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MUMBAI, India, June 21, 2021 /PRNewswire/ — DCW Limited (“the Company” or “DCW”), a specialty chemicals company headquartered in Mumbai, today announced that leading credit rating agency, India Ratings & Research has upgraded and assigned ratings ‘BBB+’ indicating ‘Stable’ outlook for the Company.
Rating as assigned
|
Instrument |
Rating Type |
Rated Limits (million) |
Current Rating |
Historical Rating |
Outlook |
|
Issuer rating |
Long term |
– |
IND BBB+ |
IND BBB |
Stable |
|
Term loan |
Long term |
INR 1,644 |
IND BBB+ |
IND BBB |
Stable |
|
Fund-based working capital limits |
Long term/ Short term |
INR 527.5 |
IND BBB+/ IND A2 |
IND BBB /IND A3+ |
Stable |
|
Non-fund-based working capital limits |
Short term |
INR 3,272.5 |
IND A2 |
IND A3+ |
– |
|
OCDs |
Long term |
INR 600 |
IND BBB+ |
IND BBB |
Stable |
|
NCDs |
Long term |
INR 3,500 |
IND BBB+ |
IND BBB |
Stable |
Commenting on the rating, Mr. Vivek Jain, Managing Director, DCW Ltd., said, “The rating upgrade by the India Ratings and Research is a testament of DCW’s improving financial and operating performance. The upgradation from BBB to BBB+, in such a challenging environment, is reflective of the confidence in the company’s business model and execution capabilities. DCW’s primary focus on Speciality Chemical, and continuous improvement in the capacity utilization, will enhance stakeholders’ confidence in the company’s ability to significantly scale-up operations in the future.”
About DCW
DCW is a specialty chemicals company, manufacturing PVC, C-PVC (chlorinated polyvinyl chloride), Caustic Soda, Soda Ash, and Synthetic Iron Oxide Pigment (SIOP). The Company is the only domestic manufacturer C-PVC, a versatile thermoplastic used mainly for manufacturing hot and cold-water pipes, industrial liquid handling, and a wide range of products serving a variety of applications. DCW’s Caustic Soda, SIOP and PVC Units are in close proximity to the Tuticorin Port in Tamil Nadu, giving the Company a competitive edge over its peers to export its products to global markets.
Safe Harbour: This document may contain forward-looking statements about the Company, which are based on the beliefs, opinions, and expectations of the Company’s management as the date of this press release and the companies do not assume any obligation to update their forward-looking statements if those beliefs, opinions, expectations, or other circumstances should change, These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. Consequently, readers should not place any undue reliance on such forward-looking statements.
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