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Created: 2025-07-21 11:34:21 UTC
TruCap Finance Ltd: Credit Rating Downgrade and Withdrawal
TruCap Finance Ltd's credit ratings have been downgraded by both CARE Ratings and Infomerics. The downgrades are due to the company's failure to make interest and principal payments on Non-Convertible Debentures (NCDs) due July 16, 2025. ⚠️
𝗜𝗻𝗳𝗼𝗺𝗲𝗿𝗶𝗰𝘀: ▪ Downgraded ratings on bank facilities to IVR C/RWDI. ▪ Withdrew rating for proposed NCDs at the company's request. ▪ The company defaulted on interest and principal payments on NCDs. ▪ The ratings remain on Rating Watch with Developing Implications.
𝗖𝗔𝗥𝗘 𝗥𝗮𝘁𝗶𝗻𝗴𝘀: ▪ Downgraded ratings on long-term bank facilities and NCDs to CARE D. ▪ The downgrade is due to the company's inability to pay interest and principal on NCDs.
𝗞𝗲𝘆 𝗙𝗮𝗰𝘁𝗼𝗿𝘀: ▪ Poor liquidity position due to non-receipt of committed funds and premature redemption of NCDs. ▪ Uncertainty surrounding the proposed acquisition of TruCap Finance by Marwadi Group.
𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹𝘀: ▪ Total Income for FY25: ₹199.26 crore. ▪ PAT for FY25: -₹66.61 crore.
𝗥𝗮𝘁𝗶𝗻𝗴 𝗦𝗲𝗻𝘀𝗶𝘁𝗶𝘃𝗶𝘁𝗶𝗲𝘀: ▪ Upward: Improvement in company's liquidity. ▪ Downward: Further deterioration in liquidity.
𝗔𝗯𝗼𝘂𝘁 𝘁𝗵𝗲 𝗖𝗼𝗺𝗽𝗮𝗻𝘆: NBFC registered with RBI, listed on BSE.
𝗣𝗿𝗼𝗽𝗼𝘀𝗲𝗱 𝗔𝗰𝗾𝘂𝗶𝘀𝗶𝘁𝗶𝗼𝗻: The acquisition by Marwadi Group is still pending regulatory approvals.
The rating actions reflect significant financial distress at TruCap Finance. 🚨
📊 TRUCAP FINANCE LTD | 🏷️ Credit Rating
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