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August 14, 2012
Mumbai
Aimil Limited
Ratings Reaffirmed
Total Bank Loan Facilities Rated Rs.302 Million
Long-Term Rating CRISIL BBB+/Stable (Reaffirmed)
Short-Term Rating CRISIL A2 (Reaffirmed)
(Refer to Annexure 1 for details on facilities)
CRISILs ratings on the bank facilities of Aimil Ltd (Aimil)
continue to reflect Aimils healthy financial risk
profile, marked by a low gearing and healthy debt protection
metrics. The ratings also factor in the
companys longstanding relationships with its customers, and its
diversified product profile. These rating
strengths are partially offset by the high dependence of Amil on
its principals for its revenues.
Outlook: Stable
CRISIL believes that Aimil will continue to benefit from its
established relationships with its customers and its
diversified product profile, over the medium term. The outlook
may be revised to Positive if the company isable to achieve
significantly greater-than-expected revenues, while maintaining its
operating margin or if
there is improvement in the financial risk profile, driven by
larger-than-expected cash accruals or less-than-
expected debt levels. The outlook may be revised to Negative if
the company undertakes a larger-
than-expected, debt-funded capital expenditure or makes a large
investment in unrelated areas, leading to
weakening of the financial risk profile or if there is a decline
in the scale of operations or profitability.
About the Company
Aimil is an exclusive distributor (in India) of various
surveying and testing equipment manufacturing
companies (hereinafter referred as principal) and is also
engaged in servicing of the same. The company has
a compression testing machine (CTM) manufacturing facility at
Delhi (which it sells in the domestic as well as
the export market). Occasionally, Aimil also provides
infrastructure consultancy services related to sight
survey. The company has broadly categorised its operations in
four divisions: distributorship of large
principals (contributing around 68 per cent to total revenues),
CTM manufacturing (around 23 per cent),
surveying and testing equipments servicing (around 6 per cent),
and infrastructure consultancy (around 3
per cent). The company is an exclusive dealer for almost all of
its principals in India.
In 2011-12 (refers to financial year, April 1 to March 31),
Aimil is estimated to have generated a profit after
tax (PAT) of Rs.110 million on net sales of around Rs.1.36
billion as against a PAT of Rs.68.2 million
generated on net sales of around Rs. 1.2 billion in 2010-11.
Annexure 1 - Details of various bank facilities
Current facilities Previous facilities
FacilityAmount
(Mln)Rating Facility
Amount
(Mln)Rating
Bank Guarantee 75 CRISIL A2 Bank Guarantee 75 CRISIL A2
Cash Credit 140CRISIL
BBB+/StableLetter of Credit 25 CRISIL A2
Letter of Credit 25 CRISIL A2
Overdraft
Facility 140
CRISIL
BBB+/Stable
Rupee Term Loan 32CRISIL
BBB+/Stable
Rupee Term
Loan32
CRISIL
BBB+/Stable
Standby Line of
Credit30 CRISIL A2
Standby Line of
Credit30
CRISIL
BBB+/Stable
Total 302 -- Total 302 --
Media Contacts Analytical Contacts CRISIL Rating Desk
Mitu Samar
Director, Communications and Brand
Management
CRISIL Limited
Tel: +91-22- 3342 1838
E-mail: [email protected]
Tanuja Abhinandan
Communications and Brand Management
CRISIL Limited
Tel: +91-22- 3342 1818
Subodh K Rai
Senior Director - CRISIL Ratings
Tel: +91-0124-672 2000
Email: [email protected]
Mohit Makhija
Director - CRISIL Ratings
Tel: +91-0124-672 2000
Email: [email protected]
Tel: +91-22-3342 3047/3342
3064
Email:[email protected]
RISIL Ratings :
http://crisil.com/Ratings/RatingList/RatingDocs/AimilLtd_14Aug12.html
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Email: [email protected]
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