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- Pages: 5
Sr No Company
Rating Rating Agency Action
Sree Rayalaseema Alkalies & Allied 1 Chemicals Ltd ICRA
2 NHPC Ltd Riddhi Siddhi 3 Gluco Biols Ltd Salora 4 International Ltd
Downgrade
Outlook CRISIL Revision Outlook CRISIL Revision ICRA
Downgrade
5 Rajdeep Buildcon CRISIL Upgrade Global Trade 6 Finance CRISIL Upgrade 7 Xenitis Infotech FITCH Downgrade
Date
Previous Current Rating Rating
23/10/2009 LBB
LB+
22/10/2009 Negative Stable
Key Reason for Upgrade / Downgrade in Brief
Sector
1) Weakened liquidity position Chemical 2) Delays in debt servicing 1) Increased operational capacity Power
22/10/2009 Stable
1) Loss incurred due to fluctuations in the value of Negative Indian Rupee
Food Products
22/10/2009 LBBB
LBBB-
Telecom
21/10/2009 BBB-/P3
BBB/P3+ 1) Strong Order Book
20/10/2009 AA+ 20/10/2009 BBB
AAA BB+
1) Slowdown In demand 2) Decline in market share
1) Merger with SBI Factors 1) Increase in debt
Infrastructure Financial Services IT
2) Decline in EBITDA Margins Bharat Box 8 Factory Ltd
ICRA
Downgrade
9 GMR Energy Ltd
ICRA
Upgrade
LB 1) Deterioration in the liquidity Paper based LBBB/A3 19/10/2009 LBBB-/A3 + 1) Improvement in risk profile Energy
GMR Pochanpalli Expressways Pvt 10 Ltd ICRA
Upgrade
19/10/2009 LA-
LBBB+
ICRA
Downgrade
19/10/2009 LA/A1
LA-/A2
ICRA
Downgrade
19/10/2009 LBB
LB-
11 Karuturi Global Ltd Shri Govindaraja 12 Mills Ltd Vemagiri Power 13 Generation Ltd Agarwal Metal 14 Works 15 NRB Bearings Transpek-Silox 16 Industry
ICRA
Upgrade Outlook CRISIL Revision Outlook CRISIL Revision Outlook CRISIL Revision
19/10/2009 LBBB+
1) On time commencement of operations Infrastructure 2) Absence of market and credit risk 1) Increase in working capital intensity Horticulture
1) Delays in debt servicing Textile 1) Commencement of 19/10/2009 LBB+ LBBB operations Power 1) Strain on risk profile due to 16/10/2009 Stable Negative shrinking margins Metal Automotive 16/10/2009 Negative Stable 1) Improved Profitability components 1) Improvement in busness 16/10/2009 Stable Positive risk profile Chemical
17 3i Infotech
Outlook CRISIL Revision
19 Gayatri Projects
Outlook CRISIL Revision
20 KLJ Plasticizers
CRISIL Upgrade
21 KLJ Pollyalloys
CRISIL Upgrade
22 Muthoot Fincorp
CRISIL Upgrade
15/10/2009 Negative Stable
1) Equity Infusion
IT
Downgrade
1)ressure on financial risk profile due to increase in debt 15/10/2009 Stable Negative levels BBB+/P2 1) Low Utilization of fund15/10/2009 BBB+/P2 + based bank lines 2) Deferrement of Realty Projects BBB+/P2 1) Low Utilization of fund15/10/2009 BBB+/P2 + based bank lines 2) Deferrement of Realty Projects 1) Improvement in business 15/10/2009 AA risk profile 2) Increase in Assets under Management 1) Consistent improvement in 15/10/2009 LAALAA financial risk profile 1) Liquidity Crunch due to 15/10/2009 LB LD losses in operations
Downgrade
14/10/2009 LBBB
LBBB-
1) Increase in the financial risk of the company Construction
Downgrade
14/10/2009 LBB+
LBB-
1) Delays in debt servicing
Power
Upgrade
14/10/2009 LA+
LAA
