CLSE informed the exchange about the credit rating it has received from Crisil. (You can read the intimation letter from here) Crisil has reaffirmed its rating.
You can also read the rating rationale published as on 17-Oct-2016 using the below links.
Some Key points from the rating rationale are:
(Comments against each point in brackets are my views)
Significant volumetric growth of about 33% in sales in fiscal 2016 over the previous fiscal, despite a challenging market scenario in the basmati rice processing industry, indicating CLSE’s strong market position. (As mentioned previously, co. has shown growth in volume but had low exports in value terms due to lower realization.)
Robust liquidity, marked by prudent working capital management, and absence of repayment obligations and capital expenditure plans.
Low bank limit utilization at an average of 30% in the 12 months through July 2016.
Low gearing and strong interest coverage ratio.
Low brand penetration. (CLSE needs to continue its focus on Maharani’s Brand building and as pointed out by @ARTR CLSE can get better results with such efforts.)
Geographically diversified revenue profile. (A diversified client base is always welcomed by investors as it helps spread the risk.)