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Ind-Ra 'suspends' 2 Himatsingka entities

Source : IBNS
Last Updated: Thu, Aug 22, 2013 09:13 hrs

Kolkata, Aug 22 (IBNS) India Ratings & Research (Ind-Ra) has migrated two Himatsingka Group's entities 'IND BB-' Long-Term Issuer Rating to the suspended category. The Outlook was 'Stable'.

Ind-Ra had taken a consolidated view of the Himatsingka group while assigning the ratings to the two entities, namely Maurya Motors Limited (MML) and Shankar Motors Limited (SML).

The rating will now appear as ´IND BB-(suspended)´ on the agency´s website. A full list of rating actions is at the end of this commentary.



The ratings have been migrated to the suspended category due to the lack of adequate information. Ind-Ra will no longer provide ratings or analytical coverage for Himatsingka group.

The ratings will remain in the suspended category for a period of six months and be withdrawn at the end of that period.

However, in the event the issuer starts furnishing information during this six-month period, the ratings could be re-instated and will be communicated through a rating action commentary.

MML's ratings:

- Long-Term Issuer Rating: migrated to ´IND BB-(suspended)´ from 'IND BB-´

- INR450m fund-based facilities: migrated to 'IND BB-(suspended)' from 'IND BB-'

- INR12m non-fund-based facilities: migrated to 'IND A4+(suspended)' from 'IND A4+'

SML's ratings:

- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)' from 'IND BB-'

- INR150m fund-based facilities: migrated to 'IND BB-(suspended)' from 'IND BB-'

- INR6.6m non-fund-based facilities: migrated to 'IND A4+(suspended)' from 'IND A4+'

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