July 13, 2012

Mumbai

Vesuvius India Limited

Ratings Suspended

Total Bank Loan Facilities Rated	Rs.580 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 Vesuvius India Ltd. (Vesuvius India). The suspension of ratings is on account of non-cooperation by Vesuvius India with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Vesuvius India is yet to provide adequate information to enable CRISIL to assess Vesuvius India’s ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key credit factor in its rating process and views 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

Vesuvius India (known as Vesuvius Refractories Ltd before November 1992) was incorporated in September 1991. The company is promoted by the Vesuvius group, UK, which accounts for about two-thirds of the world’s continuous cast refractory market. The Vesuvius group is part of the Cookson group of companies, which is into ceramics, electronics, and precious metals.

Vesuvius India manufactures specialty ceramics, refractory products, and control systems for industrial applications. It primarily caters to the steel and foundry industry in the process of continuous casting of steel and transfer of molten materials. The company also supplies refractory products for application in industries such as aluminum, cement, lime, mineral processing, hydrocarbon processing, and power generation. It has factories at Kolkata, Mehsana, and Visakhapatnam, and a manufacturing arrangement at Salem.

Annexure 1 - Details of various bank facilities

Current facilities			Previous facilities
Facility	Amount (Rs. Million)	Rating	Facility	Amount (Rs. Million)	Rating
Proposed Long-Term Bank Loan Facility	165	Suspended	Proposed Long-Term Bank Loan Facility	165	CRISIL AA/Stable
Overdraft Facility	40	Suspended	Overdraft Facility	40	CRISIL AA/Stable
Letter of credit & Bank Guarantee	250	Suspended	Letter of credit & Bank Guarantee	250	CRISIL A1+
Working Capital Demand Loan*	125	Suspended	Working Capital *	125	CRISIL AA/Stable

*Interchangeable with export facility - D/P, export facility- D/A, preshipment packing loan, working capital loan-FCY, working capital loan - finance, factoring limit to the extent of Rs.125 million, commercial loan (Rs.50 million), and cheque discounting (Rs.20 million).

Media Contacts	Analytical Contacts	CRISIL Rating Desk
Mitu Samar Director, Communications and Brand Management CRISIL Limited Tel: +91-22- 3342 1838 E-mail: mitu.samar@crisil.com Tanuja Abhinandan Communications and Brand Management CRISIL Limited Tel: +91-22- 3342 1818 Email: tanuja.abhinandan@crisil.com	Subodh K Rai Senior Director - CRISIL Ratings Tel: +91-0124-672 2000 Email: subodh.rai@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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July 13, 2012	http://www.crisil.com