RSGBLRiddhi Siddhi Gluco Biols, Ltd. (India)
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The ratings continue to reflect RSGBL's established market position in the starch and starch-derivatives business, healthy financial risk profile, marked by moderate gearing and strong debt protection metrics, and the benefits that the company derives from the healthy growth prospects of the end-user industries, proximity to maize-growing regions and to buyers, and technological tie-up with RF.
RSGBL was promoted in 1994 by the Chowdhary family for manufacturing starch.
RSGBL reported an adjusted profit after tax of Rs.542 million on net sales of Rs.7.5 billion for 2009-10 (refers to financial year, April 1 to March 31), against an adjusted loss of Rs.95 million on net sales of Rs.5.3 billion for 2008-09.