CARE reaffirms ratings of Manali Petrochemicals’ bank facilities

Credit rating agency, CARE has reaffirmed ‘A-’ rating to Manali Petrochemicals’ long term bank facilities worth Rs 24.75 crore and ‘A1’ rating to company’s Short term Bank Facilities worth Rs 75.25 crore. The ratings continue to factor in long-standing operations of Manali Petrochemicals with a diversified product portfolio and strong financial risk profile marked by healthy cash generation, very low debt levels and comfortable liquidity position Manali Petrochemicals (MPL) is a Chennai-based manufacturer of petrochemical products like Propylene Oxide (PO), Propylene Glycol (PG) and Polyols. MPL’s products are import substitutes and cater to a wide variety of the end-user industries. MPL is the only domestic player in the segments in which it operates and faces competition only from the imports. The company has two manufacturing plants located at Manali near Chennai