Credit rating agency, CARE has revised rating of Thirumalai Chemicals’ long term bank facilities worth Rs 187 crore to ‘BBB’ from ‘BBB-’. The rating agency has also revised rating of company’s short term bank facilities worth Rs 350 crore to ‘A3+’ from ‘A3’.
The revision in the ratings to bank facilities of Thirumalai Chemicals (TCL) continue to derive strength from its experienced management, long track record in the domestic PAN (Phthalic Anhydride) industry, healthy demand potential of its products, improvement in standalone financial performance in FY15 & Q1FY16 and consistent improvement in its capital structure.
Incorporated in 1976, Thirumalai Chemicals (TCL) is engaged in the manufacturing of industrial chemicals viz Phthalic Anhydride (PAN), Phthalate Esters (PE; diethyl phthalate and phthalimide) and food acids (maleic acid, fumaric acid and malic acid) which find applications in plastics, paints & resins industry and as additives for the food industry.
