Essel Packaging

Crisil said it has enhanced the limit for the `P1+' rating, indicating very strong position, assigned to the commercial paper programme of Essel Packaging Ltd, to Rs 40 crore from Rs 30 crore.

It said it has withdrawn the `AA-' rating, indicating high safety, assigned to the non-convertible debenture programme of the company.

The rating reflects EPL'S continued dominant market position in the domestic multi-layer collapsible laminated tube (lamitubes) market, its favourable client profile and pricing arrangements and the stability of the end-user industries. The rating also reflects EPL's large scale of operations, its high level of backward integration and favourable plant locations, which have resulted in significant operating efficiencies.