April 24, 2013

Mumbai

Windsor Exports

Ratings Suspended

Total Bank Loan Facilities Rated	Rs.140 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 Windsor Exports (Windsor). The suspension of ratings is on account of non-cooperation by Windsor with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Windsor is yet to provide adequate information to enable CRISIL to assess Windsor’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 Firm

Set up in 1996 as a partnership firm by Mr. Munish Gupta and family, Windsor exports auto components and agricultural equipments to Africa and South America. The firm trades agricultural equipment under the Rhino brand, and auto components under brand Windsor. It also manufactures hydraulic components, and manufacturing sales comprise of around 5 per cent of its revenues. In 2010-11 (refers to financial year, April 1 to March 31), the firm installed a 1.5 mega watt windmill in Rajasthan. The firm currently has three partners, Mr. Munish Gupta, and his nephews, Mr. Aman Singhal and Mr. Sachin Singhal. Windsor is a group firm of Eastman International (rated CRISIL BBB+/Stable/CRISIL A2), which exports bicycle components to Africa.

Annexure 1 - Details of various bank facilities

Current facilities			Previous facilities
Facility	Amount (Mln)	Rating	Facility	Amount (Mln)	Rating
Packing Credit	70	Suspended	Packing Credit	70	CRISIL A4+
Term Loan	70	Suspended	Term Loan	70	CRISIL BB/Stable
Total	140	--	Total	140	--

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Last updated: March 07, 2013

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April 24, 2013	http://www.crisil.com