Credit rating agency, Credit Analysis & Research (CARE) has revised rating of Gujarat Foils’ long term bank facilities worth Rs 133.93 crore to ‘BBB‘ from ‘BBB-’. The rating agency has also revised rating of company’s short term bank facilities worth Rs 50 crore to ‘A3+’ from ‘A3’.
The revision in the ratings assigned to the bank facilities of Gujarat Foils (GFL) factor in the improved financial performance exhibited during FY14 (refers to the period April 1 to March 31) and 9MFY15, infusion of funds by the promoters as Preference Capital, increase in the revenues from the pharmaceutical segment and successful commissioning of the consumer foil and modernisation/ technological upgradation of the existing pharmaceutical segment.
Gujarat Foils manufactures aluminum sheets and foils for industrial applications like bottle caps used in brewery and pharmaceutical sectors, heat exchanger fins of AC units, Eyelets used in footwear and garment sector, end caps of Tube lights used in electrical sector. Besides, GFL has presence in consumer products business with its embossed consumer house foil ‘nutriwrap’.
