RATING RATIONALE
22Sep2026
Aakash Polyfilms Ltd
Brickwork Ratings reaffirms and simultaneously withdraws the long-term and short-term ratings for the Bank Loan Facilities of Rs. 140.43 Crs. of Aakash Polyfilms Ltd., based on the best available information
Particulars| Facilities/Instruments | Amount (Rs.Crs.) | Tenure | Rating | Regulator | ||
|---|---|---|---|---|---|---|
| Previous | Present | Previous (04 Feb 2026) |
Present | |||
| Fund Based | 132.63 | 132.63 | Long Term |
BWR BB- /Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded |
BWR BB -
/Stable Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn |
RBI |
| (28.00) | (28.00) | |||||
| (50.55) | (50.55) | |||||
| (5.05) | (5.05) | |||||
| (4.00) | (4.00) | Short Term |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn |
RBI | |
| Non Fund Based | 7.80 | 7.80 | Short Term |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn |
RBI |
| Grand Total | 140.43 | 140.43 | (Rupees One Hundred Forty Crores and Forty Three lakhs Only) | |||
1. Please refer to BWR website www.brickworkratings.com for the definition of the ratings
2. Refer to Annexures I, II, and III for details of rated bank loan facilities, debt instruments, and the List of Entities Consolidated
*Issuer did not cooperate; based on best available information.
RATING ACTION / OUTLOOK / WITHDRAWAL
Brickwork Ratings reaffirms and simultaneously withdraws the long-term and short-term ratings for the Bank Loan Facilities of Rs. 140.43 Crs. of "Aakash Polyfilms Ltd." as per the best available information, as the issuer did not cooperate.
The ratings were due for review in Feb 2026. BWR has been consistently reaching out to the company to provide the required information via email apart from telephonic communication, but no response has been received from the client. Further, BWR is unable to reach the banker. The banker's feedback regarding the conduct of the account is not available. Despite the best efforts of BWR to get at least the minimum required information for the review, the entity has not provided the same. In the absence of adequate information from the entity, BWR is unable to assess the firm's financial performance and its ability to service its debt and maintain a valid rating.
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 RATINGInformation 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
KEY RATING DRIVERS
ANALYTICAL APPROACH AND APPLICABLE RATING CRITERIA - Standalone
BWR has considered the standalone audited financials of the company and applied its rating methodology as detailed in the Rating Criteria.
RATING SENSITIVITIES
NA
LIQUIDITY INDICATORS -
NA
COMPANY's / FIRM's PROFILE| Macro Economic Indicator | Sector | Industry | Basic Industry |
|---|---|---|---|
| Commodities | Chemicals | Chemicals & Petrochemicals | Petrochemicals |
Incorporated in 1994, Aakash Polyfilms Limited (APL), is promoted and managed by Mr. Pavan Tulsiani & family. The company is engaged in the manufacturing of metalized CPP films & BOPP films in two units situated at Bharuch and Surat, Gujarat with total manufacturing capacity of 15600 metric ton per annum.
As per the latest information available, the company has successfully set up a capex unit for manufacturing of BOPET film with installed capacity of 42000 ton per annum (TPA) at Jhagadia, Bharuch district, Gujarat and commercial production started from 15th May, 2023.
