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Thursday, March 01, 2001

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DCL Finance rating downgraded

ICRA has downgraded the rating assigned to the fixed deposit programme of DCL Finance from MB to MD, indicating default. While DCL Finance has been able to gradually reduce outstanding deposits from around Rs. 32 crores in July 1999 to below Rs. 7 crores currently, the strained liquidity position of the company brought about by tenure mismatch and aggravated by deterioration of collections of receivables resulted in delays in repayments of fixed deposits.

The downgradation factors in the recent order passed by the Company Law Board rescheduling the repayments by the company over a period of 27 months depending on the size of the deposit.

(All stories on ratings by our Corporate Bureau)

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