Financial Daily from THE HINDU group of publications
Tuesday, Mar 12, 2002
Financial Daily from THE HINDU group of publications Tuesday, Mar 12, 2002 |
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Money & Banking
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Credit Rating Corporate - Corporate Bonds ICRA retains rating for Parasrampuria Our Bureau MUMBAI: ICRA has retained the rating of non-convertible debentures and cumulative convertible preference shares programme of Parasrampuria Synthetics Ltd (PSL) at `LD', indicating default. The rating takes into account the company's continuing default by PSL to banks, financial institutions and other creditors. There has been a substantial deterioration in the financial performance of PSL leading to accumulated losses. The company has already applied to the BIFR saying that its net worth has been completely eroded by losses, a news release said.ICRA expects the company to remain in default on its liabilities, the release said.
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