Credit Analysis & Research (CARE) has assigned CARE A1+ rating to Rs 450 crore Short-term Debt (STD) Programme (including Commercial Paper) of Kesoram Industries which having maturity up to one year (ear-marking Working Capital limits). The rating agency has also assigned CARE A1+ rating to Rs 50 crore Short-term Debt Programme (including Commercial Paper) of the company.
Further, the rating agency has assigned CARE AA- rating to Rs 1,502.26 crore Long-term Bank facilities of the company.
Kesoram Industries, the flagship company of the B.K. Birla group, is a diversified conglomerate engaged in manufacturing of cement, tyres and tubes, viscose filament rayon yarn (VFRY), transparent paper and spun pipes at seven locations across India. The primary products are tyre and cement, which accounted for 57% and 38% respectively of gross turnover in FY10.
