RATING RATIONALE
11May2026
Asterix Reinforced Ltd.
Brickwork Ratings removes the ratings from Rating Watch and simultaneously downgrades the ratings for the Bank Loan Facilities of Rs. 39.24 Crs. of Asterix Reinforced Ltd. based on best available information, as the issuer did not cooperate.
Particulars| Facilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
|---|---|---|---|---|---|
| Previous | Present | Previous (23 Dec 2025) |
Present | ||
| Fund Based | 17.74 | 17.74 | Long Term |
BWR BB+ /Rating Watch with Negative Implications
Downgrade |
BWR BB
/Stable Removal from Rating Watch with Negative implications/INC /Downgrade |
| 5.00 | 5.00 | Short Term |
BWR A4+
Downgrade |
BWR A4
Removal from Rating Watch with Negative implications/INC /Downgrade |
|
| Non Fund Based | 16.50 | 16.50 | Short Term |
BWR A4+
Downgrade |
BWR A4
Removal from Rating Watch with Negative implications/INC /Downgrade |
| (3.00) | (3.00) | ||||
| (5.00) | (5.00) | ||||
| Grand Total | 39.24 | 39.24 | (Rupees Thirty Nine Crores and Twenty Four lakhs Only) | ||
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure
*Issuer did not cooperate; based on best available information.
RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION
Brickwork Ratings has downgraded the rating of bank loan facilities of "Asterix Reinforced Limited" for Rs. 39.24 crores at "BWR BB/Stable A4" while moving the same in the Issuer Not Cooperating category, based on best available information, as the Issuer did not cooperate. The ratings are also removed from the watch as ratings are moved into Issuer Not Cooperating category
BWR took up with the issuer and its banker over emails and through telephone calls to provide the required information. Despite the best efforts of BWR to get at least the minimum required information for a review, neither the entity nor its banker has provided the same. In the absence of adequate information from the entity and its banker, BWR is unable to assess the entity's financial performance or its ability to service its debt and maintain a valid rating..BWR has approached the bankers on multiple occasions to obtain feedback on the conduct of the account; however, lender feedback is not been received
The lenders/investors may note to exercise due caution while using the above rating, which mentions "Issuer Not Cooperating" since the rating lacks any projections or forward-looking component, as it is arrived at based on the best available information without any management/banker's interaction.
LIMITATIONS OF THE RATING
Information availability risk is a key factor in the assessment of credit risk as generally, non-cooperation by the rated entities to provide required information for a review of the assigned rating may also be accompanied by financial stress. Users of the credit rating should therefore take into account possible deterioration in the credit quality of the rated entity arising from its non-transparency withholding of information required for a review of the rating
ABOUT THE ENTITY| Macro Economic Indicator | Sector | Industry | Basic Industry |
|---|---|---|---|
| Commodities | Chemicals | Chemicals & Petrochemicals | Petrochemicals |
Asterix Reinforced Limited (ARL) was originally established in 2007, under the name of “Orson Petrochemicals Limited” and changed its name to “Bombay Highpolymer Chemical Product Limited in 2009.The company (ARL) was engaged in trading of Unsaturated Polyester Resin till FY16. Subsequently, in December 2016, the company changed its name to Asterix Reinforced Limited and promoted by Mr. Pawan Drolia and Mrs. Meenu Mandelia. The company is engaged in the manufacturing of unsaturated polyester resin, Gelcoat, SMC (Sheet Moulding Compound) which its application for production of fiber reinforced plastics and filled plastic products, including sanitary-ware, tanks, pipes, gratings, and high performance components for the marine and transportation industry such as closure and body panels, fenders, boat hulls/ decks and other large glass fiber reinforced plastic articles. Unsaturated polyester resins also find uses in coatings and adhesives and the Artificial or Quartz Marble Industry.. Furthermore, the ARL designs and develops tailor-made products as per client's requirement. The company is situated at Mumbai (Headquartered office) with the manufacturing facility, located in Silvassa, Union Territories of Dadra & Nagar Haveli with production capacity of over 2000 MT per month. The major raw material required are Maleic Anhydride, Phthalic Anhydride, Styrene Monomer, Polypropylene Glycol, MP Diol, Mono Ethylene Glycol, Di Ethylene Glycol etc. and the same is procured 20% through imports from China &Taiwan and rest 80% is procured from domestic market.
