Credit rating agency, CARE has reaffirmed BBB- rating to Thirumalai Chemical’s long-term bank facilities worth Rs 268.62 crore, which was enhanced from Rs 206.34 crore. The rating agency has also reaffirmed A3 rating to the company’s short term bank facilities worth Rs 350 crore, which was enhanced from Rs 251 crore.
The company has received the said rating reaffirmation on the back of its long track record with experienced management, dominant position in the domestic PAN market, strategic initiatives to expand higher-margin food acids business and raw material procurement contracts providing considerable supply assurance.
Thirumalai Chemicals manufactures and markets organic acids, anhydrides and derivatives for a variety of global industries including plastics, resins, paints, and coatings, agro chemicals, food, pharmaceuticals, textiles, personal care, paper, etc.
