9 Mar 2022 , 03:43 PM
India Ratings and Research Private Limited (Ind-Ra) has affirmed Polyplex Corporation Limited credit rating. The rating on long-term loans for Rs562.5 million has been affirmed at ‘IND AA-/Positive’; outlook revised to Positive from Stable.
The credit rating agency has also affirmed the rating on fund-based working capital limits for Rs2,220 million at ‘IND AA-/Positive IND A1+’; Outlook revised to Positive from Stable. On non-fund based working capital limits for Rs300 million — ‘IND AA-/Positive/IND A1+’ rating has been affirmed; Outlook revised to Positive from Stable.
“Ind-Ra continues to take a consolidated view of PCl and its subsidiaries Polyplex (Asia) Pte Limited (100% shareholding) and Polyplex (Thailand) Public Co. Limited (Polyplex Corporation Limited: 17.19%, Polyplex (Asia) Pte. Ltd: 33.81%), due to the strong operational and strategic linkages among them.
The financials of Polyplex's other large subsidiaries, namely Polypiex America Holdings Inc., Polyplex (Singapore) Pte. Ltd., Polypiex Europe B.V., EcoBlue Limited and PT Polyplex Films Indonesia, are consolidated at Polyplex (Thailand) Public Co., together referred to as the group, and hence form a part of Ind-Ra's consolidated approach,” company shared Ind-Ra’s rationale on Tuesday.
It added the Outlook revision reflects a sustained improvement in the consolidated operating performance of the company in FY21, with growth in the revenue and EBITDA margins and which Ind-Ra expects over the medium term, backed by -an expansion in the volumes.
In December 2021, PCl commissioned its 60,000MT BOPP facility in Indonesia. Furthermore, the company plans an expansion of a 50,000MT BOPET facility in the US and a 4,392MT of blown PP films capacity in Turkey.
Additionally, the company will incur a capex for setting up coated films facility in Turkey and the US. Ind-Ra expects the operation ramp-up at its BOPP facility and the commencement of additional capacities over the medium term will support the volume growth and is likely to ensure a healthy operating performance of the company.
Polyplex Corporation Ltd ended at Rs1,865.75 per piece up by Rs11.5 or 0.62% from its previous closing of Rs1,854.25 per piece on the BSE.
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