Please refer to the following link for the previous detailed rationale that captures the Key Financials Drivers and their Description, Liquidity Position. Rating Sensitivities, Key Financial Indicators. View Previous Document
| Creadit Rating Agency | Status and Reason for Non-Cooparation | Date of Press Release |
|---|---|---|
| CARE | Care has downgraded the long-term ratings to CARE B-/Stable and reaffirmed the short-term ratings at CARE A4 and maintained the ratings in the INC category | 26Dec2025 |
NIL
RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)| Facilities | Current Rating (2026) | 2025 | 2024 | 2023 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating |
| Fund Based | LT | 17.74 |
BWR BB/Stable
(Removal from Rating Watch with Negative implications/INC /Downgrade) |
22Apr2025 |
BWR BBB- Stable
(removal from ISSUER NOT COOPERATING* category/Upgraded) |
18Apr2024 |
BWR B+ Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
27Feb2023 |
BWR BB Stable
(ISSUER NOT COOPERATING* /Downgrade) |
| 0.00 |
NA
|
23Dec2025 |
BWR BB+ Rating Watch with Negative Implications
(Downgrade) |
NA |
NA
|
NA |
NA
|
||
| Fund Based | ST | 5.00 |
BWR A4
(Removal from Rating Watch with Negative implications/INC /Downgrade) |
22Apr2025 |
BWR A3
(Assignment) |
NA |
NA
|
NA |
NA
|
| 0.00 |
NA
|
23Dec2025 |
BWR A4+
(Downgrade) |
NA |
NA
|
NA |
NA
|
||
| Non Fund Based | ST | 16.50 |
BWR A4
(Removal from Rating Watch with Negative implications/INC /Downgrade) |
22Apr2025 |
BWR A3
(removal from ISSUER NOT COOPERATING* category/Upgraded) |
18Apr2024 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
27Feb2023 |
BWR A4
(ISSUER NOT COOPERATING* /Downgrade) |
| 0.00 |
NA
|
23Dec2025 |
BWR A4+
(Downgrade) |
NA |
NA
|
NA |
NA
|
||
| NFB SubLimit | ST | (3.00) |
BWR A4
(Removal from Rating Watch with Negative implications/INC /Downgrade) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
| (5.00) |
BWR A4
(Removal from Rating Watch with Negative implications/INC /Downgrade) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
||
| Grand Total | 39.24 | (Rupees Thirty Nine Crores and Twenty Four lakhs Only) | |||||||
- General Criteria
- Approach to Financial Ratios
- Short Term Debt
- Policy On Issuer Non -Cooperation
- Manufacturing Company
| Analytical Contacts | |
|---|---|
|
Karan Ahluwalia Ratings Analyst karan.ahluwalia@brickworkratings.com |
Ravi Rashmi Dhar Director - Ratings ravi.d@brickworkratings.com |
| Media Contact | media@brickworkratings.com | Client Support | clientsupport@brickworkratings.com |
| SL.No. | Name of the Bank/Lender | Type Of Facilities | Long Term(Rs.Crs.) | Short Term(Rs.Crs.) | Total(Rs.Crs.) | Complexity of the Instrument |
|---|---|---|---|---|---|---|
| 1 | Federal Bank | Term LoanOut-standing | 0.33 | _ | 0.33 | Simple## |
| 2 | Federal Bank | Term LoanOut-standing | _ | _ | 0.00 | Simple## |
| 3 | Federal Bank | Term LoanOut-standing | _ | _ | 0.00 | Simple## |
| 4 | Federal Bank | Term LoanOut-standing | 1.41 | _ | 1.41 | Simple## |
| 5 | Federal Bank | Cash CreditSanctioned | 11.00 | _ | 11.00 | Simple## |
| 6 | Federal Bank | Cash CreditProposed | 5.00 | _ | 5.00 | Simple## |
| 7 | Federal Bank | Bill Discounted (BD)Sanctioned | _ | 5.00 | 5.00 | Simple## |
| 8 | Federal Bank | Letter of CreditSanctioned | _ | 11.50 | 11.50 | Simple## |
| Sub-Limit (Bank Guarantee) Sanctioned | (5.00) | |||||
