Rating Rationale

December 17, 2014

Mumbai

Rasoi Limited

Ratings Suspended

Total Bank Loan Facilities Rated	Rs.500 Million
Long Term Rating	Suspended
Short Term Rating	Suspended

(Refer to Annexure 1 for Facility-wise details)

CRISIL has suspended its ratings on the bank facilities of Rasoi Ltd (Rasoi). The suspension of ratings is on account of non-cooperation by Rasoi with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Rasoi is yet to provide adequate information to enable CRISIL to assess Rasoi's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key credit factor in its rating process and non-sharing of information as a first signal of possible credit distress, as outlined in its criteria 'Information Availability Risk in Credit Ratings'.

About the Company

Rasoi was originally set up in 1905 as Majegram Tea Company by the Lord Inchcape group, the UK; the firm was acquired by Mr. Raghu Mody, the current chairman, in July 1964. Thereafter, Mr. Mody acquired the vanaspati business under the Rasoi brand from Mr. P M Talukdar of the Hindustan Insurance group in 1965. The firm acquired its present name in 1982. Rasoi processes and sells, and trades vanaspati and refined oils (including palm, soya bean, rice bran, and mustard oils) under the Rasoi brand. Its plant in Falta (West Bengal) has a capacity to produce 42,000 tonnes per annum (tpa) of vanaspati and 30,000 tpa of refined oil.

Annexure 1 - Details of various bank facilities

Current facilities			Previous facilities
Facility	Amount (Rs.Million)	Rating	Facility	Amount (Rs.Million)	Rating
Bank Guarantee	7.5	Suspended	Bank Guarantee	7.5	CRISIL A4+
Cash Credit	70	Suspended	Cash Credit	70	CRISIL BB/Stable
Inland/Import Letter of Credit	250	Suspended	Inland/Import Letter of Credit	250	CRISIL A4+
Letter of Credit	110	Suspended	Letter of Credit	110	CRISIL A4+
Proposed Short Term Bank Loan Facility	62.5	Suspended	Proposed Short Term Bank Loan Facility	62.5	CRISIL A4+
Total	500	--	Total	500	--

Media Contacts	Analytical Contacts	Customer Service Helpdesk
Tanuja Abhinandan Communications and Brand Management CRISIL Limited Phone: +91 22 3342 1818 Email:tanuja.abhinandan@crisil.com Jyoti Parmar Communications and Brand Management CRISIL Limited Phone: +91 22 3342 1835 E-mail: jyoti.parmar@crisil.com	Mohit Makhija Director - CRISIL Ratings Phone:+91 124 672 2000 Email: mohit.makhija@crisil.com Gurvinder Dhillon Associate Director - CRISIL Ratings Phone:+91 33 4011 8222 Email: gurvinder.dhillon@crisil.com	Timings: 10.00 am TO 7.00 pm Toll free Number:1800 267 1301 Email: CRISILratingdesk@crisil.com

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Last updated: August, 2014

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December 17, 2014	http://www.crisil.com