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August 14, 2012 Mumbai

Aimil Limited
Ratings Reaffirmed
Total Bank Loan Facilities Rated Long-Term Rating Short-Term Rating Rs.302 Million CRISIL BBB+/Stable (Reaffirmed) CRISIL A2 (Reaffirmed)
(Refer to Annexure 1 for details on facilities)

CRISILs ratings on the bank facilities of Aimil Ltd (Aimil) continue to reflect Aimils healthy financial risk profile, marked by a low gearing and healthy debt protection metrics. The ratings also factor in the companys longstanding relationships with its customers, and its diversified product profile. These rating strengths are partially offset by the high dependence of Amil on its principals for its revenues. Outlook: Stable CRISIL believes that Aimil will continue to benefit from its established relationships with its customers and its diversified product profile, over the medium term. The outlook may be revised to Positive if the company is able to achieve significantly greater-than-expected revenues, while maintaining its operating margin or if there is improvement in the financial risk profile, driven by larger-than-expected cash accruals or less-thanexpected debt levels. The outlook may be revised to Negative if the company undertakes a largerthan-expected, debt-funded capital expenditure or makes a large investment in unrelated areas, leading to weakening of the financial risk profile or if there is a decline in the scale of operations or profitability. About the Company Aimil is an exclusive distributor (in India) of various surveying and testing equipment manufacturing companies (hereinafter referred as principal) and is also engaged in servicing of the same. The company has a compression testing machine (CTM) manufacturing facility at Delhi (which it sells in the domestic as well as the export market). Occasionally, Aimil also provides infrastructure consultancy services related to sight survey. The company has broadly categorised its operations in four divisions: distributorship of large principals (contributing around 68 per cent to total revenues), CTM manufacturing (around 23 per cent), surveying and testing equipments servicing (around 6 per cent), and infrastructure consultancy (around 3 per cent). The company is an exclusive dealer for almost all of its principals in India. In 2011-12 (refers to financial year, April 1 to March 31), Aimil is estimated to have generated a profit after tax (PAT) of Rs.110 million on net sales of around Rs.1.36 billion as against a PAT of Rs.68.2 million generated on net sales of around Rs. 1.2 billion in 2010-11. Annexure 1 - Details of various bank facilities Current facilities Facility Bank Guarantee Cash Credit Letter of Credit Rupee Term Loan Standby Line of Credit Total Amount (Mln) 75 140 25 32 30 302 Rating CRISIL A2 CRISIL BBB+/Stable CRISIL A2 CRISIL BBB+/Stable CRISIL A2 -Facility Bank Guarantee Letter of Credit Overdraft Facility Rupee Term Loan Standby Line of Credit Total Previous facilities Amount (Mln) 75 25 140 32 30 302 Rating CRISIL A2 CRISIL A2 CRISIL BBB+/Stable CRISIL BBB+/Stable CRISIL BBB+/Stable --

Media Contacts
Mitu Samar Director, Communications and Brand Management CRISIL Limited Tel: +91-22- 3342 1838 E-mail: mitu.samar@crisil.com Tanuja Abhinandan Communications and Brand Management CRISIL Limited Tel: +91-22- 3342 1818

Analytical Contacts
Subodh K Rai Senior Director - CRISIL Ratings Tel: +91-0124-672 2000 Email: subodh.rai@crisil.com Mohit Makhija Director - CRISIL Ratings Tel: +91-0124-672 2000 Email: mohit.makhija@crisil.com

CRISIL Rating Desk

Tel: +91-22-3342 3047/3342 3064 Email:CRISILratingdesk@crisil.com

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About CRISIL LIMITED CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are India's leading ratings agency. We are also the foremost provider of high-end research to the world's largest banks and leading corporations. CRISIL PRIVACY NOTICE CRISIL respects your privacy. We use your contact information, such as your name, address, and email id, to fulfill your request and service your account and to provide you with additional information from CRISIL and other parts of The McGraw-Hill Companies, Inc. you may find of interest. For further information, or to let us know your preferences with respect to receiving marketing materials, please visit www.crisil.com/privacy. You can view McGraw-Hill's Customer Privacy Policy at http://www.mcgraw-hill.com /site/tools/privacy/privacy_english. Last updated: April 30, 2012 Disclaimer: A CRISIL rating reflects CRISIL's current opinion on the likelihood of timely payment of the obligations under the rated instrument and does not constitute an audit of the rated entity by CRISIL. CRISIL ratings are based on information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL rating is not a recommendation to buy, sell, or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. All CRISIL ratings are under surveillance. Ratings are revised as and when circumstances so warrant. CRISIL is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this product. CRISIL Ratings rating criteria are available without charge to the public on the CRISIL web site, www.crisil.com. For the latest rating information on any instrument of any company rated by CRISIL, please contact CRISIL RATING DESK at CRISILratingdesk@crisil.com, or at (+91 22) 3342 3000.

August 14, 2012

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CRISIL has revised its rating symbols and definitions with effect from July 11, 2011, to comply with the SEBI circular, Standardisation of Rating Symbols and Definitions. The revised rating symbols carry the prefix, CRISIL. The rating symbols for short-term instruments have been revised to CRISIL A1, CRISIL A2, CRISIL A3, CRISIL A4, and CRISIL D from the earlier P1, P2, P3, P4, and P5, respectively. The revision in the rating symbols and definitions is not to be construed as a change in the ratings. For details on revised rating symbols and definitions, please refer to the document, Revision of Rating Symbols and Definitions, at the link, http://www.crisil.com/ratings/credit-rating-scale.html

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