July 30, 2012

Mumbai

Gillanders Arbuthnot & Co. Limited

Ratings Suspended

Total Bank Loan Facilities Rated	Rs.3700 Million
Long-Term Rating	Suspended
Short-Term Rating	Suspended

(Refer to Annexure 1 for details on facilities)

CRISIL has suspended its rating on the bank facilities of Gillanders Arbuthnot & Co. Ltd. (GACL). The suspension of ratings is on account of non-cooperation by GACL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, GACL is yet to provide adequate information to enable CRISIL to assess GACL’s ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key credit factor in its rating process and views non-sharing of information as a first signal of possible credit distress, as outlined in its criteria “Information availability risk in Credit ratings".

About the Company

Incorporated in 1935, GACL is a multidivisional entity engaged in diverse businesses such as textile, engineering, tea, chemicals, trading, and leasing of property. The Kolkata-based company is part of the GD Kothari group of companies, which has business interests in plantations, textiles, pharmaceuticals, healthcare, engineering, real estate, and other industries/services. Over the years, GACL has remained a multi-divisional entity, entering and exiting various businesses.

Annexure 1 - Details of various bank facilities

Current facilities			Previous facilities
Facility	Amount (Mln)	Rating	Facility	Amount (Mln)	Rating
Bill Purchase-Discounting Facility	20	Suspended	Bills Discounting	20	CRISIL A2
Cash Credit	1043	Suspended	Cash Credit	1043	CRISIL BBB+/Stable
Letter of credit & Bank Guarantee	1636.2	Suspended	Letter of credit & Bank Guarantee	1636.2	CRISIL A2
Long-Term Loan	936.8	Suspended	Term Loan	936.8	CRISIL BBB+/Stable
Proposed Long-Term Bank Loan Facility	34	Suspended	Proposed Long-Term Bank Loan Facility	34	CRISIL BBB+/Stable
Standby Line of Credit	30	Suspended	Standby Line of Credit	30	CRISIL BBB+/Stable
Total	3700	--	Total	3700	--

Media Contacts	Analytical Contacts	CRISIL Rating Desk
Mitu Samar Director, Communications and Brand Management CRISIL Limited Tel: +91-22- 3342 1838 E-mail: mitu.samar@crisil.com Tanuja Abhinandan Communications and Brand Management CRISIL Limited Tel: +91-22- 3342 1818 Email: tanuja.abhinandan@crisil.com	Subodh K Rai Senior Director - CRISIL Ratings Tel: +91-0124-672 2000 Email: subodh.rai@crisil.com Mohit Makhija Director - CRISIL Ratings Tel: +91-0124-672 2000 Email: mohit.makhija@crisil.com	Tel: +91-22-3342 3047/3342 3064 Email:CRISILratingdesk@crisil.com

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Last updated: April 30, 2012

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