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-Ring Plus Aqua's bank facilities get AA-/PR1+ rating from CARE.

BANKING AND CREDIT NEWS-June 10, 2011--Ring Plus Aqua's bank facilities get AA-/PR1+ rating from CARE(C)2011 M2 COMMUNICATIONS

10 June 2011 - Rating agency CARE said it had rated the long and short-term bank facilities of Indian automotive parts maker Ring Plus Aqua Ltd at AA- and PR1+, respectively.

The ratings drew strength from the strong financial support of the company's promoters, its good ties with major automobile original equipment manufacturers, its favourable capital structure and the robust growth prospects of the Indian automobile industry.

The firm's relatively small size of operations, its supplier concentration risk and the cyclical nature of the automobile industry somewhat offset these strengths.

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Publication:M2 Banking & Credit News (BCN)
Date:Jun 10, 2011
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