Press Release

Press Release

January 05, 2026

RAVIRAJ INTERNATIONAL PRIVATE LIMITED
Rating Assigned

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	75.00	ACUITE BB+ \| Stable \| Assigned	-
Total Outstanding	75.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuite has assigned its long-term rating of 'ACUITE BB+' (read as ACUITE double B plus) on Rs. 75.00 Cr. bank facilities of Raviraj International Private Limited (RIPL). The outlook is ‘Stable’.

Rationale for rating

The rating draws strength from the promoters’ extensive experience in commodity trading, which underpins operational stability and diversification. RIPL has achieved moderate revenue growth in FY25, which is expected to continue further while operating scale remained volatile in last three years. However, the rating is constrained working capital intensive operations with elongated receivables, thin profitability margins inherent in trading business and susceptibility of profitability to volatility in material prices and forex rates.

About the Company

Incorporated in 2012, Raviraj International Private Limited (RIPL) is a Maharashtra-based company engaged in trading soybean meal, yellow maize, soybeans, crude degummed soybean oil, crude palm oil, rice, and maize. The company is managed by Mr. Ravi Sanjay Agrawal, Mr. Santosh Sanjay Agrawal, Mrs. Apeksha Ravi Agrawal, and Ms. Sneha Poddar. RIPL is part of the Sanjay Soya Group (rated ACUITE A- | Negative)The company has established a strong distribution network of over 300 dealers and distributors across India and international markets, including Singapore, China, Vietnam, Thailand, Indonesia, Japan, UAE, Sri Lanka, Kuwait, Madagascar, Kenya, and Tanzania.

Unsupported Rating

Not applicable

Analytical Approach

Acuité has taken the standalone view of the business and financial risk profile of RIPL to arrive at the rating.

Key Rating Drivers

Strengths

Established Experience of the Management
The company benefits from experienced management with over a decade of established presence in the industry. The promoters’ extensive knowledge of commodity trading and market dynamics has supported operational stability and strategic diversification over the years. Their long-standing relationships with suppliers and customers further enhance business sustainability and growth prospects. Acuité believes the promoters’ experience and industry expertise will continue to provide stability and support expansion initiatives.

Recovery in Operating Income and Margins amid volatile operating scale
RIPL’s operating income improved to Rs.161.44 Cr. in FY25 from Rs.111.37 Cr. in FY24, though it remained below the high of FY23 level of Rs.333.69 Cr, which was supported by exceptional soy DOC exports (~Rs.186 Cr). The decline in export demand was effectively managed through diversification, with rice and maize contributing Rs.88 Cr in FY25 compared to Rs.53.5 Cr. earlier, highlighting adaptability to market shifts. Margins strengthened, with EBITDA at 3.54 per cent and PAT at 1.12 per cent in FY25 versus 1.80 per cent and 1.82 per cent in FY24, aided by cost optimization and lower procurement costs. PAT margin moderated due to higher finance costs. As of December 2025, revenue stood at Rs.158.88 Cr, and management targets Rs.225–250 Cr. in FY26, driven by crude palm oil trading. Acuité believes, operating performance of the company would remain steady backed by stable demand.

Moderate Financial Risk Profile
The financial risk profile of the company remains moderate, characterized by a moderate net worth, capital structure, and gearing, along with comfortable debt protection metrics. The net worth improved to Rs. 37.28 Cr. as on March 31, 2025 (Provisional) from Rs. 35.46 Cr. as on March 31, 2024. The gearing stood at 2.01 times as on March 31, 2025, against 1.41 times in the previous year. Debt protection indicators also reflect moderation, with the interest coverage ratio and debt service coverage ratio at 1.77 times and 1.55 times respectively as on March 31, 2025, compared to 2.39 times and 1.99 times in FY24. The debt-to-EBITDA ratio increased to 12.80 times in FY25 from 10.17 times in FY24, while NCA/TD stood at 0.02 times as on March 31, 2025, against 0.04 times in the previous year. Acuité believes the financial risk profile will remain moderate, supported by improving net worth and adequate coverage metrics, though high gearing and leverage levels need monitoring.

Weaknesses

Intensive Working Capital Operations
RIPL’s working capital requirements remain intensive, as reflected in its gross current asset (GCA) days of 231 days as on March 31, 2025, compared to 234 days as on March 31, 2024. Inventory days improved significantly to 6 days in FY25 from 117 days in FY24, while debtor days increased sharply to 223 days as on March 31, 2025, against 110 days in the previous year. Acuité believes the company’s operations will continue to exhibit high working capital intensity due to elongated receivable cycles, despite improvement in inventory management.

Susceptibility of Profitability to Volatility in Material Prices and Forex Rates
RIPL’s profitability remains exposed to fluctuations in agri-commodity prices and foreign exchange rates, given its trading-based operations and growing dependence on imported oils such as CDSO and CPO. Variations in global prices or INR/USD movements can significantly impact procurement costs and trading margins, making overall profitability vulnerable to external market dynamics. Acuité believes the company’s profitability will remain susceptible to commodity price movements and currency fluctuations, given its trading nature and reliance on imported oils.

Rating Sensitivities

Sustained improvement in operating scale and margins
Further elongation of the working capital cycle
Deterioration in financial risk profile

Liquidity Position

Adequate

The liquidity position of the company remains adequate, supported by sufficient net cash accruals against nil repayment obligations. The company generated net cash accruals of Rs. 1.82 Cr. in FY2025 against no maturing debt. Over the medium term, it is expected to generate net cash accruals in the range of Rs. 3–6 Cr. against repayment obligations of Rs. 2–2.10 Cr. Unencumbered cash and bank balances stood at ~Rs. 4.50 Cr. as on March 31, 2025, while the current ratio stood at 1.36 times. The company has availed WCDL to the tune of Rs. 75 Cr. to support the working capital requirements.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	161.44	111.37
PAT	Rs. Cr.	1.82	2.02
PAT Margin	(%)	1.12	1.82
Total Debt/Tangible Net Worth	Times	2.01	1.41
PBDIT/Interest	Times	1.77	2.39

Status of non-cooperation with previous CRA (if applicable)

None

Any other information

None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Trading Entities: https://www.acuite.in/view-rating-criteria-61.htm

Note on complexity levels of the rated instrument

In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History: Not Applicable

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	4.00	Simple	ACUITE BB+ \| Stable \| Assigned
YES BANK LIMITED	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	31.00	Simple	ACUITE BB+ \| Stable \| Assigned
YES BANK LIMITED	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE BB+ \| Stable \| Assigned
YES BANK LIMITED	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE BB+ \| Stable \| Assigned

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Anuja Bele
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

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