| Ramky Infrastructure Limited | ||||
| Issuer not cooperating, based on best-available information; Rating continues to be ‘Crisil C Issuer not cooperating’ | ||||
| Rating Action | ||||
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| Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. | ||||
| 1 crore = 10 million | ||||
| Refer to Annexure for Details of Instruments & Bank Facilities | ||||
| *Issuer did not cooperate; based on best-available information | ||||
| Please note that the rating(s) are based on best available information with the credit rating agency: the entity whose debt is being published via this rating rationale did not provide the requisite information needed to conduct the rating exercise or did not provide the No Default Statements (NDS) for the last three months and is therefore classified as 'non cooperative'. |
Non cooperation by Issuer Crisil Ratings has been consistently following up with Ramky Infrastructure Limited (RIL) for obtaining information through letters and email dated October 24, 2024, November 07, 2024, and November 25, 2024, among others, apart from telephonic communication. However, the issuer has remained non-cooperative.
‘The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non-cooperation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward-looking component.’ |
Detailed Rationale Despite repeated attempts to engage with the management, Crisil Ratings failed to receive any information on either the financial performance or strategic intent of RIL, which restricts its ability to take a forward-looking view of the entity's credit quality. Crisil Ratings believes that the rating action on RIL is consistent with ‘Assessing Information Adequacy Risk’. Therefore, on account of inadequate information and lack of management cooperation, the rating on the bank facilities of RIL continues to be 'Crisil C Issuer Not Cooperating'. |
Analytical Approach Crisil Ratings has considered the standalone business and financial risk profiles of RIL. It has also moderately combined the business and financial risk profiles of RIL with its subsidiaries to the extent of support requirement.
Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation. |
About the Company RIL, the flagship company of the Ramky group, was incorporated as Ramky Engineers Pvt Ltd in 1994 to provide civil and environmental engineering consultancy services. In 1998, it started executing civil and environmental engineering, procurement and construction projects, primarily in the water and wastewater sector. Subsequently, it expanded to road, building, irrigation and industrial construction. In 2003, the company got its present name and was reconstituted as a public limited company. RIL principally operates in two business segments: construction (under RIL) and development (under special purpose vehicles [SPVs]). In the development business, the group constructs roads under built-operate-transfer (BOT) modes, industrial parks, special economic zones and bus terminals. |
Key Financial Indicators (Standalone)*
*as per analytical adjustments made by Crisil Ratings |
Any other information: Not Applicable |
Note on complexity levels of the rated instrument: |
Annexure - Details of Instrument(s)*
*Issuer did not cooperate; based on best-available information |
Annexure - List of Entities Consolidated
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| Annexure - Rating History for last 3 Years | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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| All amounts are in Rs.Cr. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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* - Issuer did not cooperate; based on best-available information
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| Annexure - Details of Bank Lenders & Facilities | |||||||||||||||||||||||||||||||||||||||
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**Interchangeable with non-fund based facility
^Interchangeable with fund based facility
Criteria Details
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