HALISTER1: INDIA RATINGS: D.S. Kulkarni, Janalakshmi Cut; Hindalco Raised

INDIA RATINGS: D.S. Kulkarni, Janalakshmi Cut; Hindalco Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • A P Fashions
    • Long-term bank facilities cut to BB- from BB at Crisil
    • Cites lower-than-expected accruals, high working capital requirements
  • APL Metals
    • LT bank facilities cut to C from B- at Crisil
    • Cites irregularities in servicing debt on unrated facilities
  • D. S. Kulkarni Developers
    • NCDs cut to D from C at Care
    • Cites inability to service interest obligations
  • Kanishk Gold
    • LT bank facilities cut to D from A- at Crisil
    • Cites delays in servicing of debt obligations
  • Janalakshmi Financial
    • LT bank facilities cut to A from A+ at ICRA, NCDs also downgraded A from A+ at ICRA
    • Cites continued deterioration in asset quality
  • Talib and Shamsi Constructions
    • LT bank facilities cut to BBB from BBB+ at Crisil
    • Cites sharp decline in revenue, stretch in working capital cycle
  • The State Trading Corporation
    • LT bank facilities cut to D from BB+ at Care
    • Cites weak financial profile due to volatile operating income
UPGRADES
  • Calcutta Springs
    • LT bank facilities raised to BB+ from BB at Crisil
    • Cites Calspring group’s comfortable financial risk profile and liquidity
  • Golflinks Software
    • LT bank facilities raised to A+(SO) from BBB(SO) at Crisil
    • Cites strong improvement in average debt servicing metrics
  • Laxmi Diamond
    • Fund-based working capital limits raised to A from A- at India Ratings
    • Cites improving credit metrics
  • Himatsingka Seide
    • LT bank facilities raised to A from A- at Crisil
    • Cites gradual ramp-up in utilization of enhanced bedsheet facilities
  • Hindalco Industries
    • LT bank facilities raised to AA from AA- at Crisil; NCDs also upgraded to AA from AA-
    • Cites improvement in gross debt to EBITDA supported by deleveraging of balance sheet and improvement in operating performance
  • Shree Gowthamee Rice
    • LT bank facilities raised to BB from BB- at Crisil
    • Cites sustained profitability, higher revenues
  • Speciality Sintered
    • LT bank facilities raised to BB from BB- at Crisil
    • Cites healthy revenue growth
  • Srijan Realty
    • LT bank facilities raised to BBB+ from BBB at Crisil
    • Cites healthy booking and construction progress despite subdued demand
  • Vijayasri Organics
    • LT bank facilities raised to B- from D at Crisil
    • Cites timely repayment of LT debt for past six months through June

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
HNDL IN (Hindalco Industries Ltd)
0285959D IN (AP Fashions Pvt Ltd)
DSK IN (DS Kulkarni Developers Ltd)
HSS IN (Himatsingka Seide Ltd)
3667144Z IN (Janalakshmi Financial Services Pvt Ltd)

Topics
BFW Asia Credit News
BFW Debt Capital Markets Asia

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