ICRA has placed the “ICRA BBB-” and “ICRA A3” ratings outstanding on the bank lines of Kisan Irrigations “under watch with developing implications”. The ratings have been placed “under watch with developing implications” as the process of demerger of Roha and Silvassa undertakings from Kisan Irrigations (KIL) and merger of the same units with Kisan Mouldings (KML) is in progress, awaiting statutory approvals.
The credit rating agency will assess the impact of the demerger on the credit quality of the company and will take a final rating action after full details are made available for the companies concerned.
KIL is mainly into manufacturing of PVC pipes and fittings, HDPE Pipes and fittings, Micro-Irrigation system products and PPR pipes & fittings. The company had set up manufacturing facility for PVC pipes and fittings and HDPE pipes and fittings at Roha (Maharashtra) and Silvassa in 1989-90 and 1999-2000 respectively.