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CRISIL assigns 'AA/Stable' rating on Udaipur Cement Works bank facilities

For arriving at its ratings, CRISIL Ratings has applied its criteria for notch-up of rating based on parent support.

November 08, 2021 11:25 IST | India Infoline News Service
CRISIL Ratings has assigned its ‘CRISIL AA/Stable/CRISIL A1+’ ratings to the bank facilities of Udaipur Cement Works Ltd (UCWL).

The ratings reflect strategic importance of UCWL to JK Lakshmi Cement Ltd. The ratings also consider UCWL's turnaround in operating performance and its high financial flexibility.

These strengths are partially offset by average debt protection metrics, debt-funded capital expenditure (capex) and susceptibility to input costs and cyclicality in the cement industry.

For arriving at its ratings, CRISIL Ratings has applied its criteria for notch-up of rating based on parent support.

Outstanding preference shares, both cumulative redeemable preference shares and optionally convertible cumulative redeemable preference shares, are treated as equity due to vested options to convert the preference shares to equity and long tenor of 18-20 years in case of redemption.

At around 11:26 AM, Udaipur Cement Works was trading at Rs40.40 apiece up by Rs0.45 or 1.13% on Sensex.

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