Rating Rationale
October 18, 2016 | Mumbai
Natraj Proteins Limited
Ratings Withdrawn
 
Total Bank Loan Facilities Rated Rs.600 Million
Long Term Rating Withdrawal
Short Term Rating Withdrawal
(Refer to Annexure 1 for Facility-wise details)

CRISIL has withdrawn its ratings on the bank facilities of Natraj Proteins Limited (NPL) on completion of 60-day notice period. The rating was placed under 'Notice of Withdrawal' on July 25th, 2016 at NPL's request and on receipt of a no-objection certificate from banker. The rating action is in line with CRISIL's policy on withdrawal of its ratings on bank loans.

About the Company

NPL was incorporated in 1994, by promoters, Mr. Kailash Sharma, Mr. J P Agarwal, and Mr. D K Arora. It manufactures soya bean refined oil and soya de-oiled cake and is listed on the Bombay Stock Exchange. Facilities are located in Itarsi (Madhya Pradesh). NPL also has a windmill in Tamil Nadu with capacity of 750 kilowatts.

Annexure 1 - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Million) Rating Facility Amount (Rs.Million) Rating
Bank Guarantee 5 Withdrawal Bank Guarantee 5 CRISIL A4+(Notice of Withdrawal)
Cash Credit 172 Withdrawal Cash Credit 172 CRISIL BB/Stable(Notice of Withdrawal)
Letter of Credit 53 Withdrawal Letter of Credit 53 CRISIL A4+(Notice of Withdrawal)
Packing Credit 170 Withdrawal Packing Credit 170 CRISIL A4+(Notice of Withdrawal)
Warehouse Receipts 200 Withdrawal Warehouse Receipts 200 CRISIL BB/Stable(Notice of Withdrawal)
Total 600 -- Total 600 --

Links to related criteria
CRISILs Approach to Financial Ratios
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Manufacturing Companies
Rating Criteria for Fast Moving Consumer Goods Industry
Criteria for rating Short-Term Debt (including Commercial Paper)

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