Skipper announced that CARE Ratings has downgraded the credit ratings of the company as under -
Long term bank facilities - CARE BBB+; Stable (Revised from CARE A; Negative)
Long term / short term bank facilities - CARE BBB+; Stable / CARE A2 (Revised from CARE A; Negative/ CARE A1)
The revision in the ratings is on account of deterioration in the financial performance of the Company in FY19 and H1FY20 on account of weak operational performance. There was a decline in the operating income in the aforesaid period with lower sales from both the engineering and polymer division.
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