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This is an archive article published on January 8, 2000

Nucent Finance in default category

MUMBAI: Credit rating agency ICRA Ltd has downgraded the rating assigned to the Rs 21.81 crore non-covertible debenture programme of Nucen...

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MUMBAI: Credit rating agency ICRA Ltd has downgraded the rating assigned to the Rs 21.81 crore non-covertible debenture programme of Nucent Finance Limited NFL from LBB8217; to LD8217;. The revised rating indicates default in repayment of principal and interest to investors. The rating factors infurther deterioration in collection performance and erosion of net worth of NFL on account of singnificant provisioning burden during 1998-99. Icra has withdrawn the rating assigned to the fixed deposit programme of NFL as there are no outstanding FDs.

 

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