Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform that CRISIL Ratings Limited (" CRISIL Ratings") has migrated the ....
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CRISIL Ratings has migrated GKB Ophthalmics' credit rating from 'Crisil D Issuer Not Cooperating' to 'Crisil D' for bank facilities of Rs. 15.1 crore. The migration removes the 'Issuer Not Cooperating' qualifier because the company has started sharing information with CRISIL. However, the underlying rating remains 'Crisil D' - the lowest rating indicating payment default or expected default. The company has reported EBITDA losses for 7 consecutive years, expects revenue to decline from Rs. 32 crore in FY2025 to Rs. 26 crore in FY2026, and has negative interest coverage and net cash accruals. Bank limits have been almost fully utilized for the past 12 months, indicating severe liquidity stress.
This is not a credit improvement - the company retains the worst possible rating (Crisil D). While cooperation with the rating agency has improved, fundamental weaknesses including 7 years of operating losses and poor liquidity remain. Shareholders should be cautious as the company faces significant financial distress.