CRISIL?s ratings on the bank facilities of Amines & Plasticizers Ltd (APL) continue to reflect APL?s weak financial risk profile marked by small cash accruals and weak debt protection metrics. These rating weaknesses are partially offset by APL?s healthy market position in the gas-treatment business.

Outlook: Stable

CRISIL believes that APL will maintain its healthy market position over the medium term. The outlook may be revised to ?Positive? if there is a significant and sustained improvement in APL?s cash accruals and debt protection metrics. Conversely, the outlook may be revised to ?Negative? if the company undertakes a larger-than-expected debt-funded capital expenditure programme or reports substantial deterioration in its business performance.