Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, we wish to inform you that Infomerics Valuation and Rating Limited has assigned credit rating to the Bank Facilities of the Company. Detailed ....
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Infomerics Valuation and Rating Limited has assigned a first-time credit rating of IVR BBB-/Stable to Leo Dryfruits & Spices Trading Ltd's bank facilities worth Rs. 70 crore. The rating covers Cash Credit of Rs. 29.25 crore and Proposed Cash Credit of Rs. 40.75 crore. The company, which trades dry fruits and spices, reported strong revenue growth of ~40% in FY25 to Rs. 87.31 crore, with further expected growth to over Rs. 160 crore in FY26. However, EBITDA margins are compressing from 16.98% in FY25 due to lower-margin products (pulses, foodgrains, sugar, ghee) being added to the product mix for government canteen supplies. Total debt increased to Rs. 21.13 crore in FY25 from Rs. 9.14 crore in FY24 to support working capital needs.
The BBB- rating is investment grade but at the lower end, reflecting the company's improving scale but also commodity price risks and working capital intensity. The Stable outlook indicates the rating is unlikely to change soon, which is neutral for shareholders.