With reference to the intimation dated February 21, 2020 regarding revision in rating (downward) for overall Bank Borrowings of Khadim India (the Company), Khadim India has informed that the reasons behind such rating, as stated by ICRA, are as follows: Decline in profits and cash accruals of the Company during the financial year ended March 31, 2019 (audited) and 9 months ended December 31, 2019 (unaudited); Increase in the overall cost of the Company vis-a-vis its realisation; and increase in the working capital intensity of business during the financial year ended March 31, 2019 (audited) and half year ended September 30,2019 (unaudited).
The above information is a part of company’s filings submitted to BSE.
