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-CARE upholds GHCL's ratings at BBB-/PR3.

M2 EQUITYBITES-June 8, 2011--CARE upholds GHCL's ratings at BBB-/PR3(C)2011 M2 COMMUNICATIONS

8 June 2011 - Rating agency CARE yesterday reaffirmed the ratings assigned to the long and short-term bank facilities of Indian chemicals and home textiles supplier GHCL Ltd (BOM:500171) at BBB- and PR3, respectively.

The ratings mirror the strong foothold of the firm in the domestic soda ash industry, its efficient working capital and cash flow management and limited cash outflow towards subsidiaries in past two years, CARE said.

The moderate debt protection indicators and the high overall gearing of the company somewhat offset these strengths along with textile industry cyclicality, the service added.

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Publication:M2 EquityBites (EQB)
Date:Jun 8, 2011
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