CRISIL has enhanced the rated amount while retaining 'A-/Stable' ratings on Manjushree Technopack on the bank facilities. The rated amount enhanced to Rs 3.18 billion from Rs 2.73 billion for total bank loan facilities.

CRISIL's ratings continue to reflect Manjushree's established position in the plastic packaging industry, supported by the company's strong relationship with its customers. The ratings also reflect Manjushree's adequate financial risk profile marked by healthy cash flow generation, and average gearing levels and debt protection metrics. These rating strengths are partially offset by susceptibility of Manjushree's operating profitability to volatility in raw material prices, the moderate degree of client concentration in its revenue profile, and its working-capital-intensive operations.

CRISIL believes that Manjushree will maintain steady revenue growth, supported by healthy demand from its end-user segments, and its established position in the plastic packaging industry, over the medium term. Manjushree's operating profitability is expected to be sustained at healthy levels of 19-21% over the same period. The company's financial risk profile is also expected to remain adequate, supported by steady cash generation; however its gearing levels, will continue to remain at average levels despite some moderation (from levels of 1.8 times at March 31, 2013), due to continuing partly debt funded capital expenditure (capex) and working capital intensive nature of operations.

Shares of the company gained Rs 0.35, or 0.22%, to settle at Rs 160.85. The total volume of shares traded was 9,158 at the BSE (Thursday).