Icra assigns MA - rating to FDP of ILD

New Delhi, Apr 12 (UNI) Credit rating agency ICRA today assigned a MA - rating to the fixed deposit programme of India Lease Development Limited (ILD).

This is the average-credit quality rating assigned by ICRA.

and the rating carries average credit risk.

ICRA is in the process of reviewing the performance of the company under its new business plan and shall keep investors updated on the same.

In the financial year 2006, the management of the company initiated a restructuring programme with a view to reduce debt levels, trim operating expenses and increase focus on recoveries from overdues and Non Performing Assets.

The company plans to commence the sourcing of business according to its new business plan in financial year 2007 and shall be focussing on the higher yielding second hand commercial vehicles and construction equipment segment.

ICRA shall be closely monitoring the developments at ILD and shall keep the investors updated on the impact of this new business plan on the current rating level.

ILD provides finance primarily for commercial vehicles and construction equipment and caters mainly to small road transport operators and construction contractors.

UNI RA PV GC1707