GJ Town India

Ind-Ra assigned Stable Outlook   India Ratings and Research (Ind-Ra) has assigned Shivam Jewels (SJ) a Long-Term Issuer Rating of IND BBB. The Outlook is Stable.   Significant Increase in Turnover over FY17-FY20; Growth to Continue in FY21: The ratings reflect SJ’s medium scale of operations, as reflected by the revenue of INR9,108.78 million in FY20 (FY19: INR9,627.90 million). Exports account for more than 70% of the revenue.   While the firm was only established in FY14, SJ has shown significant improvement in its turnover over FY17-FY20, with a CAGR of almost 16% during this period, owing to the firm’s increasing operations in the high carat and quality diamonds segment, backed by market demand.   In FY20, however, SJ’s revenue declined by 5% as the cut and polished diamond (CPD) industry was impacted by the COVID-19 outbreak. However, while the exports of the cut and polished diamonds industry fell by 21.64%, the firm witnessed only a marginal contraction in revenue. The C

Outlook to Positive; Affirms IND-A   India Ratings and Research (Ind-Ra) has revised P.N. Gadgil & Sons Limited’s (PNGSL) Outlook to Positive from Stable while affirming Long-Term Issuer Rating at ‘IND A’. The instrument-wise rating action said the Size of Issue of Rs 2,900 mn with Rating Action remark- Affirmed; Outlook revised to Positive from Stable!    The Positive Outlook reflects PNGSL's strong month on month recovery in sales post the Covid-19 pandemic; a sharp increase in the EBITDA margins in 1HFY21 partially supported by inventory gains; and the likelihood of an improvement in the company’s net leverage to below 1.5x in FY21 basis higher Year-on-Year (YoY) festive season sales in 3QFY21.   The Positive Outlook also reflects the agency’s expectation that the company’s absolute EBITDA would sustain close to INR1,500 million (excluding one-off high inventory gain accrued in 1HFY21) which would help PNGSL to post strong positive cash flow from operations and reduce

The Outlook is Stable! India Ratings and Research (Ind-Ra) has affirmed Export-Import Bank of India’s (EXIM) Long-Term Issuer Rating at ‘IND AAA’. The Outlook is Stable. The instrument-wise rating action is as follows: Support from GoI: The affirmation reflects Ind-Ra’s expectation of a high probability of continued timely support to EXIM from the government of India (GoI). EXIM, which is wholly owned by the GoI, acts as an agent of the GoI by extending lines of credit to various economies (mostly developing) as per the GoI’s directives. The GoI appoints EXIM’s board of directors according to the statutes of the Export-Import Bank of India Act, 1981, under which the latter was established. EXIM’s board has representation from the ministries of finance, commerce and industry, and external affairs. Bank’s Export Facilitation Role: EXIM’s policy objectives include facilitating export credit and developing export-generation capabilities among Indian companies, thereb