Rating Rationale

April 21, 2015

Mumbai

Apcotex Industries Limited

Ratings placed on 'Notice of withdrawal'

Total Bank Loan Facilities Rated	Rs.600 Million
Long Term Rating	CRISIL A/Stable (Placed on Notice of Withdrawal)
Short Term Rating	CRISIL A1 (Placed on Notice of Withdrawal)

(Refer to Annexure 1 for Facility-wise details)

Rs. 200 Million Commercial Paper Programme

Withdrawn

CRISIL has placed its ratings on the bank facilities of Apcotex Industries Ltd (AIL) on 'Notice of Withdrawal' for a period of 180 days while withdrawing the rating on the commercial paper programme at the company's request. The rating on the bank facilities will be withdrawn at the end of the notice period in line with CRISIL's policy on withdrawal of its ratings on bank loans.

About the Company

Apcotex was established in 1980 by Asian Paints Ltd (rated 'CRISIL AAA/Stable/CRISIL A1+'). It was reconstituted as a public limited company named Apcotex Lattices Ltd, in 1986, and got its present name in 2005. The company manufactures synthetic lattices and styrene butadiene rubber, which are used in various industries, such as tyre-cord dipping, paper and paperboard coating, carpet backing, water proofing, textile finishing, and footwear. The company has a total manufacturing capacity of 45,000 tonnes per annum for synthetic lattices and styrene butadiene rubber manufacturing.

Mr. Atul Choksey, former managing director of Asian Paints (India) Ltd, is the chairman; and Mr. Abhiraj Choksey, and son of Mr. Atul Choksey, is the managing director of Apcotex.

Annexure 1 - Details of various bank facilities

Current facilities			Previous facilities
Facility	Amount (Rs.Million)	Rating	Facility	Amount (Rs.Million)	Rating
Cash Credit	480	CRISIL A/Stable(Notice of Withdrawal)	Cash Credit	480	CRISIL A/Stable
Letter of Credit	50	CRISIL A1(Notice of Withdrawal)	Letter of Credit*	50	CRISIL A1
Proposed Long Term Bank Loan Facility	70	CRISIL A/Stable(Notice of Withdrawal)	Proposed Long Term Bank Loan Facility	70	CRISIL A/Stable
Total	600	--	Total	600	--

* Includes a sub-limit of Rs.15 million for bank guarantee

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Tanuja Abhinandan Communications and Brand Management CRISIL Limited Phone: +91 22 3342 1818 Email:tanuja.abhinandan@crisil.com Jyoti Parmar Communications and Brand Management CRISIL Limited Phone: +91 22 3342 1835 E-mail: jyoti.parmar@crisil.com	Vasudevan R Director - CRISIL Ratings Phone:+91 44 6656 3100 Email: vasudevan.r@crisil.com Mohit Makhija Director - CRISIL Ratings Phone:+91 124 672 2000 Email: mohit.makhija@crisil.com	Timings: 10.00 am TO 7.00 pm Toll free Number:1800 267 1301 Email: CRISILratingdesk@crisil.com

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April 21, 2015	http://www.crisil.com