Logistics
Downgrade
14/10/2009 LA
LA-
Downgrade
12/10/2009 LBB
LB+
30 Hind Industries Ltd ICRA Downgrade Universal Power 31 Transformer CRISIL Downgrade
12/10/2009 LBB
LB+
1) Robust growth in Cargo 2) Strong Financial Performance 1) Substantial Losses 1) Delays in servicing term loans 1) Delays in servicing term loans 1) Delay In Realisation of receivables 2) Inventory Pile Up 1) Equity Infusion
Infrastructure
23 Titan Industries Ltd ICRA Vah Magna Retail 24 Pvt Ltd ICRA East Coast Constructions & 25 Industries Ltd ICRA Ind Barath Power 26 Gencom Ltd ICRA Mundra Port and 27 SEZ Ltd ICRA
28 Tata Metaliks Ltd ICRA Hind Agro Indstries 29 Ltd ICRA
Diamond Power 32 Infrastructure
Glasstech 33 Industries
Upgrade
Outlook CRISIL Revision
CRISIL Downgrade
34 Sabre International CRISIL Downgrade
Soma Enterprise 35 Ltd
ICRA
Upgrade
12/10/2009 BBB+/P2 BB-/P4
10/10/2009 Negative Positive
1) Deterioration in financial profile due to lower accruals, BB-/Nega BB+/Stab declining margins and 10/10/2009 ative le inventory build up B/Negativ 9/10/2009 e/P4 D/P5 1) Delay in repayment of loans
9/10/2009 LBB-/A4
LBBB-/A3 1) Easing Liquidity pressure
Construction Plastics
PVC Compunds
Financial Services
Consumer Goods Retail
Iron Meat Products Meat Products Power
Real Estate & Construction Textile Exports Infrastructure: Irrigation projects, Roads etc
2) Measures to improve liquidity Soma Enterprise 36 Ltd Surana 37 Corporation Ltd
38 Thomson Press
ICRA
Upgrade
9/10/2009 LBB-/A4
LBBB-/A3 1) Eased Liquidity Pressure
Infrastructure
ICRA
Downgrade
9/10/2009 LBBB+
LBBB
Jewellery
CRISIL Downgrade
1) Fall in profitability margins 2) Strained Liquidity position
1) Deterioration in capital AA-/Stabl structure due to net worth 9/10/2009 AA/Stable e erosion
Printing
CRISIL Downgrade
8/10/2009 BBB/P3+ D/P5
2) Declining operating margins 1) Loan defaults and failure to disclose the same Furniture
40 PBA Infrastructure CRISIL Downgrade
BBB-/Stab 8/10/2009 le/P3 D/P5
1) Delay in repayment of loans Furniture
41 Aparna Enterprise CRISIL Downgrade
7/10/2009 ve/P3+
Novopan 39 Industries
BBB/Negati BBB-/Nega 1) Stretched high Capex tive/P3
liquidity due to
Marbles & Tiles Mfg
2) Poor financial profile resulting in low flexibility
42 Davariya Brothers ICRA
Downgrade
7/10/2009 A3
A4+
1) Deterioration in financial profile due to high leverage, stretched liquidity and large receivables
Diamond exports (Jems & Jewellery)
Textile
Outlook 43 Gimatex Industries CRISIL Revision
7/10/2009 Stable
Positive
1) Lower than expected profitability due to lower realizations
44 Roop Automotive
7/10/2009 P4
P4+
1) Pick up in demand resulting Auto healthy future growth Components
Shree Ganesh 45 Sponge Iron
CRISIL Upgrade Outlook Revision CRISIL Downgrade
46 Torrent Power Ltd CRISIL Upgrade
Transafe Services 47 Ltd ICRA
48 Adalabs Films Ltd ICRA
Negative Stable BB+/Stab 7/10/2009 D/P5 le/P4 1) Delay in repayment of loans Sponge Iron 1) Improvement in business AA-/Stabl risk profile due to 7/10/2009 AA/Stable e commissioning of sugar plant 2) Improved operating 7/10/2009 efficiencies
