CARE revises ratings of Jain Irrigation Systems’ bank facilities

Credit rating agency, CARE has revised rating of Jain Irrigation Systems’ Long-term Bank Facilities worth Rs 1,581.41 crore from BB+ to BBB- and Short-term Bank Facilities worth Rs 583.01 crore from A4+ to A3. The rating agency has also revised rating of company’s Commercial Paper worth Rs 300 crore from A4 to A3. The revision in the ratings assigned to the bank facilities of Jain Irrigation Systems (JISL) takes into account the various measures taken by the company towards improving the overall working capital management and concomitant improvement in the liquidity profile of the company. The renewed focus on collection and fundamental shift in business model has helped JISL to improve the collection efficiency. Jain Irrigation Systems is a manufacturer of a wide variety of PVC pipes, PE pipes, water and gas transportation pipes, ducts for optical fibre cables and drip irrigation pipes. It is also engaged in tissue culture of bananas and pomegranates and is the world’s largest processor of mangoes and is the world’s second largest processor of onions and vegetables.