ICRA downgrades LML's Rs 125 cr preference share capital prog

New Delhi, June 26 (UNI) Credit rating agency ICRA today downgraded the rating assigned to the Rs 125 crore preference share capital programme of LML Ltd to LC from LBB, following prolonged disruption of maufacturing opeations susequent to lockout in its Kanpur factory.

The ratings indicate poor-credit quality and limited prospect of recovery.

The lockout was declared by the management in March 2006, following labour unrest over compensation.

UNI CS ARB RK2012