CARE maintains ‘adequate safety’ rating for
IFGL Refractories’ debt obligations
Kolkata, January 19, 2011: Credit Analysis & Research Ltd. (CARE) has reviewed recent developments including operational and financial performance of IFGL Refractories Limited (IFGL) for the year ended March 31, 2010 and the half year ended September 30, 2010 and has reaffirmed the rating of CARE A+ to bank facilities having tenure of more than one year and PR1+ to other short term facilities, aggregating to Rs.86.37 Crores.
CARE A+ rating is considered to offer adequate safety for timely servicing of debt obligations and PR1+ rating shows strong capacity for timely payment of short term debit obligations and carries lowest credit risk.
IFGL is engaged primarily in the manufacture of specialised refractories and operating systems for use by iron and steel industry. IFGL has manufacturing facilities in Orissa (India) and also in Brazil, China, Czech Republic, Germany, UK and US.
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