Credit rating agency, Fitch has assigned ‘D(ind)’ rating to long-term bank facilities of Indus Fila (IFL).
The ratings reflect delays in debt servicing by the company and the overdrawing of cash credit limits. Despite restructuring in 2009 with a moratorium till FY10, the company has been unable to repay its debt obligations to date.
Indus Fila's principal activity is to manufacture textile products, which includes dyed yarn, grey fabrics and readymade garments.