From THE HINDU group of publications
Sunday, May 06, 2001


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Vesuvius India

Crisil said it reaffirmed its `P1+' rating, indicating very strong position, assigned to the Rs 6-crore commercial paper programme of Vesuvius India Ltd.

Crisil applies `+' or `-' sign to ratings to reflect the comparative standing of the rating within the category.

The rating reflects VIL's strong market position in the domestic refractory market, the demonstrated technological and financial support from the Cookson Group. These strengths are to an extent tempered by VIL's high dependence on the steel industry and the VISO product line, its working capital-intensive nature of operations and the small scale of operations.

VIL is the 56 per cent subsidiary of the Vesuvius group which, in turn, is 100 owned by the Cookson Group. Vesuvius India Ltd primarily makes and sells continuous casting refractories, slide-gates and monolithics. For the year-ended December 2000, the company reported a PAT of Rs 12.1 crore on an operating income of Rs 71.03 crore.

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