Credit rating agency, ICRA has reaffirmed the D rating to Rs 125 crore preference share capital programme of LML. The rating reaffirmation takes into account the company’s continued default on both its principal as well as interest obligations related to its debt.
LML was promoted in 1972 as Lohia Machines by the Singhania family to manufacture machinery for the synthetic fibres industry. Later, it diversified into production of 100 cc scooters, in technical collaboration with Piaggio Vespa of Italy.