Rating Rationale

December 19, 2014

Mumbai

Ravikumar Distilleries Limited

Rating Suspended

Total Bank Loan Facilities Rated	Rs.1500 Million
Long Term Rating	Suspended

(Refer to Annexure 1 for Facility-wise details)

CRISIL has suspended its ratings on the bank facilities of Ravikumar Distilleries Ltd (RKDL). The suspension of ratings is on account of non-cooperation by RKDL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, RKDL is yet to provide adequate information to enable CRISIL to assess RKDL'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

Incorporated in 1993 and promoted by Mr. R V Ravikumar, RKDL manufactures IMFL at its facility at Puducherry.

Annexure 1 - Details of various bank facilities

Current facilities			Previous facilities
Facility	Amount (Rs.Million)	Rating	Facility	Amount (Rs.Million)	Rating
Cash Credit	225	Suspended	Cash Credit	225	CRISIL D
Proposed Long Term Bank Loan Facility	1275	Suspended	Proposed Long Term Bank Loan Facility	1275	CRISIL D
Total	1500	--	Total	1500	--

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Last updated: August, 2014

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December 19, 2014	http://www.crisil.com