![]() |
![]() |
Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
Bank Loan Ratings | 6.00 | Not Applicable | Withdrawn | - |
Bank Loan Ratings | 6.00 | - | Not Applicable | Withdrawn |
Total Outstanding | 0.00 | - | - |
Total Withdrawn | 12.00 | - | - |
Rating Rationale |
Acuite has withdrawn its long-term and short-term rating on Rs.12 Cr. bank facilities of Himalayan Polymer Industries (HPI). The rating has been withdrawn without assigning any rating as the Instrument is fully repaid . The rating withdrawal is in accordance with Acuite’s policy on withdrawal of rating as applicable to the respective facility / instrument. The rating is being withdrawn on account of request received from the Company and No Dues Certificate received from the banker. |
About the Company |
Noida based Himalayan Polymers Industries (HPI) is a partnership concern established in 2009 and is engaged in manufacturing of PET/PP/PC/HDPE bottles. HPI has its manufacturing unit in Dehradun, which is having a capacity of 2004 lacs bottles per annum is catering to Pharmaceutical, FMCG, liquor industry, to name a few. The firm is being promoted by Mr. Suresh Singhal, Mr. Om Prakash Jalan and Mr. Rajeev Maheshwari. |
About the Group |
Himalayan Group is one of the major packaging solutions provider companies in India. The group is engaged in manufacturing of PET bottles, jars, caps, and containers for FMCG, food and beverages, and pharmaceutical companies with manufacturing facility located in Dehradhun and Bhopal. Presently, the company has operations in India, Australia, Indonesia, South Africa, Canada, Singapore and Zimbabwe. The group includes Himalayan Packaging Industries Private Limited, Himalayan Polymer Industries, Himalayan Polysports Private Limited (earlier known as Mahapet India Private Limited), Himalayan Skincare Private Limited and Himalayan Caps & Containers. Currently, the group is in the process of consolidation with merger of Himalayan Skincare Private Limited and Himalayan Caps & Containers into Himalayan Packaging Industries Private Limited, Himalayan Polymer Industries and Himalayan Polysports Private Limited. |
Unsupported Rating |
Not Applicable |
Analytical Approach |
Not Applicable |
Key Rating Drivers |
Strengths |
Not Applicable |
Weaknesses |
Not Applicable |
Rating Sensitivities |
Not Applicable |
Liquidity Position |
Not Applicable |
Outlook: Not Applicable |
|
Other Factors affecting Rating |
None |
Particulars | Unit | FY 19 (Provisional) | FY 18 (Actual) |
Operating Income | Rs. Cr. | 101.05 | 101.88 |
PAT | Rs. Cr. | 1.64 | 2.74 |
PAT Margin | (%) | 1.62 | 2.69 |
Total Debt/Tangible Net Worth | Times | 3.03 | 4.54 |
PBDIT/Interest | Times | 2.38 | 2.39 |
Status of non-cooperation with previous CRA (if applicable) |
Not Applicable |
Any other information |
None |
Applicable Criteria |
• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm |
Note on complexity levels of the rated instrument |
In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in |
|
|
|
||||||||||||||||||||||||||||||||||||
|
*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support) | ||||||||||||
|
||||||||||||
Contacts |
|
|
About Acuité Ratings & Research |
© Acuité Ratings & Research Limited. All Rights Reserved. | www.acuite.in |