TI Diamond Chain Ltd

24 Feb 2000

  • Commercial paper programme - Rs. 10 crore
    Rating :
    P1+

A ‘P1+’ (pronounced ‘P one plus’) rating has been assigned to the enhanced Rs. 100 million Commercial Paper Programme of TI Diamond Chain Limited (TIDC) (Enhanced from Rs. 50 million).

The rating reflects TIDC’s strong parentage, strong market position in the domestic chain industry and a favourable financial performance marked by low gearing and moderate interest cover. The rating also factors the uncertainties on TIDC’s export volume due to severe competition in the international market and the small size of TIDC’s operations.

TIDC is a part of the Chennai based Murugappa group and is engaged in the manufacture of chains for automobile and industrial applications. For the year ended March 31, 1999, TIDC reported net sales of Rs. 1086 million and a profit after tax of Rs. 69.4 million.