Navin Fluorine International has been awarded two stars out of five by CRISIL Equities, the Credit rating agency.
The rating implies that the company`s fundamentals are moderate relative to other listed equity securities in India.
This rating has been given to Navin due to its long-standing presence as one of the four main fluorine players in India. Our grade is moderated by the stagnation in Navin`s main lines of business refrigerants and bulk fluorides. The production of Navin`s flagship refrigerant HCFC 22 is being phased out under the Montreal Protocol due to its ozone-depleting nature. Also, at the same point of time, sales of low-margin products, i.e. bulk fluorides, are facing tough competition from China.
 CRISIL’s criteria for rating Navin 2/5 are the following:
1. Significant non-operating assets in the form of cash.

2. Balances with group companies.

3. Real estate
 4. Investments in group companies through equity, and preference shares.