Vesuvius India Ltd

• Commercial paper programme - Rs. 6 crore Rating : P1 to P1+ (upgraded)

The revised ratings reflect the improved financial position of the company, its strong market position in the refractories industry and access to superior technology and strong demonstrated support from its parent, the Cookson Group. These strengths are tempered by its high dependence on the steel industry, high working capital intensive nature of operations and small scale of operations.

Vesuvius India Limited (VIL), a 56% subsidiary of the Vesuvius Group, is engaged primarily in the manufacture and sale of Continous Casting Refractories and Slide-gates. VIL is planning on introducing tube changers, porous plugs and monolithics to complement its existing product portfolio. Till December 1999, the company reported a PAT of Rs 91 million on an operating income of Rs 512 million.