Whirlpool of India Ltd
By 3 February 2000 | 03 Feb 2000
- Commercial paper programme - Rs. 60 crore Rating : P1+
Crisil has assigned a "P1+" rating to the Rs. 60-crore commercial paper programme of Whirlpool of India Ltd.
The rating reflects Whirlpool of India's strong market position in the refrigerators and washing machines market and demonstrated financial and operational support from its parent, Whirlpool Corporation, USA (rated BBB+ by the Standard and Poor's). The improvement in the financial risk profile of the company due to strong turnover growth, as well as steps taken by the company to improve its working capital management and the equity infusion to correct its capital structure have also been factored in favourably. The rating also factors in the highly competitive nature of the white goods industry and continuing high gearing levels.