LA-/A2+
Power
Container 1) High leverage and tight WC leasing & position Logistics
Downgrade
7/10/2009 LA/A1
Downgrade
1) Deterioration in financial profile due to high leverage, stretched liquidity and large 6/10/2009 LAA-/A1+ LA+/A1+ receivables
Media & Film Production
6/10/2009 Stable
Positive
1) Improved order book resulting in healthy future revenue growth
6/10/2009 BB+
BBB
1) Financial loan restructuring Construction
51 Gujarat Eco textile CRISIL Downgrade
6/10/2009 D/P5
BB-/Nega tive/P4 1) Delay in repayment of loans Textile
Hindustan Tin 52 Works
1) Good revenue growth, LBBB+/A adequate accruals and better 6/10/2009 LBBB/A2 2+ gearing ratio
Outlook 49 Bhartia Associates CRISIL Revision Enercon Wind 50 Farms FITCH Downgrade
ICRA
Upgrade
53 Sheela Foam
CRISIL Upgrade
Shree Nagoda 54 Ispat
CRISIL Downgrade
Shreyans Outlook 55 Industries CRISIL Revision Ansal Properties & 56 Investments FITCH Downgrade 57 Brakes India Ltd
CRISIL Upgrade Outlook Revision
A-/Stable/P BBB+/Sta ble/P2
6/10/2009 2+
Infrastructure Construction
Tin Can Mfg
Consumer 1) Low gearing, improved debt Durable protection & strong financial House profile keeping
BB+/Nega B-/Negati 1) Stretched liquidity due to 6/10/2009 tive ve high Capex 2) Poor financial profile resulting in low flexibility 1) Improved order book resulting in healthy future revenue growth
Steel
6/10/2009 Stable
Positive
5/10/2009 D
BB-
5/10/2009 P1
P1+
1) Financial loan restructuring Construction 1) Better than expected Auto revenues and profitability Components
Positive
2) Pick up in demand
Stable
Paper
3) Future improvement in gearing and debt protection ratios due to prudent management
Hydro S&S 58 Industries Ltd 59 M&M
ICRA
Downgrade Outlook CRISIL Revision
Outlook 60 Mahindra Finance CRISIL Revision Parsvanath 61 Developers FITCH Downgrade Sundaram 62 Fastners CRISIL Upgrade
1) Poor Financial profile, negative profitability, stretched LBBB+/A2 capital structure & Liquidity 5/10/2009 + LBBB/A2 pressure 1) Pick up in demand due to 5/10/2009 Negative Stable Xylo 2) Better than expected Cash Accruals 1) Change in Parent Rating 5/10/2009 Negative Stable Outlook 5/10/2009 D
BB-
5/10/2009 P1
P1+
Polypropelene Mfg for Auto sector Auto
NBFC
1) Financial loan restructuring Construction 1) Healthy growth in domestic Auto revenue profile Components
Trimex industries 63 Ltd
5/10/2009
2) Domestic growth to mitigate export sluggishness and poor foreign subsidiaries performance
5/10/2009
3) Improved profitability & debt protections ratios due to low input cost and improves efficiency BBB-/Nega BB/Negati ve/P4+
1) Deterioration in Trimex Mining & Group's financial risk profile Minerals 2) Higher Garing ratio 3) Delay in commencement of beach sand project 4) Rescheduling of term loan payments
BBB-/Nega BB/Negati ve/P4+
1) Deterioration in Trimex Mining & Group's financial risk profile Minerals 2) Higher Garing ratio 3) Delay in commencement of beach sand project 4) Rescheduling of term loan payments
CRISIL Downgrade
5/10/2009 tive/P3
64 Trimex Sands Ltd CRISIL Downgrade
