Credit rating agency, Credit Analysis & Research (CARE) has revised rating of Empee Distilleries’ long term bank facilities worth Rs 25.56 crore to ‘D‘ from ‘B’. The revision in the rating takes into account the instances of delays in debt servicing by the company. The ‘credit watch’ on the rating has also been removed.
Empee Distilleries started over two decades ago in a small way in Chennai for manufacturing Indian made foreign liquor (IMFL); it has now expanded substantially with state-of-the-art manufacturing facilities not only in Tamil Nadu but also in Kerala, Karnataka and Andhra Pradesh.
