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ICRA reaffirms ratings of HLE Glascoat Limited

Posted On: 2020-04-03 21:33:37

ICRA - the credit rating agency has re-affirmed ICRA the rating of BBB+ (for long term facilities) and A2 (for short term facilities) with a stable outlook.

The ratings for HLE Glascoat Limited (HGL), formerly known as Swiss Glascoat Equipments Limited has been removed from 'rating watch with developing implications' and reaffirmed with Stable outlook, following the completion of demerger of operating business of HLE Engineers Pvt. Ltd. (HLE) in HGL in December 2019. The scheme was made effective from April 1, 2018. The size of the company has augmented in terms of scale and profitability post the merger of HLE's engineering business, chemical business and 80% subsidiary, HL Equipments.

The reaffirmation in the ratings continues to favourably factor in HGL's established position in the glass-lined equipment and filtration and drying equipment business; its technical expertise acquired through consistent investment in research and development; and its reputed clientele base. The ratings, further, take into account the rise in scale and profitability of the company and the healthy return indicators caused by high demand supported by periodical capacity enhancement, production debottlenecking and synergies from the merger.

The ratings are, however, constrained by the moderately leveraged capital structure and the working capital intensive operations, which have kept the debt at elevated levels. Additionally, the company is susceptible to volatility in raw material prices, cyclicality in end-user industries as well as competition from other established players that continues to put pressure on the company's margins. ICRA also notes the impact of COVID-19 and other aligned regulatory restrictions, and continues to monitor its impact on the company's operations in case of prolongation of existing conditions.

The Stable outlook on the [ICRA]BBB+ rating reflects ICRA's opinion that HGL will continue to benefit from the long track record of the company's operations and its established position in the glass-lined equipment and filtration and drying equipment industry.

Shares of SWISS GLASCOAT EQUIPMENTS LTD. was last trading in BSE at Rs.497.95 as compared to the previous close of Rs. 488.2. The total number of shares traded during the day was 424 in over 15 trades.

The stock hit an intraday high of Rs. 497.95 and intraday low of 497.95. The net turnover during the day was Rs. 211130.

Source: Equity Bulls

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