New Delhi, May 2 (UNI) Credit rating agency ICRA today retained the A1+ rating, indicating highest credit quality in short-term, to the Rs 15 crore short-term debt (STD) programme of Timken India Ltd (TIL).
The rating takes into account TIL's established position in the domestic bearings industry, the strong export prospects driven by the global sourcing policy of its parent, The Timken Company, US, which holds 80 per cent of its stakes.
Favourable growth prospects of the domestic commercial vehicle and tractor industry, its strong profitability and financial profile and the technical support from its parent has also been taken into account.
TIL is the largest manufacturer of Tapered Roller Bearings in the world with 78 manufacturing locations and has operations in over 27 countries.
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