September 28, 2012

Mumbai

India Glycols Limited

Rating suspended

Instrument	Rating
Fixed Deposit Programme	Suspended

CRISIL has suspended its ratings on the fixed deposit programme of India Glycols Limited (IGL).The suspension of ratings is on account of non-cooperation by IGL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, IGL is yet to provide adequate information to enable CRISIL to assess IGL’s ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL considers information availability risk as a key credit factor in its rating process and 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

IGL manufactures MEG, EOD, glycol ethers, and potable alcohol. The company has manufacturing facilities at Kashipur (Uttaranchal) and Gorakhpur (Uttar Pradesh). It has a total installed capacity to manufacture up to 150,000 tonnes per annum of MEG and EOD. The company also has a licensed and installed capacity to manufacture up to 60 kilolitres per day of potable alcohol. IGL’s businesses can broadly be classified into chemicals, alcohol, and other products (guar gum and industrial gases).

Annexure 1 - Details of facilities

Current facilities			Previous facilities
Facility	Amount (Rs. Million)	Rating	Facility	Amount (Rs. Million)	Rating
Fixed Deposit Programme	-	Suspended	Fixed Deposit Programme	-	FB+/Negative

Media Contacts	Analytical Contacts	CRISIL Rating Desk
Shweta Ramchandani Communications and Brand Management CRISIL Limited Tel: +91-22- 3342 1886 E-mail: shweta.ramchandani@crisil.com Tanuja Abhinandan Communications and Brand Management CRISIL Limited Tel: +91-22- 3342 1818 Email: tanuja.abhinandan@crisil.com	Nagarajan Narasimhan Senior Director - CRISIL Ratings Tel: +91-22-3342 3536 Email:nagarajan.narasimhan@crisil.com Anuj Sethi Director - CRISIL Ratings Tel: +91-44-6656 3100 Email: anuj.sethi@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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September 28, 2012	http://www.crisil.com