Summary: Ballarpur Industries Ltd. Jan 13

Standard & Poors, January 2013

Abstract
The rating on Ballarpur Industries Ltd. (BILT) reflects the company's "aggressive" financial risk profile and its exposure to volatility in pulp and paper prices and intense competition. BILT's strong domestic market position in India and its favorable growth prospects in India and Malaysia partly offset these weaknesses. BILT is an India-based pulp and paper manufacturer. We assess the company's business risk profile as "fair." We expect BILT's high debt to restrict any significant improvement in key ratios. We estimate that the company's EBITDA will average between Indian rupee (INR) 10 billion and INR12 billion a year over the next three years, with a healthy growth in revenue. We expect the company's ratio of debt to total capital to be at...

Companies mentioned in this report are:
- Ballarpur Industries Ltd.
- Ballarpur International Graphic Paper Holdings B.V.

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Ballarpur Industries Ltd.
- Ballarpur International Graphic Paper Holdings B.V.

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