ICRA downgrades LML Ltd's preference capital instrument to LC

Mumbai, June 26 (UNI) ICRA has downgraded the rating assigned to the Rs 125 crores preference share capital programme of LML Limited (LML) to LC from LBB following prolonged disruption of manufacturing operations subsequent to lockout at its Kanpur factory.

The lockout was declared by the management in March 2006 following labour unrest over compensation. The revised rating indicates poor-credit quality rating assigned by ICRA . The rated instrument has limited prospect of recovery, a press release here said.

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