HALISTER1: INDIA RATINGS: Arcadia Cut; Maharashtra Natural, Sami Raised

INDIA RATINGS: Arcadia Cut; Maharashtra Natural, Sami Raised

(Bloomberg) -- A roundup of debt rating changes of Indian cos. To get this story sent to your inbox in real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery. DOWNGRADES:
  • Arcadia Shipping
    • Term loan cut to BB from BBB- at Care Ratings
    • Cites continuous decline in operating profitability
  • Garib Nawaz Polymers
    • Long-term loan facilities cut to D from C at Crisil
    • Crisil also cuts G.N. Pet’s LT loan facilities to D from C
    • Cites instances of delay by GN group in meeting debt obligation
  • Indian Cane Power
    • Term loan cut to D from BB+ at Care Ratings
    • Cites ongoing delays in debt servicing due to subdued demand for sugar
  • Prime Technoplast
    • LT loan facilities cut to D from BB at Crisil
    • Cites ongoing delays in servicing interest dues owing to stretched liquidity
  • Shri Rameshwar Sahakari Sakhar
    • LT loan facilities cut to C from B- at Crisil
    • Cites weak liquidity due to continued substantial cash losses and working capital intensive operations
UPGRADES:
  • Madhav Alloys
    • LT bank facilities raised to BBB+ from BBB at care ratings
    • Cites improved financial performance in FY15
  • Maharashtra Natural Gas
    • LT loan facilities revised to A from A- at Crisil
    • Cites increase in cash accrual driven by volume growth and healthy profitability
  • Sami Labs
    • Short-term bank facilities revised to A2 from A3+ at Care Ratings
    • Cites steady sales growth over last 3 yrs with relatively stable profitability margins
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
6595500Z IN (Arcadia Shipping Ltd)
0895168D IN (Madhav Alloys Pvt Ltd)
0961128D IN (Maharashtra Natural Gas Ltd)
6595972Z IN (Sami Labs Ltd)

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