HALISTER1: INDIA RATINGS: Pragati Marine, Puranik Raised; Sarthav Cut

INDIA RATINGS: Pragati Marine, Puranik Raised; Sarthav 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
  • Interjewel Designs
    • Long-term bank facilities cut to BB+ from BBB- at Care
    • Cites y/y deterioration in financial performance marked by sharp decline in oper. income and profit margins
  • Hi-Tech Audio Systems
    • Long-term rating cut to BBB from BBB+ at Crisil
    • Cites liquidity being constrained by dividend payout and expected stretch in working-capital requirement
  • Sarthav Infrastructure
    • Long-term rating cut to D from BB- at Crisil
    • Cites delays in debt servicing due to weak liquidity driven by poor offtake of real-estate projects
UPGRADES
  • Pragati Marine Services
    • Long-term rating raised to B from D at Crisil
    • Cites track record in repayment of term debt obligations due to improved liquidity
  • Puranik Builders
    • Long-term bank facilities raised to BBB+ from BBB at Care
    • Cites sales momentum, improvement in sales realization in projects
  • Seven Islands Shipping
    • Long-term rating raised to A- from BBB+ at Crisil
    • Cites improvement in business-risk profile led by strong revenue growth, profitability, customer relations
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)

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