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Further, the approval was given in May, 2005, without verification of the credentials of FMPL, a company which was incorporated only in July, 2004.
The inclusion of Future Exim, a group company of FMPL, as another business associate was carried out in the same manner.
The ratings reflect the benefits that FMPL derives from its established position in the steam engineering and control instrumentation segment, supported by its strong technical capabilities and marketing setup, and healthy financial risk profile, marked by low gearing and comfortable debt protection metrics.