February 20, 2013

Mumbai

Aadi Industries Limited

Ratings Suspended

Total Bank Loan Facilities Rated	Rs.160.5 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 Aadi Industries Ltd. (Aadi Industries). The suspension of ratings is on account of non-cooperation by Aadi Industries with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Aadi Industries is yet to provide adequate information to enable CRISIL to assess Aadi Industries’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

Aadi Industries, promoted by Mr. Rushabh Shah, manufactures tarpaulin and plastic bags. Its plant at Silvassa (Union Territory of Dadra and Nagar Haveli), which commenced operations in April 2009, has an installed capacity of 950 tonnes per month.

Annexure 1 - Details of various bank facilities

Current facilities			Previous facilities
Facility	Amount (Rs. Million)	Rating	Facility	Amount (Rs. Million)	Rating
Bank Guarantee	10	Suspended	Bank Guarantee	10	CRISIL D
Cash Credit	60	Suspended	Cash Credit	60	CRISIL D
Letter of Credit	50	Suspended	Letter of Credit	50	CRISIL D
Long-Term Loan	40.5	Suspended	Long-Term Loan	40.5	CRISIL D
Total	160.5	--	Total	160.5	--

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February 20, 2013	http://www.crisil.com