ICRA has reaffirmed a rating of [ICRA]AA- to the Term loans of Gujarat Narmada Valley Fertilizers Company (GNFC) for an amount of Rs 3156 crore. The credit rating agency has also reaffirmed the [ICRA]AA- rating assigned to the Rs 430 crore fund based limits of GNFC.
Meanwhile, the rating agency has retained the outlook on long term rating of the company as “stable”. ICRA has also reaffirmed the [ICRA]A1+ rating to the Rs 400 crore non fund based limits and Rs 200 crore Commercial Paper programe of the company.
The reaffirmed ratings reflect the strengths of the company such as established market position in fertilizers business (with its fertilizer brand Narmada being well entrenched within the farmer community especially in Gujarat), market leadership in chemicals business for products including Methanol, Acetic acid and TDI, diverse chemicals product portfolio with vertical integration benefits and the continued improvement in demand and pricing outlook for key chemicals during FY2011 & FY2012.
GNFC is engaged mainly in the manufacture of fertilizers such as urea, ANP and CAN, and industrial chemicals such as methanol, acetic acid, formic acid, and nitric acid. The company also trades in a few fertilizers and chemicals.
Company Name | CMP |
---|---|
National Fertilizers | 116.45 |
Coromandel Interntl. | 1855.30 |
Chambal Fert & Chem | 502.95 |
RCF | 170.65 |
Paradeep Phosphates | 110.65 |
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