Rating Rationale

February 04, 2014

Mumbai

Asis Logistics Limited

Ratings Suspended

Total Bank Loan Facilities Rated	Rs.680 Million
Long Term Rating	Suspended
Short Term Rating	Suspended

(Refer to Annexure 1 for Facility-wise details)

CRISIL has suspended its ratings on the bank facilities of Asis Logistics Ltd (ALL). The suspension of ratings is on account of non-cooperation by ALL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, ALL is yet to provide adequate information to enable CRISIL to assess ALL'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

Incorporated in 1993, ALL began operations by offering foreign trade and investment advisory services. It started offering transport services in 2004, and warehousing and material-handling facilities in 2006. In 2006-07 (refers to financial year, April 1 to March 31), ALL acquired the operations of one of its group companies, Asis Overseas (C&F) Pvt Ltd, which was engaged in customs clearing and forwarding. In 2007-08, Shirdi Industries Ltd (SIL) and Asis Industries Ltd (AIL), ALL's group companies, acquired equity shares resulting into 43 per cent and 40 per cent holding, respectively, in ALL. Subsequently, in 2008-09, SIL sold its investment in ALL (within the promoter group), while AIL's share reduced to 16 per cent after a bonus issue to other shareholders.

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 A4+
Cash Credit*	390	Suspended	Cash Credit*	390	CRISIL BB+/Stable
Proposed Long Term Bank Loan Facility	100	Suspended	Proposed Long Term Bank Loan Facility	100	CRISIL BB+/Stable
Rupee Term Loan	150	Suspended	Rupee Term Loan	150	CRISIL BB+/Stable
Standby Line of Credit	30	Suspended	Standby Line of Credit	30	CRISIL BB+/Stable
Total	680	--	Total	680	--

*Interchangeable with bill discounting facility of up to Rs.100 million

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 E-mail: shweta.ramchandani@crisil.com	Sudip Sural Senior Director - CRISIL Ratings Phone:+91-124-672 2000 Email: sudip.sural@crisil.com Manoj Damle Director - CRISIL Ratings Phone:+91 22 3342 3342 Email: manoj.damle@crisil.com	Timings: 10.00 am to 7.00 pm Toll free number:1800 267 1301 Email:CRISILratingdesk@crisil.com

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February 04, 2014	http://www.crisil.com