Ess Dee Aluminium has informed that credit rating agency Credit Analysis & Research Limited (CARE) has revised rating of various facilities availed by the Company totaling Rs 515 Cr from CARE BBB- to CARE D. CARE has cited delays in debt servicing due to strained liquidity as the reason for rating change. The rating downgrade is based on last financial accounts (effective March 31, 2015) and Auditors report thereon but after that everything is rectified. The factual position has significantly changed since then. The Company is regular in all payments of loans availed from various financial institutions as on December 31, 2015 except for one lender (Rs 11 crore facility). Payment for that also is under process. Furthermore, the Company’s lead banker (State Bank of India) has certified that there is no default in repayment and none of the accounts have been declared as NPA by any of the lender as on December 31, 2015.
The above information is a part of company’s filings submitted to BSE.
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