HALISTER1: INDIA RATINGS: Jayaram Raised; Agrawal Cotex, Marvel Vinyls Cut

INDIA RATINGS: Jayaram Raised; Agrawal Cotex, Marvel Vinyls Cut

(Bloomberg) -- Here’s a roundup of debt-rating changes of Indian cos. To get this story sent to your inbox real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery. DOWNGRADES
  • Jayaram Textiles
    • Long term bank facilities cut to D from BB- at Care
    • Cites delays in debt servicing
  • MSM Steels
    • Long-term bank facilities cut to D from B+ at Care
    • Cites delays in debt servicing on term loan due to stressed liquidity
  • Yash Automotive
    • Long term bank facilities cut to D from B at Care
    • Cites delays in debt servicing due to liquidity mismatches
UPGRADES
  • Agrawal Cotex
    • Long term rating raised to BB- from B+ at Crisil
    • Cites improvement in liquidity, efficiently managed working capital cycle, availability of bank lines and funding support from founders
  • Marvel Vinyls
    • Long term rating raised to BB+ from BB at ICRA
    • Cites improvement in operating income over past few yrs along with sustained profitability margins
  • Ozone PB Spintex
    • Long term rating raised to BB from BB- at Crisil
    • Cites higher-than-expected profitability due to timely realizations of state govt subsidies, stabilization of operations
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
BRCM IN (Balrampur Chini Mills Ltd)
0896996D IN (Broadcast Engineering Consultants India Ltd)
GRMO IN (GRM Overseas Ltd)
0489204D IN (Jaina Mobile India Pvt Ltd)
KHT IN (Khaitan Electricals Ltd)

To de-activate this alert, click here

UUID: 7947283