ASVPMAmaravathi Sri Venkatesa Paper Mills (United Arab Emirates)
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ASVPM's ratings indicate the inherent risk of operating in a commodity market business, as well as the cyclical nature of the industry, especially taking into account the company's presence in the recycled paper or B-grade paper segment, Fitch explained.
Besides, market environment in the second half of fiscal 2010 affected ASVPM, resulting in liquidity pressures.
The ratings could be affected by a sustained increase in ASVPM's debt/EBITDA of above 5.0x.