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Created: 2025-07-11 13:57:21 UTC
Ramkrishna Forgings Ltd. (RKFL) has had its credit ratings withdrawn by ICRA for its bank facilities. ICRA withdrew the ratings at the company's request, as the facilities are already covered by India Ratings and Research and CRISIL.
- ICRA has withdrawn the ratings assigned to the bank facilities of Ramkrishna Forgings Limited (RKFL).
- This action was taken at the request of the company.
- The ratings were withdrawn in accordance with ICRA’s policy on withdrawal of ratings.
▪ ICRA had earlier placed the ratings on Watch with Developing Implications following the company's disclosure to the stock exchanges, on April 26, 2025, regarding discrepancies in its inventory.
▪ The inventory discrepancy was reported as Rs. XXXXXX crore. ▪ Of this, Rs. XXXXXX crore pertains to FY2025 and Rs. XXXXX crore to FY2024.
▪ The post-tax impact of the same on RKFL's net worth was Rs. XXXXXX crore. ▪ The company has announced measures to strengthen internal controls and processes. ▪ The promoters plan to infuse equity of around Rs. XXX crore.
▪ RKFL's shareholders approved on June 28, 2025, for issuance of 9,75,000 warrants to the promoter Group. ▪ Given the continued uncertainties, the ratings remain on Watch with Developing Implications and stand withdrawn at the request of the company. ICRA does not have adequate information to suggest that the credit risk has changed since the time the ratings were last reviewed.
📊 RAMKRISHNA FORGINGS LTD | 🏷️ Credit Rating
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