November 26, 2012

Mumbai

Inani Marbles and Industries Limited

Ratings Suspended

Total Bank Loan Facilities Rated	Rs.217.5 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 Inani Marbles and Industries Ltd (IMIL). The suspension of ratings is on account of non-cooperation by IMIL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, IMIL is yet to provide adequate information to enable CRISIL to assess IMIL’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 1994 by the Inani family as a public limited company, IMIL undertakes mining and processing of marbles, stones and granite. The company owns three mines in Rajasthan — in Banswara, Udaipur, and Bhilwara for white marble, green marble, and hard stone, respectively. IMIL is listed on the Bombay Stock Exchange (BSE). It also has a processing capacity of 400,000 square metres per annum. The company sells its products in the domestic and international markets. The company has recently established a 100-per-cent export-oriented unit (EOU) for marble, stone and granite (with a capacity of 300,000 square metres per annum) located at Chittorgarh (Rajasthan). The company also has a presence in the material-handling business, and in job works for the road construction industry.

Annexure 1 - Details of various bank facilities

Current facilities			Previous facilities
Facility	Amount (Rs. Million)	Rating	Facility	Amount (Rs. Million)	Rating
Bank Guarantee	9	Suspended	Bank Guarantee	9	CRISIL D
Cash Credit*	55	Suspended	Cash Credit*	55	CRISIL D
Letter of Credit	35	Suspended	Letter of Credit	35	CRISIL D
Standby Line of Credit	5	Suspended	Term Loan	113.5	CRISIL D
Term Loan	113.5	Suspended	Standby Line of Credit	5	CRISIL D
Total	217.5	--	Total	217.5	--

*includes a sublimit of Export Packing Credit of Rs.32.5 Million and Foreign Bill Purchase/ Discounting of Rs.20 Million.

Media Contacts	Analytical Contacts	CRISIL Rating Desk
Tanuja Abhinandan Communications and Brand Management CRISIL Limited Tel: +91-22- 3342 1818 Email: tanuja.abhinandan@crisil.com Shweta Ramchandani Communications and Brand Management CRISIL Limited Tel: +91-22- 3342 1886 E-mail: shweta.ramchandani@crisil.com	Subodh K Rai Senior Director - CRISIL Ratings Tel: +91-0124-672 2000 Email: subodh.rai@crisil.com Mohit Makhija Director - CRISIL Ratings Tel: +91-0124-672 2000 Email: mohit.makhija@crisil.com	Tel: +91-22-3342 3047/3342 3064 Email:CRISILratingdesk@crisil.com

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Last updated: April 30, 2012

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November 26, 2012	http://www.crisil.com