January 29, 2014

Mumbai

Sunshield Chemicals Limited

Ratings Withdrawn

Total Bank Loan Facilities Rated
Rs.312.3 Million
Long-Term Rating
Withdrawn
Short-Term Rating
Withdrawn

(Refer to Annexure 1 for details on facilities)

CRISIL has withdrawn its ratings on the bank facilities of Sunshield Chemicals Ltd (Sunshield) following the expiry of the 180-day notice period. CRISIL had placed the ratings on ‘Notice of Withdrawal’ for a period of 180 days on July 11, 2013 on the request of Sunshield and after receipt of a no-dues certificate from the company’s banker. The rating action is in line with CRISIL’s policy on withdrawal of its ratings on bank loan facilities.

The ratings had been placed on watch following the announcement of acquisition of a majority stake in Sunshield by Rhodia Amines Chemicals Pte Ltd (Rhodia Amines), followed by an open offer made to the shareholders of Sunshield by Rhodia Amines.

Annexure 1 – Details of various bank facilities

Current facilities
Previous facilities
Facility
Amount
(Rs. Million)
Rating
Facility
Amount
(Rs. Million)
Rating
Bank Guarantee
17.5
Withdrawal
Bank Guarantee
17.5
CRISIL A4+(Notice of Withdrawal)
Cash Credit**
70
Withdrawal
Cash Credit**
70
CRISIL BB-(Notice of Withdrawal)
Cash Credit^
30
Withdrawal
Cash Credit^
30
CRISIL BB-(Notice of Withdrawal)
Cash Credit
70
Withdrawal
Cash Credit
70
CRISIL BB-(Notice of Withdrawal)
Factoring/ Forfaiting
10
Withdrawal
Factoring/ Forfaiting
10
CRISIL A4+(Notice of Withdrawal)
Letter of Credit
80
Withdrawal
Letter of Credit
80
CRISIL A4+(Notice of Withdrawal)
Proposed Long-Term Bank Loan Facility
34.8
Withdrawal
Proposed Long-Term Bank Loan Facility
34.8
CRISIL BB-(Notice of Withdrawal)
Total
312.3
--
Total
312.3
--

**Sub-limit for packing credit/foreign bill purchase/foreign bill discounting

^Sub-limit for export packing credit/export bill purchase/export bill discounting

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Email: arvind.rao@crisil.com

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About CRISIL Ratings
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Last updated: May, 2013

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January 29, 2014

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