5/10/2009 tive/P3
Rating Rating Agency Action
Sree Rayalaseema Alkalies & Allied 1 Chemicals Ltd ICRA
2 NHPC Ltd Riddhi Siddhi 3 Gluco Biols Ltd Salora 4 International Ltd
Downgrade
Outlook CRISIL Revision Outlook CRISIL Revision ICRA
Downgrade
5 Rajdeep Buildcon CRISIL Upgrade Global Trade 6 Finance CRISIL Upgrade 7 Xenitis Infotech FITCH Downgrade
Date
Previous Current Rating Rating
23/10/2009 LBB
LB+
22/10/2009 Negative Stable
Key Reason for Upgrade / Downgrade in Brief
Sector
1) Weakened liquidity position Chemical 2) Delays in debt servicing 1) Increased operational capacity Power
22/10/2009 Stable
1) Loss incurred due to fluctuations in the value of Negative Indian Rupee
Food Products
22/10/2009 LBBB
LBBB-
Telecom
21/10/2009 BBB-/P3
BBB/P3+ 1) Strong Order Book
20/10/2009 AA+ 20/10/2009 BBB
AAA BB+
1) Slowdown In demand 2) Decline in market share
1) Merger with SBI Factors 1) Increase in debt
Infrastructure Financial Services IT
2) Decline in EBITDA Margins Bharat Box 8 Factory Ltd
ICRA
Downgrade
9 GMR Energy Ltd
ICRA
Upgrade
LB 1) Deterioration in the liquidity Paper based LBBB/A3 19/10/2009 LBBB-/A3 + 1) Improvement in risk profile Energy
GMR Pochanpalli Expressways Pvt 10 Ltd ICRA
Upgrade
19/10/2009 LA-
LBBB+
ICRA
Downgrade
19/10/2009 LA/A1
LA-/A2
ICRA
Downgrade
19/10/2009 LBB
LB-
11 Karuturi Global Ltd Shri Govindaraja 12 Mills Ltd Vemagiri Power 13 Generation Ltd Agarwal Metal 14 Works 15 NRB Bearings Transpek-Silox 16 Industry
ICRA
Upgrade Outlook CRISIL Revision Outlook CRISIL Revision Outlook CRISIL Revision
19/10/2009 LBBB+
1) On time commencement of operations Infrastructure 2) Absence of market and credit risk 1) Increase in working capital intensity Horticulture
1) Delays in debt servicing Textile 1) Commencement of 19/10/2009 LBB+ LBBB operations Power 1) Strain on risk profile due to 16/10/2009 Stable Negative shrinking margins Metal Automotive 16/10/2009 Negative Stable 1) Improved Profitability components 1) Improvement in busness 16/10/2009 Stable Positive risk profile Chemical
17 3i Infotech
Outlook CRISIL Revision
19 Gayatri Projects
Outlook CRISIL Revision
20 KLJ Plasticizers
CRISIL Upgrade
21 KLJ Pollyalloys
CRISIL Upgrade
22 Muthoot Fincorp
CRISIL Upgrade
15/10/2009 Negative Stable
1) Equity Infusion
IT
Downgrade
1)ressure on financial risk profile due to increase in debt 15/10/2009 Stable Negative levels BBB+/P2 1) Low Utilization of fund15/10/2009 BBB+/P2 + based bank lines 2) Deferrement of Realty Projects BBB+/P2 1) Low Utilization of fund15/10/2009 BBB+/P2 + based bank lines 2) Deferrement of Realty Projects 1) Improvement in business 15/10/2009 AA risk profile 2) Increase in Assets under Management 1) Consistent improvement in 15/10/2009 LAALAA financial risk profile 1) Liquidity Crunch due to 15/10/2009 LB LD losses in operations
Downgrade
14/10/2009 LBBB
LBBB-
1) Increase in the financial risk of the company Construction
Downgrade
14/10/2009 LBB+
LBB-
1) Delays in debt servicing
Power
Upgrade
14/10/2009 LA+
LAA
Logistics
Downgrade
14/10/2009 LA
LA-
Downgrade
12/10/2009 LBB
LB+
