Credit rating agency, CRISIL has downgraded ratings assigned to Pudumjee Industries’ (PIL) long term bank facilities to ‘BBB+/Stable’ from ‘A-’ worth Rs. 560 million. Crisil has placed the ratings on watch, following PIL’s announcement of a corporate restructuring scheme, which involved demerger of its paper manufacturing business, with all its assets and liabilities, into Pudumjee Paper Products.
Pudumjee Industries is engaged in the manufacture and sale of various types of papers such as crepe tissue, M G Kraft, carbon based tissue, poster papers, etc. The product range of the company includes Carbon Tissue,M G Tissue bleached/unbleached,Crepe Tissue,Crepe Tissue Bleached /Unbleached /Natural shade & colored/Wet strength/High wet strength,Kraft Paper,M G Kraft,Poster Paper and M G Poster.