘BBB-1’. The outlook is stable.
The affirmation reflects significant improvement in the company’s fund flow from operations (FFO), adjusted net leverage in FY15, aided by higher overall FFO and a marginally lower adjusted debt.
Jain Irrigation Systems is a manufacturer of a wide variety of PVC pipes, PE pipes, water and gas transportation pipes, ducts for optical fibre cables and drip irrigation pipes. It is also engaged in tissue culture of bananas and pomegranates and is the world’s largest processor of mangoes and is the world’s second largest processor of onions and vegetables.
