May 27, 2013

Mumbai

Sarup Industries Limited

Ratings suspended

Total Bank Loan Facilities Rated
Rs.186.7 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 Sarup Industries Ltd’s (SIL’s). This is because SIL has not been providing any information on its financials and operations to CRISIL. The suspension reflects CRISIL’s inability to maintain a valid rating in the absence of information from SIL.

About the Company

Incorporated in 1979, Sarup Industries Ltd (formerly Sarup Tanneries Ltd) manufactures leather and sports shoes and shoe uppers for ladies and gents. The company also sells under its own brand name “Lotus-Bawa” in the domestic market. It has a chain of 11 retail franchise stores throughout the country for marketing its own brand. Its manufacturing facilities are located in Jalandhar (Punjab), Nalagarh (HP) and Una (HP).

Annexure 1 – Details of various bank facilities

Current facilities
Previous facilities
Facility
Amount
(Mln)
Rating
Facility
Amount (Mln)
Rating
Bank Guarantee
28.7
Suspended
Bank Guarantee
28.7
CRISIL A3+
Cash Credit
100
Suspended
Cash Credit
100
CRISIL BBB/Stable
Letter of Credit
25
Suspended
Letter of Credit
25
CRISIL A3+
Term Loan
33
Suspended
Term Loan
33
CRISIL BBB/Stable
Total
186.7
--
Total
186.7
--

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Tanuja Abhinandan
Communications and Brand Management
CRISIL Limited
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Shweta Ramchandani
Communications and Brand Management
CRISIL Limited
Tel: +91-22- 3342 1886
E-mail: shweta.ramchandani@crisil.com
Nagarajan Narasimhan
Senior Director - CRISIL Ratings
Tel: +91-22-3342 3536
Email: nagarajan.narasimhan@crisil.com


Sridhar C
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About CRISIL Ratings
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Last updated: May, 2013

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May 27, 2013

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