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The ratings benefit from CFL presence in niche thermal

Fitch affirms Cosmo Films at A

Simultaneously, the agency has also affirmed CFL bank loans ratings, as follows:The affirmation reflects the company status cheap Canada Goose as the second largest player canada goose coats in the domestic biaxially oriented polypropylene (BOPP) film market and as the largest Indian exporter of these buy canada goose jacket cheap films. The ratings benefit from CFL presence in niche thermal lamination films, which enjoys a higher margin than BOPP films. The ratings are based on CFL consolidated profile. The affirmation is canada goose uk shop underpinned by canada goose black friday sale the sound sales growth demonstrated in FY10 and FY11 driven by higher volumes in BOPP/ canada goose clearance thermal films and inorganic growth from GBC acquisition (net sales of INR1.4m in June 2009 March 2010).

Fitch notes the Canada Goose sale continuous pressure on CFL operating Canada Goose Coats On Sale profitability caused by volatility in the raw material prices (derivatives of crude oil) and lower selling prices of BOPP film on account of canada goose store further addition of 35,000 tpy capacity canada goose uk outlet in March 2010. BOPP sales realisations in the export market have also been dampened by canada goose coats on sale the depreciation of the euro against the INR, coupled with sluggish demand in the European market. The trend of stable raw material prices in thermal lamination films business uk canada goose reversed and became more volatile during FY10, which canada goose also impacted CFL operating profitability in this segment.

CFL acquired GBC thermal lamination films capacity remained under utilised in FY10 due to low demand in the US and my website Cheap Canada Goose European markets and incurred EBITDA loss of EUR1.7m (partially on account of one off restructuring costs). buy canada goose jacket Fitch notes that pressure on CFL consolidated margins is likely to remain in the near to medium term, and a turnaround in the acquired GBC business will be key to CFL business and credit profile.

CFL has resumed the capex (earlier deferred) for a 35,000 tpy canada goose clearance sale BOPP line at Vadodara with operations expected to begin in January 2013. Overseas capex plans encompass uk canada goose outlet greenfield capex over FY12 FY13. The total INR2,500m capex over the next canada goose uk black friday two years will be funded by INR1,550m debt and INR950m internal accruals. Leverage (net debt to EBITDA: 3.1x in FY10) will increase in FY13 with additional debt on account of capex plans, coupled with margins pressure. However, interest coverage is expected Canada Goose Parka to remain Canada Goose Jackets strong with the mostly forex term loans enjoying a lower interest rate.

The ratings are constrained by the product concentration on BOPP films and the cyclicality/ demand supply imbalance that the domestic and export canada goose factory sale BOPP industry is subject to. Other industry risks include the regulatory changes in importing countries, such as the import duty of 4.25% imposed by US on BOPP film cheap canada goose uk imports since January 2011.

Sustained improvement in revenues and profitability alongwith sustained reduction in financial leverage would be positive for the ratings. Conversely, continued EBITDA losses in overseas GBC business, higher input costs or pressure on canadian goose jacket selling prices or Canada Goose Outlet further debt led capex that leads to sustained deterioration of leverage metrics would be negative for the ratings.

CFL is focused on the BOPP market, and it is gradually diversifying into value added thermal lamination films that yield better margins than commodity films. In FY10, CFL recorded consolidated revenues of INR9.6bn Canada Goose online (FY09: INR6.3bn), consolidated EBITDA of INR1.05bn (FY09: 0.9bn) and Canada Goose Online a consolidated debt of INR3.6bn (INR2.7bn).

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