(Note: As per the Information provided to BWR during the year 2022)
ESG ProfileNA
| Standalone Financial Indicators (in ₹ crore) | Units | FY 23 - 24 (A) | FY 24 - 25 (A) | FY 25 - 26 (A) |
|---|---|---|---|---|
| Operating Revenue | Rs.Crs. | Not Available | Not Available | Not Available |
| EBITDA | Rs.Crs. | Not Available | Not Available | Not Available |
| PAT | Rs.Crs. | Not Available | Not Available | Not Available |
| Tangible Net Worth | Rs.Crs. | Not Available | Not Available | Not Available |
| Total Debt / Tangible Net Worth | Times | Not Available | Not Available | Not Available |
| Current Ratio | Times | Not Available | Not Available | Not Available |
|
* A:Audited UA:Unaudited P:Provisional PROJ:Projected
|
||||
|
Note: These are latest available financial results. All ratios as per BWR's calculations; Amount in ₹ crore
|
||||
Not Applicable
ANY OTHER INFORMATIONNIL
RATING HISTORY FOR THE PREVIOUS THREE YEARS(including withdrawal and suspended)| Name of Instrument (NCD/Bank Loan /Non- Fund Based facilitates/ Commercial Paper etc.) | Current Rating (2026) | 2026 (History) | 2025 | 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating | Date | Rating |
| Fund Based | LT | 132.63 |
BWR BB-/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn) |
04Feb2026 |
BWR BB- Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
13Feb2025 |
BWR BB Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
09Feb2024 |
BWR BB+ Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
09Aug2023 |
BWR BBB- Stable
(ISSUER NOT COOPERATING* /Reaffirmation) |
| FB SubLimit | LT | (28.00) |
BWR BB-/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
NA |
NA
|
| (50.55) |
BWR BB-/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
NA |
NA
|
||
| (5.05) |
BWR BB-/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
NA |
NA
|
||
| Fund Based | ST | 0.00 |
NA
|
NA |
NA
|
NA |
NA
|
09Feb2024 |
BWR
() |
09Aug2023 |
BWR
() |
| FB SubLimit | ST | (4.00) |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn) |
04Feb2026 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
13Feb2025 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
09Feb2024 |
BWR A4+
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
09Aug2023 |
BWR A3
(ISSUER NOT COOPERATING* /Reaffirmation) |
| Non Fund Based | ST | 7.80 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn) |
04Feb2026 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
13Feb2025 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
09Feb2024 |
BWR A4+
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
09Aug2023 |
BWR A3
(ISSUER NOT COOPERATING* /Reaffirmation) |
| Grand Total | 140.43 | (Rupees One Hundred Forty Crores and Forty Three lakhs Only) | |||||||||
- General Criteria
- Approach to Financial Ratios
- Policy On Issuer Non -Cooperation
- Short Term Debt
- BWR Withdrawal Policy
- Manufacturing Company
| Analytical Contacts | |
|---|---|
|
Akash E Ratings Analyst akash.e@brickworkratings.com |
Siva Kumar V S Senior Manager - Ratings sivakumar.vs@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 | Axis Bank Ltd. | Term LoanOut-standing | _ | _ | 0.00 | Simple## |
| 2 | Axis Bank Ltd. | Cash CreditSanctioned | 5.05 | _ | 5.05 | Simple## |
| Sub-Limit (EPC/FBD) Sanctioned | (5.05) | |||||
| Sub-Limit (Letter of Credit) Sanctioned | (4.00) | |||||
| 3 | Punjab National Bank | Bank GuaranteeSanctioned | _ | 3.00 | 3.00 | Simple## |
| 4 | Punjab National Bank | Letter of CreditSanctioned | _ | 4.00 | 4.00 | Simple## |
| 5 | Punjab National Bank | Forward ContractSanctioned | _ | 0.80 | 0.80 | Simple## |
| 6 | Punjab National Bank | GECLOut-standing | 3.62 | _ | 3.62 | Simple## |
| 7 | Punjab National Bank | GECLSanctioned | 3.66 | _ | 3.66 | Simple## |
| 8 | Punjab National Bank | Term LoanOut-standing | 15.43 | _ | 15.43 | Simple## |
| 9 | Punjab National Bank | Term LoanSanctioned | 45.00 | _ | 45.00 | Simple## |
| 10 | Punjab National Bank | Term LoanSanctioned | 9.32 | _ | 9.32 | Simple## |
| 11 | Punjab National Bank | Cash CreditSanctioned | 50.55 | _ | 50.55 | Simple## |
| Sub-Limit (Negotiation/Discounting Limit for Inland LC & FLC) Sanctioned | (50.55) | |||||
| Sub-Limit (PC/PCFC/FDBP/FUDBP) Sanctioned | (28.00) | |||||
| Total | 132.63 | 7.80 | 140.43 | |||
| TOTAL (Rupees One Hundred Forty Crores and Forty Three lakhs Only) | ||||||
## The Complexity Indicator refers to the ease with which the returns associated with the rated instrument could be estimated. It does not indicate the risk related to the timely payments on the instrument, which is rather indicated by the instrument's credit rating. It also does not indicate the complexity associated with analysing an entity's financial, business, industry risks or complexity related to the structural,transactional or legal aspects. Details on the complexity levels of the instruments are available on BWR's website Complexity Levels.
