CRISIL has revised its rating outlook on Drish Shoes Ltd's (DSL's) long-term bank facilities to 'Negative' from 'Stable', while reaffirming the rating at 'BB+'; the rating on the company's short-term facilities has also been reaffirmed, at 'P4+'. The revision in outlook follows DSL's weakening financial risk profile, marked by a sharp incLinks of London Charmsrease in its gearing levels and deterioration in its debt protection indicators.Links of London Sweetie Bracelet This has resulted from the company's higher-than-expected working capital requirements, which have been funded mainly from debt in the absence of sufficient cash accruals. The profitability reported by DSL for 2009-10 (refers to financial year, April 1 to March 31) was also weaker-than-expected because of adverse movement in raw material prices. CRISIL believes that higher-than-expected debt leLinks of London Sweetie Braceletvels will continue to adversely impact DSLLinks of London Sweetie Black Rhodium & 18ct Rolled Gold Bracelet's debt protection indicators over the medium term.
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