Credit rating agency, CARE has revised rating assigned to Ruchi Infrastructure’s short-term bank facilities worth Rs 160 crore to ‘D’ from A2’. The revision in the rating for the bank facilities of Ruchi Infrastructure (RIFL) takes into account recent delays in servicing of debt obligations on account of stress on its liquidity mainly due to delays in receipt of payments from customers.
RIFL is a part of the Ruchi Group of Indore, which is engaged in the processing as well as trading of various agro-commodities. The company is engaged in warehousing business through its edible oil storage terminals at various locations throughout the country and dry storage warehouses in the state of Madhya Pradesh.
