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CRISIL has downgraded its ratings on the bank facilities of Raj Agro Mills Ltd (RAML) to ‘D/P5’ from ‘B+/Stable/P4’; the ratings have been suspended. The downgrade reflects instances of delay by RAML in servicing its debt on account of its weak liquidity. The company’s account has also been classified as a non-performing asset by its banker. The rating on the bank facilities of RAML has been suspended because the company has not been providing information on its operations and financials to CRISIL. The suspension reflects CRISIL’s inability to maintain a valid rating in the absence of information from the company.
About the Company
RAML, incorporated in 1990, manufactures refined oil and vanaspati, besides by-products such as fatty acids, wax, and gums. Its facility in Ludhiana (Punjab) has installed capacity to produce 100 tonnes per day of refined oil. The company sells its product to traders as well as large edible oil manufacturers, such as Marico Ltd and Amrit Banaspati Company Ltd.
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CRISIL Rating Desk
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Mitu Samar
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Gurpreet S Chhatwal
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About CRISIL Limited
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Last updated: March 31, 2011
Disclaimer: A CRISIL rating reflects CRISIL's current opinion on the likelihood of timely payment of the obligations under the rated instrument and does not constitute an audit of the rated entity by CRISIL. CRISIL ratings are based on information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL rating is not a recommendation to buy, sell, or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. All CRISIL ratings are under surveillance. Ratings are revised as and when circumstances so warrant. CRISIL is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this product. CRISIL Ratings’ rating criteria are generally available without charge to the public on the CRISIL public web site, www.crisil.com. For the latest rating information on any instrument of any company rated by CRISIL, please contact CRISIL RATING DESK at CRISILratingdesk@crisil.com, or at (+91 22) 3342 3000.
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