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CARE revises rating of Bodal Chemicals’ bank facilities

23 May 2012 Evaluate

Credit rating agency, CARE has revised rating of Rs 212.87 crore long term bank facilities of Bodal Chemicals to BB- from BBB-. The rating agency has also revised rating of Rs 95 crore short term bank facilities of the company to A4 from A3.

The company’s rating has been revised on taking view of its deterioration in liquidity position and debt protection indicators due to cash losses incurred by it in FY12 coupled with its failure to raise envisaged equity.

Bodal is one of the fastest growing company in dyes and dye intermediaries industry.  It has its manufacturing facility at Ankleshwar, GIDC, Ahmedabad, Vapi and Vadodara. The S.S.P plant was started in the year 2008 at a cost of Rs 31 crore to manufacture sulfuric acid dyes and dyes intermediaries at Padra in Vadodara with production capacity of 14 lakh MTPA.

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