ICRA has revised and suspended the rating assigned to the Rs 102.62 crore bank facilities of “Archidply Industries” (AIL) from LB+ /A4 to “ICRA D”. The revised ratings take into account the stretched liquidity position of the company and continued delays in debt servicing following cash flow mismatches. The suspension follows ICRA’s inability to carry out a rating surveillance in the absence of the requisite information from the company.
According to its suspension policy, ICRA may suspend any rating outstanding if in its opinion there is insufficient information to assess such rating during the surveillance exercise.
AIL is in the business of manufacturing and marketing of Wood panel products. AIL has its manufacturing facilities located at Mysore and Chintamani in Karnataka and at Rudrapur in Uttaranchal with a total installed capacity of 150 and 100 lac sq mt each of plywood and pre-laminated particle board.