HALISTER1: INDIA RATINGS: Alphageo, Cords, VKT Pharma Upgraded; DCM Cut

INDIA RATINGS: Alphageo, Cords, VKT Pharma Upgraded; DCM Cut

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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UPGRADES
  • Alphageo
    • LT bank facilities raised to BBB from BBB- at Crisil
    • Cites healthy order book, growth in revenues, stable margins
  • A.V. Thomas Leather
    • LT bank facilities raised to BBB+ from BBB at Crisil
    • Cites improvement in operating margin, cash accrual
  • Cords Cable Industries
    • LT bank facilities raised to BBB from BBB- at Care
    • Cites improved operating income, gearing; stable margins
  • Kaveri Infraprojects
    • LT bank facilities raised to BBB- from BB+ at Crisil
    • Cites healthy order book
  • Lekh Raj
    • LT bank facilities raised to BB- from B+ at Crisil
    • Cites improvement in liquidity profile
  • MMP Industries
    • LT bank facilities raised to BBB from BBB- at Crisil
    • Cites scaling up of operations, profitability
  • Royale Marine Impex
    • LT bank facilities raised to BB from BB- at Crisil
    • Cites substantial growth in revenue, profit
  • VKT Pharma
    • LT bank facilities raised to BBB- from BB+ at Care
    • Cites achievement of commercial operation date for Oral Solid Dosage division, refinancing of term debt
DOWNGRADES
  • DCM
    • Long-term bank facilities cut to BB+ from BBB- at Crisil
    • Cites deterioration in business, financial risk profiles
  • Interjewel Designs
    • LT bank facilities cut to D from C at Care
    • Cites stressed liquidity, which has resulted in instances of unpaid bills for more than 30 days

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
APH IN (Alphageo India Ltd)
DCM IN (DCM Ltd)
CORD IN (Cords Cable Industries Ltd)
9264265Z IN (AV Thomas Leather & Allied Products Pvt Ltd)
0907481D IN (MMP Industries Ltd)

Topics
First Word Credit Asia
India Macro News

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