India Ratings Downgrades M.G.Industries's Bank Facilities to 'IND D(ISSUER NOT COOPERATING)'

India, May 9 -- India Ratings and Research (Ind-Ra) has downgraded M.G.Industries's bank facilities to 'IND D(ISSUER NOT COOPERATING)' from 'IND B+/Stable(ISSUER NOT COOPERATING)/IND A4(ISSUER NOT COOPERATING)' . The issuer did not participate in the rating review despite continuous requests and follow-ups by the agency. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating.

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