Mercator had all its long term, cash credit and short term credit revised to D (Issuer not Cooperating) after CARE said that the company has not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement.
The rating on Mercator Limited's bank facilities is now denoted as CARE D; ISSUER NOT COOPERATING. Delay in debt-servicing obligations: The ratings reflect the on-going delays in servicing of debt obligations by the company on account of cash flow issues.