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| Exchange Received Time 08/12/2017 15:59:40 Exchange Disseminated Time 08/12/2017 15:59:46 Time Taken 00:00:06 | Pursuant to the provisions of Regulation 30 read with Clause 3 of Part A of Schedule III of SEBI LODR Regulations, 2015, we wish to inform you that Credit Analysis & Research Ltd. (CARE) has vide its letter no. CARE/DRO/RL/2017-18/2531 dated December 07, 2017, communicated that on the basis of recent developments including operational and financial performance of the Company for financial year 2016-17 (Audited) and Q1 of financial year 2017-18 (Unaudited), it has revised credit rating with respect to the Company's Bank Facilities, as under:-
1. Long Term Bank Facilities - Revised from CARE B+; Stable (Single B Plus; Outlook:Stable)to CARE D
2. Short Term Bank Facilities - Revised from CARE A4 (A Four) to CARE D
The revision in the ratings assigned to the bank facilities of the company is on account of the delays in servicing of principal installment of the ECB loan, due to the cash flow challenges.
This is for your kind information and record please.
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