| Sub-Limit (LOU for Buyers Credit) Sanctioned | (3.00) | |||||
| 9 | Federal Bank | Letter of CreditProposed | _ | 4.00 | 4.00 | Simple## |
| 10 | Federal Bank | Derivative LimitSanctioned | _ | 1.00 | 1.00 | Simple## |
| 11 | Federal Bank | Line of CreditSanctioned | _ | _ | 0.00 | Simple## |
| Total | 17.74 | 21.50 | 39.24 | |||
| TOTAL (Rupees Thirty Nine Crores and Twenty Four lakhs Only) | ||||||
##BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.
| Instrument | Issue Date | Amount (Rs.Crs) | Coupon Rate (%) | Maturity Date | ISIN Particulars | Complexity of the Instrument |
|---|---|---|---|---|---|---|
| Nil | Nil | Nil | Nil | Nil | Nil | Nil |
| Name of Entity | % Ownership | Extent of consolidation | Rationale for consolidation |
|---|---|---|---|
| Nil | Nil | Nil | Nil |
| Instrument / Activity | Regulator |
|---|---|
| Listed/Proposed to be listed bonds/debentures/preference share (all securities) | SEBI |
| Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities) | MCA |
Listed PTCs / Securitisation Notes (originated by entities regulated by RBI) 1| SEBI | |
Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1| SEBI | |
Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI) 1| RBI | |
| Listed Commercial Paper and NCDs with original maturity less than 1 year | RBI |
| Unlisted Commercial Paper and NCDs with original maturity less than 1 year | RBI |
Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/FIs 2| RBI | |
| External Commercial Borrowings and other similar borrowings | RBI |
| Certificates of Deposit | RBI |
| Fixed Deposits raised by NBFC's, Banks, HFCs, Fis | RBI |
| Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, Fis | MCA |
| Inter Corporate Deposits/Loans extended by Corporates | MCA |
Borrowing programme 3| - | |
Issuer Ratings 4| - | |
| Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs) | SEBI |
| Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs | SEBI |
| Listed Security Receipts | SEBI |
| Unlisted Security Receipts | RBI |
| Independent Credit Evaluation (ICE) | RBI |
| Expected Loss Ratings (for Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/Fis) | RBI |
| Expected Loss Ratings (Listed/Proposed to be listed bonds/debentures/preference share (all securities)) | SEBI |
| Expected Loss Ratings (Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)) | MCA |
Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1| Investor-side Regulator | such as IRDAI, PFRDA 5 |
| Monitoring Agency | SEBI |
| Research activities, incidental to rating, such as research for Economy, Industries and Companies 6 | NA |
- Includes securitisation transactions involving assignee payout, acquirer's payout.
- Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
- The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In PRs subsequent to issuance(s), BWR shall separately capture the rated quantum details along with names of respective regulators.
- There is no instrument being rated and hence, Regulator of the Instrument is not applicable.
- These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026, and accordingly, investor side regulators have been included.
- Permitted by SEBI vide SEBI Master Circular for CRAs
For any grievances relating to rating of instruments regulated by other FSR (Financial Sector Regulators), please contact grievance@brickworkratings.com.
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