February 10, 2014

Mumbai

Gujarat Apollo Industries Limited

Rating Withdrawn

Total Bank Loan Facilities Rated	Rs.135 Billion
Short-Term Rating	CRISIL A1 (Withdrawal)

(Refer to Annexure 1 for details on facilities)

CRISIL has withdrawn its rating on the short-term bank facilities of Gujarat Apollo Industries Ltd (GAIL) at the company’s request and following the expiry of the notice period. CRISIL had earlier placed the rating on ‘Notice of Withdrawal’ for a period of 180 days on July 5, 2013. The rating action is in line with CRISIL’s policy on withdrawal of bank loan ratings.

Annexure 1 – Details of various bank facilities

Current facilities			Previous facilities
Facility	Amount (Rs. Million)	Rating	Facility	Amount (Rs. Million)	Rating
Bank Guarantee	60	Withdrawal	Bank Guarantee	60	CRISIL A1 (Removed from Rating ‘Watch Negative’ and Placed on ‘Notice of Withdrawal’)
Letter of Credit	75	Withdrawal	Letter of Credit	75	CRISIL A1 (Removed from Rating ‘Watch Negative’ and Placed on ‘Notice of Withdrawal’)
--	0	--	Cash Credit	250	Withdrawal
--	0	--	Proposed Long-Term Bank Loan Facility	415	Withdrawal
--	0	--	Standby Line of Credit	50	Withdrawal
Total	135	--	Total	850	--

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Last updated: May, 2013

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