September 04, 2012

Mumbai

Mayur Uniquoters Limited

Ratings Suspended

Total Bank Loan Facilities Rated	Rs.259.4 Million
Long-Term Rating	Suspended
Short-Term Rating	Suspended

(Refer to Annexure 1 for details on facilities)

CRISIL has suspended its ratings on the bank facilities of Mayur Uniquoters Ltd (MUL). The suspension of ratings is on account of non-cooperation by MUL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, MUL is yet to provide adequate information to enable CRISIL to assess MUL’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

MUL, a listed company, was established by Mr. S K Poddar in 1992. It manufactures synthetic leather for automotive, footwear, furnishing, apparel, leather, and sports goods industries.

Annexure 1 - Details of various bank facilities

Current facilities			Previous facilities
Facility	Amount (Mln)	Rating	Facility	Amount (Mln)	Rating
Foreign Bill Purchase	7.0	Suspended	Foreign Bill Purchase	7.0	CRISIL A2+
Overdraft Facility	43.0	Suspended	Overdraft & Bill Discounting*	43.0	CRISIL A-/Stable
Foreign Letter of Credit	146.6	Suspended	Foreign Letter of Credit	146.6	CRISIL A2+
Term Loan	62.8	Suspended	Term Loan	62.8	CRISIL A-/Stable
Total	259.4	--	Total	259.4	--

* including FBE/BE

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	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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