Rating Rationale
March 24, 2020 | Mumbai
Rishi Laser Limited
Ratings Reaffirmed and Withdrawn
 
Rating Action
Total Bank Loan Facilities Rated Rs.20.45 Crore
Long Term Rating CRISIL B+/Stable (Rating Reaffirmed and Withdrawn)
Short Term Rating CRISIL A4 (Rating Reaffirmed and Withdrawn)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
Detailed Rationale

CRISIL has reaffirmed its ratings on the bank facilities of Rishi Laser Limited (RLL) and simultaneously withdrawn the ratings at the firm's request and on receipt of a no-objection certificate from the bankers. The withdrawal is in line with CRISIL's policy on withdrawal of bank loan ratings.

About the Company

RLL was incorporated in 1992 by Mr. Harshad Bhavanbhai Patel and family. It undertakes fabrication of sheet metal components and machines. The company has manufacturing units in Pune (Maharashtra), Bengaluru (Karnataka), Chennai (Tamil Nadu), Vadodara (Gujarat), Sonepat (Haryana), and Pithampur (Madhya Pradesh).

Key Financial Indicators
As on/for the period ended March 31 Units 2019 2018
Operating income Rs crore 140.69 120.30
Reported profit after tax Rs crore 3.43 -0.52
PAT margin % 2.44 -0.43
Adjusted Debt/Adjusted Networth Times 0.52 0.78
Interest coverage Times 2.39 1.69

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL complexity levels are assigned to various types of financial instruments. The CRISIL complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL complexity levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments.
Annexure - Details of Instrument(s)
ISIN Name of instrument Date of allotment Coupon rate (%) Maturity date Issue size (Rs.Cr) Rating assigned with outlook
NA Proposed Fund-Based Bank Limits NA NA NA 15.45 Withdrawn
NA Sales Bill Discounting NA NA NA 5.00 Withdrawn
Annexure - Rating History for last 3 Years
  Current 2020 (History) 2019  2018  2017  Start of 2017
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund-based Bank Facilities  LT/ST  20.45  Withdrawn/ Withdrawn      25-06-19  CRISIL B+/Stable/ CRISIL A4          Suspended 
Non Fund-based Bank Facilities  LT/ST    --    --    --    --    --  Suspended 
All amounts are in Rs.Cr.
 
Annexure - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Crore) Rating Facility Amount (Rs.Crore) Rating
Proposed Fund-Based Bank Limits 15.45 Withdrawn Proposed Fund-Based Bank Limits 15.45 CRISIL B+/Stable
Sales Bill Discounting 5 Withdrawn Sales Bill Discounting 5 CRISIL A4
Total 20.45 -- Total 20.45 --
Links to related criteria
CRISILs Approach to Financial Ratios
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating criteria for manufaturing and service sector companies
CRISILs Bank Loan Ratings
The Rating Process

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