ICRA reaffirms LD rating to PCD

New Delhi, Oct 10 (UNI) Credit rating agency ICRA today reaffirmed the lowest credit quality rating, LD assigned to the Rs 5.63 crore Partially Convertible Debenture (PCD) programme and Rs 5 crore Non-Convertible Debentures (NCD) programme of Pasupati Spinning and Weaving Mills Ltd (PSWML).

The rating re-affirmation takes into account PSWML's continued delays in meeting its interest and principal obligations to banks, financial institutions and other creditors.

However, PSWML was declared a sick company by the Board of Industrial and Financial Reconstruction (BIFR) on July 14, 2005.

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