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CRISILCredit Rating Information Services of India Limited
CRISILCredit Rating Information Services of India Ltd. (Mumbai, India)
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An improvement in the company's financial risk profile could prompt an upward outlook revision, but in case of deterioration, CRISIL would revise the outlook to "negative", it said.
The agency has combined the business and financial risk profiles of Kuminex Minerals and Sri Kumarswamy Mineral Exports, jointly known as the Sri Kumarswamy group, CRISIL noted.
The move was triggered by the weakening of the firm's financial risk profile combined with higher gearing ratio and increased dependence on bank borrowings, CRISIL said.
In addition, Goa Ispat's financial risk profile is still moderate, marked by low gearing and sound debt protection metrics, CRISIL said.
On a negative note, CRISIL marked the weak financial risk profile of the companies.
CRISIL has assessed the business and financial risk profiles of the company and its subsidiaries, Elkhill Agrotech Pvt Ltd and Savera Hotels and Resorts Pvt Ltd, the agency said.
The upgrade also incorporates CRISIL's expectations that the company would keep its "comfortable capital structure over the medium term".
The rater expects Craftsman Automation to improve its business risk profile in the mid term and if the company manages to meet expectations and reduce its gearing, CRISIL could revise its outlook to "positive".
The company's inability to repay some of its debts in a timely manner and its "small scale of operations" were the main negative factors to prompt CRISIL's rating.
CRISIL has suspended its ratings on the bank facilities of Hospet Ispat Pvt Ltd (HIPL).
CRISIL has suspended its rating on the bank facilities of Lakshmi Flour Mills (LFM).