Crisil reaffirms Ingersoll's CP rating

THE CREDIT Rating Information Services of India (Crisil) has reaffirmed the P1 plus rating assigned to the Rs. 75 crore commercial paper programme of Ingersoll-Rand (India) (IRIL).

The rating reflects IRIL's strong market position in centrifugal and reciprocating compressors, its presence in diverse product and market segments and its favourable financial risk profile. The rating also factors in the strong parent support, in terms of technology and products, from Ingersoll-Rand of the U.S. (IR- USA). The rating also takes into account increased competition from the company's global competitors in its area of business.

Ingersoll-Rand (India) is a subsidiary of Ingersoll-Rand Company of the U.S. with IR-USA holding 74 per cent of the equity stake. The company manufactures compressors, in which it has a strong market position, and equipment used in the infrastructure projects. In the year ended March 31, 2000, the company reported a PAT of Rs. 53.28 crores on a net sales of Rs. 389 crores.

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Section  : Business
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