30 Hind Industries Ltd ICRA Downgrade Universal Power 31 Transformer CRISIL Downgrade
12/10/2009 LBB
LB+
1) Robust growth in Cargo 2) Strong Financial Performance 1) Substantial Losses 1) Delays in servicing term loans 1) Delays in servicing term loans 1) Delay In Realisation of receivables 2) Inventory Pile Up 1) Equity Infusion
Infrastructure
23 Titan Industries Ltd ICRA Vah Magna Retail 24 Pvt Ltd ICRA East Coast Constructions & 25 Industries Ltd ICRA Ind Barath Power 26 Gencom Ltd ICRA Mundra Port and 27 SEZ Ltd ICRA
28 Tata Metaliks Ltd ICRA Hind Agro Indstries 29 Ltd ICRA
Diamond Power 32 Infrastructure
Glasstech 33 Industries
Upgrade
Outlook CRISIL Revision
CRISIL Downgrade
34 Sabre International CRISIL Downgrade
Soma Enterprise 35 Ltd
ICRA
Upgrade
12/10/2009 BBB+/P2 BB-/P4
10/10/2009 Negative Positive
1) Deterioration in financial profile due to lower accruals, BB-/Nega BB+/Stab declining margins and 10/10/2009 ative le inventory build up B/Negativ 9/10/2009 e/P4 D/P5 1) Delay in repayment of loans
9/10/2009 LBB-/A4
LBBB-/A3 1) Easing Liquidity pressure
Construction Plastics
PVC Compunds
Financial Services
Consumer Goods Retail
Iron Meat Products Meat Products Power
Real Estate & Construction Textile Exports Infrastructure: Irrigation projects, Roads etc
2) Measures to improve liquidity Soma Enterprise 36 Ltd Surana 37 Corporation Ltd
38 Thomson Press
ICRA
Upgrade
9/10/2009 LBB-/A4
LBBB-/A3 1) Eased Liquidity Pressure
Infrastructure
ICRA
Downgrade
9/10/2009 LBBB+
LBBB
Jewellery
CRISIL Downgrade
1) Fall in profitability margins 2) Strained Liquidity position
1) Deterioration in capital AA-/Stabl structure due to net worth 9/10/2009 AA/Stable e erosion
Printing
CRISIL Downgrade
8/10/2009 BBB/P3+ D/P5
2) Declining operating margins 1) Loan defaults and failure to disclose the same Furniture
40 PBA Infrastructure CRISIL Downgrade
BBB-/Stab 8/10/2009 le/P3 D/P5
1) Delay in repayment of loans Furniture
41 Aparna Enterprise CRISIL Downgrade
7/10/2009 ve/P3+
Novopan 39 Industries
BBB/Negati BBB-/Nega 1) Stretched high Capex tive/P3
liquidity due to
Marbles & Tiles Mfg
2) Poor financial profile resulting in low flexibility
42 Davariya Brothers ICRA
Downgrade
7/10/2009 A3
A4+
1) Deterioration in financial profile due to high leverage, stretched liquidity and large receivables
Diamond exports (Jems & Jewellery)
Textile
Outlook 43 Gimatex Industries CRISIL Revision
7/10/2009 Stable
Positive
1) Lower than expected profitability due to lower realizations
44 Roop Automotive
7/10/2009 P4
P4+
1) Pick up in demand resulting Auto healthy future growth Components
Shree Ganesh 45 Sponge Iron
CRISIL Upgrade Outlook Revision CRISIL Downgrade
46 Torrent Power Ltd CRISIL Upgrade
Transafe Services 47 Ltd ICRA
48 Adalabs Films Ltd ICRA
Negative Stable BB+/Stab 7/10/2009 D/P5 le/P4 1) Delay in repayment of loans Sponge Iron 1) Improvement in business AA-/Stabl risk profile due to 7/10/2009 AA/Stable e commissioning of sugar plant 2) Improved operating 7/10/2009 efficiencies
LA-/A2+
Power
Container 1) High leverage and tight WC leasing & position Logistics
