CRISIL has reiterated the banking facility rating of Ballaji Polysacks Pvt Ltd (BPPL) at "Banking Facility "CRISIL BB / Stable / CRISIL A4". The ratings continue to reflect the above-average business risk exhibited by BPPL's mature customers.BPPL's Strengths Highly fragmented High Density Polyethylene (HDPE) bags industry has lesser influence, which is somewhat offset by smaller net worth and limited financial flexibility. OUTLOOK: STABILIZATION CRISILIL believes BPPL will have broad support from promoters in the medium term. The outlook on industry experience and mature clients may be revised to 'positive'. This is because scaling up the business and improving margins could significantly improve the company's financial risk. Conversely, the outlook may be corrected to 'negative' if its financial risk deteriorates due to a higher-than-expected leveraged capex program.