| Name of the Instrument/Facility | Long Term/Short Term | ISIN | Date of Issuance | Coupon Rate (%) | Maturity Date | Size of the Issue ( ₹ Crore) | Rating Assigned and Rating Outlook | Regulator |
|---|---|---|---|---|---|---|---|---|
| Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil |
| Name of Entity | % Ownership | Extent of consolidation | Rationale for consolidation |
|---|---|---|---|
| Nil | Nil | Nil | Nil |
| A. | Rating activities | |
|---|---|---|
| SL.No. | Instrument / Activity | Regulator of the Instruments |
| 1 | Listed/Proposed to be listed bonds/debentures/preference share (all securities) | SEBI |
| 2 | Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities) | MCA |
| 3 | Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)* $ | RBI |
| 4 | Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)* | SEBI |
| 5 | Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)* | RBI |
| 6 | Listed Commercial Paper and NCDs with original maturity less than 1 year | RBI |
| 7 | Unlisted Commercial Paper and NCDs with original maturity less than 1 year | RBI |
| 8 | Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/FIs^ | RBI |
| 9 | External Commercial Borrowings and other similar borrowings | RBI |
| 10 | Certificates of Deposit | RBI |
| 11 | Fixed Deposits raised by NBFCs,HFCs, FIs | RBI |
| 12 | Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs | MCA |
| 13 | Inter Corporate Deposits/Loans extended by Corporates | MCA |
| 14 | Borrowing programme ~ | - |
| 15 | Issuer Ratings # | - |
| 16 | Credit Ratings for Capital Protection Oriented Schemes (by Mutual Funds and AIFs) | SEBI |
| 17 | Credit Quality Ratings (CQR) for Mutual Fund Schemes and Schemes of AIFs | SEBI |
| 18 | Listed Security Receipts $ | RBI |
| 19 | Unlisted Security Receipts | RBI |
| 20 | Independent Credit Evaluation (ICE) | RBI |
| 21 | Expected Loss Ratings (Listed/Proposed to be listed bonds/debentures/preference share (all securities)) | SEBI |
| 22 | Expected Loss Ratings (Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)) | MCA |
| 23 | Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) * | Investor-side regulator such as IRDAI, PFRDA @ |
* Includes securitisation transactions involving assignee payout, acquirer's payout.
~ 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), Brickwork Ratings India Private Limited (BWR) shall separately capture the rated quantum
details along with names of respective regulators.
^ Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
# There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are
being followed as stipulated in SEBI Master Circular for CRAs.
@ These ratings were assigned during regulatory regime prior to introduction of SEBI CRA Circular dated Feb 10, 2026 and the
investor side regulators have accordingly been included.
$ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.
Note: Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute
redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
For any grievances relating to rating of instruments regulated by other FSR (Financial Sector Regulators), please contact grievance@brickworkratings.com.
BWR Board of Directors have no influence over rating decisions, nor do they sit on the rating committee or review, discuss or evaluate any credit rating during the Board meetings.
About Brickwork Ratings
Brickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by Reserve Bank of India [RBI]. BWR is the 5th agency to get a credit rating registration in India in 2009 and its corporate office in Bengaluru. It has a country-wide presence with representatives in 150+ locations. Canara bank is an institutional investor in Brickwork.
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