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However, the parent was hit by operating losses over 2006-2010, which hindered its ability to continue backing TPIPL, the analysts noted.
The ratings also consider TPC's enhancing focus on TPIPL due to low-cost production and the latter's R&D capabilities to develop high-margin products for both domestic and export markets.
Although TPIPL's US-based parent company Tecumseh Products Co (NASDAQ:TECUA), or TPC, has been supporting it financially by providing loans with deferred repayments, Fitch notes that it has also suffered operating losses in three out of the last four years.
They are also supported by the fact that TPIPL supplies compressors to established original equipment manufacturers such as Whirlpool of India Ltd (BOM:500238), Videocon Industries (BOM:511389) and Haier Appliances India, which provides some comfort to the ratings.
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- TPI deficiency
- TPI test