There are some serious issues within in company and now I found out about its recent credit rating rating report dated Nov 24, 2023, done by Brickwork ratings and it has reaffirmed ISSUER NOT COOPERATING* for the loans amounting to 1100 Cr., most of it is NPAs and it is not submitting any data about it. Also company has a pending NCLT case filed by the lender at Bengluru branch of NCLT.
http://bcrisp.in///BLRHTML/HTMLDocument/ViewRatingRationaleINCNew?id=124169
I have copied this from the rating report dated Nov 24, 2023.
Brickwork Ratings (BWR) had reaffirmed the ratings of Rajesh Exports Limited (REL or the company) at BWR D and continued the ratings to the ISSUER NOT COOPERATING* category on 25 Nov 2022 taking into account the continued lack of support from the management, continued NPA status of the account with the lender and based on the best available information.
The rating has fallen due now and BWR has consistently taken up with the company to provide financial and operational information for the periodic monitoring and surveillance of the ratings. Despite the best efforts of BWR to get at least the minimum required information for a review, the company continues to be non-cooperative. Further, the company has not been submitting the monthly ‘No Default Statement’ (NDS) in deviation from the extant guidelines. BWR continues to take note of the Company’s ongoing litigation in NCLT, Bengaluru Bench filed by its lender. Due to the continued lack of management cooperation and in the absence of adequate information from the company, BWR is unable to assess the company’s financial performance and its ability to service its debt and maintain a valid rating. Hence, based on the best available information, continued lack of management cooperation, non-submission of NDS and in terms of extant regulatory requirements, BWR has reaffirmed the ratings at BWR D and continued the ratings in the ISSUER NOT COOPERATING* category.
@Donald what do you think ?
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