Clarification on Credit Rating  
     
 

The Credit facilities from bankers of the Company were formerly rated by CRISIL in 2009, however during January, 2011 Company’s credit facilities were got rated by CARE and therefore, the Company decided to withdraw the Bank loan rating assigned by CRISIL. Accordingly, the Company approached CRISIL during February, 2011, for withdrawal of their bank loan rating and also submitted “No Objection Certificate” from the Bankers, as required by CRISIL. As per one of the conditions of CRISIL rating withdrawal process, there should not be any loan outstanding, rated by them, at the time of rating withdrawal, which is practically impossible to fulfill unless Company is debt free at the time of rating withdrawal. Therefore, CRISIL suspended the rating instead of withdrawing the same.

 


 
     
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