HALISTER1: INDIA RATINGS: Khadim, Weizmann Raised; Emcure, Union Bank Cut

INDIA RATINGS: Khadim, Weizmann Raised; Emcure, Union Bank Cut

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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UPGRADES
  • Exicom Tele-Systems
    • Long-term bank facilities raised to BBB from BBB- at Care
    • Cites profitable scale-up of operations, improvement in capital structure
  • Khadim India
    • LT bank facilities raised to A- from BBB+ at Care
    • Cites improvement in financial performance
  • Kothari Agritech
    • LT bank facilities raised to BBB- from BB at Care
    • Cites increase in scale of operations
  • Jupiter Solar Power
    • LT bank facilities raised to BB- from B at Care
    • Cites increase in operating income, higher profitability
  • SUL Steel
    • LT bank facilities raised to BB from B at Crisil
    • Cites extensive experience of group’s promoters in steel industry
  • Surya Global Steel Tubes
    • LT bank facilities raised to A+ from A at Care
    • Cites healthy growth in sales volumes
  • Surya Roshni
    • LT bank facilities raised to A+ from A at Care
    • Cites healthy growth in steel-pipe segment
  • WAA Solar
    • LT bank facilities raised to A- from BBB+ at Care
    • Cites healthy track record of over five years of operations of its solar power plant
  • Walwhan Renewable Energy
    • LT bank facilities raised to AA- from A at Care
    • Cites strong and steady cash flow generation, comfortable debt coverage indicators
  • Weizmann Forex
    • Working capital raised to A- from BBB+ at Care
    • Cites new tie-ups made with leading global money transfer companies, which is likely to boost volumes
DOWNGRADES
  • Emcure Pharmaceuticals
    • LT bank facilities cut to A+ from AA- at Care
    • Cites degrowth in total operating income, decline in profitability
  • Eurotas Infrastructure
    • Fund-based facility cut to BB(SO) from BB+(SO) at Brickwork
    • Cites uncertainty in viability of cement project, pending completion of strategic debt restructuring
  • Komos Automotive India
    • LT bank facilities cut to BB from BB+ at Crisil
    • Cites weak operating performance
  • Indo Laminates
    • LT bank facilities cut to D from B+ at Crisil
    • Cites delay in meeting term debt obligation
  • Intex Technologies
    • LT bank facilities cut to A- from A at Care
    • Cites decline in sales, operating profitability
  • Tamil Nadu Newsprint
    • LT bank facilities cut to A from A+ at Care
    • Cites lower-than-expected performance of multi-layer coated board division post commissioning in May 2016
  • Union Bank of India
    • Basel III perpetual bonds cut to AA- from AA at Care, Basel II lower tier 2 cut to AA+ from AAA and Basel II upper tier 2 reduced to AA from AA+
    • Cites deterioration in income and financial profile due to continued stress on asset quality leading to high provisioning requirement
  • Unique Organics
    • LT bank facilities cut to B+ from BB- at Crisil
    • Cites subdued business performance in medium term

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
763195Z IN (Emcure Pharmaceuticals Ltd)
KHDM IN (Khadim India Ltd)
0702941D IN (Eurotas Infrastructure Ltd)
8157710Z IN (Exicom Tele-Systems Ltd)
6599212Z IN (Intex Technologies India Ltd)

Topics
India Macro News

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