Credit rating agency, CARE has downgraded rating of Nakoda’s long-term bank facilities worth Rs 306.03 to ‘D’ from ‘BB’. The rating agency has also downgraded rating of the company’s short term bank facilities worth Rs 1050 crore to ‘D’ from ‘A4’. The ratings are constrained by ongoing delays in debt servicing owing to strained liquidity position.
Nakoda is engaged is in the business of manufacturing Polyester Chips, POY, FDY, texturising and trading of yarn, salt, soya, fancy shirting, polyester yarn and windmill power generation.
