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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 20.00 | ACUITE B | Reaffirmed | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 20.00 | - | - |
| Rating Rationale |
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Erratum: In the orginal PR dated September 7,2023 under the section" Limitation regarding information availability" and also under "Key financials", some errors were observed which has now been corrected in this version.
Acuité has reaffirned its long term rating of ‘ACUITÉ B’ (read as ACUITE B) on the Rs. 20.00 Cr. bank facilities of Jayachandran Global Refineries Private Limited (JGRPL). The rating is now an indicative rating and is a based on best available information , since Jayachandran Global Refineries Private Limited (JGRPL)has been an NDS defaulter for more than three months. |
| About the Company |
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Jayachandran Global Refineries Private Limited, incorporated in 2021. The Tamilnadu based company is an emerging aluminium alloys and plastic granuels manufacturing company. JC Global is found & led by C. Pradeeep the man who is the founder & Director of JC Groups. He has developed JC groups in to an IMS certified company manufacturing lead & lead alloy. Lead oxides, Batteries and plastics employing 800 People, 750 crore turnover, handling 50000 Mt per annum globally. Mrs. Shrudhi Mahalakshmi is also a director of this company.
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| Non-cooperation by the issuer/borrower |
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Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date. Acuité believes that information risk is a critical component in such ratings, and noncooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.
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| Limitation regarding information availability |
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The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavoured to gather information about the entity/industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit ratings based.
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| Rating Sensitivities |
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"No information provided by the issuer / available for Acuite to comment upon."
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| All Covenants |
| Not Applicable |
| Liquidity Position |
| "No information provided by the issuer / available for Acuite to comment upon." |
| Outlook |
| Not Applicable |
| Other Factors affecting Rating |
| Not Applicable |
| Key Financials |
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The Company commenced commercial operations in FY23, due to which the financials for FY22 & FY21 are not available.
Now, the client is not cooperating so we didn't received the latest financials from the client. |
| Status of non-cooperation with previous CRA |
| Not Applicable |
| Any other information |
| Not Applicable |
| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm |
| Note on Complexity Levels of the Rated Instrument |
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In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in
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