For arriving at its ratings, CRISIL has combined the business and financial risk profiles of HPPL, Maruti Packagers Pvt Ltd (MPPL), Rateria Laminators Pvt Ltd (Rateria), and Jupax Vanichay Pvt Ltd (Jupax, CRISIL rated 'BB-/Stable').
CRISIL believes that the HPPL group will continue to benefit over the medium term from its promoters' experience in the polymer-trading industry.
The HPPL group began its operations in the 1990s with one of its companies, Rateria, being appointed as consignee stockist of GAIL (India) Ltd for eastern India.
HPPL was incorporated in 1982 and acquired by the current promoters in 2006.
The HPPL group reported a profit after tax (PAT) of Rs.2.56 million on net sales of Rs.729.25 million for 2009-10 (refers to financial year, April 1 to March 31), against a PAT of Rs.1.96 million on net sales of Rs.540.71 million for 2008-09.
HPPL started its operations in property development and construction 11 years ago in Bangalore.
"Within this short span of time HPPL has launched three projects in Cochin comprising more than 400 apartments and these were well received by the market," said Mr Kuruvilla.
"The innovative concept of fully furnished air-conditioned apartments was introduced by HPPL to Kerala through Hoysala Nestor in the prime location opposite the collectorate at Kakkanadu, Cochin.
HPPL is now starting its operations in the Gulf by opening an office in Qatar, Mr Kuruvilla said.