Disclosures by listed entities of defaults on payment of interest/ repayment of principal amount for loans including revolving facilities like cash credit from banks ....
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Olympic Cards Ltd has disclosed a default on a term loan from HDFC Bank Ltd, with the date of default being March 11, 2025. The current overdue amount is Rs. 15.17 lakh (Rs. 0.1517 crore), comprising Rs. 11.10 lakh in principal and Rs. 4.07 lakh in interest. The total term loan facility from HDFC Bank was Rs. 15.5 crore over 120 months at a 9.25% interest rate (secured), with an outstanding balance of Rs. 5.59 crore to HDFC. The company's total outstanding borrowings from banks and financial institutions stand at Rs. 12.68 crore, and total financial indebtedness is around Rs. 26 crore.
This is a negative signal for shareholders — the company has missed a loan repayment, which may trigger penalties, affect its creditworthiness, and could lead to further stress on its already significant debt of Rs. 26 crore. Small default amount relative to total debt, but it raises red flags about the company's cash flow and ability to service obligations.