It has also assigned the high credit quality rating to the Rs 75 crore and Rs 5.5 crore fund-based and non-fund-based limits respectively of the company, a press release issued here stated.
ICRA has assigned an A1+ rating to the Rs 175 crore short-term loans and Rs 395 crore non-fund-based limits of the company.
"The assigned rating is the highest credit-quality rating assigned by ICRA to short-term debt instruments," the release said.
Instruments rated in this category carry the lowest credit risk in the short-term.
ICRA has also assigned an A1+ rating to the Rs 100 crore commercial paper programme of the company.
The ratings take into account Godrej Industries' diversified business profile on a consolidated level, inherent value of its investment portfolio, steady sources of cash flows in the form of dividend income and leave and licence income and its strong and favourable capital structure facilitated by infusion of equity capital in FY 08.
The rating also takes into account the favourable prospects of Godrej Industries' subsidiary, Godrej Properties from the large and prime developable land holdings of the group in the medium-to-long-term.
ICRA said that its rating has also incorporated the inherent cyclical nature of its chemicals business, which at present is in an up-cycle and the company's regular commitment to fund the growth plans of some of its subsidiaries.
