• Commercial paper programme - Rs. 35 crore Rating : P1+ (Reaffirmed)

The "P1+" (pronounced P one plus) rating assigned to the Rs. 350 Million Commercial Paper Programme of Thermax Limited (Themax) has been reaffirmed.

The rating reflects the cyclical nature of the capital good industry, strong market position of Thermax in its business segments and customer & product diversity offered by Thermax’s business portfolio. The rating also takes into account the favourable capital structure, strong liquidity position enjoyed by Thermax and its steady income stream from interest & dividend income.

Thermax’s business portfolio can be broadly divided into three segments – energy, environment & chemicals. The energy segment comprises mainly boilers for process heat/steam requirements, heat recovery & energy conservation machinery, cogeneration plants and absorption cooling plants. The environment business offers water and effluent treatment plants and air pollution control equipment. The chemicals business has synergistic existence with energy & environment businesses and it offers treatment chemicals for boiler feed water, cooling water, oil-field applications and other speciality applications.