Credit rating agency, CARE has downgraded rating of Zenith Birla's long term bank facilities to ‘D’ from ‘BB’. The rating agency has also downgraded rating of the company’s short term bank facilities to ‘D’ from ‘A4’. The company has received the rating downgrades due to ongoing delays in interest servicing and frequent instances of LC devolvement by the company.
Zenith Birla (India) is a part of the Yashovardhan Birla group. Incorporated in 1960 as Zenith Steel Pipes, the company is engaged in the manufacturing of Electronic Resistance Welded (ERW) steel pipes.
