HALISTER1: INDIA RATINGS: Emson Cut; Dish Infra, Midland Microfin Raised

INDIA RATINGS: Emson Cut; Dish Infra, Midland Microfin Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Emson Gears
    • Long-term loan facilities cut to B+ from BB at Crisil
    • LT loan facilities of Osho Forge also cut to B+ from BB at Crisil
    • Expects group’s liquidity to remain stretched due to large repayment obligations
  • JCBL
    • LT loan facilities cut to D from B- at Crisil
    • Cites delay in servicing term debt
  • Sree Ayyanar Spinning
    • LT loan facilities cut to BB- from BB at Crisil
    • Cites stretch in working capital cycle
UPGRADES
  • Armstrong Spinning Mills
    • LT loan facilities raised to BB from BB- at Crisil
    • Cites stable operating performance
  • Dish Infra Services
    • LT bank facilities raised to A+(SO) from A(SO) at Care
    • Cites credit enhancement via corp. guarantee by Dish TV India
  • Dwarikesh Sugar
    • Term loan raised to BBB- from BB+ at ICRA
    • Cites improved outlook for the co.’s core sugar business
  • Garware-Wall Ropes
    • Fund-based limits raised to AA- from A+ at ICRA
    • Cites enhanced operating margins, profitability
  • L.S. Mills
    • Term loan facilities raised to BBB from BBB- at ICRA
    • Cites healthy growth in operating margins due to increase in revenues
  • Midland Microfin
    • LT bank facilities raised to BBB from BBB- at Care
    • Cites improvement in capitalization, scale of operations
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
0526760D IN (Armstrong Spinning Mills Pvt Ltd)
DITV IN (Dish TV India Ltd)
DSIL IN (Dwarikesh Sugar Industries Ltd)
1343867D IN (Emson Gears Ltd)
GWWR IN (Garware Wall Ropes Ltd)

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