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September 28, 2012 | ||||||||||||||||||
Mumbai | ||||||||||||||||||
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India Glycols Limited | ||||||||||||||||||
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Rating suspended | ||||||||||||||||||
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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’. | ||||||||||||||||||
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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). | ||||||||||||||||||
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Annexure 1 - Details of facilities | ||||||||||||||||||
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Note: This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution of its rationales for consideration or otherwise through any media including websites, portals etc. | ||||||||||||||||||
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