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| Exchange Received Time 04/08/2018 17:07:28 Exchange Disseminated Time 04/08/2018 17:07:39 Time Taken 00:00:11 | In terms of the provisions of the SEBI (LODR) Regulations, 2015, we inform that ICRA Limited (ICRA) has revised the long-term and short-term ratings on rated instruments of the Company, attributing to high leveraging level and refinancing risk.
The Co. has been current on servicing of its debt obligations upto July ''18 and submitted requisite Non Default Statement for July ''18 to ICRA. The action taken by ICRA is completely unjustified and unwarranted. The Co.strongly disagrees with the arbitrary action taken by ICRA and has filed appeals for review in terms of SEBI guidelines.However,inspite of being required by SEBI Circular dated May 30,18, ICRA has not yet operationalised a Review Committee consisting of Independent Members.
The Company has been de-leveraging itself and its subsidiaries. Debt equity ratio has been brought down to 1.41 in March''18from 1.54 in March, ''17.
The Company believes that ICRA has not appropriately factored in the above facts while assigning the ratings.
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