Credit rating agency, CARE has reaffirmed ‘BBB-’ rating to Thirumalai Chemicals’ Long-term Bank Facilities worth Rs 268.62 crore and ‘A3’ rating to company’s Short-term Bank Facilities worth Rs 350.00 crore.
The ratings continue to derive strength from TCL’s long track record in the domestic PAN (Pthalic Anhydride) industry, its experienced management and leading position of the company in the domestic PAN market. The rating also takes into consideration the gradual recovery of its exposure towards its step down Malaysian subsidiary thereby improving the liquidity position
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.
