January 16, 2013

Mumbai

N.R.International Limited

Ratings Suspended

Total Bank Loan Facilities Rated	Rs.300 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 N.R.International Limited (NRIL). The suspension of ratings is on account of non-cooperation by NRIL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, NRIL is yet to provide adequate information to enable CRISIL to assess NRIL’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 Group

CRISIL has combined the business and financial risk profiles of NRIL and Satyam Casting (P) Ltd (SCPL), together referred to as the NRIL group. This is because the promoters of NRIL and SCPL are planning to merge both the companies in near term.

NRIL, incorporated in 1991 by Mr. Nirmal Modi, manufactures ingots, imports and trades in coal and coke, transports coal and other materials through rakes and ships, and operates a retail outlet for Hindustan Petroleum Corporation Ltd (HPCL). NRIL is listed on the Bombay Stock Exchange. NRIL’s promoters own around 58 per cent of the company. The company has manufacturing capacities of 43,200 tonnes per annum (tpa), 60,000 tpa, and 28,880 tpa for ingots, low-ash metallurgical (LAM) coke, and hard coke, respectively.

SCPL is engaged in production of ingots, with an installed capacity of 25,000 tpa.

Annexure 1 - Details of various bank facilities

Current facilities			Previous facilities
Facility	Amount (Rs. Million)	Rating	Facility	Amount (Rs. Million)	Rating
Cash Credit	150	Suspended	Cash Credit	150	CRISIL B-/Stable
Letter of Credit	150	Suspended	Letter of Credit	150	CRISIL A4
Total	300	--	Total	300	--

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 Arvind L Rao Director – CRISIL Ratings Tel: +91-22-4097 8278 Email: arvind.rao@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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