CRISIL sets BBB/A3+ ratings to Thermopads' bank facilities

Jul 28, 2011 - CRISIL today gave its BBB/"stable"/A3+ ratings to the bank facilities of Indian industrial heaters and cables manufacturer Thermopads Pvt Ltd.

The ratings incorporate Thermopad' healthy financial risk profile, gearing and debt protection metrics as well as its strong technical capabilities and its experienced promoters.

Partly limiting factors are the group's exposure to the volatility in raw material prices and the working-capital-intensive nature of its operations, CRISIL said.

CRISIL expects to revise the company's outlook to "positive", if it bolsters its revenues, while keeping stable operating margin and debt protection metrics. The company could receive a "negative" outlook in case of deterioration in its operating margin.

Rating agency website: www.crisil.com

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