ICRA assigns LAA- to OCL's Rs 50-cr NCD prog

New Delhi, Aug 2 (UNI) Credit-rating agency ICRA today assigned LAA- rating, indicating high credit quality, to Rs 50-crore non-convertible debenture (NCD) programme of OCL India Limited (OCL).

It also reaffirmed A1+ rating, which symbolises highest credit quality in the short-term, to OCL's Rs 70-crore short-term debt programme.

The ratings take into account the favourable demand-supply position for cement in the eastern region, healthy profitability of the company driven by steady profit-inflow of its cement business and improved performance of its refractories division, and its comfortable liquidity.

The ICRA ratings also benfit OCL in Rs 10-crore expected equity infusion through a rights issue, which would significantly improve its capital structure and enable it to undertake capital expenditure programme while maintaining a favourable financial profile.

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