December 16, 2013

Mumbai

Shreyas Intermediates Limited

Ratings Suspended

Total Bank Loan Facilities Rated
Rs.1278.6 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 Shreyas Intermediates Limited (SIL). The suspension of ratings is on account of non-cooperation by SIL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SIL is yet to provide adequate information to enable CRISIL to assess SIL’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

SIL is an export-oriented unit that manufactures pthalocyanine pigments. The company’s unit in Lote Parshuram near Ratnagiri (Maharashtra) has a copper pthalocyanine crude manufacturing capacity of 36,000 million tonnes per annum. Mr. Dinesh Sharma, who set up SIL in 1989, manages its operations along with his son, Mr. Shreyas Sharma. The company is listed on the Bombay Stock Exchange.

Annexure 1 - Details of various bank facilities

Current facilities
Previous facilities
Facility
Amount
(Rs. Million)
Rating
Facility
Amount
(Rs. Million)
Rating
Bill Discounting
20
Suspended
Bill Discounting
20
CRISIL D
Cash Credit
329.3
Suspended
Cash Credit
329.3
CRISIL D
Letter of Credit
6
Suspended
Letter of Credit
6
CRISIL D
Term Loan
923.3
Suspended
Term Loan
923.3
CRISIL D
Total
1278.6
--
Total
1278.6
--

Media Contacts
Analytical Contacts
Customer Service Helpdesk
Tanuja Abhinandan
Communications and Brand Management
CRISIL Limited
Phone: +91-22- 3342 1818
Email:tanuja.abhinandan@crisil.com

Shweta Ramchandani
Communications and Brand Management
CRISIL Limited
Phone: +91 22 3342 1886
Email:  shweta.ramchandani@crisil.com
Vasudevan R
Director - CRISIL Ratings
Phone: +91-44-6656 3100
Email:vasudevan.r@crisil.com

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About CRISIL LIMITED
CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are India's leading ratings agency. We are also the foremost provider of high-end research to the world's largest banks and leading corporations.

About CRISIL Ratings
CRISIL Ratings is India's leading rating agency. We pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical rigour and innovation, we have a leadership position. We have rated over 60,000 entities, by far the largest number in India. We are a full-service rating agency. We rate the entire range of debt instruments: bank loans, certificates of deposit, commercial paper, non-convertible debentures, bank hybrid capital instruments, asset-backed securities, mortgage-backed securities, perpetual bonds, and partial guarantees. CRISIL sets the standards in every aspect of the credit rating business. We have instituted several innovations in India including rating municipal bonds, partially guaranteed instruments and microfinance institutions. We pioneered a globally unique and affordable rating service for Small and Medium Enterprises (SMEs).This has significantly expanded the market for ratings and is improving SMEs' access to affordable finance. We have an active outreach programme with issuers, investors and regulators to maintain a high level of transparency regarding our rating criteria and to disseminate our analytical insights and knowledge.

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Last updated: May, 2013

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December 16, 2013

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