Downgrade
7/10/2009 LA/A1
Downgrade
1) Deterioration in financial profile due to high leverage, stretched liquidity and large 6/10/2009 LAA-/A1+ LA+/A1+ receivables
Media & Film Production
6/10/2009 Stable
Positive
1) Improved order book resulting in healthy future revenue growth
6/10/2009 BB+
BBB
1) Financial loan restructuring Construction
51 Gujarat Eco textile CRISIL Downgrade
6/10/2009 D/P5
BB-/Nega tive/P4 1) Delay in repayment of loans Textile
Hindustan Tin 52 Works
1) Good revenue growth, LBBB+/A adequate accruals and better 6/10/2009 LBBB/A2 2+ gearing ratio
Outlook 49 Bhartia Associates CRISIL Revision Enercon Wind 50 Farms FITCH Downgrade
ICRA
Upgrade
53 Sheela Foam
CRISIL Upgrade
Shree Nagoda 54 Ispat
CRISIL Downgrade
Shreyans Outlook 55 Industries CRISIL Revision Ansal Properties & 56 Investments FITCH Downgrade 57 Brakes India Ltd
CRISIL Upgrade Outlook Revision
A-/Stable/P BBB+/Sta ble/P2
6/10/2009 2+
Infrastructure Construction
Tin Can Mfg
Consumer 1) Low gearing, improved debt Durable protection & strong financial House profile keeping
BB+/Nega B-/Negati 1) Stretched liquidity due to 6/10/2009 tive ve high Capex 2) Poor financial profile resulting in low flexibility 1) Improved order book resulting in healthy future revenue growth
Steel
6/10/2009 Stable
Positive
5/10/2009 D
BB-
5/10/2009 P1
P1+
1) Financial loan restructuring Construction 1) Better than expected Auto revenues and profitability Components
Positive
2) Pick up in demand
Stable
Paper
3) Future improvement in gearing and debt protection ratios due to prudent management
Hydro S&S 58 Industries Ltd 59 M&M
ICRA
Downgrade Outlook CRISIL Revision
Outlook 60 Mahindra Finance CRISIL Revision Parsvanath 61 Developers FITCH Downgrade Sundaram 62 Fastners CRISIL Upgrade
1) Poor Financial profile, negative profitability, stretched LBBB+/A2 capital structure & Liquidity 5/10/2009 + LBBB/A2 pressure 1) Pick up in demand due to 5/10/2009 Negative Stable Xylo 2) Better than expected Cash Accruals 1) Change in Parent Rating 5/10/2009 Negative Stable Outlook 5/10/2009 D
BB-
5/10/2009 P1
P1+
Polypropelene Mfg for Auto sector Auto
NBFC
1) Financial loan restructuring Construction 1) Healthy growth in domestic Auto revenue profile Components
Trimex industries 63 Ltd
5/10/2009
2) Domestic growth to mitigate export sluggishness and poor foreign subsidiaries performance
5/10/2009
3) Improved profitability & debt protections ratios due to low input cost and improves efficiency BBB-/Nega BB/Negati ve/P4+
1) Deterioration in Trimex Mining & Group's financial risk profile Minerals 2) Higher Garing ratio 3) Delay in commencement of beach sand project 4) Rescheduling of term loan payments
BBB-/Nega BB/Negati ve/P4+
1) Deterioration in Trimex Mining & Group's financial risk profile Minerals 2) Higher Garing ratio 3) Delay in commencement of beach sand project 4) Rescheduling of term loan payments
CRISIL Downgrade
5/10/2009 tive/P3
64 Trimex Sands Ltd CRISIL Downgrade
5/10/2009 tive/P3
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