March 22, 2016
Mumbai
Tayo Rolls Limited
 
Ratings revised to 'Not Meaningful' 
 
Total Bank Loan Facilities Rated Rs.1700 Million
Long Term Rating NM (Revised from 'CRISIL B/Stable')
Short Term Rating NM (Revised from 'CRISIL A4')
(Refer to Annexure 1 for Facility-wise details)
 
Rs.200 Million Commercial Paper NM (Revised from 'CRISIL A4')
Fixed Deposits NM (Revised from 'FB/Stable')

CRISIL has revised its ratings on the bank facilities and debt programmes of Tayo Rolls Ltd (TRL) to 'Not Meaningful (NM)' from 'CRISIL B/FB/Stable/CRISIL A4'.
 
This is because the company has been referred to Board for Industrial and Financial Reconstruction (BIFR) u/s 15(1) of The Sick Industrial Companies (Special Provisions) Act 1985 on account of erosion of its networth.
 
As per CRISIL criteria, if a rated entity is referred to BIFR or declared sick, the outstanding ratings are rendered meaningless and CRISIL assigns NM rating to the bank facilities or debt programmes.

About the Company

TRL (formerly, Tata Yodogawa Ltd) was incorporated in Jamshedpur in 1968. The company manufactures steel rolls of various steel alloy grades and sizes, and undertakes regular process-quality-improvement measures. It also manufactures forged rolls.
 
TRL had net loss of Rs.680.6 million on net sales of Rs.1.22 billion for 2014-15 (refers to financial year, April 1 to March 31), against net loss of Rs.755.5 million on net sales of Rs.1.30 billion for 2013-14. The company had net loss of Rs.1207.9 million on net sales of Rs.1013.8 million for the nine months ended December 31, 2015, against net loss of Rs.426.3 million on net sales of Rs.1029.1 million for the corresponding period of the previous year.

Annexure 1 - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Million) Rating Facility Amount (Rs.Million) Rating
Cash Credit 610 NM Cash Credit 610 CRISIL B/Stable
Letter of credit & Bank Guarantee 250 NM Letter of credit & Bank Guarantee 250 CRISIL A4
Proposed Short Term Bank Loan Facility 100 NM Proposed Short Term Bank Loan Facility 100 CRISIL A4
Rupee Term Loan 740 NM Rupee Term Loan 740 CRISIL B/Stable
Total 1700 -- Total 1700 --
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March 22, 2016

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