HALISTER1: INDIA RATINGS: Sharon Bio, Mulpuri Cut; Apollo Pipes Raised

INDIA RATINGS: Sharon Bio, Mulpuri Cut; Apollo Pipes Raised

(Bloomberg) -- Here’s a roundup of debt rating changes of Indian cos. To get this story sent to your inbox in real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery. DOWNGRADES:
  • Chandra Modern Builders
    • Long-term loan facilities cut to B from B+ at Crisil
    • Cites low cash inflow visibility against sizable term debt obligation in FY17
  • Crescent Auto Repairs
    • LT loan facilities cut to BB from BB+ at Crisil
    • Cites weak capital structure, debt protection metrics
  • Mulpuri Foods and Feeds
    • LT loan facilities cut to D from BB at Crisil
    • LT loan facilities of Sri Venkateswara Poultry Farm (a part of same group) also cut to D from BB at Crisil
    • Cites instances of delay in servicing debts
  • Prem Infracity
    • LT loan facilities cut to D from B- at Crisil
    • Cites delays by over 60 days in payment of interest on term debt
  • Sanjivani Paranteral
    • LT loan facilities cut to B+ from BB+ at Crisil
    • Cites stagnant revenue, stretched working capital cycle, subdued profitability
  • Sharon Bio-Medicine
    • Term loan cut to B+ from BB at Care
    • Cites poor operating performance
UPGRADES:
  • AMDD Foods
    • LT loan facilities revised to BB from BB- at Crisil
    • Expects co. to sustain its improved scale of operations, profitability over medium term
  • Apollo Pipes
    • LT loan facilities revised to BBB+ from BBB at Crisil
    • Expects business, financial risk profiles to continue to improve over medium term
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
1034010D IN (Apollo Pipes Ltd)
1033487D IN (Mulpuri Foods & Feeds Pvt Ltd)
SNJVP IN (Sanjivani Paranteral Ltd)
SBML IN (Sharon Bio-Medicine Ltd)

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