From THE HINDU group of publications
Sunday, November 26, 2000
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From THE HINDU group of publications Sunday, November 26, 2000 |
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Hindustan Organics
Crisil has downgraded both the Rs 100-crore non-convertible bonds issue and the Rs 50-crore bonds issue of Hindustan Organic Chemicals Ltd (HOCL) from `BB+' to `C'.
Likewise, the ratings of its fixed deposit programme has also been downgraded from `FB+' to `FC'.
The downward revision reflects the constraints on the company's debt servicing ability caused by a large loss incurred in 1999-2000. The other factors include the stress on profitability, poor coverage ratio and an increase in gearings to 1.32 times as on March 31, 2000.
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