India“s New Delhi-based Investment Information and Credit Rating Agency Ltd (ICRA) has assigned an A1+ rating to the Rs 10-crore commercial paper programme of Hindustan Sanitaryware & Industries Ltd …
India“s New Delhi-based Investment Information and Credit Rating Agency Ltd (ICRA) has assigned an A1+ rating to the Rs 10-crore commercial paper programme of Hindustan Sanitaryware & Industries Ltd (HSIL). The rating indicates the highest level of safety. HSIL is India“s largest manufacturer of vitreous china sanitaryware with facilities in the states of Haryana and Andhra Pradesh. The company has, in the past few years, shifted to products with higher added value. It is currently in the process of doubling its capacity to a level of 12,000 tonnes per annum and is installing an energy efficient kiln at its Bibinagar plant. The capacity is being raised in response to the expected growth in the sanitaryware industry and the company“s plans to increase its market share. HSIL also manufactures glass containers – both flint and amber varieties – at its plant in Hyderabad. This unit contributes about 50% of the company“s turnover. The company has also progressively reduced the production of liquor bottles on account of prohibition imposed in Andhra Pradesh, and has increased production of aerated water bottles and pharmaceutical bottles, which offer better earnings.