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CRISIL has assigned its rating of ‘B+/Stable’ to the bank facilities of Aaditiya Aswin Paper Mills Pvt Ltd (Aaditiya Aswin). The rating reflects Aaditiya Aswin’s small scale of operations, exposure to risks relating to fluctuations in paper prices, and limited track record in the paper manufacturing business. These weaknesses are mitigated by the company’s above-average financial risk profile, marked by healthy debt protection measures and a moderate gearing, and the benefits that it derives from its promoters’ experience.
Outlook: Stable
CRISIL believes that Aaditiya Aswin will maintain its average credit risk profile on the back of improving capacity utilisation and the promoters’ experience. The outlook may be revised to ‘Positive’ if the company scales up its operations substantially, and strengthens its financial risk profile considerably. Conversely, the outlook may be revised to ‘Negative’ if the company reports a decline in operating margins or unexpected major debt-funded capital expenditure.
About the Group
Set up in 2006 by Mr. M Balasubramanian, Aaditiya Aswin manufactures writing and printing paper (WPP) and newsprint (NP), and derives 90 per cent of its revenues from sale of WPP. Its manufacturing facilities in Sathyamangalam (Tamil Nadu) have an installed capacity of 40 tonnes per day. The company commenced commercial operations in April 2008.
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CRISIL Rating Desk
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Market Development & Communications
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Email: jparmar@crisil.com
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Gurpreet S Chhatwal
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Vasudevan R
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Email: rvasudevan@crisil.com
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Disclaimer: A CRISIL rating reflects CRISIL's current opinion on the likelihood of timely payment of the obligations under the rated instrument and does not constitute an audit of the rated entity by CRISIL. CRISIL ratings are based on information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL rating is not a recommendation to buy, sell or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. All CRISIL ratings are under surveillance. Ratings are revised as and when circumstances so warrant. CRISIL is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this product. For the latest rating information on any instrument of any company rated by CRISIL, please contact CRISIL RATING DESK at CRISILratingdesk@crisil.com, or at (+91 22) 6691 3001 - 09.
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