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    Aswani Construction R 07102013

    Uploaded by

    Balaji Rathinavel
    Aswani

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    © All Rights Reserved
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    Aswani Construction R 07102013

    Uploaded by

    Balaji Rathinavel
    42 views3 pages
    Aswani

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    Aswani Construction r 07102013

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    Aswani

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    42 views3 pages

    Aswani Construction R 07102013

    Uploaded by

    Balaji Rathinavel
    Aswani

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    Aswani Construction Private Limited

    Instrument

    Amount

    Rating Action

    Long-Term Fund-Based Limit-Cash Credit

    Rs.9.65 crore

    [ICRA]BB-(Stable) Assigned

    Long-Term Fund-Based Limit-Term Loan

    Rs.19.80 crore

    [ICRA]BB-(Stable) Assigned

    ICRA has assigned a long-term rating of [ICRA]BB- (pronounced ICRA double B minus) to the
    Rs.29.45 crore* fund-based bank limits of Aswani Construction Private Limited (ACPL or company) .
    The outlook assigned to the long-term rating is Stable.
    The assigned rating is constrained by the limited track record of the companys promoters in AAC
    blocks manufacturing segment, weak financial risk profile characterized by stretched capital structure
    and moderate debt-protection metrics and project implementation risks associated with the companys
    proposed venture in Haryana. ICRA notes that the implementation risks associated with the new
    project remain high, as it is still in the initial stages. Further, the ability of the company to timely
    commission the project without any cost-overruns and successfully market the products and maintain
    healthy cash flow position, post commissioning, to ensure timely debt-servicing, remains crucial from
    rating perspective. ICRA further notes that the competitive pressure is expected to remain high from
    both organized and unorganized segments on account of low entry barriers.
    However, the rating favourably factors in the healthy demand indicators for AAC blocks manufactured
    by the company, and location advantages owing to proximity to raw material sources as well as major
    consumption centres in Gujarat and Maharashtra. The rating also takes comfort from experience of the
    companys promoters in the Surat real estate market and the strong group support by virtue of being a
    part of the Surat based Ascon Group of Developers.
    About the company
    Incorporated in 1996, Aswani Construction Private Limited (ACPL) was engaged in real estate
    development mainly residential projects till 2010. In January 2013, the company started a plant to
    manufacture Autoclaved Aerated Concrete (AAC) blocks with an installed capacity of 3.96 lakh m3 per
    annum. ACPLs registered office and manufacturing facility are located in Surat (Gujarat). The
    company is planning to commission a new plant for manufacture of AAC blocks in Imlota village,
    Bhiwani district (Haryana) which will cater to the markets of North India. It is expected to be operational
    by February 2014.
    Recent results
    ACPL recorded a profit after tax of Rs. 0.99 crore on an operating income of Rs. 12.73 crore for the
    year ending March 31, 2013.
    September 2013
    For further details please contact:
    Analyst Contact:
    Mr. Anjan Ghosh (Tel. No. +91-22-6179 6392)
    aghosh@icraindia.com
    Relationship Contact:
    Mr. L. Shivakumar (Tel. No. +91-22-6179 6393)
    shivakumar@icraindia.com

    * 100 lakh = 1 crore = 10 million


    For complete rating definition, please refer to ICRA Website www.icra.in or any of the ICRA Rating
    Publications

    Copyright, 2013, ICRA Limited. All Rights Reserved.


    Contents may be used freely with due acknowledgement to ICRA
    ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. The ICRA
    ratings are subject to a process of surveillance which may lead to a revision in ratings. Please visit our website
    (www.icra.in) or contact any ICRA office for the latest information on ICRA ratings outstanding. All information
    contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable. Although
    reasonable care has been taken to ensure that the information herein is true, such information is provided as is
    without any warranty of any kind, and ICRA in particular, makes no representation or warranty, express or
    implied, as to the accuracy, timeliness or completeness of any such information. All information contained herein
    must be construed solely as statements of opinion and ICRA shall not be liable for any losses incurred by users from
    any use of this publication or its contents

    Registered Office
    ICRA Limited
    1105, Kailash Building, 11th Floor, 26, Kasturba Gandhi Marg, New Delhi 110001
    Tel: +91-11-23357940-50, Fax: +91-11-23357014
    Corporate Office
    Mr. Vivek Mathur
    Mobile: 9871221122
    Email: vivek@icraindia.com
    Building No. 8, 2nd Floor, Tower A, DLF Cyber City, Phase II, Gurgaon 122002
    Ph: +91-124-4545310 (D), 4545300 / 4545800 (B) Fax; +91- 124-4050424
    Mumbai
    Mr. L. Shivakumar
    Mobile: 9821086490
    Email: shivakumar@icraindia.com

    Kolkata
    Mr. Jayanta Chatterjee
    Mobile: 9845099459
    Email: jayantac@icraindia.com

    3rd Floor, Electric Mansion, Appasaheb Marathe Marg,


    Prabhadevi, Mumbai - 400 025
    Ph : +91-22-30470000, 24331046/1053
    /1062/1074/1086/1087, Fax : +91-22-24331390
    Chennai
    Mr. Jayanta Chatterjee
    Mobile: 9845099459
    Email: jayantac@icraindia.com

    A-10 & 11, 3rd Floor, FMC Fortuna, 234/3A, A.J.C. Bose
    Road Kolkata700020
    Tel: +91-33-22876617/8839 22800008/22831411

    5th Floor, Karumuttu Centre, 498 Anna Salai, Nandanam,


    Chennai-600035.
    Tel + (91 44) 45964300, Fax + (91 44) 9434 3663

    'The Millenia',
    Tower B, Unit No. 904, 9th Floor, Level 9, 19-14, 1 & 9,
    Murphy Road, Bangalore - 560 008
    Tel:91-80- 43396400 Fax:91-80-43396409

    Ahmedabad
    Mr. L. Shivakumar
    Mobile: 989986490
    Email: shivakumar@icraindia.com

    Pune
    Mr. L. Shivakumar
    Mobile: 989986490
    Email: shivakumar@icraindia.com

    907 & 908 Sakar -II, Ellisbridge,


    Ahmedabad- 380006
    Tel: +91-79-26585049, 26585494, 26584924,
    Tele Fax: +91-79-25569231
    Hyderabad
    Mr. Jayanta Chatterjee
    Mobile: 9845099459
    Email: jayantac@icraindia.com

    5A, 5th Floor, Symphony, S.No. 99, CTS 3909, Range Hills
    Road, Shivajinagar,Pune-411 090
    Tel: + 91-20-25561194-25560196; Fax: +91-20-25561231

    4th Floor, SHOBHAN, 6-3-927/A&B. Somajiguda, Raj


    Bhavan Road, Hyderabad500083
    Tel:- +91-40-40676500

    Bangalore
    Mr. Jayanta Chatterjee
    Mobile: 9845099459
    Email: jayantac@icraindia.com

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